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 fourth
quarter and full year ended December 31, 2023.
The Company’s worldwide revenue for the fourth quarter of 2023
totaled $354.0 million, which includes a $15.0 million RELISTOR
milestone achievement, compared with $263.2 million for the fourth
quarter of 2022, representing an increase of 34.5% over the prior
year period. Full year 2023 worldwide revenues were $1.3 billion,
compared with $935.1 million for the full year 2022, representing
an increase of 38.6% over the prior year period.
The Company’s fourth quarter 2023 GAAP net income was $103.4
million, or $1.47 per fully diluted share, as compared to GAAP net
loss of $119.2 million, or $1.74 per fully diluted share for the
fourth quarter of 2022. Full year 2023 GAAP net income was $326.7
million, or $4.65 per fully diluted share, as compared to GAAP net
income of $28.1 million, or $0.40 per fully diluted share for the
full year 2022.
The Company’s fourth quarter 2023 adjusted fully diluted net
income per share, or earnings per share (“EPS”), were $1.75, as
compared to $1.37 for the fourth quarter of 2022, representing an
increase of approximately $0.38 or 28.0% from the prior year
period. The Company’s full year 2023 adjusted fully diluted EPS,
were $6.23, as compared to $4.22 for the full year 2022,
representing an increase of approximately $2.01 or 47.7% from the
prior year period.
Lastly, net cash provided by operating activities was $112.3
million and $305.3 million for the fourth quarter and full year
2023. Free Cash Flow was $100.2 million for the fourth quarter of
2023, as compared to $100.6 million for the fourth quarter of 2022,
representing a decrease of approximately $0.4 million from the
prior year period. Full year 2023 free cash flow was $258.7
million, as compared to $263.4 million for the full year 2022,
representing a decrease of approximately $4.7 million from the
prior year period.
“2023 was another stellar year at Lantheus, during which the
Company delivered record revenues, earnings, cash flows and patient
impact as we continued to advance our position as the leading
radiopharmaceutical-focused company,” said Mary Anne Heino, Chief
Executive Officer of Lantheus. “We are entering 2024 on a strong
foundation and will continue to leverage our deep expertise in
radiopharmaceuticals and our significant capital resources to
advance and expand our pipeline.”
The Company provides its guidance for the first quarter and full
year 2024 as follows:
|
|
Guidance Issued February 22, 2024 |
1Q 2024 Revenue |
|
$347 million - $355 million |
1Q 2024 Adjusted Fully Diluted
EPS |
|
$1.50 - $1.54 |
|
|
Guidance Issued February 22, 2024 |
FY 2024 Revenue |
|
$1.41 billion - $1.445 billion |
FY 2024 Adjusted Fully Diluted
EPS |
|
$6.50 - $6.70 |
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, February 22, 2024, 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,” “prospect,” “should,” “target,” “will,” “would” and
other similar terms. Such forward-looking statements include our
guidance for fiscal year 2024 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; (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 materials and key
components; (iv) our strategies, future prospects, and projected
growth, including revenue related to our collaboration agreements
with POINT Biopharma Global Inc. (“POINT”), including our ability
to obtain FDA approval for PNT2002 and PNT2003; (v) our ability to
satisfy our obligations under our existing clinical development
partnerships using MK-6240 as a research tool and under the license
agreement through which we have rights to MK-6240, and to further
develop and commercialize it as an approved product; (vi) our
ability to successfully execute on our agreements with Perspective
Therapeutics, Inc. (“Perspective”), including finalizing the
license agreements in the event we exercise our options to do so,
and satisfying the closing conditions for the sale of the Somerset,
NJ manufacturing facility and related assets, the value of our
current and any future equity interest in Perspective, and
Perspective’s ability to successfully develop its alpha-particle
therapy and innovative platform technology; (vii) 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; (viii) our ability to
identify and acquire or in-license additional radiopharmaceutical
therapeutic and diagnostic product opportunities in oncology and
other strategic areas to grow our pipeline of products; and (ix)
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 EndedDecember
31, |
|
Year EndedDecember 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
$ |
353,999 |
|
|
$ |
263,166 |
|
|
$ |
1,296,429 |
|
|
$ |
935,061 |
|
Cost of goods sold |
|
|
124,130 |
|
|
|
95,995 |
|
|
|
586,886 |
|
|
|
353,358 |
|
Gross profit |
|
|
229,869 |
|
|
|
167,171 |
|
|
|
709,543 |
|
|
|
581,703 |
|
Operating expenses |
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
35,264 |
|
|
|
26,983 |
|
|
|
141,736 |
|
|
|
100,243 |
|
General and administrative |
|
|
40,295 |
|
|
|
39,639 |
|
|
|
125,458 |
|
|
|
133,584 |
|
Research and development |
|
|
16,824 |
|
|
|
272,226 |
|
|
|
77,707 |
|
|
|
311,681 |
|
Total operating expenses |
|
|
92,383 |
|
|
|
338,848 |
|
|
|
344,901 |
|
|
|
545,508 |
|
Operating income (loss) |
|
|
137,486 |
|
|
|
(171,677 |
) |
|
|
364,642 |
|
|
|
36,195 |
|
Interest expense |
|
|
5,041 |
|
|
|
2,581 |
|
|
|
20,019 |
|
|
|
7,185 |
|
Loss on extinguishment of
debt |
|
|
— |
|
|
|
588 |
|
|
|
— |
|
|
|
588 |
|
Other (income) loss |
|
|
(5,958 |
) |
|
|
1,397 |
|
|
|
(66,320 |
) |
|
|
1,703 |
|
Income (loss) before income taxes |
|
|
138,403 |
|
|
|
(176,243 |
) |
|
|
410,943 |
|
|
|
26,719 |
|
Income tax expense (benefit) |
|
|
35,023 |
|
|
|
(57,058 |
) |
|
|
84,282 |
|
|
|
(1,348 |
) |
Net income (loss) |
|
$ |
103,380 |
|
|
$ |
(119,185 |
) |
|
$ |
326,661 |
|
|
$ |
28,067 |
|
Net income (loss) per common
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.51 |
|
|
$ |
(1.74 |
) |
|
$ |
4.79 |
|
|
$ |
0.41 |
|
Diluted |
|
$ |
1.47 |
|
|
$ |
(1.74 |
) |
|
$ |
4.65 |
|
|
$ |
0.40 |
|
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
68,499 |
|
|
|
68,500 |
|
|
|
68,266 |
|
|
|
68,487 |
|
Diluted |
|
|
70,092 |
|
|
|
68,500 |
|
|
|
70,239 |
|
|
|
70,671 |
|
Lantheus Holdings, Inc. |
|
Consolidated Revenues Analysis |
|
(in thousands – unaudited) |
|
|
|
Three Months EndedDecember
31, |
|
Year EndedDecember 31, |
|
|
|
2023 |
|
2022 |
% Change |
|
|
2023 |
|
2022 |
% Change |
PYLARIFY |
|
$ |
229,884 |
|
$ |
160,642 |
|
43.1 |
% |
|
$ |
851,303 |
|
$ |
527,405 |
|
61.4 |
% |
Other radiopharmaceutical oncology |
|
|
747 |
|
|
919 |
|
(18.7 |
)% |
|
|
3,130 |
|
|
4,102 |
|
(23.7 |
)% |
Total radiopharmaceutical
oncology |
|
|
230,631 |
|
|
161,561 |
|
42.8 |
% |
|
|
854,433 |
|
|
531,507 |
|
60.8 |
% |
DEFINITY |
|
|
73,080 |
|
|
63,619 |
|
14.9 |
% |
|
|
279,768 |
|
|
244,993 |
|
14.2 |
% |
TechneLite |
|
|
21,517 |
|
|
24,725 |
|
(13.0 |
)% |
|
|
87,370 |
|
|
88,864 |
|
(1.7 |
)% |
Other precision diagnostics |
|
|
5,978 |
|
|
6,022 |
|
(0.7 |
)% |
|
|
22,980 |
|
|
22,825 |
|
0.7 |
% |
Total precision diagnostics |
|
|
100,575 |
|
|
94,366 |
|
6.6 |
% |
|
|
390,118 |
|
|
356,682 |
|
9.4 |
% |
Strategic Partnerships and other
revenue |
|
|
22,793 |
|
|
7,239 |
|
214.9 |
% |
|
|
51,878 |
|
|
46,872 |
|
10.7 |
% |
Total revenues |
|
$ |
353,999 |
|
$ |
263,166 |
|
34.5 |
% |
|
$ |
1,296,429 |
|
$ |
935,061 |
|
38.6 |
% |
Lantheus Holdings, Inc. |
|
Reconciliation of GAAP to Non-GAAP Financial
Measures |
|
(in thousands, except per share data – unaudited) |
|
|
|
Three Months EndedDecember
31, |
|
Year EndedDecember 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) |
|
$ |
103,380 |
|
|
$ |
(119,185 |
) |
|
$ |
326,661 |
|
|
$ |
28,067 |
|
Stock and incentive plan compensation |
|
|
14,172 |
|
|
|
8,124 |
|
|
|
50,507 |
|
|
|
29,262 |
|
Amortization of acquired intangible assets |
|
|
11,308 |
|
|
|
8,307 |
|
|
|
46,440 |
|
|
|
33,225 |
|
Campus consolidation costs |
|
|
679 |
|
|
|
— |
|
|
|
3,864 |
|
|
|
— |
|
Contingent consideration fair value adjustments |
|
|
200 |
|
|
|
9,300 |
|
|
|
(9,275 |
) |
|
|
34,700 |
|
Non-recurring refinancing related fees |
|
|
5 |
|
|
|
70 |
|
|
|
221 |
|
|
|
70 |
|
Non-recurring fees (a) |
|
|
— |
|
|
|
— |
|
|
|
(54,523 |
) |
|
|
(384 |
) |
Extinguishment of debt |
|
|
— |
|
|
|
588 |
|
|
|
— |
|
|
|
588 |
|
Strategic collaboration and license costs |
|
|
— |
|
|
|
265,856 |
|
|
|
— |
|
|
|
266,356 |
|
Acquisition-related costs |
|
|
169 |
|
|
|
169 |
|
|
|
676 |
|
|
|
1,037 |
|
Impairment of long-lived assets |
|
|
— |
|
|
|
— |
|
|
|
138,050 |
|
|
|
— |
|
ARO Acceleration and other related costs |
|
|
1,187 |
|
|
|
(968 |
) |
|
|
2,232 |
|
|
|
2,119 |
|
Other |
|
|
531 |
|
|
|
583 |
|
|
|
2,725 |
|
|
|
694 |
|
Income tax effect of non-GAAP adjustments(b) |
|
|
(8,950 |
) |
|
|
(76,227 |
) |
|
|
(70,043 |
) |
|
|
(97,739 |
) |
Adjusted net income |
|
$ |
122,681 |
|
|
$ |
96,617 |
|
|
$ |
437,535 |
|
|
$ |
297,995 |
|
Adjusted net income, as a
percentage of revenues |
|
|
34.7 |
% |
|
|
36.7 |
% |
|
|
33.7 |
% |
|
|
31.9 |
% |
|
|
Three Months EndedDecember
31, |
|
Year EndedDecember 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) per share -
diluted |
|
$ |
1.47 |
|
|
$ |
(1.74 |
) |
|
$ |
4.65 |
|
|
$ |
0.40 |
|
Stock and incentive plan compensation |
|
|
0.20 |
|
|
|
0.12 |
|
|
|
0.72 |
|
|
|
0.41 |
|
Amortization of acquired intangible assets |
|
|
0.16 |
|
|
|
0.12 |
|
|
|
0.66 |
|
|
|
0.47 |
|
Campus consolidation costs |
|
|
0.01 |
|
|
|
— |
|
|
|
0.06 |
|
|
|
— |
|
Contingent consideration fair value adjustments |
|
|
— |
|
|
|
0.13 |
|
|
|
(0.13 |
) |
|
|
0.49 |
|
Non-recurring refinancing related fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-recurring fees (a) |
|
|
— |
|
|
|
— |
|
|
|
(0.78 |
) |
|
|
(0.01 |
) |
Extinguishment of debt |
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.01 |
|
Strategic collaboration and license costs |
|
|
— |
|
|
|
3.76 |
|
|
|
— |
|
|
|
3.77 |
|
Acquisition-related costs |
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
Impairment of long-lived assets |
|
|
— |
|
|
|
— |
|
|
|
1.97 |
|
|
|
— |
|
ARO Acceleration and other related costs |
|
|
0.02 |
|
|
|
(0.01 |
) |
|
|
0.03 |
|
|
|
0.03 |
|
Other(c) |
|
|
0.01 |
|
|
|
0.06 |
|
|
|
0.04 |
|
|
|
0.01 |
|
Income tax effect of non-GAAP adjustments(b) |
|
|
(0.12 |
) |
|
|
(1.08 |
) |
|
|
(1.00 |
) |
|
|
(1.37 |
) |
Adjusted net income per share
- diluted |
|
$ |
1.75 |
|
|
$ |
1.37 |
|
|
$ |
6.23 |
|
|
$ |
4.22 |
|
Weighted-average common shares
outstanding - diluted |
|
|
70,092 |
|
|
|
70,642 |
|
|
|
70,239 |
|
|
|
70,671 |
|
(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.
(c) This effect includes an adjustment related to the increase
from basic to diluted shares as the Company changed from GAAP net
loss to non-GAAP adjusted net income for the three months ended
December 31, 2022.
Lantheus Holdings, Inc. |
|
Reconciliation of Free Cash Flow |
|
(in thousands – unaudited) |
|
|
Three Months EndedDecember
31, |
|
Year EndedDecember 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net cash provided by operating
activities |
$ |
112,287 |
|
|
$ |
105,352 |
|
|
$ |
305,260 |
|
|
$ |
281,781 |
|
Capital expenditures |
|
(12,069 |
) |
|
|
(4,724 |
) |
|
|
(46,555 |
) |
|
|
(18,347 |
) |
Free cash flow |
$ |
100,218 |
|
|
$ |
100,628 |
|
|
$ |
258,705 |
|
|
$ |
263,434 |
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by
investing activities |
$ |
(12,069 |
) |
|
$ |
(264,724 |
) |
|
$ |
5,939 |
|
|
$ |
(276,547 |
) |
Net cash (used in) provided by
financing activities |
$ |
(450 |
) |
|
$ |
317,840 |
|
|
$ |
(13,062 |
) |
|
$ |
311,691 |
|
Lantheus Holdings, Inc. |
|
Condensed Consolidated Balance Sheets |
|
(in thousands – unaudited) |
|
|
December 31,2023 |
|
December 31,2022 |
Assets |
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
$ |
713,656 |
|
|
$ |
415,652 |
|
Accounts receivable, net |
|
284,292 |
|
|
|
213,397 |
|
Inventory |
|
64,029 |
|
|
|
35,475 |
|
Other current assets |
|
16,683 |
|
|
|
13,092 |
|
Assets held for sale |
|
7,159 |
|
|
|
— |
|
Total current assets |
|
1,085,819 |
|
|
|
677,616 |
|
Property, plant and
equipment, net |
|
146,697 |
|
|
|
122,166 |
|
Intangibles, net |
|
151,985 |
|
|
|
315,285 |
|
Goodwill |
|
61,189 |
|
|
|
61,189 |
|
Deferred tax assets, net |
|
150,198 |
|
|
|
110,647 |
|
Other long-term assets |
|
55,261 |
|
|
|
34,355 |
|
Total assets |
$ |
1,651,149 |
|
|
$ |
1,321,258 |
|
Liabilities and
stockholders’ equity |
|
|
|
Current
liabilities |
|
|
|
Current portion of long-term debt and other borrowings |
$ |
823 |
|
|
$ |
354 |
|
Accounts payable |
|
41,189 |
|
|
|
20,563 |
|
Short-term contingent liability |
|
— |
|
|
|
99,700 |
|
Accrued expenses and other liabilities |
|
145,338 |
|
|
|
127,084 |
|
Total current liabilities |
|
187,350 |
|
|
|
247,701 |
|
Asset retirement obligations |
|
22,916 |
|
|
|
22,543 |
|
Long-term debt, net and other
borrowings |
|
561,670 |
|
|
|
557,712 |
|
Other long-term liabilities |
|
63,321 |
|
|
|
46,155 |
|
Total liabilities |
|
835,257 |
|
|
|
874,111 |
|
Total stockholders’
equity |
|
815,892 |
|
|
|
447,147 |
|
Total liabilities and stockholders’ equity |
$ |
1,651,149 |
|
|
$ |
1,321,258 |
|
Contacts: Mark Kinarney Vice President,
Investor Relations978-671-8842ir@lantheus.com
Melissa Downs Senior Director, External Communications
646-975-2533media@lantheus.com
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