2021 Q4 Form 10-K Financial Statement

#000162828022003657 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $129.6M $425.2M $94.15M
YoY Change 37.61% 25.28% 5.38%
Cost Of Revenue $71.65M $237.5M $53.20M
YoY Change 34.69% 18.37% 18.8%
Gross Profit $57.91M $187.7M $40.95M
YoY Change 41.41% 35.26% -8.11%
Gross Profit Margin 44.7% 44.14% 43.49%
Selling, General & Admin $81.95M $218.8M $25.14M
YoY Change 225.99% 98.62% -9.21%
% of Gross Profit 141.52% 116.58% 61.39%
Research & Development $11.29M $44.97M $12.64M
YoY Change -10.66% 37.14% 185.33%
% of Gross Profit 19.5% 23.96% 30.87%
Depreciation & Amortization $12.20M $42.29M $8.390M
YoY Change 45.41% 71.28% 137.01%
% of Gross Profit 21.07% 22.53% 20.49%
Operating Expenses $93.25M $263.8M $37.78M
YoY Change 146.81% 84.52% 17.58%
Operating Profit -$35.34M -$60.83M $3.170M
YoY Change -1214.76% 1348.9% -74.51%
Interest Expense -$1.640M $7.752M -$2.870M
YoY Change -42.86% -18.22% 37.98%
% of Operating Profit -90.54%
Other Income/Expense, Net -$4.029M -$7.350M $550.0K
YoY Change -832.55% -434.39% -106.91%
Pretax Income -$41.01M -$75.04M -$2.840M
YoY Change 1343.91% 553.7% -218.33%
Income Tax -$792.0K -$3.759M $570.0K
% Of Pretax Income
Net Earnings -$40.22M -$71.28M -$3.410M
YoY Change 1079.33% 429.05% -132.63%
Net Earnings / Revenue -31.04% -16.76% -3.62%
Basic Earnings Per Share -$1.06
Diluted Earnings Per Share -$593.9K -$1.06 -$50.93K
COMMON SHARES
Basic Shares Outstanding 67.69M shares 67.49M shares 66.87M shares
Diluted Shares Outstanding 67.49M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.51M $98.51M $79.60M
YoY Change 23.75% 23.75% -14.32%
Cash & Equivalents $98.51M $98.51M $79.61M
Short-Term Investments
Other Short-Term Assets $12.82M $12.82M $9.625M
YoY Change 33.17% -13.97% 32.16%
Inventory $35.13M $35.13M $35.74M
Prepaid Expenses $10.11M $9.175M
Receivables $89.34M $89.34M $54.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $235.8M $235.8M $184.2M
YoY Change 27.99% 28.01% 6.54%
LONG-TERM ASSETS
Property, Plant & Equipment $116.8M $125.6M $120.2M
YoY Change -2.83% -9.41% 3.15%
Goodwill $61.19M $58.63M
YoY Change 4.36% 273.12%
Intangibles $348.5M $376.0M
YoY Change -7.31% 5025.57%
Long-Term Investments
YoY Change
Other Assets $38.76M $92.73M $60.63M
YoY Change -36.08% -17.42% 180.36%
Total Long-Term Assets $628.0M $628.0M $685.6M
YoY Change -8.4% -8.4% 194.24%
TOTAL ASSETS
Total Short-Term Assets $235.8M $235.8M $184.2M
Total Long-Term Assets $628.0M $628.0M $685.6M
Total Assets $863.8M $863.8M $869.8M
YoY Change -0.69% -0.69% 114.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.79M $20.79M $16.28M
YoY Change 27.65% 27.53% -12.49%
Accrued Expenses $58.07M $54.31M $41.70M
YoY Change 39.25% 47.59% 11.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.64M $11.64M $20.70M
YoY Change -43.76% -43.76% 104.09%
Total Short-Term Liabilities $90.50M $90.50M $80.50M
YoY Change 12.41% 12.42% 21.77%
LONG-TERM LIABILITIES
Long-Term Debt $163.1M $163.1M $197.7M
YoY Change -17.49% -17.49% 7.49%
Other Long-Term Liabilities $124.9M $145.7M $63.39M
YoY Change 97.02% 88.28% 123.24%
Total Long-Term Liabilities $288.0M $308.8M $261.1M
YoY Change 10.31% 12.27% 22.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $90.50M $90.50M $80.50M
Total Long-Term Liabilities $288.0M $308.8M $261.1M
Total Liabilities $399.3M $399.3M $355.6M
YoY Change 12.3% 12.3% 22.07%
SHAREHOLDERS EQUITY
Retained Earnings -$221.2M -$149.9M
YoY Change 47.54% 9.87%
Common Stock $686.1M $666.2M
YoY Change 2.99% 164.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $464.4M $464.4M $514.2M
YoY Change
Total Liabilities & Shareholders Equity $863.8M $863.8M $869.8M
YoY Change -0.69% -0.69% 114.28%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$40.22M -$71.28M -$3.410M
YoY Change 1079.33% 429.05% -132.63%
Depreciation, Depletion And Amortization $12.20M $42.29M $8.390M
YoY Change 45.41% 71.28% 137.01%
Cash From Operating Activities $13.89M $53.92M $570.0K
YoY Change 2336.67% 228.84% -97.46%
INVESTING ACTIVITIES
Capital Expenditures -$4.544M -$12.14M -$3.780M
YoY Change 20.21% -2.65% -20.25%
Acquisitions
YoY Change
Other Investing Activities $0.00 $15.82M $0.00
YoY Change 109.3%
Cash From Investing Activities -$4.544M $3.683M -$3.780M
YoY Change 20.21% -174.98% -20.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $767.0K
YoY Change 12.3%
Debt Paid & Issued, Net $43.35M
YoY Change 179.83%
Cash From Financing Activities -2.100M -$39.33M -4.370M
YoY Change -51.95% 79.92% 54.96%
NET CHANGE
Cash From Operating Activities 13.89M $53.92M 570.0K
Cash From Investing Activities -4.544M $3.683M -3.780M
Cash From Financing Activities -2.100M -$39.33M -4.370M
Net Change In Cash 7.245M $17.96M -7.580M
YoY Change -195.58% -275.62% -151.01%
FREE CASH FLOW
Cash From Operating Activities $13.89M $53.92M $570.0K
Capital Expenditures -$4.544M -$12.14M -$3.780M
Free Cash Flow $18.43M $66.06M $4.350M
YoY Change 323.75% 128.84% -83.98%

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Description of Business<div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lantheus Holdings, Inc., a Delaware corporation, is the parent company of Lantheus Medical Imaging, Inc. (“LMI”) and Progenics Pharmaceuticals, Inc., a Delaware corporation (“Progenics”). See “Progenics Acquisition”.</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company develops, manufactures and commercializes innovative diagnostic and therapeutic products that assist clinicians in the diagnosis and treatment of heart disease, cancer and other diseases. The Company believes its diagnostic products result in improved diagnostic information that enables healthcare providers to better detect and characterize, or rule out, disease, potentially achieving improved patient outcomes, reducing patient risk and limiting overall costs for payors and throughout the healthcare system.</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s commercial products are used by cardiologists, internal medicine physicians, nuclear medicine physicians, oncologists, radiologists, sonographers, technologists and urologists working in a variety of clinical settings. </span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company produces and markets its products throughout the U.S., selling primarily to clinics, group practices, hospitals, integrated delivery networks and radiopharmacies. The Company sells its products outside the U.S. through a combination of direct distribution in Canada and third party distribution relationships in Europe, Canada, Australia, Asia-Pacific, Central America and South America.</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sales of the Company’s microbubble ultrasound enhancing agent, DEFINITY, are generated in the U.S. and Canada through a DEFINITY direct sales team. Sales of the Company’s prostate cancer diagnostic imaging agent, PYLARIFY (as defined below), are generated in the U.S. through a PYLARIFY direct sales team and a sales team at some of our positron emission tomography (“PET”) manufacturing facilities (“PMF”) partners. In the U.S., the Company’s other nuclear imaging products, including TechneLite, Xenon, NEUROLITE and Cardiolite, are primarily sold to commercial radiopharmacies, the majority of which are controlled by or associated with GE Healthcare, Cardinal, UPPI, Jubilant Radiopharma and PharmaLogic. A small portion of the Company’s nuclear imaging product sales in the U.S. are generated through the Company’s direct sales force to hospitals and clinics that maintain their own in-house radiopharmaceutical preparation capabilities. AZEDRA sales are generated in the U.S. through an AZEDRA direct sales team. We have licensed RELISTOR to Bausch, and the Company collects quarterly royalties based on those sales.</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also maintains its own direct sales force in Canada for certain of its products. In Europe, Australia, Asia-Pacific, Central America and South America, the Company generally relies on third party distributors to market, sell and distribute its nuclear imaging and ultrasound enhancing agent products, either on a country-by-country basis or on a multi-country regional basis. The Company’s headquarters are located in North Billerica, MA, with additional offices in Somerset, NJ, Montreal, Canada and Lund, Sweden.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Progenics Acquisition</span></div><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 19, 2020 (the “Closing Date”), pursuant to the Amended and Restated Agreement and Plan of Merger, dated as of February 20, 2020 (the “Merger Agreement”), by and among Holdings, Plato Merger Sub, Inc., a wholly-owned subsidiary of Holdings (“Merger Sub”), and Progenics, Holdings completed the acquisition of Progenics by means of a merger of Merger Sub with and into Progenics, with Progenics surviving such merger as a wholly-owned subsidiary of Holdings (the “Progenics Acquisition”).</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with the Merger Agreement, at the effective time of the Progenics Acquisition (the “Effective Time”), each share of Progenics common stock, par value $0.0013 per share, issued and outstanding immediately prior to the Effective Time (other than shares of Progenics common stock owned by Holdings, Progenics or any of their wholly-owned subsidiaries) was automatically cancelled and converted into the right to receive (i) 0.31 (the “Exchange Ratio”) of a share of Holdings common stock, par value $0.01 per share, and (ii) one contingent value right (a “CVR”) tied to the financial performance of PyL (18F-DCFPyL), Progenics’ prostate-specific membrane antigen (“PSMA”) targeted imaging agent designed to visualize prostate cancer. This agent was approved by the U.S. Food and Drug Administration (“FDA”) on May 26, 2021 under the name PYLARIFY (piflufolastat F 18), and the commercial launch of this agent has begun. Each CVR will entitle its holder to receive a pro rata share of aggregate cash payments equal to 40% of U.S. net sales generated by PYLARIFY in 2022 and 2023 in excess of $100.0 million and $150.0 million, respectively. In no event will the Company’s aggregate payments in respect of the CVRs, together with any other non-stock consideration treated as paid in connection with the Progenics Acquisition, exceed 19.9% of the total consideration the Company pays in the Progenics Acquisition (which the Company currently estimates could be approximately $100.0 million). The Company will issue the aforementioned cash payments related to the CVRs during the first quarter of 2023 and the first quarter of 2024 respectively. No fractional shares of Holdings common stock were issued in the Progenics Acquisition, and Progenics’ former stockholders have received cash in lieu of any fractional shares of Holdings common stock. In addition, in accordance with the Merger Agreement, at the Effective Time, each Progenics stock option with a per share exercise price less than or equal to $4.42 (an “in-the-money Progenics stock option”) received in exchange for each such in-the money Progenics stock option: (i) an option to purchase Holdings common stock (each, a </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">“Replacement Stock Option”) converted based on the Exchange Ratio, and (ii) a vested or unvested CVR depending on whether the underlying in-the-money Progenics stock option was vested at the Effective Time. Each Progenics stock option with a per share exercise price greater than $4.42 (an “out-of-the-money Progenics stock option”) received in exchange for such out-of-the-money Progenics stock options a Replacement Stock Option converted at an exchange ratio determined based on the average of the volume weighted average price per share of common stock of Progenics and Lantheus Holdings prior to the Effective Time, which exchange ratio was 0.31, the same as the Exchange Ratio. As a result of the acquisition, Holdings issued 26,844,877 shares of Holdings common stock and 86,630,633 CVRs to former Progenics stockholders.</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please refer to Note 8, “Business Combinations”, for further details on the acquisition.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">PYLARIFY Approval and Commercial Launch</span></div><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 27, 2021, the Company announced that the FDA had approved PYLARIFY, a fluorine-18- (“F 18”) labeled PET imaging agent targeting prostate-specific membrane antigen (“PSMA”). PYLARIFY is a radioactive diagnostic agent indicated for PET imaging of PSMA-positive lesions in men with prostate cancer with suspected metastasis who are candidates for initial definitive therapy and with suspected recurrence based on elevated serum prostate-specific antigen (“PSA”) levels. PYLARIFY is a product in the Company’s radiopharmaceutical oncology product category.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company commenced its commercial launch of PYLARIFY in the U.S. in June 2021. </span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon commercial launch in June 2021, PYLARIFY was immediately available in select parts of the U.S. Over the course of the remainder of 2021, PYLARIFY availability expanded into additional regions and is now broadly available nationwide. The Company continues to expand its geographic coverage, customer contracting and market access coverage to serve its customers and the U.S. prostate cancer community.</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The commercial launch of PYLARIFY is complex and expensive. During 2021, the Company hired additional employees to assist it with the commercialization of PYLARIFY, including in sales, marketing, reimbursement, quality and medical affairs. To manufacture PYLARIFY, the Company assembled and qualified a nationwide network of PMFs with radioisotope-producing cyclotrons that make F 18, which has a 110-minute half-life, so PYLARIFY is manufactured and distributed rapidly to end-users. After being made on a cyclotron at a PMF, the F 18 is then combined with certain chemical ingredients in specially designed chemistry synthesis boxes to manufacture PYLARIFY. The finished PYLARIFY is then quality control tested and transferred to a radiopharmacist who prepares and dispenses patient-specific doses of the final product. Because each of the PMFs manufacturing these products is deemed by the FDA to be a separate manufacturing site, each has to be approved by the FDA. Although PYLARIFY is now broadly available nationwide, the Company can give no assurance that the FDA will continue to approve PMFs in accordance with the Company’s planned roll-out schedule. If FDA approval of manufacturing sites is delayed or withdrawn, the Company’s future business, results of operations, financial condition and cash flows could be adversely affected.</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s commercial launch also required the Company to obtain adequate coding and coverage for PYLARIFY, including not only coverage from Medicare, Medicaid and other government payors, as well as private payors, but also appropriate payment levels, which adequately cover our customers’ costs of using PYLARIFY in PET/CT imaging procedures. We received notification that our HCPCS code, which enables streamlined billing, went into effect as of January 1, 2022. In addition, effective January 1, 2022, CMS granted Transitional Pass-Through Payment Status in the hospital outpatient setting (“TPT Status”) for PYLARIFY, enabling traditional Medicare to provide an incremental payment for PET/CT scans performed with PYLARIFY in this setting. TPT Status for PYLARIFY is expected to expire December 31, 2024. After TPT Status expires, under current Medicare rules, PYLARIFY, similar to other diagnostic radiopharmaceuticals, would not be separately reimbursed in the hospital outpatient setting but rather would be included as part of the facility fee a hospital otherwise receives for a PET/CT imaging procedure, and the facility fee does not always cover the cost of a drug used in the procedure. The Company can give no assurance that any CMS reimbursement in the hospital outpatient setting that follows the expiration of TPT Status will be adequate to cover the cost of PYLARIFY used in a PET/CT imaging procedure.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">COVID-19 Pandemic</span></div><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company experienced operational and financial impacts from the COVID-19 pandemic beginning late in the first quarter of 2020 and through the date of this filing, including the impact of hospital staffing challenges, vaccination mandates, employee absences due to illness, and a decline in the volume of certain procedures and treatments using the Company’s products. For example, we believe that during the fourth quarter of 2021 sales of DEFINITY were impacted by hospital nursing and sonographer shortages, and sales of AZEDRA were impacted by treatment capacity constraints in hospitals, treatment deferrals and cancellations by patients, and access restrictions by hospitals. There has also been a substantial reduction in pulmonary ventilation studies in which the Company’s product, Xenon, is used. As a result of the COVID-19 pandemic, the Company undertook a thorough analysis of all its discretionary expenses. In the first quarter of 2020, the Company implemented certain cost reduction initiatives. For most of the second quarter of 2020, the Company reduced the Company’s work week from five days to four days and reduced the pay for employees by varying amounts depending on level of seniority.</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the second quarter of 2020, Progenics also implemented certain cost reduction initiatives and paused new enrollment in the ARROW Phase 2 study of 1095, a PSMA-targeted therapeutic, in metastatic castrate-resistant prostate cancer (“mCRPC”) patients to minimize the risk to subjects and healthcare providers during the pandemic. New enrollment in that study restarted in October 2020. GE Healthcare Limited (“GE Healthcare”), the Company’s development and commercialization partner for flurpiridaz fluorine-18 F 18, also delayed enrollment in the second Phase 3 clinical trial of flurpiridaz F 18 because of the pandemic and resumed enrollment in the third quarter of 2020.</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although some of the restrictions, including stay-at-home mandates, imposed in response to the COVID-19 pandemic have been lifted in much of the United States (the “U.S.”), and there has been a rapid rollout and development of multiple vaccines and boosters, the resurgence of COVID-19 infections continued to impact certain aspects of the Company’s business during 2021 and the pandemic could still have a future negative impact on the Company's business, particularly if there are additional resurgences as a result of mutations or other variations to the virus that increase its communicability or its impact on certain populations, geographic regions and the healthcare system, including elective procedures and hospital access.</span></div>
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The more significant estimates reflected in the Company’s consolidated financial statements include, but are not limited to, certain judgments regarding revenue recognition, goodwill, tangible and intangible asset valuation, inventory valuation, asset retirement obligations, contingent assets and liabilities, income tax liabilities and related indemnification receivable, deferred tax assets and liabilities and accrued expenses. Actual results could materially differ from those estimates or assumptions.</span></div>
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Risks and Limited Suppliers</span></div><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivable. The Company periodically reviews its accounts receivable for collectability and provides for an allowance for doubtful accounts to the extent that amounts are not expected to be collected. The Company sells primarily to clinics, distributors, group practices, hospitals, integrated delivery networks and radiopharmacies.</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2021 and 2020, no customer accounted for greater than 10% of accounts receivable, net. No customer accounted for greater than 10% of revenues for the years ended December 31, 2021, 2020 and 2019.</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company relies on certain materials used in its development and manufacturing processes, some of which are procured from only one or a few sources. The failure of one of these suppliers to deliver on schedule could delay or interrupt the manufacturing or commercialization process and would adversely affect the Company’s operating results. In addition, a disruption in the commercial supply of, or a significant increase in the cost of one of the Company’s materials from these sources could have a material adverse effect on the Company’s business, financial position and results of operations.</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has Mo-99 supply agreements with IRE of Belgium, running through December 31, 2022, with auto-renewal provisions and terminable upon notice of non-renewal, and with NTP and its subcontractor ANSTO, running through March 31, 2022, and for which the Company is currently negotiating an extension. The Company also has a Xenon supply agreement with IRE which runs through December 31, 2023, with auto-renewal provisions and terminable upon notice of non-renewal. The Company currently relies on IRE as the sole supplier of bulk-unprocessed Xenon which the Company processes and finishes for its customers. The Company currently relies on JHS as its significant manufacturer of DEFINITY and its sole source manufacturer of NEUROLITE, Cardiolite and evacuation vials for TechneLite.</span></div>
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19.12
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P10Y
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.03
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
16.62
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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22.74
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.73
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P4Y8M12D
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y3M18D
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
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CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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StockIssuedDuringPeriodSharesStockOptionsExercised
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StockIssuedDuringPeriodSharesStockOptionsExercised
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
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600000 USD
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P1Y7M6D
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
17.40
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1330374 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
19.04
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OperatingLeaseRightOfUseAsset
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CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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CY2020Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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FinanceLeaseInterestExpense
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CY2021Q4 us-gaap Finance Lease Liability Current
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FinanceLeaseLiabilityCurrent
249000 USD
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OperatingLeaseLiabilityNoncurrent
16546000 USD
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
17501000 USD
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FinanceLeaseLiabilityNoncurrent
299000 USD
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FinanceLeaseLiabilityNoncurrent
246000 USD
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LeaseLiability
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LeaseLiability
19160000 USD
CY2021Q3 us-gaap Lessor Operating Lease Term Of Contract
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P9Y
CY2021 us-gaap Impairment Lessor Asset Under Operating Lease
ImpairmentLessorAssetUnderOperatingLease
9500000 USD
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OperatingLeaseCost
2312000 USD
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
1471000 USD
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330000 USD
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FinanceLeaseRightOfUseAssetAmortization
196000 USD
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FinanceLeaseInterestExpense
28000 USD
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8000 USD
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ShortTermLeaseCost
70000 USD
CY2021 us-gaap Lease Cost
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CY2020 us-gaap Lease Cost
LeaseCost
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P8Y7M6D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y8M12D
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M12D
CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
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0.044
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FinanceLeaseWeightedAverageDiscountRatePercent
0.046
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
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OperatingLeasePayments
2071000 USD
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
1202000 USD
CY2021 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
28000 USD
CY2020 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
21000 USD
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FinanceLeasePrincipalPayments
339000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2450000 USD
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FinanceLeasePrincipalPayments
207000 USD
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RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
683000 USD
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RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
19210000 USD
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
556000 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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373000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2359000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
406000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2404000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
268000 USD
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CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Three
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105000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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2497000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2491000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
0 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
9786000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
21987000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
779000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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3842000 USD
CY2021Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
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88000 USD
CY2021Q4 us-gaap Operating Lease Liability
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CY2021Q4 us-gaap Finance Lease Liability
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9175000 USD
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2500000 USD
CY2020Q4 us-gaap Business Combination Contingent Consideration Asset Current
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205000 USD
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CY2021Q4 us-gaap Other Assets Current
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CY2020Q4 us-gaap Other Assets Current
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CY2021Q4 us-gaap Business Combination Contingent Consideration Asset Noncurrent
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CY2020Q4 us-gaap Business Combination Contingent Consideration Asset Noncurrent
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23170000 USD
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0 shares
CY2020 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
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75000 shares
CY2021 lnth Incremental Common Shares Attributable To Restricted Stock Awards
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0 shares
CY2020 lnth Incremental Common Shares Attributable To Restricted Stock Awards
IncrementalCommonSharesAttributableToRestrictedStockAwards
0 shares
CY2019 lnth Incremental Common Shares Attributable To Restricted Stock Awards
IncrementalCommonSharesAttributableToRestrictedStockAwards
1050000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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67486000 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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54134000 shares
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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40113000 shares
CY2021 us-gaap Earnings Per Share Basic
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-1.06
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0.79
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2893000 shares
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3175000 shares
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50000 shares
CY2021Q4 us-gaap Purchase Obligation Due In Next Twelve Months
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3483000 USD
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3000000 USD
CY2021Q4 us-gaap Purchase Obligation
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6483000 USD
CY2021Q4 us-gaap Indefinite Lived License Agreements
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300000 USD
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170500000 USD
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24000000 USD
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2600000 USD
CY2020 us-gaap Defined Contribution Plan Cost Recognized
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800000 USD
CY2019 us-gaap Defined Contribution Plan Cost Recognized
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2100000 USD
CY2021 us-gaap Number Of Operating Segments
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1 Segment

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