Lantheus Holdings Inc (LNTH) Reports 33.7% Increase in Q3 2023 Revenue and Doubled Net Income
Worldwide revenue for Q3 2023 reached $319.9 million, up by 33.7% from the same period last year.
GAAP net income for Q3 2023 stood at $132.0 million, a significant increase from $61.2 million in Q3 2022.
GAAP fully diluted net income per share for Q3 2023 was $1.88, compared to $0.86 in the prior year period.
Net cash provided by operating activities was $116.7 million for Q3 2023, with free cash flow at $102.1 million.
Released on November 2, 2023, Lantheus Holdings Inc (NASDAQ:LNTH)'s Q3 2023 earnings report shows a significant increase in both revenue and net income. The company's worldwide revenue for the third quarter of 2023 totaled $319.9 million, representing a 33.7% increase from the same period in 2022. The GAAP net income for Q3 2023 was $132.0 million, a substantial rise from $61.2 million in Q3 2022.
Financial Highlights
The company's GAAP fully diluted net income per share for Q3 2023 was $1.88, compared to $0.86 in the prior year period. Adjusted fully diluted net income per share for Q3 2023 was $1.47, compared to $0.99 in Q3 2022, representing an increase of approximately $0.48 from the prior year period. Net cash provided by operating activities was $116.7 million for Q3 2023, with free cash flow standing at $102.1 million, an increase of approximately $14.6 million from the prior year period.
Performance Analysis
Lantheus Holdings Inc (NASDAQ:LNTH) made significant progress during the quarter with PYLARIFY and DEFINITY in its commercial portfolio, and with PNT2002 and MK-6240 in its pipeline. The company's unique capabilities, commitment to innovation and excellence, and growing pipeline support its position as the leading radiopharmaceutical-focused company.
Updated Full Year 2023 Guidance
The company updated its guidance for full year 2023, projecting FY 2023 Revenue to be between $1.255 billion - $1.27 billion, up from the previous guidance of $1.245 billion - $1.27 billion. The FY 2023 Adjusted Fully Diluted EPS is expected to be between $5.80 - $5.85, up from the previous guidance of $5.60 - $5.70.
Financial Tables Summary
The company's radiopharmaceutical oncology segment, which includes PYLARIFY, saw a 49.5% increase in revenue from the same period last year. The precision diagnostics segment, which includes DEFINITY and TechneLite, saw an 8.2% increase in revenue. The strategic partnerships and other revenue segment saw a 30.7% increase in revenue.
The company's adjusted net income for Q3 2023 was $103.094 million, compared to $70.665 million in Q3 2022. The adjusted net income per share - diluted for Q3 2023 was $1.47, compared to $0.99 in Q3 2022.
Explore the complete 8-K earnings release (here) from Lantheus Holdings Inc for further details.
This article first appeared on GuruFocus.
