• Lantheus Reports Third Quarter 2023 Financial Results

    المصدر: Nasdaq GlobeNewswire / 02 نوفمبر 2023 07:00:01   America/New_York

    • Worldwide revenue of $319.9 million for the third quarter 2023, representing an increase of 33.7% from the prior year period
    • GAAP net income of $132.0 million for the third quarter 2023, compared to GAAP net income of $61.2 million in the prior year period
    • GAAP fully diluted net income per share of $1.88 for the third quarter 2023, compared to GAAP fully diluted net income per share of $0.86 in the prior year period; adjusted fully diluted net income per share of $1.47 for the third quarter 2023, compared to adjusted fully diluted net income per share of $0.99 in the prior year period
    • Net cash provided by operating activities was $116.7 million for the third quarter 2023. Free cash flow was $102.1 million in the third quarter 2023
    • The Company updates full year 2023 revenue and adjusted diluted earnings per share guidance

    BEDFORD, Mass., Nov. 02, 2023 (GLOBE NEWSWIRE) -- Lantheus Holdings, Inc. (the Company) (NASDAQ: LNTH), the leading radiopharmaceutical-focused company committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes, today reported financial results for its third quarter ended September 30, 2023.

    The Company’s worldwide revenue for the third quarter of 2023 totaled $319.9 million, compared with $239.3 million for the third quarter of 2022, representing an increase of 33.7% over the prior year period.

    The Company’s third quarter 2023 GAAP net income was $132.0 million, or $1.88 per fully diluted share, as compared to GAAP net income of $61.2 million, or $0.86 per fully diluted share for the third quarter of 2022.

    The Company’s third quarter 2023 adjusted fully diluted net income per share, or earnings per share (“EPS”), was $1.47, as compared to $0.99 for the third quarter of 2022, representing an increase of approximately $0.48 from the prior year period.

    Lastly, net cash provided by operating activities was $116.7 million for the third quarter 2023. Free Cash Flow was $102.1 million in the third quarter of 2023, representing an increase of approximately $14.6 million from the prior year period.

    “We made meaningful progress during the quarter with PYLARIFY® and DEFINITY® in our commercial portfolio, and with PNT2002 and MK-6240 in our pipeline,” said Mary Anne Heino, Chief Executive Officer of Lantheus. “We believe that our unique capabilities, commitment to innovation and excellence, and growing pipeline supports our position as the leading radiopharmaceutical-focused company.”

    The Company updates its guidance for full year 2023 as follows:

      Guidance Issued November 2, 2023 Previous Guidance Issued August 3, 2023
    FY 2023 Revenue $1.255 billion - $1.27 billion $1.245 billion - $1.27 billion
    FY 2023 Adjusted Fully Diluted EPS $5.80 - $5.85 $5.60 - $5.70
         

    On a forward-looking basis, the Company does not provide GAAP income per common share guidance or a reconciliation of adjusted fully diluted EPS to GAAP income per common share because the Company is unable to predict with reasonable certainty business development and acquisition related expenses, purchase accounting fair value adjustments, and any one-time, non-recurring charges. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. As a result, it is the Company’s view that a quantitative reconciliation of adjusted fully diluted EPS on a forward-looking basis is not available without unreasonable effort.

    Internet Posting of Information

    The Company routinely posts information that may be important to investors in the “Investors” section of its website at www.lantheus.com. The Company encourages investors and potential investors to consult its website regularly for important information about the Company.

    Conference Call and Webcast

    As previously announced, the Company will host a conference call and webcast on Thursday, November 2, 2023, at 8:00 a.m. ET. To access the conference call or webcast, participants should register online at https://investor.lantheus.com/news-events/calendar-of-events

    A replay will be available approximately two hours after completion of the webcast and will be archived on the same web page for at least 30 days.

    The conference call will include a discussion of non-GAAP financial measures. Reference is made to the most directly comparable GAAP financial measures, the reconciliation of the differences between the two financial measures, and the other information included in this press release, our Form 8-K filed with the SEC today, or otherwise available in the Investor Relations section of our website located at www.lantheus.com

    The conference call may include forward-looking statements. See the cautionary information about forward-looking statements in the safe-harbor section of this press release.

    About Lantheus Holdings, Inc.

    Lantheus is the leading radiopharmaceutical-focused company, delivering life-changing science to enable clinicians to Find, Fight and Follow disease to deliver better patient outcomes. Headquartered in Massachusetts with offices in New Jersey, Canada and Sweden, Lantheus has been providing radiopharmaceutical solutions for more than 65 years. For more information, visit www.lantheus.com

    Non-GAAP Financial Measures

    The Company uses non-GAAP financial measures, such as adjusted net income and its line components; adjusted net income per share - fully diluted; and free cash flow. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. However, these measures may exclude items that may be highly variable, difficult to predict and of a size that could have a substantial impact on the Company’s reported results of operations for a particular period. Management uses these and other non-GAAP measures internally for evaluation of the performance of the business, including the allocation of resources and the evaluation of results relative to employee performance compensation targets. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.

    Safe Harbor for Forward-Looking and Cautionary Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by their use of terms such as “anticipate,” “believe,” “confident,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intend,” “introduce,” “may,” “momentum,” “plan,” “potential,” “predict,” “progress,” “project,” “promising,” “should,” “target,” “will,” “would” and other similar terms. Such forward-looking statements include our guidance for fiscal year 2023 and are based upon current plans, estimates and expectations that are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements include: (i) continued market expansion and penetration for our established commercial products, particularly PYLARIFY and DEFINITY, in a competitive environment in which other imaging agents have been approved and are being commercialized, and our ability to clinically and commercially differentiate our products from other products; (ii) our ability to have third parties manufacture our products and our ability to manufacture DEFINITY in our in-house manufacturing facility; (iii) the global availability of Molybdenum-99 (“Mo-99”) and other raw material and key components; (iv) the efforts and timing for clinical development, regulatory approval and successful commercialization of our product candidates and new clinical applications and territories for our products, in each case, that we or our strategic partners may undertake; (v) our strategies, future prospects, and our projected growth, including revenue related to our collaboration agreements with POINT Biopharma Global Inc.; (vi) our ability to successfully continue existing clinical development partnerships using MK-6240 as a research tool and to further develop and commercialize such research tool; (vii) our ability to identify and acquire or in-license additional diagnostic and therapeutic product opportunities in oncology and other strategic areas and continue to grow our pipeline of products; and (viii) the risk and uncertainties discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q).

    - Tables Follow -

    Lantheus Holdings, Inc.
    Consolidated Statements of Operations
    (in thousands, except per share data – unaudited)

      Three Months Ended
    September 30,
     Nine Months Ended
    September 30,
       2023   2022  2023   2022
    Revenues $319,946  $239,292 $942,430  $671,895
    Cost of goods sold  119,995   91,859  462,756   257,363
    Gross profit  199,951   147,433  479,674   414,532
    Operating expenses        
    Sales and marketing  37,399   25,414  106,472   73,260
    General and administrative  35,741   23,759  85,163   93,945
    Research and development  14,450   12,517  60,883   39,455
    Total operating expenses  87,590   61,690  252,518   206,660
    Operating income  112,361   85,743  227,156   207,872
    Interest expense  5,054   1,626  14,978   4,604
    Other (income) expense (a)  (52,649)  1,101  (60,362)  306
    Income before income taxes  159,956   83,016  272,540   202,962
    Income tax expense  27,999   21,784  49,259   55,710
    Net income $131,957  $61,232 $223,281  $147,252
    Net income per common share:        
    Basic $1.93  $0.89 $3.27  $2.15
    Diluted $1.88  $0.86 $3.18  $2.08
    Weighted-average common shares outstanding:        
    Basic  68,436   68,756  68,188   68,482
    Diluted  70,046   71,075  70,268   70,669

    (a) Includes the gain on sale of RELISTOR licensed intangible asset associated with net sales royalties of $51.8 million.

       

    Lantheus Holdings, Inc.
    Consolidated Revenues Analysis
    (in thousands – unaudited)

      Three Months Ended
    September 30,
     Nine Months Ended
    September 30,
       2023  2022 % Change  2023  2022 % Change
    PYLARIFY $215,428 $143,754 49.9% $621,419 $366,763 69.4%
    Other radiopharmaceutical oncology  848  928 (8.6)%  2,383  3,183 (25.1)%
    Total radiopharmaceutical oncology  216,276  144,682 49.5%  623,802  369,946 68.6%
    DEFINITY  67,336  60,740 10.9%  206,688  181,374 14.0%
    TechneLite  23,272  22,094 5.3%  65,853  64,139 2.7%
    Other precision diagnostics  5,740  6,175 (7.0)%  17,002  16,803 1.2%
    Total precision diagnostics  96,348  89,009 8.2%  289,543  262,316 10.4%
    Strategic partnerships and other revenue  7,322  5,601 30.7%  29,085  39,633 (26.6)%
    Total revenues $319,946 $239,292 33.7% $942,430 $671,895 40.3%
                       

    Lantheus Holdings, Inc.
    Reconciliation of GAAP to Non-GAAP Financial Measures
    (in thousands, except per share data – unaudited)

      Three Months Ended
    September 30,
     Nine Months Ended
    September 30,
       2023   2022   2023   2022 
    Net income $131,957  $61,232  $223,281  $147,252 
    Stock and incentive plan compensation  13,976   8,103   36,335   21,138 
    Amortization of acquired intangible assets  11,659   8,306   35,132   24,918 
    Campus consolidation costs  45      3,185    
    Contingent consideration fair value adjustments  (500)  (1,500)  (9,475)  25,400 
    Non-recurring refinancing related fees  3      216    
    Non-recurring fees (a)  (51,789)     (54,523)  (384)
    Strategic collaboration and license costs           500 
    Acquisition-related costs  169   169   507   868 
    Impairment of long-lived assets        138,050    
    ARO Acceleration and other related costs  320   1,287   1,045   3,087 
    Other  1,510   106   2,194   111 
    Income tax effect of non-GAAP adjustments (b)  (4,256)  (7,038)  (61,093)  (21,512)
    Adjusted net income $103,094  $70,665  $314,854  $201,378 
    Adjusted net income, as a percentage of revenues  32.2%  29.5%  33.4%  30.0%
                     


      Three Months Ended
    September 30,
     Nine Months Ended
    September 30,
       2023   2022   2023   2022 
    Net income per share - diluted $1.88  $0.86  $3.18  $2.08 
    Stock and incentive plan compensation  0.20   0.11   0.52   0.30 
    Amortization of acquired intangible assets  0.17   0.12   0.50   0.36 
    Campus consolidation costs        0.05    
    Contingent consideration fair value adjustments  (0.01)  (0.02)  (0.13)  0.36 
    Non-recurring refinancing related fees            
    Non-recurring fees (a)  (0.74)     (0.78)  (0.01)
    Strategic collaboration and license costs           0.01 
    Acquisition-related costs        0.01   0.01 
    Impairment of long-lived assets        1.96    
    ARO Acceleration and other related costs  0.01   0.02   0.01   0.04 
    Other  0.02      0.03    
    Income tax effect of non-GAAP adjustments (b)  (0.06)  (0.10)  (0.87)  (0.30)
    Adjusted net income per share - diluted $1.47  $0.99  $4.48  $2.85 
    Weighted-average common shares outstanding - diluted  70,046   71,075   70,268   70,669 

    (a) Includes the gain on sale of RELISTOR licensed intangible asset associated with net sales royalties of $51.8 million.

    (b) The income tax effect of the adjustments between GAAP net loss and non-GAAP adjusted net income takes into account the tax treatment and related tax rate that apply to each adjustment in the applicable tax jurisdiction.    


    Lantheus Holdings, Inc.
    Reconciliation of Free Cash Flow
    (in thousands – unaudited)

     Three Months Ended
    September 30,
     Nine Months Ended
    September 30,
      2023   2022   2023   2022 
    Net cash provided by operating activities$116,739  $93,568  $192,973  $176,429 
    Capital expenditures (14,621)  (6,090)  (34,486)  (13,623)
    Free cash flow$102,118  $87,478  $158,487  $162,806 
            
    Net cash provided by (used in) investing activities$83,218  $(6,090) $18,008  $(11,823)
    Net cash provided by (used in) financing activities$108  $(1,959) $(12,612) $(6,149)
                    

    Lantheus Holdings, Inc.
    Condensed Consolidated Balance Sheets
    (in thousands – unaudited)

     September 30,
    2023
     December 31,
    2022
    Assets   
    Current assets   
    Cash and cash equivalents$614,131 $415,652
    Accounts receivable, net 259,198  213,397
    Inventory 56,462  35,475
    Other current assets 11,485  13,092
    Assets held for sale 7,159  
    Total current assets 948,435  677,616
    Property, plant and equipment, net 140,293  122,166
    Intangibles, net 163,294  315,285
    Goodwill 61,189  61,189
    Deferred tax assets, net 152,189  110,647
    Other long-term assets 56,210  34,355
    Total assets$1,521,610 $1,321,258
    Liabilities and stockholders’ equity   
    Current liabilities   
    Current portion of long-term debt and other borrowings$703 $354
    Accounts payable 37,076  20,563
    Short-term contingent liability   99,700
    Accrued expenses and other liabilities 138,823  127,084
    Total current liabilities 176,602  247,701
    Asset retirement obligations 22,823  22,543
    Long-term debt, net and other borrowings 560,576  557,712
    Other long-term liabilities 62,850  46,155
    Total liabilities 822,851  874,111
    Total stockholders’ equity 698,759  447,147
    Total liabilities and stockholders’ equity$1,521,610 $1,321,258

    Contacts:
    Mark Kinarney
    Vice President, Investor Relations
    978-671-8842
    ir@lantheus.com 

    Melissa Downs
    Senior Director, Corporate Communications
    646-975-2533
    media@lantheus.com 


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