Q2 2024 Lantheus Holdings Inc Earnings Call Transcript
Key Points
- Lantheus Holdings Inc (LNTH) reported a strong quarter with consolidated net revenue of $394.1 million, an increase of 22.5% year-over-year.
- PYLARIFY generated net sales of more than $273 million, up nearly 30% from the prior year period, driven by continued PSMA PET diagnostic growth.
- DEFINITY continued its strong momentum with second quarter net sales of approximately $78 million, up almost 11% year-over-year.
- The company executed three strategic transactions to expand its pipeline, including the acquisition of NAV-4694, a late-stage next-generation F18 PET imaging agent candidate targeting beta amyloid in Alzheimer's disease.
- Lantheus Holdings Inc (LNTH) has a strong liquidity position with cash and cash equivalents, net of restricted cash, standing at $757 million and access to a $350 million undrawn bank revolver.
- Gross profit margin for the second quarter was 68.4%, a decrease of 121 basis points from the second quarter of 2023.
- Operating expenses at 25% of net revenue were 202 basis points higher than the prior year rate and ahead of expected spending levels.
- The company reported a decrease in strategic partnerships and other revenue by 31.7% due to the prior year comparable having $7 million of RELISTOR-related royalties not repeated this year.
- The updated guidance for adjusted EPS was lowered to a range of $6.60 to $6.70, down from the previous guidance of $7 to $7.20, due to increased R&D expenses and other investments.
- The company faces competitive pressures in the PSMA PET imaging market, with three other commercial competitors and potential new entrants.
Good morning. Welcome to the Lantheus fourth-quarter and full-fear 2024 conference call. (Operator Instructions) This call is being recorded. A replay will 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 will now turn the call over to your host for today, Mark Kinarney, Vice President of Investor Relations. Mark?
Thank you. Good morning and welcome to today's call. 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 the call 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 second quarter 2024 results. The release and today's slide presentation are in the Investors section of our website.
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