On February 25, 2020 -Lantheus Holdings, Inc. (the "Company") (NASDAQ: LNTH), parent company of Lantheus Medical Imaging, Inc. ("LMI"), a global leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products, reported financial results for its fourth quarter and full year 2019 ended December 31, 2019 (Press release, Lantheus Medical Imaging, FEB 25, 2020, View Source [SID1234554746]).
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The Company’s worldwide revenue for the fourth quarter of 2019 totaled $89.3 million, compared with $86.3 million for the fourth quarter of 2018, representing an increase of 3.6% over the prior year period. Full year 2019 worldwide revenues were $347.3 million, compared with $343.4 million for the full year 2018, representing an increase of 1.2% over the prior year period.
The Company’s fourth quarter 2019 net income was $10.5 million, or $0.26 per fully diluted share, as compared to $13.3 million, or $0.34 per fully diluted share for the fourth quarter of 2018, representing a decrease of 21.4% from the prior year period. Full year 2019 net income was $31.7 million, or $0.79 per fully diluted share, as compared to $40.5 million, or $1.03 per fully diluted share for the full year 2018, representing a decrease of 21.8% from the prior year period.
The Company’s fourth quarter 2019 adjusted fully diluted earnings per share were $0.34, as compared to $0.29 for the fourth quarter of 2018, representing an increase of 19.0% over the prior year period. The Company’s full year 2019 adjusted fully diluted earnings per share were $1.17, as compared to $1.13 for the full year 2018, representing an increase of 3.5% over the prior year period.
Lastly, net cash provided by operating activities was $22.4 million and $80.4 million for the fourth quarter and full year 2019. Free Cash Flow was $17.7 million for the fourth quarter of 2019, representing an increase of approximately $7.7 million, or 77.9% over the prior year period. Full year 2019 free cash flow was $58.3 million, as compared to $41.1 million for the full year 2018, representing an increase of approximately $17.3 million, or 42.0% over the prior year period.
"We finished 2019 with robust DEFINITY, earnings and free cash flow performance," said Mary Anne Heino, President and CEO. "Throughout 2019, it was Lantheus team members from across the organization who drove these results. As we look to 2020 and beyond, we see exciting revenue and value creation opportunities for the Company as we add the Progenics’ team with their exciting oncology, precision diagnostic, and other products to our own portfolio."
Outlook
The Company guidance for the first quarter and full year 2020 is as follows:
On a forward-looking basis, the Company does not provide GAAP income per common share guidance or a reconciliation of adjusted fully diluted EPS to GAAP income per common share because the Company is unable to predict with reasonable certainty business development and acquisition-related expenses, purchase accounting fair value adjustments, and any one-time, non-recurring charges. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. As a result, it is the Company’s view that a quantitative reconciliation of adjusted fully diluted EPS on a forward-looking basis is not available without unreasonable effort.
Internet Posting of Information
The Company routinely posts information that may be important to investors in the "Investors" section of its website at www.lantheus.com. The Company encourages investors and potential investors to consult its website regularly for important information about the Company.
Conference Call and Webcast
As previously announced, the Company will host a conference call on Tuesday, February 25, 2020 at 8:00 a.m. ET. To access the live conference call via telephone, please dial 1-866-498-8390 (U.S. callers) or 1-678-509-7599 (international callers) and provide passcode 7953035. A live audio webcast of the call also will be available in the Investors section of the Company’s website at www.lantheus.com.
A replay of the audio webcast will be available in the Investors section of our website at www.lantheus.com approximately two hours after completion of the call and will be archived for 30 days.
The conference call will include a discussion of non-GAAP financial measures. Reference is made to the most directly comparable GAAP financial measures, the reconciliation of the differences between the two financial measures, and the other information included in this press release, our Form 8-K filed with the SEC today, or otherwise available in the Investor Relations section of our website located at www.lantheus.com.
The conference call may include forward-looking statements. See the cautionary information about forward-looking statements in the safe-harbor section of this press release.