Lantheus Holdings(LNTH) - 2024 Q3 - Quarterly Results

Financial Performance - Worldwide revenue for Q3 2024 was $378.7 million, an increase of 18.4% from Q3 2023[1] - Adjusted fully diluted earnings per share (EPS) increased 15.6% to $1.70 compared to $1.47 in Q3 2023[5] - Operating income increased 19.0% to $133.7 million, with adjusted operating income rising 18.3% to $165.1 million[5] - Net income for Q3 2024 was $131.093 million, slightly down from $131.957 million in Q3 2023[21] - Adjusted net income for Q3 2024 was $124.084 million, representing 32.8% of revenues, compared to 32.2% in Q3 2023[21] - The diluted net income per share for Q3 2024 was $1.79, down from $1.88 in Q3 2023[22] - Total revenues for the nine months ended September 30, 2024, were $1.143 billion, a 21.3% increase from $942.430 million in the same period of 2023[20] Sales Performance - Sales of PYLARIFY reached $259.8 million, a 20.6% increase driven by higher volumes and strategic partnerships[4] - PYLARIFY is projected to exceed $1 billion in sales in 2024, maintaining its market leadership[2] - PYLARIFY sales increased by 20.6% to $259.756 million in Q3 2024, up from $215.428 million in Q3 2023[20] - DEFINITY sales grew by 14.3% to $76.965 million in Q3 2024, compared to $67.336 million in Q3 2023[20] Cash Flow and Assets - The company reported net cash provided by operating activities of $175.1 million and free cash flow of $159.3 million[5] - Free cash flow for the three months ended September 30, 2024, was $159,254,000, up from $102,118,000 in the same period of 2023, indicating a 56% increase[25] - Cash and cash equivalents grew to $866.4 million as of September 30, 2024, up from $713.7 million at the end of 2023[6] - Total assets as of September 30, 2024, were $2,049,630,000, compared to $1,651,149,000 as of December 31, 2023, marking an increase of 24%[26] - Cash and cash equivalents increased to $866,386,000 as of September 30, 2024, from $713,656,000 at the end of 2023, a rise of 21%[26] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $387,020,000, compared to $192,973,000 for the same period in 2023, showing a growth of 100%[25] Guidance and Future Plans - The company narrowed its full year 2024 revenue guidance to $1.51 billion - $1.52 billion, up from the previous range of $1.50 billion - $1.52 billion[11] - The company plans to submit New Drug Applications for MK-6240 in 2025 and NAV-4694 in 2026, expanding its Alzheimer's disease portfolio[8] - The Centers for Medicare & Medicaid Services (CMS) will improve payment for specialized diagnostic radiopharmaceuticals starting January 1, 2025, enhancing patient access[10] Operating Expenses and Liabilities - Total operating expenses for Q3 2024 were $108.383 million, up from $87.590 million in Q3 2023[18] - Total current liabilities decreased significantly to $784,079,000 as of September 30, 2024, from $1,187,350,000 at the end of 2023[26] - The company incurred acquisition-related costs of $1,346,000 for the nine months ended September 30, 2024, compared to $507,000 for the same period in 2023[24] Retained Earnings - Retained earnings surged to $457,735,000 as of September 30, 2024, compared to $133,503,000 at the end of 2023, reflecting a substantial increase of 243%[26]