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, 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 August 4, 2015, Lantheus Holdings, Inc. (the “Company”) announced via press release its financial results as of and for the three and six months ended June 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 August 4, 2015, announcing its financial results as of and for the three and six months ended June 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:	 	Vice President and General Counsel	
Date: August 4, 2015

EXHIBIT INDEX

Exhibit
No.	  	Description	
 	 	
99.1*	  	Press release of Lantheus Holdings, Inc. dated August 4, 2015, announcing its financial results as of and for the three and six months ended June 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

 	 	 	 	 
331 Treble Cove Road
 
North Billerica, MA 01862	    	 
800.362.2668
 
www.lantheus.com	 	
 	 	 	 	 	    	 	 	 	
FOR RELEASE 4:00 PM EASTERN
TUESDAY, AUGUST 4, 2015
CONTACTS:

Investor Relations	 	 	 	 	  	Media Relations	
John Bakewell	 	 	 	 	  	Meara Murphy	
978-436-7073	 	 	 	 	  	978-671-8508	
Lantheus Holdings, Inc. Reports 2015 Second Quarter Financial Results
Second quarter worldwide DEFINITY® revenue increases 21% as-reported and in constant currency
Second quarter Adjusted EBITDA increases 10% to $18.0 million
North Billerica, Mass., August 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 the first time since its initial public offering on June 25, 2015.
Worldwide revenue for the second quarter of 2015 totaled $73.3 million, representing a decrease of 3% as-reported and 1% on a constant-currency basis over $75.6 million reported for the second quarter of 2014. Second quarter revenue results reflect the continued strong performance of  DEFINITY ®  along with the anticipated effect of customer-specific changes within the Company’s nuclear medicine portfolio.
The Company’s second quarter 2015 GAAP net loss totaled $24.4 million or $(1.29) per diluted share, compared to a net loss of $1.6 million or $(0.09) per diluted share in the second quarter of 2014. GAAP net loss for the second quarter of 2015 included the effects of $13.0 million of call premiums and accelerated interest obligations and $5.8 million of non-cash write-offs of deferred financing costs, all associated with the refinancing of the Company’s previously-outstanding senior notes, and a $6.5 million charge for the termination of its financial sponsor management agreement.
The Company’s second quarter 2015 net income, as adjusted for the above items, totaled $0.9 million or $0.05 per diluted share, an improvement of $2.5 million compared to a net loss of $1.6 million or $(0.09) per diluted share in the second quarter of 2014. The attached financial tables include a reconciliation of U.S. GAAP to as-adjusted results.
The Company’s second quarter 2015 Adjusted EBITDA, as defined in the GAAP to non-GAAP reconciliation provided later in this release, increased by 10% to $18.0 million, or 24.5% of reported revenue, compared to $16.3 million, or 21.6% of revenue, in the second quarter of 2014.
Jeff Bailey, President and CEO commented, “As our results reflect, during the second quarter we continued to make excellent progress driving our business toward greater efficiency and profitability. DEFINITY again posted a strong quarterly performance, growing 21% annually and posting its twelfth

consecutive quarter of sequential growth. Within our nuclear medicine portfolio, the anticipated lower sales volumes and higher average selling prices driven by a customer-specific change earlier this year reduced our overall levels of revenue while bringing improved balance to our customer mix and contributing to further expansion of our profit margins. We are very pleased with our second quarter Adjusted EBITDA growth of 10% and margin expansion of 300 basis points, which reflect our continued progress toward strengthening and improving our operating model.”
Mr. Bailey continued, “Additionally, as a result of our recent initial public offering and the concurrent refinancing of our senior notes, we now benefit from reduced total leverage and considerably lower borrowing costs. Going forward, we expect to benefit from approximately $13.5 million of annual cash interest savings, which will significantly improve our free cash flow profile and create additional capacity for further deleveraging and investment. In summary, we are very enthusiastic about our progress during the first half of the year and will continue to focus on executing our key strategic initiatives for this year and beyond.”
Outlook
The Company anticipates worldwide revenue for full-year 2015 of approximately $293 million to $297 million, representing a constant currency change over last year of (1)% to 1%. This range assumes a negative full-year impact from currency of approximately $6 million, or 2%, compared to 2014.
The Company anticipates 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, and 24% to 25% of reported revenue.
The Company’s Adjusted EBITDA target excludes the effect of possible future acquisitions, other material unanticipated 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 91877950. 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 today through midnight on August 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 91877950. 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 may 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 Lantheus Medical Imaging, Inc. (“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.
LMI has more than 500 employees worldwide with headquarters in North Billerica, Massachusetts, and 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
June 30,	 	 	Six Months Ended
June 30,	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
 	 	 	 	 	
Revenues	  	$	73,314	  	 	$	75,613	  	 	$	148,137	  	 	$	148,949	  	
Cost of goods sold	  	 	40,647	  	 	 	44,554	  	 	 	79,701	  	 	 	87,829	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	32,667	  	 	 	31,059	  	 	 	68,436	  	 	 	61,120	  	
Operating expenses	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales and marketing expenses	  	 	9,229	  	 	 	9,402	  	 	 	18,301	  	 	 	18,900	  	
General and administrative expenses	  	 	15,444	  	 	 	8,990	  	 	 	24,567	  	 	 	17,842	  	
Research and development expenses	  	 	2,638	  	 	 	2,687	  	 	 	8,834	  	 	 	5,909	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	27,311	  	 	 	21,079	  	 	 	51,702	  	 	 	42,651	  	
Operating income	  	 	5,356	  	 	 	9,980	  	 	 	16,734	  	 	 	18,469	  	
Interest expense, net	  	 	(13,876	) 	 	 	(10,567	) 	 	 	(24,499	) 	 	 	(21,119	) 	
Loss on extinguishment of debt	  	 	(15,528	) 	 	 	—  	  	 	 	(15,528	) 	 	 	—  	  	
Other income (expense), net	  	 	800	  	 	 	(175	) 	 	 	417	  	 	 	(589	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss before income taxes	  	 	(23,248	) 	 	 	(762	) 	 	 	(22,876	) 	 	 	(3,239	) 	
Provision (benefit) for income taxes	  	 	1,175	  	 	 	874	  	 	 	1,172	  	 	 	(318	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss	  	$	(24,423	) 	 	$	(1,636	) 	 	$	(24,048	) 	 	$	(2,921	) 	

Net loss per common share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic and diluted	  	$	(1.29	) 	 	$	(0.09	) 	 	$	(1.30	) 	 	$	(0.16	) 	
 	 	 	 	 	
Common shares	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic and diluted	  	 	18,898,003	  	 	 	18,080,944	  	 	 	18,489,451	  	 	 	18,080,256	  	

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

 	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
 	  	2015	 	  	2014	 	  	% change	 	 	2015	 	  	2014	 	  	% change	 	
U.S.	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	27,828	  	  	 	23,019	  	  	 	20.9	% 	 	 	53,010	  	  	 	45,003	  	  	 	17.8	% 	
TechneLite	  	 	14,637	  	  	 	20,624	  	  	 	(29.0	)% 	 	 	32,810	  	  	 	40,723	  	  	 	(19.4	)% 	
Xenon	  	 	12,038	  	  	 	8,899	  	  	 	35.3	% 	 	 	25,224	  	  	 	18,605	  	  	 	35.6	% 	
Other	  	 	3,875	  	  	 	6,026	  	  	 	(35.7	)% 	 	 	8,001	  	  	 	11,048	  	  	 	(27.6	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total U.S.	  	$	58,378	  	  	$	58,568	  	  	 	(0.3	)% 	 	$	119,045	  	  	$	115,379	  	  	 	3.2	% 	

International	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	600	  	  	 	497	  	  	 	20.7	% 	 	 	1,084	  	  	 	871	  	  	 	24.5	% 	
TechneLite	  	 	2,725	  	  	 	2,901	  	  	 	(6.1	)% 	 	 	5,411	  	  	 	5,843	  	  	 	(7.4	)% 	
Xenon	  	 	10	  	  	 	—  	  	  	 	100.0	% 	 	 	19	  	  	 	4	  	  	 	375.0	% 	
Other	  	 	11,601	  	  	 	13,647	  	  	 	(15.0	)% 	 	 	22,578	  	  	 	26,852	  	  	 	(15.9	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total International	  	$	14,936	  	  	$	17,045	  	  	 	(12.4	)% 	 	$	29,092	  	  	$	33,570	  	  	 	(13.3	)% 	

Worldwide	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	28,428	  	  	 	23,516	  	  	 	20.9	% 	 	 	54,094	  	  	 	45,874	  	  	 	17.9	% 	
TechneLite	  	 	17,362	  	  	 	23,525	  	  	 	(26.2	)% 	 	 	38,221	  	  	 	46,566	  	  	 	(17.9	)% 	
Xenon	  	 	12,048	  	  	 	8,899	  	  	 	35.4	% 	 	 	25,243	  	  	 	18,609	  	  	 	35.6	% 	
Other	  	 	15,476	  	  	 	19,673	  	  	 	(21.3	)% 	 	 	30,579	  	  	 	37,900	  	  	 	(19.3	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total Revenues	  	$	73,314	  	  	$	75,613	  	  	 	(3.0	)% 	 	$	148,137	  	  	$	148,949	  	  	 	(0.5	)% 	

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

 	  	June 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	  	 	21	% 	 	 	37	% 	 	 	21	% 	 	 	21	% 	 	 	21	% 	
TechneLite	  	 	(29	)% 	 	 	3	% 	 	 	(6	)% 	 	 	(25	)% 	 	 	(26	)% 	
Xenon	  	 	35	% 	 	 	100	% 	 	 	100	% 	 	 	35	% 	 	 	35	% 	
Other	  	 	(36	)% 	 	 	(6	)% 	 	 	(15	)% 	 	 	(15	)% 	 	 	(21	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	0	% 	 	 	(3	)% 	 	 	(12	)% 	 	 	(1	)% 	 	 	(3	)% 	

 	  	June 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	% 	 	 	41	% 	 	 	24	% 	 	 	18	% 	 	 	18	% 	
TechneLite	  	 	(19	)% 	 	 	2	% 	 	 	(7	)% 	 	 	(17	)% 	 	 	(18	)% 	
Xenon	  	 	36	% 	 	 	425	% 	 	 	375	% 	 	 	36	% 	 	 	36	% 	
Other	  	 	(28	)% 	 	 	(8	)% 	 	 	(16	)% 	 	 	(13	)% 	 	 	19	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	3	% 	 	 	(5	)% 	 	 	(13	)% 	 	 	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 June 30, 2015	 	 	Six Months Ended June 30, 2015	 	
 	 	International Net Sales	 	 	Total Net Sales	 	 	International Net Sales	 	 	Total Net Sales	 	
 	 	 	 	 	
Net sales, as reported	 	$	14,936	  	 	$	73,314	  	 	$	29,092	  	 	$	148,137	  	
Currency impact as compared to prior period	 	 	1,592	  	 	 	1,592	  	 	 	2,899	  	 	 	2,899	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net sales, excluding the impact of foreign currency	 	$	16,528	  	 	$	74,906	  	 	$	31,991	  	 	$	151,036	  	

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

 	  	Three Months Ended	 	 	Six Months Ended	 	 	
 	  	June 30,	 	 	June 30,	 	 	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	 	 	
Operating Income	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income, as reported	  	$	5,356	  	 	$	9,980	  	 	$	16,734	  	 	$	18,469	  	 	 	
Reconciling items impacting	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Campus Consolidation Costs	  	 	—  	  	 	 	—  	  	 	 	3,630	  	 	 	—  	  	 	 	
Sponsor Termination Costs	  	 	6,527	  	 	 	—  	  	 	 	6,527	  	 	 	—  	  	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income, as adjusted	  	$	11,883	  	 	$	9,980	  	 	$	26,891	  	 	$	18,469	  	 	 	

Operating Income, as adjusted, as a percentage of net sales	  	 	16.2	% 	 	 	13.2	% 	 	 	18.2	% 	 	 	12.4	% 	 	 	

 	  	Three Months Ended	 	 	Six Months Ended	 	 	 	
 	  	June 30,	 	 	June 30,	 	 	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	 	 	
Net loss	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss, as reported	  	$	(24,423	) 	 	$	(1,636	) 	 	$	(24,048	) 	 	$	(2,921	) 	 	 	
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	  	 	 	—  	  	 	 	
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 (loss), as adjusted	  	$	882	  	 	$	(1,636	) 	 	$	4,887	  	 	$	(2,921	) 	 	 	

Net income (loss), as adjusted, as a percentage of net sales	  	 	1.2	% 	 	 	(2.2	)% 	 	 	3.3	% 	 	 	(2.0	)% 	 	 	

Net income (loss), as adjusted, per common share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Basic	  	$	0.05	  	 	$	(0.09	) 	 	$	0.26	  	 	$	(0.16	) 	 	 	
Diluted	  	$	0.05	  	 	$	(0.09	) 	 	$	0.26	  	 	$	(0.16	) 	 	 	
 	 	 	 	 	 	 	
Common shares	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	18,898,003	  	 	 	18,080,944	  	 	 	18,489,451	  	 	 	18,080,256	  	 	 	
Diluted	  	 	19,259,161	  	 	 	18,080,944	  	 	 	18,843,094	  	 	 	18,080,256	  	 	 	

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,	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
EBITDA	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss, as reported	  	$	(24,423	) 	 	$	(1,636	) 	 	$	(24,048	) 	 	$	(2,921	) 	
Interest expense, net	  	 	13,876	  	 	 	10,567	  	 	 	24,499	  	 	 	21,119	  	
Provision (benefit) for income taxes	  	 	394	  	 	 	896	  	 	 	395	  	 	 	(121	) 	
Depreciation	  	 	2,021	  	 	 	2,137	  	 	 	7,709	  	 	 	4,351	  	
Amortization of intangible assets	  	 	1,894	  	 	 	2,271	  	 	 	3,790	  	 	 	4,573	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	  	 	(6,238	) 	 	 	14,235	  	 	 	12,345	  	 	 	27,001	  	
Reconciling items impacting	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-cash stock-based compensation	  	 	656	  	 	 	251	  	 	 	933	  	 	 	535	  	
Legal fees relating to business interruption claim	  	 	46	  	 	 	231	  	 	 	63	  	 	 	465	  	
Asset write-off	  	 	371	  	 	 	91	  	 	 	551	  	 	 	511	  	
Severance and recruiting costs	  	 	122	  	 	 	216	  	 	 	219	  	 	 	301	  	
Sponsor fee and other	  	 	6,747	  	 	 	258	  	 	 	7,318	  	 	 	509	  	
Extinguishment of debt	  	 	15,528	  	 	 	—  	  	 	 	15,528	  	 	 	—  	  	
New manufacturer costs	  	 	753	  	 	 	1,035	  	 	 	1,615	  	 	 	3,013	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	17,985	  	 	$	16,317	  	 	$	38,572	  	 	$	32,335	  	

Adjusted EBITDA as a percentage of net sales	  	 	24.5	% 	 	 	21.6	% 	 	 	26.0	% 	 	 	21.7	% 	

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

 	  	Three Months Ended	 	 	Six Months Ended	 	
 	  	June 30, 2015	 	 	June 30, 2014	 	 	June 30, 2015	 	 	June 30, 2014	 	
 	 	 	 	 	
Net cash used in operating activities	  	$	(11,438	) 	 	$	(4,988	) 	 	$	3,719	  	 	$	(5,048	) 	
Capital expenditures	  	 	(2,614	) 	 	 	(1,998	) 	 	 	(6,112	) 	 	 	(3,480	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow	  	$	(14,052	) 	 	$	(6,986	) 	 	$	(2,393	) 	 	$	(8,528	) 	

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

 	  	June 30, 2015	 	 	December 31, 2014	 	
Assets	  	 	 	 	 	 	 	 	
Current assets:	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	22,200	  	 	$	19,739	  	
Accounts receivable, net	  	 	36,817	  	 	 	41,540	  	
Inventory	  	 	15,396	  	 	 	15,582	  	
Other current assets	  	 	4,577	  	 	 	4,374	  	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	78,990	  	 	 	81,235	  	
 	 	 	
Property, plant and equipment, net	  	 	92,867	  	 	 	96,014	  	
Capitalized software development costs, net	  	 	2,099	  	 	 	2,421	  	
Intangibles, net	  	 	24,099	  	 	 	27,191	  	
Goodwill	  	 	15,714	  	 	 	15,714	  	
Other long-term assets	  	 	19,781	  	 	 	20,578	  	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	233,550	  	 	$	243,153	  	

Liabilities and stockholder’s deficit	  	 	 	 	 	 	 	 	
Current liabilities:	  	 	 	 	 	 	 	 	
Line of credit	  	$	—  	  	 	$	8,000	  	
Accounts payable	  	 	14,203	  	 	 	15,665	  	
Accrued expenses and other liabilities	  	 	19,692	  	 	 	24,863	  	
Current portion of long-term debt	  	 	3,650	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	37,545	  	 	 	48,528	  	
Asset retirement obligation	  	 	7,861	  	 	 	7,435	  	
Long-term debt, net	  	 	350,927	  	 	 	392,863	  	
Other long-term liabilities	  	 	32,799	  	 	 	33,597	  	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	429,132	  	 	 	482,423	  	

Stockholder’s deficit	  	 	(195,582	) 	 	 	(239,270	) 	
 	  	 	 	 	 	 	 	 	
Total liabilities and stockholder’s deficit	  	$	233,550	  	 	$	243,153	  	
 	  	 	 	 	 	 	 	 	
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