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false2025Q10001521036--12-310.01252910.0178539

12. Derivative Instruments

The Company has used, but does not currently use, interest rate swaps to reduce the variability in cash flows associated with portions of the Company’s interest payments on variable rate debt.

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-36569


LANTHEUS HOLDINGS, INC.
(Exact name of registrant as specified in its charter)


Delaware		35-2318913
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

201 Burlington Road, South Building		01730
Bedford,	MA
(Address of principal executive offices)		(Zip Code)


(978)			671-8001
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	LNTH	The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Table of Contents

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act) Yes ☐ No ☑

The registrant had 69,185,836 shares of common stock, $0.01 par value, outstanding as of May 1, 2025.

Table of Contents

LANTHEUS HOLDINGS, INC.

TABLE OF CONTENTS


			Page
PART I. FINANCIAL INFORMATION			1
Item 1. Financial Statements			1
Condensed Consolidated Balance Sheets			1
Condensed Consolidated Statements of Operations			2
Condensed Consolidated Statements of Comprehensive Income			3
Condensed Consolidated Statements of Changes in Stockholders’ Equity			4
Condensed Consolidated Statements of Cash Flows			5
Notes to Condensed Consolidated Financial Statements			7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			23
Item 3. Quantitative and Qualitative Disclosures About Market Risk			36
Item 4. Controls and Procedures			36
PART II. OTHER INFORMATION			37
Item 1. Legal Proceedings			37
Item 1A. Risk Factors			38
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			41
Item 3. Defaults Upon Senior Securities			41
Item 4. Mine Safety Disclosures			41
Item 5. Other Information			41
Item 6. Exhibits			43
SIGNATURES			44

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Lantheus Holdings, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except par value)


	March 31, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	938,533	$	912,814
Accounts receivable, net	348,749		321,258
Inventory	69,126		68,025
Other current assets	67,372		24,536

Total current assets	1,423,780		1,326,633
Investment in equity securities	30,375		39,489
Property, plant and equipment, net	180,783		176,798
Intangibles, net	153,745		161,761
Goodwill	61,189		61,189
Deferred tax assets, net	168,885		170,233
Other long-term assets	36,467		44,237
Total assets	$	2,055,224	$	1,980,340
Liabilities and stockholders’ equity
Current liabilities
Current portion of long-term debt and other borrowings	$	747	$	974

Accounts payable	44,874		34,560

Accrued expenses and other liabilities	202,381		204,992

Total current liabilities	248,002		240,526
Asset retirement obligations	18,740		23,344
Long-term debt, net and other borrowings	566,098		565,279
Other long-term liabilities	58,190		63,180
Total liabilities	891,030		892,329
Commitments and contingencies (See Note 16)
Stockholders’ equity
Preferred stock ($0.01 par value, 25,000 shares authorized; no shares issued and outstanding)	—		—
Common stock ($0.01 par value, 250,000 shares authorized; 71,607 and 70,905 shares issued as of March 31, 2025 and December 31, 2024, respectively)	716		709
Additional paid-in capital	821,346		817,972
Treasury Stock at cost - 2,455 shares as of March 31, 2025 and December 31, 2024	(175,000)		(175,000)
Retained earnings	518,890		445,945
Accumulated other comprehensive loss	(1,758)		(1,615)
Total stockholders’ equity	1,164,194		1,088,011
Total liabilities and stockholders’ equity	$	2,055,224	$	1,980,340

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Lantheus Holdings, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except per share data)


	Three Months Ended March 31,
		2025		2024
Revenues		$	372,764	$	369,975
Cost of goods sold		135,064		128,129
Gross profit		237,700		241,846
Operating expenses
Sales and marketing		42,503		45,546
General and administrative		56,816		47,895
Research and development		36,314		48,024
Total operating expenses		135,633		141,465
Gain on sale of assets		—		6,254
Operating income		102,067		106,635
Interest expense		4,804		4,859
Investment in equity securities - unrealized loss (gain)		14,862		(60,704)
Other income		(14,128)		(8,788)
Income before income taxes		96,529		171,268
Income tax expense		23,584		40,202
Net income		$	72,945	$	131,066
Net income per common share:
Basic		$	1.06	$	1.91
Diluted		$	1.02	$	1.87
Weighted-average common shares outstanding:
Basic		68,675		68,757
Diluted		71,461		70,095

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Lantheus Holdings, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(in thousands)


	Three Months Ended March 31,
		2025		2024
Net income		$	72,945	$	131,066
Other comprehensive income (loss):

Foreign currency translation		(143)		(141)


Comprehensive income		$	72,802	$	130,925

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Lantheus Holdings, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)

(in thousands)


	Three Months Ended March 31, 2025
	Common Stock			Treasury Stock		Additional Paid-In Capital		Retained earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	Shares	Amount			Shares									Amount
Balance, January 1, 2025	70,905	$	709		2,455	$	(175,000)	$	817,972	$	445,945	$	(1,615)		$	1,088,011
Net income	—	—			—	—		—		72,945		—			72,945

Other comprehensive loss	—	—			—	—		—		—		(143)			(143)
Stock option exercises and employee stock plan purchases	107	1			—	—		5,868		—		—			5,869
Vesting of restricted stock awards and units	845	8			—	—		(8)		—		—			—
Shares withheld to cover taxes	(250)	(2)			—	—		(23,684)		—		—			(23,686)
Stock-based compensation	—	—			—	—		21,198		—		—			21,198
Balance, March 31, 2025	71,607	$	716		2,455	$	(175,000)	$	821,346	$	518,890	$	(1,758)		$	1,164,194


	Three Months Ended March 31, 2024
	Common Stock			Treasury Stock		Additional Paid-In Capital		Retained earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	Shares	Amount			Shares									Amount
Balance, January 1, 2024	69,863	$	699		1,339	$	(75,000)	$	757,727	$	133,503	$	(1,037)		$	815,892
Net income	—	—			—	—		—		131,066		—			131,066

Other comprehensive loss	—	—			—	—		—		—		(141)			(141)
Stock option exercises and employee stock plan purchases	86	1			—	—		2,756		—		—			2,757
Vesting of restricted stock awards and units	988	9			—	—		(9)		—		—			—
Shares withheld to cover taxes	(302)	(3)			—	—		(19,415)		—		—			(19,418)
Stock-based compensation	—	—			—	—		15,384		—		—			15,384
Balance, March 31, 2024	70,635	$	706		1,339	$	(75,000)	$	756,443	$	264,569	$	(1,178)		$	945,540

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Lantheus Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


			Three Months Ended March 31,
			2025

SEC Form 10-Q filed by Lantheus Holdings Inc.