Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share data - unaudited)
|
Three Months Ended |
|||||||||||||||||
|
June 30, 2021 |
June 30, 2020 |
||||||||||||||||
|
GAAP |
Adjustments |
Non-GAAP |
GAAP |
Adjustments |
Non-GAAP |
||||||||||||
|
Adjusted |
Adjusted |
||||||||||||||||
|
Revenues |
$ |
101,064 |
$ |
101,064 |
$ |
66,010 |
$ |
66,010 |
|||||||||
|
Cost of goods sold (a) |
54,976 |
(7,111) |
47,865 |
40,162 |
(1,698) |
38,464 |
|||||||||||
|
Gross profit |
46,088 |
7,111 |
53,199 |
25,848 |
1,698 |
27,546 |
|||||||||||
|
Operating expenses |
|||||||||||||||||
|
Sales and marketing (b) |
17,631 |
(825) |
16,806 |
6,305 |
(453) |
5,852 |
|||||||||||
|
General and administrative (c) |
43,177 |
(28,640) |
14,537 |
20,670 |
(10,908) |
9,762 |
|||||||||||
|
Research and development (d) |
12,061 |
(599) |
11,462 |
4,418 |
(431) |
3,987 |
|||||||||||
|
Total operating expenses |
72,869 |
(30,064) |
42,805 |
31,393 |
(11,792) |
19,601 |
|||||||||||
|
Operating (loss) income |
(26,781) |
37,175 |
10,394 |
(5,545) |
13,490 |
7,945 |
|||||||||||
|
Interest expense |
1,937 |
- |
1,937 |
1,914 |
- |
1,914 |
|||||||||||
|
Other income |
(182) |
- |
(182) |
(756) |
- |
(756) |
|||||||||||
|
(Loss) income before income |
|||||||||||||||||
|
taxes |
$ |
(28,536) |
$ |
37,175 |
$ |
8,639 |
$ |
(6,703) |
$ |
13,490 |
$ |
6,787 |
|||||
|
Income tax (benefit) expense (e) |
(1,879) |
2,731 |
852 |
309 |
1,940 |
2,249 |
|||||||||||
|
Net (loss) income |
$ |
(26,657) |
$ |
34,444 |
$ |
7,787 |
$ |
(7,012) |
$ |
11,550 |
$ |
4,538 |
|||||
|
Net (loss) income per common |
|||||||||||||||||
|
share - diluted |
$ |
(0.39) |
$ |
0.11 |
$ |
(0.16) |
$ |
0.10 |
|||||||||
|
Weighted-average common |
|||||||||||||||||
|
shares outstanding - diluted (f) |
67,505 |
1,200 |
68,705 |
43,135 |
168 |
43,303 |
|||||||||||
|
Depreciation expense |
$ |
3,163 |
- |
$ |
3,163 |
$ |
2,745 |
- |
$ |
2,745 |
|||||||
|
Amortization expense |
$ |
6,074 |
- |
$ |
6,074 |
$ |
927 |
- |
$ |
927 |
|||||||
|
Adjusted EBITDA |
$ |
16,015 |
$ |
13,979 |
- Includes stock and incentive plan compensation, amortization of acquired intangible assets, integration costs and other non- recurring charges.
- Includes stock and incentive plan compensation, integration costs and other non-recurring charges.
- Includes stock and incentive plan compensation, acquisition-related costs, integration costs, contingent consideration fair value adjustments and other non-recurring charges.
- Includes stock and incentive plan compensation.
- The income tax effect of the adjustments between GAAP net 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 (Continued)
(in thousands, except per share data - unaudited)
|
Six Months Ended |
|||||||||||||||||||
|
June 30, 2021 |
June 30, 2020 |
||||||||||||||||||
|
GAAP |
Adjustments |
Non-GAAP |
GAAP |
Adjustments |
Non-GAAP |
||||||||||||||
|
Adjusted |
Adjusted |
||||||||||||||||||
|
Revenues |
$ |
193,573 |
$ |
193,573 |
$ |
156,714 |
$ |
156,714 |
|||||||||||
|
Cost of goods sold (a) |
106,455 |
(12,573) |
93,882 |
92,864 |
(10,088) |
82,776 |
|||||||||||||
|
Gross profit |
87,118 |
12,573 |
99,691 |
63,850 |
10,088 |
73,938 |
|||||||||||||
|
Operating expenses |
|||||||||||||||||||
|
Sales and marketing (b) |
31,804 |
(1,467) |
30,337 |
16,435 |
(706) |
15,729 |
|||||||||||||
|
General and administrative (c) |
59,315 |
(30,775) |
28,540 |
37,369 |
(16,327) |
21,042 |
|||||||||||||
|
Research and development (d) |
22,421 |
(1,024) |
21,397 |
8,466 |
(820) |
7,646 |
|||||||||||||
|
Total operating expenses |
113,540 |
(33,266) |
80,274 |
62,270 |
(17,853) |
44,417 |
|||||||||||||
|
Gain on sale of assets |
15,263 |
(15,263) |
- |
- |
- |
- |
|||||||||||||
|
Operating (loss) income |
(11,159) |
30,576 |
19,417 |
1,580 |
27,941 |
29,521 |
|||||||||||||
|
Interest expense |
4,655 |
- |
4,655 |
3,860 |
- |
3,860 |
|||||||||||||
|
Gain on extinguishment of debt |
(889) |
889 |
- |
- |
- |
- |
|||||||||||||
|
Other income (e) |
(731) |
307 |
(424) |
(1,106) |
- |
(1,106) |
|||||||||||||
|
(Loss) income before income |
$ |
(14,194) |
$ |
29,380 |
$ |
15,186 |
$ |
(1,174) |
$ |
27,941 |
$ |
26,767 |
|||||||
|
taxes |
(f) |
||||||||||||||||||
|
3,455 |
648 |
4,103 |
2,501 |
5,446 |
7,947 |
||||||||||||||
|
Income tax (benefit) expense |
|||||||||||||||||||
|
Net (loss) income |
$ |
(17,649) |
$ |
28,732 |
$ |
11,083 |
$ |
(3,675) |
$ |
22,495 |
$ |
18,820 |
|||||||
|
Net (loss) income per common |
|||||||||||||||||||
|
share - diluted |
$ |
(0.26) |
$ |
0.16 |
$ |
(0.09) |
$ |
0.45 |
|||||||||||
|
Weighted-average common |
(g) |
||||||||||||||||||
|
shares outstanding - diluted |
67,300 |
981 |
68,281 |
41,284 |
418 |
41,702 |
|||||||||||||
|
Depreciation expense |
$ |
6,209 |
- |
$ |
6,209 |
$ |
5,726 |
- |
$ |
5,726 |
|||||||||
|
Amortization expense |
$ |
10,759 |
- |
$ |
10,759 |
$ |
1,319 |
- |
$ |
1,319 |
|||||||||
|
Adjusted EBITDA |
$ |
32,288 |
$ |
41,836 |
- Includes stock and incentive plan compensation, amortization of acquired intangible assets, integration costs including a contract termination, impairment of long-lived assets and other non-recurring charges.
- Includes stock and incentive plan compensation, integration costs and other non-recurring charges.
- Includes stock and incentive plan compensation, acquisition-related costs, integration costs, contingent consideration fair value adjustments and other non-recurring charges.
- Includes stock and incentive plan compensation.
- Includes amortization of fair value adjustments.
- The income tax effect of the adjustments between GAAP net 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, 2021 |
June 30, 2021 |
||||||||||||||||
|
GAAP |
Adjustments |
Non-GAAP |
GAAP |
Adjustments |
Non-GAAP |
||||||||||||
|
Adjusted |
Adjusted |
||||||||||||||||
|
Revenues |
$ |
92,509 |
$ |
92,509 |
$ |
101,064 |
$ |
101,064 |
|||||||||
|
Cost of goods sold (a) |
51,479 |
(5,462) |
46,017 |
54,976 |
(7,111) |
47,865 |
|||||||||||
|
Gross profit |
41,030 |
5,462 |
46,492 |
46,088 |
7,111 |
53,199 |
|||||||||||
|
Operating expenses |
|||||||||||||||||
|
Sales and marketing (b) |
14,173 |
(642) |
13,531 |
17,631 |
(825) |
16,806 |
|||||||||||
|
General and administrative (c) |
16,138 |
(2,135) |
14,003 |
43,177 |
(28,640) |
14,537 |
|||||||||||
|
Research and development (d) |
10,360 |
(425) |
9,935 |
12,061 |
(599) |
11,462 |
|||||||||||
|
Total operating expenses |
40,671 |
(3,202) |
37,469 |
72,869 |
(30,064) |
42,805 |
|||||||||||
|
Gain on sale of assets |
15,263 |
(15,263) |
- |
- |
- |
- |
|||||||||||
|
Operating income (loss) |
15,622 |
(6,599) |
9,023 |
(26,781) |
37,175 |
10,394 |
|||||||||||
|
Interest expense |
2,718 |
- |
2,718 |
1,937 |
- |
1,937 |
|||||||||||
|
Gain on extinguishment of debt |
(889) |
889 |
- |
- |
- |
- |
|||||||||||
|
Other income (e) |
(549) |
307 |
(242) |
(182) |
- |
(182) |
|||||||||||
|
Income (loss) before income taxes |
14,342 |
$ |
(7,795) |
$ |
6,547 |
$ |
(28,536) |
$ |
37,175 |
$ |
8,639 |
||||||
|
Income tax expense (benefit) (f) |
5,334 |
(2,083) |
3,251 |
(1,879) |
2,731 |
852 |
|||||||||||
|
Net income (loss) |
9,008 |
$ |
(5,712) |
$ |
3,296 |
$ |
(26,657) |
$ |
34,444 |
$ |
7,787 |
||||||
|
Net income (loss) per common share - |
|||||||||||||||||
|
diluted |
$ |
0.13 |
$ |
0.05 |
$ |
(0.39) |
$ |
0.11 |
|||||||||
|
Weighted-average common shares |
|||||||||||||||||
|
outstanding - diluted (g) |
67,714 |
67,714 |
67,505 |
1,200 |
68,705 |
||||||||||||
|
Depreciation expense |
$ |
3,046 |
- |
$ |
3,046 |
$ |
3,163 |
- |
$ |
3,163 |
|||||||
|
Amortization expense |
$ |
4,685 |
- |
$ |
4,685 |
$ |
6,074 |
- |
$ |
6,074 |
|||||||
|
Adjusted EBITDA |
$ |
16,273 |
$ |
16,015 |
- Includes stock and incentive plan compensation, amortization of acquired intangible assets, integration costs and other non-recurring charges.
- Includes stock and incentive plan compensation, integration costs and other non-recurring charges.
- Includes stock and incentive plan compensation, acquisition-related costs, integration costs, contingent consideration fair value adjustments and other non-recurring charges.
- Includes stock and incentive plan compensation.
- Includes amortization of fair value adjustments.
- 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.
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Disclaimer
Lantheus Holdings Inc. published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 11:19:03 UTC.