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, 2024 2023 2024 2023 Net income$131,093 $131,957 $324,232 $223,281 Stock and incentive plan compensation 20,366 13,976 54,229 36,335 Amortization of acquired intangible assets 11,908 11,659 31,961 35,132 Campus consolidation costs 23 45 37 3,185 Contingent consideration fair value adjustments (1,505) (500) (1,405) (9,475)Non-recurring refinancing related fees — 3 — 216 Non-recurring fees — (51,789) — (54,523)Gain on sale of assets — — (6,254) — Strategic collaboration and license costs 30 — 66,221 — Investment in equity securities - unrealized gain (37,325) — (75,492) — Acquisition-related costs (263) 169 1,346 507 Impairment of long-lived assets — — — 138,050 ARO Acceleration and other related costs — 320 — 1,045 Other 805 1,510 2,273 2,194 Income tax effect of non-GAAP adjustments(a) (1,048) (4,256) (27,907) (61,093)Adjusted net income$124,084 $103,094 $369,241 $314,854 Adjusted net income, as a percentage of revenues 32.8% 32.2% 32.3% 33.4% Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income per share - diluted$1.79 $1.88 $4.55 $3.18 Stock and incentive plan compensation 0.28 0.20 0.76 0.52 Amortization of acquired intangible assets 0.16 0.17 0.45 0.50 Campus consolidation costs — — — 0.05 Contingent consideration fair value adjustments (0.02) (0.01) (0.02) (0.13)Non-recurring refinancing related fees — — — — Non-recurring fees — (0.74) — (0.78)Gain on sale of assets — — (0.09) — Strategic collaboration and license costs — — 0.93 — Investment in equity securities - unrealized gain (0.51) — (1.06) — Acquisition-related costs — — 0.02 0.01 Impairment of long-lived assets — — — 1.96 ARO Acceleration and other related costs — 0.01 — 0.01 Other 0.01 0.02 0.03 0.03 Income tax effect of non-GAAP adjustments(a) (0.01) (0.06) (0.39) (0.87)Adjusted net income per share - diluted$1.70 $1.47 $5.18 $4.48 Weighted-average common shares outstanding - diluted 73,065 70,046 71,331 70,268 (a) The income tax effect of the adjustments between GAAP net income and adjusted net income (non-GAAP) takes into account the tax treatment and related tax rate that apply to each adjustment in the applicable tax jurisdiction.Lantheus Holdings, Inc.
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 material and key components; (iv) our strategies, future prospects, and our projected growth, including revenue related to our collaboration agreements with POINT Biopharma Global Inc., 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 or NAV-4694 as a research tool and under the license agreements through which we have rights to MK-6240 and NAV-4694, and to further develop and commercialize MK-6240 and NAV-4694 as approved products; (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, 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) our ability to successfully identify strategic transaction opportunities, such as our investment in Radiopharm Theranostics Limited ("Radiopharm") common stock, and the value of such current and any future equity interests; (viii) the efforts and timing for clinical development, regulatory approval, adequate coding, coverage and payment 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; (ix) our ability to identify and acquire or in-license additional diagnostic and therapeutic product opportunities in oncology, Alzheimer's disease and other strategic areas and continue to grow and advance our pipeline of products; and (x) 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.
Reconciliation of GAAP to Non-GAAP Financial Measures (Continued)(in thousands, except per share data – unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating income$133,743 $112,361 $343,107 $227,156 Stock and incentive plan compensation 20,366 13,976 54,229 36,335 Amortization of acquired intangible assets 11,908 11,659 31,961 35,132 Campus consolidation costs 23 45 37 3,185 Contingent consideration fair value adjustments (1,505) (500) (1,405) (9,475)Non-recurring refinancing related fees — 3 — 216 Non-recurring fees — — — (2,734)Gain on sale of assets — — (6,254) — Strategic collaboration and license costs 30 — 66,221 — Acquisition-related costs (263) 169 1,346 507 Impairment of long-lived assets — — — 138,050 ARO Acceleration and other related costs — 320 — 1,045 Other 805 1,510 2,273 2,194 Adjusted operating income$165,107 $139,543 $491,515 $431,611 Adjusted operating income, as a percentage of revenues 43.6% 43.6% 43.0% 45.8% Lantheus Holdings, Inc.
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