The parent company of Lantheus Medical Imaging posted a significant drop in revenue and swung to a net loss for the second quarter of 2020 due to the COVID-19 pandemic.
For the quarter (end-June 30), revenue decreased by 23% to $66 million, compared with $85.7 million in the second quarter of 2019. The company also posted a net loss of $7 million, a decline of 63% from $6.4 million in net income in the same quarter a year ago.
The company withdrew its full-year guidance in April and has yet to provide new guidance on its 2020 operations and financial results due to continued uncertainty around the scope, duration, and impact of the pandemic.
Lantheus president and CEO Mary Anne Heino attributed the decline in revenue and income to the COVID-19 pandemic, noting that hospitals placed restrictions on procedures that utilize Lantheus products in the second quarter. The company has since acquired cancer pharmaceutical company Progenics Pharmaceuticals, which it hopes will enhance its diagnostic portfolio.
