Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share data - unaudited)
Three Months Ended
September 30, 2022
GAAP Adjustments Non-GAAP Adjusted
September 30, 2021
GAAP Adjustments Non-GAAP Adjusted
|
Revenues |
$ |
239,292 |
$ |
239,292 |
$ |
102,073 |
$ |
102,073 |
|||||||||
|
Cost of goods sold (a) |
91,859 |
(10,860) |
80,999 |
59,404 |
(8,518) |
50,886 |
|||||||||||
|
Gross profit |
147,433 |
10,860 |
158,293 |
42,669 |
8,518 |
51,187 |
|||||||||||
|
Operating expenses |
|||||||||||||||||
|
Sales and marketing (b) |
25,414 |
(1,745) |
23,669 |
17,195 |
(683) |
16,512 |
|||||||||||
|
General and administrative (c) |
23,759 |
(2,767) |
20,992 |
28,550 |
(14,598) |
13,952 |
|||||||||||
|
Research and development (d) |
12,517 |
(1,099) |
11,418 |
11,252 |
(709) |
10,543 |
|||||||||||
|
Total operating expenses |
61,690 |
(5,611) |
56,079 |
56,997 |
(15,990) |
41,007 |
|||||||||||
|
Operating income |
85,743 |
16,471 |
102,214 |
(14,328) |
24,508 |
10,180 |
|||||||||||
|
Interest expense |
1,626 |
- |
1,626 |
1,569 |
- |
1,569 |
|||||||||||
|
Other income (e) |
1,101 |
- |
1,101 |
3,940 |
- |
3,940 |
|||||||||||
|
Income before income taxes |
83,016 |
16,471 |
99,487 |
(19,837) |
24,508 |
4,671 |
|||||||||||
|
Income tax expense (f) |
21,784 |
7,038 |
28,822 |
(6,422) |
5,412 |
(1,010) |
|||||||||||
|
Net income |
$ |
61,232 |
$ |
9,433 |
$ |
70,665 |
$ |
(13,415) |
$ |
19,096 |
$ |
5,681 |
|||||
|
Net income per common share - |
|||||||||||||||||
|
diluted |
$ |
0.86 |
$ |
0.99 |
$ |
(0.20) |
$ |
0.08 |
|||||||||
|
Weighted-average common |
|||||||||||||||||
|
shares outstanding - diluted (g) |
71,075 |
- |
71,075 |
67,623 |
1,614 |
69,237 |
|||||||||||
|
Depreciation expense |
$ |
3,417 |
- |
$ |
3,417 |
$ |
3,577 |
- |
$ |
3,577 |
|||||||
|
Amortization expense |
$ |
8,306 |
- |
$ |
8,306 |
$ |
8,374 |
- |
$ |
8,374 |
- Includes stock and incentive plan compensation, amortization of acquired intangible assets, ARO acceleration and other related costs, 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, contingent consideration fair value adjustments, non-recurring strategic initiatives, integration costs and other non-recurring charges.
- Includes stock and incentive plan compensation and other non-recurring charges.
- 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.
Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (Continued)
(in thousands, except per share data - unaudited
|
Nine Months Ended |
|||||||||||||||||||
|
September 30, 2022 |
September 30, 2021 |
||||||||||||||||||
|
GAAP |
Adjustments |
Non-GAAP |
GAAP |
Adjustments |
Non-GAAP |
||||||||||||||
|
Adjusted |
Adjusted |
||||||||||||||||||
|
Revenues |
$ |
671,895 |
$ |
671,895 |
$ |
295,646 |
$ |
295,646 |
|||||||||||
|
Cost of goods sold (a) |
257,363 |
(31,286) |
226,077 |
165,859 |
(21,091) |
144,768 |
|||||||||||||
|
Gross profit |
414,532 |
31,286 |
445,818 |
129,787 |
21,091 |
150,878 |
|||||||||||||
|
Operating expenses |
|||||||||||||||||||
|
Sales and marketing (b) |
73,260 |
(4,433) |
68,827 |
48,999 |
(2,150) |
46,849 |
|||||||||||||
|
General and administrative (c) |
93,945 |
(36,754) |
57,191 |
87,865 |
(45,373) |
42,492 |
|||||||||||||
|
Research and development (d) |
39,455 |
(3,165) |
36,290 |
33,673 |
(1,733) |
31,940 |
|||||||||||||
|
Total operating expenses |
206,660 |
(44,352) |
162,308 |
170,537 |
(49,256) |
121,281 |
|||||||||||||
|
Gain on sale of assets |
- |
- |
- |
15,263 |
(15,263) |
- |
|||||||||||||
|
Operating (loss) income |
207,872 |
75,638 |
283,510 |
(25,487) |
55,084 |
29,597 |
|||||||||||||
|
Interest expense |
4,604 |
- |
4,604 |
6,224 |
- |
6,224 |
|||||||||||||
|
Gain on extinguishment of debt |
- |
- |
- |
(889) |
889 |
- |
|||||||||||||
|
Other loss (income) (e) |
306 |
- |
306 |
3,209 |
307 |
3,516 |
|||||||||||||
|
(Loss) income before income |
202,962 |
75,638 |
278,600 |
(34,031) |
53,888 |
19,857 |
|||||||||||||
|
taxes |
(f) |
||||||||||||||||||
|
55,710 |
21,512 |
77,222 |
(2,967) |
6,060 |
3,093 |
||||||||||||||
|
Income tax (benefit) expense |
|||||||||||||||||||
|
Net (loss) income |
$ |
147,252 |
$ |
54,126 |
$ |
201,378 |
$ |
(31,064) |
$ |
47,828 |
$ |
16,764 |
|||||||
|
Net (loss) income per common |
|||||||||||||||||||
|
share - diluted |
$ |
2.08 |
$ |
2.85 |
$ |
(0.46) |
$ |
0.24 |
|||||||||||
|
Weighted-average common |
(g) |
||||||||||||||||||
|
shares outstanding - diluted |
70,669 |
- |
70,669 |
67,409 |
1,265 |
68,674 |
|||||||||||||
|
Depreciation expense |
$ |
9,834 |
- |
$ |
9,834 |
$ |
9,786 |
- |
$ |
9,786 |
|||||||||
|
Amortization expense |
$ |
24,918 |
- |
$ |
24,918 |
$ |
19,133 |
- |
$ |
19,133 |
- Includes stock and incentive plan compensation, amortization of acquired intangible assets, integration costs including a contract termination, impairment of long-lived assets, ARO acceleration 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, impairment of long-lived assets and other non-recurring charges.
- Includes stock and incentive plan compensation, impairment of long-lived assets and other non-recurring charges.
- 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, 2022 |
June 30, 2022 |
September 30, 2022 |
||||||||||||||||||||||||
|
GAAP |
Adjustments |
Non-GAAP |
GAAP |
Adjustments |
Non-GAAP |
GAAP |
Adjustments |
Non-GAAP |
||||||||||||||||||
|
Adjusted |
Adjusted |
Adjusted |
||||||||||||||||||||||||
|
Revenues |
$ |
208,880 |
$ |
208,880 |
$ |
223,723 |
$ |
223,723 |
$ |
239,292 |
$ |
239,292 |
||||||||||||||
|
Cost of goods sold (a) |
79,810 |
(10,827) |
68,983 |
85,694 |
(9,599) |
76,095 |
91,859 |
(10,860) |
80,999 |
|||||||||||||||||
|
Gross profit |
129,070 |
10,827 |
139,897 |
138,029 |
9,599 |
147,628 |
147,433 |
10,860 |
158,293 |
|||||||||||||||||
|
Operating expenses |
||||||||||||||||||||||||||
|
Sales and marketing (b) |
20,354 |
(1,013) |
19,341 |
27,492 |
(1,675) |
25,817 |
25,414 |
(1,745) |
23,669 |
|||||||||||||||||
|
General and administrative (c) |
37,588 |
(21,228) |
16,360 |
32,598 |
(12,759) |
19,839 |
23,759 |
(2,767) |
20,992 |
|||||||||||||||||
|
Research and development (d) |
12,203 |
(696) |
11,507 |
14,735 |
(1,370) |
13,365 |
12,517 |
(1,099) |
11,418 |
|||||||||||||||||
|
Total operating expenses |
70,145 |
(22,937) |
47,208 |
74,825 |
(15,804) |
59,021 |
61,690 |
(5,611) |
56,079 |
|||||||||||||||||
|
Operating income |
58,925 |
33,764 |
92,689 |
63,204 |
25,403 |
88,607 |
85,743 |
16,471 |
102,214 |
|||||||||||||||||
|
Interest expense |
1,509 |
- |
1,509 |
1,469 |
- |
1,469 |
1,626 |
- |
1,626 |
|||||||||||||||||
|
Other income |
(485) |
- |
(485) |
(310) |
- |
(310) |
1,101 |
- |
1,101 |
|||||||||||||||||
|
Income before income taxes |
57,901 |
33,764 |
91,665 |
62,045 |
25,403 |
87,448 |
83,016 |
16,471 |
99,487 |
|||||||||||||||||
|
Income tax expense (e) |
14,939 |
8,896 |
23,835 |
18,987 |
5,578 |
24,565 |
21,784 |
7,038 |
28,822 |
|||||||||||||||||
|
Net income |
$ |
42,962 |
$ |
24,868 |
$ |
67,830 |
$ |
43,058 |
$ |
19,825 |
$ |
62,883 |
$ |
61,232 |
$ |
9,433 |
$ |
70,665 |
||||||||
|
Net income per common share - |
||||||||||||||||||||||||||
|
diluted |
$ |
0.61 |
$ |
0.97 |
$ |
0.61 |
$ |
0.89 |
$ |
0.86 |
$ |
0.99 |
||||||||||||||
|
Weighted-average common |
||||||||||||||||||||||||||
|
shares outstanding - diluted (f) |
70,051 |
- |
70,051 |
70,796 |
- |
70,796 |
71,075 |
- |
71,075 |
|||||||||||||||||
|
Depreciation expense |
$ |
3,091 |
- |
$ |
3,091 |
$ |
3,326 |
- |
$ |
3,326 |
$ |
3,417 |
- |
$ |
3,417 |
|||||||||||
|
Amortization expense |
$ |
8,306 |
- |
$ |
8,306 |
$ |
8,306 |
- |
$ |
8,306 |
$ |
8,306 |
- |
$ |
8,306 |
- Includes stock and incentive plan compensation, amortization of acquired intangible 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, non-recurring strategic initiatives and other non- recurring charges.
- Includes stock and incentive plan compensation and other non-recurring charges.
- 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 and nine months ended September 30, 2022 and 2021, respectively:
|
Three Months Ended |
Nine Months Ended |
||||||||||
|
September 30, |
September 30, |
||||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||||
|
Adjusted net income |
$ |
70,665 |
$ |
5,681 |
$ |
201,378 |
$ |
16,764 |
|||
|
Depreciation expense |
|||||||||||
|
3,417 |
3,577 |
9,834 |
9,786 |
||||||||
|
Interest expense, net |
1,122 |
1,558 |
4,054 |
6,185 |
|||||||
|
Income tax expense(a) |
30,283 |
2,813 |
77,890 |
6,185 |
|||||||
|
Management EBITDA |
$ |
105,487 |
$ |
13,629 |
$ |
293,156 |
$ |
38,920 |
- Represents income tax expense, less tax indemnification income.
Attachments
Disclaimer
Lantheus Holdings Inc. published this content on 03 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2022 11:22:36 UTC.