Driven by strong sales of its Definity ultrasound contrast agent and TechneLite radiopharmaceutical, Lantheus Medical Imaging beat its worldwide revenue estimates for the first quarter of 2017.
For the period (end-March 31), Lantheus had revenues of $81.4 million, up 6.4% from the $76.5 million reported in the first quarter of 2016. The company had previously projected that first-quarter revenue would range from $77 million to $80 million.
Worldwide sales of Definity climbed by about 20% in the quarter, while sales of TechneLite grew by approximately 8%, according to the vendor. Those gains were partially offset, however, by lower third-party product sales related to the divestitures of the firm's Canadian and Australian radiopharmacy businesses in 2016, Lantheus said.
Lantheus had net income of $4.1 million in the first quarter, down from net earnings of $10.3 million in the same period a year ago. The lower profit was primarily attributable to a one-time $5.8 million gain in the first quarter of 2016 from its divestiture of its Canadian radiopharmacy business, as well as $3.9 million of expense incurred in the first quarter of 2017 related to debt refinancing. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $22.7 million, up from $18.4 million in the first quarter of 2016.
Lantheus has now increased its full-year revenue guidance range to $313 million to $318 million, up from $312 million to $317 million. Second-quarter revenues are expected to range from $79 million to $82 million, according to the company. The firm also now projects that 2017 adjusted EBITDA will range from $80 million to $83 million, up from $79 million to $82 million. In addition, Lantheus projects that second-quarter adjusted EBITDA will range from $18 million to $20 million.
