Lantheus (LNTH) 8-K Lantheus Holdings Announces Divestiture of Its Canadian Radiopharmacy Operations and Commencement of Long-term Supply Agreement

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
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
Total assets	$	236,132		$	3,011		$	239,143
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
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
Total liabilities		426,277			(1,403	)		424,874
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	)
Total stockholders’ deficit		(190,145	)		4,414			(185,731	)
Total liabilities and stockholders’ deficit	$	236,132		$	3,011		$	239,143

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
Gross profit		102,141			(57	)		102,084
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
Total operating expenses		71,999			—			71,999
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
Loss before income taxes		(16,751	)		(57	)		(16,694	)
Provision for income taxes		1,911			—			1,911
Net loss		(18,662	)		(57	)		(18,605	)
Net loss per common share:
Basic and diluted	$	(0.83	)				$	(0.83	)
Common shares
Basic and diluted		22,443,257						22,443,257

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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
Gross profit		125,519			(1,785	)		123,734
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
Total operating expenses		86,102			—			86,102
Operating income		39,417			(1,785	)		37,632
Interest expense, net		(42,261	)		—			(42,261	)
Other income, net		478			—			478
Loss before income taxes		(2,366	)		(1,785	)		(4,151	)
Provision for income taxes		1,195			—			1,195
Net loss		(3,561	)		(1,785	)		(5,346	)
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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