Lantheus (LNTH) 8-K Lantheus Holdings, Inc. Reports 2016 Second Quarter Financial Results

Exhibit 99.1

331 Treble Cove Road North Billerica, MA 01862 800.362.2668 www.lantheus.com

FOR RELEASE 4:02 PM EASTERN

THURSDAY, August 4, 2016

CONTACTS:

Meara Murphy

978-671-8508

Lantheus Holdings, Inc. Reports 2016 Second Quarter Financial Results

Lantheus posts second quarter net income of $7.4 million and Adjusted EBITDA of $21.4 million;

Second quarter worldwide DEFINITY^® revenue increased 18% annually

NORTH BILLERICA, Mass., August 4, 2016 –Lantheus Holdings, Inc. (the “Company”) (NASDAQ: LNTH), parent company ofLantheus Medical Imaging, Inc.(“LMI”), a global leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products, today reported financial results for its second quarter ended June 30, 2016.

The Company’s worldwide revenue for the second quarter of 2016 totaled $78.0 million, representing an increase of 6% as-reported compared to $73.3 million reported for the second quarter of 2015. Second quarter worldwide revenue results reflect continued strong sales of DEFINITY^® and stable revenues from the nuclear products portfolio driven by contracts with key radiopharmacy customers.

Net income for the second quarter of 2016 totaled $7.4 million or $0.24 per diluted share, an improvement of $31.8 million compared to a net loss of $24.4 million or $(1.29) per diluted share in the second quarter of 2015. The second quarter net income results also reflect a decrease in the amount of interest expense due to debt refinancing in June of 2015.

The Company’s second quarter 2016 Adjusted EBITDA, as defined in the GAAP to non-GAAP reconciliation provided later in this release, was $21.4 million, or 27.5% of reported revenue, compared to $18.0 million, or 24.5% of reported revenue, in the second quarter of 2015. The increase in Adjusted EBITDA reflects the impact of DEFINITY revenue growth.

Mary Anne Heino, President and CEO commented, “We are very pleased with our second quarter results, which delivered 6% year over year growth and exceeded both our second quarter revenue and Adjusted EBITDA guidance. During the second quarter, we saw continued strong performance of DEFINITY with 18% year over year growth in a competitive ultrasound contrast market and higher than forecasted sales of our nuclear products, demonstrating that our commercial strategy is working.”

Ms. Heino continued, “We are also very pleased to be raising our annual revenue and Adjusted EBITDA guidance which reflects the overall strength of our product portfolio and the firm contracts we have with key nuclear products customers.”

Outlook

The Company is increasing its outlook for worldwide revenue for full year 2016 to a range of $291 million to $295 million. For the third quarter of 2016, the Company expects worldwide revenue in the range of $68 million to $70 million.

The Company is also increasing its outlook for full year 2016 Adjusted EBITDA, as described in the GAAP to non-GAAP reconciliation provided later in this release, to a range of $70 million to $73 million. For the third quarter of 2016, the Company expects Adjusted EBITDA in the range of $14 million to $16 million.

The Company’s guidance for worldwide revenue and Adjusted EBITDA are forward-looking statements. They are subject to various risks and uncertainties that could cause the Company’s actual results to differ materially from the anticipated targets. The anticipated targets are not predictions of the Company’s actual performance. See the cautionary information about forward-looking statements in the “Safe-Harbor Statement” section of this press release.

Internet Posting of Information

The Company routinely posts information that may be important to investors in the “Investor Relations” section of its website atwww.lantheus.com. The Company encourages investors and potential investors to consult its website regularly for important information about the Company.

Conference Call and Webcast

As previously announced, the Company will host a conference call starting at 4:30 p.m. (Eastern Time) today. To access the live conference call via telephone, please dial 1-866-498-8390 (U.S. callers) or1-678-509-7599 (international callers) and provide passcode 47799009. A live audio webcast of the call also will be available on the homepage of the Company’s website atwww.lantheus.com.

A replay of the telephone conference call and audio webcast will be available from approximately 8:30 p.m. ET on August 4, 2016 through midnight on August 18, 2016. To access a replay of the conference call, dial 1-855-859-2056 (U.S. callers) or 1-404-537-3406 (international callers), and provide passcode 47799009. A replay of this conference call will also be available in the Investor Relations section of our website located atwww.lantheus.com.

The conference call will include a discussion of non-GAAP financial measures. Reference is made to the most directly comparable GAAP financial measures, the reconciliation of the differences between the two financial measures, and the other information included in this press release, our Form 8-K filed with the SEC today, or otherwise available in the Investor Relations section of our website located atwww.lantheus.com.

The conference call may include forward-looking statements. See the cautionary information about forward-looking statements in the safe-harbor section of this press release.

About Lantheus Holdings, Inc. and Lantheus Medical Imaging, Inc.

Lantheus Holdings, Inc. is the parent company of LMI, a global leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products. LMI provides a broad portfolio of products, which are primarily used for the diagnosis of cardiovascular diseases. LMI’s key products include the echocardiography contrast agent DEFINITY^® Vial for (Perflutren Lipid Microsphere) Injectable Suspension; TechneLite^® (Technetium Tc99m Generator), a technetium-based generator that provides the essential medical isotope used in nuclear medicine procedures; and Xenon (Xenon Xe 133 Gas), an inhaled radiopharmaceutical imaging agent used to evaluate pulmonary function and for imaging the lungs. The Company is headquartered in North Billerica, Massachusetts with offices in Puerto Rico, Canada and Australia. For more information, visitwww.lantheus.com.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as net sales excluding the impact of foreign currency; operating income, as adjusted; net income, as adjusted; Adjusted EBITDA; net income, as adjusted, per diluted share; Adjusted EBITDA per diluted share; and free cash flow. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. The measures may exclude such items which may be highly variable, difficult to predict and of a size that could have substantial impact on the Company’s reported results of operations for a period. Management uses these and other non-GAAP measures internally for evaluation of the performance of the business, including the allocation of resources and the evaluation of results relative to employee performance compensation targets. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.

Safe Harbor for Forward-Looking and Cautionary Statements

This press release contains “forward-looking statements” as defined under U.S. federal securities laws, including statements about our 2016 outlook. These statements reflect management’s current knowledge, assumptions, beliefs, estimates and expectations and express management’s current view of future performance, results and trends. Forward-looking statements may be identified by their use of terms such as anticipate, believe, confident, could, estimate, expect, intend, may, plan, predict, project, target, will and other similar terms. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements are discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q).

– Tables Follow –

Lantheus Holdings, Inc. and subsidiaries

Condensed Consolidated Statements of Operations

(dollars in thousands, except share and per share data – unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Revenues	$	77,966		$	73,314		$	154,440		$	148,137
Cost of goods sold		42,215			40,647			84,988			79,701
Gross profit		35,751			32,667			69,452			68,436
Operating expenses
Sales and marketing expenses		9,843			9,229			19,150			18,301
General and administrative expenses		9,238			15,444			18,751			24,567
Research and development expenses		2,608			2,638			5,644			8,834
Total operating expenses		21,689			27,311			43,545			51,702
Gain on sale of assets		117			—			5,945			—
Operating income		14,179			5,356			31,852			16,734
Interest expense, net		(6,978	)		(13,876	)		(13,996	)		(24,499	)
Loss on extinguishment of debt		—			(15,528	)		—			(15,528	)
Other income, net		396			800			454			417
Income (loss) before income taxes		7,597			(23,248	)		18,310			(22,876	)
Provision for income taxes		247			1,175			637			1,172
Net income (loss)	$	7,350		$	(24,423	)	$	17,673		$	(24,048	)
Net income (loss) per weighted average common share outstanding
Basic and diluted	$	0.24		$	(1.29	)	$	0.58		$	(1.30	)
Weighted average common shares outstanding
Basic		30,377,562			18,898,003			30,372,901			18,489,451
Diluted		30,542,728			18,898,003			30,453,776			18,489,451

Lantheus Holdings, Inc. and subsidiaries

Consolidated Revenue Analysis

(dollars in thousands – unaudited)

	Three Months Ended June 30,							Six Months Ended June 30,
	2016		2015		% change			2016		2015		% change
U.S.
DEFINITY		32,698		27,828		17.5	%		63,491		53,010		19.8	%
TechneLite		21,643		14,637		47.9	%		43,376		32,810		32.2	%
Xenon		6,773		12,038		(43.7	)%		14,945		25,224		(40.8	)%
Other		4,020		3,875		3.7	%		8,255		8,001		3.2	%
Total U.S.	$	65,134	$	58,378		11.6	%	$	130,067	$	119,045		9.3	%
International
DEFINITY		776		600		29.3	%		1,405		1,084		29.6	%
TechneLite		3,609		2,725		32.4	%		6,712		5,411		24.0	%
Xenon		1		10		(90.0	)%		3		19		(84.2	)%
Other		8,446		11,601		(27.2	)%		16,253		22,578		(28.0	)%
Total International	$	12,832	$	14,936		(14.1	)%	$	24,373	$	29,092		(16.2	)%
Worldwide
DEFINITY		33,474		28,428		17.8	%		64,896		54,094		20.0	%
TechneLite		25,252		17,362		45.4	%		50,088		38,221		31.0	%
Xenon		6,774		12,048		(43.8	)%		14,948		25,243		(40.8	)%
Other		12,466		15,476		(19.4	)%		24,508		30,579		(19.9	)%
Total Revenues	$	77,966	$	73,314		6.3	%	$	154,440	$	148,137		4.3	%

Lantheus Holdings, Inc. and subsidiaries

Supplemental Revenue Information

(unaudited)

	June 30, 2016 Quarter to Date Sales Growth/(Decline)
	Domestic As Reported			Int’l Constant Currency			Int’l As Reported			Total Constant Currency			Total As Reported
Products
DEFINITY		17.5	%		35.3	%		29.3	%		17.9	%		17.8	%
TechneLite		47.9	%		38.1	%		32.4	%		46.3	%		45.4	%
Xenon		(43.7	)%		(90.0	)%		(90.0	)%		(43.7	)%		(43.8	)%
Other		3.7	%		(26.6	)%		(27.2	)%		(19.0	)%		(19.4	)%
Total Revenues		11.6	%		(12.4	)%		(14.1	)%		6.7	%		6.3	%
	June 30, 2016 Year to Date Sales Growth/(Decline)
	Domestic As Reported			Int’l Constant Currency			Int’l As Reported			Total Constant Currency			Total As Reported
Products
DEFINITY		19.8	%		38.7	%		29.6	%		20.2	%		20.0	%
TechneLite		32.2	%		32.5	%		24.0	%		32.2	%		31.0	%
Xenon		(40.8	)%		(84.2	)%		(84.2	)%		(40.8	)%		(40.8	)%
Other		3.2	%		(26.0	)%		(28.0	)%		(18.3	)%		(19.9	)%
Total Revenues		9.3	%		(12.7	)%		(16.2	)%		4.9	%		4.3	%

Lantheus Holdings, Inc. and subsidiaries

Reconciliation of Revenues to Revenues Excluding the Impact of Foreign Currency

(dollars in thousands – unaudited)

	Three Months Ended June 30, 2016				Six Months Ended June 30, 2016
	International Net Sales		Total Net Sales		International Net Sales		Total Net Sales
Net sales, as reported	$	12,832	$	77,966	$	24,373	$	154,440
Currency impact as compared to prior period		256		256		1,021		1,021
Net sales, excluding the impact of foreign currency	$	13,088	$	78,222	$	25,394	$	155,461

Lantheus Holdings, Inc. and subsidiaries

Reconciliations of As Reported Results to Non-GAAP Financial Measures

(dollars in thousands, except share and per share data – unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Operating Income
Operating Income, as reported	$	14,179		$	5,356		$	31,852		$	16,734
Reconciling items impacting Operating Income:
Campus Consolidation Costs		—			—			—			3,630
Sponsor Termination Costs		—			6,527			—			6,527
Gain on Sale of Assets		(117	)		—			(5,945	)		—
Operating income, as adjusted	$	14,062		$	11,883		$	25,907		$	26,891
Operating Income, as adjusted, as a percentage of net sales		18.0	%		16.2	%		16.8	%		18.2	%
	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Net income (loss)
Net income (loss), as reported	$	7,350		$	(24,423	)	$	17,673		$	(24,048	)
Reconciling items impacting Gross Profit:
Campus Consolidation Costs		—			—			—			77
Reconciling items impacting Operating Expenses:
Campus Consolidation Costs		—			—			—			3,553
Sponsor Termination Costs		—			6,527			—			6,527
Gain on Sale of Assets		(117	)		—			(5,945	)		—
Reconciling items impacting Non-operating Expenses:
Loss on Debt Extinguishment		—			15,528			—			15,528
Interest Upon Redemption of Senior Notes		—			3,250			—			3,250
Net income, as adjusted	$	7,233		$	882		$	11,728		$	4,887
Net income, as adjusted, as a percentage of net sales		9.3	%		1.2	%		7.6	%		3.3	%
Net income, as adjusted, per weighted average common share outstanding
Basic	$	0.24		$	0.05		$	0.39		$	0.26
Diluted	$	0.24		$	0.05		$	0.39		$	0.26
Weighted average common shares outstanding
Basic		30,377,562			18,898,003			30,372,901			18,489,451
Diluted		30,542,728			19,259,161			30,453,776			18,843,088

Lantheus Holdings, Inc. and subsidiaries

Reconciliation of As Reported Results to Non-GAAP Financial Measures

(dollars in thousands – unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
EBITDA
Net income (loss), as reported	$	7,350		$	(24,423	)	$	17,673		$	(24,048	)
Interest expense, net		6,978			13,876			13,996			24,499
Provision for income taxes		107			394			201			395
Depreciation		2,222			2,021			4,229			7,709
Amortization of intangible assets		2,089			1,894			4,195			3,790
EBITDA		18,746			(6,238	)		40,294			12,345
Reconciling items impacting
EBITDA:
Stock and incentive plan compensation		916			656			1,488			933
Legal fees relating to business		5			46						63
interruption claim								9
Asset write-off		349			371			846			551
Severance and recruiting costs		762			122			1,431			219
Sponsor fee and other		—			6,747			—			7,318
Extinguishment of debt		—			15,528			—			15,528
Gain on sale of assets		(117	)		—			(5,945	)		—
New manufacturer costs		746			753			1,646			1,615
Adjusted EBITDA	$	21,407		$	17,985		$	39,769		$	38,572
Adjusted EBITDA as a percentage of net sales		27.5	%		24.5	%		25.8	%		26.0	%

Lantheus Holdings, Inc. and subsidiaries

Reconciliation of Free Cash Flow

(dollars in thousands – unaudited)

	Three Months Ended						Six Months Ended
	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
Net cash provided by (used in) operating activities	$	17,635		$	(11,438	)	$	21,415		$	3,719
Capital expenditures		(736	)		(2,614	)		(2,388	)		(6,112	)
Free cash flow	$	16,899		$	(14,052	)	$	19,027		$	(2,393	)

Lantheus Holdings, Inc. and subsidiaries

Condensed Consolidated Balance Sheets

(dollars in thousands – unaudited)

	June 30, 2016			December 31, 2015
Assets
Current assets:
Cash and cash equivalents	$	54,851		$	28,596
Accounts receivable, net		39,457			37,293
Inventory		14,433			15,622
Other current assets		4,282			3,851
Assets held for sale		—			4,644
Total current assets		113,023			90,006
Property, plant and equipment, net		84,422			86,517
Capitalized software development costs, net		8,121			9,137
Intangibles, net		17,949			20,496
Goodwill		15,714			15,714
Other long-term assets		20,038			20,509
Total assets	$	259,267		$	242,379
Liabilities and stockholders’ deficit
Current liabilities:
Current portion of long-term debt	$	3,650		$	3,650
Line of credit		—			—
Accounts payable		12,778			11,657
Accrued expenses and other liabilities		17,664			18,502
Liabilities held for sale		—			1,715
Total current liabilities		34,092			35,524
Asset retirement obligation		8,650			8,145
Long-term debt, net		348,838			349,858
Other long-term liabilities		34,055			34,141
Total liabilities		425,635			427,668
Stockholders’ deficit		(166,368	)		(185,289	)
Total liabilities and stockholders’ deficit	$	259,267		$	242,379

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