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): May 2, 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))	
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

 

Item 2.02.	Results of Operations and Financial Condition.	
On May 2, 2017, Lantheus Holdings, Inc. (the “Company”) announced via press release its financial results as of and for the three months ended March 31, 2017. 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 May 2, 2017, entitled “Lantheus Holdings, Inc. Reports 2017 First Quarter Financial Results; Exceeds First Quarter and Raises Full-Year 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:	 	Michael P. Duffy	
Title:	 	Senior Vice President, Strategy and Business Development, General Counsel and Secretary	
Date: May 2, 2017

EXHIBIT INDEX

Exhibit
No.	  	Description	
 	 	
99.1*	  	Press release of Lantheus Holdings, Inc. dated May 2, 2017, entitled “Lantheus Holdings, Inc. Reports 2017 First Quarter Financial Results; Exceeds First Quarter and Raises Full-Year 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	
FOR RELEASE 4:02 PM ET
TUESDAY, MAY 2, 2017
Lantheus Holdings, Inc. Reports 2017 First Quarter Financial Results; Exceeds First Quarter and Raises Full-Year 2017 Guidance
 
 	◾	Posts Q1 revenue of $81.4 million, net income of $4.1 million and Adjusted EBITDA of $22.7 million	
 
 	◾	DEFINITY® worldwide revenue increases 20% over prior year period	
 
 	◾	Completion of debt refinancing enhances capital structure	
NORTH BILLERICA, Mass., May 2, 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 first quarter ended March 31, 2017.
The Company’s worldwide revenues for the first quarter of 2017 totaled $81.4 million, or an increase of 6.4%, compared to $76.5 million for the prior year period, exceeding first quarter guidance of $77 million to $80 million. Revenue results were driven by approximately 20% growth in worldwide sales of DEFINITY ®  and approximately 8% growth in worldwide sales of TechneLite ®  compared to the first quarter of 2016, partially offset by a reduction in third-party product sales related to the divestitures of the Company’s Canadian and Australian radiopharmacy businesses in 2016.
Net income for the first quarter of 2017 totaled $4.1 million, or $0.11 per diluted share, compared to $10.3 million, or $0.34 per diluted share, for the first quarter of 2016. The decrease is primarily attributable to the one-time $5.8 million gain during the prior year period associated with the Company’s divestiture of its Canadian radiopharmacy business as well as $3.9 million of expense incurred in the first quarter of 2017 related to the refinancing of debt that was consummated in March 2017, partially offset by the increase in revenues associated with DEFINITY and TechneLite in 2017. Adjusted net income (as defined below in the GAAP to non-GAAP reconciliation) was $10.7 million, or $0.28 per diluted share, compared to $4.5 million, or $0.15 per diluted share, for the prior year period.
The Company’s first quarter 2017 Adjusted EBITDA (as defined below in the GAAP to non-GAAP reconciliation) was $22.7 million, or 27.8% of revenues, compared to $18.4 million, or 24.0% of revenues, for the prior year period, exceeding first quarter guidance of $18 million to $20 million. The 23.4% improvement over the first quarter of 2016 was driven by the continued portfolio mix shift towards higher margin products and the Company’s shift to a distribution model in Canada and Australia, partially offset by Sales and Marketing expenses attributable to sales growth in its higher margin products, including DEFINITY.
“2017 is off to a strong start,” commented Mary Anne Heino, President and CEO. “We continue to drive volume with higher margin products. Growth in DEFINITY sales once again drove our over-performance. Our nuclear portfolio continues to deliver, and our collaboration agreement with GE Healthcare for flurpiridaz F 18 is now in place. The additional liquidity provided by our debt refinancing allows consideration of investment opportunities for future growth.”
Outlook
The Company has increased its full-year 2017 worldwide revenue guidance range to $313 million to $318 million from $312 million to $317 million, and expects worldwide revenues in the range of $79 million to $82 million for the second quarter of 2017.
The Company has also increased its full-year 2017 guidance range for Adjusted EBITDA, as described in the GAAP to non-GAAP reconciliation provided later in this release, to $80 million to $83 million from $79 million to $82 million, measuring 24.9% to 26.3% of worldwide revenues. For the second quarter of 2017, the Company expects Adjusted EBITDA in the range of $18 million to $20 million.
The guidance for both revenue and Adjusted EBITDA excludes the impact of $5.0 million received from GE Healthcare in April as part of the flurpiridaz F 18 partnership.
 
Page 1 of 13

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.
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 3106344. 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 through June 2, 2017.
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
 
Page 2 of 13

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 3 of 13

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

 	  	Three Months Ended
March 31,	 	
 	  	2017	 	 	2016	 	
Revenues	  	$	81,359	 	 	$	76,474	 	
Cost of goods sold	  	 	41,597	 	 	 	42,773	 	
 	  	 	 	 	 	 	 	 	
Gross profit	  	 	39,762	 	 	 	33,701	 	
 	  	 	 	 	 	 	 	 	
Operating expenses	  	 	 	 	 	 	 	 	
Sales and marketing	  	 	10,214	 	 	 	9,307	 	
General and administrative	  	 	12,270	 	 	 	9,513	 	
Research and development	  	 	5,351	 	 	 	3,036	 	
 	  	 	 	 	 	 	 	 	
Total operating expenses	  	 	27,835	 	 	 	21,856	 	
Gain on sale of assets	  	 	—  	 	 	 	5,828	 	
 	  	 	 	 	 	 	 	 	
Operating income	  	 	11,927	 	 	 	17,673	 	
Interest expense	  	 	(5,420	) 	 	 	(7,024	) 	
Loss on extinguishment of debt	  	 	(2,161	) 	 	 	—  	 	
Other income	  	 	577	 	 	 	64	 	
 	  	 	 	 	 	 	 	 	
Income before income taxes	  	 	4,923	 	 	 	10,713	 	
Provision for income taxes	  	 	785	 	 	 	390	 	
 	  	 	 	 	 	 	 	 	
Net income	  	$	4,138	 	 	$	10,323	 	
 	  	 	 	 	 	 	 	 	
Net income per common share outstanding:	  	 	 	 	 	 	 	 	
Basic	  	$	0.11	 	 	$	0.34	 	
 	  	 	 	 	 	 	 	 	
Diluted	  	$	0.11	 	 	$	0.34	 	
 	  	 	 	 	 	 	 	 	
Weighted-average common shares:	  	 	 	 	 	 	 	 	
Basic	  	 	36,888,718	 	 	 	30,368,240	 	
 	  	 	 	 	 	 	 	 	
Diluted	  	 	38,601,356	 	 	 	30,372,691	 	

Page 4 of 13

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

 	  	Three Months Ended
March 31,	 	
 	  	2017	 	  	2016	 	  	% Change	 	
United States	  	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	$	36,923	 	  	$	30,793	 	  	 	19.9	% 	
TechneLite	  	 	23,308	 	  	 	21,733	 	  	 	7.2	% 	
Xenon	  	 	8,058	 	  	 	8,172	 	  	 	(1.4	)% 	
Other	  	 	2,738	 	  	 	4,235	 	  	 	(35.3	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	
Total United States	  	 	71,027	 	  	 	64,933	 	  	 	9.4	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	
International	  	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	789	 	  	 	629	 	  	 	25.4	% 	
TechneLite	  	 	3,517	 	  	 	3,103	 	  	 	13.3	% 	
Xenon	  	 	2	 	  	 	2	 	  	 	—  	 	
Other	  	 	6,024	 	  	 	7,807	 	  	 	(22.8	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	
Total International	  	 	10,332	 	  	 	11,541	 	  	 	(10.5	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	
Worldwide	  	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	37,712	 	  	 	31,422	 	  	 	20.0	% 	
TechneLite	  	 	26,825	 	  	 	24,836	 	  	 	8.0	% 	
Xenon	  	 	8,060	 	  	 	8,174	 	  	 	(1.4	)% 	
Other	  	 	8,762	 	  	 	12,042	 	  	 	(27.2	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Revenues	  	$	81,359	 	  	$	76,474	 	  	 	6.4	% 	

Page 5 of 13

Lantheus Holdings, Inc.
Supplemental Revenue Information
(unaudited)

 	  	March 31, 2017	 	
 	  	Quarter to Date Sales Growth/(Decline)	 	
 	  	Domestic
AsReported	 	 	Int’l
Constant
Currency	 	 	Int’l As
Reported	 	 	Total
Constant
Currency	 	 	Total As
Reported	 	
Products	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DEFINITY	  	 	19.9	% 	 	 	21.6	% 	 	 	25.4	% 	 	 	19.9	% 	 	 	20.0	% 	
TechneLite	  	 	7.2	% 	 	 	9.8	% 	 	 	13.3	% 	 	 	7.6	% 	 	 	8.0	% 	
Xenon	  	 	(1.4	)% 	 	 	—  	 	 	 	—  	 	 	 	(1.4	)% 	 	 	(1.4	)% 	
Other	  	 	(35.3	)% 	 	 	(23.5	)% 	 	 	(22.8	)% 	 	 	(27.7	)% 	 	 	(27.2	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	9.4	% 	 	 	(12.1	)% 	 	 	(10.5	)% 	 	 	6.1	% 	 	 	6.4	% 	

Page 6 of 13

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

 	  	Three Months Ended
March 31, 2017	 	
 	  	International
Revenues	 	 	Total
Revenues	 	
Revenues	  	$	10,332	 	 	$	81,359	 	
Currency impact as compared to prior period	  	 	(183	) 	 	 	(183	) 	
 	  	 	 	 	 	 	 	 	
Revenues, excluding the impact of foreign currency	  	$	10,149	 	 	$	81,176	 	

Page 7 of 13

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

 	  	Three Months Ended
March 31,	 	
 	  	2017	 	 	2016	 	
Operating income	  	$	11,927	 	 	$	17,673	 	
Reconciling items impacting operating income:	  	 	 	 	 	 	 	 	
Campus consolidation costs	  	 	2,541	 	 	 	—  	 	
Offering and other costs	  	 	178	 	 	 	—  	 	
Non-recurring refinancing related fees	  	 	1,695	 	 	 	—  	 	
Gain on sale of assets	  	 	—  	 	 	 	(5,828	) 	
 	  	 	 	 	 	 	 	 	
Adjusted operating income	  	$	16,341	 	 	$	11,845	 	
 	  	 	 	 	 	 	 	 	
Adjusted operating income, as a percentage revenues	  	 	20.1	% 	 	 	15.5	% 	

 	 	 	 	 	 	 	 	 	
 	  	Three Months Ended
March 31,	 	
 	  	2017	 	 	2016	 	
Net income	  	$	4,138	 	 	$	10,323	 	
 	  	 	 	 	 	 	 	 	
Reconciling items impacting gross profit:	  	 	 	 	 	 	 	 	
Campus consolidation costs	  	 	—  	 	 	 	—  	 	
Reconciling items impacting operating expenses:	  	 	 	 	 	 	 	 	
Campus consolidation costs	  	 	2,541	 	 	 	—  	 	
Offering and other costs	  	 	178	 	 	 	—  	 	
Debt refinancing costs	  	 	1,695	 	 	 	—  	 	
Gain on sale of assets	  	 	—  	 	 	 	(5,828	) 	
Reconciling items impacting non-operating expenses:	  	 	 	 	 	 	 	 	
Loss on debt extinguishment	  	 	2,161	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	
Adjusted net income	  	$	10,713	 	 	$	4,495	 	
 	  	 	 	 	 	 	 	 	
Adjusted net income, as a percentage of revenues	  	 	13.2	% 	 	 	5.9	% 	

Page 8 of 13

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

 	  	Three Months Ended
March 31,	 	
 	  	2017	 	  	2016	 	
Net income per share—diluted	  	$	0.11	 	  	$	0.34	 	
 	  	 	 	 	  	 	 	 	
Reconciling items impacting gross profit:	  	 	 	 	  	 	 	 	
Campus consolidation costs	  	$	—  	 	  	$	—  	 	
Reconciling items impacting operating expenses:	  	 	 	 	  	 	 	 	
Campus consolidation costs	  	$	0.07	 	  	$	—  	 	
Offering and other costs	  	$	—  	 	  	$	—  	 	
Debt refinancing costs	  	$	0.04	 	  	$	—  	 	
Gain on sale of assets	  	$	—  	 	  	$	(0.19	) 	
Reconciling items impacting non-operating expenses:	  	 	 	 	  	 	 	 	
Loss on debt extinguishment	  	$	0.06	 	  	$	—  	 	
 	  	 	 	 	  	 	 	 	
Adjusted net income per share—diluted	  	$	0.28	 	  	$	0.15	 	
 	  	 	 	 	  	 	 	 	
Weighted-average common shares outstanding—diluted	  	 	38,601,356	 	  	 	30,372,691	 	

Page 9 of 13

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

 	  	Three Months Ended
March 31,	 	
 	  	2017	 	 	2016	 	
Net income	  	$	4,138	 	 	$	10,323	 	
Interest expense, net	  	 	5,417	 	 	 	7,018	 	
Provision for income taxes(a)	  	 	296	 	 	 	94	 	
Depreciation	  	 	4,514	 	 	 	2,566	 	
Amortization of intangible assets	  	 	1,646	 	 	 	1,547	 	
 	  	 	 	 	 	 	 	 	
EBITDA	  	 	16,011	 	 	 	21,548	 	
Stock and incentive plan compensation	  	 	1,292	 	 	 	572	 	
Legal fees relating to business interruption claim	  	 	—  	 	 	 	4	 	
Asset write-off(b)	  	 	312	 	 	 	497	 	
Severance and recruiting costs(c)	  	 	139	 	 	 	669	 	
Offering and other costs(d)	  	 	178	 	 	 	—  	 	
Campus consolidation costs	  	 	27	 	 	 	—  	 	
Debt refinancing costs	  	 	1,695	 	 	 	—  	 	
Extinguishment of debt	  	 	2,161	 	 	 	—  	 	
Gain on sales of assets	  	 	—  	 	 	 	(5,828	) 	
New manufacturer costs(e)	  	 	836	 	 	 	900	 	
 	  	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	22,651	 	 	$	18,362	 	
 	  	 	 	 	 	 	 	 	
Adjusted EBITDA, as a percentage of revenues	  	 	27.8	% 	 	 	24.0	% 	

(a)	Represents provision for income taxes, less tax indemnification associated with BMS.	
(b)	Represents non-cash losses incurred associated with the write-down of inventory and write-off of long-lived assets.	
(c)	The amounts consist of severance and recruitment costs related to employees, executives and directors.	
(d)	Represents offering costs incurred on behalf of certain shareholders pursuant to a registration rights agreement and other non-recurring costs.	
(e)	Represents internal and external costs associated with establishing new manufacturing sources for our commercial and clinical candidate products.	
 
Page 10 of 13

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

 	  	Three Months Ended
March 31,	 	
 	  	2017	 	 	2016	 	
Cash provided by operating activities	  	$	5,524	 	 	$	3,780	 	
Capital expenditures	  	 	(4,899	) 	 	 	(1,652	) 	
 	  	 	 	 	 	 	 	 	
Free cash flow	  	$	625	 	 	$	2,128	 	

Page 11 of 13

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

 	  	March 31,
2017	 	 	December 31,
2016	 	
Assets	  	 	 	 	 	 	 	 	
Current assets:	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	40,882	 	 	$	51,178	 	
Accounts receivable, net	  	 	39,927	 	 	 	36,818	 	
Inventory	  	 	19,790	 	 	 	17,640	 	
Other current assets	  	 	6,084	 	 	 	5,183	 	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	106,683	 	 	 	110,819	 	
Property, plant & equipment, net	  	 	92,086	 	 	 	94,187	 	
Intangibles, net	  	 	14,288	 	 	 	15,118	 	
Goodwill	  	 	15,714	 	 	 	15,714	 	
Other long-term assets	  	 	20,792	 	 	 	20,060	 	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	249,563	 	 	$	255,898	 	
 	  	 	 	 	 	 	 	 	
Liabilities and Stockholders’ Deficit	  	 	 	 	 	 	 	 	
Current liabilities:	  	 	 	 	 	 	 	 	
Current portion of long-term debt	  	$	2,750	 	 	$	3,650	 	
Revolving line of credit	  	 	—  	 	 	 	—  	 	
Accounts payable	  	 	17,566	 	 	 	18,940	 	
Accrued expenses and other liabilities	  	 	18,814	 	 	 	21,249	 	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	39,130	 	 	 	43,839	 	
Asset retirement obligations	  	 	9,630	 	 	 	9,370	 	
Long-term debt, net	  	 	266,335	 	 	 	274,460	 	
Other long-term liabilities	  	 	35,628	 	 	 	34,745	 	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	350,723	 	 	 	362,414	 	
Stockholders’ deficit	  	 	(101,160	) 	 	 	(106,516	) 	
 	  	 	 	 	 	 	 	 	
Total liabilities and stockholders’ deficit	  	$	249,563	 	 	$	255,898	 	

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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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