Lantheus Holdings, Inc. - FORM 8-K - EX-99.2

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8-K - 8-K - Lantheus Holdings, Inc.	d36894d8k.htm
EX-99.1 - EX-99.1 - Lantheus Holdings, Inc.	d36894dex991.htm

Exhibit 99.2

LANTHEUS HOLDINGS, INC. AND SUBSIDARIES

UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET

SEPTEMBER 30, 2015


(in thousands, except share data)	As Reported			Pro Forma Adjustments (1)			Pro Forma As Adjusted
Assets
Current assets
Cash and cash equivalents	$	21,922		$	8,500		$	27,411
Accounts receivable, net		39,724			(2,883	)		36,841
Inventory		16,579			(1,031	)		15,548
Other current assets		5,210			(49	)		5,161

Total current assets		83,435			4,537			87,972
Property, plant and equipment, net		92,393			(867	)		91,526
Capitalized software development costs, net		1,981			—			1,981
Intangibles, net		22,489			(533	)		21,956
Goodwill		15,714			—			15,714
Other long-term assets		20,120			(126	)		19,994

Total assets	$	236,132		$	3,011		$	239,143

Liabilities and Stockholders’ Deficit
Current liabilities
Line of credit		—			—			—
Accounts payable		10,700			(141	)		10,559
Accrued expenses and other liabilities		19,968			(1,262	)		18,706
Current portion of long-term debt		3,650			—			3,650

Total current liabilities		34,318			(1,403	)		32,915
Asset retirement obligations		8,074			—			8,074
Long-term debt, net		350,367			—			350,367
Other long-term liabilities		33,518			—			33,518

Total liabilities		426,277			(1,403	)		424,874

Commitments and contingencies
Stockholders’ deficit
Preferred Stock stock ($0.001 par value, 25,000,000 shares authorized; no share issued and outstanding)		—			—			—
Common stock ($0.001 par value, 250,000,000 shares authorized; 30,365,501 shares issued and outstanding)		303			—			303
Additional paid-in capital		175,075			—			175,075
Accumulated deficit		(363,076	)		4,414			(358,662	)
Accumulated other comprehensive loss		(2,447	)		—			(2,447	)

Total stockholders’ deficit		(190,145	)		4,414			(185,731	)

Total liabilities and stockholders’ deficit	$	236,132		$	3,011		$	239,143

See notes to consolidated financial statements.

LANTHEUS HOLDINGS, INC. AND SUBSIDARIES

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

NINE MONTHS ENDED SEPTEMBER 30, 2015


(in thousands, except share and per share data)	As Reported			Pro Forma Adjustments (2)(3)			Pro Forma As Adjusted
Revenues	$	222,260		$	(11,439	)	$	210,821
Cost of goods sold		120,119			(11,382	)		108,737

Gross profit		102,141			(57	)		102,084

Operating expenses
Sales and marketing expenses		26,934			—			26,934
General and administrative expenses		33,773			—			33,773
Research and development expenses		11,292			—			11,292

Total operating expenses		71,999			—			71,999

Operating income		30,142			(57	)		30,085
Interest expense, net		(31,599	)		—			(31,599	)
Loss on extinguishment of debt		(15,528	)		—			(15,528	)
Other income, net		234			—			234

Loss before income taxes		(16,751	)		(57	)		(16,694	)
Provision for income taxes		1,911			—			1,911

Net loss		(18,662	)		(57	)		(18,605	)

Net loss per common share:
Basic and diluted	$	(0.83	)				$	(0.83	)
Common shares
Basic and diluted		22,443,257						22,443,257

LANTHEUS HOLDINGS, INC. AND SUBSIDARIES

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

YEAR ENDED DECEMBER 31, 2014


(in thousands, except share and per share data)	As Reported			Pro Forma Adjustments (2)(3)			Pro Forma As Adjusted
Revenues	$	301,600		$	(17,204	)	$	284,396
Cost of goods sold		176,081			(15,419	)		160,662

Gross profit		125,519			(1,785	)		123,734

Operating expenses
Sales and marketing expenses		35,116			—			35,116
General and administrative expenses		37,313			—			37,313
Research and development expenses		13,673			—			13,673

Total operating expenses		86,102			—			86,102

Operating income		39,417			(1,785	)		37,632
Interest expense, net		(42,261	)		—			(42,261	)
Other income, net		478			—			478

Loss before income taxes		(2,366	)		(1,785	)		(4,151	)
Provision for income taxes		1,195			—			1,195

Net loss		(3,561	)		(1,785	)		(5,346	)

Net loss per common share:
Basic and diluted	$	(0.20	)				$	(0.30	)
Common shares
Basic and diluted		18,080,615						18,080,615

(1)	Pro Forma Adjustments represent: (a) cash proceeds of $9.0 less estimated transaction costs and (b) the related assets and liabilities that were included in the asset purchase agreement.

(2)	Pro Forma Adjustments represent the elimination of historical revenues and direct expenses related to the Canadian radiopharmcy business.

(3)	Pro Forma Adjustments do not include revenues and expenses related to the long-term supply contract entered into by the Company and Isologic Innovative Radiopharmaceuticals, Ltd.

Lantheus Holdings, Inc. - FORM 8-K - EX-99.2 - January 13, 2016