Strong sales of its Definity ultrasound contrast agent and higher-than-expected revenues from its nuclear products portfolio helped Lantheus Medical Imaging's parent company Lantheus Holdings to a 3% increase in first-quarter revenue after currency adjustments.
For the period (end-March 31), Lantheus had worldwide revenue of $76.5 million, up 2% on a nominal basis and up 3% on a currency-adjusted basis from the $74.8 million reported in the first quarter of 2015. Lantheus had net income of $10.3 million in the first quarter of 2016, compared with $9.9 million in the same period a year ago. The first-quarter net income results include a gain from the divestiture of the company's Canadian radiopharmacy business and a decrease in interest expenses due to debt refinancing in June of 2015, Lantheus said.
President and CEO Mary Anne Heino said in a statement that Lantheus had a strong quarter, exceeding guidance for both revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). The firm has also raised its annual revenue and adjusted EBITDA guidance. Lantheus now expects 2016 revenue to range from $287 million to $292 million; second-quarter revenue is projected to range from $72 million to $74 million. Lantheus said it expects 2016 adjusted EBITDA to range from $62 million to $66 million.
