Lantheus Holdings, Inc. - FORM 8-K - EX-99.2

file	filename
EX-99.1 - EX-99.1 - Lantheus Holdings, Inc.	d219054dex991.htm
8-K - FORM 8-K - Lantheus Holdings, Inc.	d219054d8k.htm

Exhibit 99.2

LANTHEUS HOLDINGS, INC. AND SUBSIDARIES

UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET

JUNE 30, 2016


(in thousands, except share data)	As Reported			Pro Forma Adjustments (1)			Pro Forma As Adjusted
Assets
Current assets
Cash and cash equivalents	$	54,851		$	1,237		$	56,088
Accounts receivable, net		39,457			(1,639	)		37,818
Inventory		14,433			(394	)		14,039
Other current assets		4,282			(189	)		4,093

Total current assets		113,023			(985	)		112,038
Property, plant and equipment, net		84,422			(1	)		84,421
Capitalized software development costs, net		8,121			—			8,121
Intangibles, net		17,949			(260	)		17,689
Goodwill		15,714			—			15,714
Other long-term assets		20,038			(47	)		19,991

Total assets	$	259,267		$	(1,293	)	$	257,974

Liabilities and Stockholders’ Deficit
Current liabilities
Line of credit		—			—			—
Accounts payable		12,778			(489	)		12,289
Accrued expenses and other liabilities		17,664			(426	)		17,238
Current portion of long-term debt		3,650			—			3,650

Total current liabilities		34,092			(915	)		33,177
Asset retirement obligations		8,650			—			8,650
Long-term debt, net		348,838			—			348,838
Other long-term liabilities		34,055			82			34,137

Total liabilities		425,635			(833	)		424,802

Commitments and contingencies
Stockholders’ deficit
Preferred stock		—			—			—
Common stock		303			—			303
Additional paid-in capital		176,545			—			176,545
Accumulated deficit		(341,487	)		(1,041	)		(342,528	)
Accumulated other comprehensive loss		(1,729	)		581			(1,148	)

Total stockholders’ deficit		(166,368	)		(460	)		(166,828	)

Total liabilities and stockholders’ deficit	$	259,267		$	(1,293	)	$	257,974

LANTHEUS HOLDINGS, INC. AND SUBSIDARIES

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

SIX MONTHS ENDED JUNE 30, 2016


(in thousands, except per share data)	As Reported			Pro Forma Adjustments (2)(3)			Pro Forma As Adjusted
Revenues	$	154,440		$	(4,834	)	$	149,606
Cost of goods sold		84,988			(4,185	)		80,803

Gross profit		69,452			(649	)		68,803

Operating expenses
Sales and marketing expenses		19,150			(72	)		19,078
General and administrative expenses		18,751			(215	)		18,536
Research and development expenses		5,644			—			5,644

Total operating expenses		43,545			(287	)		43,258
Gain on sale of assets		5,945			—			5,945

Operating income		31,852			(362	)		31,490
Interest expense, net		(13,996	)		—			(13,996	)
Other income, net		454			45			499

Income before income taxes		18,310			(317	)		17,993
Provision for income taxes		637			33			670

Net income		17,673			(350	)		17,323

Net income per common share:
Basic	$	0.58					$	0.57
Diluted	$	0.58					$	0.57
Weighted average common shares outstanding
Basic		30,373						30,373
Diluted		30,454						30,454

LANTHEUS HOLDINGS, INC. AND SUBSIDARIES

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

YEAR ENDED DECEMBER 31, 2015


(in thousands, except per share data)	As Reported			Pro Forma Adjustments (2)(3)			Pro Forma As Adjusted
Revenues	$	293,461		$	(9,678	)	$	283,783
Cost of goods sold		157,939			(7,977	)		149,962

Gross profit		135,522			(1,701	)		133,821

Operating expenses
Sales and marketing expenses		34,740			(134	)		34,606
General and administrative expenses		43,894			(322	)		43,572
Research and development expenses		14,358			—			14,358

Total operating expenses		92,992			(456	)		92,536

Operating income		42,530			(1,245	)		41,285
Interest expense, net		(38,691	)		—			(38,691	)
Loss on extinguisment of debt		(15,528	)		—			(15,528	)
Other expense, net		(89	)		(265	)		(354	)

Loss before income taxes		(11,778	)		(1,510	)		(13,288	)
Provision for income taxes		2,968			(325	)		2,643

Net loss		(14,746	)		(1,185	)		(15,931	)

Net loss per common share:
Basic and diluted	$	(0.60	)				$	(0.65	)
Weighted average common shares outstanding
Basic and diluted		24,440						24,440

(1)	Pro Forma Adjustments represent: (a) cash proceeds of $1.5 million ($2.0 million AUD) less estimated transaction costs and (b) the related assets and liabilities that were included in the share purchase agreement.

(2)	Pro Forma Adjustments represent the elimination of historical revenues and expenses contributing to consolidated results relating to the Australian subsidiary.

(3)	Pro Forma Adjustments do not include revenues and expenses related to the long-term supply and distribution contract entered into by the Company and Global Medical Solutions, Ltd.

Lantheus Holdings, Inc. - FORM 8-K - EX-99.2 - August 11, 2016