Lantheus Holdings, Inc. · NASDAQ:LNTH
Lantheus — Q4 2023 Earnings Presentation
30 slides from Lantheus's earnings presentation, Feb 22, 2024
Slide 1: Lantheus Fourth Quarter and Full Year 2023 Results
Lantheus Fourth Quarter and Full Year 2023 Results February 22, 2024 © 2024 Lantheus. All rights reserved.
Slide 2: Presenters and agenda
Mary Anne Heino Brian Markison Paul Blanchfield Bob Marshall Mark Kinarney CEO Executive Chair & President CFO and Treasurer Vice President, Incoming CEO Investor Relations Highlights & Business Update Operational Update Financial Update Closing Remarks Q&A 2 © 2024 Lantheus. All rights reserved.
Slide 3: Safe Harbor Statements
Safe Harbor Statements Cautionary Statement Regarding Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are subject to risks and uncertainties and are made pursuant to the safe har
Slide 4: Agenda
Highlights & Business Update Operational Update Agenda Financial Update Closing Remarks Q&A © 2024 Lantheus. All rights reserved. 4
Slide 5: Lantheus: The Leading Radiopharmaceutical-Focused Company with Strong Momentum & Growth Prospects
Lantheus: The Leading Radiopharmaceutical-Focused Company with Strong Momentum & Growth Prospects 2023: A Stellar Year Advancing our purpose to Record Revenues, Earnings Total revenue: $1.3B (+38.6%) FIND. FIGHT. and Cash Flows2 Adjusted EPS: $6.23 (+47.7%) FOLLOW. PYLARIFY remains clear market lead
Slide 6: Agenda
Highlights & Business Update Operational Update Agenda Financial Update Closing Remarks Q&A © 2024 Lantheus. All rights reserved. 6
Slide 7: PYLARIFY 4Q and FY 2023 net sales
$229.9M >300,000 PSMA PET scans with PYLARIFY since launch1 4Q 2023 Net Sales $851.3M FY 2023 Net Sales ~325K PYLARIFY delivers a best-in-class customer experience +61.4% Growth with sustainable competitive advantages Year-Over-Year 1. Internal analyses and data on file. © 2024 Lantheus. All rights
Slide 8: Ensuring Market Leadership in 2025 & Beyond
Ensuring Market Annual Market and Scan Potential Leadership in 2025 $3B+ ~700K+ & Beyond MARKET POTENTIAL4 ANNUAL SCANS Long-term competitive positioning ~175K ~$2B ~445K+ Increased out-the-door MARKET POTENTIAL4 ANNUAL SCANS time flexibility ~325K ~145K ~325K Long-term strategic customer partnershi
Slide 9: DEFINITY 4Q and FY 2023 net sales
$73.1M Drivers of Success 4Q 2023 Net Sales • Clinical Differentiation • Largest Dedicated Sales Team1 $279.8M • Supporting Data & Publications • Procedure Volumes FY 2023 Net Sales Operational Efficiencies +14.2% Growth • Improved flexibility • Reduced costs Year-Over-Year • Supply chain redundancy
Slide 10: PNT2002: Positive Topline Results from Pivotal SPLASH Trial
PNT2002: Positive Topline Results from Pivotal SPLASH Trial1 Met Primary Endpoint with statistically significant improvement in Radiographic Progression-Free Survival (rPFS) PNT2002 U.S. Prostate RLT Annual Market Potential Late-stage, PSMA-targeted radiotherapeutic product candidate $5-10B2 20-40K2
Slide 11: PNT2003: Somatostatin Receptor (SSTR)–Targeted Radioligand Therapy
PNT2003: Somatostatin Receptor (SSTR)–Targeted Radioligand Therapy Potential therapeutic agent for the treatment of U.S. GEP-NET RLT Market Potential2 Annual Market somatostatin receptor-positive gastroenteropancreatic neuroendocrine Metastatic 2L+ GEP-NETs Metastatic 1L GEP-NETs Lung-NETs Pheo/Para
Slide 12: Partnership with Perspective Therapeutics: Options to Expand into Alpha Therapies
Partnership with Perspective Therapeutics: Options to Expand Radiopharmaceutical Oncology Portfolio into Alpha Therapies Proprietary Platform for Developing Innovative Key Elements of our Strategic Partnership: Lead-based Alpha Therapies Option to license Perspective’s promising Pb-212 program in ne
Slide 13: Agenda
Highlights & Business Update Operational Update Agenda Financial Update Closing Remarks Q&A © 2024 Lantheus. All rights reserved. 13
Slide 14: Continued Strong Financial Performance in 4Q 2023
Continued Strong Financial Performance in 4Q 2023 Total Revenue Adjusted EPS1 +28.0% +34.5% +$0.38 +$90.8M $1.79 $1.75 $354.0M $1.37 $263.2M 4Q 2022 4Q 2023 4Q 2022 4Q 2023 Cash and Cash Equivalents as of December 31, 2023: $713.7M 1. See slide 26 for a reconciliation of GAAP to non-GAAP financials;
Slide 15: 4Q 2023 Financial Highlights
4Q 2023 Financial Highlights1 Total Revenue: $354.0M, +34.5% YoY Adjusted Net Income: $122.7M, +27.0% YoY USD in millions, YoY Quarterly Growth Adjusted Net Income $22.8 (+214.9%) $21.5 (-13.0%) PYLARIFY +$26.1 $24.7 (+12.2%) DEFINITY $73.1 125.3 $122.7 (+14.9%) TechneLite Strategic Partnerships & O
Slide 16: Growing Capital Resources Provide Financial Flexibility
Growing Capital Resources Provide Financial Flexibility1 USD Millions Cash Flow Summary Free Cash Flow2 Resources Three Months Ending December 31 (4Q 2023) $0.4 2022 2023 DECREASE Cash provided by operations $105.4 $112.3 $713.7 $100.6 $100.2 CASH ON HAND3 Cash provided ($264.7) ($12.1) by investing
Slide 17: FY 2024 Financial Guidance
FY 2024 Financial Guidance1 The Company guidance for the first quarter and full year 2024 is as follows: Revenue $347M - $355M 1Q 2024 Adjusted Fully Diluted EPS2 $1.50- $1.54 Revenue $1.41B - $1.445B FY 2024 Adjusted Fully Diluted EPS2 $6.50 - $6.70 Guidance Issued February 22, 2024 1. On a forward
Slide 18: Agenda
Highlights & Business Update Operational Update Agenda Financial Update Closing Remarks Q&A © 2024 Lantheus. All rights reserved. 18
Slide 19: Lantheus, the Leading Radiopharmaceutical-Focused Company: Key Takeaways
Lantheus, the Leading Radiopharmaceutical-Focused Company 2023 Key Takeaways Continued Strong PYLARIFY Focused Strong Financial Performance #1 most utilized PSMA on advancement Position with revenue up PET imaging agent1 and expansion of well capitalized, significantly over prior year radiopharmaceu
Slide 20: Agenda
Highlights & Business Update Operational Update Agenda Financial Update Closing Remarks Q&A © 2024 Lantheus. All rights reserved. 20
Slide 21: Appendix
Appendix © 2024 Lantheus. All rights reserved. 21
Slide 22: Condensed Consolidated Statement of Operations – 4Q 2023
Condensed Consolidated Statement of Operations – 4Q 2023 © 2024 Lantheus. All rights reserved. 22
Slide 23: As Adjusted Condensed Consolidated Statement of Operations – 4Q 2023
As Adjusted Condensed Consolidated Statement of Operations – 4Q 2023 © 2024 Lantheus. All rights reserved. 23
Slide 24: Condensed Consolidated Statement of Operations – FY 2023
Condensed Consolidated Statement of Operations – FY 2023 © 2024 Lantheus. All rights reserved. 24
Slide 25: As Adjusted Condensed Consolidated Statement of Operations – FY 2023
As Adjusted Condensed Consolidated Statement of Operations – FY 2023 © 2024 Lantheus. All rights reserved. 25
Slide 26: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share data – unaudited) © 2024 Lantheus. All rights reserved. 26
Slide 27: Consolidated Statement of Operations
Consolidated Statement of Operations (in thousands, except per share data – unaudited) © 2024 Lantheus. All rights reserved. 27
Slide 28: Consolidated Segment Revenues Analysis
Consolidated Segment Revenues Analysis (in thousands – unaudited) © 2024 Lantheus. All rights reserved. 28
Slide 29: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow (in thousands – unaudited) © 2024 Lantheus. All rights reserved. 29
Slide 30: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet (in thousands – unaudited) © 2024 Lantheus. All rights reserved. 30