Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36569 | |
Entity Registrant Name | LANTHEUS HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 35-2318913 | |
Entity Address, Address Line One | 331 Treble Cove Road | |
Entity Address, Postal Zip Code | 01862 | |
Entity Address, City or Town | North Billerica, | |
Entity Address, State or Province | MA | |
City Area Code | (978) | |
Local Phone Number | 671-8001 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | LNTH | |
Security Exchange Name | NASDAQ | |
Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 68,741,886 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001521036 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 171,427 | $ 98,508 |
Accounts receivable, net | 187,051 | 89,336 |
Inventory | 33,958 | 35,129 |
Other current assets | 11,986 | 12,818 |
Total current assets | 404,422 | 235,791 |
Property, plant and equipment, net | 119,004 | 116,772 |
Intangibles, net | 331,898 | 348,510 |
Goodwill | 61,189 | 61,189 |
Deferred tax assets, net | 55,155 | 62,764 |
Other long-term assets | 42,156 | 38,758 |
Total assets | 1,013,824 | 863,784 |
Current liabilities | ||
Current portion of long-term debt and other borrowings | 14,065 | 11,642 |
Accounts payable | 21,153 | 20,787 |
Accrued expenses and other liabilities | 183,798 | 58,068 |
Total current liabilities | 219,016 | 90,497 |
Asset retirement obligations | 22,196 | 20,833 |
Long-term debt, net and other borrowings | 155,664 | 163,121 |
Other long-term liabilities | 49,616 | 124,894 |
Total liabilities | 446,492 | 399,345 |
Commitments and contingencies (See Note $19) | ||
Stockholders’ equity | ||
Preferred stock ($0.01 par value, 25,000 shares authorized; no shares issued and outstanding) | 0 | 0 |
Common stock ($0.01 par value, 250,000 shares authorized; 68,726 and 67,739 shares issued and outstanding, respectively) | 687 | 677 |
Additional paid-in capital | 699,526 | 685,472 |
Accumulated deficit | (135,205) | (221,225) |
Accumulated other comprehensive income (loss) | 2,324 | (485) |
Total stockholders’ equity | 567,332 | 464,439 |
Total liabilities and stockholders’ equity | $ 1,013,824 | $ 863,784 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 68,726,000 | 67,739,000 |
Common stock, shares outstanding (in shares) | 68,726,000 | 67,739,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 223,723 | $ 101,064 | $ 432,603 | $ 193,573 |
Cost of goods sold | 85,694 | 54,976 | 165,504 | 106,455 |
Gross profit | 138,029 | 46,088 | 267,099 | 87,118 |
Operating expenses | ||||
Sales and marketing | 27,492 | 17,631 | 47,846 | 31,804 |
General and administrative | 32,598 | 43,177 | 70,186 | 59,315 |
Research and development | 14,735 | 12,061 | 26,938 | 22,421 |
Total operating expenses | 74,825 | 72,869 | 144,970 | 113,540 |
Gain on sale of assets | 0 | 0 | 0 | 15,263 |
Operating income (loss) | 63,204 | (26,781) | 122,129 | (11,159) |
Interest expense | 1,469 | 1,937 | 2,978 | 4,655 |
Gain on extinguishment of debt | 0 | 0 | 0 | (889) |
Other income | (310) | (182) | (795) | (731) |
Income (loss) before income taxes | 62,045 | (28,536) | 119,946 | (14,194) |
Income tax expense (benefit) | 18,987 | (1,879) | 33,926 | 3,455 |
Net income (loss) | $ 43,058 | $ (26,657) | $ 86,020 | $ (17,649) |
Net income (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.63 | $ (0.39) | $ 1.26 | $ (0.26) |
Diluted (in dollars per share) | $ 0.61 | $ (0.39) | $ 1.22 | $ (0.26) |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 68,674 | 67,505 | 68,343 | 67,300 |
Diluted (in shares) | 70,796 | 67,505 | 70,412 | 67,300 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 43,058 | $ (26,657) | $ 86,020 | $ (17,649) |
Other comprehensive income: | ||||
Foreign currency translation | (224) | 194 | (84) | 296 |
Unrealized gain on cash flow hedges, net of tax | 637 | 46 | 2,893 | 752 |
Total other comprehensive income | 413 | 240 | 2,809 | 1,048 |
Comprehensive income (loss) | $ 43,471 | $ (26,417) | $ 88,829 | $ (16,601) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes In Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2020 | 66,875 | ||||
Beginning balance at Dec. 31, 2020 | $ 514,205 | $ 669 | $ 665,530 | $ (149,946) | $ (2,048) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 9,008 | 9,008 | |||
Other comprehensive income | 808 | 808 | |||
Stock option exercises and employee stock plan purchases (in shares) | 155 | ||||
Stock option exercises and employee stock plan purchases | 2,380 | $ 1 | 2,379 | ||
Vesting of restricted stock awards and units (in shares) | 489 | ||||
Vesting of restricted stock awards and units | 0 | $ 5 | (5) | ||
Shares withheld to cover taxes (in shares) | (85) | ||||
Shares withheld to cover taxes | (1,599) | $ (1) | (1,598) | ||
Stock-based compensation | 3,317 | 3,317 | |||
Ending balance (in shares) at Mar. 31, 2021 | 67,434 | ||||
Ending balance at Mar. 31, 2021 | 528,119 | $ 674 | 669,623 | (140,938) | (1,240) |
Beginning balance (in shares) at Dec. 31, 2020 | 66,875 | ||||
Beginning balance at Dec. 31, 2020 | 514,205 | $ 669 | 665,530 | (149,946) | (2,048) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (17,649) | ||||
Other comprehensive income | 1,048 | ||||
Ending balance (in shares) at Jun. 30, 2021 | 67,592 | ||||
Ending balance at Jun. 30, 2021 | 508,140 | $ 676 | 676,059 | (167,595) | (1,000) |
Beginning balance (in shares) at Mar. 31, 2021 | 67,434 | ||||
Beginning balance at Mar. 31, 2021 | 528,119 | $ 674 | 669,623 | (140,938) | (1,240) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (26,657) | (26,657) | |||
Other comprehensive income | 240 | 240 | |||
Stock option exercises and employee stock plan purchases (in shares) | 116 | ||||
Stock option exercises and employee stock plan purchases | 2,043 | $ 1 | 2,042 | ||
Vesting of restricted stock awards and units (in shares) | 51 | ||||
Vesting of restricted stock awards and units | 0 | $ 1 | (1) | ||
Shares withheld to cover taxes (in shares) | (9) | ||||
Shares withheld to cover taxes | (193) | (193) | |||
Stock-based compensation | 4,588 | 4,588 | |||
Ending balance (in shares) at Jun. 30, 2021 | 67,592 | ||||
Ending balance at Jun. 30, 2021 | 508,140 | $ 676 | 676,059 | (167,595) | (1,000) |
Beginning balance (in shares) at Dec. 31, 2021 | 67,739 | ||||
Beginning balance at Dec. 31, 2021 | 464,439 | $ 677 | 685,472 | (221,225) | (485) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 42,962 | 42,962 | |||
Other comprehensive income | 2,396 | 2,396 | |||
Stock option exercises and employee stock plan purchases (in shares) | 296 | ||||
Stock option exercises and employee stock plan purchases | 5,934 | $ 3 | 5,931 | ||
Vesting of restricted stock awards and units (in shares) | 645 | ||||
Vesting of restricted stock awards and units | 0 | $ 7 | (7) | ||
Shares withheld to cover taxes (in shares) | (110) | ||||
Shares withheld to cover taxes | (5,504) | $ (1) | (5,503) | ||
Stock-based compensation | 5,623 | 5,623 | |||
Ending balance (in shares) at Mar. 31, 2022 | 68,570 | ||||
Ending balance at Mar. 31, 2022 | 515,850 | $ 686 | 691,516 | (178,263) | 1,911 |
Beginning balance (in shares) at Dec. 31, 2021 | 67,739 | ||||
Beginning balance at Dec. 31, 2021 | 464,439 | $ 677 | 685,472 | (221,225) | (485) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 86,020 | ||||
Other comprehensive income | 2,809 | ||||
Ending balance (in shares) at Jun. 30, 2022 | 68,726 | ||||
Ending balance at Jun. 30, 2022 | 567,332 | $ 687 | 699,526 | (135,205) | 2,324 |
Beginning balance (in shares) at Mar. 31, 2022 | 68,570 | ||||
Beginning balance at Mar. 31, 2022 | 515,850 | $ 686 | 691,516 | (178,263) | 1,911 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 43,058 | 43,058 | |||
Other comprehensive income | 413 | 413 | |||
Stock option exercises and employee stock plan purchases (in shares) | 61 | ||||
Stock option exercises and employee stock plan purchases | 1,423 | $ 1 | 1,422 | ||
Vesting of restricted stock awards and units (in shares) | 108 | ||||
Vesting of restricted stock awards and units | 0 | $ 1 | (1) | ||
Shares withheld to cover taxes (in shares) | (13) | ||||
Shares withheld to cover taxes | (824) | $ (1) | (823) | ||
Stock-based compensation | 7,412 | 7,412 | |||
Ending balance (in shares) at Jun. 30, 2022 | 68,726 | ||||
Ending balance at Jun. 30, 2022 | $ 567,332 | $ 687 | $ 699,526 | $ (135,205) | $ 2,324 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Net income (loss) | $ 86,020 | $ (17,649) |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation, amortization and accretion | 23,893 | 17,749 |
Asset retirement obligation acceleration | 500 | 0 |
Amortization of debt related costs | 491 | 185 |
Changes in fair value of contingent assets and liabilities | 26,900 | 25,900 |
Gain on extinguishment of debt | 0 | (889) |
Provision for excess and obsolete inventory | 3,185 | 2,039 |
Stock-based compensation | 13,035 | 7,905 |
Gain on sale of assets | 0 | (15,263) |
Deferred taxes | 6,598 | 2,685 |
Long-term income tax receivable | (793) | (731) |
Long-term income tax payable and other long-term liabilities | 1,154 | 1,147 |
Other | 2,172 | 1,097 |
(Decreases) increases in cash from operating assets and liabilities: | ||
Accounts receivable | (100,994) | 1,551 |
Inventory | (2,013) | 1,888 |
Other current assets | 744 | 2,171 |
Other long-term assets | (533) | 0 |
Accounts payable | (861) | 5,888 |
Accrued expenses and other liabilities | 23,363 | 14 |
Net cash provided by operating activities | 82,861 | 35,687 |
Investing activities | ||
Capital expenditures | (7,533) | (5,176) |
Proceeds from sale of assets, net | 1,800 | 15,823 |
Net cash (used in) provided by investing activities | (5,733) | 10,647 |
Financing activities | ||
Payments on long-term debt and other borrowings | (5,219) | (38,137) |
Proceeds from stock option exercises | 6,780 | 4,086 |
Proceeds from issuance of common stock | 577 | 337 |
Payments for minimum statutory tax withholding related to net share settlement of equity awards | (6,328) | (1,792) |
Net cash used in financing activities | (4,190) | (35,506) |
Effect of foreign exchange rates on cash, cash equivalents and restricted cash | (19) | 120 |
Net increase in cash, cash equivalents and restricted cash | 72,919 | 10,948 |
Cash, cash equivalents and restricted cash, beginning of period | 100,651 | 82,694 |
Cash, cash equivalents and restricted cash, end of period | 173,570 | 93,642 |
Reconciliation to amounts within the condensed consolidated balance sheets | ||
Cash and cash equivalents | 171,427 | 91,500 |
Restricted cash included in other long-term assets | 2,143 | 2,142 |
Cash, cash equivalents and restricted cash at end of period | $ 173,570 | $ 93,642 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Holdings and its direct and indirect wholly-owned subsidiaries, including Progenics, and have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement have been included. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ended December 31, 2022 or any future period. The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities Exchange Commission (“SEC”) on February 24, 2022. Progenics Acquisition On June 19, 2020 (the “Closing Date”), pursuant to the Amended and Restated Agreement and Plan of Merger, dated as of February 20, 2020 (the “Merger Agreement”), by and among Holdings, Plato Merger Sub, Inc., a wholly-owned subsidiary of Holdings (“Merger Sub”), and Progenics, Holdings completed the acquisition of Progenics by means of a merger of Merger Sub with and into Progenics, with Progenics surviving such merger as a wholly-owned subsidiary of Holdings (the “Progenics Acquisition”). Subsequently, on June 22, 2020, Holdings contributed all of the capital stock of Progenics to LMI, thereby making Progenics an indirect subsidiary of Holdings. In accordance with the Merger Agreement, at the effective time of the Progenics Acquisition (the “Effective Time”), each share of Progenics common stock, par value $0.0013 per share, issued and outstanding immediately prior to the Effective Time (other than shares of Progenics common stock owned by Holdings, Progenics or any of their wholly-owned subsidiaries) was automatically cancelled and converted into the right to receive (i) 0.31 (the “Exchange Ratio”) of a share of Holdings common stock, par value $0.01 per share, and (ii) one contingent value right (a “CVR”) tied to the financial performance of PyL (18F-DCFPyL), Progenics’ prostate-specific membrane antigen (“PSMA”) targeted imaging agent designed to visualize prostate cancer. This agent was approved by the U.S. Food and Drug Administration (“FDA”) on May 26, 2021 under the name PYLARIFY (piflufolastat F 18), and the commercial launch of this agent began in June 2021. Each CVR entitles its holder to receive a pro rata share of aggregate cash payments equal to 40% of U.S. net sales generated by PYLARIFY in 2022 and 2023 in excess of $100.0 million and $150.0 million, respectively. In no event will the Company’s aggregate payments in respect of the CVRs, together with any other non-stock consideration treated as paid in connection with the Progenics Acquisition, exceed 19.9% of the total consideration the Company pays in the Progenics Acquisition. Based on the Company’s current projections of 2022 PYLARIFY net sales, the Company believes that all of its aggregate payment obligations under the CVRs (which the Company currently estimates could be approximately $99.7 million) will become payable in the first half of 2023, although the Company can give no assurances to that effect. As a result of the acquisition, Holdings issued 26,844,877 shares of Holdings common stock and 86,630,633 CVRs to former Progenics stockholders and option holders. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting PoliciesRecent Accounting PronouncementsThe Company has not adopted any new accounting standards during the six months ended June 30, 2022 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following table summarizes revenue by revenue source as follows: Three Months Ended Six Months Ended Major Products/Service Lines (in thousands) 2022 2021 2022 2021 Product revenue, net (1) $ 217,782 $ 93,562 $ 397,791 $ 180,881 License and royalty revenues (2) 5,941 7,502 34,812 12,692 Total revenues $ 223,723 $ 101,064 $ 432,603 $ 193,573 ________________________________ (1) The Company’s principal products include PYLARIFY, DEFINITY and TechneLite and are categorized within product revenue, net. The Company applies the same revenue recognition policies and judgments for all its principal products. (2) The Company recognized $24.0 million license revenue in the first quarter of 2022 related to an agreement with Novartis Pharma AG. The Company classifies its revenues into three product categories: precision diagnostics, radiopharmaceutical oncology, and strategic partnerships and other revenue. Precision diagnostics includes DEFINITY, TechneLite and other diagnostic imaging products. Radiopharmaceutical oncology consists primarily of PYLARIFY and AZEDRA. Strategic partnerships and other revenue includes strategic partnerships and other arrangements related to other products of the Company, such as royalty revenue from our license of RELISTOR. On January 31, 2022, the Company entered into a global settlement agreement with Novartis Pharma AG (“Novartis”), Advanced Accelerator Applications USA, Inc. (“AAA”), Endocyte, Inc. (“Endocyte”) and their affiliates (the “Novartis Agreement”) to settle certain disputes between the parties. Under the Novartis Agreement, Novartis agreed to make a lump sum payment to the Company, as well as to reimburse the Company for certain fees and expenses in connection with certain German litigation, and the Company agreed to license certain intellectual property to Novartis. In addition, the Company agreed to supply PYLARIFY for clinical purposes at an arms-length value which will be recorded revenue in the future as product is provided. In accordance with the Company's ASC 606, Revenue from Contracts with Customers , assessment, Novartis is considered to be a customer. The Company determined that the $24.0 million constituted a single element which was satisfied on the date of the execution of the Novartis Agreement. The Company determined that the license of intellectual property carried a fair value of $24.0 million. As such, the Company assigned the value to the fair value of the license, which constitutes the entire transaction price and does not require further allocation. The Company determined that the $24.0 million represented the point at which the licensee was able to use and benefit from the license and recognized revenue when the license was granted to Novartis upon execution of the Novartis Agreement. The Company recognized the $24.0 million fee as revenue on its consolidated statement of operations for the quarter ended March 31, 2022. The Company received the $24.0 million payment in April 2022. Revenue by product category on a net basis is as follows: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 DEFINITY $ 62,306 $ 59,842 $ 120,634 $ 115,813 TechneLite 19,440 23,772 42,045 46,572 Other precision diagnostics 5,363 6,742 10,628 13,726 Total precision diagnostics 87,109 90,356 173,307 176,111 PYLARIFY 130,232 273 223,009 273 Other radiopharmaceutical oncology 928 2,539 2,255 4,039 Total radiopharmaceutical oncology 131,160 2,812 225,264 4,312 Strategic partnerships and other revenue 5,454 7,896 34,032 13,150 Total revenues $ 223,723 $ 101,064 $ 432,603 $ 193,573 The Company’s performance obligations are typically part of contracts that have an original expected duration of one year or less. As such, the Company is not disclosing the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially satisfied) as of the end of the reporting period. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability of fair value measurements, financial instruments are categorized based on a hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: • Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. • Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). • Level 3 — Unobservable inputs that reflect a Company’s estimates about the assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. The Company’s financial assets and liabilities measured at fair value on a recurring basis consist of money market funds, interest rate swaps, a contingent receivable and contingent consideration liabilities. The Company invests excess cash from its operating cash accounts in overnight investments and reflects these amounts in cash and cash equivalents in the condensed consolidated balance sheets at fair value using quoted prices in active markets for identical assets. The fair value of the interest rate swaps is determined based on observable market-based inputs, including interest rate curves and reflects the contractual terms of these instruments, including the period to maturity. Please refer to Note 13, “Derivative Instruments”, for further details on the interest rate swaps. The Company recorded a contingent receivable and the contingent consideration liabilities resulting from the Progenics Acquisition at fair value based on inputs that are not observable in the market. The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis: June 30, 2022 (in thousands) Total Fair Level 1 Level 2 Level 3 Assets: Money market $ 29,836 $ 29,836 $ — $ — Interest rate swaps 4,248 — 4,248 — Contingent receivable 7,700 — — 7,700 Total assets $ 41,784 $ 29,836 $ 4,248 $ 7,700 Liabilities: Contingent consideration liabilities $ 111,500 $ — $ — $ 111,500 Total liabilities $ 111,500 $ — $ — $ 111,500 December 31, 2021 (in thousands) Total Fair Level 1 Level 2 Level 3 Assets: Money market $ 40,140 $ 40,140 $ — $ — Interest rate swaps 357 — 357 — Contingent receivable 9,300 — — 9,300 Total assets $ 49,797 $ 40,140 $ 357 $ 9,300 Liabilities: Contingent consideration liabilities $ 86,200 $ — $ — $ 86,200 Total liabilities $ 86,200 $ — $ — $ 86,200 During the three and six months ended June 30, 2022, there were no transfers into or out of Level 3. As part of the Progenics Acquisition, the Company acquired the right to receive certain future milestone and royalty payments due to Progenics from CytoDyn Inc. related to a prior sale of certain intellectual property. The Company has the right to receive $5.0 million upon regulatory approval and a 5% royalty on net sales of approved products. The Company considers the contingent receivable a Level 3 instrument (one with significant unobservable inputs) in the fair value hierarchy. The estimated fair value was determined based on probability adjusted discounted cash flows that included significant estimates and assumptions pertaining to regulatory events and sales targets. The most significant unobservable inputs are the probabilities of achieving regulatory approval of the development projects and subsequent commercial success. As part of the Progenics Acquisition, the Company issued CVRs and recorded the fair value as part of consideration transferred. Each CVR entitles its holder to receive a pro rata share of aggregate cash payments equal to 40% of U.S. net sales generated by PYLARIFY in 2022 and 2023 in excess of $100.0 million and $150.0 million, respectively, subject to a maximum cap. Refer to Note 1, “Basis of Presentation” for further details on the CVRs. The Company considers the contingent consideration liabilities relating to the CVRs a Level 3 instrument (one with significant unobservable inputs) in the fair value hierarchy. The estimated fair value of these had been determined based on Monte Carlo simulation models that included significant estimates and assumptions pertaining to commercialization events and sales targets. Because of revised revenue forecasts for the balance of 2022, the Company updated the valuation technique for the CVRs from the Monte Carlo simulation model to a probability adjusted discounted cash flow model as the Company currently expects to pay out the full amount of the CVRs from available cash in the first half of 2023 based on U.S. net sales generated by PYLARIFY in 2022 and, under either valuation technique, the estimated liability would be approximately the same. The Company also assumed contingent consideration liabilities related to a previous acquisition completed by Progenics in 2013 (“2013 Acquisition”). These contingent consideration liabilities include potential payments of up to $70.0 million if the Company attains certain net sales targets primarily for AZEDRA and 1095 and a $5.0 million 1095 commercialization milestone. Additionally, there is a potential payment of up to $10.0 million related to a 1404 commercialization milestone. The Company’s total potential payments related to the 2013 Acquisition are approximately $85.0 million. The Company considers the contingent consideration liabilities relating to the 2013 Acquisition each a Level 3 instrument (one with significant unobservable inputs) in the fair value hierarchy. The estimated fair value of these was determined based on probability adjusted discounted cash flows and Monte Carlo simulation models that included significant estimates and assumptions pertaining to commercialization events and sales targets. The most significant unobservable inputs with respect to 1095 and 1404 are the probabilities of achieving regulatory approval of those development projects and subsequent commercial success. Significant changes in any of the probabilities of success, the probabilities as to the periods in which sales targets and milestones will be achieved, discount rates or underlying revenue forecasts would result in a significantly higher or lower fair value measurement. The Company records the contingent consideration liability at fair value with changes in estimated fair values recorded in general and administrative expenses in the condensed consolidated statements of operations. The Company can give no assurance that the actual amounts paid, if any, in connection with the contingent consideration liabilities, including the CVRs, will be consistent with any recurring fair value estimate of such contingent consideration liabilities. The following tables summarize quantitative information and assumptions pertaining to the fair value measurement of assets and liabilities using Level 3 inputs at June 30, 2022. Fair Value at Assumptions (in thousands) June 30, 2022 December 31, 2021 Valuation Technique Unobservable Input June 30, 2022 December 31, 2021 Contingent receivable: Regulatory milestone $ 2,400 $ 2,500 Probability adjusted discounted cash flow model Period of expected milestone achievement 2023 2022 Probability of success 70 % 70 % Discount rate 20 % 17 % Royalties 5,300 6,800 Probability adjusted discounted cash flow model Probability of success 10% - 60% 10% - 60% Discount rate 20 % 17 % Total $ 7,700 $ 9,300 Fair Value at Assumptions (in thousands) June 30, 2022 December 31, 2021 Valuation Technique Unobservable Input June 30, 2022 December 31, 2021 Contingent consideration liability: Net sales targets - PYLARIFY (CVRs) $ 99,700 $ 73,200 Probability adjusted discounted cash flow model (as of 6/30/2022) Period of expected milestone achievement and sales targets 2022 - 2023 2022 - 2023 Probability of success 100 % N/A Discount rate N/A 17 % 1095 commercialization milestone 1,700 1,900 Probability adjusted discounted cash flow model Period of expected milestone achievement 2026 2026 Probability of success 40 % 40 % Discount rate 3.4 % 1.3 % Net sales targets - AZEDRA and 1095 10,100 11,100 Monte Carlo simulation Probability of success and sales targets 40% - 100% 40% - 100% Discount rate 19% - 20% 16% - 17% Total $ 111,500 $ 86,200 For those financial instruments with significant Level 3 inputs, the following table summarizes the activities for the periods indicated: Financial Assets Financial Liabilities (in thousands) Six Months Ended Six Months Ended 2022 2021 2022 2021 Fair value, beginning of period $ 9,300 $ 11,300 $ 86,200 $ 15,800 Changes in fair value included in net income (1,600) 2,100 25,300 28,000 Fair value, end of period $ 7,700 $ 13,400 $ 111,500 $ 43,800 The change in fair value of the contingent financial asset and contingent financial liabilities, including the CVRs, resulted in an expense of $26.9 million for the six months ended June 30, 2022 and was primarily due to changes in revenue forecasts, changes in market conditions, an increase in discount rates (excluding the CVRs) and the passage of time. The Company expects to make all applicable cash payments related to the CVRs in the first half of 2023. As of June 30, 2022, the Company had $99.7 million in current liabilities to account for the expected payments related to the CVRs. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company calculates income taxes at the end of each reporting period based on the estimated effective tax rate for the full year, adjusted for any discrete events which are recorded in the period they occur. Cumulative adjustments to the tax provision are recorded in the reporting period in which a change in the estimated annual effective tax rate is determined. The Company’s income tax expense is presented below: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Income tax expense (benefit) $ 18,987 $ (1,879) $ 33,926 $ 3,455 The Company regularly assesses its ability to realize its deferred tax assets. Assessing the realizability of deferred tax assets requires significant management judgment. In determining whether its deferred tax assets are more-likely-than-not realizable, the Company evaluated all available positive and negative evidence, and weighed the objective evidence and expected impact. The Company assessed the need for a valuation allowance against certain state tax credit carryforwards added through the Progenics Acquisition. The Company continues to retain other valuation allowances of $1.2 million against the net deferred tax assets of Lantheus MI UK Limited, its U.K. subsidiary, and $2.0 million against the net deferred tax assets of EXINI, its Sweden subsidiary. In connection with the Company’s acquisition of the medical imaging business from Bristol-Myers Squibb (“BMS”) in 2008, the Company recorded a liability for uncertain tax positions related to the acquired business and simultaneously entered into a tax indemnification agreement with BMS under which BMS agreed to indemnify the Company for any payments made to settle those uncertain tax positions with the state taxing authorities. Accordingly, a long-term receivable is recorded to account for the expected value to the Company of future indemnification payments to be paid on behalf of the Company by BMS, net of actual tax benefits received by the Company. The tax indemnification receivable is recorded within other long-term assets. In accordance with the Company’s accounting policy, the change in the tax liabilities, penalties and interest associated with these obligations (net of any offsetting federal or state benefit) is recognized within income tax expense. As these reserves change adjustments are included in income tax expense while the offsetting adjustment is included in other income. Assuming that the remaining receivable from BMS continues to be considered recoverable by the Company, there will be no effect on net income and no net cash outflows related to these liabilities. The Company finalized the accounting for the Progenics Acquisition for income taxes in the first quarter of 2021 resulting in a reduction of deferred tax assets, primarily related to state research credit carryforwards and an increase to goodwill of $2.6 million. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory consisted of the following: (in thousands) June 30, December 31, Raw materials $ 16,098 $ 15,505 Work in process 10,204 13,042 Finished goods 7,656 6,582 Total inventory $ 33,958 $ 35,129 Inventory costs associated with products that have not yet received regulatory approval are capitalized if the Company believes there is probable future commercial use of the product and future economic benefit of the asset. If future commercial use of the product is not probable, then inventory costs associated with such product are expensed during the period the costs are incurred. As of December 31, 2021, the Company had $6.1 million of such product costs included in inventories related to DEFINITY that had been manufactured through the Company’s in-house manufacturing capabilities. The Company received regulatory approval for the manufacture of DEFINITY at its new in-house manufacturing facility during the first quarter of 2022 and has no inventory pending regulatory approval as of June 30, 2022. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net, consisted of the following: (in thousands) June 30, December 31, Land $ 13,450 $ 13,450 Buildings 73,132 73,559 Machinery, equipment and fixtures 86,571 83,608 Computer software 25,555 24,384 Construction in progress 15,630 10,686 214,338 205,687 Less: accumulated depreciation and amortization (95,334) (88,915) Total property, plant and equipment, net $ 119,004 $ 116,772 Depreciation and amortization expense related to property, plant and equipment, net, was $3.3 million and $3.2 million for the three months ended June 30, 2022 and 2021, respectively, and $6.4 million and $6.2 million for the six months ended June 30, 2022 and 2021, respectively. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities and Other Long-Term Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities and Other Long-Term Liabilities | Accrued Expenses and Other Liabilities and Other Long-Term Liabilities Accrued expenses and other liabilities and other long-term liabilities are comprised of the following: (in thousands) June 30, December 31, Compensation and benefits $ 20,140 $ 22,730 Freight, distribution and operations 36,233 16,157 Accrued rebates, discounts and chargebacks 12,195 10,977 Accrued professional fees 4,516 2,850 Short-term contingent liability (Note 4) 99,700 — Other 11,014 5,354 Total accrued expenses and other liabilities $ 183,798 $ 58,068 Operating lease liabilities (Note 16) $ 15,780 $ 16,546 Long-term contingent liability (Note 4) 11,800 86,200 Other long-term liabilities 22,036 22,148 Total other long-term liabilities $ 49,616 $ 124,894 |
Sale of Puerto Rico Subsidiary
Sale of Puerto Rico Subsidiary | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Puerto Rico Subsidiary | Sale of Puerto Rico Subsidiary During the fourth quarter of 2020, the Company entered into a stock purchase agreement (the “SPA”) with one of its existing radiopharmacy customers to sell all the stock of its Puerto Rico radiopharmacy subsidiary. The assets were classified as held for sale and the Company determined that the fair value of the net assets being sold significantly exceeded the carrying value as of December 31, 2020. The transaction was consummated on January 29, 2021. The purchase price for the stock sale was $18.0 million in cash, including a holdback amount of $1.8 million which the Company received during the first quarter of 2022; the purchase price also included a working capital adjustment. The SPA contains customary representations, warranties and covenants by each of the parties. Subject to certain limitations, the buyer will be indemnified for damages resulting from breaches or inaccuracies of the Company’s representations, warranties and covenants in the SPA. The Company determined that this sale of certain net assets did not constitute a strategic shift that had a major effect on the Company’s operations or financial results. As a result, this transaction was not classified as discontinued operations in the Company’s accompanying condensed consolidated financial statements. The following table summarizes the major classes of assets and liabilities sold as of January 29, 2021, the date of sale: (in thousands) January 29, 2021 Current Assets: Cash and cash equivalents $ 540 Accounts receivable, net 1,959 Inventory 530 Other current assets 65 Total current assets 3,094 Non-Current Assets: Property, plant & equipment, net 780 Intangibles, net 96 Other long-term assets 774 Total assets held for sale $ 4,744 Current Liabilities: Accounts payable $ 185 Accrued expense and other liabilities 369 Total current liabilities 554 Non-Current Liabilities: Asset retirement obligations 306 Other long-term liabilities 588 Total liabilities held for sale $ 1,448 |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The Company considers its legal obligation to remediate its facilities upon a decommissioning of its radioactive-related operations as an asset retirement obligation. The Company has production facilities which manufacture and process radioactive materials at its North Billerica, Massachusetts and Somerset, New Jersey sites. As of June 30, 2022, the liability is measured at the present value of the obligation expected to be incurred, of approximately $26.4 million. The following table provides a summary of the changes in the Company’s asset retirement obligations: (in thousands) Amount Balance at January 1, 2022 $ 20,833 Accretion expense 863 Accelerated costs 500 Balance at June 30, 2022 $ 22,196 In December 2021, the Company evaluated the accretion timeline of an asset group due to a revision in the planned period of use at the North Billerica site. As a result of the accelerated timeline, the Company determined the asset group’s present value exceeded the current value recorded as of December 31, 2021. Accordingly, the Company recorded a non-cash adjustment of $5.3 million to anticipate a revision in the end of useful life by the end of 2022. The Company is required to provide the Massachusetts Department of Public Health and New Jersey Department of Environmental Protection financial assurance demonstrating the Company’s ability to fund the decommissioning of its North Billerica, Massachusetts and Somerset, New Jersey production facilities upon closure, although the Company has no current plans to close the facilities. The Company has provided this financial assurance in the form of a $28.2 million surety bond. |
Intangibles, Net
Intangibles, Net | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles, Net | Intangibles, Net Intangibles, net, consisted of the following: June 30, 2022 (in thousands) Useful Lives Amortization Method Cost Accumulated Amortization Net Trademarks 15 - 25 Straight-Line $ 13,540 $ (11,785) $ 1,755 Customer relationships 15 - 25 Accelerated 96,858 (94,897) 1,961 Currently marketed products 9 - 15 Straight-Line 275,700 (35,487) 240,213 Licenses 11 - 16 Straight-Line 85,800 (15,328) 70,472 Developed technology 9 Straight-Line 2,400 (543) 1,857 IPR&D N/A N/A 15,640 — 15,640 Total $ 489,938 $ (158,040) $ 331,898 December 31, 2021 (in thousands) Useful Lives Amortization Method Cost Accumulated Amortization Net Trademarks 15 - 25 Straight-Line $ 13,540 $ (11,510) $ 2,030 Customer relationships 15 - 25 Accelerated 96,880 (94,630) 2,250 Currently marketed product 9 - 15 Straight-Line 275,700 (23,345) 252,355 Licenses 11 - 16 Straight-Line 85,800 (11,555) 74,245 Developed technology 9 Straight-Line 2,400 (410) 1,990 IPR&D N/A N/A 15,640 — 15,640 Total $ 489,960 $ (141,450) $ 348,510 The Company recorded amortization expense for its intangible assets of $8.3 million and $6.1 million for the three months ended June 30, 2022 and 2021, respectively, and $16.6 million and $10.8 million for the six months ended June 30, 2022 and 2021, respectively. In May 2021, PyL (18F-DCFPyL) was approved by the FDA under the name PYLARIFY. Accordingly, the Company reclassified the associated asset of $132.8 million from IPR&D to currently marketed products and commenced amortization of the asset. The below table summarizes the estimated aggregate amortization expense expected to be recognized on the above intangible assets: (in thousands) Amount Remainder of 2022 $ 16,617 2023 32,634 2024 32,563 2025 32,508 2026 32,497 2027 and thereafter 169,439 Total $ 316,258 |
Long-Term Debt, Net, and Other
Long-Term Debt, Net, and Other Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net, and Other Borrowings | Long-Term Debt, Net, and Other Borrowings As of June 30, 2022, the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows: (in thousands) Amount Remainder of 2022 $ 6,250 2023 15,000 2024 148,750 Total principal outstanding 170,000 Unamortized debt discount (399) Unamortized debt issuance costs (344) Finance lease liabilities 472 Total 169,729 Less: current portion (14,065) Total long-term debt, net and other borrowings $ 155,664 At June 30, 2022, the Company’s interest rate under the five-year secured term loan facility, which matures on June 30, 2024 (the “2019 Term Facility” and the loans thereunder, the “2019 Term Loans”) was 2.6%. On March 31, 2021, the Company voluntarily repaid in full the entire outstanding principal on the original $50.0 million loan agreement (the “Royalty-Backed Loan”) with a fund managed by HealthCare Royalty Partners III, L.P. in the amount of $30.9 million, which included a prepayment amount of $0.5 million, and terminated the agreement governing the Royalty-Backed Loan. The Company recorded a gain on extinguishment of debt of $0.9 million related to the write-off of an unamortized debt premium offset by the prepayment amount. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The Company uses interest rate swaps to reduce the variability in cash flows associated with a portion of the Company’s forecasted interest payments on its variable rate debt. In March 2020, the Company entered into interest rate swap contracts to fix the LIBOR rate on a notional amount of $100.0 million through May 31, 2024. The average fixed LIBOR rate on the interest rate swaps is approximately 0.82%. This agreement involves the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreement without an exchange of the underlying principal amount. The interest rate swaps were designated as cash flow hedges. In accordance with hedge accounting, the interest rate swaps are recorded on the Company’s condensed consolidated balance sheets at fair value, and changes in the fair value of the swap agreements are recorded to other comprehensive loss and reclassified to interest expense in the period during which the hedged transaction affected earnings or it will become probable that the forecasted transaction would not occur. At June 30, 2022, accumulated other comprehensive income included $2.3 million of pre-tax deferred gains that are expected to be reclassified to earnings during the next 12 months. The following table presents the location and fair value amounts of derivative instruments reported in the condensed consolidated balance sheets: (in thousands) June 30, 2022 December 31, 2021 Derivatives type Classification Assets: Interest rate swap Other long-term assets $ 4,248 $ 357 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)The components of accumulated other comprehensive income (loss), net of tax of $1.1 million and $0.2 million for the six months ended June 30, 2022 and 2021, respectively, consisted of the following: (in thousands) Foreign currency translation Unrealized loss on cash flow hedges Accumulated other comprehensive income (loss) Balance at January 1, 2022 $ (754) $ 269 $ (485) Other comprehensive (loss) income before reclassifications (84) 2,710 2,626 Amounts reclassified to earnings — 183 183 Balance at June 30, 2022 $ (838) $ 3,162 $ 2,324 Balance at January 1, 2021 $ (630) $ (1,418) $ (2,048) Other comprehensive income before reclassifications 296 399 695 Amounts reclassified to earnings — 353 353 Balance at June 30, 2021 $ (334) $ (666) $ (1,000) |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following table presents stock-based compensation expense recognized in the Company’s accompanying condensed consolidated statements of operations: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Cost of goods sold $ 1,083 $ 906 $ 1,995 $ 1,528 Sales and marketing 1,675 692 2,688 1,042 General and administrative 3,784 2,391 6,786 4,311 Research and development 870 599 1,566 1,024 Total stock-based compensation expense $ 7,412 $ 4,588 $ 13,035 $ 7,905 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases Operating and finance lease assets and liabilities are as follows: (in thousands) Classification June 30, December 31, Assets Operating Other long-term assets $ 8,484 $ 8,788 Finance Property, plant and equipment, net 497 556 Total leased assets $ 8,981 $ 9,344 Liabilities Current Operating Accrued expenses and other liabilities $ 1,648 $ 1,599 Finance Current portion of long-term debt and other borrowings 315 392 Noncurrent Operating Other long-term liabilities 15,780 16,546 Finance Long-term debt, net and other borrowings 157 299 Total leased liabilities $ 17,900 $ 18,836 The Company entered into an agreement in February 2022 to lease additional office space in Bedford, Massachusetts. The facility is currently being renovated and the associated right-of-use asset and liability will be recorded once renovations are substantially complete. The lease payments are expected to commence in the fourth quarter of 2022 when renovation of the facility is completed. |
Leases | Leases Operating and finance lease assets and liabilities are as follows: (in thousands) Classification June 30, December 31, Assets Operating Other long-term assets $ 8,484 $ 8,788 Finance Property, plant and equipment, net 497 556 Total leased assets $ 8,981 $ 9,344 Liabilities Current Operating Accrued expenses and other liabilities $ 1,648 $ 1,599 Finance Current portion of long-term debt and other borrowings 315 392 Noncurrent Operating Other long-term liabilities 15,780 16,546 Finance Long-term debt, net and other borrowings 157 299 Total leased liabilities $ 17,900 $ 18,836 The Company entered into an agreement in February 2022 to lease additional office space in Bedford, Massachusetts. The facility is currently being renovated and the associated right-of-use asset and liability will be recorded once renovations are substantially complete. The lease payments are expected to commence in the fourth quarter of 2022 when renovation of the facility is completed. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share A summary of net income per common share is presented below: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2022 2021 2022 2021 Net income (loss) $ 43,058 $ (26,657) $ 86,020 $ (17,649) Basic weighted-average common shares outstanding 68,674 67,505 68,343 67,300 Effect of dilutive stock options 443 — 441 — Effect of dilutive restricted stock 1,679 — 1,628 — Diluted weighted-average common shares outstanding 70,796 67,505 70,412 67,300 Basic income (loss) per common share $ 0.63 $ (0.39) $ 1.26 $ (0.26) Diluted income (loss) per common share $ 0.61 $ (0.39) $ 1.22 $ (0.26) Antidilutive securities excluded from diluted net income (loss) per common share 268 3,173 196 3,173 |
Other Income
Other Income | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income | Other Income Other income consisted of the following: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Foreign currency (gains) losses $ 125 $ (13) $ 44 $ 29 Tax indemnification income, net (396) (158) (792) (731) Interest income (39) (11) (47) (28) Other — — — (1) Total other income $ (310) $ (182) $ (795) $ (731) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. In addition, the Company has in the past been, and may in the future be, subject to investigations by governmental and regulatory authorities, which expose it to greater risks associated with litigation, regulatory or other proceedings, as a result of which the Company could be required to pay significant fines or penalties. The costs and outcome of litigation, regulatory or other proceedings cannot be predicted with certainty, and some lawsuits, claims, actions or proceedings may be disposed of unfavorably to the Company and could have a material adverse effect on the Company’s results of operations or financial condition. In addition, intellectual property disputes often have a risk of injunctive relief which, if imposed against the Company, could materially and adversely affect its financial condition or results of operations. If a matter is both probable to result in material liability and the amount of loss can be reasonably estimated, the Company estimates and discloses the possible material loss or range of loss. If such loss is not probable or cannot be reasonably estimated, a liability is not recorded in its condensed consolidated financial statements. As of June 30, 2022, the Company did not have any material ongoing litigation in which the Company was a party. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment InformationIn the first quarter of fiscal year 2021, the Company completed the evaluation of its operating and reporting structure, including the impact on the Company’s business of the acquisition of Progenics described in Note 1, and the sale of the Puerto Rico subsidiary in the first quarter, which resulted in a change in operating and reportable segments. The Company now operates as one business segment: the development, manufacture and sale of innovative imaging diagnostics, radiotherapeutics, and artificial intelligence solutions designed to enable clinicians to Find, Fight and Follow disease to deliver better patient outcomes. This conclusion reflects the Company’s focus on the performance of the business on a consolidated worldwide basis. The results of this operating segment are regularly reviewed by the Company’s chief operating decision maker, the President and Chief Executive Officer. The Company’s chief operating decision maker does not manage any part of the Company separately, and the allocation of resources and assessment of performance are based on the Company’s consolidated operating results. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements include the accounts of Holdings and its direct and indirect wholly-owned subsidiaries, including Progenics, and have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement have been included. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ended December 31, 2022 or any future period. The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities Exchange Commission (“SEC”) on February 24, 2022. |
Recent Accounting Pronouncements | Recent Accounting PronouncementsThe Company has not adopted any new accounting standards during the six months ended June 30, 2022 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | The following table summarizes revenue by revenue source as follows: Three Months Ended Six Months Ended Major Products/Service Lines (in thousands) 2022 2021 2022 2021 Product revenue, net (1) $ 217,782 $ 93,562 $ 397,791 $ 180,881 License and royalty revenues (2) 5,941 7,502 34,812 12,692 Total revenues $ 223,723 $ 101,064 $ 432,603 $ 193,573 ________________________________ (1) The Company’s principal products include PYLARIFY, DEFINITY and TechneLite and are categorized within product revenue, net. The Company applies the same revenue recognition policies and judgments for all its principal products. (2) The Company recognized $24.0 million license revenue in the first quarter of 2022 related to an agreement with Novartis Pharma AG. Revenue by product category on a net basis is as follows: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 DEFINITY $ 62,306 $ 59,842 $ 120,634 $ 115,813 TechneLite 19,440 23,772 42,045 46,572 Other precision diagnostics 5,363 6,742 10,628 13,726 Total precision diagnostics 87,109 90,356 173,307 176,111 PYLARIFY 130,232 273 223,009 273 Other radiopharmaceutical oncology 928 2,539 2,255 4,039 Total radiopharmaceutical oncology 131,160 2,812 225,264 4,312 Strategic partnerships and other revenue 5,454 7,896 34,032 13,150 Total revenues $ 223,723 $ 101,064 $ 432,603 $ 193,573 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis: June 30, 2022 (in thousands) Total Fair Level 1 Level 2 Level 3 Assets: Money market $ 29,836 $ 29,836 $ — $ — Interest rate swaps 4,248 — 4,248 — Contingent receivable 7,700 — — 7,700 Total assets $ 41,784 $ 29,836 $ 4,248 $ 7,700 Liabilities: Contingent consideration liabilities $ 111,500 $ — $ — $ 111,500 Total liabilities $ 111,500 $ — $ — $ 111,500 December 31, 2021 (in thousands) Total Fair Level 1 Level 2 Level 3 Assets: Money market $ 40,140 $ 40,140 $ — $ — Interest rate swaps 357 — 357 — Contingent receivable 9,300 — — 9,300 Total assets $ 49,797 $ 40,140 $ 357 $ 9,300 Liabilities: Contingent consideration liabilities $ 86,200 $ — $ — $ 86,200 Total liabilities $ 86,200 $ — $ — $ 86,200 |
Fair value measurement inputs and valuation techniques | The following tables summarize quantitative information and assumptions pertaining to the fair value measurement of assets and liabilities using Level 3 inputs at June 30, 2022. Fair Value at Assumptions (in thousands) June 30, 2022 December 31, 2021 Valuation Technique Unobservable Input June 30, 2022 December 31, 2021 Contingent receivable: Regulatory milestone $ 2,400 $ 2,500 Probability adjusted discounted cash flow model Period of expected milestone achievement 2023 2022 Probability of success 70 % 70 % Discount rate 20 % 17 % Royalties 5,300 6,800 Probability adjusted discounted cash flow model Probability of success 10% - 60% 10% - 60% Discount rate 20 % 17 % Total $ 7,700 $ 9,300 Fair Value at Assumptions (in thousands) June 30, 2022 December 31, 2021 Valuation Technique Unobservable Input June 30, 2022 December 31, 2021 Contingent consideration liability: Net sales targets - PYLARIFY (CVRs) $ 99,700 $ 73,200 Probability adjusted discounted cash flow model (as of 6/30/2022) Period of expected milestone achievement and sales targets 2022 - 2023 2022 - 2023 Probability of success 100 % N/A Discount rate N/A 17 % 1095 commercialization milestone 1,700 1,900 Probability adjusted discounted cash flow model Period of expected milestone achievement 2026 2026 Probability of success 40 % 40 % Discount rate 3.4 % 1.3 % Net sales targets - AZEDRA and 1095 10,100 11,100 Monte Carlo simulation Probability of success and sales targets 40% - 100% 40% - 100% Discount rate 19% - 20% 16% - 17% Total $ 111,500 $ 86,200 |
Schedule of financial instruments with significant Level 3 inputs | For those financial instruments with significant Level 3 inputs, the following table summarizes the activities for the periods indicated: Financial Assets Financial Liabilities (in thousands) Six Months Ended Six Months Ended 2022 2021 2022 2021 Fair value, beginning of period $ 9,300 $ 11,300 $ 86,200 $ 15,800 Changes in fair value included in net income (1,600) 2,100 25,300 28,000 Fair value, end of period $ 7,700 $ 13,400 $ 111,500 $ 43,800 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense | The Company’s income tax expense is presented below: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Income tax expense (benefit) $ 18,987 $ (1,879) $ 33,926 $ 3,455 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | Inventory consisted of the following: (in thousands) June 30, December 31, Raw materials $ 16,098 $ 15,505 Work in process 10,204 13,042 Finished goods 7,656 6,582 Total inventory $ 33,958 $ 35,129 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant, and equipment, net | Property, plant and equipment, net, consisted of the following: (in thousands) June 30, December 31, Land $ 13,450 $ 13,450 Buildings 73,132 73,559 Machinery, equipment and fixtures 86,571 83,608 Computer software 25,555 24,384 Construction in progress 15,630 10,686 214,338 205,687 Less: accumulated depreciation and amortization (95,334) (88,915) Total property, plant and equipment, net $ 119,004 $ 116,772 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities and Other Long-Term Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of accrued liabilities | Accrued expenses and other liabilities and other long-term liabilities are comprised of the following: (in thousands) June 30, December 31, Compensation and benefits $ 20,140 $ 22,730 Freight, distribution and operations 36,233 16,157 Accrued rebates, discounts and chargebacks 12,195 10,977 Accrued professional fees 4,516 2,850 Short-term contingent liability (Note 4) 99,700 — Other 11,014 5,354 Total accrued expenses and other liabilities $ 183,798 $ 58,068 Operating lease liabilities (Note 16) $ 15,780 $ 16,546 Long-term contingent liability (Note 4) 11,800 86,200 Other long-term liabilities 22,036 22,148 Total other long-term liabilities $ 49,616 $ 124,894 |
Sale of Puerto Rico Subsidiary
Sale of Puerto Rico Subsidiary (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal groups including discontinued operations | The following table summarizes the major classes of assets and liabilities sold as of January 29, 2021, the date of sale: (in thousands) January 29, 2021 Current Assets: Cash and cash equivalents $ 540 Accounts receivable, net 1,959 Inventory 530 Other current assets 65 Total current assets 3,094 Non-Current Assets: Property, plant & equipment, net 780 Intangibles, net 96 Other long-term assets 774 Total assets held for sale $ 4,744 Current Liabilities: Accounts payable $ 185 Accrued expense and other liabilities 369 Total current liabilities 554 Non-Current Liabilities: Asset retirement obligations 306 Other long-term liabilities 588 Total liabilities held for sale $ 1,448 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary of changes in asset retirement obligations | The following table provides a summary of the changes in the Company’s asset retirement obligations: (in thousands) Amount Balance at January 1, 2022 $ 20,833 Accretion expense 863 Accelerated costs 500 Balance at June 30, 2022 $ 22,196 |
Intangibles, Net (Tables)
Intangibles, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangibles | Intangibles, net, consisted of the following: June 30, 2022 (in thousands) Useful Lives Amortization Method Cost Accumulated Amortization Net Trademarks 15 - 25 Straight-Line $ 13,540 $ (11,785) $ 1,755 Customer relationships 15 - 25 Accelerated 96,858 (94,897) 1,961 Currently marketed products 9 - 15 Straight-Line 275,700 (35,487) 240,213 Licenses 11 - 16 Straight-Line 85,800 (15,328) 70,472 Developed technology 9 Straight-Line 2,400 (543) 1,857 IPR&D N/A N/A 15,640 — 15,640 Total $ 489,938 $ (158,040) $ 331,898 December 31, 2021 (in thousands) Useful Lives Amortization Method Cost Accumulated Amortization Net Trademarks 15 - 25 Straight-Line $ 13,540 $ (11,510) $ 2,030 Customer relationships 15 - 25 Accelerated 96,880 (94,630) 2,250 Currently marketed product 9 - 15 Straight-Line 275,700 (23,345) 252,355 Licenses 11 - 16 Straight-Line 85,800 (11,555) 74,245 Developed technology 9 Straight-Line 2,400 (410) 1,990 IPR&D N/A N/A 15,640 — 15,640 Total $ 489,960 $ (141,450) $ 348,510 |
Schedule of intangibles | Intangibles, net, consisted of the following: June 30, 2022 (in thousands) Useful Lives Amortization Method Cost Accumulated Amortization Net Trademarks 15 - 25 Straight-Line $ 13,540 $ (11,785) $ 1,755 Customer relationships 15 - 25 Accelerated 96,858 (94,897) 1,961 Currently marketed products 9 - 15 Straight-Line 275,700 (35,487) 240,213 Licenses 11 - 16 Straight-Line 85,800 (15,328) 70,472 Developed technology 9 Straight-Line 2,400 (543) 1,857 IPR&D N/A N/A 15,640 — 15,640 Total $ 489,938 $ (158,040) $ 331,898 December 31, 2021 (in thousands) Useful Lives Amortization Method Cost Accumulated Amortization Net Trademarks 15 - 25 Straight-Line $ 13,540 $ (11,510) $ 2,030 Customer relationships 15 - 25 Accelerated 96,880 (94,630) 2,250 Currently marketed product 9 - 15 Straight-Line 275,700 (23,345) 252,355 Licenses 11 - 16 Straight-Line 85,800 (11,555) 74,245 Developed technology 9 Straight-Line 2,400 (410) 1,990 IPR&D N/A N/A 15,640 — 15,640 Total $ 489,960 $ (141,450) $ 348,510 |
Schedule of expected future amortization expense | The below table summarizes the estimated aggregate amortization expense expected to be recognized on the above intangible assets: (in thousands) Amount Remainder of 2022 $ 16,617 2023 32,634 2024 32,563 2025 32,508 2026 32,497 2027 and thereafter 169,439 Total $ 316,258 |
Long-Term Debt, Net, and Othe_2
Long-Term Debt, Net, and Other Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of maturities of principal obligations | As of June 30, 2022, the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows: (in thousands) Amount Remainder of 2022 $ 6,250 2023 15,000 2024 148,750 Total principal outstanding 170,000 Unamortized debt discount (399) Unamortized debt issuance costs (344) Finance lease liabilities 472 Total 169,729 Less: current portion (14,065) Total long-term debt, net and other borrowings $ 155,664 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The following table presents the location and fair value amounts of derivative instruments reported in the condensed consolidated balance sheets: (in thousands) June 30, 2022 December 31, 2021 Derivatives type Classification Assets: Interest rate swap Other long-term assets $ 4,248 $ 357 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive income (loss), net of tax of $1.1 million and $0.2 million for the six months ended June 30, 2022 and 2021, respectively, consisted of the following: (in thousands) Foreign currency translation Unrealized loss on cash flow hedges Accumulated other comprehensive income (loss) Balance at January 1, 2022 $ (754) $ 269 $ (485) Other comprehensive (loss) income before reclassifications (84) 2,710 2,626 Amounts reclassified to earnings — 183 183 Balance at June 30, 2022 $ (838) $ 3,162 $ 2,324 Balance at January 1, 2021 $ (630) $ (1,418) $ (2,048) Other comprehensive income before reclassifications 296 399 695 Amounts reclassified to earnings — 353 353 Balance at June 30, 2021 $ (334) $ (666) $ (1,000) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of stock-based compensation expense recognized | The following table presents stock-based compensation expense recognized in the Company’s accompanying condensed consolidated statements of operations: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Cost of goods sold $ 1,083 $ 906 $ 1,995 $ 1,528 Sales and marketing 1,675 692 2,688 1,042 General and administrative 3,784 2,391 6,786 4,311 Research and development 870 599 1,566 1,024 Total stock-based compensation expense $ 7,412 $ 4,588 $ 13,035 $ 7,905 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of operating and finance lease assets and liabilities | Operating and finance lease assets and liabilities are as follows: (in thousands) Classification June 30, December 31, Assets Operating Other long-term assets $ 8,484 $ 8,788 Finance Property, plant and equipment, net 497 556 Total leased assets $ 8,981 $ 9,344 Liabilities Current Operating Accrued expenses and other liabilities $ 1,648 $ 1,599 Finance Current portion of long-term debt and other borrowings 315 392 Noncurrent Operating Other long-term liabilities 15,780 16,546 Finance Long-term debt, net and other borrowings 157 299 Total leased liabilities $ 17,900 $ 18,836 |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Summary of net income per common share | A summary of net income per common share is presented below: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2022 2021 2022 2021 Net income (loss) $ 43,058 $ (26,657) $ 86,020 $ (17,649) Basic weighted-average common shares outstanding 68,674 67,505 68,343 67,300 Effect of dilutive stock options 443 — 441 — Effect of dilutive restricted stock 1,679 — 1,628 — Diluted weighted-average common shares outstanding 70,796 67,505 70,412 67,300 Basic income (loss) per common share $ 0.63 $ (0.39) $ 1.26 $ (0.26) Diluted income (loss) per common share $ 0.61 $ (0.39) $ 1.22 $ (0.26) Antidilutive securities excluded from diluted net income (loss) per common share 268 3,173 196 3,173 |
Other Income (Tables)
Other Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of other loss (income) | Other income consisted of the following: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Foreign currency (gains) losses $ 125 $ (13) $ 44 $ 29 Tax indemnification income, net (396) (158) (792) (731) Interest income (39) (11) (47) (28) Other — — — (1) Total other income $ (310) $ (182) $ (795) $ (731) |
Basis of Presentation (Details)
Basis of Presentation (Details) $ / shares in Units, $ in Thousands | Feb. 20, 2020 USD ($) contingent_value_right $ / shares shares | Jun. 30, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares |
Business Acquisition [Line Items] | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |
Contingent consideration liabilities | $ 111,500 | $ 86,200 | |
Business combination, consideration transferred, equity interests issued (in shares) | shares | 26,844,877 | ||
Business combination common stock under contingent value right (in shares) | shares | 86,630,633 | ||
Progenics | |||
Business Acquisition [Line Items] | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||
Shares to be received from acquisition conversion (in shares) | shares | 0.31 | ||
Number of CVRs | contingent_value_right | 1 | ||
Aggregate cash payments percentage | 40% | ||
Percentage of total contingent consideration under CVRs | 19.90% | ||
Business combination contingent value right of total consideration | $ 99,700 | ||
Progenics | Cash Payments 2022 | |||
Business Acquisition [Line Items] | |||
Contingent consideration liabilities | 100,000 | ||
Progenics | Cash Payments 2023 | |||
Business Acquisition [Line Items] | |||
Contingent consideration liabilities | $ 150,000 | ||
Progenics | |||
Business Acquisition [Line Items] | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0013 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 223,723 | $ 101,064 | $ 432,603 | $ 193,573 | |
Total amount awarded | $ 24,000 | ||||
Product revenue, net | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 217,782 | 93,562 | 397,791 | 180,881 | |
License and royalty revenues(2) | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 5,941 | 7,502 | 34,812 | 12,692 | |
Total precision diagnostics | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 87,109 | 90,356 | 173,307 | 176,111 | |
DEFINITY | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 62,306 | 59,842 | 120,634 | 115,813 | |
TechneLite | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 19,440 | 23,772 | 42,045 | 46,572 | |
Other precision diagnostics | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 5,363 | 6,742 | 10,628 | 13,726 | |
PYLARIFY | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 130,232 | 273 | 223,009 | 273 | |
Other radiopharmaceutical oncology | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 928 | 2,539 | 2,255 | 4,039 | |
Total radiopharmaceutical oncology | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 131,160 | 2,812 | 225,264 | 4,312 | |
Strategic partnerships and other revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 5,454 | $ 7,896 | $ 34,032 | $ 13,150 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on A Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent receivable | $ 7,700 | $ 9,300 |
Total assets | 41,784 | 49,797 |
Contingent consideration liabilities | 111,500 | 86,200 |
Total liabilities | 111,500 | 86,200 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent receivable | 0 | 0 |
Total assets | 29,836 | 40,140 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent receivable | 0 | 0 |
Total assets | 4,248 | 357 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent receivable | 7,700 | 9,300 |
Total assets | 7,700 | 9,300 |
Contingent consideration liabilities | 111,500 | 86,200 |
Total liabilities | 111,500 | 86,200 |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 4,248 | 357 |
Interest rate swaps | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | 0 |
Interest rate swaps | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 4,248 | 357 |
Interest rate swaps | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | 0 |
Money market | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market | 29,836 | 40,140 |
Money market | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market | 29,836 | 40,140 |
Money market | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market | 0 | 0 |
Money market | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Feb. 20, 2020 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Company acquired right to receive certain future milestone | $ 223,723 | $ 101,064 | $ 432,603 | $ 193,573 | ||
Contingent consideration liabilities | 111,500 | $ 111,500 | $ 86,200 | |||
Progenics | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Royalty percentage | 0.05 | |||||
Aggregate cash payments percentage | 40% | |||||
Potential payments, high | 85,000 | $ 85,000 | ||||
Progenics | Current Liabilities | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Contingent consideration liabilities | 99,700 | 99,700 | ||||
Progenics | Cash Payments 2022 | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Contingent consideration liabilities | $ 100,000 | |||||
Progenics | Cash Payments 2023 | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Contingent consideration liabilities | $ 150,000 | |||||
Progenics | Net Sales Targets For Azedra | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Potential payments, high | 70,000 | 70,000 | ||||
Progenics | 1095 commercialization milestone | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Potential payments, high | 5,000 | 5,000 | ||||
Progenics | 1404 Commercialization Milestone | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Potential payments, high | $ 10,000 | 10,000 | ||||
Royalty | Progenics | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Company acquired right to receive certain future milestone | $ 5,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Quantitative Information and Assumptions Pertaining To The Fair Value Measurement of The Level 3 Inputs (Details) $ in Thousands | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent receivable | $ 7,700 | $ 9,300 |
Contingent consideration liabilities | 111,500 | 86,200 |
Level 3 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent receivable | 7,700 | 9,300 |
Contingent consideration liabilities | 111,500 | 86,200 |
Level 3 | Regulatory milestone | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent receivable | 2,400 | 2,500 |
Level 3 | Royalties | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent receivable | 5,300 | 6,800 |
Level 3 | Net sales targets - PYLARIFY (CVRs) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent consideration liabilities | 99,700 | 73,200 |
Level 3 | 1095 commercialization milestone | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent consideration liabilities | 1,700 | 1,900 |
Level 3 | Net sales targets - AZEDRA and 1095 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent consideration liabilities | $ 10,100 | $ 11,100 |
Level 3 | Probability adjusted discounted cash flow model | Probability of success | Regulatory milestone | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Asset measurement input | 0.70 | 0.70 |
Level 3 | Probability adjusted discounted cash flow model | Probability of success | Royalties | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Asset measurement input | 0.10 | 0.10 |
Level 3 | Probability adjusted discounted cash flow model | Probability of success | Royalties | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Asset measurement input | 0.60 | 0.60 |
Level 3 | Probability adjusted discounted cash flow model | Probability of success | Net sales targets - PYLARIFY (CVRs) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Liability measurement input | 1 | |
Level 3 | Probability adjusted discounted cash flow model | Probability of success | 1095 commercialization milestone | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Liability measurement input | 0.40 | 0.40 |
Level 3 | Probability adjusted discounted cash flow model | Discount rate | Regulatory milestone | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Asset measurement input | 0.20 | 0.17 |
Level 3 | Probability adjusted discounted cash flow model | Discount rate | Royalties | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Asset measurement input | 0.20 | 0.17 |
Level 3 | Probability adjusted discounted cash flow model | Discount rate | 1095 commercialization milestone | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Liability measurement input | 0.034 | 0.013 |
Level 3 | Monte Carlo simulation | Probability of success | Net sales targets - AZEDRA and 1095 | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Liability measurement input | 0.40 | 0.40 |
Level 3 | Monte Carlo simulation | Probability of success | Net sales targets - AZEDRA and 1095 | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Liability measurement input | 1 | 1 |
Level 3 | Monte Carlo simulation | Discount rate | Net sales targets - PYLARIFY (CVRs) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Liability measurement input | 0.17 | |
Level 3 | Monte Carlo simulation | Discount rate | Net sales targets - AZEDRA and 1095 | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Liability measurement input | 0.19 | 0.16 |
Level 3 | Monte Carlo simulation | Discount rate | Net sales targets - AZEDRA and 1095 | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Liability measurement input | 0.20 | 0.17 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Financial Instruments With Significant Level 3 Inputs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Financial Assets | ||
Fair value, beginning of period | $ 9,300 | $ 11,300 |
Changes in fair value included in net income | (1,600) | 2,100 |
Fair value, end of period | 7,700 | 13,400 |
Financial Liabilities | ||
Fair value, beginning of period | 86,200 | 15,800 |
Changes in fair value included in net income | 25,300 | 28,000 |
Fair value, end of period | 111,500 | $ 43,800 |
Change in fair value of the contingent financial asset and contingent financial liabilities | $ 26,900 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Valuation Allowance [Line Items] | |||||
Income tax expense (benefit) | $ 18,987 | $ (1,879) | $ 33,926 | $ 3,455 | |
Goodwill acquired | $ 2,600 | ||||
UNITED KINGDOM | |||||
Valuation Allowance [Line Items] | |||||
Deferred tax asset, valuation allowance | 1,200 | 1,200 | |||
SWEDEN | |||||
Valuation Allowance [Line Items] | |||||
Deferred tax asset, valuation allowance | $ 2,000 | $ 2,000 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Raw materials | $ 16,098 | $ 15,505 |
Work in process | 10,204 | 13,042 |
Finished goods | 7,656 | 6,582 |
Total inventory | $ 33,958 | 35,129 |
DEFINITY | ||
Inventory [Line Items] | ||
Total inventory | $ 6,100 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Property, Plant & Equipment [Line Items] | |||||
Property, plant & equipment, gross | $ 214,338 | $ 214,338 | $ 205,687 | ||
Less: accumulated depreciation and amortization | (95,334) | (95,334) | (88,915) | ||
Total property, plant and equipment, net | 119,004 | 119,004 | 116,772 | ||
Depreciation and amortization expense | 3,300 | $ 3,200 | 6,400 | $ 6,200 | |
Land | |||||
Property, Plant & Equipment [Line Items] | |||||
Property, plant & equipment, gross | 13,450 | 13,450 | 13,450 | ||
Buildings | |||||
Property, Plant & Equipment [Line Items] | |||||
Property, plant & equipment, gross | 73,132 | 73,132 | 73,559 | ||
Machinery, equipment and fixtures | |||||
Property, Plant & Equipment [Line Items] | |||||
Property, plant & equipment, gross | 86,571 | 86,571 | 83,608 | ||
Computer software | |||||
Property, Plant & Equipment [Line Items] | |||||
Property, plant & equipment, gross | 25,555 | 25,555 | 24,384 | ||
Construction in progress | |||||
Property, Plant & Equipment [Line Items] | |||||
Property, plant & equipment, gross | $ 15,630 | $ 15,630 | $ 10,686 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities and Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Compensation and benefits | $ 20,140 | $ 22,730 |
Freight, distribution and operations | 36,233 | 16,157 |
Accrued rebates, discounts and chargebacks | 12,195 | 10,977 |
Accrued professional fees | 4,516 | 2,850 |
Short-term contingent liability (Note 4) | 99,700 | 0 |
Other | 11,014 | 5,354 |
Total accrued expenses and other liabilities | 183,798 | 58,068 |
Operating lease liabilities (Note 16) | 15,780 | 16,546 |
Long-term contingent liability (Note 4) | 11,800 | 86,200 |
Other long-term liabilities | 22,036 | 22,148 |
Total other long-term liabilities | $ 49,616 | $ 124,894 |
Sale of Puerto Rico Subsidiar_2
Sale of Puerto Rico Subsidiary (Details) - Puerto Rican Radiopharmacy Servicing Subsidiary - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jan. 29, 2021 | |
Non-Current Liabilities: | ||
Pre-tax book gain on disposal | $ 15,300 | |
Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal group consideration | $ 18,000 | |
Disposal group holdback amount | 1,800 | |
Current assets | ||
Cash and cash equivalents | 540 | |
Accounts receivable, net | 1,959 | |
Inventory | 530 | |
Other current assets | 65 | |
Total current assets | 3,094 | |
Non-Current Assets: | ||
Property, plant & equipment, net | 780 | |
Intangibles, net | 96 | |
Other long-term assets | 774 | |
Total assets held for sale | 4,744 | |
Current liabilities | ||
Accounts payable | 185 | |
Accrued expense and other liabilities | 369 | |
Total current liabilities | 554 | |
Non-Current Liabilities: | ||
Asset retirement obligations | 306 | |
Other long-term liabilities | 588 | |
Total liabilities held for sale | $ 1,448 |
Asset Retirement Obligations -
Asset Retirement Obligations - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Obligation expected to be incurred | $ 26.4 | |
Non-cash adjustment | $ 5.3 | |
Financial assurance in form of surety bond | $ 28.2 |
Asset Retirement Obligations _2
Asset Retirement Obligations - Asset Retirement Obligation (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Asset retirement obligations, beginning balance | $ 20,833 | |
Accretion expense | 863 | |
Accelerated costs | 500 | $ 0 |
Asset retirement obligations, ending balance | $ 22,196 |
Intangibles, Net - Schedule of
Intangibles, Net - Schedule of Intangibles, Net (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite lived, Cost | $ 15,640 | $ 15,640 |
Total, cost | 489,938 | 489,960 |
Accumulated Amortization | (158,040) | (141,450) |
Total | 316,258 | |
Total, net | 331,898 | 348,510 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 13,540 | 13,540 |
Accumulated Amortization | (11,785) | (11,510) |
Total | $ 1,755 | $ 2,030 |
Trademarks | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 15 years | 15 years |
Trademarks | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 25 years | 25 years |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 96,858 | $ 96,880 |
Accumulated Amortization | (94,897) | (94,630) |
Total | $ 1,961 | $ 2,250 |
Customer relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 15 years | 15 years |
Customer relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 25 years | 25 years |
Currently marketed products | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 275,700 | $ 275,700 |
Accumulated Amortization | (35,487) | (23,345) |
Total | $ 240,213 | $ 252,355 |
Currently marketed products | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 9 years | 9 years |
Currently marketed products | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 15 years | 15 years |
Licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 85,800 | $ 85,800 |
Accumulated Amortization | (15,328) | (11,555) |
Total | $ 70,472 | $ 74,245 |
Licenses | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 11 years | 11 years |
Licenses | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 16 years | 16 years |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 9 years | 9 years |
Cost | $ 2,400 | $ 2,400 |
Accumulated Amortization | (543) | (410) |
Total | $ 1,857 | $ 1,990 |
Intangibles, Net - Additional I
Intangibles, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 8.3 | $ 6.1 | $ 16.6 | $ 10.8 |
IPR & D | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Decrease in indefinite lived assets | 132.8 | |||
Currently marketed products | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Increase in finite lived assets | $ 132.8 |
Intangibles, Net - Schedule o_2
Intangibles, Net - Schedule of Expected Future Amortization Expense Related to Intangible Assets (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2022 | $ 16,617 |
2023 | 32,634 |
2024 | 32,563 |
2025 | 32,508 |
2026 | 32,497 |
2027 and thereafter | 169,439 |
Total | $ 316,258 |
Long-Term Debt, Net, and Othe_3
Long-Term Debt, Net, and Other Borrowings (Details) - USD ($) | 6 Months Ended | |||
Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
2022 | $ 6,250,000 | |||
2023 | 15,000,000 | |||
2024 | 148,750,000 | |||
Total principal outstanding | 170,000,000 | |||
Unamortized debt discount | (399,000) | |||
Unamortized debt issuance costs | (344,000) | |||
Finance lease liabilities | 472,000 | |||
Total | 169,729,000 | |||
Less: current portion | (14,065,000) | |||
Total long-term debt, net and other borrowings | 155,664,000 | $ 163,121,000 | ||
Gain on extinguishment of debt | $ 0 | $ 889,000 | ||
Royalty-Backed Loan | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | $ 50,000,000 | |||
Extinguishment of debt | 30,900,000 | |||
Prepayment of debt | 500,000 | |||
Gain on extinguishment of debt | $ 900,000 | |||
2019 Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument term | 5 years | |||
Interest rate | 2.60% |
Derivative Instruments (Detail)
Derivative Instruments (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2020 |
Derivative [Line Items] | |||
Pre-tax deferred losses expected to be reclassified to earnings during the next 12 months | $ 2,300,000 | ||
Cash Flow Hedge | Interest rate swaps | |||
Derivative [Line Items] | |||
Notional amount | $ 100,000,000 | ||
Average fixed interest rate | 0.82% | ||
Cash Flow Hedge | Interest rate swaps | Other Noncurrent Assets | |||
Derivative [Line Items] | |||
Interest rate swap | $ 4,248,000 | $ 357,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, tax | $ 1,100 | $ 200 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 464,439 | 514,205 |
Other comprehensive (loss) income before reclassifications | 2,626 | 695 |
Amounts reclassified to earnings | 183 | 353 |
Ending balance | 567,332 | 508,140 |
Foreign currency translation | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (754) | (630) |
Other comprehensive (loss) income before reclassifications | (84) | 296 |
Amounts reclassified to earnings | 0 | 0 |
Ending balance | (838) | (334) |
Unrealized loss on cash flow hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 269 | (1,418) |
Other comprehensive (loss) income before reclassifications | 2,710 | 399 |
Amounts reclassified to earnings | 183 | 353 |
Ending balance | 3,162 | (666) |
Accumulated other comprehensive income (loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (485) | (2,048) |
Ending balance | $ 2,324 | $ (1,000) |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 7,412 | $ 4,588 | $ 13,035 | $ 7,905 |
Cost of goods sold | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 1,083 | 906 | 1,995 | 1,528 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 1,675 | 692 | 2,688 | 1,042 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 3,784 | 2,391 | 6,786 | 4,311 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 870 | $ 599 | $ 1,566 | $ 1,024 |
Leases - Operating and Finance
Leases - Operating and Finance Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Operating | $ 8,484 | $ 8,788 |
Finance | 497 | 556 |
Total leased assets | 8,981 | 9,344 |
Current liabilities | ||
Operating | 1,648 | 1,599 |
Finance | 315 | 392 |
Non-Current Liabilities: | ||
Operating lease liabilities (Note 16) | 15,780 | 16,546 |
Finance | 157 | 299 |
Total leased liabilities | $ 17,900 | $ 18,836 |
Operating lease, right-of-use asset, statement of financial position [Extensible Enumeration] | Other long-term assets | Other long-term assets |
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net |
Operating lease, liability, current, statement of financial position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Finance lease, liability, current, statement of financial position [Extensible Enumeration] | Current portion of long-term debt and other borrowings | Current portion of long-term debt and other borrowings |
Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities |
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Long-term debt, net and other borrowings | Long-term debt, net and other borrowings |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 43,058 | $ (26,657) | $ 86,020 | $ (17,649) |
Basic weighted-average common shares outstanding (in shares) | 68,674 | 67,505 | 68,343 | 67,300 |
Effect of dilutive stock options (in shares) | 443 | 0 | 441 | 0 |
Effect of dilutive restricted stock (in shares) | 1,679 | 0 | 1,628 | 0 |
Diluted weighted-average common shares outstanding (in shares) | 70,796 | 67,505 | 70,412 | 67,300 |
Basic income (loss) per common share (in dollars per share) | $ 0.63 | $ (0.39) | $ 1.26 | $ (0.26) |
Diluted income per (loss) common share (in dollars per share) | $ 0.61 | $ (0.39) | $ 1.22 | $ (0.26) |
Antidilutive securities excluded from diluted net income per common share (in shares) | 268 | 3,173 | 196 | 3,173 |
Other Income (Details)
Other Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | ||||
Foreign currency (gains) losses | $ 125 | $ (13) | $ 44 | $ 29 |
Tax indemnification income, net | (396) | (158) | (792) | (731) |
Interest income | (39) | (11) | (47) | (28) |
Other | 0 | 0 | 0 | (1) |
Total other income | $ (310) | $ (182) | $ (795) | $ (731) |
Segment Information (Details)
Segment Information (Details) | 6 Months Ended |
Jun. 30, 2022 segment | |
Segment Reporting [Abstract] | |
Operating segments | 1 |