NORTH BILLERICA, Mass.--(BUSINESS WIRE)--Lantheus Holdings, Inc. (the “Company”) (NASDAQ: LNTH), parent company of Lantheus Medical Imaging, Inc. (“LMI”), a global leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products, today reported financial results for its first quarter ended March 31, 2017.
The Company’s worldwide revenues for the first quarter of 2017 totaled $81.4 million, or an increase of 6.4%, compared to $76.5 million for the prior year period, exceeding first quarter guidance of $77 million to $80 million. Revenue results were driven by approximately 20% growth in worldwide sales of DEFINITY® and approximately 8% growth in worldwide sales of TechneLite® compared to the first quarter of 2016, partially offset by a reduction in third-party product sales related to the divestitures of the Company’s Canadian and Australian radiopharmacy businesses in 2016.
Net income for the first quarter of 2017 totaled $4.1 million, or $0.11 per diluted share, compared to $10.3 million, or $0.34 per diluted share, for the first quarter of 2016. The decrease is primarily attributable to the one-time $5.8 million gain during the prior year period associated with the Company’s divestiture of its Canadian radiopharmacy business as well as $3.9 million of expense incurred in the first quarter of 2017 related to the refinancing of debt that was consummated in March 2017, partially offset by the increase in revenues associated with DEFINITY and TechneLite in 2017. Adjusted net income (as defined below in the GAAP to non-GAAP reconciliation) was $10.7 million, or $0.28 per diluted share, compared to $4.5 million, or $0.15 per diluted share, for the prior year period.
