• Lantheus Reports Fourth Quarter and Full Year 2023 Financial Results

    来源: Nasdaq GlobeNewswire / 22 2月 2024 07:00:00   America/New_York

    • Worldwide revenue of $354.0 million and $1.3 billion for the fourth quarter and full year 2023
    • GAAP net income of $103.4 million and $326.7 million for the fourth quarter and full year 2023
    • GAAP fully diluted net income per share of $1.47 and $4.65 for the fourth quarter and full year 2023
    • Adjusted fully diluted net income per share of $1.75 and $6.23 for the fourth quarter and full year 2023
    • Net cash provided by operating activities was $112.3 million and $305.3 million for the fourth quarter and full year 2023 and free cash flow of $100.2 million and $258.7 million for the fourth quarter and full year 2023
    • The Company provides first quarter and full year 2024 revenue and adjusted diluted earnings per share guidance

    BEDFORD, Mass., Feb. 22, 2024 (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 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 Ended
    December 31,
     Year Ended
    December 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 Ended
    December 31,
     Year Ended
    December 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 Ended
    December 31,
     Year Ended
    December 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 Ended
    December 31,
     Year Ended
    December 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 Ended
    December 31,
     Year Ended
    December 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 Relations
    978-671-8842
    ir@lantheus.com 

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


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