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

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 21, 2017

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

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

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

 

Item 2.02.	Results of Operations and Financial Condition.	
On February 21, 2017, Lantheus Holdings, Inc. (the “Company”) announced via press release its financial results as of and for the three and twelve month periods ended December 31, 2016. A copy of that press release is being furnished as Exhibit 99.1 and is hereby incorporated by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
 
Item 9.01.	Financial Statements and Exhibits.	
(d) Exhibits

Exhibit
No.	  	Description	
 	 	
99.1*	  	Press release of Lantheus Holdings, Inc. dated February 21, 2017, entitled “Lantheus Holdings, Inc. Reports 2016 Fourth Quarter and Full Year Financial Results; Provides 2017 Guidance.”	
 
*	Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.	

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

LANTHEUS HOLDINGS, INC.	
 	 	
By:	 	/s/ Michael P. Duffy	
Name:
Title:	 	Michael P. Duffy
General Counsel and Senior Vice President, Strategy and Business Development	
Date: February 21, 2017

EXHIBIT INDEX

Exhibit
No.	  	Description	
 	 	
99.1*	  	Press release of Lantheus Holdings, Inc. dated February 21, 2017, entitled “Lantheus Holdings, Inc. Reports 2016 Fourth Quarter and Full Year Financial Results; Provides 2017 Guidance.”	
 
*	Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.	

Exhibit 99.1

 	  	331 Treble Cove Road

North Billerica, MA 01862	  	800.362.2668

www.lantheus.com	
Lantheus Holdings, Inc. Reports 2016 Fourth Quarter and Full Year Financial Results; Provides 2017 Guidance
Company exceeds full year 2016 guidance, posts revenue of $301.9 million, net income of $26.8 million and
Adjusted EBITDA of $78.3 million
NORTH BILLERICA, Mass., February 21, 2017 –Lantheus Holdings, Inc. (the “Company”) (NASDAQ: LNTH), parent company of  Lantheus Medical Imaging, Inc.  (“LMI”), a global leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products, today reported financial results for its fourth quarter and full year ended December 31, 2016.
The Company’s worldwide revenues for the fourth quarter of 2016 totaled $74.4 million, compared to $71.2 million for the fourth quarter of 2015. For the full year 2016, worldwide revenues totaled $301.9 million, compared to $293.5 in 2015, exceeding 2016 guidance of $296 million to $299 million. Revenue results were driven by growth in sales of DEFINITY ® and TechneLite ® , partially offset by price concessions for Xenon as part of the Company’s nuclear products contracting strategy as well as the divestiture of the Company’s Canadian and Australian radiopharmacy businesses.
Net income for the fourth quarter of 2016 totaled $4.9 million or $0.13 per diluted share, compared to $3.9 million or $0.13 per diluted share for the fourth quarter of 2015. Full year 2016 net income totaled $26.8 million, compared to a net loss of $14.7 million in 2015. The full year $41.5 million improvement is primarily attributable to operational improvements, decreased interest expense and one-time activities in 2015 associated with the Company’s initial public offering and debt refinancing.
The Company’s fourth quarter 2016 Adjusted EBITDA (as defined below in the GAAP to non-GAAP reconciliation) was $19.8 million, or 26.7% of revenues, compared to $18.3 million, or 25.7% of revenues, in the fourth quarter of 2015. Full year 2016 Adjusted EBITDA was $78.3 million, or 25.9% of revenues, compared to $76.3 million, or 26.0% of revenues, for 2015, exceeding 2016 guidance of $73 million to $75 million. Higher Adjusted EBITDA was attributable to the strong performance of higher margin products in the U.S. and the Company’s shift to a distribution model in Canada and Australia, partially offset by the margin impact of price concessions attributed to the Company’s nuclear products contracting strategy and incremental sales and marketing expenses attributable to the growth of DEFINITY sales.
Mary Anne Heino, President and CEO, commented, “2016 was a successful year for the Company on a number of levels as we exceeded both revenue and Adjusted EBITDA guidance, delivering significant value to shareholders. Our strong results reflect 18.1% revenue growth of DEFINITY worldwide, execution of our nuclear products contracting strategy, and a consistent focus on optimizing our capital structure, including $75 million of reduction in our outstanding debt. We enter 2017 poised to drive continued growth while remaining focused on building our portfolio and strengthening the long-term financial results of the Company.”
Outlook
The Company anticipates worldwide revenues for full year 2017 of approximately $312 million to $317 million, compared to $301.9 million in 2016. For the first quarter of 2017, the Company expects worldwide revenues in the range of $77 million to $80 million.
The Company anticipates full year 2017 Adjusted EBITDA, as described in the GAAP to non-GAAP reconciliation provided later in this release, of $79 million to $82 million, representing 24.9% to 26.3% of anticipated worldwide revenues. For the first quarter of 2017, the Company expects Adjusted EBITDA in the range of $18 million to $20 million.
The Company’s guidance for worldwide revenues and Adjusted EBITDA are forward-looking statements. They are subject to various risks and uncertainties that could cause the Company’s actual results to differ materially from guidance. Forward-looking statements are not predictions of the Company’s actual performance. See the cautionary information about forward-looking statements in the “Safe-Harbor Statement” section of this press release.
 
Page 1 of 12

Internet Posting of Information
The Company routinely posts information that may be important to investors in the “Investors” section of its website at  www.lantheus.com . The Company encourages investors and potential investors to consult its website regularly for important information about the Company.
Conference Call and Webcast
As previously announced, the Company will host a conference call starting at 4:30 p.m. Eastern Time today. To access the live conference call via telephone, please dial 1-866-498-8390 (U.S. callers) or 1-678-509-7599 (international callers) and provide passcode 65019185. A live audio webcast of the call also will be available in the Investors section of the Company’s website at  www.lantheus.com .
A replay of the audio webcast will be available in the Investors section of our website at www.lantheus.com approximately two hours after completion of the call and will be archived for 30 days.
The conference call will include a discussion of non-GAAP financial measures. Reference is made to the most directly comparable GAAP financial measures, the reconciliation of the differences between the two financial measures, and the other information included in this press release, our Form 8-K filed with the SEC today, or otherwise available in the Investor Relations section of our website located at  www.lantheus.com .
The conference call may include forward-looking statements. See the cautionary information about forward-looking statements in the safe-harbor section of this press release.
About Lantheus Holdings, Inc. and Lantheus Medical Imaging, Inc.
Lantheus Holdings, Inc. is the parent company of LMI, a global leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products. LMI provides a broad portfolio of products, which are primarily used for the diagnosis of cardiovascular diseases. LMI’s key products include the echocardiography contrast agent DEFINITY ® Vial for (Perflutren Lipid Microsphere) Injectable Suspension; TechneLite ®  (Technetium Tc99m Generator), a technetium-based generator that provides the essential medical isotope used in nuclear medicine procedures; and Xenon (Xenon Xe 133 Gas), an inhaled radiopharmaceutical imaging agent used to evaluate pulmonary function and for imaging the lungs. The Company is headquartered in North Billerica, Massachusetts with offices in Puerto Rico and Canada. For more information, visit www.lantheus.com .
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as revenues excluding the impact of foreign currency; adjusted operating income; adjusted net income; Adjusted EBITDA; adjusted net income per share – diluted; and free cash flow. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. The measures may exclude such items which may be highly variable, difficult to predict and of a size that could have substantial impact on the Company’s reported results of operations for a period. Management uses these and other non-GAAP measures internally for evaluation of the performance of the business, including the allocation of resources and the evaluation of results relative to employee performance compensation targets. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.
Safe Harbor for Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” as defined under U.S. federal securities laws, including statements about our 2017 outlook. Forward-looking statements may be identified by their use of terms such as anticipate, believe, confident, could, estimate, expect, intend, may, plan, predict, project, target, will and other similar terms. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward- looking statements. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements are discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q). This press release includes forward-looking non-GAAP guidance for 2017 Adjusted EBITDA. No reconciliation of this forward-looking non-GAAP guidance was included in this press release because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.
– Tables Follow –
 
Page 2 of 12

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

 	  	Three Months Ended
December 31,	 	 	Year Ended
December 31,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Revenues	  	$	74,350	 	 	$	71,201	 	 	$	301,853	 	 	$	293,461	 	
Cost of goods sold	  	 	39,703	 	 	 	37,820	 	 	 	164,073	 	 	 	157,939	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	34,647	 	 	 	33,381	 	 	 	137,780	 	 	 	135,522	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales and marketing	  	 	8,686	 	 	 	7,806	 	 	 	36,542	 	 	 	34,740	 	
General and administrative	  	 	9,990	 	 	 	10,121	 	 	 	38,832	 	 	 	43,894	 	
Research and development	  	 	3,710	 	 	 	3,066	 	 	 	12,203	 	 	 	14,358	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	22,386	 	 	 	20,993	 	 	 	87,577	 	 	 	92,992	 	
Gain (loss) on sales of assets	  	 	(120	) 	 	 	—  	 	 	 	6,385	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	12,141	 	 	 	12,388	 	 	 	56,588	 	 	 	42,530	 	
Interest expense	  	 	(5,819	) 	 	 	(7,098	) 	 	 	(26,618	) 	 	 	(38,715	) 	
Debt retirement costs	  	 	(481	) 	 	 	—  	 	 	 	(1,896	) 	 	 	—  	 	
Loss on extinguishment of debt	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(15,528	) 	
Other (expense) income, net	  	 	(97	) 	 	 	(317	) 	 	 	220	 	 	 	(65	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	 	5,744	 	 	 	4,973	 	 	 	28,294	 	 	 	(11,778	) 	
Provision for income taxes	  	 	875	 	 	 	1,057	 	 	 	1,532	 	 	 	2,968	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	4,869	 	 	$	3,916	 	 	$	26,762	 	 	$	(14,746	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) per common share:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	$	0.13	 	 	$	0.13	 	 	$	0.84	 	 	$	(0.60	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	$	0.13	 	 	$	0.13	 	 	$	0.82	 	 	$	(0.60	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	36,172,609	 	 	 	30,364,501	 	 	 	32,043,904	 	 	 	24,439,845	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	 	37,853,125	 	 	 	30,364,914	 	 	 	32,655,958	 	 	 	24,439,845	 	

Page 3 of 12

Lantheus Holdings, Inc.
Consolidated Segment Revenues Analysis
(in thousands – unaudited)

 	  	Three Months Ended
December 31,	 	 	Year Ended
December 31,	 	
 	  	2016	 	  	2015	 	  	% Change	 	 	2016	 	  	2015	 	  	% Change	 	
United States	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	$	33,180	 	  	$	28,324	 	  	 	17.1	% 	 	$	128,677	 	  	$	109,656	 	  	 	17.3	% 	
TechneLite	  	 	21,130	 	  	 	14,667	 	  	 	44.1	% 	 	 	85,412	 	  	 	62,034	 	  	 	37.7	% 	
Xenon	  	 	7,458	 	  	 	10,931	 	  	 	(31.8	)% 	 	 	29,078	 	  	 	48,868	 	  	 	(40.5	)% 	
Other	  	 	2,965	 	  	 	3,645	 	  	 	(18.7	)% 	 	 	14,253	 	  	 	15,266	 	  	 	(6.6	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total United States	  	 	64,733	 	  	 	57,567	 	  	 	12.4	% 	 	 	257,420	 	  	 	235,824	 	  	 	9.2	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
International	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	932	 	  	 	558	 	  	 	67.0	% 	 	 	2,935	 	  	 	2,203	 	  	 	33.2	% 	
TechneLite	  	 	3,466	 	  	 	2,450	 	  	 	41.5	% 	 	 	13,805	 	  	 	10,528	 	  	 	31.1	% 	
Xenon	  	 	2	 	  	 	2	 	  	 	—  	 	 	 	8	 	  	 	30	 	  	 	(73.3	)% 	
Other	  	 	5,217	 	  	 	10,624	 	  	 	(50.9	)% 	 	 	27,685	 	  	 	44,876	 	  	 	(38.3	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total International	  	 	9,617	 	  	 	13,634	 	  	 	(29.5	)% 	 	 	44,433	 	  	 	57,637	 	  	 	(22.9	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Worldwide	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	34,112	 	  	 	28,882	 	  	 	18.1	% 	 	 	131,612	 	  	 	111,859	 	  	 	17.7	% 	
TechneLite	  	 	24,596	 	  	 	17,117	 	  	 	43.7	% 	 	 	99,217	 	  	 	72,562	 	  	 	36.7	% 	
Xenon	  	 	7,460	 	  	 	10,933	 	  	 	(31.8	)% 	 	 	29,086	 	  	 	48,898	 	  	 	(40.5	)% 	
Other	  	 	8,182	 	  	 	14,269	 	  	 	(42.7	)% 	 	 	41,938	 	  	 	60,142	 	  	 	(30.3	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total Revenues	  	$	74,350	 	  	$	71,201	 	  	 	4.4	% 	 	$	301,853	 	  	$	293,461	 	  	 	2.9	% 	

Page 4 of 12

Lantheus Holdings, Inc.
Supplemental Revenue Information
(unaudited)

 	  	December 31, 2016
Quarter to Date Sales Growth/(Decline)	 	
 	  	Domestic
AsReported	 	 	Int’l
Constant
Currency	 	 	Int’l As
Reported	 	 	Total
Constant
Currency	 	 	Total As
Reported	 	
Products	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DEFINITY	  	 	17.1	% 	 	 	67.2	% 	 	 	67.0	% 	 	 	18.1	% 	 	 	18.1	% 	
TechneLite	  	 	44.1	% 	 	 	41.7	% 	 	 	41.5	% 	 	 	43.7	% 	 	 	43.7	% 	
Xenon	  	 	(31.8	)% 	 	 	—  	 	 	 	—  	 	 	 	(31.8	)% 	 	 	(31.8	)% 	
Other	  	 	(18.7	)% 	 	 	(51.5	)% 	 	 	(50.9	)% 	 	 	(43.1	)% 	 	 	(42.7	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	12.4	% 	 	 	(29.9	)% 	 	 	(29.5	)% 	 	 	4.3	% 	 	 	4.4	% 	

 	  	December 31, 2016 Year to Date Sales Growth/(Decline)	 	
 	  	Domestic
AsReported	 	 	Int’l
Constant
Currency	 	 	Int’l As
Reported	 	 	Total
Constant
Currency	 	 	Total As
Reported	 	
Products	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DEFINITY	  	 	17.3	% 	 	 	37.7	% 	 	 	33.2	% 	 	 	17.7	% 	 	 	17.7	% 	
TechneLite	  	 	37.7	% 	 	 	35.6	% 	 	 	31.1	% 	 	 	37.4	% 	 	 	36.7	% 	
Xenon	  	 	(40.5	)% 	 	 	(73.3	)% 	 	 	(73.3	)% 	 	 	(40.5	)% 	 	 	(40.5	)% 	
Other	  	 	(6.6	)% 	 	 	(37.7	)% 	 	 	(38.3	)% 	 	 	(29.8	)% 	 	 	(30.3	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	9.2	% 	 	 	(21.4	)% 	 	 	(22.9	)% 	 	 	3.2	% 	 	 	2.9	% 	

Page 5 of 12

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

 	  	Three Months Ended
December 31, 2016	 	 	Year Ended
December 31, 2016	 	
 	  	International
Revenues	 	 	Total
Revenues	 	 	International
Revenues	 	  	Total
Revenues	 	
Revenues	  	$	9,617	 	 	$	74,350	 	 	$	44,433	 	  	$	301,853	 	
Currency impact as compared to prior period	  	 	(53	) 	 	 	(53	) 	 	 	860	 	  	 	860	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Revenues, excluding the impact of foreign currency	  	$	9,564	 	 	$	74,297	 	 	$	45,293	 	  	$	302,713	 	

Page 6 of 12

Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands – unaudited)

 	  	Three Months Ended
December 31,	 	 	Year Ended
December 31,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Operating income	  	$	12,141	 	 	$	12,388	 	 	$	56,588	 	 	$	42,530	 	
Reconciling items impacting Operating Income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus consolidation costs	  	 	1,181	 	 	 	—  	 	 	 	1,181	 	 	 	3,630	 	
Sponsor and other costs	  	 	117	 	 	 	—  	 	 	 	117	 	 	 	6,527	 	
Gain (loss) on sales of assets	  	 	120	 	 	 	—  	 	 	 	(6,385	) 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income	  	$	13,559	 	 	$	12,388	 	 	$	51,501	 	 	$	52,687	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income, as a percentage revenues	  	 	18.2	% 	 	 	17.4	% 	 	 	17.1	% 	 	 	18.0	% 	

 	  	Three Months Ended
December 31,	 	 	Year Ended
December 31,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Net income (loss)	  	$	4,869	 	 	$	3,916	 	 	$	26,762	 	 	$	(14,746	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciling items impacting Gross Profit:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus consolidation costs	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	77	 	
Reconciling items impacting Operating Expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus consolidation costs	  	 	1,181	 	 	 	—  	 	 	 	1,181	 	 	 	3,553	 	
Sponsor and other costs	  	 	117	 	 	 	—  	 	 	 	117	 	 	 	6,527	 	
Gain (loss) on sales of assets	  	 	120	 	 	 	—  	 	 	 	(6,385	) 	 	 	—  	 	
Reconciling items impacting Non-operating Expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debt retirement costs	  	 	481	 	 	 	—  	 	 	 	1,896	 	 	 	—  	 	
Loss on debt extinguishment	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	15,528	 	
Interest upon redemption of senior notes	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	3,250	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted net income	  	$	6,768	 	 	$	3,916	 	 	$	23,571	 	 	$	14,189	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted net income, as a percentage of revenues	  	 	9.1	% 	 	 	5.5	% 	 	 	7.8	% 	 	 	4.8	% 	

Page 7 of 12

Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)

 	  	Three Months Ended
December 31,	 	  	Year Ended
December 31,	 	
 	  	2016	 	  	2015	 	  	2016	 	 	2015	 	
Net income (loss) per common share – Diluted	  	$	0.13	 	  	$	0.13	 	  	$	0.82	 	 	$	(0.60	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Reconciling items impacting Gross Profit:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Campus consolidation costs	  	$	—  	 	  	$	—  	 	  	$	—  	 	 	$	—  	 	
Reconciling items impacting Operating Expenses:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Campus consolidation costs	  	$	0.04	 	  	$	—  	 	  	$	0.04	 	 	$	0.15	 	
Sponsor and other costs	  	$	—  	 	  	$	—  	 	  	$	—  	 	 	$	0.27	 	
Gain (loss) on sales of assets	  	$	—  	 	  	$	—  	 	  	$	(0.20	) 	 	$	—  	 	
Reconciling items impacting Non-operating Expenses:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Debt retirement costs	  	$	0.01	 	  	$	—  	 	  	$	0.06	 	 	$	—  	 	
Loss on debt extinguishment	  	$	—  	 	  	$	—  	 	  	$	—  	 	 	$	0.64	 	
Interest upon redemption of senior notes	  	$	—  	 	  	$	—  	 	  	$	—  	 	 	$	0.13	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Adjusted net income per common share – Diluted	  	$	0.18	 	  	$	0.13	 	  	$	0.72	 	 	$	0.59	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Weighted-average common shares outstanding – Diluted	  	 	37,853,125	 	  	 	30,364,914	 	  	 	32,655,958	 	 	 	24,439,845	 	

Page 8 of 12

Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands – unaudited)

 	  	Three Months Ended
December 31,	 	 	Year Ended
December 31,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Net income (loss)	  	$	4,869	 	 	$	3,916	 	 	$	26,762	 	 	$	(14,746	) 	
Interest expense, net	  	 	5,816	 	 	 	7,092	 	 	 	26,598	 	 	 	38,691	 	
Provision for income taxes(a)	  	 	452	 	 	 	619	 	 	 	477	 	 	 	1,314	 	
Depreciation	  	 	3,529	 	 	 	2,164	 	 	 	9,915	 	 	 	11,813	 	
Amortization of intangible assets	  	 	2,070	 	 	 	2,160	 	 	 	8,348	 	 	 	7,838	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	  	 	16,736	 	 	 	15,951	 	 	 	72,100	 	 	 	44,910	 	
Reconciling items impacting EBITDA:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Stock and incentive plan compensation	  	 	791	 	 	 	478	 	 	 	3,527	 	 	 	2,002	 	
Legal fees relating to business interruption claim(b)	  	 	—  	 	 	 	5	 	 	 	9	 	 	 	72	 	
Asset write-off(c)	  	 	818	 	 	 	286	 	 	 	1,906	 	 	 	1,468	 	
Severance and recruiting costs(d)	  	 	204	 	 	 	507	 	 	 	2,090	 	 	 	1,360	 	
Sponsor fee and other(e)	  	 	117	 	 	 	—  	 	 	 	117	 	 	 	7,340	 	
Debt retirement costs	  	 	481	 	 	 	—  	 	 	 	1,896	 	 	 	—  	 	
Extinguishment of debt	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	15,528	 	
Gain (loss) on sales of assets	  	 	120	 	 	 	—  	 	 	 	(6,385	) 	 	 	—  	 	
New manufacturer costs(f)	  	 	578	 	 	 	1,081	 	 	 	3,029	 	 	 	3,649	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	19,845	 	 	$	18,308	 	 	$	78,289	 	 	$	76,329	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA, as a percentage of revenues	  	 	26.7	% 	 	 	25.7	% 	 	 	25.9	% 	 	 	26.0	% 	

(a)	Represents provision for income taxes, less tax indemnification associated with BMS.	
(b)	Represents legal fees and disbursements incurred in connection with our business interruption claim associated with the NRU reactor shutdown in 2009 to 2010.	
(c)	Represents non-cash losses incurred associated with the write-down of inventory and write-off of long-lived assets.	
(d)	The amounts consist of severance and recruitment costs related to employees, executives and directors.	
(e)	Represents expenses paid on behalf of our former sponsor’s secondary offering in 2016, annual sponsor monitoring fee and related expenses and a $6.5 million payment for the termination of our advisory services and monitoring agreement with our sponsor in 2015.	
(f)	Represents internal and external costs associated with establishing new manufacturing sources for our commercial and clinical candidate products.	
 
Page 9 of 12

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

 	  	Three Months Ended
December 31,	 	 	Year Ended
December 31,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Cash provided by operating activities	  	$	12,781	 	 	$	12,626	 	 	$	49,642	 	 	$	21,762	 	
Capital expenditures	  	 	(2,422	) 	 	 	(4,732	) 	 	 	(7,398	) 	 	 	(13,151	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow	  	$	10,359	 	 	$	7,894	 	 	$	42,244	 	 	$	8,611	 	

Page 10 of 12

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

 	  	December 31,
2016	 	 	December 31,
2015	 	
Assets	  	 	 	 	 	 	 	 	
Current assets:	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	51,178	 	 	$	28,596	 	
Accounts receivable, net	  	 	36,818	 	 	 	37,293	 	
Inventory	  	 	17,640	 	 	 	15,622	 	
Other current assets	  	 	5,183	 	 	 	3,851	 	
Assets held for sale	  	 	—  	 	 	 	4,644	 	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	110,819	 	 	 	90,006	 	
Property, plant & equipment, net	  	 	94,187	 	 	 	95,654	 	
Intangibles, net	  	 	15,118	 	 	 	20,496	 	
Goodwill	  	 	15,714	 	 	 	15,714	 	
Other long-term assets	  	 	20,060	 	 	 	20,509	 	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	255,898	 	 	$	242,379	 	
 	  	 	 	 	 	 	 	 	
Liabilities and Stockholders’ Deficit	  	 	 	 	 	 	 	 	
Current liabilities:	  	 	 	 	 	 	 	 	
Current portion of long-term debt	  	$	3,650	 	 	$	3,650	 	
Accounts payable	  	 	18,940	 	 	 	11,657	 	
Accrued expenses and other current liabilities	  	 	21,249	 	 	 	18,502	 	
Liabilities held for sale	  	 	—  	 	 	 	1,715	 	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	43,839	 	 	 	35,524	 	
Asset retirement obligation	  	 	9,370	 	 	 	8,145	 	
Long-term debt, net	  	 	274,460	 	 	 	349,858	 	
Other long-term liabilities	  	 	34,745	 	 	 	34,141	 	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	362,414	 	 	 	427,668	 	
 	  	 	 	 	 	 	 	 	
Stockholders’ deficit	  	 	(106,516	) 	 	 	(185,289	) 	
 	  	 	 	 	 	 	 	 	
Total liabilities and stockholders’ deficit	  	$	255,898	 	 	$	242,379	 	

Page 11 of 12

###
CONTACTS:
Investors
Gary Santo
Head of Capital Markets and Investor Relations
978-671-8960
Media
Meara Murphy
Director, Investor Relations and Corporate Communications
978-671-8508
 
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