UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 22, 2016

LANTHEUS HOLDINGS, INC.
(Exact name of registrant as specified in its charter)

 
 	 	 	 	 	
Delaware	 	001-36569	 	35-2318913	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	
331 Treble Cove Road, North Billerica, MA 01862
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (978) 671-8001
Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02.	Results of Operations and Financial Condition.	
On February 22, 2016, Lantheus Holdings, Inc. (the “Company”) announced via press release its financial results as of and for the three and twelve months ended December 31, 2015. A copy of that press release is being furnished as Exhibit 99.1 and is hereby incorporated by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
 
Item 9.01.	Financial Statements and Exhibits.	
 
(d)	Exhibits	

Exhibit
No.	  	Description	
 	 	
99.1*	  	Press release of Lantheus Holdings, Inc. dated February 22, 2016, announcing its financial results as of and for the three and twelve months ended December 31, 2015.	
 
*	Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.	

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

LANTHEUS HOLDINGS, INC.	
 	 	
By:	 	/s/ Michael P. Duffy	
Name:	 	Michael P. Duffy	
Title:	 	General Counsel and Senior Vice President, Strategy and Business Development	
Date: February 22, 2016

EXHIBIT INDEX

Exhibit
No.	  	Description	
 	 	
99.1*	  	Press release of Lantheus Holdings, Inc. dated February 22, 2016, announcing its financial results as of and for the three and twelve months ended December 31, 2015.	
 
*	Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.	

Exhibit 99.1

 	  	 
331 Treble Cove Road
 
North Billerica, MA 01862	  	 
800.362.2668
 
www.lantheus.com	
FOR RELEASE 4:02 PM EASTERN
MONDAY, FEBRUARY 22, 2016
CONTACTS:
Meara Murphy
978-671-8508
Lantheus Holdings, Inc. Reports 2015 Fourth Quarter and Full Year
Financial Results; Provides 2016 Guidance
Lantheus posts fourth quarter net income of $3.9 million and Adjusted EBITDA of $18.3 million;
Full year adjusted net income of $14.2 million and Adjusted EBITDA of $76.3 million
Fourth quarter worldwide DEFINITY® revenue increased 13% as-reported
NORTH BILLERICA, Mass., February 22, 2016 – Lantheus Holdings, Inc. (the “Company”) (NASDAQ: LNTH), parent company of  Lantheus Medical Imaging, Inc.  (“LMI”), a global leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products, today reported financial results for its fourth quarter and full year ended December 31, 2015.
The Company’s worldwide revenue for the fourth quarter of 2015 totaled $71.2 million, representing a decrease of 7% as-reported compared to $77.0 million reported for the fourth quarter of 2014. Constant currency revenue decreased by 5% versus the prior year period. Fourth quarter worldwide revenue reflects decreased revenues as a result of lower sales volumes for TechneLite ®  from a major customer offset by revenue gains with DEFINITY ®  and Xenon.
Net income for the fourth quarter of 2015 totaled $3.9 million or $0.13 per diluted share, an improvement of $3.7 million compared to a net income of $200,000 or $0.01 per diluted share in the fourth quarter of 2014. Fourth quarter net income results reflect gross margin expansion driven by the continued strong performance of DEFINITY along with growth of Xenon driven by non-contracted status with certain key customers and favorability on expenses.
The Company’s fourth quarter 2015 Adjusted EBITDA, as defined in the GAAP to non-GAAP reconciliation provided later in this release, was $18.3 million, or 25.7% of reported revenue, compared to $19.4 million, or 25.2% of reported revenue, in the fourth quarter of 2014. Lower Adjusted EBITDA was driven by lower sales of TechneLite. EBITDA margin improvement was driven by gross margin expansion, product mix and good expense management.
For full year 2015, worldwide revenue totaled $293.5 million, a 2.7% decrease on an as-reported basis from $301.6 million in 2014. On a constant currency basis, revenue was consistent with prior year. Full year 2015 net income, as adjusted, totaled $14.2 million, an improvement of $16.6 million, compared to a net loss, as adjusted, of $2.4 million for 2014. Full year 2015 Adjusted EBITDA totaling $76.3 million, represented 26.0% of reported revenue for the year, and grew 7.9% compared to $70.8 million reported for 2014. The attached financial tables include a reconciliation of U.S. GAAP to as-adjusted results.

Mary Anne Heino, President and CEO commented, “We are pleased with our 2015 financial results. We met our revenue guidance and exceeded Adjusted EBITDA guidance. The Adjusted EBITDA results are attributable primarily to product mix together with good expense management. We made positive progress on executing our business strategy, including growing our key product, DEFINITY. DEFINITY posted 17% top line growth in a market where we continue to see increased use of contrast agents in suboptimal echocardiogram studies. Additionally, in the fourth quarter we significantly expanded our Operating and Adjusted EBITDA margins over last year, driving those margins to 17% and 26%, respectively.
Ms. Heino continued, “Looking to 2016 and beyond, we now have supply agreements with the four largest radiopharmacy providers in the U.S. These supply agreements specify product volumes for key nuclear medicine products. In particular, we entered into multiple year agreements with these key Xenon customers to ensure committed volumes at lower Xenon prices, which will negatively affect revenue, net income and Adjusted EBITDA in 2016 versus 2015 but will provide for additional revenue and unit volumes in 2017. In 2016, we will continue to focus on optimizing revenue and unit volumes in our commercial portfolio while creating further efficiencies in our business footprint. In addition, we will actively advance our development pipeline and continue to pursue business development opportunities to strengthen our product offering and manufacturing capabilities. In summary, we believe our leading position in the echo market and the steps we are taking in the balance of our business create a strong foundation in 2016 and a platform for increased revenue and unit volumes in 2017 and beyond.”
Outlook
The Company anticipates worldwide revenue for full year 2016 of approximately $285 million to $290 million, compared to $293.5 million in 2015. This lower revenue level is driven primarily by its new Xenon contracts with key customers that specify committed volumes at lower prices. This is largely offset by positive growth in DEFINITY and, to a lesser extent, by improved revenue from its nuclear products. For the first quarter of 2016, the Company expects worldwide revenue in the range of $72 million to $74 million.
The Company anticipates full year 2016 Adjusted EBITDA, as described in the GAAP to non-GAAP reconciliation provided later in this release, of $60 million to $64 million, measuring 21% to 22% of reported worldwide revenue. This lower level from full year 2015 is driven primarily by its new Xenon contracts with key customers that specify committed volumes at lower prices. With anticipated increased volumes in 2017 for Xenon and other key nuclear products, the Company believes 2017 revenue and Adjusted EBITDA levels will improve in comparison to 2016. For the first quarter of 2016, the Company expects Adjusted EBITDA in the range of $14 million to $16 million.
The Company’s guidance does not give effect to the impact or timing of Xenon competition other than the committed volumes and new pricing levels previously described.
The Company’s guidance for worldwide revenue and Adjusted EBITDA are forward-looking statements. They are subject to various risks and uncertainties that could cause the Company’s actual results to differ materially from the anticipated targets. The anticipated targets are not predictions of the Company’s actual performance. See the cautionary information about forward-looking statements in the “Safe-Harbor Statement” section of this press release.

Internet Posting of Information
The Company routinely posts information that may be important to investors in the “Investor Relations” section of its website at  www.lantheus.com . The Company encourages investors and potential investors to consult its website regularly for important information about the Company.
Conference Call and Webcast
As previously announced, the Company will host a conference call starting at 4:30 p.m. (Eastern Time) today. To access the live conference call via telephone, please dial 1-866-498-8390 (U.S. callers) or 1-678-509-7599 (international callers) and provide passcode 42121023. A live audio webcast of the call also will be available on the homepage of the Company’s website at www.lantheus.com .
A replay of the telephone conference call and audio webcast will be available from approximately 8:30 p.m. ET on February 22, 2016 through midnight on March 7, 2016. To access a replay of the conference call, dial 1-855-859-2056 (U.S. callers) or 1-404-537-3406 (international callers), and provide passcode 42121023. A replay of this conference call will also be available in the Investor Relations section of our website located at  www.lantheus.com .
The conference call will include a discussion of non-GAAP financial measures. Reference is made to the most directly comparable GAAP financial measures, the reconciliation of the differences between the two financial measures, and the other information included in this press release, our Form 8-K filed with the SEC today, or otherwise available in the Investor Relations section of our website located at  www.lantheus.com .
The conference call may include forward-looking statements. See the cautionary information about forward-looking statements in the safe-harbor section of this press release.
About Lantheus Holdings, Inc. and Lantheus Medical Imaging, Inc.
Lantheus Holdings, Inc. is the parent company of LMI, which is a global leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products. LMI provides a broad portfolio of products, which are primarily used for the diagnosis of cardiovascular diseases. LMI’s key products include the echocardiography contrast agent DEFINITY ®  Vial for (Perflutren Lipid Microsphere) Injectable Suspension; TechneLite ®  (Technetium Tc99m Generator), a technetium-based generator that provides the essential medical isotope used in nuclear medicine procedures; and Xenon (Xenon Xe 133 Gas), an inhaled radiopharmaceutical imaging agent used to evaluate pulmonary function and for imaging the lungs. The Company is headquartered in North Billerica, Massachusetts with offices in Puerto Rico, Canada and Australia. For more information, visit  www.lantheus.com .
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as net sales excluding the impact of foreign currency; operating income, as adjusted; net income, as adjusted; Adjusted EBITDA; net income, as adjusted, per diluted share; Adjusted EBITDA per diluted share; and free cash flow. The Company’s management believes

that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. The measures may exclude such items which may be highly variable, difficult to predict and of a size that could have substantial impact on the Company’s reported results of operations for a period. Management uses these and other non-GAAP measures internally for evaluation of the performance of the business, including the allocation of resources and the evaluation of results relative to employee performance compensation targets. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.
Safe Harbor for Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” as defined under U.S. federal securities laws, including statements about our 2016 outlook. These statements reflect management’s current knowledge, assumptions, beliefs, estimates and expectations and express management’s current view of future performance, results and trends. Forward-looking statements may be identified by their use of terms such as anticipate, believe, confident, could, estimate, expect, intend, may, plan, predict, project, target, will and other similar terms. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements are discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section of our prospectus dated June 24, 2015 and filed with the SEC on June 26, 2015, and as may be further set forth or supplemented in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q ).
– Tables Follow –

Lantheus Holdings, Inc. and subsidiaries
Condensed Consolidated Statements of Operations
(dollars in thousands, except share data – unaudited)

 	  	Three Months Ended
December 31,	 	 	Twelve Months Ended
December 31,	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
Revenues	  	$	71,201	  	 	$	76,969	  	 	$	293,461	  	 	$	301,600	  	
Cost of goods sold	  	 	37,820	  	 	 	44,208	  	 	 	157,939	  	 	 	176,081	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	33,381	  	 	 	32,761	  	 	 	135,522	  	 	 	125,519	  	
Operating expenses	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales and marketing expenses	  	 	7,806	  	 	 	7,889	  	 	 	34,740	  	 	 	35,116	  	
General and administrative expenses	  	 	10,121	  	 	 	8,430	  	 	 	43,894	  	 	 	37,313	  	
Research and development expenses	  	 	3,066	  	 	 	4,715	  	 	 	14,358	  	 	 	13,673	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	20,993	  	 	 	21,034	  	 	 	92,992	  	 	 	86,102	  	
Operating income	  	 	12,388	  	 	 	11,727	  	 	 	42,530	  	 	 	39,417	  	
Interest expense	  	 	(7,098	) 	 	 	(10,564	) 	 	 	(38,715	) 	 	 	(42,288	) 	
Interest income	  	 	6	  	 	 	7	  	 	 	24	  	 	 	27	  	
Loss on extinguishment of debt	  	 	—  	  	 	 	—  	  	 	 	(15,528	) 	 	 	—  	  	
Other income (expense), net	  	 	(323	) 	 	 	626	  	 	 	(89	) 	 	 	478	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	 	4,973	  	 	 	1,796	  	 	 	(11,778	) 	 	 	(2,366	) 	
Provision for income taxes	  	 	1,057	  	 	 	1,569	  	 	 	2,968	  	 	 	1,195	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	3,916	  	 	$	227	  	 	$	(14,746	) 	 	$	(3,561	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) per common share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	$	0.13	  	 	$	0.01	  	 	$	(0.60	) 	 	$	(0.20	) 	
Diluted	  	$	0.13	  	 	$	0.01	  	 	$	(0.60	) 	 	$	(0.20	) 	
Common shares	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	30,364,501	  	 	 	18,080,968	  	 	 	24,439,845	  	 	 	18,080,615	  	
Diluted	  	 	30,364,914	  	 	 	19,308,598	  	 	 	24,439,845	  	 	 	18,080,615	  	

Lantheus Holdings, Inc. and subsidiaries
Consolidated Revenue Analysis
(dollars in thousands – unaudited)

 	  	Three Months Ended
December 31,	 	 	Twelve Months Ended
December 31,	 	
 	  	2015	 	  	2014	 	  	% change	 	 	2015	 	  	2014	 	  	% change	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
U.S.	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	28,324	  	  	 	25,080	  	  	 	12.9	% 	 	 	109,656	  	  	 	93,848	  	  	 	16.8	% 	
TechneLite	  	 	14,667	  	  	 	20,719	  	  	 	(29.2	)% 	 	 	62,034	  	  	 	82,321	  	  	 	(24.6	)% 	
Xenon	  	 	10,931	  	  	 	9,023	  	  	 	21.1	% 	 	 	48,868	  	  	 	36,542	  	  	 	33.7	% 	
Other	  	 	3,645	  	  	 	6,890	  	  	 	(47.1	)% 	 	 	15,266	  	  	 	23,809	  	  	 	(35.9	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total U.S.	  	$	57,567	  	  	$	61,712	  	  	 	(6.7	)% 	 	$	235,824	  	  	$	236,520	  	  	 	(0.3	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
International	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	558	  	  	 	545	  	  	 	2.4	% 	 	 	2,203	  	  	 	1,912	  	  	 	15.2	% 	
TechneLite	  	 	2,450	  	  	 	2,691	  	  	 	(9.0	)% 	 	 	10,528	  	  	 	11,267	  	  	 	(6.6	)% 	
Xenon	  	 	2	  	  	 	1	  	  	 	100.0	% 	 	 	30	  	  	 	7	  	  	 	328.6	% 	
Other	  	 	10,624	  	  	 	12,020	  	  	 	(11.6	)% 	 	 	44,876	  	  	 	51,894	  	  	 	(13.5	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total International	  	$	13,634	  	  	$	15,257	  	  	 	(10.6	)% 	 	$	57,637	  	  	$	65,080	  	  	 	(11.4	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Worldwide	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	28,882	  	  	 	25,625	  	  	 	12.7	% 	 	 	111,859	  	  	 	95,760	  	  	 	16.8	% 	
TechneLite	  	 	17,117	  	  	 	23,410	  	  	 	(26.9	)% 	 	 	72,562	  	  	 	93,588	  	  	 	(22.5	)% 	
Xenon	  	 	10,933	  	  	 	9,024	  	  	 	21.2	% 	 	 	48,898	  	  	 	36,549	  	  	 	33.8	% 	
Other	  	 	14,269	  	  	 	18,910	  	  	 	(24.5	)% 	 	 	60,142	  	  	 	75,703	  	  	 	(20.6	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total Revenues	  	$	71,201	  	  	$	76,969	  	  	 	(7.5	)% 	 	$	293,461	  	  	$	301,600	  	  	 	(2.7	)% 	

Lantheus Holdings, Inc. and subsidiaries
Supplemental Revenue Information
(unaudited)

 	  	December 31, 2015 Quarter to Date Sales Growth/(Decline)	 	
 	  	Domestic As
Reported	 	 	Int’l
Constant
Currency	 	 	Int’l As
Reported	 	 	Total
Constant
Currency	 	 	Total As
Reported	 	
Products	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DEFINITY	  	 	13	% 	 	 	21	% 	 	 	2	% 	 	 	13	% 	 	 	13	% 	
TechneLite	  	 	(29	)% 	 	 	4	% 	 	 	(9	)% 	 	 	(25	)% 	 	 	(27	)% 	
Xenon	  	 	21	% 	 	 	100	% 	 	 	100	% 	 	 	21	% 	 	 	21	% 	
Other	  	 	(47	)% 	 	 	(1	)% 	 	 	(12	)% 	 	 	(18	)% 	 	 	(25	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	(7	)% 	 	 	0	% 	 	 	(11	)% 	 	 	(5	)% 	 	 	(7	)% 	

 	  	December 31, 2015 Year to Date Sales Growth/(Decline)	 	
 	  	Domestic As
Reported	 	 	Int’l
Constant
Currency	 	 	Int’l As
Reported	 	 	Total
Constant
Currency	 	 	Total As
Reported	 	
Products	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DEFINITY	  	 	17	% 	 	 	34	% 	 	 	15	% 	 	 	17	% 	 	 	17	% 	
TechneLite	  	 	(25	)% 	 	 	5	% 	 	 	(7	)% 	 	 	(21	)% 	 	 	(22	)% 	
Xenon	  	 	34	% 	 	 	386	% 	 	 	329	% 	 	 	34	% 	 	 	34	% 	
Other	  	 	(36	)% 	 	 	(4	)% 	 	 	(14	)% 	 	 	(14	)% 	 	 	(21	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	0	% 	 	 	(1	)% 	 	 	(11	)% 	 	 	0	% 	 	 	(3	)% 	

Lantheus Holdings, Inc. and subsidiaries
Reconciliation of Revenues to Revenues Excluding the Impact of Foreign Currency
(dollars in thousands – unaudited)

 	  	Three Months Ended December 31, 2015	 	  	Twelve Months Ended December 31, 2015	 	
 	  	International Net Sales	 	  	Total Net Sales	 	  	International Net Sales	 	  	Total Net Sales	 	
Net sales, as reported	  	$	13,634	  	  	$	71,201	  	  	$	57,637	  	  	$	293,461	  	
Currency impact as compared to prior period	  	 	1,687	  	  	 	1,687	  	  	 	6,833	  	  	 	6,833	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net sales, excluding the impact of foreign currency	  	$	15,321	  	  	$	72,888	  	  	$	64,470	  	  	$	300,294	  	

Lantheus Holdings, Inc. and subsidiaries
Reconciliations of As Reported Results to Non-GAAP Financial Measures
(dollars in thousands – unaudited)

 	  	Three Months Ended
December 31,	 	 	Twelve Months Ended
December 31,	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
Operating Income	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income, as reported	  	$	12,388	  	 	$	11,727	  	 	$	42,530	  	 	$	39,417	  	
Reconciling items impacting	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	 	—  	  	 	 	—  	  	 	 	3,630	  	 	 	—  	  	
Sponsor Termination Costs	  	 	—  	  	 	 	—  	  	 	 	6,527	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income, as adjusted	  	$	12,388	  	 	$	11,727	  	 	$	52,687	  	 	$	39,417	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income, as adjusted, as a percentage of net sales	  	 	17.4	% 	 	 	15.2	% 	 	 	18.0	% 	 	 	13.1	% 	

 	  	Three Months Ended
December 31,	 	 	Twelve Months Ended
December 31,	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
Net income (loss)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss), as reported	  	$	3,916	  	 	$	227	  	 	$	(14,746	) 	 	$	(3,561	) 	
Reconciling items impacting	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Profit:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	 	—  	  	 	 	—  	  	 	 	77	  	 	 	—  	  	
Reconciling items impacting	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	 	—  	  	 	 	1,210	  	 	 	3,553	  	 	 	1,210	  	
Sponsor Termination Costs	  	 	—  	  	 	 	—  	  	 	 	6,527	  	 	 	—  	  	
Reconciling items impacting	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-operating Expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss on Debt Extinguishment	  	 	—  	  	 	 	—  	  	 	 	15,528	  	 	 	—  	  	
Interest Upon Redemption of Senior Notes	  	 	—  	  	 	 	—  	  	 	 	3,250	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss), as adjusted	  	$	3,916	  	 	$	1,437	  	 	$	14,189	  	 	$	(2,351	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss), as adjusted, as a percentage of net sales	  	 	5.5	% 	 	 	1.9	% 	 	 	4.8	% 	 	 	(0.8	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss), as adjusted, per common share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	$	0.13	  	 	$	0.08	  	 	$	0.58	  	 	$	(0.13	) 	
Diluted	  	$	0.13	  	 	$	0.07	  	 	$	0.57	  	 	$	(0.13	) 	
Common shares	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	30,364,501	  	 	 	18,080,968	  	 	 	24,439,845	  	 	 	18,080,615	  	
Diluted	  	 	30,364,914	  	 	 	19,308,598	  	 	 	24,733,592	  	 	 	18,080,615	  	

Lantheus Holdings, Inc. and subsidiaries
Reconciliation of As Reported Results to Non-GAAP Financial Measures
(dollars in thousands – unaudited)

 	  	Three Months Ended
December 31,	 	 	Twelve Months Ended
December 31,	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
EBITDA	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss), as reported	  	$	3,916	  	 	$	227	  	 	$	(14,746	) 	 	$	(3,561	) 	
Interest expense, net	  	 	7,092	  	 	 	10,557	  	 	 	38,691	  	 	 	42,261	  	
Provision for income taxes	  	 	619	  	 	 	977	  	 	 	1,314	  	 	 	441	  	
Depreciation	  	 	2,164	  	 	 	3,387	  	 	 	11,813	  	 	 	9,901	  	
Amortization of intangible assets	  	 	2,160	  	 	 	2,275	  	 	 	7,838	  	 	 	9,123	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	  	 	15,951	  	 	 	17,423	  	 	 	44,910	  	 	 	58,165	  	
Reconciling items impacting	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-cash stock-based compensation	  	 	478	  	 	 	249	  	 	 	2,002	  	 	 	1,031	  	
Legal fees relating to business interruption claim	  	 	5	  	 	 	186	  	 	 	72	  	 	 	1,113	  	
Asset write-off	  	 	286	  	 	 	107	  	 	 	1,468	  	 	 	1,257	  	
Severance and recruiting costs	  	 	507	  	 	 	306	  	 	 	1,360	  	 	 	818	  	
Sponsor fee and other	  	 	—  	  	 	 	321	  	 	 	7,340	  	 	 	3,412	  	
Extinguishment of debt	  	 	—  	  	 	 	—  	  	 	 	15,528	  	 	 	—  	  	
New manufacturer costs	  	 	1,081	  	 	 	771	  	 	 	3,649	  	 	 	4,959	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	18,308	  	 	$	19,363	  	 	$	76,329	  	 	$	70,755	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA as a percentage of net sales	  	 	25.7	% 	 	 	25.2	% 	 	 	26.0	% 	 	 	23.5	% 	

Lantheus Holdings, Inc. and subsidiaries
Reconciliation of Free Cash Flow
(dollars in thousands – unaudited)

 	  	Three Months Ended	 	 	Twelve Months Ended	 	
 	  	December 31, 2015	 	 	December 31, 2014	 	 	December 31, 2015	 	 	December 31, 2014	 	
Net cash provided by (used in) operating activities	  	$	12,626	  	 	$	(3,875	) 	 	$	21,762	  	 	$	11,590	  	
Capital expenditures	  	 	(4,732	) 	 	 	(2,834	) 	 	 	(13,151	)	 	 	(8,137	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow	  	$	7,894	  	 	$	(6,709	) 	 	$	8,611	  	 	$	3,453	  	

Lantheus Holdings, Inc. and subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands – unaudited)

 	  	December 31, 2015	 	 	December 31, 2014	 	
Assets	  	 	 	 	 	 	 	 	
Current assets	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	28,596	  	 	$	19,739	  	
Accounts receivable, net	  	 	37,293	  	 	 	41,540	  	
Inventory	  	 	15,622	  	 	 	15,582	  	
Other current assets	  	 	3,946	  	 	 	4,374	  	
Assets held for sale	  	 	4,644	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	90,101	  	 	 	81,235	  	
Property, plant and equipment, net	  	 	86,517	  	 	 	96,014	  	
Capitalized software development costs, net	  	 	9,137	  	 	 	2,421	  	
Intangibles, net	  	 	20,496	  	 	 	27,191	  	
Goodwill	  	 	15,714	  	 	 	15,714	  	
Other long-term assets	  	 	20,414	  	 	 	20,578	  	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	242,379	  	 	$	243,153	  	
 	  	 	 	 	 	 	 	 	
Liabilities and stockholders’ deficit	  	 	 	 	 	 	 	 	
Current liabilities	  	 	 	 	 	 	 	 	
Current portion of long-term debt	  	$	3,650	  	 	$	—  	  	
Line of credit	  	 	—  	  	 	 	8,000	  	
Accounts payable	  	 	11,657	  	 	 	15,665	  	
Accrued expenses and other liabilities	  	 	18,696	  	 	 	24,863	  	
Liabilities held for sale	  	 	1,715	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	35,718	  	 	 	48,528	  	
Asset retirement obligation	  	 	8,145	  	 	 	7,435	  	
Long-term debt, net	  	 	349,858	  	 	 	392,863	  	
Other long-term liabilities	  	 	33,947	  	 	 	33,597	  	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	427,668	  	 	 	482,423	  	
 	  	 	 	 	 	 	 	 	
Stockholders’ deficit	  	 	(185,289	) 	 	 	(239,270	) 	
 	  	 	 	 	 	 	 	 	
Total liabilities and stockholders’ deficit	  	$	242,379	  	 	$	243,153	  	
 	  	 	 	 	 	 	 	 	
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