Delaware | 001-36569 | 35-2318913 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
331 Treble Cove Road, North Billerica, MA | 01862 | |
(Address of principal executive offices) | (Zip Code) |
Not Applicable |
(Former name or former address, if changed since last report.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
* | Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. |
LANTHEUS HOLDINGS, INC. | |
By: | /s/ Michael P. Duffy |
Name: | Michael P. Duffy |
Title: | General Counsel, Senior Vice President, Law and Public Policy, and Secretary |
* | Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. |
![]() | 331 Treble Cove Road North Billerica, MA 01862 | 800.362.2668 www.lantheus.com |
• | Worldwide revenues of $86.5 million for the first quarter 2019, representing an increase of 4.7% over the prior year period |
• | Net income of $9.9 million for the first quarter 2019, representing an increase of 21.2% over the prior year period |
• | GAAP diluted EPS of $0.25 for the first quarter 2019, representing an increase of 20.3% over the prior year period; adjusted diluted EPS of $0.28 for the first quarter 2019, representing an increase of 8.2% over the prior year period |
• | The Company provides second quarter 2019 revenue and adjusted diluted earnings per share guidance; affirms full year guidance |
Q2 Guidance Issued April 30, 2019 | ||
Q2 FY 2019 Revenue Growth | 0.5% - 5.2% | |
Q2 FY 2019 Revenue | $86 million - $90 million | |
Q2 FY 2019 Adjusted Diluted EPS | $0.23 - $0.28 | |
FY Guidance Issued February 20, 2019 and Affirmed April 30, 2019 | ||
FY 2019 Revenue Growth | 4.25% - 5.75% | |
FY 2019 Revenue | $358 million - $363 million | |
FY 2019 Adjusted Diluted EPS | $1.14 - $1.17 |
Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Revenues | $ | 86,510 | $ | 82,630 | ||||
Cost of goods sold | 42,426 | 40,321 | ||||||
Gross profit | 44,084 | 42,309 | ||||||
Operating expenses | ||||||||
Sales and marketing | 10,397 | 10,640 | ||||||
General and administrative | 12,589 | 12,543 | ||||||
Research and development | 4,929 | 3,989 | ||||||
Total operating expenses | 27,915 | 27,172 | ||||||
Operating income | 16,169 | 15,137 | ||||||
Interest expense | 4,592 | 4,050 | ||||||
Other income | (1,187 | ) | (920 | ) | ||||
Income before income taxes | 12,764 | 12,007 | ||||||
Income tax expense | 2,815 | 3,796 | ||||||
Net income | $ | 9,949 | $ | 8,211 | ||||
Net income per common share: | ||||||||
Basic | $ | 0.26 | $ | 0.22 | ||||
Diluted | $ | 0.25 | $ | 0.21 | ||||
Weighted-average common shares outstanding: | ||||||||
Basic | 38,603 | 37,886 | ||||||
Diluted | 39,787 | 39,493 |
Three Months Ended March 31, | ||||||||||
2019 | 2018 | % Change | ||||||||
United States | ||||||||||
DEFINITY | $ | 49,716 | $ | 43,506 | 14.3 | % | ||||
TechneLite | 20,058 | 18,063 | 11.0 | % | ||||||
Other nuclear | 9,524 | 12,817 | (25.7 | )% | ||||||
Rebates and allowances | (3,864 | ) | (2,898 | ) | 33.3 | % | ||||
Total United States | 75,434 | 71,488 | 5.5 | % | ||||||
International | ||||||||||
DEFINITY | 1,395 | 1,149 | 21.4 | % | ||||||
TechneLite | 4,087 | 3,332 | 22.7 | % | ||||||
Other nuclear | 5,596 | 6,669 | (16.1 | )% | ||||||
Rebates and allowances | (2 | ) | (8 | ) | (75.0 | )% | ||||
Total International | 11,076 | 11,142 | (0.6 | )% | ||||||
Worldwide | ||||||||||
DEFINITY | 51,111 | 44,655 | 14.5 | % | ||||||
TechneLite | 24,145 | 21,395 | 12.9 | % | ||||||
Other nuclear | 15,120 | 19,486 | (22.4 | )% | ||||||
Rebates and allowances | (3,866 | ) | (2,906 | ) | 33.0 | % | ||||
Total Revenues | $ | 86,510 | $ | 82,630 | 4.7 | % |
Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Net income | $ | 9,949 | $ | 8,211 | ||||
Stock and incentive plan compensation | 2,781 | 1,977 | ||||||
Amortization of acquired intangible assets | 451 | 689 | ||||||
Campus consolidation costs | — | 483 | ||||||
Income tax effect of non-GAAP adjustments(a) | (1,943 | ) | (1,055 | ) | ||||
Adjusted net income | $ | 11,238 | $ | 10,305 | ||||
Adjusted net income, as a percentage of revenues | 13.0 | % | 12.5 | % |
Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Net income per share - diluted | $ | 0.25 | $ | 0.21 | ||||
Stock and incentive plan compensation | 0.07 | 0.05 | ||||||
Amortization of acquired intangible assets | 0.01 | 0.02 | ||||||
Campus consolidation costs | — | 0.01 | ||||||
Income tax effect of non-GAAP adjustments(a) | (0.05 | ) | (0.03 | ) | ||||
Adjusted net income per share - diluted | $ | 0.28 | $ | 0.26 | ||||
Weighted-average common shares outstanding - diluted | 39,787 | 39,493 |
(a) | The income tax effect of the adjustments between GAAP net income 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. |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Net cash provided by (used in) operating activities | $ | 10,468 | $ | (666 | ) | ||
Capital expenditures | (10,550 | ) | (2,135 | ) | |||
Free cash flow | $ | (82 | ) | $ | (2,801 | ) |
March 31, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 112,061 | $ | 113,401 | |||
Accounts receivable, net | 45,021 | 43,753 | |||||
Inventory | 32,044 | 33,019 | |||||
Other current assets | 6,372 | 5,242 | |||||
Total current assets | 195,498 | 195,415 | |||||
Property, plant and equipment, net | 112,211 | 107,888 | |||||
Intangibles, net | 8,686 | 9,133 | |||||
Goodwill | 15,714 | 15,714 | |||||
Deferred tax assets, net | 79,755 | 81,449 | |||||
Other long-term assets | 32,044 | 30,232 | |||||
Total assets | $ | 443,908 | $ | 439,831 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities | |||||||
Current portion of long-term debt and other borrowings | $ | 2,854 | $ | 2,750 | |||
Revolving line of credit | — | — | |||||
Accounts payable | 15,323 | 17,955 | |||||
Accrued expenses and other liabilities | 24,591 | 32,050 | |||||
Total current liabilities | 42,768 | 52,755 | |||||
Asset retirement obligations | 11,895 | 11,572 | |||||
Long-term debt, net and other borrowings | 263,293 | 263,709 | |||||
Other long-term liabilities | 42,739 | 40,793 | |||||
Total liabilities | 360,695 | 368,829 | |||||
Total stockholders’ equity | 83,213 | 71,002 | |||||
Total liabilities and stockholders’ equity | $ | 443,908 | $ | 439,831 |