LNTH - Lantheus reaches four-month low despite Q3 beat and guidance raise

Lantheus Holdings ( NASDAQ: LNTH ) dropped ~8% in the morning hours Thursday to reach the lowest level since July, even after the diagnostic compound maker announced better-than-expected Q3 2022 financials and set its outlook ahead of the consensus.

Lantheus ( LNTH ) said its worldwide revenue for the period rose ~134% YoY to $239.3M as the prostate cancer diagnostic agent Pylarify added $143.8M of net sales while cardiovascular ultrasound enhancement agent Definity brought $60.7M with ~5% YoY growth.

Backed by sharp topline growth, the company swung to $61.2M of net income from $13.4M of net loss in the prior year quarter as operating expenses grew only ~8% YoY to $61.7M.

For the full year, Lantheus ( LNTH ) raised its revenue and adjusted earnings per share guidance to $915M – $919M and $3.80 – $3.83 ahead of $899.35M and $3.55 in the consensus, respectively.

Commenting on the results, Truist analyst Richard Newitter attributed the selloff to underwhelming Pylarify sales.

“Our sense is that a 10%+ q/q Pylarify increase was the minimum needed to satisfy the anticipated ‘Pylarify upside bogey;’ though these things can always be moving targets,” the analyst with a Buy rating on the stock wrote.

For the current quarter, Lantheus ( LNTH ) expects its revenue and adj. EPS to reach $243M – $247M and $0.95 – $0.98 compared to $227.88M and $0.83 in the consensus, respectively.

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