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 EndedSeptember
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 EndedSeptember
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 EndedSeptember
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 EndedSeptember
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 EndedSeptember
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 Relations978-671-8842ir@lantheus.com
Melissa Downs Senior Director, Corporate Communications
646-975-2533media@lantheus.com
Lantheus (NASDAQ:LNTH)
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