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25/02/2021 - Lantheus Holdings Inc.: Q4 2020 and Full Year 2020 Reconciliation of GAAP to Non-GAAP Financial Measures

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Q4 2020 and full year 2020 reconciliation of gaap to non-gaap financial measures

Lantheus Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data - unaudited)

Three Months Ended

December 31, 2020

December 31, 2019

GAAP

AdjustmentsNon-GAAP Adjusted

GAAP

AdjustmentsNon-GAAP Adjusted

Revenues

$

Cost of goods sold (a)

(1,003) 43,778

Gross profit Operating expenses

94,152 55,501 38,651

$

(8,209) 8,209

  • 94,152 $ 47,292 46,860

89,346 44,781 44,565

$ 89,346

1,003 45,568

(5,909) 11,392

Sales and marketing (b) General and administrative (c) Research and development (d)

Total operating expenses

(5,002)

(6,761) 25,366

12,857 13,684 12,638 39,179

(977)

11 (4,036)

11,880 13,695 8,602 34,177

10,392 17,301 4,434 32,127

(475) 9,917

(377) 4,057

Operating (loss) income Interest expense

  • (528) 13,211

Other (income) loss (e)

2,811 (496)

- 326

12,683 2,811 (170)

(Loss) income before income taxes

(2,843)

4,311 6,707

Income tax expense (benefit) (f)

569

12,885 4,886

10,042 5,455

12,438 2,126 7,916 2,396 (8,054)

7,764 20,202

- 2,126

3,453 11,369

1,134 (6,920)

Net (loss) income

(3,412) $

7,999

4,587

10,450

$

3,177

$ 13,627

Net (loss) income per common share - diluted

$ $

(0.05)

$ $

0.07

$ $

0.26

$ 0.34

Weighted-average commonshares outstanding - diluted

(g)

66,870

260

67,130

40,133 40,133

Depreciation expense Amortization expense

$ $

3,350 4,683

- -

$ $

3,350 4,683

$ $

2,765 451

- -

$ 2,765

$ 451

  • (a) Includes stock and incentive plan compensation, amortization of acquired intangible assets, integration costs including a contract termination and other non-recurring charges.

  • (b) Includes stock and incentive plan compensation, integration costs and other non-recurring charges.

  • (c) Includes stock and incentive plan compensation, acquisition-related costs, integration costs, contingent consideration fair value adjustments, campus consolidation costs and other non-recurring charges.

  • (d) Includes stock and incentive plan compensation, integration costs, impairment of long-lived assets and other non-recurring charges.

  • (e) Includes amortization of fair value adjustments and arbitration award.

  • (f) The income tax effect of the adjustments between GAAP net (loss) income 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.

  • (g) 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)

Year Ended

December 31, 2020

December 31, 2019

GAAP

AdjustmentsNon-GAAP Adjusted

GAAP

AdjustmentsNon-GAAP Adjusted

Revenues

$

339,410

$

Cost of goods sold (a)

  • 200,649 (24,026)

  • 339,410 $ 176,623

347,337 172,526

Gross profit Operating expenses

138,761

24,026

162,787

174,811

$ 347,337 (3,906) 168,620 3,906 178,717

69,270

(21,077)

48,193

61,244

  • (16,524) 44,720

  • Sales and marketing (b) General and administrative (c) Research and development (b)

    40,901

    (2,437)

    38,464

    41,888

  • (1,970) 39,918

    32,788

    (5,621)

    27,167

    20,018

  • (1,773) 18,245

Total operating expenses

142,959

(29,135)

113,824

123,150

(20,267) 102,883

13,617

- 13,617

Operating (loss) income Interest expense

(4,198)

(2,198)

711

(1,487)

6,221

3,453 9,674

Loss on extinguishment of debt Other (income) loss (d)

9,479 -

53,161 - -

48,963

51,661

24,173 75,834

9,479 -

3,196

(3,196)

-

(Loss) income before income taxes

(11,479)

Income tax expense (benefit) (e)

1,994

8,583 5,543

52,450 13,152

40,971 15,146

28,627 (3,040)

23,916 52,543

Net (loss) income

Net (loss) income per common share - diluted

(0.25)

0.47

0.79

$ 1.17

$ $

(13,473) $

39,298

$ $

25,825

$ $

31,667

$

15,333

$ 47,000

Weighted-average common shares outstanding - diluted (f)

54,134

337

54,471

40,113 40,113

Depreciation expense Amortization expense

$ $

12,481 10,770

- -

$ $

12,481 10,770

$ $

10,283 1,804

- -

$ 10,283

$ 1,804

  • (a) 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.

  • (b) Includes stock and incentive plan compensation, integration costs and other non-recurring charges.

  • (c) Includes stock and incentive plan compensation, acquisition-related costs, integration costs, contingent consideration fair value adjustments, campus consolidation costs and other non-recurring charges.

  • (d) Includes stock and incentive plan compensation, integration costs, impairment of long-lived assets, strategic collaboration and license costs and other non-recurring charges.

  • (e) Includes amortization of fair value adjustments and arbitration award.

  • (f) The income tax effect of the adjustments between GAAP net (loss) income 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.

  • (g) 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 EndedMarch 31, 2020

June 30, 2020

September 30, 2020

December 31, 2020

GAAPAdjustmentsNon-GAAP Adjusted

GAAPAdjustmentsNon-GAAP Adjusted

GAAPAdjustmentsNon-GAAP Adjusted

GAAPAdjustmentsNon-GAAP Adjusted

Revenues

Cost of goods sold (a)

(8,390) 44,312

Gross profit Operating expenses

$90,704 52,702 38,002

$

-

$90,704

$66,010 40,162

$66,010 (1,698) 38,464

$88,544 52,284

$88,544 (5,729) 46,555

$94,152 55,501

$94,152 (8,209) 47,292

8,390

46,392

25,848

1,698

27,546

36,260

5,729

41,989

38,651

8,209 46,860

  • 16,699 (5,419)

  • 20,670 (10,908)

  • 18,217 (4,761)

11 13,695

Sales and marketing (b) General and administrative (c) Research and development (d)

10,130

(253)

Total operating expenses

39,179

(5,002) 34,177

4,048 30,877

(389) (6,061)

9,877 11,280 3,659 24,816

6,305

(453)

4,418 31,393

(431) (11,792)

5,852 9,762 3,987 19,601

11,609

(754)

11,684 41,510

(765) (6,280)

10,855 13,456 10,919 35,230

12,857 13,684

(977) 11,880

12,638 (4,036) 8,602

Operating income (loss) Interest expense

  • 7,125 14,451

Other income (e)

1,946 (350)

- -

21,576 1,946 (350)

  • (5,545) 13,490

1,914 (756)

- -

7,945 1,914 (756)

  • (5,250) 12,009

2,808 (596)

- 385

6,759 2,808 (211)

(528) 13,211 12,683

2,811 (496)

- 2,811

326 (170)

Income (loss) before income taxes

(6,703)

(2,843)

12,885 10,042

Income tax expense (benefit) (f)

5,529 2,192

14,451 3,506

19,980 5,698

309

13,490 1,940

6,787 2,249

(7,462) (1,076)

11,624 2,820

4,162 1,744

569

4,886 5,455

Net income (loss)

  • $ 3,337

    $

    10,945

    $14,282

    $ (7,012) $

    11,550

    $ 4,538

    $ (6,386) $

    8,804

    $ 2,418

    $ (3,412) $

    7,999

  • Net income (loss) per common share - diluted

  • $ 0.08

    $

    0.36

    $ (0.16)

    $

    0.10

    $ (0.10)

    $

    0.04

    $ (0.05)

    Weighted-average common shares outstanding - diluted (g)

    40,102

    40,102

    43,135

    168

    43,303

    66,820

    186

    67,006

    66,870

    260

    $ 4,587 $ 0.07 67,130

  • $ 2,981

  • -

    $ 2,981

    $ 2,745

    -

    $ 2,745

    $ 3,405

    -

    $ 3,405

    $ 3,350

    $

    -

    • $ 3,350

    • Depreciation expense Amortization expense

      $

      392

      -

      $

      392

      $

      927

      -

      $

      927

      $ 4,768

      -

      $ 4,768

      $ 4,683

      $

      -

  • $ 4,683

  • (a) 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.

  • (b) Includes stock and incentive plan compensation, integration costs and other non-recurring charges.

  • (c) Includes stock and incentive plan compensation, acquisition-related costs, integration costs, contingent consideration fair value adjustments and other non-recurring charges.

  • (d) Includes stock and incentive plan compensation, integration costs, impairment of long-lived assets and other non-recurring charges.

  • (e) Includes amortization of fair value adjustments.

  • (f) 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.

  • (g) Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP net loss position.

Lantheus MI Radiopharmaceuticals, Inc.(a)

Statement of Operations

(in thousands - unaudited)

Three Months EndedMarch 31, 2020

June 30, 2020

September 30, 2020

December 31, 2020

Year EndedDecember 31, 2020

Revenues

$

  • 2,867 $ 2,320 547

Cost of goods sold

1,970 8,262

Gross profit Operating expenses

  • 2,092 $ 1,864 228

  • 2,938 $ 2,108 830

2,832 $ 10,729

862 2,467

22

24 63

Sales and marketing General and administrative Research and development

125

21 -

101

1

134

(4) -

115 475

- 1

Total operating expenses

146

124

130

139 539

(14)

(14)

(14)

(14) (56)

Operating income Other income

401

19

6

69

61 155

Income before income taxes Income tax expense

415

Net income

104

118

$

396

700

714

$

112

723 1,928

737 1,984

$

645

$

676

$ 1,829

Adjusted net income

$

401

$

117

$

650

$

681

$ 1,849

(a)On January 29, 2021, Lantheus Holdings, Inc. sold all of the stock of its Puerto Rican radiopharmacy servicing subsidiary

Disclaimer

Lantheus Holdings Inc. published this content on 25 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2021 21:10:50 UTC.

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