0001628280-23-015464 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-36569
Entity Registrant Name	LANTHEUS HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2318913
Entity Address, Address Line One	201 Burlington Road, South Building
Entity Address, Postal Zip Code	01730
Entity Address, City or Town	Bedford,
Entity Address, State or Province	MA
City Area Code	(978)
Local Phone Number	671-8001
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	LNTH
Security Exchange Name	NASDAQ
Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		68,332,890
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001521036
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 470,863	$ 415,652
Accounts receivable, net	242,106	213,397
Inventory	42,156	35,475
Other current assets	10,949	13,092
Assets held for sale	7,200	0
Total current assets	773,274	677,616
Property, plant and equipment, net	127,478	122,166
Intangibles, net	219,863	315,285
Goodwill	61,189	61,189
Deferred tax assets, net	133,874	110,647
Other long-term assets	33,606	34,355
Total assets	1,349,284	1,321,258
Current liabilities
Current portion of long-term debt and other borrowings	422	354
Accounts payable	30,798	20,563
Short-term contingent liability	99,700	99,700
Accrued expenses and other liabilities	145,468	127,084
Total current liabilities	276,388	247,701
Asset retirement obligations	22,636	22,543
Long-term debt, net and other borrowings	558,536	557,712
Other long-term liabilities	46,208	46,155
Total liabilities	903,768	874,111
Commitments and contingencies (See Note 18)
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; 69,630 and 68,851 shares issued as of March 31, 2023 and December 31, 2022, respectively)	696	689
Additional paid-in capital	717,163	715,875
Treasury Stock at cost - 1,339 shares as of March 31, 2023 and December 31, 2022	(75,000)	(75,000)
Accumulated deficit	(195,965)	(193,158)
Accumulated other comprehensive loss	(1,378)	(1,259)
Total stockholders’ equity	445,516	447,147
Total liabilities and stockholders’ equity	$ 1,349,284	$ 1,321,258

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
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)	69,630,000	68,851,000
Common stock, shares outstanding (in shares)	69,630,000	68,851,000
Treasury stock, shares (in shares)	1,339,000	1,339,000

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues	$ 300,784	$ 208,880
Cost of goods sold	223,708	79,810
Gross profit	77,076	129,070
Operating expenses
Sales and marketing	32,617	20,354
General and administrative	23,271	37,588
Research and development	30,532	12,203
Total operating expenses	86,420	70,145
Operating (loss) income	(9,344)	58,925
Interest expense	4,991	1,509
Other income	(3,231)	(485)
(Loss) income before income taxes	(11,104)	57,901
Income tax (benefit) expense	(8,297)	14,939
Net (loss) income	$ (2,807)	$ 42,962
Net (loss) income per common share:
Basic (in dollars per share)	$ (0.04)	$ 0.63
Diluted (in dollars per share)	$ (0.04)	$ 0.61
Weighted-average common shares outstanding:
Basic (in shares)	67,749	68,008
Diluted (in shares)	67,749	70,051

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (2,807)	$ 42,962
Other comprehensive income:
Foreign currency translation	(119)	140
Unrealized gain on cash flow hedges, net of tax	0	2,256
Total other comprehensive (loss) income	(119)	2,396
Comprehensive (loss) income	$ (2,926)	$ 45,358

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Changes In Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021		67,739
Beginning balance at Dec. 31, 2021	$ 464,439	$ 677	$ 0	$ 685,472	$ (221,225)	$ (485)
Beginning balance, treasury stock (in shares) at Dec. 31, 2021			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	42,962				42,962
Other comprehensive income (loss)	2,396					2,396
Stock option exercises and employee stock plan purchases (in shares)		296
Stock option exercises and employee stock plan purchases	5,934	$ 3		5,931
Vesting of restricted stock awards and units (in shares)		645
Vesting of restricted stock awards and units	0	$ 7		(7)
Shares withheld to cover taxes (in shares)		(110)
Shares withheld to cover taxes	(5,504)	$ (1)		(5,503)
Stock-based compensation	5,623			5,623
Ending balance (in shares) at Mar. 31, 2022		68,570
Ending balance at Mar. 31, 2022	$ 515,850	$ 686	$ 0	691,516	(178,263)	1,911
Ending balance, treasury stock (in shares) at Mar. 31, 2022			0
Beginning balance (in shares) at Dec. 31, 2022	68,851	68,851
Beginning balance at Dec. 31, 2022	$ 447,147	$ 689	$ (75,000)	715,875	(193,158)	(1,259)
Beginning balance, treasury stock (in shares) at Dec. 31, 2022	1,339		1,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ (2,807)				(2,807)
Other comprehensive income (loss)	(119)					(119)
Stock option exercises and employee stock plan purchases (in shares)		120
Stock option exercises and employee stock plan purchases	2,782	$ 1		2,781
Vesting of restricted stock awards and units (in shares)		813
Vesting of restricted stock awards and units	0	$ 8		(8)
Shares withheld to cover taxes (in shares)		(154)
Shares withheld to cover taxes	(11,154)	$ (2)		(11,152)
Stock-based compensation	$ 9,667			9,667
Ending balance (in shares) at Mar. 31, 2023	69,630	69,630
Ending balance at Mar. 31, 2023	$ 445,516	$ 696	$ (75,000)	$ 717,163	$ (195,965)	$ (1,378)
Ending balance, treasury stock (in shares) at Mar. 31, 2023	1,339		1,339

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net (loss) income	$ (2,807)	$ 42,962
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation, amortization and accretion	14,615	11,786
Impairment of long-lived assets	132,052	0
Asset retirement obligation acceleration	0	293
Amortization of debt related costs	1,082	246
Changes in fair value of contingent assets and liabilities	(1,400)	18,400
Provision for excess and obsolete inventory	680	2,519
Stock-based compensation	9,667	5,623
Deferred taxes	(35,863)	14,180
Long-term indemnification receivable	(96)	(396)
Long-term income tax payable and other long-term liabilities	123	779
Other	1,225	829
(Decreases) increases in cash from operating assets and liabilities:
Accounts receivable	(24,681)	(85,155)
Inventory	(7,124)	(1,634)
Other current assets	2,479	(104)
Other long-term assets	0	(533)
Accounts payable	6,747	1,506
Accrued expenses and other liabilities	11,801	(1,037)
Net cash provided by operating activities	108,500	10,264
Investing activities
Capital expenditures	(9,168)	(3,190)
Proceeds from sale of assets, net	0	1,800
Acquisition of assets, net	(35,345)	0
Net cash used in investing activities	(44,513)	(1,390)
Financing activities
Payments on long-term debt and other borrowings	(297)	(2,609)
Proceeds from stock option exercises	1,842	5,357
Proceeds from issuance of common stock	940	577
Payments for minimum statutory tax withholding related to net share settlement of equity awards	(11,154)	(5,504)
Net cash used in financing activities	(8,669)	(2,179)
Effect of foreign exchange rates on cash, cash equivalents and restricted cash	(98)	151
Net increase in cash, cash equivalents and restricted cash	55,220	6,846
Cash, cash equivalents and restricted cash, beginning of period	417,241	100,651
Cash, cash equivalents and restricted cash, end of period	472,461	107,497
Reconciliation to amounts within the condensed consolidated balance sheets
Cash and cash equivalents	470,863	105,355
Restricted cash included in other long-term assets	1,598	2,142
Cash, cash equivalents and restricted cash at end of period	$ 472,461	$ 107,497

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Lantheus 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 (“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 months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ended December 31, 2023 or any future period. The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date but does not include all 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, 2022 filed with the Securities Exchange Commission (“SEC”) on February 23, 2023. Progenics Acquisition On June 19, 2020 (the “Closing Date”), pursuant to the Amended and Restated Agreement and Plan of Merger, dated as of February 20, 2020 (the “Merger Agreement”), by and among Lantheus Holdings, Plato Merger Sub, Inc., a wholly-owned subsidiary of Lantheus Holdings (“Merger Sub”), and Progenics, Lantheus Holdings completed the acquisition of Progenics by means of a merger of Merger Sub with and into Progenics, with Progenics becoming an indirect subsidiary of Lantheus Holdings following the completion of such merger (the “Progenics Acquisition”). In connection with the Progenics Acquisition, Lantheus Holdings issued contingent value rights (each a “CVR”) tied to the financial performance of PYLARIFY. Each CVR entitles its holder to receive a pro rata share of aggregate cash payments equal to 40% of United States (“U.S.”) net sales generated by PYLARIFY in 2022 and 2023 in excess of $100.0 million and $150.0 million, respectively. In no event will the Company’s aggregate payments in respect of the CVRs, together with any other non-stock consideration treated as paid in connection with the Progenics Acquisition, exceed 19.9% of the total consideration the Company pays in the Progenics Acquisition. Based on the Company’s 2022 PYLARIFY net sales, the Company determined that the aggregate payment obligation under the CVRs is $99.7 million, which is the maximum amount payable under the CVRs. The Company expects to make that payment during the second quarter of 2023 in full satisfaction of the CVRs. As a result of the acquisition, Lantheus Holdings issued 26,844,877 shares of Lantheus Holdings common stock and 86,630,633 CVRs to former Progenics stockholders and option holders.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Recent Accounting Pronouncements The Company has not adopted any new accounting standards during the three months ended March 31, 2023.

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

The following table summarizes revenue by revenue source as follows:


	Three Months Ended March 31,
Major Products/Service Lines (in thousands)	2023		2022
Product revenue, net(1)	$	292,256	$	180,009
License and royalty revenues(2)	8,528		28,871
Total revenues	$	300,784	$	208,880

________________________________

(1)The Company’s product revenue includes PYLARIFY and DEFINITY among other products. This category represents the delivery of physical goods. The Company applies the same revenue recognition policies and judgments for all its principal products.

(2)The Company recognized $24.0 million license revenue in the first quarter of 2022 related to an agreement with Novartis Pharma AG.

The Company classifies its revenues into three product categories: Radiopharmaceutical Oncology, Precision Diagnostics, and Strategic Partnerships and Other Revenue. Radiopharmaceutical Oncology includes PYLARIFY and AZEDRA. Precision Diagnostics includes DEFINITY, TechneLite and other diagnostic imaging products. Strategic Partnerships and Other Revenue includes strategic partnerships and other arrangements related to other products of the Company, including our royalty revenue from our license of RELISTOR.

On January 31, 2022, the Company entered into a global settlement agreement with Novartis Pharma AG (“Novartis”), Advanced Accelerator Applications USA, Inc. (“AAA”), Endocyte, Inc. (“Endocyte”) and their affiliates (the “Novartis Agreement”) to settle certain disputes between the parties. Under the Novartis Agreement, Novartis agreed to make a lump sum payment to the Company, as well as to reimburse the Company for certain fees and expenses in connection with certain German litigation, and the Company agreed to license certain intellectual property to Novartis. In addition, the Company agreed to supply PYLARIFY for clinical purposes at an arms-length value which will be recorded revenue in the future as product is provided. In accordance with the Company's ASC 606, Revenue from Contracts with Customers, assessment, Novartis is considered to be a customer. The Company determined that the $24.0 million that Novartis paid to the Company pursuant to the Novartis Agreement constituted a single element which was satisfied on the date of the execution of the Novartis Agreement. The Company determined that the license of intellectual property carried a fair value of $24.0 million. As such, the Company assigned the value of the license to be $24.0 million, which constitutes the entire transaction price and does not require further allocation. The Company determined that the $24.0 million represented the point at which Novartis, as the licensee, was able to use and benefit from the license and recognized revenue when the license was granted to Novartis upon execution of the Novartis Agreement. The Company recognized the $24.0 million fee as revenue on its consolidated statement of operations for the quarter ended March 31, 2022.

Revenue by product category on a net basis is as follows:


	Three Months Ended March 31,
(in thousands)	2023		2022
PYLARIFY	195,470		92,777
Other radiopharmaceutical oncology	717		1,327
Total radiopharmaceutical oncology	196,187		94,104
DEFINITY	$	68,824	$	58,328
TechneLite	20,986		22,605
Other precision diagnostics	5,807		5,265
Total precision diagnostics	95,617		86,198
Strategic partnerships and other revenue	8,980		28,578
Total revenues	$	300,784	$	208,880

The Company would be required to allocate a portion of its revenue received from commercial contracts to future reporting periods to the extent the Company had performance obligations that extended beyond one year. However, the Company’s performance obligations are typically part of contracts that have an original expected duration of one year or less. As such, 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 12
-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

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 and liabilities measured at fair value on a recurring basis currently consist of money market funds and contingent consideration liabilities. 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:


	March 31, 2023
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market	$	375,889	$	375,889	$	—	$	—


Total assets	$	375,889	$	375,889	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	110,200	$	—	$	—	$	110,200
Total liabilities	$	110,200	$	—	$	—	$	110,200


	December 31, 2022
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market	$	342,646	$	342,646	$	—	$	—


Total assets	$	342,646	$	342,646	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	111,600	$	—	$	—	$	111,600
Total liabilities	$	111,600	$	—	$	—	$	111,600

During the three months ended March 31, 2023, there were no transfers into or out of Level 3.

As part of the Progenics Acquisition, the Company issued CVRs and recorded the fair value as part of consideration transferred. Each CVR entitles its holder to receive a pro rata share of aggregate cash payments equal to 40% of U.S. net sales generated by PYLARIFY in 2022 and 2023 in excess of $100.0 million and $150.0 million, respectively, subject to a maximum cap. Refer to Note 1, “Basis of Presentation” for further details on the CVRs. Based on the U.S. net sales generated by PYLARIFY in 2022, the Company currently expects to pay out the maximum amount payable under the CVRs from available cash in the second quarter of 2023 in full satisfaction of the CVR obligation. Even though the Company has calculated the total amount payable under the CVRs, for purposes of the table above, the Company considers the contingent consideration liabilities relating to the CVRs a Level 3 instrument.

The Company also assumed contingent consideration liabilities related to a previous acquisition completed by Progenics in 2013 (“2013 Acquisition”). These contingent consideration liabilities include potential payments of up to $70.0 million if the Company

attains certain net sales targets primarily for AZEDRA and 1095 and a $5.0 million 1095 commercialization milestone. Additionally, there is a potential payment of up to $10.0 million related to a 1404 commercialization milestone. The Company’s total potential payments related to the 2013 Acquisition are approximately $85.0 million. The Company considers the contingent consideration liabilities relating to the 2013 Acquisition each a Level 3 instrument (one with significant unobservable inputs) in the fair value hierarchy. The estimated fair value of these was determined based on probability adjusted discounted cash flows and Monte Carlo simulation models that included significant estimates and assumptions pertaining to commercialization events and sales targets. The most significant unobservable inputs with respect to 1095 and 1404 are the probabilities of achieving regulatory approval of those development projects and subsequent commercial success.

Significant changes in any of the probabilities of success, the probabilities as to the periods in which sales targets and milestones will be achieved, discount rates or underlying revenue forecasts would result in a significantly higher or lower fair value measurement. The Company records the contingent consideration liability at fair value with changes in estimated fair values recorded in general and administrative expenses in the condensed consolidated statements of operations. The Company can give no assurance that the actual amounts paid, if any, in connection with the contingent consideration liabilities, will be consistent with any recurring fair value estimate of such contingent consideration liabilities.

The following tables summarize quantitative information and assumptions pertaining to the fair value measurement of liabilities using Level 3 inputs at March 31, 2023.


	Fair Value at						Assumptions
(in thousands)	March 31, 2023		December 31, 2022		Valuation Technique	Unobservable Input	March 31, 2023		December 31, 2022
Contingent consideration liability:
Net sales targets - PYLARIFY (CVRs)	$	99,700	$	99,700	Probability adjusted discounted cash flow model	Period of expected milestone achievement and sales targets	2022 - 2023		2022 - 2023
						Probability of success	100	%	100	%
						Discount rate	N/A		N/A
1095 commercialization milestone	1,700		1,700		Probability adjusted discounted cash flow model
						Period of expected milestone achievement	2026		2026
						Probability of success	40	%	40	%
						Discount rate	3.7	%	3.8	%



Net sales targets - AZEDRA and 1095	8,800		10,200		Monte Carlo simulation
						Probability of success and sales targets	0% - 100%		20% - 100%
						Discount rate	16% - 17%		16% - 17%
Total	$	110,200	$	111,600

For those financial instruments with significant Level 3 inputs, the following table summarizes the activities for the periods indicated:


	Financial Assets				Financial Liabilities
(in thousands)	Three Months Ended March 31,				Three Months Ended March 31,
	2023		2022		2023		2022
Fair value, beginning of period	$	—	$	9,300	$	111,600	$	86,200

Changes in fair value included in net (loss) income	—		(400)		(1,400)		18,000

Fair value, end of period	$	—	$	8,900	$	110,200	$	104,200

The change in fair value of the contingent financial liabilities resulted in a reduction of general and administrative expense of $1.4 million for the three months ended March 31, 2023 and was primarily due to changes in revenue forecasts, changes in market conditions, an increase in discount rates (excluding the CVRs) and the passage of time. The Company expects to make all applicable cash payments related to the CVRs in the second quarter of 2023. As of March 31, 2023, the Company had $99.7 million in current liabilities to account for the expected payments related to the CVRs.

- 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

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The Company calculates income taxes at the end of each reporting 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. Cumulative adjustments to the tax provision are recorded in the reporting 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 March 31,
(in thousands)	2023		2022
Income tax (benefit) expense	$	(8,297)	$	14,939

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 realizable, the Company evaluated all available positive and negative evidence, and weighed the objective evidence and expected impact. The Company continues to retain immaterial valuation allowances against the net deferred tax assets of certain of its foreign subsidiaries.

In connection with the Company’s acquisition of the medical imaging business from Bristol-Myers Squibb (“BMS”) in 2008, the Company recorded a liability for uncertain tax positions related to the acquired business and simultaneously entered into a tax indemnification agreement with BMS under which BMS agreed to indemnify the Company for any payments made to settle those uncertain tax positions with the state taxing authorities. Accordingly, a long-term receivable is recorded to account for the expected value to the Company of future indemnification payments to be paid on behalf of the Company by BMS, net of actual tax benefits received by the Company. The tax indemnification receivable is recorded within other long-term assets.

In accordance with the Company’s accounting policy, the change in the tax liabilities, penalties and interest associated with these obligations (net of any offsetting federal or state benefit) is recognized within income tax expense. As these reserves change, adjustments are included in income tax expense while the offsetting adjustment is included in other income. Assuming that the remaining 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Inventory

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following:


(in thousands)	March 31, 2023		December 31, 2022
Raw materials	$	22,335	$	19,987
Work in process	6,535		8,234
Finished goods	13,286		7,254
Total inventory	$	42,156	$	35,475

Inventory costs associated with products that have not yet received regulatory approval are capitalized if the Company believes there is probable future commercial use of the product and future economic benefit of the asset. If future commercial use of the product is not probable, then inventory costs associated with such product are expensed during the period the costs are incurred. The Company has no inventory pending regulatory approval as of March 31, 2023.

Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

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


(in thousands)	March 31, 2023		December 31, 2022
Land	$	9,480	$	13,450
Buildings	68,183		76,329
Machinery, equipment and fixtures	99,289		92,604
Computer software	26,294		25,864
Construction in progress	24,261		14,047
	227,507		222,294
Less: accumulated depreciation and amortization	(100,029)		(100,128)
Total property, plant and equipment, net	$	127,478	$	122,166

Depreciation and amortization expense related to property, plant and equipment, net, was $3.4 million and $3.1 million for the three months ended March 31, 2023 and 2022, respectively.

Long-Lived Assets Held for Sale

During the first quarter of 2023, the Company committed to a plan to sell a portion of its land and buildings associated with its Billerica, Massachusetts campus. Effective March 16, 2023, the Company entered into a purchase and sale agreement (the “P&S”) with a prospective buyer. The assets were classified as held for sale and comprised entirely of property, plant and equipment, net. The Company determined that the fair value of the net assets being sold exceeded the carrying value as of March 31, 2023. The purchase price for the campus sale is $10.0 million in cash. The transaction is expected to close during the second half of 2023.

Accrued Expenses and Other Liabilities and Other Long-Term Liabilities

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities and Other Long-Term Liabilities

Accrued expenses and other liabilities and other long-term liabilities are comprised of the following:


(in thousands)	March 31, 2023		December 31, 2022
Compensation and benefits	$	14,605	$	30,425
Freight, distribution and operations	61,764		49,067
Accrued rebates, discounts and chargebacks	11,925		13,399
Accrued professional fees	6,794		8,668

Other	50,380		25,525
Total accrued expenses and other liabilities	$	145,468	$	127,084

Operating lease liabilities (Note 16)	$	24,793	$	25,442
Long-term contingent liability (Note 4)	10,500		11,900
Other long-term liabilities	10,915		8,813
Total other long-term liabilities	$	46,208	$	46,155

Asset Retirement Obligations

3 Months Ended

Mar. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

The Company considers its legal obligation to remediate its facilities upon a potential 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 Somerset, New Jersey sites and currently has no plans to decommission either facility. As of March 31, 2023, the liability is measured at the present value of the obligation expected to be incurred and is approximately $25.1 million.

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


(in thousands)	Amount
Balance at January 1, 2023	$	22,543
Accretion expense	93

Balance at March 31, 2023	$	22,636

The Company is required to provide the Massachusetts Department of Public Health and New Jersey Department of Environmental Protection financial assurance demonstrating the Company’s ability to fund the decommissioning of its North Billerica, Massachusetts and Somerset, New Jersey production facilities upon closure, though the Company does not intend to close the facilities. The Company has provided this financial assurance in the form of a $30.3 million surety bond.

Intangibles, Net

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles, Net

Intangibles, net, consisted of the following:


	March 31, 2023
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,106)	$	1,434
Customer relationships	5 - 25	Accelerated	144,365		(97,994)		46,371
Currently marketed products	9	Straight-Line	132,800		(27,211)		105,589
Licenses	11 - 16	Straight-Line	85,800		(20,987)		64,813
Developed technology	9	Straight-Line	2,400		(744)		1,656

Total			$	378,905	$	(159,042)	$	219,863


	December 31, 2022
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,061)	$	1,479
Customer relationships	15 - 25	Accelerated	96,681		(95,009)		1,672
Currently marketed products	9 - 15	Straight-Line	275,700		(47,628)		228,072
Licenses	11 - 16	Straight-Line	85,800		(19,101)		66,699
Developed technology	9	Straight-Line	2,400		(677)		1,723
IPR&D	N/A	N/A	15,640		—		15,640
Total			$	489,761	$	(174,476)	$	315,285

The Company recorded amortization expense for its intangible assets of $11.1 million and $8.3 million for the three months ended March 31, 2023 and 2022, respectively.

In March 2023, the Company stopped all development activities in relation to a future indication associated with AZEDRA, which is classified as an in process research and development (“IPR&D”) intangible asset. The Company did not identify any alternative future uses or development programs for the asset, therefore the asset group, which consists of the IPR&D asset and a currently marketed product, was assessed for impairment as of March 31, 2023. The Company considered several factors including market share, price and competitive product offerings in evaluating the quantitative impact of the future cash flows. The Company concluded that the carrying amount exceeded the fair value of the asset group of zero. Accordingly, in the three months ended March 31, 2023, the Company recorded a non-cash impairment charge associated with the IPR&D asset of $15.6 million in research and development expenses and a non-cash impairment charge of $116.4 million in cost of goods sold in the condensed consolidated statements of operations.

The below table summarizes the estimated aggregate amortization expense expected to be recognized on the above intangible assets:


(in thousands)	Amount
Remainder of 2023	$	31,616
2024	37,850
2025	29,223
2026	29,844
2027	25,533
2028 and thereafter	65,797
Total	$	219,863

Long-Term Debt, Net, and Other Borrowings

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt, Net, and Other Borrowings

As of March 31, 2023, the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows:


(in thousands)	Amount
Remainder of 2023	$	—
2024	—
2025	—



2026	—
2027	575,000
Total principal outstanding	575,000

Unamortized debt issuance costs	(16,628)

Finance lease liabilities	586

Total	558,958
Less: current portion	(422)
Total long-term debt, net and other borrowings	$	558,536

In December 2022, the Company refinanced its existing credit facility, consisting of (i) a $200.0 million five-year term loan facility (the “2019 Term Facility”) and (ii) a $200.0 million five-year revolving credit facility (the “2019 Revolving Facility” and, together with the 2019 Term Facility, the “2019 Facility”), with a new $100.0 million delayed draw term loan facility (the “2022 Term Facility” and, the loans thereunder, the “Term Loans”) and a new $350.0 million five-year revolving credit facility (the “2022 Revolving Facility” and, together with the 2022 Term Facility, the “2022 Facility”).

The Company used approximately $7.8 million of cash on hand to primarily repay the principal amount of the loans outstanding related to the 2019 Facility through the nine months ended September 30, 2022. In addition, in December 2022, the Company used approximately $167.6 million of cash on hand to repay in full the aggregate remaining principal amount of the loans outstanding under the 2019 Facility and to pay related interest, transaction fees and expenses.

The Company paid off the 2019 Term Facility using available cash and did not utilize another term loan to fund the payoff. While the 2022 Term Facility allowed for a delayed draw term loan, the loan was not drawn upon. The Company recorded a loss on extinguishment of debt of $0.6 million related to the write-off of unamortized debt issuance costs and debt discounts associated with the 2019 Term Facility. In addition, the Company incurred and capitalized $2.7 million of new deferred financing costs related to the refinancing.

2022 Term Facility

The Company expected to draw from the 2022 Term Facility only if a proposed offering of notes by the Company was not consummated. The commitment of the lenders to provide the 2022 Term Facility was terminated upon the completion of such note offering in December 2022. The 2022 Term Facility included a commitment fee equal to 0.20% per annum on the average daily unused amount of the 2022 Term Facility, which would have been payable commencing on January 16, 2023 and would have ended on the earliest of (i) the day the Term Loans under the 2022 Term Facility were funded, (ii) the last day of the delayed draw availability period and (iii) the day the commitments under the 2022 Term Facility were reduced to zero. The Company did not draw from the 2022 Term Facility and, as such, no interest is due under this instrument.

2022 Revolving Facility

Under the terms of the 2022 Revolving Facility, the lenders are committed to extending credit to the Company from time to time until December 2, 2027 consisting of revolving loans (the “Revolving Loans”) in an aggregate principal amount not to exceed $350.0 million (the “Revolving Commitment”) at any time, including a $20.0 million sub-facility for the issuance of letters of credit (the “Letters of Credit”) and a $10.0 million sub-facility for swingline loans (the “Swingline Loans”). The Letters of Credit, Swingline Loans and the Revolving Loans, if used, are expected to be used for working capital and for other general corporate purposes.

The Revolving Loans bear interest, with pricing based from time to time at the Company’s election, at (i) the secured overnight financing rate as published by the Federal Reserve Bank of New York on its website plus an applicable margin that ranges from 1.50% to 2.50% based on the Company’s total net leverage ratio or (ii) the alternative base rate plus an applicable margin that ranges from 0.50% to 1.50% based on the Company’s total net leverage ratio. The 2022 Revolving Facility also includes an unused commitment fee at a rate ranging from 0.15% to 0.35% per annum based on 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, Letters of Credit and Swingline Loans exceeds the total Revolving Commitment, the Company must prepay the Revolving Loans in an amount equal to such excess. The Company is not required to make mandatory prepayments under the 2022 Revolving Facility. As of March 31, 2023, there were no outstanding borrowings under the 2022 Revolving Facility.

The Company has the right to request an increase to the Revolving Commitment in an aggregate principal amount of up to the sum of $335.0 million or consolidated EBITDA for the four consecutive fiscal quarters most recently ended, plus additional amounts in certain circumstances (collectively, the “Incremental Cap”), minus certain incremental term loans made pursuant to specified incremental term loan commitments (“Incremental Term Loans”). The Company has the right to request Incremental Term Loans in an aggregate principal amount of up to the Incremental Cap less any incremental increases to the Revolving Commitment. Proceeds of Incremental Term Loans may be used for working capital and for other general corporate purposes and will bear interest at rates agreed between the Company and the lenders providing the Incremental Term Loans.

2022 Facility Covenants

The 2022 Facility contains a number of affirmative, negative and reporting covenants, as well as financial maintenance covenants pursuant to which the Company is required 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 ended December 31, 2022, 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:

2022 Credit Agreement


Period			Total Net Leverage Ratio
Q1 2023 to Q4 2023			4.00 to 1.00
Q1 2024 and thereafter			3.50 to 1.00

The 2022 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 will have the right to declare the loans and other obligations outstanding under the 2022 Facility immediately due and payable and all commitments immediately terminated.

The 2022 Facility is guaranteed by Lantheus Holdings, and certain subsidiaries of LMI, including Progenics and Lantheus Real Estate, and obligations under the 2022 Facility are generally secured by first priority liens over substantially all of the assets of each of LMI, Lantheus Holdings, and certain subsidiaries of LMI, including Progenics and Lantheus Real Estate (subject to customary exclusions set forth in the transaction documents) owned as of December 2, 2022 or thereafter acquired.

Convertible Notes

On December 8, 2022, the Company issued $575.0 million in aggregate principal amount of 2.625% Convertible Senior Notes due 2027 (the “Notes”), which includes $75.0 million in aggregate principal amount of Notes sold pursuant to the full exercise of the initial purchasers’ option to purchase additional Notes. The Notes were issued under an indenture, dated as of December 8, 2022 (the “Indenture”), among the Company, LMI (the “Guarantor”), as Guarantor, and U.S. Bank Trust Company, National Association, as Trustee. The net proceeds from the issuance of the Notes were approximately $557.8 million after deducting the initial purchasers’ discounts and offering expenses payable by the Company.

The Notes are senior unsecured obligations of the Company. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Guarantor. The Notes bear interest at a rate of 2.625% per year, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2023, and will mature on December 15, 2027 unless earlier redeemed, repurchased or converted in accordance with their terms. The initial conversion rate for the Notes is 12.5291 shares of the Company’s common stock per $1,000 in principal amount of Notes (which is equivalent to an initial conversion price of approximately $79.81 per share of the Company’s common stock, representing an initial conversion premium of approximately 42.5% above the closing price of $56.01 per share of the Company’s common stock on December 5, 2022). In no event shall the conversion rate per $1,000 in principal amount of notes exceed 17.8539 shares of the Company’s common stock. Prior to the close of business on the business day immediately preceding September 15, 2027, the Notes may be converted at the option of the holders only upon occurrence of specified events and during certain periods, and thereafter until the close of business on the business day immediately preceding the maturity date, the Notes may be converted at any time. The Company will satisfy any conversion by paying cash up to the aggregate principal amount of the Notes to be converted and by paying or delivering, as the case may be, cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted. The Company may redeem for cash all or any portion of the Notes, at its option, on or after December 22, 2025 if the closing sale price per share of the Company’s common stock exceeds 130% of the conversion price of the Notes for a specified period of time. The redemption price will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

The Company evaluated the Notes upon completion of the sale and concluded on the following features:

•Conversion Feature: The Company determined that the conversion feature qualifies for the classification of equity. As a result, the conversion feature should not be bifurcated as a derivative instrument and the Notes were accounted for as a single liability.

•Redemption Features: The redemption features were reviewed within the Notes and the Company determined that the redemption features are closely related to the Notes and as such should not be separately accounted for as a bifurcated derivative instrument.

•Additional Interest Features: The Notes may result in additional interest if the Company fails to timely file any document that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. The Company will pay additional interest on the notes at a rate equal to 0.25% to 0.50% per annum based on the principal amount of notes outstanding for each day the Company failure to file has occurred or the notes are not otherwise freely tradable. Further, if the notes are assigned a restricted CUSIP number or the notes are not otherwise freely tradable pursuant to Rule 144 under the Securities Act by holders other than our affiliates or holders that were our affiliates at any time during the three months immediately preceding as of the 385th day after the last date of original issuance of the notes offered hereby, the Company will pay additional interest on the notes at a rate equal to (i) 0.25% to 0.50% per annum based on the principal amount of notes outstanding for each day until the restrictive legend has been removed from the notes, the notes are assigned an unrestricted CUSIP and the notes are freely tradable. The Company concluded that the interest feature is unrelated to the credit risk and should be bifurcated from the Notes, however, the Company assessed the probabilities of triggering events occurring under these features and does not expect to trigger the aforementioned events. These events will continue to be monitored to determine whether the interest feature will be bifurcated if it has value.

As of March 31, 2023, the carrying value of the Notes was $575.0 million and the fair value of the liability was $575.0 million. The Company recorded interest expense of approximately $3.9 million related to the Notes for the three months ended March 31, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative Instruments	3 Months Ended
Derivative Instruments	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative InstrumentsThe Company has used, but does not currently use, interest rate swaps to reduce the variability in cash flows associated with portions of the Company’s interest payments on variable rate debt. In March 2020, the Company entered into interest rate swap contracts to fix the LIBOR rate on a notional amount of $100.0 million through May 31, 2024. The average fixed LIBOR rate on the interest rate swaps was approximately 0.82%. This agreement involved the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreement without an exchange of the underlying principal amount. The interest rate swaps were designated as cash flow hedges. In accordance with hedge accounting, the interest rate swaps were recorded on the Company’s consolidated balance sheets at fair value, and changes in the fair value of the swap agreements were recorded to other comprehensive loss and reclassified to interest expense in the period during which the hedged transaction affected earnings or it will become probable that the forecasted transaction would not occur.On December 2, 2022, the Company voluntarily terminated the interest rate swap contracts in connection with the refinancing of debt. Upon termination, the Company received approximately $5.6 million in cash and the remaining balance of approximately $5.5 million in accumulated other comprehensive income related to the interest rate swap contracts were reclassified into earnings.

Accumulated Other Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive (Loss) Income

The components of accumulated other comprehensive (loss) income, net of tax of zero and $0.9 million for the three months ended March 31, 2023 and 2022, respectively, consisted of the following:


(in thousands)	Foreign currency translation		Unrealized loss on cash flow hedges		Accumulated other comprehensive income (loss)
Balance at January 1, 2023	$	(1,259)	$	—	$	(1,259)
Other comprehensive loss before reclassifications	(119)		—		(119)
Amounts reclassified to earnings	—		—		—
Balance at March 31, 2023	$	(1,378)	$	—	$	(1,378)

Balance at January 1, 2022	$	(754)	$	269	$	(485)
Other comprehensive income before reclassifications	140		2,086		2,226
Amounts reclassified to earnings	—		170		170
Balance at March 31, 2022	$	(614)	$	2,525	$	1,911

Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

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 March 31,
(in thousands)	2023		2022
Cost of goods sold	$	1,642	$	912
Sales and marketing	2,262		1,013
General and administrative	4,402		3,002
Research and development	1,361		696
Total stock-based compensation expense	$	9,667	$	5,623

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Operating and finance lease assets and liabilities are as follows:


(in thousands)	Classification	March 31, 2023		December 31, 2022
Assets
Operating	Other long-term assets	$	18,558	$	19,033
Finance	Property, plant and equipment, net	487		582
Total leased assets		$	19,045	$	19,615
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	2,298	$	2,177
Finance	Current portion of long-term debt and other borrowings	422		354
Noncurrent
Operating	Other long-term liabilities	24,793		25,442
Finance	Long-term debt, net and other borrowings	164		231
Total leased liabilities		$	27,677	$	28,204

The Company entered into an operating lease agreement in February 2022 for office space in Bedford, Massachusetts, under a lease agreement expiring in June 2031, which commenced and was recorded in December 2022 for $11.0 million.

Leases

Operating and finance lease assets and liabilities are as follows:


(in thousands)	Classification	March 31, 2023		December 31, 2022
Assets
Operating	Other long-term assets	$	18,558	$	19,033
Finance	Property, plant and equipment, net	487		582
Total leased assets		$	19,045	$	19,615
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	2,298	$	2,177
Finance	Current portion of long-term debt and other borrowings	422		354
Noncurrent
Operating	Other long-term liabilities	24,793		25,442
Finance	Long-term debt, net and other borrowings	164		231
Total leased liabilities		$	27,677	$	28,204

Net (Loss) Income Per Common Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net (Loss) Income Per Common Share

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


	Three Months Ended March 31,
(in thousands, except per share amounts)	2023		2022
Net (loss) income	$	(2,807)	$	42,962

Basic weighted-average common shares outstanding	67,749		68,008
Effect of dilutive stock options	—		406
Effect of dilutive restricted stock	—		1,637

Diluted weighted-average common shares outstanding	67,749		70,051

Basic (loss) income per common share	$	(0.04)	$	0.63
Diluted (loss) income per common share	$	(0.04)	$	0.61

Antidilutive securities excluded from diluted net income (loss) per common share	2,953		377

Impact of the Notes

The Company considered whether the Notes are participating securities through the two-class method. The Company determined that if a cash dividend is paid that is greater than the then stock price, the holder of Notes will receive cash on an if-converted basis. While this feature is considered to be a participating right; basic earnings per share is only impacted if the Company’s earning exceeds the current share price, regardless of whether such dividend is declared. During the three months ended March 31, 2023 and 2022, no such dividend was declared. In addition, the Company is required to settle the principal amount of the Notes in cash upon conversion, and therefore, the Company uses the if-converted method for calculating any potential dilutive effect of the conversion option on diluted net income per share, if applicable, unless the application of the two-class method is dilutive. The conversion option will have a dilutive impact on net income per share of Common Stock when the average price per share of the Company's common stock for a given period exceeds the conversion price of the Notes of $79.81 per share. During the three months ended March 31, 2023, the average price per share of the Company's Common Stock was below the conversion price of the Notes.

Other Income

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Other Income

Other income consisted of the following:


	Three Months Ended March 31,
(in thousands)	2023		2022
Foreign currency losses (gains)	$	246	$	(81)
Tax indemnification income, net	(96)		(396)
Interest income	(3,523)		(8)

Other	142		—
Total other income	$	(3,231)	$	(485)

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings 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 and could have a material adverse effect on the Company’s results of operations or financial condition. 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. If a matter is both probable to result in material liability and the amount of loss can be reasonably estimated, the Company estimates and discloses the possible material loss or range of loss. If such loss is not probable or cannot be reasonably estimated, a liability is not recorded in its condensed consolidated financial statements. As of March 31, 2023, the Company did not have any material ongoing litigation to which the Company was a party.

Acquisition of Assets	3 Months Ended
Acquisition of Assets	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Asset Acquisition	Acquisition of Assets On February 6, 2023, the Company acquired Cerveau. Cerveau’s primary asset is MK-6240, a second-generation F 18-labeled positron emission tomography (“PET”) imaging agent that targets Tau tangles in Alzheimer’s disease. The Company determined that upon review of the Cerveau acquisition, the transaction did not meet the definition of a business combination and is therefore treated as an asset acquisition. In February 2023, the Company made an upfront payment of approximately $35.3 million to the selling stockholders of Cerveau (the “Selling Stockholders”) and expects to pay an additional $10.0 million upon successful completion of a technology transfer. The Company could pay up to an additional $51.0 million in milestone payments upon achievement of specified U.S. regulatory milestones related to MK-6240. The Selling Stockholders are also eligible to receive up to $1.2 billion in sales milestone payments upon the achievement of specified annual commercial sales thresholds of MK-6240 in the event the Company pursues commercialization as well as up to $13.5 million in research revenue milestones upon achievement of specified annual research revenue thresholds. Additionally, the Company will pay to the Selling Stockholders up to double-digit royalty payments for research revenue and commercial sales. Research revenue is derived from existing partnerships with pharmaceutical companies that use MK-6240 in clinical trials and includes milestone and dose-related payments. The purchase agreement pursuant to which the Company purchased Cerveau specifies, among other things, that certain members of the Selling Stockholders will also provide transition and clinical development services for a prescribed time following the closing of the transaction. In December 2022, the Company made upfront payments of $260.0 million to POINT Biopharma Global Inc. (“Point”) as a part of an asset acquisition with the potential for additional milestone payments of approximately $1.8 billion for the two licensed assets based on U.S. Food and Drug Administration (“FDA”) approval and net sales and commercial milestones. Under the terms of the license agreement between Lantheus Two and POINT for PNT2002, Lantheus Two paid POINT an upfront cash payment of $250.0 million, and could pay up to an additional $281.0 million in milestone payments upon the achievement of specified U.S. and ex-U.S. regulatory milestones related to PNT2002. POINT is also eligible to receive up to $1.3 billion in sales milestone payments upon the achievement of specified annual sales thresholds of PNT2002. Under the terms of the license agreement between Lantheus Three and POINT for PNT2003, Lantheus Three paid POINT an upfront cash payment of $10.0 million, and could pay up to an additional $34.5 million in milestone payments upon the achievement of specified U.S. and ex-U.S. regulatory milestones related to PNT2003. POINT is also eligible to receive up to $275.0 million in sales milestone payments upon the achievement of specified annual sales thresholds of PNT2003. Additionally, the Company will pay POINT royalties on net sales, beyond certain financial thresholds and subject to conditions, of 20% for PNT2002 and 15% for PNT2003. Costs of IPR&D projects acquired as part of an asset acquisition that have no alternative future use are expensed when incurred, and therefore, a charge of $260.0 million was recognized in research and development expenses during the year ended December 31, 2022.

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment InformationThe Company operates as one business segment: the development, manufacture and sale of innovative imaging diagnostics, radiotherapeutics, and artificial intelligence solutions designed to enable clinicians to Find, Fight and Follow disease to deliver better patient outcomes. This conclusion reflects the Company’s focus on the performance of the business on a consolidated worldwide basis. The results of this operating segment are regularly reviewed by the Company’s chief operating decision maker, the Chief Executive Officer. The Company’s chief operating decision maker does not manage any part of the Company separately, and the allocation of resources and assessment of performance are based on the Company’s consolidated operating results.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements include the accounts of Lantheus 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 (“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 months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ended December 31, 2023 or any future period. The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date but does not include all 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, 2022 filed with the Securities Exchange Commission (“SEC”) on February 23, 2023.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company has not adopted any new accounting standards during the three months ended March 31, 2023.

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table summarizes revenue by revenue source as follows:


	Three Months Ended March 31,
Major Products/Service Lines (in thousands)	2023		2022
Product revenue, net(1)	$	292,256	$	180,009
License and royalty revenues(2)	8,528		28,871
Total revenues	$	300,784	$	208,880

________________________________

(2)The Company recognized $24.0 million license revenue in the first quarter of 2022 related to an agreement with Novartis Pharma AG.

Revenue by product category on a net basis is as follows:


	Three Months Ended March 31,
(in thousands)	2023		2022
PYLARIFY	195,470		92,777
Other radiopharmaceutical oncology	717		1,327
Total radiopharmaceutical oncology	196,187		94,104
DEFINITY	$	68,824	$	58,328
TechneLite	20,986		22,605
Other precision diagnostics	5,807		5,265
Total precision diagnostics	95,617		86,198
Strategic partnerships and other revenue	8,980		28,578
Total revenues	$	300,784	$	208,880

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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:


	March 31, 2023
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market	$	375,889	$	375,889	$	—	$	—


Total assets	$	375,889	$	375,889	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	110,200	$	—	$	—	$	110,200
Total liabilities	$	110,200	$	—	$	—	$	110,200


	December 31, 2022
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market	$	342,646	$	342,646	$	—	$	—


Total assets	$	342,646	$	342,646	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	111,600	$	—	$	—	$	111,600
Total liabilities	$	111,600	$	—	$	—	$	111,600

Schedule of Quantitative Information and Assumptions Pertaining To The Fair Value Measurement of The Level 3 Inputs

The following tables summarize quantitative information and assumptions pertaining to the fair value measurement of liabilities using Level 3 inputs at March 31, 2023.


	Fair Value at						Assumptions
(in thousands)	March 31, 2023		December 31, 2022		Valuation Technique	Unobservable Input	March 31, 2023		December 31, 2022
Contingent consideration liability:
Net sales targets - PYLARIFY (CVRs)	$	99,700	$	99,700	Probability adjusted discounted cash flow model	Period of expected milestone achievement and sales targets	2022 - 2023		2022 - 2023
						Probability of success	100	%	100	%
						Discount rate	N/A		N/A
1095 commercialization milestone	1,700		1,700		Probability adjusted discounted cash flow model
						Period of expected milestone achievement	2026		2026
						Probability of success	40	%	40	%
						Discount rate	3.7	%	3.8	%



Net sales targets - AZEDRA and 1095	8,800		10,200		Monte Carlo simulation
						Probability of success and sales targets	0% - 100%		20% - 100%
						Discount rate	16% - 17%		16% - 17%
Total	$	110,200	$	111,600

Schedule of Financial Instruments with Significant Level 3 Inputs

For those financial instruments with significant Level 3 inputs, the following table summarizes the activities for the periods indicated:


	Financial Assets				Financial Liabilities
(in thousands)	Three Months Ended March 31,				Three Months Ended March 31,
	2023		2022		2023		2022
Fair value, beginning of period	$	—	$	9,300	$	111,600	$	86,200

Changes in fair value included in net (loss) income	—		(400)		(1,400)		18,000

Fair value, end of period	$	—	$	8,900	$	110,200	$	104,200

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

The Company’s income tax expense is presented below:


	Three Months Ended March 31,
(in thousands)	2023		2022
Income tax (benefit) expense	$	(8,297)	$	14,939

Inventory (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following:


(in thousands)	March 31, 2023		December 31, 2022
Raw materials	$	22,335	$	19,987
Work in process	6,535		8,234
Finished goods	13,286		7,254
Total inventory	$	42,156	$	35,475

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant, and Equipment, Net

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


(in thousands)	March 31, 2023		December 31, 2022
Land	$	9,480	$	13,450
Buildings	68,183		76,329
Machinery, equipment and fixtures	99,289		92,604
Computer software	26,294		25,864
Construction in progress	24,261		14,047
	227,507		222,294
Less: accumulated depreciation and amortization	(100,029)		(100,128)
Total property, plant and equipment, net	$	127,478	$	122,166

Accrued Expenses and Other Liabilities and Other Long-Term Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued expenses and other liabilities and other long-term liabilities are comprised of the following:


(in thousands)	March 31, 2023		December 31, 2022
Compensation and benefits	$	14,605	$	30,425
Freight, distribution and operations	61,764		49,067
Accrued rebates, discounts and chargebacks	11,925		13,399
Accrued professional fees	6,794		8,668

Other	50,380		25,525
Total accrued expenses and other liabilities	$	145,468	$	127,084

Operating lease liabilities (Note 16)	$	24,793	$	25,442
Long-term contingent liability (Note 4)	10,500		11,900
Other long-term liabilities	10,915		8,813
Total other long-term liabilities	$	46,208	$	46,155

Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Schedule 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, 2023	$	22,543
Accretion expense	93

Balance at March 31, 2023	$	22,636

Intangibles, Net (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangibles, net, consisted of the following:


	March 31, 2023
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,106)	$	1,434
Customer relationships	5 - 25	Accelerated	144,365		(97,994)		46,371
Currently marketed products	9	Straight-Line	132,800		(27,211)		105,589
Licenses	11 - 16	Straight-Line	85,800		(20,987)		64,813
Developed technology	9	Straight-Line	2,400		(744)		1,656

Total			$	378,905	$	(159,042)	$	219,863


	December 31, 2022
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,061)	$	1,479
Customer relationships	15 - 25	Accelerated	96,681		(95,009)		1,672
Currently marketed products	9 - 15	Straight-Line	275,700		(47,628)		228,072
Licenses	11 - 16	Straight-Line	85,800		(19,101)		66,699
Developed technology	9	Straight-Line	2,400		(677)		1,723
IPR&D	N/A	N/A	15,640		—		15,640
Total			$	489,761	$	(174,476)	$	315,285

Schedule of Indefinite-Lived Intangible Assets

Intangibles, net, consisted of the following:


	March 31, 2023
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,106)	$	1,434
Customer relationships	5 - 25	Accelerated	144,365		(97,994)		46,371
Currently marketed products	9	Straight-Line	132,800		(27,211)		105,589
Licenses	11 - 16	Straight-Line	85,800		(20,987)		64,813
Developed technology	9	Straight-Line	2,400		(744)		1,656

Total			$	378,905	$	(159,042)	$	219,863


	December 31, 2022
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,061)	$	1,479
Customer relationships	15 - 25	Accelerated	96,681		(95,009)		1,672
Currently marketed products	9 - 15	Straight-Line	275,700		(47,628)		228,072
Licenses	11 - 16	Straight-Line	85,800		(19,101)		66,699
Developed technology	9	Straight-Line	2,400		(677)		1,723
IPR&D	N/A	N/A	15,640		—		15,640
Total			$	489,761	$	(174,476)	$	315,285

Schedule of Expected Future Amortization Expense Related to Intangible Assets

The below table summarizes the estimated aggregate amortization expense expected to be recognized on the above intangible assets:


(in thousands)	Amount
Remainder of 2023	$	31,616
2024	37,850
2025	29,223
2026	29,844
2027	25,533
2028 and thereafter	65,797
Total	$	219,863

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

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Maturities of Principal Obligations

As of March 31, 2023, the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows:


(in thousands)	Amount
Remainder of 2023	$	—
2024	—
2025	—



2026	—
2027	575,000
Total principal outstanding	575,000

Unamortized debt issuance costs	(16,628)

Finance lease liabilities	586

Total	558,958
Less: current portion	(422)
Total long-term debt, net and other borrowings	$	558,536

Schedule of Total Net Leverage Ratio

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

2022 Credit Agreement


Period			Total Net Leverage Ratio
Q1 2023 to Q4 2023			4.00 to 1.00
Q1 2024 and thereafter			3.50 to 1.00

Accumulated Other Comprehensive (Loss) Income (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

The components of accumulated other comprehensive (loss) income, net of tax of zero and $0.9 million for the three months ended March 31, 2023 and 2022, respectively, consisted of the following:


(in thousands)	Foreign currency translation		Unrealized loss on cash flow hedges		Accumulated other comprehensive income (loss)
Balance at January 1, 2023	$	(1,259)	$	—	$	(1,259)
Other comprehensive loss before reclassifications	(119)		—		(119)
Amounts reclassified to earnings	—		—		—
Balance at March 31, 2023	$	(1,378)	$	—	$	(1,378)

Balance at January 1, 2022	$	(754)	$	269	$	(485)
Other comprehensive income before reclassifications	140		2,086		2,226
Amounts reclassified to earnings	—		170		170
Balance at March 31, 2022	$	(614)	$	2,525	$	1,911

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
(in thousands)	2023		2022
Cost of goods sold	$	1,642	$	912
Sales and marketing	2,262		1,013
General and administrative	4,402		3,002
Research and development	1,361		696
Total stock-based compensation expense	$	9,667	$	5,623

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Operating and Finance Lease Assets and Liabilities

Operating and finance lease assets and liabilities are as follows:


(in thousands)	Classification	March 31, 2023		December 31, 2022
Assets
Operating	Other long-term assets	$	18,558	$	19,033
Finance	Property, plant and equipment, net	487		582
Total leased assets		$	19,045	$	19,615
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	2,298	$	2,177
Finance	Current portion of long-term debt and other borrowings	422		354
Noncurrent
Operating	Other long-term liabilities	24,793		25,442
Finance	Long-term debt, net and other borrowings	164		231
Total leased liabilities		$	27,677	$	28,204

Net (Loss) Income Per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Net (Loss) Income Per Common Share

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


	Three Months Ended March 31,
(in thousands, except per share amounts)	2023		2022
Net (loss) income	$	(2,807)	$	42,962

Basic weighted-average common shares outstanding	67,749		68,008
Effect of dilutive stock options	—		406
Effect of dilutive restricted stock	—		1,637

Diluted weighted-average common shares outstanding	67,749		70,051

Basic (loss) income per common share	$	(0.04)	$	0.63
Diluted (loss) income per common share	$	(0.04)	$	0.61

Antidilutive securities excluded from diluted net income (loss) per common share	2,953		377

Other Income (Tables)

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Other Income

Other income consisted of the following:


	Three Months Ended March 31,
(in thousands)	2023		2022
Foreign currency losses (gains)	$	246	$	(81)
Tax indemnification income, net	(96)		(396)
Interest income	(3,523)		(8)

Other	142		—
Total other income	$	(3,231)	$	(485)

Basis of Presentation (Details) - USD ($) $ in Thousands	Feb. 20, 2020	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Contingent consideration liabilities		$ 110,200	$ 111,600
Business combination, consideration transferred, equity interests issued (in shares)	26,844,877
Business combination common stock under contingent value right (in shares)	86,630,633
Progenics
Business Acquisition [Line Items]
Aggregate cash payments percentage	40.00%
Percentage of total contingent consideration under CVRs	19.90%
Business combination contingent value right of total consideration	$ 99,700
Progenics \| Cash Payments 2022
Business Acquisition [Line Items]
Contingent consideration liabilities	100,000
Progenics \| Cash Payments 2023
Business Acquisition [Line Items]
Contingent consideration liabilities	$ 150,000

Revenue from Contracts with Customers (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) productCategory	Mar. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Revenues	$ 300,784	$ 208,880
Total amount awarded		24,000
Product categories \| productCategory	3
Product revenue, net
Disaggregation of Revenue [Line Items]
Revenues	$ 292,256	180,009
License and royalty revenues
Disaggregation of Revenue [Line Items]
Revenues	8,528	28,871
PYLARIFY
Disaggregation of Revenue [Line Items]
Revenues	195,470	92,777
Other radiopharmaceutical oncology
Disaggregation of Revenue [Line Items]
Revenues	717	1,327
Total radiopharmaceutical oncology
Disaggregation of Revenue [Line Items]
Revenues	196,187	94,104
Total precision diagnostics
Disaggregation of Revenue [Line Items]
Revenues	95,617	86,198
DEFINITY
Disaggregation of Revenue [Line Items]
Revenues	68,824	58,328
TechneLite
Disaggregation of Revenue [Line Items]
Revenues	20,986	22,605
Other precision diagnostics
Disaggregation of Revenue [Line Items]
Revenues	5,807	5,265
Strategic partnerships and other revenue
Disaggregation of Revenue [Line Items]
Revenues	$ 8,980	$ 28,578

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on A Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Total assets	$ 375,889	$ 342,646
Liabilities:
Contingent consideration liabilities	110,200	111,600
Total liabilities	110,200	111,600
Level 1
Assets:
Total assets	375,889	342,646
Liabilities:
Contingent consideration liabilities	0	0
Total liabilities	0	0
Level 2
Assets:
Total assets	0	0
Liabilities:
Contingent consideration liabilities	0	0
Total liabilities	0	0
Level 3
Assets:
Total assets	0	0
Liabilities:
Contingent consideration liabilities	110,200	111,600
Total liabilities	110,200	111,600
Money market
Assets:
Money market	375,889	342,646
Money market \| Level 1
Assets:
Money market	375,889	342,646
Money market \| Level 2
Assets:
Money market	0	0
Money market \| Level 3
Assets:
Money market	$ 0	$ 0

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 20, 2020	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities		$ 110,200	$ 111,600
Change in fair value of the contingent financial asset and contingent financial liabilities		1,400
Progenics
Fair Value, Option, Quantitative Disclosures [Line Items]
Aggregate cash payments percentage	40.00%
Potential payments, high		85,000
Progenics \| Current Liabilities
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities		99,700
Progenics \| Cash Payments 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	$ 100,000
Progenics \| Cash Payments 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	$ 150,000
Progenics \| Net Sales Targets For Azedra
Fair Value, Option, Quantitative Disclosures [Line Items]
Potential payments, high		70,000
Progenics \| 1095 commercialization milestone
Fair Value, Option, Quantitative Disclosures [Line Items]
Potential payments, high		5,000
Progenics \| 1404 Commercialization Milestone
Fair Value, Option, Quantitative Disclosures [Line Items]
Potential payments, high		$ 10,000

Fair Value of Financial Instruments - Schedule of Quantitative Information and Assumptions Pertaining To The Fair Value Measurement of The Level 3 Inputs (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	$ 110,200	$ 111,600
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	110,200	111,600
Level 3 \| Net sales targets - PYLARIFY (CVRs)
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	99,700	99,700
Level 3 \| 1095 commercialization milestone
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	1,700	1,700
Level 3 \| Net sales targets - AZEDRA and 1095
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	$ 8,800	$ 10,200
Level 3 \| Probability adjusted discounted cash flow model \| Probability of success \| Net sales targets - PYLARIFY (CVRs)
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	1	1
Level 3 \| Probability adjusted discounted cash flow model \| Probability of success \| 1095 commercialization milestone
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.40	0.40
Level 3 \| Probability adjusted discounted cash flow model \| Discount rate \| 1095 commercialization milestone
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.037	0.038
Level 3 \| Monte Carlo simulation \| Probability of success \| Net sales targets - AZEDRA and 1095 \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0	0.20
Level 3 \| Monte Carlo simulation \| Probability of success \| Net sales targets - AZEDRA and 1095 \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	1	1
Level 3 \| Monte Carlo simulation \| Discount rate \| Net sales targets - AZEDRA and 1095 \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.16	0.16
Level 3 \| Monte Carlo simulation \| Discount rate \| Net sales targets - AZEDRA and 1095 \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.17	0.17

Fair Value of Financial Instruments - Schedule of Financial Instruments With Significant Level 3 Inputs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financial Assets
Fair value, beginning of period	$ 0	$ 9,300
Changes in fair value included in net (loss) income	0	(400)
Fair value, end of period	0	8,900
Financial Liabilities
Fair value, beginning of period	111,600	86,200
Changes in fair value included in net (loss) income	(1,400)	18,000
Fair value, end of period	$ 110,200	$ 104,200

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (8,297)	$ 14,939

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 22,335	$ 19,987
Work in process	6,535	8,234
Finished goods	13,286	7,254
Total inventory	$ 42,156	$ 35,475

Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	$ 227,507	$ 222,294
Less: accumulated depreciation and amortization	(100,029)	(100,128)
Total property, plant and equipment, net	127,478	122,166
Land
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	9,480	13,450
Buildings
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	68,183	76,329
Machinery, equipment and fixtures
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	99,289	92,604
Computer software
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	26,294	25,864
Construction in progress
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	$ 24,261	$ 14,047

Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2023
Property, Plant & Equipment [Line Items]
Depreciation and amortization expense	$ 3.4	$ 3.1
Disposed of by Sale \| Forecast
Property, Plant & Equipment [Line Items]
Disposal group consideration			$ 10.0

Accrued Expenses and Other Liabilities and Other Long-Term Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Compensation and benefits	$ 14,605	$ 30,425
Freight, distribution and operations	61,764	49,067
Accrued rebates, discounts and chargebacks	11,925	13,399
Accrued professional fees	6,794	8,668
Other	50,380	25,525
Total accrued expenses and other liabilities	145,468	127,084
Operating lease liabilities (Note 16)	24,793	25,442
Long-term contingent liability (Note 4)	10,500	11,900
Other long-term liabilities	10,915	8,813
Total other long-term liabilities	$ 46,208	$ 46,155

Asset Retirement Obligations - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Obligation expected to be incurred	$ 25.1
Financial assurance in form of surety bond	$ 30.3

Asset Retirement Obligations - Schedule of Changes in Asset Retirement Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning balance	$ 22,543
Accretion expense	93
Asset retirement obligations, ending balance	$ 22,636

Intangibles, Net - Schedule of Intangibles, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Indefinite lived, cost		$ 15,640
Total, cost	$ 378,905	489,761
Accumulated Amortization	(159,042)	(174,476)
Total	219,863
Total, net	219,863	315,285
Trademarks
Finite-Lived Intangible Assets [Line Items]
Cost	13,540	13,540
Accumulated Amortization	(12,106)	(12,061)
Total	$ 1,434	$ 1,479
Trademarks \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life	15 years	15 years
Trademarks \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life	25 years	25 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Cost	$ 144,365	$ 96,681
Accumulated Amortization	(97,994)	(95,009)
Total	$ 46,371	$ 1,672
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life	5 years	15 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life	25 years	25 years
Currently marketed products
Finite-Lived Intangible Assets [Line Items]
Cost	$ 132,800	$ 275,700
Accumulated Amortization	(27,211)	(47,628)
Total	$ 105,589	$ 228,072
Currently marketed products \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life	9 years	9 years
Currently marketed products \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life		15 years
Licenses
Finite-Lived Intangible Assets [Line Items]
Cost	$ 85,800	$ 85,800
Accumulated Amortization	(20,987)	(19,101)
Total	$ 64,813	$ 66,699
Licenses \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life	11 years	11 years
Licenses \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life	16 years	16 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life	9 years	9 years
Cost	$ 2,400	$ 2,400
Accumulated Amortization	(744)	(677)
Total	$ 1,656	$ 1,723

Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 11.1	$ 8.3
Research and development
Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges	15.6
Cost of goods sold
Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges	$ 116.4

Intangibles, Net - Schedule of Expected Future Amortization Expense Related to Intangible Assets (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 31,616
2024	37,850
2025	29,223
2026	29,844
2027	25,533
2028 and thereafter	65,797
Total	$ 219,863

Long-Term Debt, Net, and Other Borrowings - Schedule of Maturities of Principal Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Remainder of 2023	$ 0
2024	0
2025	0
2026	0
2027	575,000
Total principal outstanding	575,000
Unamortized debt issuance costs	(16,628)
Finance lease liabilities	586
Total	558,958
Less: current portion	(422)
Total long-term debt, net and other borrowings	$ 558,536	$ 557,712

Long-Term Debt, Net, and Other Borrowings - Narrative (Details)			1 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 08, 2022 USD ($) $ / shares	Dec. 05, 2022	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) financial_covenant	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Number of covenants \| financial_covenant					2
Minimum interest coverage ratio			3.00	3.00			3.00
Convertible Debt
Debt Instrument [Line Items]
Extinguishment of debt	$ 75,000,000
2.625% Convertible Senior Notes due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument face amount	$ 575,000,000
Interest rate	2.625%
Proceeds from convertible debt	$ 557,800,000
Initial conversion price (in dollars per share) \| $ / shares	$ 79.81
Share price (in dollars per share) \| $ / shares	$ 56.01
Initial conversion premium	42.50%
Debt instrument, stock price percentage	130.00%
Purchase price as a percentage of principal amount	100.00%
Total					$ 575,000,000
Debt instrument, fair value					575,000,000
Interest expense, debt					$ 3,900,000
Conversion ratio		0.0125291		0.0178539
Minimum \| 2.625% Convertible Senior Notes due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, covenant percentage of additional interest					0.25%
Maximum \| 2.625% Convertible Senior Notes due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, covenant percentage of additional interest					0.50%
2019 Term Loan Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 200,000,000	$ 200,000,000			$ 200,000,000
Debt instrument term							5 years
Repayments of debt			167,600,000			$ 7,800,000
Gain on extinguishment of debt							$ 600,000
Deferred financing cost			2,700,000	2,700,000			2,700,000
2019 Revolving Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			200,000,000	200,000,000			$ 200,000,000
Debt instrument term							5 years
2022 Term Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			100,000,000	100,000,000			$ 100,000,000
Line of credit facility, commitment fee percentage					0.20%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 350,000,000	$ 350,000,000			$ 350,000,000
Debt instrument term							5 years
Outstanding borrowings					$ 0
Revolving Credit Facility \| Minimum \| SOFR \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, basis rate					1.50%
Revolving Credit Facility \| Minimum \| Base Rate \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, basis rate					0.50%
Revolving Credit Facility \| Minimum \| Net Leverage Ratio \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage					0.15%
Revolving Credit Facility \| Maximum \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 350,000,000
Line of credit facility, accordion feature, higher borrowing capacity option					$ 335,000,000
Revolving Credit Facility \| Maximum \| SOFR \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, basis rate					2.50%
Revolving Credit Facility \| Maximum \| Base Rate \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, basis rate					1.50%
Revolving Credit Facility \| Maximum \| Net Leverage Ratio \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage					0.35%
Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 20,000,000
Bridge Loan \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 10,000,000

Long-Term Debt, Net, and Other Borrowings - Schedule of Total Net Leverage Ratio (Details) - 2022 Facility Covenants	3 Months Ended
	Mar. 31, 2023
Q1 2023 To Q4 2023
Debt Instrument [Line Items]
Debt instrument, covenant leverage ratio	4.00
Q1 2024 And Thereafter
Debt Instrument [Line Items]
Debt instrument, covenant leverage ratio	3.50

Derivative Instruments (Details) - Interest rate swaps - USD ($)	Dec. 02, 2022	Mar. 31, 2020
Derivative [Line Items]
Proceeds from interest rate swap termination	$ 5,600,000
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, after tax	$ 5,500,000
Cash Flow Hedge
Derivative [Line Items]
Notional amount		$ 100,000,000
Average fixed interest rate		0.82%

Accumulated Other Comprehensive (Loss) Income - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, tax	$ 0	$ 900
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	447,147	464,439
Other comprehensive loss before reclassifications	(119)	2,226
Amounts reclassified to earnings	0	170
Ending balance	445,516	515,850
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,259)	(754)
Other comprehensive loss before reclassifications	(119)	140
Amounts reclassified to earnings	0	0
Ending balance	(1,378)	(614)
Unrealized loss on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	269
Other comprehensive loss before reclassifications	0	2,086
Amounts reclassified to earnings	0	170
Ending balance	0	2,525
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,259)	(485)
Ending balance	$ (1,378)	$ 1,911

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 9,667	$ 5,623
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,642	912
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,262	1,013
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	4,402	3,002
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,361	$ 696

Leases - Schedule of Operating and Finance Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Feb. 28, 2022
Assets
Operating	$ 18,558	$ 19,033
Finance	487	582
Total leased assets	19,045	19,615
Current liabilities
Operating	2,298	2,177
Finance	422	354
Non-Current Liabilities:
Operating	24,793	25,442
Finance	164	231
Total leased liabilities	$ 27,677	$ 28,204
Operating lease, right-of-use asset, statement of financial position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Operating lease, liability, current, statement of financial position [Extensible Enumeration]	Accrued expenses and other liabilities	Accrued expenses and other liabilities
Finance lease, liability, current, statement of financial position [Extensible Enumeration]	Current portion of long-term debt and other borrowings	Current portion of long-term debt and other borrowings
Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration]	Long-term debt, net and other borrowings	Long-term debt, net and other borrowings
Bedford, Massachusetts
Non-Current Liabilities:
Operating lease liability			$ 11,000

Net (Loss) Income Per Common Share - Schedule of Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 08, 2022
Earnings Per Share [Abstract]
Net (loss) income	$ (2,807)	$ 42,962
Basic weighted-average common shares outstanding (in shares)	67,749	68,008
Effect of dilutive stock options (in shares)	0	406
Effect of dilutive restricted stock (in shares)	0	1,637
Diluted weighted-average common shares outstanding (in shares)	67,749	70,051
Basic (loss) income per common share (in shares)	$ (0.04)	$ 0.63
Diluted (loss) income per common share (in shares)	$ (0.04)	$ 0.61
Antidilutive securities excluded from diluted net income (loss) per common share (in shares)	2,953	377
2.625% Convertible Senior Notes due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Initial conversion price (in dollars per share)			$ 79.81

Other Income - Schedule of Other Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Foreign currency losses (gains)	$ 246	$ (81)
Tax indemnification income, net	(96)	(396)
Interest income	(3,523)	(8)
Other	142	0
Total other income	$ (3,231)	$ (485)

Acquisition of Assets (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
Acquisition of Assets (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Dec. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Asset Acquisition [Line Items]
Research and development			$ 30,532	$ 12,203
Cerveau Technologies, Inc
Asset Acquisition [Line Items]
Payment for acquisitions	$ 35,300
Consideration	10,000
Asset acquisition, additional milestone payments	$ 51,000
Cerveau Technologies, Inc \| Sales Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments		$ 1,200,000
Cerveau Technologies, Inc \| Research Revenue Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments		13,500
POINT Biopharma
Asset Acquisition [Line Items]
Payment for acquisitions		260,000
Asset acquisition, additional milestone payments		1,800,000
Research and development					$ 260,000
PNT2002 License Agreement
Asset Acquisition [Line Items]
Payment for acquisitions		$ 250,000
Royalty percentage		20.00%
PNT2002 License Agreement \| Sales Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments		$ 1,300,000
PNT2002 License Agreement \| Regulatory Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments		281,000
PNT2003 License Agreement
Asset Acquisition [Line Items]
Payment for acquisitions		$ 10,000
Royalty percentage		15.00%
PNT2003 License Agreement \| Sales Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments		$ 275,000
PNT2003 License Agreement \| Regulatory Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments		$ 34,500

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	1