Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
The Company’s common stock began trading on the NASDAQ Global Market under the symbol “LNTH” on June 25, 2015. Prior to that time, there was no established public trading market for our common stock.
Holders of Record
On February 19, 2021, there were approximately 43 stockholders of record of our common stock. This number does not include stockholders for whom shares are held in “nominee” or “street” name.
Performance Graph
The performance graph set forth below shall not be deemed “soliciting material” or to be “filed” with the SEC. This graph will not be deemed “incorporated by reference” into any filing under the Securities Act or the Exchange Act, whether such filing occurs before or after the date hereof, except to the extent that the Company explicitly incorporates it by reference into in such filing.
The following graph provides a comparison of the cumulative total shareholder return on our common shares with that of the cumulative total shareholder return on the (i) Russell 2000 Index and (ii) the NASDAQ US Small Cap Index, commencing on December 31, 2015 and ending December 31, 2020. The graph assumes a hypothetical $100 investment in our common stock and in each of the comparative indices on December 31, 2015. Our historic share price performance is not necessarily indicative of future share price performance.
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* Assumes hypothetical investment of $100 in our common stock and each of the indices on December 31, 2015, including reinvestment of dividends.
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Performance Graph Data
The following table sets forth the cumulative total shareholder return on the hypothetical $100 investment in the Company’s common stock and each of the comparative indices on December 31, 2015:
Date Lantheus Holdings, Inc. (“LNTH”) Russell 2000 Index (“^RUT”) NASDAQ US Small Cap Index (“^NQUSS”)
12/31/15 $ 100.00 $ 100.00 $ 100.00
12/31/16 $ 254.44 $ 119.48 $ 122.02
12/31/17 $ 605.03 $ 135.18 $ 138.58
12/31/18 $ 463.02 $ 118.72 $ 121.97
12/31/19 $ 606.80 $ 146.89 $ 149.25
12/31/20 $ 399.11 $ 173.86 $ 181.29
Issuer Purchase of Equity Securities
None.
Dividend Policy
We did not declare or pay any dividends, and we do not currently intend to pay dividends in the foreseeable future. We currently expect to retain future earnings, if any, for the foreseeable future, to finance the growth and development of our business and to repay indebtedness. Our ability to pay dividends is restricted by our financing arrangements. See Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—External Sources of Liquidity” for further information.
Recent Sales of Unregistered Securities
None.
Repurchases
The following table presents information with respect to purchases of common stock we made during the quarter ended December 31, 2020. The Company does not currently have a share repurchase program in effect. The 2015 Equity Incentive Plan, adopted by the Company on June 24, 2015, as amended on April 26, 2016 and as further amended on April 27, 2017 and April 24, 2019 (the “2015 Plan”), provides for the withholding of shares to satisfy minimum statutory tax withholding obligations. It does not specify a maximum number of shares that can be withheld for this purpose. The shares of common stock withheld to satisfy minimum tax withholding obligations may be deemed to be “issuer purchases” of shares that are required to be disclosed pursuant to this Item 5. These shares are then sold in compliance with Rule 10b5-1 into the market to allow the Company to satisfy the tax withholding requirements in cash.
Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
October 2020 ** 1,957 $ 13.23 * *
November 2020 ** 1,465 $ 12.46 * *
December 2020 ** 243 $ 14.26 * *
Total 3,665 *
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* These amounts are not applicable as the Company does not have a share repurchase program in effect.
** Reflects shares withheld to satisfy minimum statutory tax withholding amounts due from employees related to the receipt of stock which resulted from the exercise for vesting of equity awards.
Securities Authorized for Issuance under Equity Compensations Plans
The information required with respect to this item is incorporated herein by reference to our Definitive Proxy Statement for our 2021 Annual Meeting of Stockholders to be filed with the SEC no later than 120 days after the close of our year ended December 31, 2020.
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Item 6. Selected Financial Data
Basis of Financial Information
The consolidated financial statements have been prepared in U.S. Dollars, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of Lantheus Holdings, Inc. (“Holdings”) and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Selected Financial Data
In the table below, we provide you with our selected consolidated financial data for the periods presented. We have prepared this information using our audited consolidated financial statements for the years ended December 31, 2020, 2019, 2018, 2017 and 2016.
The following selected consolidated financial information should be read in conjunction with our consolidated financial statements, the related notes and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Annual Report on Form 10-K. The results indicated below and elsewhere in this Annual Report on Form 10-K are not necessarily indicative of results to be expected for any future period.
Year Ended
December 31,
2020 (b)
2019 2018 2017 2016
Statement of Operations (in thousands, except per share data)
Revenues $ 339,410 $ 347,337 $ 343,374 $ 331,378 $ 301,853
Cost of goods sold 200,649 172,526 168,489 169,243 164,073
Sales and marketing 40,901 41,888 43,159 42,315 36,542
General and administrative 69,270 61,244 50,167 49,842 38,832
Research and development 32,788 20,018 17,071 18,125 12,203
Gain on sales of assets — — — — 6,385
Operating (loss) income (4,198) 51,661 64,488 51,853 56,588
Interest expense 9,479 13,617 17,405 18,410 26,618
Debt retirement costs — — — — 1,896
Loss on extinguishment of debt — 3,196 — 2,442 —
Other (income) loss (2,198) 6,221 (2,465) (8,638) (220)
(Loss) income before income taxes (11,479) 28,627 49,548 39,639 28,294
Income tax expense (benefit) (a)
1,994 (3,040) 9,030 (83,746) 1,532
Net (loss) income $ (13,473) $ 31,667 $ 40,518 $ 123,385 $ 26,762
Net (loss) income per common share:
Basic $ (0.25) $ 0.81 $ 1.06 $ 3.31 $ 0.84
Diluted $ (0.25) $ 0.79 $ 1.03 $ 3.17 $ 0.82
Weighted-average common shares:
Basic 54,134 38,988 38,233 37,276 32,044
Diluted 54,134 40,113 39,501 38,892 32,656
December 31,
2020 (b)
2019 2018 2017 2016
Balance Sheet Data (in thousands)
Cash and cash equivalents $ 79,612 $ 92,919 $ 113,401 $ 76,290 $ 51,178
Total assets $ 869,821 $ 405,919 $ 439,831 $ 383,858 $ 255,898
Long-term debt, net $ 197,699 $ 183,927 $ 263,709 $ 265,393 $ 274,460
Total liabilities $ 355,616 $ 291,318 $ 368,829 $ 360,567 $ 362,414
Total stockholders’ equity (deficit) $ 514,205 $ 114,601 $ 71,002 $ 23,291 $ (106,516)
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(a) The 2017 amount reflects the release of our valuation allowance of $141.1 million against its deferred tax assets offset by a provision of $45.1
million for remeasuring the Company’s deferred tax assets for the change in tax rates enacted under the Tax Cuts and Jobs Act of 2017.
(b) Includes the impact of the Progenics Acquisition on June 19, 2020. See Note 8, “Business Combinations”, in our accompanying financial
statements for further information.
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