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
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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.