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 4, 2015

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 4, 2015, Lantheus Holdings, Inc. (the “Company”) announced via press release its financial results as of and for the three and nine months ended September 30, 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 November 4, 2015, announcing its financial results as of and for the three and nine months ended September 30, 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 of Strategy and Business Development	
Date: November 4, 2015

EXHIBIT INDEX

Exhibit
No.	  	Description	
 	 	
99.1*	  	Press release of Lantheus Holdings, Inc. dated November 4, 2015, announcing its financial results as of and for the three and nine months ended September 30, 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

FOR RELEASE 4:01 PM EASTERN
WEDNESDAY, NOVEMBER 4, 2015

CONTACTS:	 	 	
Investor Relations	 	Media Relations	
John Bakewell	 	Meara Murphy	
978-436-7073	 	978-671-8508	
Lantheus Holdings, Inc. Reports 2015 Third Quarter Financial Results
Third quarter worldwide DEFINITY® revenue increased 19% as-reported and 20% in constant currency
Lantheus posts third quarter net income of $5.4 million and Adjusted EBITDA of $19.4 million
NORTH BILLERICA, Mass., November 4, 2015 – Lantheus Holdings, Inc. (the “Company”) (NASDAQ: LNTH), parent company of Lantheus Medical Imaging, Inc. (“LMI”), a global leader in developing, manufacturing, selling and distributing innovative diagnostic imaging agents and products, today reported financial results for its third quarter ending September 30, 2015.
Worldwide revenue for the third quarter of 2015 totaled $74.1 million, representing a decrease of 2% as-reported compared to $75.7 million reported for the third quarter of 2014. Constant currency revenue increased by 1% versus the prior year period.
The Company’s third quarter 2015 net income totaled $5.4 million or $0.18 per diluted share, an improvement of $6.3 million compared to a net loss of $900,000 or $(0.05) per diluted share in the third quarter of 2014. Third quarter net income results reflect gross margin expansion driven by the continued strong performance of DEFINITY ®  along with the effect of customer-specific changes within the Company’s nuclear medicine portfolio that occurred earlier this year, accompanied by reduced interest expense resulting from the Company’s recent debt refinancing.
The Company’s third quarter 2015 Adjusted EBITDA, as defined in the GAAP to non-GAAP reconciliation provided later in this release, increased to $19.4 million, or 26.2% of reported revenue, compared to $19.1 million, or 25.2% of reported revenue, in the third quarter of 2014.
Mary Anne Heino, President and CEO commented, “Our third quarter performance reflects the continued successful execution of our business strategy. During the third quarter we again experienced a strong sales performance for DEFINITY, driven by the continued growth of the U.S. ultrasound contrast market. DEFINITY sales increased by 20% in constant currency while growing sequentially for the thirteenth consecutive quarter. At the same time, our nuclear medicine portfolio continued to exhibit the profile of improved customer mix and profitability that we established earlier this year.”

Ms. Heino continued, “Overall, DEFINITY’s growing contribution combined with continued gross margin improvement and operating expense management has significantly expanded our operating and Adjusted EBITDA margins since last year, driving those margins to 18% and 26%, respectively, of reported revenue for the third quarter. Altogether, we are very pleased with our third quarter results and look forward to the remainder of this year and beyond, as we continue to focus on strengthening our operating model and enhancing our ability to meet and exceed the needs of our customers.”
Outlook
The Company anticipates worldwide revenue for full-year 2015 of approximately $292 million to $294 million, representing a constant currency change over last year of approximately negative (1)% to 0%, compared to previous guidance of $293 million to $297 million. This range assumes a negative full-year impact from currency of approximately $7 million, or 2%, compared to 2014.
The Company continues to anticipate full-year 2015 Adjusted EBITDA, as described in the GAAP to non-GAAP reconciliation provided later in this release, of $72 million to $75 million, representing approximately 25% to 26% of reported revenue.
The Company’s revenue and Adjusted EBITDA targets exclude the effect of possible future acquisitions or divestitures, other material future business developments and the adjustments of earnings as-reported to as-adjusted that are set forth in the GAAP to non-GAAP reconciliations provided later in this release.
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 57541328. 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 November 4, 2015 through midnight on November 18, 2015. 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 57541328. 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 developing, manufacturing, selling and distributing 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, and has 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 2015 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
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
Revenues	  	$	74,123	  	 	$	75,682	  	 	$	222,260	  	 	$	224,631	  	
Cost of goods sold	  	 	40,418	  	 	 	44,044	  	 	 	120,119	  	 	 	131,873	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	33,705	  	 	 	31,638	  	 	 	102,141	  	 	 	92,758	  	
Operating expenses	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales and marketing expenses	  	 	8,633	  	 	 	8,327	  	 	 	26,934	  	 	 	27,227	  	
General and administrative expenses	  	 	9,206	  	 	 	11,041	  	 	 	33,773	  	 	 	28,883	  	
Research and development expenses	  	 	2,458	  	 	 	3,049	  	 	 	11,292	  	 	 	8,958	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	20,297	  	 	 	22,417	  	 	 	71,999	  	 	 	65,068	  	
Operating income	  	 	13,408	  	 	 	9,221	  	 	 	30,142	  	 	 	27,690	  	
Interest expense, net	  	 	(7,100	) 	 	 	(10,585	) 	 	 	(31,599	) 	 	 	(31,704	) 	
Loss on extinguishment of debt	  	 	—  	  	 	 	—  	  	 	 	(15,528	) 	 	 	—  	  	
Other income (expense), net	  	 	(183	) 	 	 	441	  	 	 	234	  	 	 	(148	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	 	6,125	  	 	 	(923	) 	 	 	(16,751	) 	 	 	(4,162	) 	
Provision (benefit) for income taxes	  	 	739	  	 	 	(56	) 	 	 	1,911	  	 	 	(374	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	5,386	  	 	$	(867	) 	 	$	(18,662	) 	 	$	(3,788	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) per common share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic and diluted	  	$	0.18	  	 	$	(0.05	) 	 	$	(0.83	) 	 	$	(0.21	) 	
Common shares	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	30,359,516	  	 	 	18,080,968	  	 	 	22,443,257	  	 	 	18,080,496	  	
Diluted	  	 	30,761,771	  	 	 	18,080,968	  	 	 	22,443,257	  	 	 	18,080,496	  	

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

 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2015	 	  	2014	 	  	% change	 	 	2015	 	  	2014	 	  	% change	 	
U.S.	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	28,323	  	  	 	23,764	  	  	 	19.2	% 	 	 	81,333	  	  	 	68,768	  	  	 	18.3	% 	
TechneLite	  	 	14,557	  	  	 	20,879	  	  	 	(30.3	)% 	 	 	47,367	  	  	 	61,602	  	  	 	(23.1	)% 	
Xenon	  	 	12,713	  	  	 	8,914	  	  	 	42.6	% 	 	 	37,937	  	  	 	27,519	  	  	 	37.9	% 	
Other	  	 	3,619	  	  	 	5,872	  	  	 	(38.4	)% 	 	 	11,620	  	  	 	16,919	  	  	 	(31.3	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total U.S.	  	$	59,212	  	  	$	59,429	  	  	 	(0.4	)% 	 	$	178,257	  	  	$	174,808	  	  	 	2.0	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
International	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	560	  	  	 	497	  	  	 	12.7	% 	 	 	1,644	  	  	 	1,368	  	  	 	20.2	% 	
TechneLite	  	 	2,666	  	  	 	2,733	  	  	 	(2.5	)% 	 	 	8,078	  	  	 	8,576	  	  	 	(5.8	)% 	
Xenon	  	 	10	  	  	 	2	  	  	 	400.0	% 	 	 	28	  	  	 	6	  	  	 	366.7	% 	
Other	  	 	11,675	  	  	 	13,021	  	  	 	(10.3	)% 	 	 	34,253	  	  	 	39,873	  	  	 	(14.1	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total International	  	$	14,911	  	  	$	16,253	  	  	 	(8.3	)% 	 	$	44,003	  	  	$	49,823	  	  	 	(11.7	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Worldwide	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	28,883	  	  	 	24,261	  	  	 	19.1	% 	 	 	82,977	  	  	 	70,136	  	  	 	18.3	% 	
TechneLite	  	 	17,223	  	  	 	23,612	  	  	 	(27.1	)% 	 	 	55,445	  	  	 	70,178	  	  	 	(21.0	)% 	
Xenon	  	 	12,723	  	  	 	8,916	  	  	 	42.7	% 	 	 	37,965	  	  	 	27,525	  	  	 	37.9	% 	
Other	  	 	15,294	  	  	 	18,893	  	  	 	(19.0	)% 	 	 	45,873	  	  	 	56,792	  	  	 	(19.2	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total Revenues	  	$	74,123	  	  	$	75,682	  	  	 	(2.1	)% 	 	$	222,260	  	  	$	224,631	  	  	 	(1.1	)% 	

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

 	  	September 30, 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	  	 	19	% 	 	 	37	% 	 	 	13	% 	 	 	20	% 	 	 	19	% 	
TechneLite	  	 	(30	)% 	 	 	13	% 	 	 	(2	)% 	 	 	(25	)% 	 	 	(27	)% 	
Xenon	  	 	43	% 	 	 	450	% 	 	 	400	% 	 	 	43	% 	 	 	43	% 	
Other	  	 	(38	)% 	 	 	3	% 	 	 	(10	)% 	 	 	(10	)% 	 	 	(19	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	0	% 	 	 	6	% 	 	 	(8	)% 	 	 	1	% 	 	 	(2	)% 	

 	  	September 30, 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	  	 	18	% 	 	 	39	% 	 	 	20	% 	 	 	19	% 	 	 	18	% 	
TechneLite	  	 	(23	)% 	 	 	5	% 	 	 	(6	)% 	 	 	(20	)% 	 	 	(21	)% 	
Xenon	  	 	38	% 	 	 	433	% 	 	 	367	% 	 	 	38	% 	 	 	38	% 	
Other	  	 	(31	)% 	 	 	(4	)% 	 	 	(14	)% 	 	 	(12	)% 	 	 	(19	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	2	% 	 	 	(1	)% 	 	 	(12	)% 	 	 	1	% 	 	 	(1	)% 	

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

 	  	Three Months Ended
September 30, 2015	 	  	Nine Months Ended
September 30, 2015	 	
 	  	International
Net Sales	 	  	Total Net
Sales	 	  	International
Net Sales	 	  	Total Net
Sales	 	
Net sales, as reported	  	$	14,911	  	  	$	74,123	  	  	$	44,003	  	  	$	222,260	  	
Currency impact as compared to prior period	  	 	2,282	  	  	 	2,282	  	  	 	5,180	  	  	 	5,180	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net sales, excluding the impact of foreign currency	  	$	17,193	  	  	$	76,405	  	  	$	49,183	  	  	$	227,440	  	

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

 	  	Three Months
Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
Operating Income	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income, as reported	  	$	13,408	  	 	$	9,221	  	 	$	30,142	  	 	$	27,690	  	
Reconciling items impacting Operating Income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	 	—  	  	 	 	—  	  	 	 	3,630	  	 	 	—  	  	
Sponsor Termination Costs	  	 	—  	  	 	 	—  	  	 	 	6,527	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income, as adjusted	  	$	13,408	  	 	$	9,221	  	 	$	40,299	  	 	$	27,690	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income, as adjusted, as a percentage of net sales	  	 	18.1	% 	 	 	12.2	% 	 	 	18.1	% 	 	 	12.3	% 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
Net income (loss)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss), as reported	  	$	5,386	  	 	$	(867	) 	 	$	(18,662	) 	 	$	(3,788	) 	
Reconciling items impacting Gross Profit:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	 	—  	  	 	 	—  	  	 	 	77	  	 	 	—  	  	
Reconciling items impacting Operating Expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	 	—  	  	 	 	—  	  	 	 	3,553	  	 	 	—  	  	
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	  	$	5,386	  	 	$	(867	) 	 	$	10,273	  	 	$	(3,788	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss), as adjusted, as a percentage of net sales	  	 	7.3	% 	 	 	(1.1	)% 	 	 	4.6	% 	 	 	(1.7	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss), as adjusted, per common share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	$	0.18	  	 	$	(0.05	) 	 	$	0.46	  	 	$	(0.21	) 	
Diluted	  	$	0.18	  	 	$	(0.05	) 	 	$	0.45	  	 	$	(0.21	) 	
Common shares	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	30,359,516	  	 	 	18,080,968	  	 	 	22,443,257	  	 	 	18,080,496	  	
Diluted	  	 	30,761,771	  	 	 	18,080,968	  	 	 	22,730,167	  	 	 	18,080,496	  	

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

 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
EBITDA	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss), as reported	  	$	5,386	  	 	$	(867	) 	 	$	(18,662	) 	 	$	(3,788	) 	
Interest expense, net	  	 	7,100	  	 	 	10,585	  	 	 	31,599	  	 	 	31,704	  	
Provision (benefit) for income taxes	  	 	300	  	 	 	(415	) 	 	 	695	  	 	 	(536	) 	
Depreciation	  	 	1,940	  	 	 	2,163	  	 	 	9,649	  	 	 	6,514	  	
Amortization of intangible assets	  	 	1,888	  	 	 	2,275	  	 	 	5,678	  	 	 	6,848	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	  	 	16,614	  	 	 	13,741	  	 	 	28,959	  	 	 	40,742	  	
Reconciling items impacting EBITDA:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-cash stock-based compensation	  	 	591	  	 	 	247	  	 	 	1,524	  	 	 	782	  	
Legal fees relating to business interruption claim	  	 	4	  	 	 	462	  	 	 	67	  	 	 	927	  	
Asset write-off	  	 	631	  	 	 	639	  	 	 	1,182	  	 	 	1,150	  	
Severance and recruiting costs	  	 	634	  	 	 	211	  	 	 	853	  	 	 	512	  	
Sponsor fee and other	  	 	22	  	 	 	2,582	  	 	 	7,340	  	 	 	3,091	  	
Extinguishment of debt	  	 	—  	  	 	 	—  	  	 	 	15,528	  	 	 	—  	  	
New manufacturer costs	  	 	953	  	 	 	1,175	  	 	 	2,568	  	 	 	4,188	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	19,449	  	 	$	19,057	  	 	$	58,021	  	 	$	51,392	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA as a percentage of net sales	  	 	26.2	% 	 	 	25.2	% 	 	 	26.1	% 	 	 	22.9	% 	

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

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	September 30,
2015	 	 	September 30,
2014	 	 	September 30,
2015	 	 	September 30,
2014	 	
Net cash provided by operating activities	  	$	5,417	  	 	$	20,513	  	 	$	9,136	  	 	$	15,465	  	
Capital expenditures	  	 	(2,307	) 	 	 	(1,823	) 	 	 	(8,419	) 	 	 	(5,303	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow	  	$	3,110	  	 	$	18,690	  	 	$	717	  	 	$	10,162	  	

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

 	  	September 30,
2015	 	 	December 31,
2014	 	
Assets	  	 	 	 	 	 	 	 	
Current assets	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	21,922	  	 	$	19,739	  	
Accounts receivable, net	  	 	39,724	  	 	 	41,540	  	
Inventory	  	 	16,579	  	 	 	15,582	  	
Other current assets	  	 	5,210	  	 	 	4,374	  	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	83,435	  	 	 	81,235	  	
Property, plant and equipment, net	  	 	92,393	  	 	 	96,014	  	
Capitalized software development costs, net	  	 	1,981	  	 	 	2,421	  	
Intangibles, net	  	 	22,489	  	 	 	27,191	  	
Goodwill	  	 	15,714	  	 	 	15,714	  	
Other long-term assets	  	 	20,120	  	 	 	20,578	  	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	236,132	  	 	$	243,153	  	
 	  	 	 	 	 	 	 	 	
Liabilities and stockholders' deficit	  	 	 	 	 	 	 	 	
Current liabilities	  	 	 	 	 	 	 	 	
Line of credit	  	$	—  	  	 	$	8,000	  	
Accounts payable	  	 	10,700	  	 	 	15,665	  	
Accrued expenses and other liabilities	  	 	19,968	  	 	 	24,863	  	
Current portion of long-term debt	  	 	3,650	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	34,318	  	 	 	48,528	  	
Asset retirement obligation	  	 	8,074	  	 	 	7,435	  	
Long-term debt, net	  	 	350,367	  	 	 	392,863	  	
Other long-term liabilities	  	 	33,518	  	 	 	33,597	  	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	426,277	  	 	 	482,423	  	
 	  	 	 	 	 	 	 	 	
Stockholders' deficit	  	 	(190,145	) 	 	 	(239,270	) 	
 	  	 	 	 	 	 	 	 	
Total liabilities and stockholders' deficit	  	$	236,132	  	 	$	243,153	  	
 	  	 	 	 	 	 	 	 	
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