Strong sales of Lantheus Medical Imaging's Definity echocardiography contrast agent were counterbalanced by a drop in nuclear medicine revenue for the second quarter of 2015.
For the period (end-June 30), Lantheus parent Lantheus Holdings reported $73.3 million in worldwide revenues, down 3% on a nominal basis and down 1% on a constant-currency basis from the $75.6 million reported in the second quarter of 2014.
In quarterly highlights, Definity sales climbed 21%, marking a 12th consecutive quarter of growth. The firm's nuclear medicine performance was affected by anticipated lower sales volumes and higher average selling prices driven by a customer-specific change, which lowered revenues but increased profit margins, according to the vendor.
The firm had a second-quarter net loss under generally accepted accounting principles (GAAP) of $24.4 million, compared with a net loss of $1.6 million in the same period last year. The net loss included the effects of $18.8 million in costs associated with the refinancing of its previously outstanding senior notes and a $6.5 million charge for the termination of its financial sponsor management agreement. Without those items, Lantheus would have had quarterly profit of $900,000.
Looking ahead, Lantheus said it anticipates that full-year worldwide revenue will range between $293 million and $297 million, which would represent a 1% decline to 1% increase in revenue over 2014. The company is expecting to have 2015 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $72 million to $75 million.
