Exhibit 99.2
LANTHEUS HOLDINGS, INC. AND SUBSIDARIES
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2015
(in thousands, except share data) | As Reported | Pro Forma Adjustments (1) | Pro Forma As Adjusted | |||||||||
Assets | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 21,922 | $ | 8,500 | $ | 27,411 | ||||||
Accounts receivable, net | 39,724 | (2,883 | ) | 36,841 | ||||||||
Inventory | 16,579 | (1,031 | ) | 15,548 | ||||||||
Other current assets | 5,210 | (49 | ) | 5,161 | ||||||||
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Total current assets | 83,435 | 4,537 | 87,972 | |||||||||
Property, plant and equipment, net | 92,393 | (867 | ) | 91,526 | ||||||||
Capitalized software development costs, net | 1,981 | — | 1,981 | |||||||||
Intangibles, net | 22,489 | (533 | ) | 21,956 | ||||||||
Goodwill | 15,714 | — | 15,714 | |||||||||
Other long-term assets | 20,120 | (126 | ) | 19,994 | ||||||||
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Total assets | $ | 236,132 | $ | 3,011 | $ | 239,143 | ||||||
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Liabilities and Stockholders’ Deficit | ||||||||||||
Current liabilities | ||||||||||||
Line of credit | — | — | — | |||||||||
Accounts payable | 10,700 | (141 | ) | 10,559 | ||||||||
Accrued expenses and other liabilities | 19,968 | (1,262 | ) | 18,706 | ||||||||
Current portion of long-term debt | 3,650 | — | 3,650 | |||||||||
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Total current liabilities | 34,318 | (1,403 | ) | 32,915 | ||||||||
Asset retirement obligations | 8,074 | — | 8,074 | |||||||||
Long-term debt, net | 350,367 | — | 350,367 | |||||||||
Other long-term liabilities | 33,518 | — | 33,518 | |||||||||
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Total liabilities | 426,277 | (1,403 | ) | 424,874 | ||||||||
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Commitments and contingencies | ||||||||||||
Stockholders’ deficit | ||||||||||||
Preferred Stock stock ($0.001 par value, 25,000,000 shares authorized; no share issued and outstanding) | — | — | — | |||||||||
Common stock ($0.001 par value, 250,000,000 shares authorized; 30,365,501 shares issued and outstanding) | 303 | — | 303 | |||||||||
Additional paid-in capital | 175,075 | — | 175,075 | |||||||||
Accumulated deficit | (363,076 | ) | 4,414 | (358,662 | ) | |||||||
Accumulated other comprehensive loss | (2,447 | ) | — | (2,447 | ) | |||||||
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Total stockholders’ deficit | (190,145 | ) | 4,414 | (185,731 | ) | |||||||
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Total liabilities and stockholders’ deficit | $ | 236,132 | $ | 3,011 | $ | 239,143 | ||||||
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See notes to consolidated financial statements.
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LANTHEUS HOLDINGS, INC. AND SUBSIDARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 2015
(in thousands, except share and per share data) | As Reported | Pro Forma Adjustments (2)(3) | Pro Forma As Adjusted | |||||||||
Revenues | $ | 222,260 | $ | (11,439 | ) | $ | 210,821 | |||||
Cost of goods sold | 120,119 | (11,382 | ) | 108,737 | ||||||||
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Gross profit | 102,141 | (57 | ) | 102,084 | ||||||||
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Operating expenses | ||||||||||||
Sales and marketing expenses | 26,934 | — | 26,934 | |||||||||
General and administrative expenses | 33,773 | — | 33,773 | |||||||||
Research and development expenses | 11,292 | — | 11,292 | |||||||||
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Total operating expenses | 71,999 | — | 71,999 | |||||||||
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Operating income | 30,142 | (57 | ) | 30,085 | ||||||||
Interest expense, net | (31,599 | ) | — | (31,599 | ) | |||||||
Loss on extinguishment of debt | (15,528 | ) | — | (15,528 | ) | |||||||
Other income, net | 234 | — | 234 | |||||||||
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Loss before income taxes | (16,751 | ) | (57 | ) | (16,694 | ) | ||||||
Provision for income taxes | 1,911 | — | 1,911 | |||||||||
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Net loss | (18,662 | ) | (57 | ) | (18,605 | ) | ||||||
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Net loss per common share: | ||||||||||||
Basic and diluted | $ | (0.83 | ) | $ | (0.83 | ) | ||||||
Common shares | ||||||||||||
Basic and diluted | 22,443,257 | 22,443,257 |
2
LANTHEUS HOLDINGS, INC. AND SUBSIDARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
(in thousands, except share and per share data) | As Reported | Pro Forma Adjustments (2)(3) | Pro Forma As Adjusted | |||||||||
Revenues | $ | 301,600 | $ | (17,204 | ) | $ | 284,396 | |||||
Cost of goods sold | 176,081 | (15,419 | ) | 160,662 | ||||||||
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Gross profit | 125,519 | (1,785 | ) | 123,734 | ||||||||
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Operating expenses | ||||||||||||
Sales and marketing expenses | 35,116 | — | 35,116 | |||||||||
General and administrative expenses | 37,313 | — | 37,313 | |||||||||
Research and development expenses | 13,673 | — | 13,673 | |||||||||
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Total operating expenses | 86,102 | — | 86,102 | |||||||||
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Operating income | 39,417 | (1,785 | ) | 37,632 | ||||||||
Interest expense, net | (42,261 | ) | — | (42,261 | ) | |||||||
Other income, net | 478 | — | 478 | |||||||||
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Loss before income taxes | (2,366 | ) | (1,785 | ) | (4,151 | ) | ||||||
Provision for income taxes | 1,195 | — | 1,195 | |||||||||
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Net loss | (3,561 | ) | (1,785 | ) | (5,346 | ) | ||||||
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Net loss per common share: | ||||||||||||
Basic and diluted | $ | (0.20 | ) | $ | (0.30 | ) | ||||||
Common shares | ||||||||||||
Basic and diluted | 18,080,615 | 18,080,615 |
(1) | Pro Forma Adjustments represent: (a) cash proceeds of $9.0 less estimated transaction costs and (b) the related assets and liabilities that were included in the asset purchase agreement. |
(2) | Pro Forma Adjustments represent the elimination of historical revenues and direct expenses related to the Canadian radiopharmcy business. |
(3) | Pro Forma Adjustments do not include revenues and expenses related to the long-term supply contract entered into by the Company and Isologic Innovative Radiopharmaceuticals, Ltd. |
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