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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2019	Jul. 23, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	LANTHEUS HOLDINGS, INC.
Entity Central Index Key	0001521036
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Small Business	false
Entity Ex Transition Period	true
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		39,079,418

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 56,885	$ 113,401
Accounts receivable, net	45,527	43,753
Inventory	32,414	33,019
Other current assets	5,035	5,242
Total current assets	139,861	195,415
Property, plant and equipment, net	113,117	107,888
Intangibles, net	8,239	9,133
Goodwill	15,714	15,714
Deferred tax assets, net	79,170	81,449
Other long-term assets	34,149	30,232
Total assets	390,250	439,831
Current liabilities
Current portion of long-term debt and other borrowings	10,136	2,750
Accounts payable	17,149	17,955
Accrued expenses and other liabilities	26,072	32,050
Total current liabilities	53,357	52,755
Asset retirement obligations	12,237	11,572
Long-term debt, net and other borrowings	188,706	263,709
Other long-term liabilities	43,703	40,793
Total liabilities	298,003	368,829
Commitments and contingencies
Stockholders’ equity
Preferred stock ($0.01 par value, 25,000 shares authorized; no shares issued and outstanding)	0	0
Common stock ($0.01 par value, 250,000 shares authorized; 39,043 and 38,466 shares issued and outstanding, respectively)	390	385
Additional paid-in capital	244,600	239,865
Accumulated deficit	(151,779)	(168,140)
Accumulated other comprehensive loss	(964)	(1,108)
Total stockholders’ equity	92,247	71,002
Total liabilities and stockholders’ equity	$ 390,250	$ 439,831

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000	25,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	39,043,000	38,466,000
Common stock, shares outstanding (in shares)	39,043,000	38,466,000

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenues	$ 85,705	$ 85,573	$ 172,215	$ 168,203
Cost of goods sold	41,132	41,727	83,558	82,048
Gross profit	44,573	43,846	88,657	86,155
Operating expenses
Sales and marketing	10,948	12,130	21,345	22,770
General and administrative	13,293	11,575	25,882	24,118
Research and development	5,795	4,215	10,724	8,204
Total operating expenses	30,036	27,920	57,951	55,092
Operating income	14,537	15,926	30,706	31,063
Interest expense	4,543	4,298	9,135	8,348
Loss on extinguishment of debt	3,196	0	3,196	0
Other income	(1,312)	(336)	(2,499)	(1,256)
Income before income taxes	8,110	11,964	20,874	23,971
Income tax expense	1,698	2,219	4,513	6,015
Net income	$ 6,412	$ 9,745	$ 16,361	$ 17,956
Net income per common share:
Basic (in dollars per share)	$ 0.16	$ 0.25	$ 0.42	$ 0.47
Diluted (in dollars per share)	$ 0.16	$ 0.25	$ 0.41	$ 0.45
Weighted-average common shares outstanding:
Basic (in shares)	38,972	38,233	38,789	38,060
Diluted (in shares)	40,239	39,398	40,064	39,468

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 6,412	$ 9,745	$ 16,361	$ 17,956
Other comprehensive income:
Foreign currency translation	88	4	144	4
Total other comprehensive income	88	4	144	4
Comprehensive income	$ 6,500	$ 9,749	$ 16,505	$ 17,960

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance (in shares) at Dec. 31, 2017		37,765
Balance at Dec. 31, 2017	$ 23,291	$ 378	$ 232,960	$ (209,013)	$ (1,034)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,211			8,211
Forfeiture of dividend equivalent right	355			355
Other comprehensive income	0				0
Stock option exercises and employee stock plan purchases (in shares)		94
Stock option exercises and employee stock plan purchases	720	$ 1	719
Vesting of restricted stock awards and units (in shares)		174
Vesting of restricted stock awards and units	0	$ 2	(2)
Shares withheld to cover taxes (in shares)		(36)
Shares withheld to cover taxes	(709)	$ (1)	(708)
Stock-based compensation	1,796		1,796
Balance (in shares) at Mar. 31, 2018		37,997
Balance at Mar. 31, 2018	33,664	$ 380	234,765	(200,447)	(1,034)
Balance (in shares) at Dec. 31, 2017		37,765
Balance at Dec. 31, 2017	23,291	$ 378	232,960	(209,013)	(1,034)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,956
Other comprehensive income	4
Balance (in shares) at Jun. 30, 2018		38,298
Balance at Jun. 30, 2018	44,533	$ 383	235,882	(190,702)	(1,030)
Balance (in shares) at Mar. 31, 2018		37,997
Balance at Mar. 31, 2018	33,664	$ 380	234,765	(200,447)	(1,034)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,745			9,745
Other comprehensive income	4				4
Stock option exercises and employee stock plan purchases (in shares)		111
Stock option exercises and employee stock plan purchases	626	$ 1	625
Vesting of restricted stock awards and units (in shares)		286
Vesting of restricted stock awards and units	0	$ 3	(3)
Shares withheld to cover taxes (in shares)		(96)
Shares withheld to cover taxes	(1,722)	$ (1)	(1,721)
Stock-based compensation	2,216		2,216
Balance (in shares) at Jun. 30, 2018		38,298
Balance at Jun. 30, 2018	44,533	$ 383	235,882	(190,702)	(1,030)
Balance (in shares) at Dec. 31, 2018		38,466
Balance at Dec. 31, 2018	71,002	$ 385	239,865	(168,140)	(1,108)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,949			9,949
Other comprehensive income	56				56
Stock option exercises and employee stock plan purchases (in shares)		37
Stock option exercises and employee stock plan purchases	606		606
Vesting of restricted stock awards and units (in shares)		365
Vesting of restricted stock awards and units	0	$ 4	(4)
Shares withheld to cover taxes (in shares)		(50)
Shares withheld to cover taxes	(1,120)	$ (1)	(1,119)
Stock-based compensation	2,720		2,720
Balance (in shares) at Mar. 31, 2019		38,818
Balance at Mar. 31, 2019	83,213	$ 388	242,068	(158,191)	(1,052)
Balance (in shares) at Dec. 31, 2018		38,466
Balance at Dec. 31, 2018	71,002	$ 385	239,865	(168,140)	(1,108)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	16,361
Other comprehensive income	144
Balance (in shares) at Jun. 30, 2019		39,043
Balance at Jun. 30, 2019	92,247	$ 390	244,600	(151,779)	(964)
Balance (in shares) at Mar. 31, 2019		38,818
Balance at Mar. 31, 2019	83,213	$ 388	242,068	(158,191)	(1,052)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,412			6,412	0
Other comprehensive income	88				88
Stock option exercises and employee stock plan purchases (in shares)		9
Stock option exercises and employee stock plan purchases	120		120
Vesting of restricted stock awards and units (in shares)		253
Vesting of restricted stock awards and units	0	$ 3	(3)
Shares withheld to cover taxes (in shares)		(37)
Shares withheld to cover taxes	(944)	$ (1)	(943)
Stock-based compensation	3,358			3,358
Balance (in shares) at Jun. 30, 2019		39,043
Balance at Jun. 30, 2019	$ 92,247	$ 390	$ 244,600	$ (151,779)	$ (964)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net income	$ 16,361	$ 17,956
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation, amortization and accretion	6,577	7,089
Amortization of debt related costs	639	639
Loss on extinguishment of debt	3,196	0
Provision for bad debt	57	166
Provision for excess and obsolete inventory	977	1,959
Stock-based compensation	6,078	4,012
Deferred taxes	2,387	4,539
Long-term income tax receivable	(1,604)	(1,528)
Long-term income tax payable and other long-term liabilities	2,036	1,517
Other	(10)	346
Increases (decreases) in cash from operating assets and liabilities:
Accounts receivable	(1,755)	(4,223)
Inventory	(365)	(6,714)
Other current assets	(118)	(581)
Accounts payable	2,881	(2,900)
Accrued expenses and other liabilities	(5,816)	(2,667)
Net cash provided by operating activities	31,521	19,610
Investing activities
Capital expenditures	(13,984)	(7,761)
Proceeds from sales of assets	0	1,000
Net cash used in investing activities	(13,984)	(6,761)
Financing activities
Proceeds from issuance of long-term debt	199,461	0
Payments on long-term debt and other borrowings	(270,247)	(1,431)
Proceeds from stock option exercises	(2,034)	0
Proceeds from stock option exercises	444	1,140
Proceeds from issuance of common stock	282	206
Payments for minimum statutory tax withholding related to net share settlement of equity awards	(2,064)	(2,432)
Net cash used in financing activities	(74,158)	(2,517)
Effect of foreign exchange rates on cash and cash equivalents	105	(158)
Net (decrease) increase in cash and cash equivalents	(56,516)	10,174
Cash and cash equivalents, beginning of period	113,401	76,290
Cash and cash equivalents, end of period	$ 56,885	$ 86,464

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Note Regarding Company References and Trademarks Unless the context otherwise requires, references to the “Company” and “Lantheus” refer to Lantheus Holdings, Inc. and its direct and indirect wholly-owned subsidiaries, references to “Holdings” refer to Lantheus Holdings, Inc. and not to any of its subsidiaries, and references to “LMI” refer to Lantheus Medical Imaging, Inc., the direct subsidiary of Holdings. Solely for convenience, the Company refers to trademarks, service marks and trade names without the TM, SM and ® symbols. Those references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent permitted under applicable law, its rights to its trademarks, service marks and trade names. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Lantheus Holdings, Inc. and its direct and indirect wholly-owned subsidiaries and have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement have been included. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ended December 31, 2019 or any future period. The condensed consolidated balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities Exchange Commission (“SEC”) on February 20, 2019.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Recent Accounting Pronouncements



Standard	Description	Effective Date for Company	Effect on the Condensed Consolidated Financial Statements
Recently Issued Accounting Standards Not Yet Adopted
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326)	This ASU will require financial instruments measured at amortized cost and accounts receivable to be presented at the net amount expected to be collected. The new model requires an entity to estimate credit losses based on historical information, current information and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019.	January 1, 2020	The Company is currently evaluating the impact that this standard will have on its consolidated financial statements.
Accounting Standards Adopted During the Six Months Ended June 30, 2019
ASU 2016-02, Leases (Topic 842)	This ASU supersedes existing guidance on accounting for leases in “Leases (Topic 840)” and generally requires all leases to be recognized on the balance sheet. In July 2018, an amendment was made that allows companies the option of using the effective date of the new standard as the initial application date (at the beginning of the period in which it is adopted, rather than at the beginning of the earliest comparative period).	January 1, 2019	See Note 11, "Leases" for the required disclosures related to the impact of adopting this standard. The adoption of this standard resulted in the recording of an additional lease asset and lease liability of approximately $1.1 million as of January 1, 2019. The standard did not have a material impact on the Company’s condensed consolidated statements of operations, equity or cash flows.

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

The following table summarizes revenue by revenue source and reportable segment as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
Major Products/Service Lines by Segment (in thousands)	2019		2018		2019		2018
U.S.
Product revenue, net⁽¹⁾	$	75,190	$	74,086	$	150,624	$	145,574
License and royalty revenues	—		—		—		—
Total U.S. revenues	75,190		74,086		150,624		145,574
International
Product revenue, net⁽¹⁾	9,987		10,918		20,536		21,498
License and royalty revenues	528		569		1,055		1,131
Total International revenues	$	10,515	$	11,487	$	21,591	$	22,629
Total revenues	$	85,705	$	85,573	$	172,215	$	168,203

________________________________


(1)	The Company’s principal products include DEFINITY and TechneLite and are categorized within product revenue, net. The Company applies the

same revenue recognition policies and judgments for all of its principal products.

The Company’s performance obligations are typically part of contracts that have an original expected duration of one year or less. As such, under the optional exemption provided by ASC 606-10-50-14, the Company is not disclosing the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially satisfied) as of the end of the reporting period.

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability of fair value measurements, financial instruments are categorized based on a hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:


•	Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

•

Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).


•	Level 3 — Unobservable inputs that reflect a Company’s estimates about the assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data.

The Company’s financial assets measured at fair value on a recurring basis consist of money market funds. The Company invests excess cash from its operating cash accounts in overnight investments and reflects these amounts in cash and cash equivalents in the condensed consolidated balance sheets at fair value using quoted prices in active markets for identical assets.

The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis:



	June 30, 2019
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Money market	$	16,813	$	16,813	$	—	$	—
Total	$	16,813	$	16,813	$	—	$	—



	December 31, 2018
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Money market	$	61,391	$	61,391	$	—	$	—
Total	$	61,391	$	61,391	$	—	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

The Company provides for income taxes at the end of each interim period based on the estimated effective tax rate for the full year, adjusted for any discrete events which are recorded in the period they occur. The Company’s effective tax rate in fiscal 2019 differs from the U.S. federal statutory rate of 21% principally due to the impact of state taxes and the accrual of interest on uncertain tax positions, offset by tax benefits arising from stock compensation deductions. Cumulative adjustments to the tax provision are recorded in the interim period in which a change in the estimated annual effective tax rate is determined. The Company’s income tax expense is presented below:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2019		2018		2019		2018
Income tax expense	$	1,698	$	2,219	$	4,513	$	6,015

The Company regularly assesses its ability to realize its deferred tax assets. Assessing the realizability of deferred tax assets requires significant management judgment. In determining whether its deferred tax assets are more-likely-than-not realizable, the Company evaluates all available positive and negative evidence, and weighs the objective evidence and expected impact. The Company continues to record a valuation allowance against certain foreign deferred tax assets.

In connection with the Company’s acquisition of the medical imaging business from Bristol Myers Squibb (“BMS”) in 2008, the Company entered into a tax indemnification agreement with BMS. A long-term receivable is recorded to account for the expected value to the Company of future indemnification payments, net of actual tax benefits received. The tax indemnification receivable is recognized within other long-term assets. Changes in the tax indemnification asset are recognized within other income in the condensed consolidated statement of operations. In accordance with the Company’s accounting policy, the change in the tax liability, penalties and interest associated with these obligations (net of any offsetting federal or state benefit) is recognized within income tax expense. Accordingly, as these reserves change, adjustments are included in income tax expense while the offsetting adjustment is included in other income. Assuming that the receivable from BMS continues to be considered recoverable by the Company, there will be no effect on net income and no net cash outflows related to these liabilities.

Inventory

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following:



(in thousands)	June 30, 2019		December 31, 2018
Raw materials	$	11,647	$	11,100
Work in process	9,513		4,261
Finished goods	11,254		17,658
Total inventory	$	32,414	$	33,019

Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Property, plant and equipment, net, consisted of the following:



(in thousands)	June 30, 2019			December 31, 2018
Land	$	13,450		$	13,450
Buildings	65,042			64,444
Machinery, equipment and fixtures	70,615			69,298
Computer software	20,294			19,266
Construction in progress	31,393			24,169
	200,794			190,627
Less: accumulated depreciation and amortization	(87,677		)	(82,739		)
Total property, plant and equipment, net	$	113,117		$	107,888

Depreciation and amortization expense related to property, plant and equipment, net, was $2.5 million for the three months ended June 30, 2019 and 2018, respectively, and $5.0 million and $5.1 million for the six months ended June 30, 2019 and 2018, respectively.

Asset Retirement Obligations

6 Months Ended

Jun. 30, 2019

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

The Company considers its legal obligation to remediate its facilities upon a decommissioning of its radioactive-related operations as an asset retirement obligation. The Company has production facilities which manufacture and process radioactive materials at its North Billerica, Massachusetts and San Juan, Puerto Rico sites.

The Company is required to provide the U.S. Nuclear Regulatory Commission and Massachusetts Department of Public Health financial assurance demonstrating the Company’s ability to fund the decommissioning of its North Billerica, Massachusetts production facility upon closure, although the Company does not intend to close the facility. The Company has provided this financial assurance in the form of a $28.2 million surety bond.

The fair value of a liability for asset retirement obligations is recognized in the period in which the liability is incurred. As of June 30, 2019, the liability is measured at the present value of the obligation expected to be incurred, of approximately $26.9 million, and is adjusted in subsequent periods as accretion expense is recorded. The corresponding asset retirement costs are capitalized as part of the carrying values of the related long-lived assets and depreciated over the assets’ useful lives.

The following table provides a summary of the changes in the Company’s asset retirement obligations:



(in thousands)	Amount
Balance at January 1, 2019	$	11,572
Revisions in estimated cash flows	20
Accretion expense	645
Balance at June 30, 2019	$	12,237

Long-Term Debt, Net, and Other Borrowings

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Long-Term Debt, Net, and Other Borrowings

In June 2019, the Company refinanced its previous $275 million five-year term loan agreement (the “2017 Term Facility”) with a new five-year $200 million term loan facility (the “2019 Term Facility” and the loans thereunder, the “2019 Term Loans”). In addition, the Company replaced its previous $75 million five-year revolving credit facility (the “2017 Revolving Facility”) with a new $200 million five-year revolving credit facility (the “2019 Revolving Facility” and, together with the 2019 Term Facility, the “2019 Facility”). The terms of the 2019 Facility are set forth in the Credit Agreement, dated as of June 27, 2019 (the “2019 Credit Agreement”), by and among Holdings, the Company, the lenders from time to time party thereto and Wells Fargo Bank, N.A., as administrative agent and collateral agent. The Company has the right to request an increase to the 2019 Term Facility or request the establishment of one or more new incremental term loan facilities, in an aggregate principal amount of up to $100 million, plus additional amounts, in certain circumstances.

The net proceeds of the 2019 Term Facility, together with approximately $73 million of cash on hand, were used to refinance in full the aggregate remaining principal amount of the loans outstanding under the 2017 Term Facility and pay related interest, transaction fees and expenses. No amounts were outstanding under the 2017 Revolving Facility at that time. The Company accounted for the refinancing of the 2017 Term Facility as a debt extinguishment and the 2017 Revolving Facility as a debt modification by evaluating the refinancing on a creditor by creditor basis. The Company recorded a loss on extinguishment of debt of $3.2 million related to the write-off of unamortized debt issuance costs and debt discounts. In addition, the Company incurred and capitalized $2.8 million of new debt issuance costs and debt discounts related to the refinancing.

2019 Term Facility

The Term Loans under the 2019 Term Facility bear interest, with pricing based from time to time at the Company’s election at (i) LIBOR plus a spread ranging from 1.25% to 2.25% as determined by the Company’s total net leverage ratio (as defined in the 2019 Credit Agreement) or (ii) the Base Rate (as defined in the 2019 Credit Agreement) plus a spread ranging from 0.25% to 1.25% as determined by the Company’s total net leverage ratio. At June 30, 2019, the Company’s interest rate under the 2019 Term Facility was 4.2%.

The Company is permitted to voluntarily prepay the 2019 Term Loans, in whole or in part, without premium or penalty. The 2019 Term Facility requires the Company to make mandatory prepayments of the outstanding 2019 Term Loans in certain circumstances. The Term loan matures in June 2024.

As of June 30, 2019, the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows:



(in thousands)	Amount
Remainder of 2019	$	5,000
2020	10,000
2021	10,000
2022	11,250
2023	15,000
2024	148,750
Total principal outstanding	200,000
Unamortized debt discount	(539		)
Unamortized debt issuance costs	(859		)
Finance lease liabilities	240
Total	198,842
Less: current portion	(10,136		)
Total long-term debt, net and other borrowings	$	188,706

2019 Revolving Facility

Under the terms of the 2019 Revolving Facility, the lenders thereunder agreed to extend credit to the Company from time to time until June 27, 2024 consisting of revolving loans (the “Revolving Loans” and, together with the Term Loans, the “Loans”) in an aggregate principal amount not to exceed $200 million (the “Revolving Commitment”) at any time outstanding. The 2019 Revolving Facility includes a $20 million sub-facility for the issuance of letters of credit (the “Letters of Credit”). The 2019 Revolving Facility includes a $10 million sub-facility for swingline loans (the “Swingline Loans”). The Letters of Credit, Swingline Loans and the borrowings under the 2019 Revolving Facility are expected to be used for working capital and other general corporate purposes.

The Revolving Loans under the 2019 Revolving Facility bear interest, with pricing based from time to time at the Company’s election at (i) LIBOR plus a spread ranging from 1.25% to 2.25% as determined by the Company’s total net leverage ratio or (ii) the Base Rate plus a spread ranging from 0.25% to 1.25% as determined by the Company’s total net leverage ratio. The 2019 Revolving Facility also includes a commitment fee, which ranges from 0.15% to 0.30% as determined by the Company’s total net leverage ratio.

The Company is permitted to voluntarily prepay the Revolving Loans, in whole or in part, or reduce or terminate the Revolving Commitment, in each case, without premium or penalty. On any business day on which the total amount of outstanding Revolving Loans and Letters of Credit exceeds the total Revolving Commitment, the Company must prepay the Revolving Loans in an amount equal to such excess. As of June 30, 2019, there were no outstanding borrowings under the 2019 Revolving Facility.

2019 Facility Covenants

The 2019 Facility contains a number of affirmative, negative, reporting and financial covenants, in each case subject to certain exceptions and materiality thresholds. The 2019 Facility requires the Company to be in quarterly compliance, measured on a trailing four quarter basis, with two financial covenants. The minimum interest coverage ratio, commencing with the fiscal quarter ending September 30, 2019, must be at least 3.00 to 1.00. The maximum total net leverage ratio permitted by the financial covenant is displayed in the table below:



2019 Facility Financial Covenant
Period	Total Net Leverage Ratio
Q3 2019 to Q2 2020	4.00 to 1.00
Q3 2020 to Q2 2021	3.75 to 1.00
Thereafter	3.50 to 1.00

The Company may elect to increase the maximum total net leverage ratio by 0.50 to 1.00 (subject to a maximum of 4.25 to 1.00) up to two separate times during the term of the 2019 Facility in connection with any Material Acquisition (as defined in the Credit Agreement).

The 2019 Facility contains usual and customary restrictions on the ability of the Company and its subsidiaries to: (i) incur additional indebtedness (ii) create liens; (iii) consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; (iv) sell certain assets; (v) pay dividends on, repurchase or make distributions in respect of capital stock or make other restricted payments; (vi) make certain investments; (vii) repay subordinated indebtedness prior to stated maturity; and (viii) enter into certain transactions with its affiliates.

Upon an event of default, the administrative agent under the Credit Agreement will have the right to declare the Loans and other obligations outstanding immediately due and payable and all commitments immediately terminated or reduced.

The 2019 Facility is guaranteed by Holdings and Lantheus MI Real Estate, LLC, and obligations under the 2019 Facility are generally secured by first priority liens over substantially all of the assets of each of LMI, Holdings and Lantheus MI Real Estate, LLC (subject to customary exclusions set forth in the transaction documents) owned as of June 27, 2019 or thereafter acquired.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

The following table presents stock-based compensation expense recognized in the Company’s accompanying condensed consolidated statements of operations:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2019		2018		2019		2018
Cost of goods sold	$	531	$	261	$	971	$	490
Sales and marketing	508		397		959		699
General and administrative	1,881		1,221		3,455		2,201
Research and development	438		337		693		622
Total stock-based compensation expense	$	3,358	$	2,216	$	6,078	$	4,012

Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

Adoption of ASC Topic 842, “Leases”

The Company adopted ASC 842 on January 1, 2019, using the prospective approach which provides a method for recording existing leases at adoption using the effective date of the standard as its initial application date. ASC 842 generally requires all leases to be recognized on the balance sheet. In addition, the Company elected the relief package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed the Company not to reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases and initial direct costs for any existing leases. The reported results for 2019 reflect the application of ASC 842 guidance while the reported results for 2018 were prepared under the guidance of ASC 840, Leases. The adoption of ASC 842 resulted in the recording of an additional lease asset and lease liability of approximately $1.1 million as of January 1, 2019. ASC 842 did not materially impact the Company’s condensed consolidated results of operations, equity or cash flows as of the adoption date or for the periods presented.

Leases

The Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for vehicles, corporate offices and certain equipment.

Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Lease agreements with lease and non-lease components are accounted for separately. As the Company’s leases do not provide an implicit rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Leases with an initial term of 12 months or less are not recorded on the balance sheet as the Company has elected to apply the short-term lease exemption. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.

Operating and finance lease assets and liabilities are as follows:



(in thousands)	Classification	June 30, 2019
Assets
Operating	Other long-term assets	$	1,021
Finance	Property, plant and equipment, net	237
Total leased assets		$	1,258
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	185
Finance	Current portion of long-term debt and other borrowings	136
Noncurrent
Operating	Other long-term liabilities	910
Finance	Long-term debt, net and other borrowings	104
Total leased liabilities		$	1,335

The components of lease expense were as follows:



(in thousands)	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Operating lease expense	$	56	$	112
Finance lease expense
Amortization of ROU assets	30		59
Interest on lease liabilities	1		3
Short-term lease expense	22		45
Total lease expense	$	109	$	219

Other information related to leases were as follows:



	June 30, 2019
Weighted average remaining lease term (Years):
Operating leases	5.3
Finance leases	2.2
Weighted average discount rate:
Operating leases	5.1%
Finance leases	6.2%

(in thousands)	Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	114
Operating cash flows from finance leases	3
Financing cash flows from finance leases	60
ROU assets obtained in exchange for lease obligations:
Operating leases	—
Finance leases	160

Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows:



(in thousands)	Operating Leases		Finance Leases
Remainder of 2019	$	116	$	91
2020	238		79
2021	238		58
2022	238		29
2023	238		—
Thereafter	178		—
Total future minimum lease payments	1,246		257
Less: interest	151		17
Total	$	1,095	$	240

Leases

Adoption of ASC Topic 842, “Leases”

Leases

The Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for vehicles, corporate offices and certain equipment.

Operating and finance lease assets and liabilities are as follows:



(in thousands)	Classification	June 30, 2019
Assets
Operating	Other long-term assets	$	1,021
Finance	Property, plant and equipment, net	237
Total leased assets		$	1,258
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	185
Finance	Current portion of long-term debt and other borrowings	136
Noncurrent
Operating	Other long-term liabilities	910
Finance	Long-term debt, net and other borrowings	104
Total leased liabilities		$	1,335

The components of lease expense were as follows:



(in thousands)	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Operating lease expense	$	56	$	112
Finance lease expense
Amortization of ROU assets	30		59
Interest on lease liabilities	1		3
Short-term lease expense	22		45
Total lease expense	$	109	$	219

Other information related to leases were as follows:



	June 30, 2019
Weighted average remaining lease term (Years):
Operating leases	5.3
Finance leases	2.2
Weighted average discount rate:
Operating leases	5.1%
Finance leases	6.2%

(in thousands)	Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	114
Operating cash flows from finance leases	3
Financing cash flows from finance leases	60
ROU assets obtained in exchange for lease obligations:
Operating leases	—
Finance leases	160

Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows:



(in thousands)	Operating Leases		Finance Leases
Remainder of 2019	$	116	$	91
2020	238		79
2021	238		58
2022	238		29
2023	238		—
Thereafter	178		—
Total future minimum lease payments	1,246		257
Less: interest	151		17
Total	$	1,095	$	240

Net Income Per Common Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Net Income Per Common Share

A summary of net income per common share is presented below:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2019		2018		2019		2018
Net income	$	6,412	$	9,745	$	16,361	$	17,956

Basic weighted-average common shares outstanding	38,972		38,233		38,789		38,060
Effect of dilutive stock options	98		37		80		90
Effect of dilutive restricted stock	1,169		1,128		1,195		1,318
Diluted weighted-average common shares outstanding	40,239		39,398		40,064		39,468

Basic income per common share	$	0.16	$	0.25	$	0.42	$	0.47
Diluted income per common share	$	0.16	$	0.25	$	0.41	$	0.45

Antidilutive securities excluded from diluted net income per common share	31		327		55		300

Other Income

6 Months Ended

Jun. 30, 2019

Other Income and Expenses [Abstract]

Other Income

Other income consisted of the following:



	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands)	2019		2018			2019		2018
Foreign currency gains (losses)	$	47	$	(359	)	$	89	$	(287	)
Tax indemnification income	802		687			1,604		1,528
Interest income	276		8			559		15
Other	187		—			247		—
Total other income	$	1,312	$	336		$	2,499	$	1,256

Legal Proceedings and Contingencies	6 Months Ended
Legal Proceedings and Contingencies	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings and Contingencies	Legal Proceedings and Contingencies From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. In addition, the Company has in the past been, and may in the future be, subject to investigations by governmental and regulatory authorities, which expose it to greater risks associated with litigation, regulatory or other proceedings, as a result of which the Company could be required to pay significant fines or penalties. The costs and outcome of litigation, regulatory or other proceedings cannot be predicted with certainty, and some lawsuits, claims, actions or proceedings may be disposed of unfavorably to the Company. In addition, intellectual property disputes often have a risk of injunctive relief which, if imposed against the Company, could materially and adversely affect its financial condition or results of operations. The Company is currently in arbitration with Pharmalucence in connection with a Manufacturing and Supply Agreement dated November 12, 2013, under which Pharmalucence agreed to manufacture and supply DEFINITY for the Company. The commercial arrangement contemplated by that agreement was repeatedly delayed and ultimately never successfully realized. After extended settlement discussions between Sun Pharma, the ultimate parent of Pharmalucence, and the Company, which did not lead to a mutually acceptable outcome, on November 10, 2017, the Company filed an arbitration demand (and later an amended arbitration demand) with the American Arbitration Association against Pharmalucence, alleging breach of contract, breach of the covenant of good faith and fair dealing, tortious misrepresentation and violation of the Massachusetts Consumer Protection Law, also known as Chapter 93A. The Company is seeking monetary damages but cannot predict the outcome of this dispute resolution proceeding and whether the Company will be able to obtain any financial recovery as a result of this proceeding. As of June 30, 2019, except as disclosed above the Company had no material ongoing litigation in which the Company was a party. In addition, the Company had no material ongoing regulatory or other proceedings and no knowledge of any investigations by government or regulatory authorities in which the Company is a target, in either case, that the Company believes could have a material and adverse effect on its current business.

Segment Information

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Information

The Company reports two operating segments, U.S. and International, based on geographic customer base. The results of these operating segments are regularly reviewed by the Company’s chief operating decision maker, the President and Chief Executive Officer. The Company’s segments derive revenues through the manufacture, marketing, selling and distribution of medical imaging products, focused primarily on cardiovascular diagnostic imaging. All goodwill has been allocated to the U.S. operating segment. The Company does not identify or allocate assets to its segments.

Selected information regarding the Company’s segments is provided as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2019			2018			2019			2018
Revenues from external customers
U.S.	$	75,190		$	74,086		$	150,624		$	145,574
International	10,515			11,487			21,591			22,629
Total revenues from external customers	$	85,705		$	85,573		$	172,215		$	168,203
Operating income
U.S.	$	12,689		$	14,292		$	27,273		$	28,448
International	1,848			1,634			3,433			2,615
Total operating income	14,537			15,926			30,706			31,063
Interest expense	4,543			4,298			9,135			8,348
Loss on extinguishment of debt	3,196			—			3,196			—
Other income	(1,312		)	(336		)	(2,499		)	(1,256		)
Income before income taxes	$	8,110		$	11,964		$	20,874		$	23,971

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Lantheus Holdings, Inc. and its direct and indirect wholly-owned subsidiaries and have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement have been included. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ended December 31, 2019 or any future period.

The condensed consolidated balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities Exchange Commission (“SEC”) on February 20, 2019.

Recent Accounting Pronouncements



Standard	Description	Effective Date for Company	Effect on the Condensed Consolidated Financial Statements
Recently Issued Accounting Standards Not Yet Adopted
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326)	This ASU will require financial instruments measured at amortized cost and accounts receivable to be presented at the net amount expected to be collected. The new model requires an entity to estimate credit losses based on historical information, current information and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019.	January 1, 2020	The Company is currently evaluating the impact that this standard will have on its consolidated financial statements.
Accounting Standards Adopted During the Six Months Ended June 30, 2019
ASU 2016-02, Leases (Topic 842)	This ASU supersedes existing guidance on accounting for leases in “Leases (Topic 840)” and generally requires all leases to be recognized on the balance sheet. In July 2018, an amendment was made that allows companies the option of using the effective date of the new standard as the initial application date (at the beginning of the period in which it is adopted, rather than at the beginning of the earliest comparative period).	January 1, 2019	See Note 11, "Leases" for the required disclosures related to the impact of adopting this standard. The adoption of this standard resulted in the recording of an additional lease asset and lease liability of approximately $1.1 million as of January 1, 2019. The standard did not have a material impact on the Company’s condensed consolidated statements of operations, equity or cash flows.

Leases

The Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for vehicles, corporate offices and certain equipment.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Recent Accounting Pronouncements



Standard	Description	Effective Date for Company	Effect on the Condensed Consolidated Financial Statements
Recently Issued Accounting Standards Not Yet Adopted
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326)	This ASU will require financial instruments measured at amortized cost and accounts receivable to be presented at the net amount expected to be collected. The new model requires an entity to estimate credit losses based on historical information, current information and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019.	January 1, 2020	The Company is currently evaluating the impact that this standard will have on its consolidated financial statements.
Accounting Standards Adopted During the Six Months Ended June 30, 2019
ASU 2016-02, Leases (Topic 842)	This ASU supersedes existing guidance on accounting for leases in “Leases (Topic 840)” and generally requires all leases to be recognized on the balance sheet. In July 2018, an amendment was made that allows companies the option of using the effective date of the new standard as the initial application date (at the beginning of the period in which it is adopted, rather than at the beginning of the earliest comparative period).	January 1, 2019	See Note 11, "Leases" for the required disclosures related to the impact of adopting this standard. The adoption of this standard resulted in the recording of an additional lease asset and lease liability of approximately $1.1 million as of January 1, 2019. The standard did not have a material impact on the Company’s condensed consolidated statements of operations, equity or cash flows.

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

The following table summarizes revenue by revenue source and reportable segment as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
Major Products/Service Lines by Segment (in thousands)	2019		2018		2019		2018
U.S.
Product revenue, net⁽¹⁾	$	75,190	$	74,086	$	150,624	$	145,574
License and royalty revenues	—		—		—		—
Total U.S. revenues	75,190		74,086		150,624		145,574
International
Product revenue, net⁽¹⁾	9,987		10,918		20,536		21,498
License and royalty revenues	528		569		1,055		1,131
Total International revenues	$	10,515	$	11,487	$	21,591	$	22,629
Total revenues	$	85,705	$	85,573	$	172,215	$	168,203

________________________________


(1)	The Company’s principal products include DEFINITY and TechneLite and are categorized within product revenue, net. The Company applies the

same revenue recognition policies and judgments for all of its principal products.

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on a recurring basis

The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis:



	June 30, 2019
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Money market	$	16,813	$	16,813	$	—	$	—
Total	$	16,813	$	16,813	$	—	$	—



	December 31, 2018
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Money market	$	61,391	$	61,391	$	—	$	—
Total	$	61,391	$	61,391	$	—	$	—

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of income tax expense

The Company’s income tax expense is presented below:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2019		2018		2019		2018
Income tax expense	$	1,698	$	2,219	$	4,513	$	6,015

Inventory (Tables)

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Schedule of inventory

Inventory consisted of the following:



(in thousands)	June 30, 2019		December 31, 2018
Raw materials	$	11,647	$	11,100
Work in process	9,513		4,261
Finished goods	11,254		17,658
Total inventory	$	32,414	$	33,019

Property, Plant and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Schedule of property, plant, and equipment, net

Property, plant and equipment, net, consisted of the following:



(in thousands)	June 30, 2019			December 31, 2018
Land	$	13,450		$	13,450
Buildings	65,042			64,444
Machinery, equipment and fixtures	70,615			69,298
Computer software	20,294			19,266
Construction in progress	31,393			24,169
	200,794			190,627
Less: accumulated depreciation and amortization	(87,677		)	(82,739		)
Total property, plant and equipment, net	$	113,117		$	107,888

Asset Retirement Obligations (Tables)

6 Months Ended

Jun. 30, 2019

Asset Retirement Obligation Disclosure [Abstract]

Summary of changes in asset retirement obligations

The following table provides a summary of the changes in the Company’s asset retirement obligations:



(in thousands)	Amount
Balance at January 1, 2019	$	11,572
Revisions in estimated cash flows	20
Accretion expense	645
Balance at June 30, 2019	$	12,237

Long-Term Debt, Net, and Other Borrowings (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of maturities of principal obligations under new term facility

As of June 30, 2019, the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows:



(in thousands)	Amount
Remainder of 2019	$	5,000
2020	10,000
2021	10,000
2022	11,250
2023	15,000
2024	148,750
Total principal outstanding	200,000
Unamortized debt discount	(539		)
Unamortized debt issuance costs	(859		)
Finance lease liabilities	240
Total	198,842
Less: current portion	(10,136		)
Total long-term debt, net and other borrowings	$	188,706

Schedule of total net leverage ratio

The maximum total net leverage ratio permitted by the financial covenant is displayed in the table below:



2019 Facility Financial Covenant
Period	Total Net Leverage Ratio
Q3 2019 to Q2 2020	4.00 to 1.00
Q3 2020 to Q2 2021	3.75 to 1.00
Thereafter	3.50 to 1.00

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense recognized

The following table presents stock-based compensation expense recognized in the Company’s accompanying condensed consolidated statements of operations:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2019		2018		2019		2018
Cost of goods sold	$	531	$	261	$	971	$	490
Sales and marketing	508		397		959		699
General and administrative	1,881		1,221		3,455		2,201
Research and development	438		337		693		622
Total stock-based compensation expense	$	3,358	$	2,216	$	6,078	$	4,012

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Schedule of operating and finance lease assets and liabilities

Operating and finance lease assets and liabilities are as follows:



(in thousands)	Classification	June 30, 2019
Assets
Operating	Other long-term assets	$	1,021
Finance	Property, plant and equipment, net	237
Total leased assets		$	1,258
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	185
Finance	Current portion of long-term debt and other borrowings	136
Noncurrent
Operating	Other long-term liabilities	910
Finance	Long-term debt, net and other borrowings	104
Total leased liabilities		$	1,335

Schedule of other information related to leases

Other information related to leases were as follows:



	June 30, 2019
Weighted average remaining lease term (Years):
Operating leases	5.3
Finance leases	2.2
Weighted average discount rate:
Operating leases	5.1%
Finance leases	6.2%

(in thousands)	Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	114
Operating cash flows from finance leases	3
Financing cash flows from finance leases	60
ROU assets obtained in exchange for lease obligations:
Operating leases	—
Finance leases	160

Schedule of components of lease expense

The components of lease expense were as follows:



(in thousands)	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Operating lease expense	$	56	$	112
Finance lease expense
Amortization of ROU assets	30		59
Interest on lease liabilities	1		3
Short-term lease expense	22		45
Total lease expense	$	109	$	219

Schedule of future minimum lease payments under operating leases

Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows:



(in thousands)	Operating Leases		Finance Leases
Remainder of 2019	$	116	$	91
2020	238		79
2021	238		58
2022	238		29
2023	238		—
Thereafter	178		—
Total future minimum lease payments	1,246		257
Less: interest	151		17
Total	$	1,095	$	240

Schedule of future minimum lease payments under finance leases

Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows:



(in thousands)	Operating Leases		Finance Leases
Remainder of 2019	$	116	$	91
2020	238		79
2021	238		58
2022	238		29
2023	238		—
Thereafter	178		—
Total future minimum lease payments	1,246		257
Less: interest	151		17
Total	$	1,095	$	240

Net Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Summary of net income per common share

A summary of net income per common share is presented below:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2019		2018		2019		2018
Net income	$	6,412	$	9,745	$	16,361	$	17,956

Basic weighted-average common shares outstanding	38,972		38,233		38,789		38,060
Effect of dilutive stock options	98		37		80		90
Effect of dilutive restricted stock	1,169		1,128		1,195		1,318
Diluted weighted-average common shares outstanding	40,239		39,398		40,064		39,468

Basic income per common share	$	0.16	$	0.25	$	0.42	$	0.47
Diluted income per common share	$	0.16	$	0.25	$	0.41	$	0.45

Antidilutive securities excluded from diluted net income per common share	31		327		55		300

Other Income (Tables)

6 Months Ended

Jun. 30, 2019

Other Income and Expenses [Abstract]

Schedule of other income

Other income consisted of the following:



	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands)	2019		2018			2019		2018
Foreign currency gains (losses)	$	47	$	(359	)	$	89	$	(287	)
Tax indemnification income	802		687			1,604		1,528
Interest income	276		8			559		15
Other	187		—			247		—
Total other income	$	1,312	$	336		$	2,499	$	1,256

Segment Information (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Schedule of segment information

Selected information regarding the Company’s segments is provided as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2019			2018			2019			2018
Revenues from external customers
U.S.	$	75,190		$	74,086		$	150,624		$	145,574
International	10,515			11,487			21,591			22,629
Total revenues from external customers	$	85,705		$	85,573		$	172,215		$	168,203
Operating income
U.S.	$	12,689		$	14,292		$	27,273		$	28,448
International	1,848			1,634			3,433			2,615
Total operating income	14,537			15,926			30,706			31,063
Interest expense	4,543			4,298			9,135			8,348
Loss on extinguishment of debt	3,196			—			3,196			—
Other income	(1,312		)	(336		)	(2,499		)	(1,256		)
Income before income taxes	$	8,110		$	11,964		$	20,874		$	23,971

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Total leased assets	$ 1,258
Total leased liabilities	$ 1,335
ASU 842
Lessee, Lease, Description [Line Items]
Total leased assets		$ 1,100
Total leased liabilities		$ 1,100

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 85,705	$ 85,573	$ 172,215	$ 168,203
U.S.
Disaggregation of Revenue [Line Items]
Revenues	75,190	74,086	150,624	145,574
U.S. \| Product revenue, net
Disaggregation of Revenue [Line Items]
Revenues	75,190	74,086	150,624	145,574
U.S. \| License and royalty revenues
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
International
Disaggregation of Revenue [Line Items]
Revenues	10,515	11,487	21,591	22,629
International \| Product revenue, net
Disaggregation of Revenue [Line Items]
Revenues	9,987	10,918	20,536	21,498
International \| License and royalty revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 528	$ 569	$ 1,055	$ 1,131

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 16,813	$ 61,391
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	16,813	61,391
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Money market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market	16,813	61,391
Money market \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market	16,813	61,391
Money market \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market	0	0
Money market \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market	$ 0	$ 0

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,698	$ 2,219	$ 4,513	$ 6,015

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 11,647	$ 11,100
Work in process	9,513	4,261
Finished goods	11,254	17,658
Total inventory	$ 32,414	$ 33,019

Property, Plant and Equipment, Net - Schedule of Property, Plant & Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	$ 200,794	$ 190,627
Less: accumulated depreciation and amortization	(87,677)	(82,739)
Total property, plant and equipment, net	113,117	107,888
Land
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	13,450	13,450
Buildings
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	65,042	64,444
Machinery, equipment and fixtures
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	70,615	69,298
Computer software
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	20,294	19,266
Construction in progress
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	$ 31,393	$ 24,169

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 2.5	$ 2.5	$ 5.0	$ 5.1

Asset Retirement Obligations - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Financial assurance in form of surety bond	$ 28.2
Asset retirement obligation liabilities expected, present value	$ 26.9

Asset Retirement Obligations - Summary of Changes in Asset Retirement Obligations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning balance	$ 11,572
Revisions in estimated cash flows	20
Accretion expense	645
Asset retirement obligations, ending balance	$ 12,237

Long-Term Debt, Net, and Other Borrowings - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 3,200,000	$ 3,196,000	$ 0	$ 3,196,000	$ 0
Capitalized debt issuance cost	2,800,000	2,800,000		2,800,000
2017 Term Facility
Debt Instrument [Line Items]
Face amount	$ 275,000,000	275,000,000		275,000,000
Debt term	5 years
Repayments of debt	$ 73,000,000
2019 Term Facility
Debt Instrument [Line Items]
Face amount	$ 200,000,000	200,000,000		200,000,000
Debt term	5 years
Additional borrowing capacity	$ 100,000,000	100,000,000		100,000,000
2017 Revolving Facility
Debt Instrument [Line Items]
Face amount	$ 75,000,000	75,000,000		75,000,000
Debt term	5 years
2019 Revolving Facility
Debt Instrument [Line Items]
Face amount	$ 200,000,000	200,000,000		200,000,000
Debt term	5 years
Additional borrowing capacity	$ 200,000,000	200,000,000		$ 200,000,000
Minimum \| LIBOR \| 2019 Term Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Minimum \| LIBOR \| 2019 Revolving Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Minimum \| Base Rate \| 2019 Term Facility
Debt Instrument [Line Items]
Basis spread on variable rate				0.25%
Minimum \| Base Rate \| 2019 Revolving Facility
Debt Instrument [Line Items]
Basis spread on variable rate				0.25%
Minimum \| Leverage Ratio Range \| 2019 Revolving Facility
Debt Instrument [Line Items]
Basis spread on variable rate				0.15%
Maximum \| LIBOR \| 2019 Term Facility
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Maximum \| LIBOR \| 2019 Revolving Facility
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Maximum \| Base Rate \| 2019 Term Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Maximum \| Base Rate \| 2019 Revolving Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Maximum \| Leverage Ratio Range \| 2019 Revolving Facility
Debt Instrument [Line Items]
Basis spread on variable rate				0.30%
Letter of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Face amount	20,000,000	20,000,000		$ 20,000,000
Swingline Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Face amount	$ 10,000,000	$ 10,000,000		$ 10,000,000

Long-Term Debt, Net, and Other Borrowings - Maturities of Principal Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Remainder of 2019	$ 5,000
2020	10,000
2021	10,000
2022	11,250
2023	15,000
2024	148,750
Total principal outstanding	200,000
Unamortized debt discount	(539)
Unamortized debt issuance costs	(859)
Finance lease liabilities	240
Total	198,842
Less: current portion	(10,136)	$ (2,750)
Total long-term debt, net and other borrowings	$ 188,706	$ 263,709
Interest rate under long-term debt	4.20%

Long-Term Debt, Net, and Other Borrowings - Net Leverage Ratio (Details) - 2019 Facility - Maximum	6 Months Ended
	Jun. 30, 2019 time
Debt Instrument [Line Items]
Total Net Leverage Ratio	4.25
Election to increase the maximum total net leverage ratio, amount	0.50
Election to increase the maximum total net leverage ratio, number of times	2
Fiscal quarter ending Q3 2019
Debt Instrument [Line Items]
Total Net Leverage Ratio	3.00
Q3 2019 to Q2 2020
Debt Instrument [Line Items]
Total Net Leverage Ratio	4.00
Q3 2020 to Q2 2021
Debt Instrument [Line Items]
Total Net Leverage Ratio	3.75
Thereafter
Debt Instrument [Line Items]
Total Net Leverage Ratio	3.50

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,358	$ 2,216	$ 6,078	$ 4,012
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	531	261	971	490
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	508	397	959	699
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,881	1,221	3,455	2,201
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 438	$ 337	$ 693	$ 622

Leases - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Total leased assets	$ 1,258
Total leased liabilities	$ 1,335
ASU 842
Lessee, Lease, Description [Line Items]
Total leased assets		$ 1,100
Total leased liabilities		$ 1,100

Leases - Operating and Financing Lease Assets and Liabilities (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Leases [Abstract]
Operating	$ 1,021
Finance	237
Total leased assets	1,258
Operating leased liabilities, current	185
Finance leased liabilities, current	136
Operating leased liabilities, noncurrent	910
Finance lease liabilities, noncurrent	104
Total leased liabilities	$ 1,335

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease expense	$ 56	$ 112
Finance Lease Cost, Amortization of ROU assets	30	59
Finance Lease Cost, Interest on lease liabilities	1	3
Short-term lease expense	22	45
Total lease expense	$ 109	$ 219

Leases - Other Information Related to Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Leases [Abstract]
Operating leases, weighted average remaining lease term (in years)	5 years 3 months
Finance leases, weighted average remaining lease term (in years)	2 years 2 months
Operating leases, weighted average discount rate	5.10%
Finance leases, weighted average discount rate	6.20%
Operating cash flows from operating leases	$ 114
Operating cash flows from finance leases	3
Financing cash flows from finance leases	60
Operating leases, ROU assets obtained in exchange for lease obligations	0
Finance leases, ROU assets obtained in exchange for lease obligations	$ 160

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Operating Leases
Remainder of 2019	$ 116
2020	238
2021	238
2022	238
2023	238
Thereafter	178
Total future minimum lease payments	1,246
Less: interest	151
Total	1,095
Finance Leases
Remainder of 2019	91
2020	79
2021	58
2022	29
2023	0
Thereafter	0
Total future minimum lease payments	257
Less: interest	17
Total	$ 240

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net income	$ 6,412	$ 9,949	$ 9,745	$ 8,211	$ 16,361	$ 17,956
Basic weighted-average common shares outstanding (in shares)	38,972		38,233		38,789	38,060
Effect of dilutive stock options (in shares)	98		37		80	90
Effect of dilutive restricted stock (in shares)	1,169		1,128		1,195	1,318
Diluted weighted-average common shares outstanding (in shares)	40,239		39,398		40,064	39,468
Basic income per common share (in dollars per share)	$ 0.16		$ 0.25		$ 0.42	$ 0.47
Diluted income per common share (in dollars per share)	$ 0.16		$ 0.25		$ 0.41	$ 0.45
Antidilutive securities excluded from diluted net income per common share (in shares)	31		327		55	300

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Other Income (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other Income and Expenses [Abstract]
Foreign currency gains (losses)	$ 47	$ (359)	$ 89	$ (287)
Tax indemnification income	802	687	1,604	1,528
Interest income	276	8	559	15
Other	187	0	247	0
Total other income	$ 1,312	$ 336	$ 2,499	$ 1,256

Segment Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Segment Information (Details) $ in Thousands	Jun. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) segment	Jun. 30, 2018 USD ($)
Segment Reporting [Abstract]
Number of operating segments (in segments) \| segment				2
Revenues from external customers
Revenues from external customers		$ 85,705	$ 85,573	$ 172,215	$ 168,203
Operating income
Operating income		14,537	15,926	30,706	31,063
Interest expense		4,543	4,298	9,135	8,348
Loss on extinguishment of debt	$ 3,200	3,196	0	3,196	0
Other income		(1,312)	(336)	(2,499)	(1,256)
Income before income taxes		8,110	11,964	20,874	23,971
U.S.
Revenues from external customers
Revenues from external customers		75,190	74,086	150,624	145,574
Operating income
Operating income		12,689	14,292	27,273	28,448
International
Revenues from external customers
Revenues from external customers		10,515	11,487	21,591	22,629
Operating income
Operating income		$ 1,848	$ 1,634	$ 3,433	$ 2,615