0001628280-23-036214 | 10-Q | XBRL Viewer

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

The following table summarizes revenue by revenue source as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Major Products/Service Lines (in thousands)	2023		2022		2023		2022
Product revenue, net(1)	$	319,508	$	233,366	$	925,848	$	631,157
License and royalty revenues(2)	438		5,926		16,582		40,738
Total revenues	$	319,946	$	239,292	$	942,430	$	671,895

________________________________

(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 August 2, 2023, the Company sold the right to its RELISTOR net sales royalties, which is classified as a licensed intangible asset (“RELISTOR royalty asset”), under its license agreement with Bausch Health Companies, Inc. (“Bausch”); the Company retained the rights to future sales-based milestone payments.

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 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 September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
PYLARIFY	$	215,428	$	143,754	$	621,419	$	366,763
Other radiopharmaceutical oncology	848		928		2,383		3,183
Total radiopharmaceutical oncology	216,276		144,682		623,802		369,946
DEFINITY	67,336		60,740		206,688		181,374
TechneLite	23,272		22,094		65,853		64,139
Other precision diagnostics	5,740		6,175		17,002		16,803
Total precision diagnostics	96,348		89,009		289,543		262,316
Strategic partnerships and other revenue	7,322		5,601		29,085		39,633
Total revenues	$	319,946	$	239,292	$	942,430	$	671,895

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
-Topic 606
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Intangibles, Net - Schedule of Intangibles Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Aug. 02, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Indefinite lived, cost			$ 15,640
Total, cost	$ 328,918		489,761
Accumulated Amortization	(165,624)		(174,476)
Total	163,294
Total, net	163,294		315,285
Trademarks
Finite-Lived Intangible Assets [Line Items]
Cost	13,540		13,540
Accumulated Amortization	(12,179)		(12,061)
Total	$ 1,361		$ 1,479
Trademarks \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	15 years		15 years
Trademarks \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	25 years		25 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Cost	$ 157,945		$ 96,681
Accumulated Amortization	(111,315)		(95,009)
Total	$ 46,630		$ 1,672
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	5 years		15 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	25 years		25 years
Currently marketed products
Finite-Lived Intangible Assets [Line Items]
Cost	$ 132,800		$ 275,700
Accumulated Amortization	(34,588)		(47,628)
Total	$ 98,212		$ 228,072
Currently marketed products \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	9 years		9 years
Currently marketed products \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)			15 years
Licenses
Finite-Lived Intangible Assets [Line Items]
Cost	$ 22,233	$ 63,600	$ 85,800
Accumulated Amortization	(6,665)	$ (17,500)	(19,101)
Total	$ 15,568		$ 66,699
Licenses \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	11 years		11 years
Licenses \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	16 years		16 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	9 years		9 years
Cost	$ 2,400		$ 2,400
Accumulated Amortization	(877)		(677)
Total	$ 1,523		$ 1,723

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Total assets	$ 562,210	$ 342,646
Liabilities:
Contingent consideration liabilities	2,500	111,600
Total liabilities	2,500	111,600
Level 1
Assets:
Total assets	562,210	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	2,500	111,600
Total liabilities	2,500	111,600
Money market
Assets:
Money market	562,210	342,646
Money market \| Level 1
Assets:
Money market	562,210	342,646
Money market \| Level 2
Assets:
Money market	0	0
Money market \| Level 3
Assets:
Money market	$ 0	$ 0

Asset Retirement Obligations (Tables)

9 Months Ended

Sep. 30, 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 carrying value of asset retirement obligations:


(in thousands)	Amount
Balance at January 1, 2023	$	22,543
Accretion expense	280

Balance at September 30, 2023	$	22,823

Income Taxes

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Income tax expense	$	27,999	$	21,784	$	49,259	$	55,710

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 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.

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.

During the third quarter of 2023, the Company entered into a settlement agreement with one state, for which the Company was indemnified pursuant to the tax indemnification agreement, and accordingly reduced the amount of uncertain tax positions by $4.8 million. The Company continues to accrue interest on the outstanding uncertain tax positions.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Asset Retirement Obligations - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Obligation expected to be incurred	$ 25.1
Financial assurance in form of surety bond	$ 30.3

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 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 nine months ended September 30, 2023.

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

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Maturities of Principal Obligations

As of September 30, 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	(14,846)

Finance lease liabilities	1,125

Total	561,279
Less: current portion	(703)
Total long-term debt, net and other borrowings	$	560,576

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
Q3 2023 to Q4 2023			4.00 to 1.00
Q1 2024 and thereafter			3.50 to 1.00

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 income (loss)	42,962				42,962
Other comprehensive (loss) income	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, 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 income (loss)	147,252
Other comprehensive (loss) income	3,479
Ending balance (in shares) at Sep. 30, 2022		68,809
Ending balance at Sep. 30, 2022	638,050	$ 688	$ 0	708,341	(73,973)	2,994
Ending balance, treasury stock (in shares) at Sep. 30, 2022			0
Beginning balance (in shares) at Mar. 31, 2022		68,570
Beginning balance at Mar. 31, 2022	515,850	$ 686	$ 0	691,516	(178,263)	1,911
Beginning balance, treasury stock (in shares) at Mar. 31, 2022			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	43,058				43,058
Other comprehensive (loss) income	413					413
Stock option exercises and employee stock plan purchases (in shares)		61
Stock option exercises and employee stock plan purchases	1,423	$ 1		1,422
Vesting of restricted stock awards and units (in shares)		108
Vesting of restricted stock awards and units	0	$ 1		(1)
Shares withheld to cover taxes (in shares)		(13)
Shares withheld to cover taxes	(824)	$ (1)		(823)
Stock-based compensation	7,412			7,412
Ending balance (in shares) at Jun. 30, 2022		68,726
Ending balance at Jun. 30, 2022	567,332	$ 687	$ 0	699,526	(135,205)	2,324
Ending balance, treasury stock (in shares) at Jun. 30, 2022			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	61,232				61,232
Other comprehensive (loss) income	670					670
Stock option exercises and employee stock plan purchases (in shares)		53
Stock option exercises and employee stock plan purchases	1,556	$ 1		1,555
Vesting of restricted stock awards and units (in shares)		41
Vesting of restricted stock awards and units	0	$ 1		(1)
Shares withheld to cover taxes (in shares)		(11)
Shares withheld to cover taxes	(843)	$ (1)		(842)
Stock-based compensation	8,103			8,103
Ending balance (in shares) at Sep. 30, 2022		68,809
Ending balance at Sep. 30, 2022	$ 638,050	$ 688	$ 0	708,341	(73,973)	2,994
Ending balance, treasury stock (in shares) at Sep. 30, 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 income (loss)	$ (2,807)				(2,807)
Other comprehensive (loss) income	(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
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
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 income (loss)	$ 223,281
Other comprehensive (loss) income	$ 224
Ending balance (in shares) at Sep. 30, 2023	69,808	69,808
Ending balance at Sep. 30, 2023	$ 698,759	$ 698	$ (75,000)	743,973	30,123	(1,035)
Ending balance, treasury stock (in shares) at Sep. 30, 2023	1,339		1,339
Beginning balance (in shares) at Mar. 31, 2023		69,630
Beginning balance at Mar. 31, 2023	$ 445,516	$ 696	$ (75,000)	717,163	(195,965)	(1,378)
Beginning balance, treasury stock (in shares) at Mar. 31, 2023			1,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	94,131				94,131
Other comprehensive (loss) income	426					426
Stock option exercises and employee stock plan purchases (in shares)		73
Stock option exercises and employee stock plan purchases	1,347	$ 1		1,346
Vesting of restricted stock awards and units (in shares)		68
Vesting of restricted stock awards and units	0	$ 1		(1)
Shares withheld to cover taxes (in shares)		(16)
Shares withheld to cover taxes	(1,467)			(1,467)
Stock-based compensation	12,692			12,692
Ending balance (in shares) at Jun. 30, 2023		69,755
Ending balance at Jun. 30, 2023	552,645	$ 698	$ (75,000)	729,733	(101,834)	(952)
Ending balance, treasury stock (in shares) at Jun. 30, 2023			1,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	131,957				131,957
Other comprehensive (loss) income	(83)					(83)
Stock option exercises and employee stock plan purchases (in shares)		25
Stock option exercises and employee stock plan purchases	1,265			1,265
Vesting of restricted stock awards and units (in shares)		39
Vesting of restricted stock awards and units	(1)			(1)
Shares withheld to cover taxes (in shares)		(11)
Shares withheld to cover taxes	(1,000)			(1,000)
Stock-based compensation	$ 13,976			13,976
Ending balance (in shares) at Sep. 30, 2023	69,808	69,808
Ending balance at Sep. 30, 2023	$ 698,759	$ 698	$ (75,000)	$ 743,973	$ 30,123	$ (1,035)
Ending balance, treasury stock (in shares) at Sep. 30, 2023	1,339		1,339

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive (loss) income, net of tax	$ 0	$ 1,500,000
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	447,147,000	464,439,000
Other comprehensive (loss) income before reclassifications	224,000	3,649,000
Amounts reclassified to earnings	0	(170,000)
Ending balance	698,759,000	638,050,000
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,259,000)	(754,000)
Other comprehensive (loss) income before reclassifications	224,000	(463,000)
Amounts reclassified to earnings	0	0
Ending balance	(1,035,000)	(1,217,000)
Unrealized loss on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	269,000
Other comprehensive (loss) income before reclassifications	0	4,112,000
Amounts reclassified to earnings	0	(170,000)
Ending balance	0	4,211,000
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,259,000)	(485,000)
Ending balance	$ (1,035,000)	$ 2,994,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Accrued Expenses and Other Liabilities and Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Compensation and benefits	$ 29,588	$ 30,425
Freight, distribution and operations	65,751	49,067
Accrued rebates, discounts and chargebacks	11,699	13,399
Accrued professional fees	9,229	8,668
Other	22,556	25,525
Total accrued expenses and other liabilities	138,823	127,084
Operating lease liabilities (Note 15)	54,417	25,442
Long-term contingent liability (Note 4)	2,500	11,900
Other long-term liabilities	5,933	8,813
Total other long-term liabilities	$ 62,850	$ 46,155

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 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:


	September 30, 2023
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market	$	562,210	$	562,210	$	—	$	—


Total assets	$	562,210	$	562,210	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	2,500	$	—	$	—	$	2,500
Total liabilities	$	2,500	$	—	$	—	$	2,500


	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 and nine months ended September 30, 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 entitled 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 paid out the maximum amount payable under the CVRs from available cash in May 2023 in full satisfaction of the CVR obligation.

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 (also known as 131 I-MIP-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 September 30, 2023.


	Fair Value at						Assumptions
(in thousands)	September 30, 2023		December 31, 2022		Valuation Technique	Unobservable Input	September 30, 2023		December 31, 2022
Contingent consideration liability:
Net sales targets - PYLARIFY (CVRs)	N/A		$	99,700	Probability adjusted discounted cash flow model	Period of expected milestone achievement and sales targets	N/A		2022 - 2023
						Probability of success	N/A		100	%

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	4.7	%	3.8	%



Net sales targets - AZEDRA and 1095	800		10,200		Monte Carlo simulation
						Probability of success and sales targets	0% - 40%		20% - 100%
						Discount rate	16%		16% - 17%
Total	$	2,500	$	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)	Nine Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fair value, beginning of period	$	—	$	9,300	$	111,600	$	86,200

Changes in fair value included in net (loss) income	—		(1,100)		(9,475)		24,300
Cash payments	—		—		(99,625)		—
Fair value, end of period	$	—	$	8,200	$	2,500	$	110,500

The change in fair value of the contingent financial liabilities resulted in a reduction of general and administrative expense of $9.5 million for the nine months ended September 30, 2023 and was primarily due to changes in revenue forecasts and the passage of time (excluding the CVRs). The Company made the applicable cash payment related to the CVRs in May 2023.

- 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

Inventory

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following:


(in thousands)	September 30, 2023		December 31, 2022
Raw materials	$	26,936	$	19,987
Work in process	9,968		8,234
Finished goods	19,558		7,254
Total inventory	$	56,462	$	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 September 30, 2023.

Leases - Other Information (Details)	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating leases, weighted average remaining lease term (in years)	13 years 7 months 6 days	7 years 10 months 24 days
Finance leases, weighted average remaining lease term (in years)	2 years 8 months 12 days	1 year 10 months 24 days
Operating leases, weighted average discount rate	7.30%	4.80%
Finance leases, weighted average discount rate	7.20%	4.40%

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	69,808,000	68,851,000
Common stock, shares outstanding (in shares)	69,808,000	68,851,000
Treasury stock, shares (in shares)	1,339,000	1,339,000

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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 and nine months ended September 30, 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 nine months ended September 30, 2023.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

The Company’s income tax expense is presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Income tax expense	$	27,999	$	21,784	$	49,259	$	55,710

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 08, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 131,957	$ 61,232	$ 223,281	$ 147,252
Basic weighted-average common shares outstanding (in shares)	68,436	68,756	68,188	68,482
Effect of of convertible debt instrument (in shares)	0	0	265	0
Diluted weighted-average common shares outstanding (in shares)	70,046	71,075	70,268	70,669
Basic income per common share (in shares)	$ 1.93	$ 0.89	$ 3.27	$ 2.15
Diluted income per common share (in shares)	$ 1.88	$ 0.86	$ 3.18	$ 2.08
Antidilutive securities excluded from diluted net income per common share (in shares)	435	52	422	226
2.625% Convertible Senior Notes due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Initial conversion price (in dollars per share)	$ 79.81		$ 79.81		$ 79.81
Employee Stock Option
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive share based compensation (in shares)	320	455	366	452
Restricted Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive share based compensation (in shares)	1,290	1,864	1,449	1,735

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income	$ 223,281	$ 147,252
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation, amortization and accretion	45,028	36,048
Impairment of long-lived assets	138,050	0
Asset retirement obligation acceleration	0	1,229
Amortization of debt related costs	3,227	737
Changes in fair value of contingent assets and liabilities	(9,475)	25,400
Provision for excess and obsolete inventory	5,251	4,980
Stock-based compensation	36,335	21,138
Gain on sale of RELISTOR licensed intangible asset associated with net sales royalties	(51,789)	0
Deferred taxes	(57,649)	14,461
Long-term indemnification receivable	3,929	668
Long-term income tax payable and other long-term liabilities	(2,744)	(538)
Other	3,118	3,188
(Decreases) increases in cash from operating assets and liabilities:
Accounts receivable	(43,044)	(112,031)
Inventory	(25,995)	(4,666)
Other current assets	2,496	314
Other long-term assets	0	(533)
Accounts payable	12,150	8,409
Accrued expenses and other liabilities	(89,196)	30,374
Net cash provided by operating activities	192,973	176,429
Investing activities
Capital expenditures	(34,486)	(13,623)
Proceeds from sale of assets, net	97,839	1,800
Acquisition of assets, net	(45,345)	0
Net cash provided by (used in) investing activities	18,008	(11,823)
Financing activities
Payments on long-term debt and other borrowings	(685)	(7,891)
Contingent value rights settlement	(3,700)	0
Proceeds from stock option exercises	3,462	7,538
Proceeds from issuance of common stock	1,933	1,375
Payments for minimum statutory tax withholding related to net share settlement of equity awards	(13,621)	(7,171)
Net cash used in financing activities	(12,612)	(6,149)
Effect of foreign exchange rates on cash, cash equivalents and restricted cash	139	(266)
Net increase in cash, cash equivalents and restricted cash	198,508	158,191
Cash, cash equivalents and restricted cash, beginning of period	417,241	100,651
Cash, cash equivalents and restricted cash, end of period	615,749	258,842
Reconciliation to amounts within the condensed consolidated balance sheets
Cash and cash equivalents	614,131	257,259
Restricted cash included in other long-term assets	1,618	1,583
Cash, cash equivalents and restricted cash at end of period	615,749	258,842
Schedule of non-cash investing and financing activities
Additions of property, plant and equipment included in liabilities	8,573	2,303
Right-of-use asset obtained in exchange for operating lease liabilities	$ 29,625	$ 0

Asset Retirement Obligations

9 Months Ended

Sep. 30, 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. As of September 30, 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 carrying value of asset retirement obligations:


(in thousands)	Amount
Balance at January 1, 2023	$	22,543
Accretion expense	280

Balance at September 30, 2023	$	22,823

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, respectively, upon closure. The Company has provided this financial assurance in the form of a $30.3 million surety bond.

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
Major Products/Service Lines (in thousands)	2023		2022		2023		2022
Product revenue, net(1)	$	319,508	$	233,366	$	925,848	$	631,157
License and royalty revenues(2)	438		5,926		16,582		40,738
Total revenues	$	319,946	$	239,292	$	942,430	$	671,895

________________________________

(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 September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
PYLARIFY	$	215,428	$	143,754	$	621,419	$	366,763
Other radiopharmaceutical oncology	848		928		2,383		3,183
Total radiopharmaceutical oncology	216,276		144,682		623,802		369,946
DEFINITY	67,336		60,740		206,688		181,374
TechneLite	23,272		22,094		65,853		64,139
Other precision diagnostics	5,740		6,175		17,002		16,803
Total precision diagnostics	96,348		89,009		289,543		262,316
Strategic partnerships and other revenue	7,322		5,601		29,085		39,633
Total revenues	$	319,946	$	239,292	$	942,430	$	671,895

Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Other Income (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Foreign currency losses	$ 9	$ 145	$ 31	$ 189
Tax indemnification loss, net	3,672	1,460	3,344	668
Interest income	(4,540)	(504)	(12,090)	(551)
Gain on sale of RELISTOR licensed intangible asset associated with net sales royalties	(51,789)	0	(51,789)	0
Other	(1)	0	142	0
Total other (income) expense, net	$ (52,649)	$ 1,101	$ (60,362)	$ 306

Inventory (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following:


(in thousands)	September 30, 2023		December 31, 2022
Raw materials	$	26,936	$	19,987
Work in process	9,968		8,234
Finished goods	19,558		7,254
Total inventory	$	56,462	$	35,475

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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
Entity 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		68,489,153
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001521036
Current Fiscal Year End Date	--12-31

Net Income Per Common Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Income Per Common Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Net income	$	131,957	$	61,232	$	223,281	$	147,252

Basic weighted-average common shares outstanding	68,436		68,756		68,188		68,482
Effect of dilutive stock options	320		455		366		452
Effect of dilutive restricted stock	1,290		1,864		1,449		1,735
Effect of convertible debt instrument	—		—		265		—
Diluted weighted-average common shares outstanding	70,046		71,075		70,268		70,669

Basic income per common share	$	1.93	$	0.89	$	3.27	$	2.15
Diluted income per common share	$	1.88	$	0.86	$	3.18	$	2.08

Antidilutive securities excluded from diluted net income per common share	435		52		422		226

Impact of the Convertible 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 earnings exceeds the current share price, regardless of whether such dividend is declared. During the nine months ended September 30, 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.

Intangibles, Net (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangibles, net, consisted of the following:


	September 30, 2023
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,179)	$	1,361
Customer relationships	5 - 25	Accelerated	157,945		(111,315)		46,630
Currently marketed products	9	Straight-Line	132,800		(34,588)		98,212
Licenses	11 - 16	Straight-Line	22,233		(6,665)		15,568
Developed technology	9	Straight-Line	2,400		(877)		1,523

Total			$	328,918	$	(165,624)	$	163,294


	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:


	September 30, 2023
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,179)	$	1,361
Customer relationships	5 - 25	Accelerated	157,945		(111,315)		46,630
Currently marketed products	9	Straight-Line	132,800		(34,588)		98,212
Licenses	11 - 16	Straight-Line	22,233		(6,665)		15,568
Developed technology	9	Straight-Line	2,400		(877)		1,523

Total			$	328,918	$	(165,624)	$	163,294


	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	$	11,300
2024	39,729
2025	24,409
2026	25,209
2027	19,681
2028 and thereafter	42,966
Total	$	163,294

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 13,976	$ 8,103	$ 36,335	$ 21,138
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,508	1,268	6,381	3,263
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,823	1,745	7,044	4,433
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	6,741	3,991	17,813	10,777
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,904	$ 1,099	$ 5,097	$ 2,665

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

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-Topic 718
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Intangibles, Net

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles, Net

Intangibles, net, consisted of the following:


	September 30, 2023
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,179)	$	1,361
Customer relationships	5 - 25	Accelerated	157,945		(111,315)		46,630
Currently marketed products	9	Straight-Line	132,800		(34,588)		98,212
Licenses	11 - 16	Straight-Line	22,233		(6,665)		15,568
Developed technology	9	Straight-Line	2,400		(877)		1,523

Total			$	328,918	$	(165,624)	$	163,294


	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 $11.7 million and $8.3 million for the three months ended September 30, 2023 and 2022, respectively, and $35.1 million and $24.9 million for the nine months ended September 30, 2023 and 2022, respectively.

On August 2, 2023, the Company sold the right to its RELISTOR royalty asset under its license agreement with Bausch; the Company retained the rights to future sales-based milestone payments. The Company received an initial payment of approximately $98.0 million in connection with the sale and has the right to receive an additional payment from the buyer of $5.0 million if worldwide net sales of RELISTOR in 2025 exceed a specified threshold. The additional payment would be recognized upon

achievement of the specified threshold. Decreases of $63.6 million of license assets and $17.5 million of associated accumulated amortization, as well as a gain of $51.8 million were recorded as a result of the sale.

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, which had no value. 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.

On August 15, 2023, the Company announced that it had made the decision to discontinue the production and promotion of AZEDRA and would be winding down its Somerset, New Jersey manufacturing site. The Company currently intends to continue manufacturing AZEDRA into the first quarter of 2024, to the extent feasible, with the goal of providing doses of AZEDRA to current patients so they can complete their treatment regimen.

In February 2023, the Company entered into an agreement with Cerveau to purchase all of the outstanding capital stock of Cerveau for approximately $35.3 million. In May 2023, upon successful completion of a technology transfer, the Company paid $10.0 million to the selling stockholders of Cerveau. This additional contingent payment was capitalized as part of the asset cost and increased the Company’s customer relationship intangible assets. See Note 19, “Acquisition of Assets” for further discussion of the Cerveau acquisition.

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


(in thousands)	Amount
Remainder of 2023	$	11,300
2024	39,729
2025	24,409
2026	25,209
2027	19,681
2028 and thereafter	42,966
Total	$	163,294

Long-Term Debt, Net, and Other Borrowings - Schedule of Maturities of Principal Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 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	(14,846)
Finance lease liabilities	1,125
Total	561,279
Less: current portion	(703)
Total long-term debt, net and other borrowings	$ 560,576	$ 557,712

Acquisition of Assets (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
Acquisition of Assets (Details) - USD ($) $ in Thousands	May 31, 2023	Feb. 28, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Asset Acquisition [Line Items]
Research and development				$ 14,450	$ 12,517	$ 60,883	$ 39,455
Cerveau Technologies, Inc
Asset Acquisition [Line Items]
Payment for acquisitions	$ 10,000	$ 35,300
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

Derivative Instruments	9 Months Ended
Derivative Instruments	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The 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.

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2023
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market	$	562,210	$	562,210	$	—	$	—


Total assets	$	562,210	$	562,210	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	2,500	$	—	$	—	$	2,500
Total liabilities	$	2,500	$	—	$	—	$	2,500


	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 September 30, 2023.


	Fair Value at						Assumptions
(in thousands)	September 30, 2023		December 31, 2022		Valuation Technique	Unobservable Input	September 30, 2023		December 31, 2022
Contingent consideration liability:
Net sales targets - PYLARIFY (CVRs)	N/A		$	99,700	Probability adjusted discounted cash flow model	Period of expected milestone achievement and sales targets	N/A		2022 - 2023
						Probability of success	N/A		100	%

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	4.7	%	3.8	%



Net sales targets - AZEDRA and 1095	800		10,200		Monte Carlo simulation
						Probability of success and sales targets	0% - 40%		20% - 100%
						Discount rate	16%		16% - 17%
Total	$	2,500	$	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)	Nine Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fair value, beginning of period	$	—	$	9,300	$	111,600	$	86,200

Changes in fair value included in net (loss) income	—		(1,100)		(9,475)		24,300
Cash payments	—		—		(99,625)		—
Fair value, end of period	$	—	$	8,200	$	2,500	$	110,500

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 September 30, 2023, the Company did not have any material ongoing litigation to which the Company was a party.

Acquisition of Assets	9 Months Ended
Acquisition of Assets	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition of Assets	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 stockholders of Cerveau (the “Selling Stockholders”) and paid the Selling Stockholders an additional $10.0 million in May 2023 upon the 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 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.

Accrued Expenses and Other Liabilities and Other Long-Term Liabilities

9 Months Ended

Sep. 30, 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)	September 30, 2023		December 31, 2022
Compensation and benefits	$	29,588	$	30,425
Freight, distribution and operations	65,751		49,067
Accrued rebates, discounts and chargebacks	11,699		13,399
Accrued professional fees	9,229		8,668

Other	22,556		25,525
Total accrued expenses and other liabilities	$	138,823	$	127,084

Operating lease liabilities (Note 15)	$	54,417	$	25,442
Long-term contingent liability (Note 4)	2,500		11,900
Other long-term liabilities	5,933		8,813
Total other long-term liabilities	$	62,850	$	46,155

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 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 and nine months ended September 30, 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 26,844,877 shares of Lantheus Holdings common stock and 86,630,633 contingent value rights (each a “CVR”) tied to the financial performance of PYLARIFY to former Progenics stockholders and option holders. Each CVR entitled 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. 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, was capped at 19.9% of the total consideration the Company paid in the Progenics Acquisition. Based on the Company’s 2022 PYLARIFY net sales, the Company determined that the aggregate payment obligation under the CVRs was $99.6 million, which was the maximum amount payable. The Company paid out this amount in May 2023 in full satisfaction of the CVRs.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 27,999	$ 21,784	$ 49,259	$ 55,710
Unrecognized tax benefits decrease resulting from settlements with taxing authorities	$ 4,800

- Definition

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

+ References + Details

Net Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Net Income Per Common Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Net income	$	131,957	$	61,232	$	223,281	$	147,252

Basic weighted-average common shares outstanding	68,436		68,756		68,188		68,482
Effect of dilutive stock options	320		455		366		452
Effect of dilutive restricted stock	1,290		1,864		1,449		1,735
Effect of convertible debt instrument	—		—		265		—
Diluted weighted-average common shares outstanding	70,046		71,075		70,268		70,669

Basic income per common share	$	1.93	$	0.89	$	3.27	$	2.15
Diluted income per common share	$	1.88	$	0.86	$	3.18	$	2.08

Antidilutive securities excluded from diluted net income per common share	435		52		422		226

Accumulated Other Comprehensive (Loss) Income (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive (Loss) Income

The components of accumulated other comprehensive (loss) income, net of tax of zero and $1.5 million for the nine months ended September 30, 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 income before reclassifications	224		—		224
Amounts reclassified to earnings	—		—		—
Balance at September 30, 2023	$	(1,035)	$	—	$	(1,035)

Balance at January 1, 2022	$	(754)	$	269	$	(485)
Other comprehensive (loss) income before reclassifications	(463)		4,112		3,649
Amounts reclassified to earnings	—		(170)		(170)
Balance at September 30, 2022	$	(1,217)	$	4,211	$	2,994

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended
	Feb. 20, 2020	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities		$ 2,500	$ 111,600
Change in fair value of the contingent financial asset and contingent financial liabilities		9,500
Progenics
Fair Value, Option, Quantitative Disclosures [Line Items]
Aggregate cash payments percentage	40.00%
Potential payments, high		85,000
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	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	$ 2,500	$ 111,600
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	2,500	111,600
Level 3 \| Net sales targets - PYLARIFY (CVRs)
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities		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	$ 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, percentage		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, percentage	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, percentage	0.047	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, percentage	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, percentage	0.40	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, percentage	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, percentage		0.17

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 614,131	$ 415,652
Accounts receivable, net	259,198	213,397
Inventory	56,462	35,475
Other current assets	11,485	13,092
Assets held for sale	7,159	0
Total current assets	948,435	677,616
Property, plant and equipment, net	140,293	122,166
Intangibles, net	163,294	315,285
Goodwill	61,189	61,189
Deferred tax assets, net	152,189	110,647
Other long-term assets	56,210	34,355
Total assets	1,521,610	1,321,258
Current liabilities
Current portion of long-term debt and other borrowings	703	354
Accounts payable	37,076	20,563
Short-term contingent liability	0	99,700
Accrued expenses and other liabilities	138,823	127,084
Total current liabilities	176,602	247,701
Asset retirement obligations	22,823	22,543
Long-term debt, net and other borrowings	560,576	557,712
Other long-term liabilities	62,850	46,155
Total liabilities	822,851	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; 69,808 and 68,851 shares issued as of September 30, 2023 and December 31, 2022, respectively)	698	689
Additional paid-in capital	743,973	715,875
Treasury Stock at cost - 1,339 shares as of September 30, 2023 and December 31, 2022	(75,000)	(75,000)
Accumulated deficit	30,123	(193,158)
Accumulated other comprehensive loss	(1,035)	(1,259)
Total stockholders’ equity	698,759	447,147
Total liabilities and stockholders’ equity	$ 1,521,610	$ 1,321,258

Leases (Tables)

9 Months Ended

Sep. 30, 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	September 30, 2023		December 31, 2022
Assets
Operating	Other long-term assets	$	45,910	$	19,033
Finance	Property, plant and equipment, net	1,406		582
Total leased assets		$	47,316	$	19,615
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	1,799	$	2,177
Finance	Current portion of long-term debt and other borrowings	703		354
Noncurrent
Operating	Other long-term liabilities	54,417		25,442
Finance	Long-term debt, net and other borrowings	422		231
Total leased liabilities		$	57,341	$	28,204

Schedule of components of lease expense

Other information related to leases were as follows:


	September 30, 2023	December 31, 2022
Weighted-average remaining lease term (Years):
Operating leases	13.6	7.9
Finance leases	2.7	1.9
Weighted-average discount rate:
Operating leases	7.3%	4.8%
Finance leases	7.2%	4.4%

Stock-Based Compensation

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Cost of goods sold	$	2,508	$	1,268	$	6,381	$	3,263
Sales and marketing	2,823		1,745		7,044		4,433
General and administrative	6,741		3,991		17,813		10,777
Research and development	1,904		1,099		5,097		2,665
Total stock-based compensation expense	$	13,976	$	8,103	$	36,335	$	21,138

Long-Term Debt, Net, and Other Borrowings - Schedule of Total Net Leverage Ratio (Details) - 2022 Facility Covenants	9 Months Ended
	Sep. 30, 2023
Q3 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 131,957	$ 61,232	$ 223,281	$ 147,252
Other comprehensive income:
Foreign currency translation	(83)	(379)	224	(463)
Unrealized gain on cash flow hedges, net of tax	0	1,049	0	3,942
Total other comprehensive (loss) income	(83)	670	224	3,479
Comprehensive income	$ 131,874	$ 61,902	$ 223,505	$ 150,731

- Definition

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

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive (Loss) Income

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Accumulated Other Comprehensive (Loss) Income

The components of accumulated other comprehensive (loss) income, net of tax of zero and $1.5 million for the nine months ended September 30, 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 income before reclassifications	224		—		224
Amounts reclassified to earnings	—		—		—
Balance at September 30, 2023	$	(1,035)	$	—	$	(1,035)

Balance at January 1, 2022	$	(754)	$	269	$	(485)
Other comprehensive (loss) income before reclassifications	(463)		4,112		3,649
Amounts reclassified to earnings	—		(170)		(170)
Balance at September 30, 2022	$	(1,217)	$	4,211	$	2,994

Long-Term Debt, Net, and Other Borrowings - Narrative (Details)			1 Months Ended		3 Months Ended	9 Months Ended
	Dec. 08, 2022 USD ($) $ / shares	Dec. 05, 2022	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2023 USD ($) financial_covenant $ / shares	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Number of covenants \| financial_covenant						2
Minimum interest coverage ratio			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				$ 79.81	$ 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%
Long-term debt					$ 575,000,000	$ 575,000,000
Debt instrument, fair value					575,000,000	575,000,000
Interest expense, debt					$ 3,900,000	$ 11,800,000
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%	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%	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
Debt instrument term				5 years
Repayments of debt				$ 167,600,000			$ 7,800,000
Loss on extinguishment of debt				600,000
Deferred financing cost			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
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
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 350,000,000	$ 350,000,000
Debt instrument term				5 years
Outstanding borrowings					$ 0	$ 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	$ 350,000,000
Line of credit facility, accordion feature, higher borrowing capacity option					335,000,000	$ 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	$ 20,000,000
Bridge Loan \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 10,000,000	$ 10,000,000

Fair Value of Financial Instruments - Schedule of Financial Instruments with Significant Level 3 Inputs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Financial Assets
Fair value, beginning of period	$ 0	$ 9,300
Changes in fair value included in net (loss) income	0	(1,100)
Cash payments	0	0
Fair value, end of period	0	8,200
Financial Liabilities
Fair value, beginning of period	111,600	86,200
Changes in fair value included in net (loss) income	(9,475)	24,300
Cash payments	(99,625)	0
Fair value, end of period	$ 2,500	$ 110,500

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

Operating and finance lease assets and liabilities are as follows:


(in thousands)	Classification	September 30, 2023		December 31, 2022
Assets
Operating	Other long-term assets	$	45,910	$	19,033
Finance	Property, plant and equipment, net	1,406		582
Total leased assets		$	47,316	$	19,615
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	1,799	$	2,177
Finance	Current portion of long-term debt and other borrowings	703		354
Noncurrent
Operating	Other long-term liabilities	54,417		25,442
Finance	Long-term debt, net and other borrowings	422		231
Total leased liabilities		$	57,341	$	28,204

On May 4, 2023, the Company entered into a modification to the operating lease for office space in Bedford, Massachusetts, (the “Existing Premises”) that was executed in February 2022. The lease commenced and was recorded in December 2022 for $11.0 million and the initial term was set to expire in June 2031. The lease modification includes a lease of additional office and laboratory space at the Bedford location (the “Additional Premises”) for a term of 15 years and 4 months and extends the term of the lease for the Existing Premises to be coterminous with the term of the lease for the Additional Premises. As a result of the extended term for the Existing Premises, the Company recorded an additional right-of-use asset and liability of $6.0 million in May 2023. The modification also contains a provision to convert the rent schedule of the Existing Premises from gross to triple net in 2024, which may result in an additional adjustment to the right-of-use asset and liability. The landlord provided notice to the Company that its renovations of the Additional Premises were completed. The Company is currently in discussions with the landlord as to the status of the renovations. As a result of the notice, the Company recorded an additional right-of-use asset and liability of $23.5 million as of September 1, 2023. To determine the value of the additional right-of-use asset and liability, the Company was required to calculate the discount rate of the lease modification. The discount rate was determined based on the expected lease term and by comparing interest rates in the market for similar borrowings with comparable credit quality of the Company. The lease for the Additional Premises allows for the extension of five years to begin immediately upon the expiration of the original term.

Other information related to leases were as follows:


	September 30, 2023	December 31, 2022
Weighted-average remaining lease term (Years):
Operating leases	13.6	7.9
Finance leases	2.7	1.9
Weighted-average discount rate:
Operating leases	7.3%	4.8%
Finance leases	7.2%	4.4%

Leases

Operating and finance lease assets and liabilities are as follows:


(in thousands)	Classification	September 30, 2023		December 31, 2022
Assets
Operating	Other long-term assets	$	45,910	$	19,033
Finance	Property, plant and equipment, net	1,406		582
Total leased assets		$	47,316	$	19,615
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	1,799	$	2,177
Finance	Current portion of long-term debt and other borrowings	703		354
Noncurrent
Operating	Other long-term liabilities	54,417		25,442
Finance	Long-term debt, net and other borrowings	422		231
Total leased liabilities		$	57,341	$	28,204

Other information related to leases were as follows:


	September 30, 2023	December 31, 2022
Weighted-average remaining lease term (Years):
Operating leases	13.6	7.9
Finance leases	2.7	1.9
Weighted-average discount rate:
Operating leases	7.3%	4.8%
Finance leases	7.2%	4.4%

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Robert Marshall [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 30, 2023, Robert Marshall, our Chief Financial Officer and Treasurer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”), providing for the potential sale of up to 30,000 shares of our common stock between December 15, 2023 and August 9, 2024.
Name	Robert Marshall
Title	Chief Financial Officer and Treasurer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 30, 2023
Arrangement Duration	238 days
Aggregate Available	30,000	30,000
Andrea Sabens [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 11, 2023, Andrea Sabens, our Chief Accounting Officer, entered into a 10b5-1 Plan providing for the potential sale of up to 4,093 shares of our common stock between November 13, 2023 and October 14, 2024.
Name	Andrea Sabens
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 11, 2023
Arrangement Duration	336 days
Aggregate Available	4,093	4,093

Intangibles, Net - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended			9 Months Ended
	Aug. 02, 2023	May 31, 2023	Feb. 28, 2023	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense				$ 11,700		$ 8,300	$ 35,100	$ 24,900
Proceeds from selling rights to the royalties	$ 98,000
Gain on sale of RELISTOR licensed intangible asset associated with net sales royalties	5,000
Accumulated amortization				165,624			165,624		$ 174,476
Gain on sale of RELISTOR licensed intangible asset associated with net sales royalties				51,789		$ 0	51,789	$ 0
Licenses
Finite-Lived Intangible Assets [Line Items]
Cost	63,600			22,233			22,233		85,800
Accumulated amortization	$ 17,500			$ 6,665			$ 6,665		$ 19,101
Cerveau Technologies, Inc
Finite-Lived Intangible Assets [Line Items]
Payment for acquisitions		$ 10,000	$ 35,300
Payments to acquire business		$ 10,000
Research and development
Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges					$ 15,600
Cost of goods sold
Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges					$ 116,400

Asset Retirement Obligations - Schedule of Changes in Asset Retirement Obligations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning balance	$ 22,543
Accretion expense	280
Asset retirement obligations, ending balance	$ 22,823

Long-Term Debt, Net, and Other Borrowings

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt, Net, and Other Borrowings

As of September 30, 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	(14,846)

Finance lease liabilities	1,125

Total	561,279
Less: current portion	(703)
Total long-term debt, net and other borrowings	$	560,576

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 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 Revolving Loans, Letters of Credit, and the Swingline 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 September 30, 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
Q3 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 September 30, 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 and $11.8 million related to the Notes for the three and nine months ended September 30, 2023, respectively. There were no conversions of Notes during the nine months ended September 30, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Segment Information (Details)	9 Months Ended
Segment Information (Details)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	1

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment InformationThe Company operates as one business segment. 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Basis of Presentation (Details) - USD ($) $ in Thousands	Feb. 20, 2020	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
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
Contingent consideration liabilities		$ 2,500	$ 111,600
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	$ 99,600
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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 131,957	$ 94,131	$ (2,807)	$ 61,232	$ 43,058	$ 42,962	$ 223,281	$ 147,252

- Definition

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

+ References

+ Details

Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	$ 244,358	$ 222,294
Less: accumulated depreciation and amortization	(104,065)	(100,128)
Total property, plant and equipment, net	140,293	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	69,425	76,329
Machinery, equipment and fixtures
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	101,196	92,604
Computer software
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	26,515	25,864
Construction in progress
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	$ 37,742	$ 14,047

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

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Schedule of 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)	September 30, 2023		December 31, 2022
Compensation and benefits	$	29,588	$	30,425
Freight, distribution and operations	65,751		49,067
Accrued rebates, discounts and chargebacks	11,699		13,399
Accrued professional fees	9,229		8,668

Other	22,556		25,525
Total accrued expenses and other liabilities	$	138,823	$	127,084

Operating lease liabilities (Note 15)	$	54,417	$	25,442
Long-term contingent liability (Note 4)	2,500		11,900
Other long-term liabilities	5,933		8,813
Total other long-term liabilities	$	62,850	$	46,155

Intangibles, Net - Schedule of Expected Future Amortization Expense Related to Intangible Assets (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 11,300
2024	39,729
2025	24,409
2026	25,209
2027	19,681
2028 and thereafter	42,966
Total	$ 163,294

Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Property, Plant & Equipment [Line Items]
Depreciation and amortization expense	$ 2.9	$ 3.9		$ 9.6	$ 10.3
Noncash impairment			$ 6.0
Disposed of by Sale
Property, Plant & Equipment [Line Items]
Disposal group consideration						$ 10.0

Other Income (Tables)

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Schedule of Other Income

Other income consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Foreign currency losses	$	9	$	145	$	31	$	189
Tax indemnification loss, net	3,672		1,460		3,344		668
Interest income	(4,540)		(504)		(12,090)		(551)
Gain on sale of RELISTOR licensed intangible asset associated with net sales royalties	(51,789)		—		(51,789)		—
Other	(1)		—		142		—
Total other (income) expense, net	$	(52,649)	$	1,101	$	(60,362)	$	306

Other Income

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Other Income

Other income consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Foreign currency losses	$	9	$	145	$	31	$	189
Tax indemnification loss, net	3,672		1,460		3,344		668
Interest income	(4,540)		(504)		(12,090)		(551)
Gain on sale of RELISTOR licensed intangible asset associated with net sales royalties	(51,789)		—		(51,789)		—
Other	(1)		—		142		—
Total other (income) expense, net	$	(52,649)	$	1,101	$	(60,362)	$	306

Revenue from Contracts with Customers (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) productCategory	Sep. 30, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Revenues	$ 319,946	$ 239,292		$ 942,430	$ 671,895
Total amount awarded			$ 24,000
Product categories \| productCategory				3
Product revenue, net
Disaggregation of Revenue [Line Items]
Revenues	319,508	233,366		$ 925,848	631,157
License and royalty revenues
Disaggregation of Revenue [Line Items]
Revenues	438	5,926		16,582	40,738
PYLARIFY
Disaggregation of Revenue [Line Items]
Revenues	215,428	143,754		621,419	366,763
Other radiopharmaceutical oncology
Disaggregation of Revenue [Line Items]
Revenues	848	928		2,383	3,183
Total radiopharmaceutical oncology
Disaggregation of Revenue [Line Items]
Revenues	216,276	144,682		623,802	369,946
Total precision diagnostics
Disaggregation of Revenue [Line Items]
Revenues	96,348	89,009		289,543	262,316
DEFINITY
Disaggregation of Revenue [Line Items]
Revenues	67,336	60,740		206,688	181,374
TechneLite
Disaggregation of Revenue [Line Items]
Revenues	23,272	22,094		65,853	64,139
Other precision diagnostics
Disaggregation of Revenue [Line Items]
Revenues	5,740	6,175		17,002	16,803
Strategic partnerships and other revenue
Disaggregation of Revenue [Line Items]
Revenues	$ 7,322	$ 5,601		$ 29,085	$ 39,633

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenues	$ 319,946	$ 239,292	$ 942,430	$ 671,895
Cost of goods sold	119,995	91,859	462,756	257,363
Gross profit	199,951	147,433	479,674	414,532
Operating expenses
Sales and marketing	37,399	25,414	106,472	73,260
General and administrative	35,741	23,759	85,163	93,945
Research and development	14,450	12,517	60,883	39,455
Total operating expenses	87,590	61,690	252,518	206,660
Operating income	112,361	85,743	227,156	207,872
Interest expense	5,054	1,626	14,978	4,604
Other (income) expense	(52,649)	1,101	(60,362)	306
Income before income taxes	159,956	83,016	272,540	202,962
Income tax expense	27,999	21,784	49,259	55,710
Net income	$ 131,957	$ 61,232	$ 223,281	$ 147,252
Net income per common share:
Basic (in dollars per share)	$ 1.93	$ 0.89	$ 3.27	$ 2.15
Diluted (in dollars per share)	$ 1.88	$ 0.86	$ 3.18	$ 2.08
Weighted-average common shares outstanding:
Basic (in shares)	68,436	68,756	68,188	68,482
Diluted (in shares)	70,046	71,075	70,268	70,669

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Cost of goods sold	$	2,508	$	1,268	$	6,381	$	3,263
Sales and marketing	2,823		1,745		7,044		4,433
General and administrative	6,741		3,991		17,813		10,777
Research and development	1,904		1,099		5,097		2,665
Total stock-based compensation expense	$	13,976	$	8,103	$	36,335	$	21,138

Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

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


(in thousands)	September 30, 2023		December 31, 2022
Land	$	9,480	$	13,450
Buildings	69,425		76,329
Machinery, equipment and fixtures	101,196		92,604
Computer software	26,515		25,864
Construction in progress	37,742		14,047
	244,358		222,294
Less: accumulated depreciation and amortization	(104,065)		(100,128)
Total property, plant and equipment, net	$	140,293	$	122,166

Depreciation and amortization expense related to property, plant and equipment, net, was $2.9 million and $3.9 million for the three months ended September 30, 2023 and 2022, respectively, and $9.6 million and $10.3 million for the nine months ended September 30, 2023 and 2022, respectively.

During the three months ended June 30, 2023, as a result of a decline in expected future cash flows related to a certain asset group, the Company determined certain impairment triggers had occurred. The Company reviewed revised undiscounted cash flows that were estimated to be generated by the asset group as of June 30, 2023. Based on the undiscounted cash flow analysis, the Company determined that the asset group had net carrying values that exceeded their estimated undiscounted future cash flows. The Company then estimated the fair value of the asset group based on their discounted cash flows. The carrying value exceeded the fair value and as a result, the Company recorded a noncash impairment of $6.0 million for the six months ended June 30, 2023 in cost of goods sold in the condensed consolidated statements of operations.

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 September 30, 2023. The purchase price for the campus sale is $10.0 million in cash. The transaction is expected to close during the first half of 2024.

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant, and Equipment, Net

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


(in thousands)	September 30, 2023		December 31, 2022
Land	$	9,480	$	13,450
Buildings	69,425		76,329
Machinery, equipment and fixtures	101,196		92,604
Computer software	26,515		25,864
Construction in progress	37,742		14,047
	244,358		222,294
Less: accumulated depreciation and amortization	(104,065)		(100,128)
Total property, plant and equipment, net	$	140,293	$	122,166

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%

Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 01, 2023	Dec. 31, 2022	Feb. 28, 2022
Assets
Operating	$ 45,910		$ 19,033
Finance	1,406		582
Total leased assets	47,316		19,615
Current liabilities
Operating	1,799		2,177
Finance	703		354
Non-Current Liabilities:
Operating	54,417		25,442
Finance	422		231
Total leased liabilities	$ 57,341		$ 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
Assets
Operating	$ 6,000	$ 23,500
Non-Current Liabilities:
Operating lease liability	$ 6,000	$ 23,500		$ 11,000
Operating lease term	15 years 3 months 29 days

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 26,936	$ 19,987
Work in process	9,968	8,234
Finished goods	19,558	7,254
Total inventory	$ 56,462	$ 35,475