Lantheus Medical Imaging parent Lantheus Holdings has announced the ongoing COVID-19 pandemic has impacted its financial predictions for 2020.
The company announced it is withdrawing its guidance for revenue, revenue growth, and adjusted fully diluted earnings per share for the entire year. It previously announced that its first-quarter revenue (end-March 31) will also be affected by the COVID-19 pandemic.
The first two months of the year exceeded Lantheus' expectations, but the company was affected by the loss of procedural volume in March as restrictions on elective medical procedures went into effect. Preliminary data found the company will be at the upper end of previously released guidance.
Lantheus also noted the pandemic will have a greater impact on its second-quarter revenue. The company plans to take actions to reduce costs until healthcare systems begin to normalize, although it has a "healthy cash position" and "strong balance sheet," according to a press release.
