8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 21, 2017

 

 

LANTHEUS HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

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)

Registrant’s telephone number, including area code: (978) 671-8001

Not Applicable

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

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.

On February 21, 2017, Lantheus Holdings, Inc. (the “Company”) announced via press release its financial results as of and for the three and twelve month periods ended December 31, 2016. A copy of that press release is being furnished as Exhibit 99.1 and is hereby incorporated by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

 

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit

No.

  

Description

99.1*    Press release of Lantheus Holdings, Inc. dated February 21, 2017, entitled “Lantheus Holdings, Inc. Reports 2016 Fourth Quarter and Full Year Financial Results; Provides 2017 Guidance.”

 

* 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.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

LANTHEUS HOLDINGS, INC.
By:   /s/ Michael P. Duffy

Name:

Title:

 

Michael P. Duffy

General Counsel and Senior Vice President, Strategy and Business Development

Date: February 21, 2017


EXHIBIT INDEX

 

Exhibit

No.

  

Description

99.1*    Press release of Lantheus Holdings, Inc. dated February 21, 2017, entitled “Lantheus Holdings, Inc. Reports 2016 Fourth Quarter and Full Year Financial Results; Provides 2017 Guidance.”

 

* 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.
EX-99.1

Exhibit 99.1

 

LOGO    331 Treble Cove Road

North Billerica, MA 01862

   800.362.2668

www.lantheus.com

Lantheus Holdings, Inc. Reports 2016 Fourth Quarter and Full Year Financial Results; Provides 2017 Guidance

Company exceeds full year 2016 guidance, posts revenue of $301.9 million, net income of $26.8 million and

Adjusted EBITDA of $78.3 million

NORTH BILLERICA, Mass., February 21, 2017 Lantheus Holdings, Inc. (the “Company”) (NASDAQ: LNTH), parent company of Lantheus Medical Imaging, Inc. (“LMI”), a global leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products, today reported financial results for its fourth quarter and full year ended December 31, 2016.

The Company’s worldwide revenues for the fourth quarter of 2016 totaled $74.4 million, compared to $71.2 million for the fourth quarter of 2015. For the full year 2016, worldwide revenues totaled $301.9 million, compared to $293.5 in 2015, exceeding 2016 guidance of $296 million to $299 million. Revenue results were driven by growth in sales of DEFINITY® and TechneLite®, partially offset by price concessions for Xenon as part of the Company’s nuclear products contracting strategy as well as the divestiture of the Company’s Canadian and Australian radiopharmacy businesses.

Net income for the fourth quarter of 2016 totaled $4.9 million or $0.13 per diluted share, compared to $3.9 million or $0.13 per diluted share for the fourth quarter of 2015. Full year 2016 net income totaled $26.8 million, compared to a net loss of $14.7 million in 2015. The full year $41.5 million improvement is primarily attributable to operational improvements, decreased interest expense and one-time activities in 2015 associated with the Company’s initial public offering and debt refinancing.

The Company’s fourth quarter 2016 Adjusted EBITDA (as defined below in the GAAP to non-GAAP reconciliation) was $19.8 million, or 26.7% of revenues, compared to $18.3 million, or 25.7% of revenues, in the fourth quarter of 2015. Full year 2016 Adjusted EBITDA was $78.3 million, or 25.9% of revenues, compared to $76.3 million, or 26.0% of revenues, for 2015, exceeding 2016 guidance of $73 million to $75 million. Higher Adjusted EBITDA was attributable to the strong performance of higher margin products in the U.S. and the Company’s shift to a distribution model in Canada and Australia, partially offset by the margin impact of price concessions attributed to the Company’s nuclear products contracting strategy and incremental sales and marketing expenses attributable to the growth of DEFINITY sales.

Mary Anne Heino, President and CEO, commented, “2016 was a successful year for the Company on a number of levels as we exceeded both revenue and Adjusted EBITDA guidance, delivering significant value to shareholders. Our strong results reflect 18.1% revenue growth of DEFINITY worldwide, execution of our nuclear products contracting strategy, and a consistent focus on optimizing our capital structure, including $75 million of reduction in our outstanding debt. We enter 2017 poised to drive continued growth while remaining focused on building our portfolio and strengthening the long-term financial results of the Company.”

Outlook

The Company anticipates worldwide revenues for full year 2017 of approximately $312 million to $317 million, compared to $301.9 million in 2016. For the first quarter of 2017, the Company expects worldwide revenues in the range of $77 million to $80 million.

The Company anticipates full year 2017 Adjusted EBITDA, as described in the GAAP to non-GAAP reconciliation provided later in this release, of $79 million to $82 million, representing 24.9% to 26.3% of anticipated worldwide revenues. For the first quarter of 2017, the Company expects Adjusted EBITDA in the range of $18 million to $20 million.

The Company’s guidance for worldwide revenues and Adjusted EBITDA are forward-looking statements. They are subject to various risks and uncertainties that could cause the Company’s actual results to differ materially from guidance. Forward-looking statements are not predictions of the Company’s actual performance. See the cautionary information about forward-looking statements in the “Safe-Harbor Statement” section of this press release.

 

Page 1 of 12


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 starting at 4:30 p.m. Eastern Time today. To access the live conference call via telephone, please dial 1-866-498-8390 (U.S. callers) or 1-678-509-7599 (international callers) and provide passcode 65019185. A live audio webcast of the call also will be available in the Investors section of the Company’s website at www.lantheus.com.

A replay of the audio webcast will be available in the Investors section of our website at www.lantheus.com approximately two hours after completion of the call and will be archived for 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. and Lantheus Medical Imaging, Inc.

Lantheus Holdings, Inc. is the parent company of LMI, a global leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products. LMI provides a broad portfolio of products, which are primarily used for the diagnosis of cardiovascular diseases. LMI’s key products include the echocardiography contrast agent DEFINITY® Vial for (Perflutren Lipid Microsphere) Injectable Suspension; TechneLite® (Technetium Tc99m Generator), a technetium-based generator that provides the essential medical isotope used in nuclear medicine procedures; and Xenon (Xenon Xe 133 Gas), an inhaled radiopharmaceutical imaging agent used to evaluate pulmonary function and for imaging the lungs. The Company is headquartered in North Billerica, Massachusetts with offices in Puerto Rico and Canada. For more information, visit www.lantheus.com.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as revenues excluding the impact of foreign currency; adjusted operating income; adjusted net income; Adjusted EBITDA; adjusted net income per share – 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. The measures may exclude such items which may be highly variable, difficult to predict and of a size that could have substantial impact on the Company’s reported results of operations for a 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” as defined under U.S. federal securities laws, including statements about our 2017 outlook. Forward-looking statements may be identified by their use of terms such as anticipate, believe, confident, could, estimate, expect, intend, may, plan, predict, project, target, will and other similar terms. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward- looking statements. 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 are 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). This press release includes forward-looking non-GAAP guidance for 2017 Adjusted EBITDA. No reconciliation of this forward-looking non-GAAP guidance was included in this press release because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.

– Tables Follow –

 

Page 2 of 12


Lantheus Holdings, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data – unaudited)

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2016     2015     2016     2015  

Revenues

   $ 74,350     $ 71,201     $ 301,853     $ 293,461  

Cost of goods sold

     39,703       37,820       164,073       157,939  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     34,647       33,381       137,780       135,522  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

        

Sales and marketing

     8,686       7,806       36,542       34,740  

General and administrative

     9,990       10,121       38,832       43,894  

Research and development

     3,710       3,066       12,203       14,358  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     22,386       20,993       87,577       92,992  

Gain (loss) on sales of assets

     (120     —         6,385       —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     12,141       12,388       56,588       42,530  

Interest expense

     (5,819     (7,098     (26,618     (38,715

Debt retirement costs

     (481     —         (1,896     —    

Loss on extinguishment of debt

     —         —         —         (15,528

Other (expense) income, net

     (97     (317     220       (65
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     5,744       4,973       28,294       (11,778

Provision for income taxes

     875       1,057       1,532       2,968  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ 4,869     $ 3,916     $ 26,762     $ (14,746
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per common share:

        

Basic

   $ 0.13     $ 0.13     $ 0.84     $ (0.60
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.13     $ 0.13     $ 0.82     $ (0.60
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average common shares:

        

Basic

     36,172,609       30,364,501       32,043,904       24,439,845  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     37,853,125       30,364,914       32,655,958       24,439,845  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

Page 3 of 12


Lantheus Holdings, Inc.

Consolidated Segment Revenues Analysis

(in thousands – unaudited)

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2016      2015      % Change     2016      2015      % Change  

United States

                

DEFINITY

   $ 33,180      $ 28,324        17.1   $ 128,677      $ 109,656        17.3

TechneLite

     21,130        14,667        44.1     85,412        62,034        37.7

Xenon

     7,458        10,931        (31.8 )%      29,078        48,868        (40.5 )% 

Other

     2,965        3,645        (18.7 )%      14,253        15,266        (6.6 )% 
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total United States

     64,733        57,567        12.4     257,420        235,824        9.2
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

International

                

DEFINITY

     932        558        67.0     2,935        2,203        33.2

TechneLite

     3,466        2,450        41.5     13,805        10,528        31.1

Xenon

     2        2        —         8        30        (73.3 )% 

Other

     5,217        10,624        (50.9 )%      27,685        44,876        (38.3 )% 
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total International

     9,617        13,634        (29.5 )%      44,433        57,637        (22.9 )% 
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Worldwide

                

DEFINITY

     34,112        28,882        18.1     131,612        111,859        17.7

TechneLite

     24,596        17,117        43.7     99,217        72,562        36.7

Xenon

     7,460        10,933        (31.8 )%      29,086        48,898        (40.5 )% 

Other

     8,182        14,269        (42.7 )%      41,938        60,142        (30.3 )% 
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total Revenues

   $ 74,350      $ 71,201        4.4   $ 301,853      $ 293,461        2.9
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

 

Page 4 of 12


Lantheus Holdings, Inc.

Supplemental Revenue Information

(unaudited)

 

     December 31, 2016
Quarter to Date Sales Growth/(Decline)
 
     Domestic
AsReported
    Int’l
Constant
Currency
    Int’l As
Reported
    Total
Constant
Currency
    Total As
Reported
 

Products

          

DEFINITY

     17.1     67.2     67.0     18.1     18.1

TechneLite

     44.1     41.7     41.5     43.7     43.7

Xenon

     (31.8 )%      —         —         (31.8 )%      (31.8 )% 

Other

     (18.7 )%      (51.5 )%      (50.9 )%      (43.1 )%      (42.7 )% 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Revenues

     12.4     (29.9 )%      (29.5 )%      4.3     4.4
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     December 31, 2016 Year to Date Sales Growth/(Decline)  
     Domestic
AsReported
    Int’l
Constant
Currency
    Int’l As
Reported
    Total
Constant
Currency
    Total As
Reported
 

Products

          

DEFINITY

     17.3     37.7     33.2     17.7     17.7

TechneLite

     37.7     35.6     31.1     37.4     36.7

Xenon

     (40.5 )%      (73.3 )%      (73.3 )%      (40.5 )%      (40.5 )% 

Other

     (6.6 )%      (37.7 )%      (38.3 )%      (29.8 )%      (30.3 )% 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Revenues

     9.2     (21.4 )%      (22.9 )%      3.2     2.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Page 5 of 12


Lantheus Holdings, Inc.

Reconciliation of Revenues to Revenues Excluding the Impact of Foreign Currency

(in thousands – unaudited)

 

     Three Months Ended
December 31, 2016
    Year Ended
December 31, 2016
 
     International
Revenues
    Total
Revenues
    International
Revenues
     Total
Revenues
 

Revenues

   $ 9,617     $ 74,350     $ 44,433      $ 301,853  

Currency impact as compared to prior period

     (53     (53     860        860  
  

 

 

   

 

 

   

 

 

    

 

 

 

Revenues, excluding the impact of foreign currency

   $ 9,564     $ 74,297     $ 45,293      $ 302,713  
  

 

 

   

 

 

   

 

 

    

 

 

 

 

Page 6 of 12


Lantheus Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands – unaudited)

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2016     2015     2016     2015  

Operating income

   $ 12,141     $ 12,388     $ 56,588     $ 42,530  

Reconciling items impacting Operating Income:

        

Campus consolidation costs

     1,181       —         1,181       3,630  

Sponsor and other costs

     117       —         117       6,527  

Gain (loss) on sales of assets

     120       —         (6,385     —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted operating income

   $ 13,559     $ 12,388     $ 51,501     $ 52,687  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted operating income, as a percentage revenues

     18.2     17.4     17.1     18.0
  

 

 

   

 

 

   

 

 

   

 

 

 
     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2016     2015     2016     2015  

Net income (loss)

   $ 4,869     $ 3,916     $ 26,762     $ (14,746
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciling items impacting Gross Profit:

        

Campus consolidation costs

     —         —         —         77  

Reconciling items impacting Operating Expenses:

        

Campus consolidation costs

     1,181       —         1,181       3,553  

Sponsor and other costs

     117       —         117       6,527  

Gain (loss) on sales of assets

     120       —         (6,385     —    

Reconciling items impacting Non-operating Expenses:

        

Debt retirement costs

     481       —         1,896       —    

Loss on debt extinguishment

     —         —         —         15,528  

Interest upon redemption of senior notes

     —         —         —         3,250  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net income

   $ 6,768     $ 3,916     $ 23,571     $ 14,189  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net income, as a percentage of revenues

     9.1     5.5     7.8     4.8
  

 

 

   

 

 

   

 

 

   

 

 

 

 

Page 7 of 12


Lantheus Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

 

     Three Months Ended
December 31,
     Year Ended
December 31,
 
     2016      2015      2016     2015  

Net income (loss) per common share – Diluted

   $ 0.13      $ 0.13      $ 0.82     $ (0.60
  

 

 

    

 

 

    

 

 

   

 

 

 

Reconciling items impacting Gross Profit:

          

Campus consolidation costs

   $ —        $ —        $ —       $ —    

Reconciling items impacting Operating Expenses:

          

Campus consolidation costs

   $ 0.04      $ —        $ 0.04     $ 0.15  

Sponsor and other costs

   $ —        $ —        $ —       $ 0.27  

Gain (loss) on sales of assets

   $ —        $ —        $ (0.20   $ —    

Reconciling items impacting Non-operating Expenses:

          

Debt retirement costs

   $ 0.01      $ —        $ 0.06     $ —    

Loss on debt extinguishment

   $ —        $ —        $ —       $ 0.64  

Interest upon redemption of senior notes

   $ —        $ —        $ —       $ 0.13  
  

 

 

    

 

 

    

 

 

   

 

 

 

Adjusted net income per common share – Diluted

   $ 0.18      $ 0.13      $ 0.72     $ 0.59  
  

 

 

    

 

 

    

 

 

   

 

 

 

Weighted-average common shares outstanding – Diluted

     37,853,125        30,364,914        32,655,958       24,439,845  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

Page 8 of 12


Lantheus Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands – unaudited)

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2016     2015     2016     2015  

Net income (loss)

   $ 4,869     $ 3,916     $ 26,762     $ (14,746

Interest expense, net

     5,816       7,092       26,598       38,691  

Provision for income taxes(a)

     452       619       477       1,314  

Depreciation

     3,529       2,164       9,915       11,813  

Amortization of intangible assets

     2,070       2,160       8,348       7,838  
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     16,736       15,951       72,100       44,910  

Reconciling items impacting EBITDA:

        

Stock and incentive plan compensation

     791       478       3,527       2,002  

Legal fees relating to business interruption claim(b)

     —         5       9       72  

Asset write-off(c)

     818       286       1,906       1,468  

Severance and recruiting costs(d)

     204       507       2,090       1,360  

Sponsor fee and other(e)

     117       —         117       7,340  

Debt retirement costs

     481       —         1,896       —    

Extinguishment of debt

     —         —         —         15,528  

Gain (loss) on sales of assets

     120       —         (6,385     —    

New manufacturer costs(f)

     578       1,081       3,029       3,649  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 19,845     $ 18,308     $ 78,289     $ 76,329  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA, as a percentage of revenues

     26.7     25.7     25.9     26.0
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) Represents provision for income taxes, less tax indemnification associated with BMS.
(b) Represents legal fees and disbursements incurred in connection with our business interruption claim associated with the NRU reactor shutdown in 2009 to 2010.
(c) Represents non-cash losses incurred associated with the write-down of inventory and write-off of long-lived assets.
(d) The amounts consist of severance and recruitment costs related to employees, executives and directors.
(e) Represents expenses paid on behalf of our former sponsor’s secondary offering in 2016, annual sponsor monitoring fee and related expenses and a $6.5 million payment for the termination of our advisory services and monitoring agreement with our sponsor in 2015.
(f) Represents internal and external costs associated with establishing new manufacturing sources for our commercial and clinical candidate products.

 

Page 9 of 12


Lantheus Holdings, Inc.

Reconciliation of Free Cash Flow

(in thousands – unaudited)

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2016     2015     2016     2015  

Cash provided by operating activities

   $ 12,781     $ 12,626     $ 49,642     $ 21,762  

Capital expenditures

     (2,422     (4,732     (7,398     (13,151
  

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow

   $ 10,359     $ 7,894     $ 42,244     $ 8,611  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

Page 10 of 12


Lantheus Holdings, Inc.

Condensed Consolidated Balance Sheets

(in thousands – unaudited)

 

     December 31,
2016
    December 31,
2015
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 51,178     $ 28,596  

Accounts receivable, net

     36,818       37,293  

Inventory

     17,640       15,622  

Other current assets

     5,183       3,851  

Assets held for sale

     —         4,644  
  

 

 

   

 

 

 

Total current assets

     110,819       90,006  

Property, plant & equipment, net

     94,187       95,654  

Intangibles, net

     15,118       20,496  

Goodwill

     15,714       15,714  

Other long-term assets

     20,060       20,509  
  

 

 

   

 

 

 

Total assets

   $ 255,898     $ 242,379  
  

 

 

   

 

 

 

Liabilities and Stockholders’ Deficit

    

Current liabilities:

    

Current portion of long-term debt

   $ 3,650     $ 3,650  

Accounts payable

     18,940       11,657  

Accrued expenses and other current liabilities

     21,249       18,502  

Liabilities held for sale

     —         1,715  
  

 

 

   

 

 

 

Total current liabilities

     43,839       35,524  

Asset retirement obligation

     9,370       8,145  

Long-term debt, net

     274,460       349,858  

Other long-term liabilities

     34,745       34,141  
  

 

 

   

 

 

 

Total liabilities

     362,414       427,668  
  

 

 

   

 

 

 

Stockholders’ deficit

     (106,516     (185,289
  

 

 

   

 

 

 

Total liabilities and stockholders’ deficit

   $ 255,898     $ 242,379  
  

 

 

   

 

 

 

 

Page 11 of 12


###

CONTACTS:

Investors

Gary Santo

Head of Capital Markets and Investor Relations

978-671-8960

Media

Meara Murphy

Director, Investor Relations and Corporate Communications

978-671-8508

 

Page 12 of 12