Lantheus Holdings, Inc.

LNTH

In Vitro & In Vivo Diagnostic Substances

Mkt Cap

$5.451B

PE

11.84

Debt

$575.7M

Cash

$719.9M

EV

$5.307B

FCF

$314M

Market Cap

$5.451B

P/E Ratio

11.84

Debt

$575.7M

Cash

$719.9M

EV

$5.307B

FCF

$314M

Charts data: {"Earnings":[{"time":"2014-12-30","value":-3561000},{"time":"2015-12-30","value":-14746000},{"time":"2016-12-30","value":26762000},{"time":"2017-12-30","value":123385000},{"time":"2018-12-30","value":40518000},{"time":"2019-12-30","value":31667000},{"time":"2020-12-30","value":-13473000},{"time":"2021-12-30","value":-71279000},{"time":"2022-12-30","value":28067000},{"time":"2023-12-30","value":326661000}],"Sales":[{"time":"2014-12-30","value":301600000},{"time":"2015-12-30","value":293461000},{"time":"2016-12-30","value":301853000},{"time":"2017-12-30","value":331378000},{"time":"2018-12-30","value":343374000},{"time":"2019-12-30","value":347337000},{"time":"2020-12-30","value":339410000},{"time":"2021-12-30","value":425208000},{"time":"2022-12-30","value":935061000},{"time":"2023-12-30","value":1296429000}],"Net Margins":[{"time":"2014-12-30","value":-0.011807029177718833},{"time":"2015-12-30","value":-0.050248584990850574},{"time":"2016-12-30","value":0.08865904927232793},{"time":"2017-12-30","value":0.3723391414034728},{"time":"2018-12-30","value":0.11799961557951388},{"time":"2019-12-30","value":0.0911708225728903},{"time":"2020-12-30","value":-0.03969535370201231},{"time":"2021-12-30","value":-0.16763325243175106},{"time":"2022-12-30","value":0.030016223540496288},{"time":"2023-12-30","value":0.251969834059559}],"Assets":[{"time":"2014-12-30","value":243153000},{"time":"2015-12-30","value":242379000},{"time":"2016-12-30","value":255898000},{"time":"2017-12-30","value":383858000},{"time":"2018-12-30","value":439831000},{"time":"2019-12-30","value":405919000},{"time":"2020-12-30","value":869821000},{"time":"2021-12-30","value":863784000},{"time":"2022-12-30","value":1321258000},{"time":"2023-12-30","value":1651149000}],"Stockholders Equity":[{"time":"2014-12-30","value":-239270000},{"time":"2015-12-30","value":-185289000},{"time":"2016-12-30","value":-106516000},{"time":"2017-12-30","value":23291000},{"time":"2018-12-30","value":71002000},{"time":"2019-12-30","value":114601000},{"time":"2020-12-30","value":514205000},{"time":"2021-12-30","value":464439000},{"time":"2022-12-30","value":447147000},{"time":"2023-12-30","value":815892000}],"ROE":[{"time":"2014-12-30","value":0.014882768420612697},{"time":"2015-12-30","value":0.07958378532994403},{"time":"2016-12-30","value":-0.2512486387021668},{"time":"2017-12-30","value":5.297539822248937},{"time":"2018-12-30","value":0.5706599814089744},{"time":"2019-12-30","value":0.2763239413268645},{"time":"2020-12-30","value":-0.02620161219746988},{"time":"2021-12-30","value":-0.1534733301897558},{"time":"2022-12-30","value":0.06276906699586489},{"time":"2023-12-30","value":0.4003728434645762}],"ROA":[{"time":"2014-12-30","value":0.1641846902978783},{"time":"2015-12-30","value":0.17546899690154674},{"time":"2016-12-30","value":0.22113498346997632},{"time":"2017-12-30","value":0.15122519264936513},{"time":"2018-12-30","value":0.1522243770902915},{"time":"2019-12-30","value":0.12726923351703173},{"time":"2020-12-30","value":-0.0022993236539471914},{"time":"2021-12-30","value":-0.0704169097830013},{"time":"2022-12-30","value":0.027394346902724524},{"time":"2023-12-30","value":0.2488830505302671}]}

Lantheus Holdings, Inc. develops, manufactures, and commercializes diagnostic and therapeutic products that assist clinicians in the diagnosis and treatment of heart, cancer, and other diseases worldwide. It provides DEFINITY, an ultrasound enhancing agent used in echocardiography exams; TechneLite, a technetium generator for nuclear medicine; Xenon-133 to assess pulmonary function; Neurolite to identify the area within the brain where blood flow has been blocked or reduced due to stroke; and Cardiolite, an injectable Tc-99m-labeled imaging agent. The company also offers AZEDRA, a radiotherapeutic therapy; Automated Bone Scan Index that calculates the disease burden of prostate cancer by detecting and classifying bone scan tracer uptakes as metastatic or benign lesions using an artificial neural network; RELISTOR for opioid-induced constipation; and PYLARIFY for visualization of lymph nodes, bone, and soft tissue metastases to determine the presence or absence of recurrent and/or metastatic prostate cancer. It also develops flurpiridaz to assess blood flow to the heart; 1095, a PSMA-targeted iodine-131 labeled small molecule; PNT2002 for pre-chemotherapy patients; PNT2003, an SSTR therapy that treats patients with SSTR-positive neuroendocrine tumors; and PYLARIFY AI, an AI-based medical device software to perform standardized quantitative assessment of PSMA PET/CT images in prostate cancer. The company serves hospitals, independent diagnostic testing facilities, government facilities, integrated delivery networks, radiopharmacies, clinics, distirbutors, and group practices. It has strategic partnerships with NanoMab Technology Limited; Bausch Health Companies, Inc.; GE Healthcare Limited; and FUJIFILM. The company was founded in 1956 and is based in Bedford, Massachusetts.

Sector

10-Q
9/30/23
10-Q
6/30/23
10-Q
3/31/23
10-K
12/31/22
10-Q
9/30/22
10-Q
6/30/22
10-Q
3/31/22
10-K
12/31/21
10-Q
9/30/21
10-Q
6/30/21
10-Q
3/31/21
10-K
12/31/20
10-Q
9/30/20
10-Q
6/30/20
10-Q
3/31/20
10-K
12/31/19
10-Q
9/30/19
10-Q
6/30/19
10-Q
3/31/19
10-K
12/31/18
10-Q
9/30/18
10-Q
6/30/18
10-Q
3/31/18
10-K
12/31/17

DCF

Discounted Cash Flow Valuation of Lantheus Holdings, Inc.

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$314M	$354.5M	$397.1M	$441.3M	$486.6M	$532.3M	$577.5M	$621.6M	$663.6M	$702.6M	$737.7M	$7.377B
DCF		$308.2M	$300.2M	$290.2M	$278.2M	$264.6M	$249.7M	$233.7M	$216.9M	$199.7M	$182.4M	$1.824B
Value	$4.347B

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth 14%

Earnings Stability -30%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Over time the ROA has been increasing indicating a higher marginal ROA with respect to the calculated one, giving a good sign for continued growth.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	-5%	8.9%	37%	12%	9.1%	-4%	-17%	3%	25%	34%
ROA	18%	22%	15%	15%	13%	-0.23%	-7%	2.7%	25%	32%
ROE	8%	-25%	530%	57%	28%	-2.6%	-15%	6.3%	40%	49%

What is the average Net Margin?

The average Net Margin over the past 5 years is +4.73%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +1.02%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +8.05%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +0.33%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +18.84%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -4.63%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Under the assumption that FCF does not diminish and debt does not increase, the current years to repay the debt are acceptable.

The Graham’s stability indicate a relevant drawdown, consider checking when it has occured and why.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	41.05	6.58	7.20	6.49	3.52	60.96	4.47	26.42	2.22	1.83
Debt Equity	-1.91	-2.61	11.51	3.75	1.79	0.46	0.40	1.29	0.71	0.61
MIN
Graham Stability	-	-	100%	90%	50%	-21%	-360%	-	-	-360%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 1.83.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -0.26.

What is the Graham’s Stability?

Graham’s Stability measure stands at -3.64.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Earnings growth has been increasing in past years.

Years	12-2016	12-2018	12-2020	12-2022	Trend
Revenue	23%	30%	56%	39%	9%
Net Income	43%	52%	-	1.1K%	160%
Stockholders Equity	-	63%	17%	82%	-33%
FCF	30%	45%	300%	1.1K%	72%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +30.44%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +9.03%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +51.81%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is +157.42%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +62.96%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -33.3%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +44.64%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +71.85%.