Lantheus reports significant third quarter growth

Lantheus Medical Imaging, based in Billerica, Mass., announced the radiopharmaceutical company’s third quarter financials yesterday, revealing an 8 percent increase over the same quarter in 2013.

Global revenue in the third quarter of 2014, which ended Sept. 30, amounted to $75.7 million in contrast to the $70.4 million noted for last year’s third quarter.

Lantheus reported positive quarterly GAAP (generally accepted accounting principles) earnings and net income of $1.5 million in contrast to last year’s net loss of $15.1 million during the same period, which involved a $6.8 million charge for the “write-down” of property to be sold at a later date.

Jeff Bailey, president of Lantheus, attributed some of this improvement to a 20 percent increase in sales for the company’s ultrasound contrast business.

“Overall, our third quarter revenue growth combined with continued gross margin improvement and the leveraging of our operating expenses has significantly expanded our operating and Adjusted EBITDA margins since last year, driving those margins to 15 percent and 25 percent, respectively, of reported revenue for the third quarter,” said Bailey in a press release. “The success of our ongoing financial and operational transformation that began seven quarters ago continues to grow increasingly apparent as we progress through 2014. We look forward to completing this seminal year for our business and the opportunities that await us in 2015 and beyond.”