Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share data - unaudited)
|
Three Months Ended |
|||||||||||||||||
|
March 31, 2023 |
March 31, 2022 |
||||||||||||||||
|
GAAP |
Adjustments |
Non-GAAP |
GAAP |
Adjustments |
Non-GAAP |
||||||||||||
|
Adjusted |
Adjusted |
||||||||||||||||
|
Revenues |
$ |
300,784 |
$ |
300,784 |
$ |
208,880 |
$ |
208,880 |
|||||||||
|
Cost of goods sold (a) |
223,708 |
(129,327) |
94,381 |
79,810 |
(10,827) |
68,983 |
|||||||||||
|
Gross profit |
77,076 |
129,327 |
206,403 |
129,070 |
10,827 |
139,897 |
|||||||||||
|
Operating expenses |
|||||||||||||||||
|
Sales and marketing (b) |
32,617 |
(2,262) |
30,355 |
20,354 |
(1,013) |
19,341 |
|||||||||||
|
General and administrative (c) |
23,271 |
(2,756) |
20,515 |
37,588 |
(21,228) |
16,360 |
|||||||||||
|
Research and development (d) |
30,532 |
(17,001) |
13,531 |
12,203 |
(696) |
11,507 |
|||||||||||
|
Total operating expenses |
86,420 |
(22,019) |
64,401 |
70,145 |
(22,937) |
47,208 |
|||||||||||
|
Operating income |
(9,344) |
151,346 |
142,002 |
58,925 |
33,764 |
92,689 |
|||||||||||
|
Interest expense |
4,991 |
- |
4,991 |
1,509 |
- |
1,509 |
|||||||||||
|
Other income |
(3,231) |
- |
(3,231) |
(485) |
- |
(485) |
|||||||||||
|
Income before income taxes |
(11,104) |
151,346 |
140,242 |
57,901 |
33,764 |
91,665 |
|||||||||||
|
Income tax expense (e) |
(8,297) |
46,376 |
38,079 |
14,939 |
8,896 |
23,835 |
|||||||||||
|
Net income |
$ |
(2,807) |
$ |
104,970 |
$ |
102,163 |
$ |
42,962 |
$ |
24,868 |
$ |
67,830 |
|||||
|
Net income per common share - |
|||||||||||||||||
|
diluted |
$ |
(0.04) |
$ |
1.47 |
$ |
0.61 |
$ |
0.97 |
|||||||||
|
Weighted-average common |
|||||||||||||||||
|
shares outstanding - diluted (f) |
67,749 |
1,979 |
69,728 |
70,051 |
- |
70,051 |
|||||||||||
|
Depreciation expense |
|||||||||||||||||
|
$ |
3,422 |
- |
$ |
3,422 |
$ |
3,091 |
- |
$ |
3,091 |
||||||||
|
Amortization expense |
$ |
11,099 |
- |
$ |
11,099 |
$ |
8,306 |
- |
$ |
8,306 |
- Includes stock and incentive plan compensation, amortization of acquired intangible assets, impairment of long-lived assets, ARO acceleration and other related costs, and other non-recurring charges.
- Includes stock and incentive plan compensation.
- Includes stock and incentive plan compensation, acquisition-related costs, contingent consideration fair value adjustments, campus consolidation costs, non-recurring strategic initiatives and other non-recurring charges.
- Includes stock and incentive plan compensation and impairment of long-lived assets.
- The income tax effect of the adjustments between GAAP net income (loss) and non-GAAP adjusted net income takes into account the tax treatment and related tax rate that apply to each adjustment in the applicable tax jurisdiction.
- Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP net loss position.
Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share data - unaudited)
|
Three Months Ended |
||||||||
|
March 31, 2023 |
||||||||
|
GAAP |
Adjustments |
Non-GAAP |
||||||
|
Adjusted |
||||||||
|
Revenues |
$ |
300,784 |
$ |
300,784 |
||||
|
Cost of goods sold (a) |
223,708 |
(129,327) |
94,381 |
|||||
|
Gross profit |
77,076 |
129,327 |
206,403 |
|||||
|
Operating expenses |
||||||||
|
Sales and marketing (b) |
32,617 |
(2,262) |
30,355 |
|||||
|
General and administrative (c) |
23,271 |
(2,756) |
20,515 |
|||||
|
Research and development (d) |
30,532 |
(17,001) |
13,531 |
|||||
|
Total operating expenses |
86,420 |
(22,019) |
64,401 |
|||||
|
Operating income |
(9,344) |
151,346 |
142,002 |
|||||
|
Interest expense |
4,991 |
- |
4,991 |
|||||
|
Other income |
(3,231) |
- |
(3,231) |
|||||
|
Income before income taxes |
(11,104) |
151,346 |
140,242 |
|||||
|
Income tax expense (e) |
(8,297) |
46,376 |
38,079 |
|||||
|
Net income |
$ |
(2,807) |
$ |
104,970 |
$ |
102,163 |
||
|
Net income per common share - |
||||||||
|
diluted |
$ |
(0.04) |
$ |
1.47 |
||||
|
Weighted-average common |
||||||||
|
shares outstanding - diluted (f) |
67,749 |
1,979 |
69,728 |
|||||
|
Depreciation expense |
||||||||
|
$ |
3,422 |
- |
$ |
3,422 |
||||
|
Amortization expense |
$ |
11,099 |
- |
$ |
11,099 |
- Includes stock and incentive plan compensation, amortization of acquired intangible assets, impairment of long-lived assets, ARO acceleration and other related costs and other non-recurring charges.
- Includes stock and incentive plan compensation.
- Includes stock and incentive plan compensation, acquisition-related costs, contingent consideration fair value adjustments, campus consolidation costs and other non-recurring charges.
- Includes stock and incentive plan compensation and impairment of long-lived assets.
- The income tax effect of the adjustments between GAAP net income (loss) and non-GAAP adjusted net income takes into account the tax treatment and related tax rate that apply to each adjustment in the applicable tax jurisdiction.
- Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP net loss position.
Lantheus Holdings, Inc.
Reconciliation of Non-GAAP Financial Measures
(in thousands - unaudited)
As shown below, the Company provides the components of Management EBITDA. Management EBITDA consists of; adjusted net income plus the remainder of depreciation, interest expense, net and income tax expense, net of indemnification income.
The below table presents Management EBITDA for the three months ended March 31, 2023 and 2022, respectively:
Adjusted net income
Depreciation expense
Interest expense, net
Income tax expense(a)
Management EBITDA
- Represents income tax expense, less tax indemnification income.
Three Months Ended
March 31,
20232022
$ 102,163 $ 67,830
3,422 3,091
1,467 1,501
37,983 23,439
$ 145,035 $ 95,861
Attachments
Disclaimer
Lantheus Holdings Inc. published this content on 03 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2023 11:15:20 UTC.