Q3 2024 Lantheus Holdings Inc Earnings Call Transcript
Key Points
- PYLARIFY, Lantheus Holdings Inc (LNTH)'s PSMA PET imaging agent, is on track to reach blockbuster status with over $1 billion in sales in 2024.
- DEFINITY, the company's ultrasound-enhancing agent, saw a 14% year-over-year increase in sales, driven by market share gains and high market growth.
- The CMS decision to pay separately for specialized diagnostic radiopharmaceuticals starting January 1, 2025, is expected to enhance patient access and support innovation.
- Lantheus Holdings Inc (LNTH) has a strong pipeline with promising late-stage diagnostic product candidates for Alzheimer's disease, MK-6240 and NAV-4694.
- The company reported a significant increase in free cash flow, reaching $159.3 million, up $57.1 million from the previous year.
- PYLARIFY experienced a sequential revenue decline due to traditional third-quarter seasonality and net price impacts from strategic partnerships.
- The company's TechneLite revenue decreased by 12% due to opportunistic sales in the prior year not repeated in this year's third quarter.
- Operating expenses increased by 111 basis points, driven by higher R&D investments and sales and marketing efforts.
- The implied fourth-quarter guidance appears light, with expectations of increased R&D expenses impacting earnings.
- The reclassification of the company's 2027 convertible debt to a current liability may distort working capital statistics.
Good morning. Welcome to the Lantheus third-quarter 2024 conference call. (Operator Instructions) This call is being recorded, and a replay would be available in the Investors section of the company's website approximately two hours after the completion of the call and will be archived for at least 30 days.
I'll now turn the call over to Mark Kinarney, Vice President of Investor Relations. Mark?
Thank you. Good morning.
With me today are Brian Markison, our CEO; Paul Blanchfield, our President; Bob Marshall, our CFO; Jeff Humphrey, our Chief Medical Officer; and Amanda Morgan, our Chief Commercial Officer. We will begin with prepared remarks and then open the call for Q&A.
This morning, we issued a press release which was furnished to the SEC under Form 8-K, reporting our third-quarter 2024 results. The release and today's slide presentation are in the Investors section of our website.
Any comments made could include forward-looking statements.
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