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): November 1, 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 November 1, 2016, Lantheus Holdings, Inc. (the “Company”) announced via press release its financial results as of and for the three and nine month periods ended September 30, 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 November 1, 2016, entitled “Lantheus Holdings, Inc. Reports 2016 Third Quarter Financial Results.”	
 
*	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: November 1, 2016

EXHIBIT INDEX

Exhibit
No.	  	Description	
 	 	
99.1*	  	Press release of Lantheus Holdings, Inc. dated November 1, 2016, entitled “Lantheus Holdings, Inc. Reports 2016 Third Quarter Financial Results.”	
 
*	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 ET
TUESDAY, NOVEMBER 1, 2016
Lantheus Holdings, Inc. Reports 2016 Third Quarter Financial Results
 
 	•	 	Posts Q3 revenue of $73.1 MM, net income of $4.2 MM and Adjusted EBITDA of $18.7 MM, exceeding revenue and Adjusted EBITDA guidance	
 
 	•	 	Q3 DEFINITY® worldwide revenue increases 12.9%	
 
 	•	 	Company again raises 2016 Full Year Guidance	
NORTH BILLERICA, Mass., November 1, 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 third quarter ended September 30, 2016.
The Company’s worldwide revenue for the third quarter of 2016 totaled $73.1 million, compared to $74.1 million reported for the third quarter of 2015. Revenue results exceeded guidance of $68-$70 million, reflecting continued strong sales of DEFINITY, stable revenues from the U.S. nuclear products portfolio, and a decrease in International revenues as a result of the divestitures of its Canadian and Australian radiopharmacy businesses.
Net income for the third quarter of 2016 totaled $4.2 million or $0.13 per diluted share, compared to $5.4 million or $0.18 per diluted share in the third quarter of 2015. These results reflect the impact of a $1.4 million write-off of debt pay down related costs, a gain of $560,000 on the sale of assets and an increased share count attributable to an equity offering consummated during the quarter.
The Company’s third quarter 2016 Adjusted EBITDA (as defined in the GAAP to non-GAAP reconciliation provided later in this release) was $18.7 million or 25.6% of reported revenue, compared to $19.4 million or 26.2% of reported revenue, in the third quarter of 2015. Adjusted EBITDA results exceeded guidance of $14-$16 million, primarily driven by the strong performance of higher margin products in the U.S. market.
Mary Anne Heino, President and CEO, commented, “We are pleased with our solid financial results this quarter. A key contributor was DEFINITY, with 12.9% revenue growth worldwide driven primarily by continued strong U.S. performance. Consistent with our strategic priority of optimizing our capital structure, we raised approximately $40 million from a follow-on equity offering and used those proceeds, together with cash on the balance sheet, to reduce our debt by $55 million. Even with the debt reduction, we ended the quarter with a healthy $53 million of cash on the balance sheet.”
Ms. Heino continued, “We are pleased to again raise our full year 2016 revenue and Adjusted EBITDA guidance to reflect the continuing strength of our business.”

Outlook
The Company is increasing its outlook for full year 2016 worldwide revenue to a range of $296 million to $299 million. The Company is also increasing its outlook for full year 2016 Adjusted EBITDA, as described in the GAAP to non-GAAP reconciliation provided later in this release, to a range of $73 million to $75 million.
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 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.
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 1805132. 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 telephone conference call and audio webcast will be available from approximately 8:30 p.m. ET on November 1, 2016 through midnight on November 15, 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 1805132. A replay of this conference call will also be available in the Investors section of our website 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, 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 revenue excluding the impact of foreign currency; operating income, as adjusted; net income, as adjusted; Adjusted EBITDA; net income, as adjusted, 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 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 2016 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 –

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

 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Revenues	  	$	73,063	  	 	$	74,123	  	 	$	227,503	  	 	$	222,260	  	
Cost of goods sold	  	 	39,382	  	 	 	40,418	  	 	 	124,370	  	 	 	120,119	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	33,681	  	 	 	33,705	  	 	 	103,133	  	 	 	102,141	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales and marketing	  	 	8,706	  	 	 	8,633	  	 	 	27,856	  	 	 	26,934	  	
General and administrative	  	 	10,091	  	 	 	9,206	  	 	 	28,842	  	 	 	33,773	  	
Research and development	  	 	2,849	  	 	 	2,458	  	 	 	8,493	  	 	 	11,292	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	21,646	  	 	 	20,297	  	 	 	65,191	  	 	 	71,999	  	
Gain on sales of assets	  	 	560	  	 	 	—  	  	 	 	6,505	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	12,595	  	 	 	13,408	  	 	 	44,447	  	 	 	30,142	  	
Interest expense, net	  	 	(6,786	) 	 	 	(7,100	) 	 	 	(20,782	) 	 	 	(31,599	) 	
Debt retirement costs	  	 	(1,415	) 	 	 	—  	  	 	 	(1,415	) 	 	 	—  	  	
Loss on extinguishment of debt	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(15,528	) 	
Other (expense) income, net	  	 	(154	) 	 	 	(183	) 	 	 	300	  	 	 	234	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	 	4,240	  	 	 	6,125	  	 	 	22,550	  	 	 	(16,751	) 	
Provision for income taxes	  	 	20	  	 	 	739	  	 	 	657	  	 	 	1,911	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	4,220	  	 	$	5,386	  	 	$	21,893	  	 	$	(18,662	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) per weighted-average common share outstanding:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	$	0.14	  	 	$	0.18	  	 	$	0.71	  	 	$	(0.83	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	$	0.13	  	 	$	0.18	  	 	$	0.71	  	 	$	(0.83	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	31,220,877	  	 	 	30,359,516	  	 	 	30,657,623	  	 	 	22,443,257	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	 	32,402,297	  	 	 	30,761,771	  	 	 	31,049,351	  	 	 	22,443,257	  	

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

 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2016	 	  	2015	 	  	% change	 	 	2016	 	  	2015	 	  	% change	 	
United States	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	$	32,007	  	  	$	28,323	  	  	 	13.0	% 	 	$	95,497	  	  	$	81,333	  	  	 	17.4	% 	
TechneLite	  	 	20,906	  	  	 	14,557	  	  	 	43.6	% 	 	 	64,282	  	  	 	47,367	  	  	 	35.7	% 	
Xenon	  	 	6,675	  	  	 	12,713	  	  	 	(47.5	)% 	 	 	21,620	  	  	 	37,937	  	  	 	(43.0	)% 	
Other	  	 	3,032	  	  	 	3,619	  	  	 	(16.2	)% 	 	 	11,288	  	  	 	11,620	  	  	 	(2.9	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total United States	  	 	62,620	  	  	 	59,212	  	  	 	5.8	% 	 	 	192,687	  	  	 	178,257	  	  	 	8.1	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
International	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	597	  	  	 	560	  	  	 	6.6	% 	 	 	2,002	  	  	 	1,644	  	  	 	21.8	% 	
TechneLite	  	 	3,627	  	  	 	2,666	  	  	 	36.0	% 	 	 	10,339	  	  	 	8,078	  	  	 	28.0	% 	
Xenon	  	 	2	  	  	 	10	  	  	 	(80.0	)% 	 	 	5	  	  	 	28	  	  	 	(82.1	)% 	
Other	  	 	6,217	  	  	 	11,675	  	  	 	(46.7	)% 	 	 	22,470	  	  	 	34,253	  	  	 	(34.4	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total International	  	 	10,443	  	  	 	14,911	  	  	 	(30.0	)% 	 	 	34,816	  	  	 	44,003	  	  	 	(20.9	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Worldwide	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	32,604	  	  	 	28,883	  	  	 	12.9	% 	 	 	97,499	  	  	 	82,977	  	  	 	17.5	% 	
TechneLite	  	 	24,533	  	  	 	17,223	  	  	 	42.4	% 	 	 	74,621	  	  	 	55,445	  	  	 	34.6	% 	
Xenon	  	 	6,677	  	  	 	12,723	  	  	 	(47.5	)% 	 	 	21,625	  	  	 	37,965	  	  	 	(43.0	)% 	
Other	  	 	9,249	  	  	 	15,294	  	  	 	(39.5	)% 	 	 	33,758	  	  	 	45,873	  	  	 	(26.4	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total Revenues	  	$	73,063	  	  	$	74,123	  	  	 	(1.4	)% 	 	$	227,503	  	  	$	222,260	  	  	 	2.4	% 	

Lantheus Holdings, Inc.
Supplemental Revenue Information
(unaudited)

 	  	September 30, 2016 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	  	 	13.0	% 	 	 	6.6	% 	 	 	6.6	% 	 	 	12.9	% 	 	 	12.9	% 	
TechneLite	  	 	43.6	% 	 	 	36.3	% 	 	 	36.0	% 	 	 	42.5	% 	 	 	42.4	% 	
Xenon	  	 	(47.5	)% 	 	 	(80.0	)% 	 	 	(80.0	)% 	 	 	(47.5	)% 	 	 	(47.5	)% 	
Other	  	 	(16.2	)% 	 	 	(47.2	)% 	 	 	(46.7	)% 	 	 	(40.2	)% 	 	 	(39.5	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	5.8	% 	 	 	(30.3	)% 	 	 	(30.0	)% 	 	 	(1.6	)% 	 	 	(1.4	)% 	

 	  	September 30, 2016 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	  	 	17.4	% 	 	 	27.8	% 	 	 	21.8	% 	 	 	17.6	% 	 	 	17.5	% 	
TechneLite	  	 	35.7	% 	 	 	33.8	% 	 	 	28.0	% 	 	 	35.4	% 	 	 	34.6	% 	
Xenon	  	 	(43.0	)% 	 	 	(82.1	)% 	 	 	(82.1	)% 	 	 	(43.0	)% 	 	 	(43.0	)% 	
Other	  	 	(2.9	)% 	 	 	(33.3	)% 	 	 	(34.4	)% 	 	 	(25.6	)% 	 	 	(26.4	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	8.1	% 	 	 	(18.8	)% 	 	 	(20.9	)% 	 	 	2.8	% 	 	 	2.4	% 	

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

 	  	Three Months Ended
September 30, 2016	 	  	Nine Months Ended
September 30, 2016	 	
 	  	International
Revenue	 	  	Total
Revenue	 	  	International
Revenue	 	  	Total
Revenue	 	
Revenue, as reported	  	$	10,443	  	  	$	73,063	  	  	$	34,816	  	  	$	227,503	  	
Currency impact as compared to prior period	  	 	(94	) 	  	 	(94	) 	  	 	927	  	  	 	927	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Revenue, excluding the impact of foreign currency	  	$	10,349	  	  	$	72,969	  	  	$	35,743	  	  	$	228,430	  	

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

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	September 30,	 	 	September 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Operating Income	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income, as reported	  	$	12,595	  	 	$	13,408	  	 	$	44,447	  	 	$	30,142	  	
Reconciling items impacting Operating Income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3,630	  	
Sponsor Termination Costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	6,527	  	
Gain on Sales of Assets	  	 	(560	) 	 	 	—  	  	 	 	(6,505	) 	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income, as adjusted	  	$	12,035	  	 	$	13,408	  	 	$	37,942	  	 	$	40,299	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income, as adjusted, as a percentage revenue	  	 	16.5	% 	 	 	18.1	% 	 	 	16.7	% 	 	 	18.1	% 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	September 30,	 	 	September 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Net income (loss), as reported	  	$	4,220	  	 	$	5,386	  	 	$	21,893	  	 	$	(18,662	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciling items impacting Gross Profit:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	77	  	
 	 	 	 	 	
Reconciling items impacting Operating Expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3,553	  	
Sponsor Termination Costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	6,527	  	
Gain on Sales of Assets	  	 	(560	) 	 	 	—  	  	 	 	(6,505	) 	 	 	—  	  	
 	 	 	 	 	
Reconciling items impacting Non-operating Expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debt Retirement Costs	  	 	1,415	  	 	 	—  	  	 	 	1,415	  	 	 	—  	  	
Loss on Debt Extinguishment	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	15,528	  	
Interest Upon Redemption of Senior Notes	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3,250	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income, as adjusted	  	$	5,075	  	 	$	5,386	  	 	$	16,803	  	 	$	10,273	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income, as adjusted, as a percentage of revenue	  	 	6.9	% 	 	 	7.3	% 	 	 	7.4	% 	 	 	4.6	% 	

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

 	  	Three Months Ended	 	  	Nine Months Ended	 	
 	  	September 30,	 	  	September 30,	 	
 	  	2016	 	 	2015	 	  	2016	 	 	2015	 	
Net income (loss) per share - Diluted	  	$	0.13	  	 	$	0.18	  	  	$	0.71	  	 	$	(0.83	) 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Reconciling items impacting Gross Profit:	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	$	—  	  	 	$	—  	  	  	$	—  	  	 	$	—  	  	
 	 	 	 	 	
Reconciling items impacting Operating Expenses:	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	$	—  	  	 	$	—  	  	  	$	—  	  	 	$	0.16	  	
Sponsor Termination Costs	  	$	—  	  	 	$	—  	  	  	$	—  	  	 	$	0.29	  	
Gain on Sales of Assets	  	$	(0.02	) 	 	$	—  	  	  	$	(0.21	) 	 	$	—  	  	
 	 	 	 	 	
Reconciling items impacting Non-operating Expenses:	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Debt Retirement Costs	  	$	0.04	  	 	$	—  	  	  	$	0.05	  	 	$	—  	  	
Loss on Debt Extinguishment	  	$	—  	  	 	$	—  	  	  	$	—  	  	 	$	0.69	  	
Interest Upon Redemption of Senior Notes	  	$	—  	  	 	$	—  	  	  	$	—  	  	 	$	0.14	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Net income per share, as adjusted - Diluted	  	$	0.15	  	 	$	0.18	  	  	$	0.55	  	 	$	0.45	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Weighted-average common shares outstanding - Diluted	  	 	32,402,297	  	 	 	30,761,771	  	  	 	31,049,351	  	 	 	22,443,257	  	

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

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	September 30,	 	 	September 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Net income (loss)	  	$	4,220	  	 	$	5,386	  	 	$	21,893	  	 	$	(18,662	) 	
Interest expense, net	  	 	6,786	  	 	 	7,100	  	 	 	20,782	  	 	 	31,599	  	
Provision for income taxes(a)	  	 	(176	) 	 	 	300	  	 	 	25	  	 	 	695	  	
Depreciation	  	 	2,157	  	 	 	1,940	  	 	 	6,386	  	 	 	9,649	  	
Amortization of intangible assets	  	 	2,083	  	 	 	1,888	  	 	 	6,278	  	 	 	5,678	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	  	 	15,070	  	 	 	16,614	  	 	 	55,364	  	 	 	28,959	  	
Reconciling items impacting EBITDA:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Stock and incentive plan compensation	  	 	1,248	  	 	 	591	  	 	 	2,736	  	 	 	1,524	  	
Legal fees relating to business interruption
claim(b)	  	 	—  	  	 	 	4	  	 	 	9	  	 	 	67	  	
Asset write-off(c)	  	 	242	  	 	 	631	  	 	 	1,088	  	 	 	1,182	  	
Severance and recruiting costs(d)	  	 	455	  	 	 	634	  	 	 	1,886	  	 	 	853	  	
Sponsor fee and other(e)	  	 	—  	  	 	 	22	  	 	 	—  	  	 	 	7,340	  	
Debt retirement costs	  	 	1,415	  	 	 	—  	  	 	 	1,415	  	 	 	—  	  	
Extinguishment of debt	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	15,528	  	
Gain on sales of assets	  	 	(560	) 	 	 	—  	  	 	 	(6,505	) 	 	 	—  	  	
New manufacturer costs(f)	  	 	805	  	 	 	953	  	 	 	2,451	  	 	 	2,568	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	18,675	  	 	$	19,449	  	 	$	58,444	  	 	$	58,021	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA as a percentage of revenue	  	 	25.6	% 	 	 	26.2	% 	 	 	25.7	% 	 	 	26.1	% 	

(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 land, intangible assets, 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 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.	

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

 	  	Three Months Ended
September 30,	 	  	Nine Months Ended
September 30,	 	
 	  	2016	 	  	2015	 	  	2016	 	  	2015	 	
Cash provided by operating activities	  	$	15,446	  	  	$	5,417	  	  	$	36,861	  	  	$	9,136	  	
Capital expenditures	  	 	(2,588	) 	  	 	(2,307	) 	  	 	(4,976	) 	  	 	(8,419	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Free cash flow	  	$	12,858	  	  	$	3,110	  	  	$	31,885	  	  	$	717	  	

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

 	  	September 30,
2016	 	 	December 31,
2015	 	
Assets	  	 	 	 	 	 	 	 	
Current assets:	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	53,195	  	 	$	28,596	  	
Accounts receivable, net	  	 	34,844	  	 	 	37,293	  	
Inventory	  	 	16,057	  	 	 	15,622	  	
Other current assets	  	 	6,369	  	 	 	3,851	  	
Assets held for sale	  	 	—  	  	 	 	4,644	  	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	110,465	  	 	 	90,006	  	
 	 	 	
Property, plant & equipment, net	  	 	84,980	  	 	 	86,517	  	
Capitalized software development costs, net	  	 	7,676	  	 	 	9,137	  	
Intangibles, net	  	 	16,406	  	 	 	20,496	  	
Goodwill	  	 	15,714	  	 	 	15,714	  	
Other long-term assets	  	 	19,728	  	 	 	20,509	  	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	254,969	  	 	$	242,379	  	
 	  	 	 	 	 	 	 	 	
Commitments and Contingencies	  	 	 	 	 	 	 	 	
 	 	 	
Liabilities and Stockholders’ Deficit	  	 	 	 	 	 	 	 	
Current liabilities:	  	 	 	 	 	 	 	 	
Current portion of long-term debt	  	$	3,650	  	 	$	3,650	  	
Accounts payable	  	 	13,617	  	 	 	11,657	  	
Accrued expenses and other current liabilities	  	 	21,850	  	 	 	18,502	  	
Liabilities held for sale	  	 	—  	  	 	 	1,715	  	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	39,117	  	 	 	35,524	  	
Asset retirement obligation	  	 	8,710	  	 	 	8,145	  	
Long-term debt, net	  	 	294,582	  	 	 	349,858	  	
Other long-term liabilities	  	 	33,716	  	 	 	34,141	  	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	376,125	  	 	 	427,668	  	
 	  	 	 	 	 	 	 	 	
Stockholders’ deficit	  	 	(121,156	) 	 	 	(185,289	) 	
 	  	 	 	 	 	 	 	 	
Total liabilities and stockholders’ deficit	  	$	254,969	  	 	$	242,379	  	

###
CONTACT:
Lantheus Holdings, Inc.
Meara Murphy, Director, Investor Relations and Corporate Communications
978-671-8508