Lantheus Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data - unaudited)

Three Months Ended

December 31, 2021

December 31, 2020

GAAP

Adjustments

Non-GAAP

GAAP

Adjustments

Non-GAAP

Adjusted

Adjusted

Revenues

$

129,562

$

129,562

$

94,152

$

94,152

Cost of goods sold (a)

71,654

(15,337)

56,317

55,501

(8,209)

47,292

Gross profit

57,908

15,337

73,245

38,651

8,209

46,860

Operating expenses

Sales and marketing (b)

19,423

(748)

18,675

12,857

(977)

11,880

General and administrative (c)

62,530

(47,182)

15,348

13,684

11

13,695

Research and development (d)

11,293

(267)

11,026

12,638

(4,036)

8,602

Total operating expenses

93,246

(48,197)

45,049

39,179

(5,002)

34,177

Operating (loss) income

(35,338)

63,534

28,196

(528)

13,211

12,683

Interest expense

1,528

-

1,528

2,811

-

2,811

Other loss (income) (e)

4,141

-

4,141

(496)

326

(170)

(Loss) income before income

taxes

(41,007)

63,534

22,527

(2,843)

12,885

10,042

Income tax (benefit) expense (f)

(792)

6,078

5,286

569

4,886

5,455

Net (loss) income

$

(40,215)

$

57,456

$

17,241

$

(3,412)

$

7,999

$

4,587

Net (loss) income per common

share - diluted

$

(0.59)

$

0.25

$

(0.05)

$

0.07

Weighted-average common shares

outstanding - diluted (g)

67,713

1,733

69,446

66,870

260

67,130

Depreciation expense

$

3,438

-

$

3,438

$

3,350

-

$

3,350

Amortization expense

$

8,373

-

$

8,373

$

4,683

-

$

4,683

  1. Includes stock and incentive plan compensation, amortization of acquired intangible assets, integration costs, impairment of long-lived assets, ARO acceleration and other non-recurring charges.
  2. Includes stock and incentive plan compensation, integration costs and other non-recurring charges.
  3. 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.
  4. Includes stock and incentive plan compensation, impairment of long-lived assets and other non-recurring charges.
  5. Includes amortization of fair value adjustments.
  6. 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.
  7. 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, 2021

December 31, 2020

GAAP

Adjustments

Non-GAAP

GAAP

Adjustments

Non-GAAP

Adjusted

Adjusted

Revenues

$

425,208

$

425,208

$

339,410

$

339,410

Cost of goods sold (a)

237,513

(36,428)

201,085

200,649

(24,026)

176,623

Gross profit

187,695

36,428

224,123

138,761

24,026

162,787

Operating expenses

Sales and marketing (b)

68,422

(2,898)

65,524

40,901

(2,437)

38,464

General and administrative (c)

150,395

(92,555)

57,840

69,270

(21,077)

48,193

Research and development (d)

44,966

(2,000)

42,966

32,788

(5,621)

27,167

Total operating expenses

263,783

(97,453)

166,330

142,959

(29,135)

113,824

Gain on sale of assets

15,263

(15,263)

-

-

-

-

Operating (loss) income

(60,825)

118,618

57,793

(4,198)

53,161

48,963

Interest expense

7,752

-

7,752

9,479

-

9,479

Gain on extinguishment of debt

(889)

889

-

-

-

-

Other loss (income) (e)

7,350

307

7,657

(2,198)

711

(1,487)

(Loss) income before income

(75,038)

117,422

42,384

(11,479)

52,450

40,971

Income tax (benefit) expense (f)

(3,759)

12,138

8,379

1,994

13,152

15,146

Net (loss) income

$

(71,279)

$

105,284

$

34,005

$

(13,473)

$

39,298

$

25,825

Net (loss) income per common

share - diluted

$

(1.06)

$

0.49

$

(0.25)

$

0.47

Weighted-average common

shares outstanding - diluted (g)

67,486

1,477

68,963

54,134

337

54,471

Depreciation expense

$

13,224

-

$

13,224

$

12,481

-

$

12,481

Amortization expense

$

27,506

-

$

27,506

$

10,770

-

$

10,770

  1. 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.
  2. Includes stock and incentive plan compensation, integration costs and other non-recurring charges.
  3. 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.
  4. Includes stock and incentive plan compensation, impairment of long-lived assets and other non-recurring charges.
  5. Includes amortization of fair value adjustments.
  1. 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.
  2. 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

September 30, 2021

December 31, 2021

GAAP

Adjustments

Non-GAAP

GAAP

Adjustments

Non-GAAP

GAAP

Adjustments

Non-GAAP

GAAP

Adjustments

Non-GAAP

Adjusted

Adjusted

Adjusted

Adjusted

Revenues

$ 92,509

$ 92,509

$ 101,064

$ 101,064

$ 102,073

$ 102,073

$ 129,562

$ 129,562

Cost of goods sold (a)

51,479

(5,462)

46,017

54,976

(7,111)

47,865

59,404

(8,518)

50,886

71,654

(15,337)

56,317

Gross profit

41,030

5,462

46,492

46,088

7,111

53,199

42,669

8,518

51,187

57,908

15,337

73,245

Operating expenses

Sales and marketing (b)

14,173

(642)

13,531

17,631

(825)

16,806

17,195

(683)

16,512

19,423

(748)

18,675

General and administrative (c)

16,138

(2,135)

14,003

43,177

(28,640)

14,537

28,550

(14,598)

13,952

62,530

(47,182)

15,348

Research and development (d)

10,360

(425)

9,935

12,061

(599)

11,462

11,252

(709)

10,543

11,293

(267)

11,026

Total operating expenses

40,671

(3,202)

37,469

72,869

(30,064)

42,805

56,997

(15,990)

41,007

93,246

(48,197)

45,049

Gain on sale of assets

15,263

(15,263)

-

-

-

-

-

-

-

-

-

-

Operating income (loss)

15,622

(6,599)

9,023

(26,781)

37,175

10,394

(14,328)

24,508

10,180

(35,338)

63,534

28,196

Interest expense

2,718

-

2,718

1,937

-

1,937

1,569

-

1,569

1,528

-

1,528

Gain on extinguishment of debt

(889)

889

-

-

-

-

-

-

-

-

-

-

Other income (e)

(549)

307

(242)

(182)

-

(182)

3,940

-

3,940

4,141

-

4,141

Income (loss) before income

taxes

14,342

(7,795)

6,547

(28,536)

37,175

8,639

(19,837)

24,508

4,671

(41,007)

63,534

22,527

Income tax expense (benefit) (f)

5,334

(2,083)

3,251

(1,879)

2,731

852

(6,422)

5,412

(1,010)

(792)

6,078

5,286

Net income (loss)

$

9,008

$

(5,712)

$

3,296

$

(26,657)

$

34,444

$

7,787

$

(13,415)

$

19,096

$

5,681

$

(40,215)

$

57,456

$

17,241

Net income (loss) per common

share - diluted

$

0.13

$

0.05

$

(0.39)

$

0.11

$

(0.20)

$

0.08

$

(0.59)

$

0.25

Weighted-average common

shares outstanding - diluted (g)

67,714

67,714

67,505

1,200

68,705

67,623

1,614

69,237

67,713

1,733

69,446

Depreciation expense

$

3,046

-

$

3,046

$

3,163

-

$

3,163

$

3,577

-

$

3,577

$

3,438

-

$

3,438

Amortization expense

$

4,685

-

$

4,685

$

6,074

-

$

6,074

$

8,374

-

$

8,374

$

8,373

-

$

8,373

  1. Includes stock and incentive plan compensation, amortization of acquired intangible assets, integration costs, impairment of long-lived assets, ARO acceleration and other non- recurring charges.
  2. Includes stock and incentive plan compensation, integration costs and other non-recurring charges.
  1. 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.
  2. Includes stock and incentive plan compensation.
  3. Includes amortization of fair value adjustments.
  4. 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.
  5. Diluted shares may differ for non-GAAP measures as compared to GAAP due to a GAAP net loss position.

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Lantheus Holdings Inc. published this content on 24 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2022 12:14:22 UTC.