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): August 4, 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 August 4, 2016, Lantheus Holdings, Inc. (the “Company”) announced via press release its financial results for the three and six month periods ending June 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 August 4, 2016, entitled “Lantheus Holdings, Inc. Reports 2016 Second 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, Secretary and Senior Vice President, Strategy and Business Development	
Date: August 4, 2016

EXHIBIT INDEX

Exhibit
No.	  	Description	
 	 	
99.1*	  	Press release of Lantheus Holdings, Inc. dated August 4, 2016, entitled “Lantheus Holdings, Inc. Reports 2016 Second 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 EASTERN
THURSDAY, August 4, 2016
CONTACTS:
Meara Murphy
978-671-8508
Lantheus Holdings, Inc. Reports 2016 Second Quarter Financial Results
Lantheus posts second quarter net income of $7.4 million and Adjusted EBITDA of $21.4 million;
Second quarter worldwide DEFINITY® revenue increased 18% annually
NORTH BILLERICA, Mass., August 4, 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 second quarter ended June 30, 2016.
The Company’s worldwide revenue for the second quarter of 2016 totaled $78.0 million, representing an increase of 6% as-reported compared to $73.3 million reported for the second quarter of 2015. Second quarter worldwide revenue results reflect continued strong sales of DEFINITY ®  and stable revenues from the nuclear products portfolio driven by contracts with key radiopharmacy customers.
Net income for the second quarter of 2016 totaled $7.4 million or $0.24 per diluted share, an improvement of $31.8 million compared to a net loss of $24.4 million or $(1.29) per diluted share in the second quarter of 2015. The second quarter net income results also reflect a decrease in the amount of interest expense due to debt refinancing in June of 2015.
The Company’s second quarter 2016 Adjusted EBITDA, as defined in the GAAP to non-GAAP reconciliation provided later in this release, was $21.4 million, or 27.5% of reported revenue, compared to $18.0 million, or 24.5% of reported revenue, in the second quarter of 2015. The increase in Adjusted EBITDA reflects the impact of DEFINITY revenue growth.
Mary Anne Heino, President and CEO commented, “We are very pleased with our second quarter results, which delivered 6% year over year growth and exceeded both our second quarter revenue and Adjusted EBITDA guidance. During the second quarter, we saw continued strong performance of DEFINITY with 18% year over year growth in a competitive ultrasound contrast market and higher than forecasted sales of our nuclear products, demonstrating that our commercial strategy is working.”
Ms. Heino continued, “We are also very pleased to be raising our annual revenue and Adjusted EBITDA guidance which reflects the overall strength of our product portfolio and the firm contracts we have with key nuclear products customers.”

Outlook
The Company is increasing its outlook for worldwide revenue for full year 2016 to a range of $291 million to $295 million. For the third quarter of 2016, the Company expects worldwide revenue in the range of $68 million to $70 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 $70 million to $73 million. For the third quarter of 2016, the Company expects Adjusted EBITDA in the range of $14 million to $16 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 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 47799009. 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 August 4, 2016 through midnight on August 18, 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 47799009. 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, 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 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 and per share data – unaudited)

 	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Revenues	  	$	77,966	  	 	$	73,314	  	 	$	154,440	  	 	$	148,137	  	
Cost of goods sold	  	 	42,215	  	 	 	40,647	  	 	 	84,988	  	 	 	79,701	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	35,751	  	 	 	32,667	  	 	 	69,452	  	 	 	68,436	  	
Operating expenses	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales and marketing expenses	  	 	9,843	  	 	 	9,229	  	 	 	19,150	  	 	 	18,301	  	
General and administrative expenses	  	 	9,238	  	 	 	15,444	  	 	 	18,751	  	 	 	24,567	  	
Research and development expenses	  	 	2,608	  	 	 	2,638	  	 	 	5,644	  	 	 	8,834	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	21,689	  	 	 	27,311	  	 	 	43,545	  	 	 	51,702	  	
Gain on sale of assets	  	 	117	  	 	 	—  	  	 	 	5,945	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	14,179	  	 	 	5,356	  	 	 	31,852	  	 	 	16,734	  	
Interest expense, net	  	 	(6,978	) 	 	 	(13,876	) 	 	 	(13,996	) 	 	 	(24,499	) 	
Loss on extinguishment of debt	  	 	—  	  	 	 	(15,528	) 	 	 	—  	  	 	 	(15,528	) 	
Other income, net	  	 	396	  	 	 	800	  	 	 	454	  	 	 	417	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	 	7,597	  	 	 	(23,248	) 	 	 	18,310	  	 	 	(22,876	) 	
Provision for income taxes	  	 	247	  	 	 	1,175	  	 	 	637	  	 	 	1,172	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	7,350	  	 	$	(24,423	) 	 	$	17,673	  	 	$	(24,048	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) per weighted average common share outstanding	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic and diluted	  	$	0.24	  	 	$	(1.29	) 	 	$	0.58	  	 	$	(1.30	) 	
Weighted average common shares outstanding	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	30,377,562	  	 	 	18,898,003	  	 	 	30,372,901	  	 	 	18,489,451	  	
Diluted	  	 	30,542,728	  	 	 	18,898,003	  	 	 	30,453,776	  	 	 	18,489,451	  	

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

 	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
 	  	2016	 	  	2015	 	  	%
change	 	 	2016	 	  	2015	 	  	%
change	 	
U.S.	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	32,698	  	  	 	27,828	  	  	 	17.5	% 	 	 	63,491	  	  	 	53,010	  	  	 	19.8	% 	
TechneLite	  	 	21,643	  	  	 	14,637	  	  	 	47.9	% 	 	 	43,376	  	  	 	32,810	  	  	 	32.2	% 	
Xenon	  	 	6,773	  	  	 	12,038	  	  	 	(43.7	)% 	 	 	14,945	  	  	 	25,224	  	  	 	(40.8	)% 	
Other	  	 	4,020	  	  	 	3,875	  	  	 	3.7	% 	 	 	8,255	  	  	 	8,001	  	  	 	3.2	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total U.S.	  	$	65,134	  	  	$	58,378	  	  	 	11.6	% 	 	$	130,067	  	  	$	119,045	  	  	 	9.3	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
International	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	776	  	  	 	600	  	  	 	29.3	% 	 	 	1,405	  	  	 	1,084	  	  	 	29.6	% 	
TechneLite	  	 	3,609	  	  	 	2,725	  	  	 	32.4	% 	 	 	6,712	  	  	 	5,411	  	  	 	24.0	% 	
Xenon	  	 	1	  	  	 	10	  	  	 	(90.0	)% 	 	 	3	  	  	 	19	  	  	 	(84.2	)% 	
Other	  	 	8,446	  	  	 	11,601	  	  	 	(27.2	)% 	 	 	16,253	  	  	 	22,578	  	  	 	(28.0	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total International	  	$	12,832	  	  	$	14,936	  	  	 	(14.1	)% 	 	$	24,373	  	  	$	29,092	  	  	 	(16.2	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Worldwide	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	33,474	  	  	 	28,428	  	  	 	17.8	% 	 	 	64,896	  	  	 	54,094	  	  	 	20.0	% 	
TechneLite	  	 	25,252	  	  	 	17,362	  	  	 	45.4	% 	 	 	50,088	  	  	 	38,221	  	  	 	31.0	% 	
Xenon	  	 	6,774	  	  	 	12,048	  	  	 	(43.8	)% 	 	 	14,948	  	  	 	25,243	  	  	 	(40.8	)% 	
Other	  	 	12,466	  	  	 	15,476	  	  	 	(19.4	)% 	 	 	24,508	  	  	 	30,579	  	  	 	(19.9	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total Revenues	  	$	77,966	  	  	$	73,314	  	  	 	6.3	% 	 	$	154,440	  	  	$	148,137	  	  	 	4.3	% 	

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

 	  	June 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	  	 	17.5	% 	 	 	35.3	% 	 	 	29.3	% 	 	 	17.9	% 	 	 	17.8	% 	
TechneLite	  	 	47.9	% 	 	 	38.1	% 	 	 	32.4	% 	 	 	46.3	% 	 	 	45.4	% 	
Xenon	  	 	(43.7	)% 	 	 	(90.0	)% 	 	 	(90.0	)% 	 	 	(43.7	)% 	 	 	(43.8	)% 	
Other	  	 	3.7	% 	 	 	(26.6	)% 	 	 	(27.2	)% 	 	 	(19.0	)% 	 	 	(19.4	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	11.6	% 	 	 	(12.4	)% 	 	 	(14.1	)% 	 	 	6.7	% 	 	 	6.3	% 	

 	  	June 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	  	 	19.8	% 	 	 	38.7	% 	 	 	29.6	% 	 	 	20.2	% 	 	 	20.0	% 	
TechneLite	  	 	32.2	% 	 	 	32.5	% 	 	 	24.0	% 	 	 	32.2	% 	 	 	31.0	% 	
Xenon	  	 	(40.8	)% 	 	 	(84.2	)% 	 	 	(84.2	)% 	 	 	(40.8	)% 	 	 	(40.8	)% 	
Other	  	 	3.2	% 	 	 	(26.0	)% 	 	 	(28.0	)% 	 	 	(18.3	)% 	 	 	(19.9	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	9.3	% 	 	 	(12.7	)% 	 	 	(16.2	)% 	 	 	4.9	% 	 	 	4.3	% 	

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

 	  	Three Months Ended June 30, 2016	 	  	Six Months Ended June 30, 2016	 	
 	  	International Net Sales	 	  	Total Net Sales	 	  	International Net Sales	 	  	Total Net Sales	 	
Net sales, as reported	  	$	12,832	  	  	$	77,966	  	  	$	24,373	  	  	$	154,440	  	
Currency impact as compared to prior period	  	 	256	  	  	 	256	  	  	 	1,021	  	  	 	1,021	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net sales, excluding the impact of foreign currency	  	$	13,088	  	  	$	78,222	  	  	$	25,394	  	  	$	155,461	  	

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

 	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Operating Income	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income, as reported	  	$	14,179	  	 	$	5,356	  	 	$	31,852	  	 	$	16,734	  	
Reconciling items impacting Operating Income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3,630	  	
Sponsor Termination Costs	  	 	—  	  	 	 	6,527	  	 	 	—  	  	 	 	6,527	  	
Gain on Sale of Assets	  	 	(117	) 	 	 	—  	  	 	 	(5,945	) 	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income, as adjusted	  	$	14,062	  	 	$	11,883	  	 	$	25,907	  	 	$	26,891	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income, as adjusted, as a percentage of net sales	  	 	18.0	% 	 	 	16.2	% 	 	 	16.8	% 	 	 	18.2	% 	

 	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Net income (loss)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss), as reported	  	$	7,350	  	 	$	(24,423	) 	 	$	17,673	  	 	$	(24,048	) 	
Reconciling items impacting Gross Profit:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	77	  	
Reconciling items impacting Operating Expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3,553	  	
Sponsor Termination Costs	  	 	—  	  	 	 	6,527	  	 	 	—  	  	 	 	6,527	  	
Gain on Sale of Assets	  	 	(117	) 	 	 	—  	  	 	 	(5,945	) 	 	 	—  	  	
Reconciling items impacting Non-operating Expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss on Debt Extinguishment	  	 	—  	  	 	 	15,528	  	 	 	—  	  	 	 	15,528	  	
Interest Upon Redemption of Senior Notes	  	 	—  	  	 	 	3,250	  	 	 	—  	  	 	 	3,250	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income, as adjusted	  	$	7,233	  	 	$	882	  	 	$	11,728	  	 	$	4,887	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income, as adjusted, as a percentage of net sales	  	 	9.3	% 	 	 	1.2	% 	 	 	7.6	% 	 	 	3.3	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income, as adjusted, per weighted average common share outstanding	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	$	0.24	  	 	$	0.05	  	 	$	0.39	  	 	$	0.26	  	
Diluted	  	$	0.24	  	 	$	0.05	  	 	$	0.39	  	 	$	0.26	  	
Weighted average common shares outstanding	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	30,377,562	  	 	 	18,898,003	  	 	 	30,372,901	  	 	 	18,489,451	  	
Diluted	  	 	30,542,728	  	 	 	19,259,161	  	 	 	30,453,776	  	 	 	18,843,088	  	

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

 	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
EBITDA	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss), as reported	  	$	7,350	  	 	$	(24,423	) 	 	$	17,673	  	 	$	(24,048	) 	
Interest expense, net	  	 	6,978	  	 	 	13,876	  	 	 	13,996	  	 	 	24,499	  	
Provision for income taxes	  	 	107	  	 	 	394	  	 	 	201	  	 	 	395	  	
Depreciation	  	 	2,222	  	 	 	2,021	  	 	 	4,229	  	 	 	7,709	  	
Amortization of intangible assets	  	 	2,089	  	 	 	1,894	  	 	 	4,195	  	 	 	3,790	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	  	 	18,746	  	 	 	(6,238	) 	 	 	40,294	  	 	 	12,345	  	
Reconciling items impacting	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Stock and incentive plan compensation	  	 	916	  	 	 	656	  	 	 	1,488	  	 	 	933	  	
Legal fees relating to business	  	 	5	  	 	 	46	  	 	 	 	 	 	 	63	  	
interruption claim	  	 	 	 	 	 	 	 	 	 	9	  	 	 	 	 	
Asset write-off	  	 	349	  	 	 	371	  	 	 	846	  	 	 	551	  	
Severance and recruiting costs	  	 	762	  	 	 	122	  	 	 	1,431	  	 	 	219	  	
Sponsor fee and other	  	 	—  	  	 	 	6,747	  	 	 	—  	  	 	 	7,318	  	
Extinguishment of debt	  	 	—  	  	 	 	15,528	  	 	 	—  	  	 	 	15,528	  	
Gain on sale of assets	  	 	(117	) 	 	 	—  	  	 	 	(5,945	) 	 	 	—  	  	
New manufacturer costs	  	 	746	  	 	 	753	  	 	 	1,646	  	 	 	1,615	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	21,407	  	 	$	17,985	  	 	$	39,769	  	 	$	38,572	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA as a percentage of net sales	  	 	27.5	% 	 	 	24.5	% 	 	 	25.8	% 	 	 	26.0	% 	

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

 	  	Three Months Ended	 	 	Six Months Ended	 	
 	  	June 30, 2016	 	 	June 30, 2015	 	 	June 30, 2016	 	 	June 30, 2015	 	
Net cash provided by (used in) operating activities	  	$	17,635	  	 	$	(11,438	) 	 	$	21,415	  	 	$	3,719	  	
Capital expenditures	  	 	(736	) 	 	 	(2,614	) 	 	 	(2,388	) 	 	 	(6,112	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow	  	$	16,899	  	 	$	(14,052	) 	 	$	19,027	  	 	$	(2,393	) 	

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

 	  	June 30, 2016	 	 	December 31, 2015	 	
Assets	  	 	 	 	 	 	 	 	
Current assets:	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	54,851	  	 	$	28,596	  	
Accounts receivable, net	  	 	39,457	  	 	 	37,293	  	
Inventory	  	 	14,433	  	 	 	15,622	  	
Other current assets	  	 	4,282	  	 	 	3,851	  	
Assets held for sale	  	 	—  	  	 	 	4,644	  	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	113,023	  	 	 	90,006	  	
Property, plant and equipment, net	  	 	84,422	  	 	 	86,517	  	
Capitalized software development costs, net	  	 	8,121	  	 	 	9,137	  	
Intangibles, net	  	 	17,949	  	 	 	20,496	  	
Goodwill	  	 	15,714	  	 	 	15,714	  	
Other long-term assets	  	 	20,038	  	 	 	20,509	  	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	259,267	  	 	$	242,379	  	
 	  	 	 	 	 	 	 	 	
Liabilities and stockholders’ deficit	  	 	 	 	 	 	 	 	
Current liabilities:	  	 	 	 	 	 	 	 	
Current portion of long-term debt	  	$	3,650	  	 	$	3,650	  	
Line of credit	  	 	—  	  	 	 	—  	  	
Accounts payable	  	 	12,778	  	 	 	11,657	  	
Accrued expenses and other liabilities	  	 	17,664	  	 	 	18,502	  	
Liabilities held for sale	  	 	—  	  	 	 	1,715	  	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	34,092	  	 	 	35,524	  	
Asset retirement obligation	  	 	8,650	  	 	 	8,145	  	
Long-term debt, net	  	 	348,838	  	 	 	349,858	  	
Other long-term liabilities	  	 	34,055	  	 	 	34,141	  	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	425,635	  	 	 	427,668	  	
 	  	 	 	 	 	 	 	 	
Stockholders’ deficit	  	 	(166,368	) 	 	 	(185,289	) 	
 	  	 	 	 	 	 	 	 	
Total liabilities and stockholders’ deficit	  	$	259,267	  	 	$	242,379	  	
 	  	 	 	 	 	 	 	 	
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