Lantheus (LNTH) 3 Nov 222022 Q3 Earnings call transcript

Good morning, and welcome to the Lantheus Third Quarter 2022 Conference Call. This is your operator for today's call.

[Operator Instructions]

I will now turn the call over to our host for today, Mr. Mark Kinarney, Vice President of Investor Relations. Mark?

Bob morning. me Lantheus' Mary our on our and good Conference Quarter Anne Chief and Financial President With Chief Anne Call. today's CEO; Operating you, Officer. Welcome Paul will Third to XXXX Heino, Officer; Mary Thank and our call begin Blanchfield, Marshall, for results call with Bob the will update. introductory turn Q&A, and the will operational guidance, for and call we the call Mary provide our financial finally an then remarks over updated then to Anne Paul remarks. closing and cover open will are

This morning under to Form press at section which Commission the in released was website the Investors we furnished issued a X-K of Exchange Securities and our release, lantheus.com.

the presentation the can our on webcast, section tab. of For you in under Investors those slide the Presentations website you find the of not

include the most SEC to expectations also Investors non-GAAP Please measures change is will results GAAP these actual would indicated assume future financial in started, or this results remind Before a to these Please those from call refer I filings to law, we statements risks as note measures. comparable our variety of the and detailed and applicable that update include uncertainties. obligation Also, of certain section materially. that during website. financial during discussions call even discussions may forward-looking required will we like statements, included this statements. Actual except due our to forward-looking uncertainties. for Reconciliation risks by our by materially comments if these a no of discussion to get forward-looking directly differ measures of during -- you

my the to to pleasure Anne. call With over turn it's that, Mary now

patient quarter and Mark, better to we continue disease third fight, as delivered Thank joining exceptional to to and We deliver follow outcomes. good find, everyone an us. you, morning

up year outlined our of highlight minutes take at few to strategy year-over-year. we revenue pleased to across portfolio. and which some more streams million, this accelerate our is the am Our portfolio our succeeding. note I'll reported revenue than to of beginning growth progress recent I $XXX.X XXX% now we and diversify a of

Almost thrilled the leading PYLARIFY as PET imaging firmly is we established are that XX launch, our months PSMA into agent.

growth proud the difference commanding is U.S. overall continued particularly the are growth it particular. imaging become the grow With care even continued amidst for prostate we of as in competition. health of increasing will continued and to business the our We patients PYLARIFY, aware We leadership PET of PSMA of making market, community. professionals and and believe market see more cancer has benefits

call, overall our our our additional our we Since capacity or for PRT with activated facility U.S. redundancy. PMF last manufacturing and sites footprint partners, adding expanded further increasing

product to our to having their Our their European as making XX-based available with imaging June. first marketing progress partner, efforts with bring commercially application is market in European in Medicines F Europe, filed the Agency authorization PET the PSMA Curium, agent

had enrolled prostatectomy, XX with a showed management. Last external highlighted intended at radical Nuclear from prostate or or trial clinical EANM. underwent definitive III cancer European presented patient higher detection brachytherapy. rate F-fluorocholine bean as results that pipoflelostat significantly XX radiotherapy The and on F higher compared impact a the line month, their trial Phase top with Society for who pivotal trial The PYTHON Curium recurrence Medicine biochemical patients results clinical

our step U.S. imaging leading We PET XX-based excited the cancer European that PSMA difference making a we closer are prostate community. to F are one agent, to

analysis a we to automated PSMA of response. change score pre that CT a men with from with quantitative androgen scores lymph aPROMISE, results in several presentations EANM that analysis conventional using is bone in branded The with post and scan a PET in results reviewed top-rated evaluate also PYLARIFY PSA feasible not with therapy aPROMISE which in were on indicated treatment-naive in castrate-sensitive which attendance AI retrospective deprivation as in a PSMA imaging. is note, presentation, the nodes associated and also U.S. We prostate at Of oral assess automated PSMA may demonstrated The is strongly bone, response cancer. treatment the

be company's to an with and are that in the year, the pleased facilitates collaboration, We Europe. along Through sites distributed system this workstation integrated Healthcare can software majority that share with and Siemens and to of for across U.S. that our the into AI the with signed latest our GE integrate Europe. we we Healthineers leading nuclear clinical the into workflow broadly U.S. agreement this aPROMISE announced in earlier PET the collaboration workstations the technology medicine

In XXnd our in to chosen, now diagnostic am portfolio. DEFINITY most remains since and our most microbubble studied say launch, proud trusted agent most the I year Switching to U.S. ultrasound-enhancing the

our and to of We grow percent are sustaining the franchise have continued our market. XX-plus share

U.S., compared Healthcare, of the trial artery year. candidate globally. partner disease that secondary the imaging the both or predominant our are announced X diagnostic with million the heart With procedure SPECT nuclear for product cardiology specificity flurpiridaz MPI Phase efficacy coronary death procedures and its partnership, its also in for cause endpoints demonstrating detecting the PET In key GE September, The or for approximately and performed most CAD, leading key III there trial MPI, myocardial today. the of AURORA endpoint, respect for form met higher used flurpiridaz, co-primary as perfusing to each sensitivity a disease, pivotal met in common

$XX the receive standard of broad royalties would currently and approved, stress and which The U.S. royalties Healthcare, study in of coronary eligible advantages the milestone given sites diagnostic the Under to Canada, PET testing, enrolled cardiac F sales GE exercise outside U.S., for angiography and efficacy truth. isotope, suitable up If terms sales as challenging flupiridaz XX on open-label the million across available of with is of patients Phase III detecting the product U.S. be over radiotracer. distribution are mid-single-digit invasive which XXX CAD and sales agreement on the in in tiered regulatory the flurpiridaz is also this assessed with with our the double-digit payments, we available Europe to have

Now an let operational call business. to our for turn on update the me Paul over

morning, Good everyone.

As the noted, to Mary PYLARIFY, patient that strategy imaging, net in for and over during highlight the quarter, Anne scans specifically announce pleased sales was in our used to during U.S. DEFINITY, leader on market execute generated million I'm XX,XXX of PYLARIFY quarter. continue and we PSMA-targeted PET which I'll now. $XXX.X the

from derives success significant Our innovation unmet and execution. need,

specificity sufficient the imaging its for PYLARIFY's death prostate leading adequately Prostate selectively of cancer does sensitivity conventional metastatic and is disease. to as identify agent to a of or men, cancer PSMA causes ability imaging innovation is to not one offer bind cells. PET

of had their cancer cells, physicians identify new plan XX% on actionable a turn, over the to in HCPs. binds that trial, PSMA based to are which X/X by location and change PYLARIFY extent of fact, clinical allows insights our prostate in intended In men these of In their disease. demonstrating treatment image,

over built has to and And to Progenics. approval date. The support men successfully at since gained launch a finally, we that commercial already manufacturing and infrastructure to accelerated reimbursement, execution, FDA team established acquired of which XX,XXX widespread a capabilities priority our secured the scale, distribution lives best-in-class impacted review, time

PMFs, of increase in sites, to first progress capacity broadened self-supply the AI. we the base including customer redundancies with academic and the made quarter, key added PYLARIFY, PYLARIFY's with areas, further Since beginning existing at new third PMF footprint our expanded PYLARIFY geographic U.S.

and our Our enhance Lake new PMFs in and now capacity include City. PMFs York Metro our most expand Birmingham, Colorado, New Somerset, Iowa Nashville, and Iowa into and These Denver, area City Alabama, new Utah. Tennessee Salt New footprint markets Jersey, recently and Davenport, and the

the successfully of Columbia. states XX in patients the We have XX now contiguous served of District and

to modified of continues and PMF last XXXX. existing expect we partner turn, XX%, we capacity quarter, redundancy. with double our grow. our As network further manufacturing over to increase base agreement number the key locations of By I the end extend and to by our PYLARIFY enhancing their to customer In existing XXXX, PMF mentioned the PMF a agreement

customers that of PYLARIFY, now them repeat more pleased than and X,XXX of been have rate XX% with being We customers. ordered the note have adoption with

ensuring of oncologists and cancer medical Our prostate the that PYLARIFY offer can promotional referring oncologists U.S. are community. HCPs, aware that radiation increasingly focused benefits on efforts are the namely urologists,

access, confirmed agent, Pluvicto. an have market now are progress that for to patient such agnostic make can MAX, used. Meaning, and pleased PET continue of be as PSMA-targeted or In approach selection approved therapy we X PSMA PYLARIFY including administrative to contractors Medicare X radioligand any

European a Europe with the of they anticipate established collaboration commercialization mid-XXXX. Finally, XX in for piflupolastat aPROMISE, F for approval Curium in we as

period. Turning quarter from were now market-leading the third Sales agent. for the DEFINITY, million, X.X% up $XX.X year ultrasound-enhancing to prior the

a and and We maintain care echocardiography. continue the even physician market, to continues leadership decrease visits referring health amidst challenges to that patient the impact market in franchise broader including staffing grow

it I'll now over turn to Bob.

everyone. third highlights I provide Thank of on otherwise focusing you, Paul, will good and the quarter results, adjusted noted. unless financials, morning,

$X.XX, third over per Earnings the $XXX.X Turning share XXX.X% quarter Revenue for quarter. to for period. of was million, increase the an $X.XX year increase year. over quarter approximately an prior the of third the the was prior

from would over Revenue market turn for the as have not return increased metrics sales sales million Precision allowances $XX.X net necessary call. the in X.X% of thallium million, as the will were reported prior third TechneLite year totaled rebates prior Precision about for gallium do expectations keep $XXX,XXX and net internal businesses DEFINITY expenditures return opportunistic exited higher and with year down as X was guided Diagnostics. earnings modest a X.X% the prior I been quarter. I given declining to end meet approximately $XX.X last details, our to million included Year-to-date year amount hurdle $X.X and the -- we on quarter compared our products. the our facilities our to Now note these or of of quarter million, beginning within line the with current of $XX like capital effective third revenue and quarter. internal Sales X.X% to of have Diagnostics. other opportunity the at and prior

the million significantly result to due of PYLARIFY. includes AZEDRA. also oncology Radiopharmaceutical contributed incremental $XXX.X of an up This from performance exceptional contribution sales,

was partnerships XX.X%. a quarter. of Lastly, and other XX.X% the $X.X was quarter third XX.X%, XXXX of revenue for an increase quarter strategic as the in the profit of result Gross million third over margin

for quarters, expanding recent mainly in for continued the As network expectations in in focus discovery support XX.X% as product current focused attendance ERP our activities prior a our PYLARIFY increase net commercial business capacity of part incrementally expenses driving in from the by PYLARIFY. expenses revenue favorable run case XX.X% program the beginning as line congresses, to fourth and commercial the note, products by favorable with other rate. expenses our were And associated at the physician investments, referring PMF current quarter. year expect redundancy with DEFINITY, in and offset a development has PYLARIFY in we well are of is will led to XX.X%, which implementation increases Operating to our on now in expect operating ERP and mix program. Overall, investments the been partner phase due to quarter, you community, to our and as from on awareness amongst in OpEx in-person increased antennas amongst with activities add transition

intangible or the and stock changes prior for before amortization, were integration noncash well was to with incentive this contingent plans liabilities expenses. quarter associated Total taxes. nonrecurring is respectively. XXX.X% year. receivables an Of as or amount, million the acquired increase $XX $X.X and The million our related and net and remainder profit acquisition, quarter as expense other period in over in of same is million $XXX.X the adjustments $XX.X X.X of Operating and million

from $X.XX of rate XX% part reported resulting PYLARIFY's tax tax due This million, impact year includes $X.XX effective on certain an the our the earnings net stemming of third tax provision prior were fully of the a blended higher mix, resolution the Our net by offset million state of an respectively. share XX.X was diluted and was and XX.X basis, adjusted in $X.XX, an rate UTPs an from the rate $XX in adjusted $X.XX geographic state income increase The quarter. increase to quarter. in basis, quarter per the GAAP on for respectively. and and $XX.X

turning flow. Now cash to

define $XXX.X million of of in as million. Third prior expenditures quarter cash XXXX. flow, $X.X an less flow capital to restricted we totaled was operating Free as Year-to-date, now year million at cash expenditures, $X.X Capital compared up year million, million, $X.X $XX.X net flow QX cash million the free quarter. flows million. cash Cash and stands million totaled over of totaled $XX.X $XX.X increase the operating a period. equivalents cash over $XXX.X record cash prior which

and strong position. our comfortable have continue undrawn $XXX our million access with to are to bank We revolver liquidity

to a full year quarter to million. now full to $XXX to $XXX million forecast our revenue the range to This $XXX million now for Turning year million. fourth range of million prior QX. from updated the and guidance We of $XXX million of range be in $XXX implies a $XXX

year As quarter. recorded which of was recognized the range a the updated $XX includes reminder, from million, first this full Novartis in revenue

to now the Turning Adjusted to be and in should earnings range of $X.XX. fourth EPS keeping the with quarter. $X.XX

and prior Taken raising to in performance, our adjusted range earnings year-to-date a together versus $X.XX are $X.XX. range per with full of EPS $X.XX of to expectation to we the increased revenue share the $X.XX year be

questions. take now With Anne, that, ahead. Operator, please Mary will and go I Paul, your

will question Roanna, we session. line with Roanna SVB please. the ahead, go conduct question-and-answer from of this Thank Our time, you. comes Instructions] the Securities. first [Operator Ruiz At

Good thanks. Great, everyone. morning,

Good morning.

good I the imaging question clinics? a -- Maybe who ordering is about time quick versus curious for PYLARIFY. between is elaborate could breakdown institutions just your X,XXX So that evolving had Just over large morning. had on customers what bit PYLARIFY. how I a demographic smaller are you over

take I Yes, can that.

you question. thank So for the

X,XXX the certainly customers of what that date, like. ordered So seen of mix that to have looks we've a

at historically when remains we the look overall business, think of our somewhat I comparable. concentration it

physician past, added time. business are have about imaging And mix XX% The and they centers growth, add X,XXX. XX% the and over has centers, were as The where is oncologists, the and imaging to is we've past, that quarter, with facilities we by in as usage to I rule, So think year of facilities. an larger our awareness XX% a academic centers relatively a business as accounts. urologists, raise said are of our XX% referring community, certainly familiar broader within we've well XX-XX independent imaging across stayed breakdown large while many freestanding those across accounts of hospitals, And imaging business. continued XXX government the last accounts, would where from oncologists we increasingly stable overall government imaging of across in our activating XXX of actually -- of radiation a the the as as will driven come future from end the going have perspective, now and specifically PSMA the of PET to specifically. medical second at center add, at I I've roughly end PYLARIFY mentioned from customers of hospitals,

of of into as to Got of about it. sense are you growth how you thinking see, expect And sort trajectory future question. Super to Anything of helpful. like you XXXX. more growth answer next a goes to curious was PYLARIFY, going get how the PYLARIFY my year-over-year? start started I

XX,XXX gone to with we've more bring community U.S. base. don't that There still But we've bring to that We pride where PYLARIFY having date is educate the in patients and foremost, PSMA the so the significant as to be past. and cancer can first great we centers continue able we're seen PYLARIFY cancer though the overall, physicians think on on customer future. prostate scanned about potential impact that the U.S. think the with community. I to in additional imaging to incredibly Well, referring incredibly has to prostate to we're impact rate There their room the increase take obviously since pleased to the had and same continue are excited number can grow. in to we still even imaging to PET launch, that benefit been and at add, PYLARIFY expect

super you competitive last Yes, in I helpful. protect in that question have hearing new anything me. if terms strategies or for market. the a I'm in know use you of curious entrant is Interesting. force anecdotally competitive field And dynamics of to terms PYLARIFY? might your

Bob can So, as in Roanna, jump then start Paul and and there well. I'll

our to PSMA the we and agent, the We absolutely leading comfortable continue. that are PET with imaging and position very chosen most expect as

We're mode. So with we're growth in -- not business. it's mode our in protective not

continue for to physician there where and Paul among And we a be unlocked generating we there who open generates so will exams community, these stay the alluded is -- demand request that's and is to, to -- as focused.

as larger to we market, a understand embrace larger how to this continue As see market physicians and they becoming want for utilization. PYLARIFY

we're this of -- so to fully as define to strategy or mode do feel it protective. add. you And being in don't way kind and want growth would be operations at it's time any that our Paul, that

growth, million. and but we're published combined that's basis them, excited we our third with for think the I quarter annualized the the accurate. If for the an competitor not over overall look think our in was is I PET ours, incredibly mean, $XXX sales PYLARIFY market. later. the what XXX% north market what And seen second already in only million Anne, Mary their of with X on the Yes, $XXX quarter PSMA of results at of with now I quarter U.S. imaging just annualized market has we've

so, we And Mary growth as absolutely mode. Anne mentioned, are in

some that very where a marketplace raise very competition. And it a We dual overall We geographies on cancer competition small play that biological customers the from can results, redundancy. a there have beginning. daily still unlike there's community. but across is also provide gallium have the molecule has generators is There a then imaging to the basis specifically across going for that success, in are made want prostate PSMA or and going They which pleased country. entirely are area. have the expected that appropriate. helped we that own role are to recognize of capacity product had role supply, their with we've This self-supply, want awareness the and ramping And obviously PET our also is are to been up centers in think some

also to the we've date, this franchise. that. but incredibly grow not seen overall to we've But only community pleased continue where so And the had the to impact that going on with really growing ability we market we to have and focused are are see forward on

clarification. Sounds for good. the Thanks

stand next of Solow line Our your open up please Securities. line. Larry the Larry, question from CJS with by while I comes

you doctors -- on color assume statement? give there Just are or you quick that I on But XXX in of the ranges customers sure I'm growth still usage, maybe are follow-up terms of X,XXX from question, in think degrees. a Can lot that to PYLARIFY. for clinics. clinics a you fair any I and terms -- went Is within a that just it, penetrated using of room those there's in said

Larry. morning, Good start it over I'll Mary Paul. and turn I'm This then going to Anne. to is

prostate familiarity but you the full is -- utilization mentioned, and the what physicians how only better as this themselves prostate management be I there as be customers say think we everywhere think is reflects And gain are that it's is very decide cancer well where and fair PYLARIFY about mix access say, cancer our also the disease. prostate what utilization embrace current exist. will with they of the being at where the not for treated. to of trying communities they cancer want treated. how We to product, describe -- then I'd that And product of talking and I Paul beginning, was will as exist of to in still

the the only from to PYLARIFY penetrated understand mentioned, is to turn centers activating vast, with seen isn't we've to will Larry, now CT that think There help that U.S. at those are their where the of ordering We've have them are medical using prospects to and PYLARIFY benefits centers prescribing physicians We the and we now of referring adopters from patients XXX PET in many centers. PYLARIFY, access rates imaging request then PYLARIFY. country that about number the excited oncologists to still I question urologists in growth But vast the were across number same now as is, those X,XXX. grow oncologists seen. scans incredibly we've Yes. those so been the early for majority and not going continue come the that grow, that centers. imaging and radiation of have growth from fundamentally are

for significant the And we're so We receiving at still of potential. not reach for still [indiscernible]. there's and patients a growth opportunity that very still excited room to number think are significant

that -- participants, engage was Everyone, for had currently the approaches, our imaging. just about who Paul will we our a all completing to we will believe future the was physicians lines. to more his now. PET-based have comments talking in also if are significant -- patient those with as feedback translated from PYLARIFY to growth demand for also it we with echo on imaging activating just seems but I of quieted PSMA conventional come done generating translate which over pools for apologize will

Great. And just follow-up, status. on just, a the Mary, pass-through quick

I I at it's Day you know expires? a your of your at up think Can set that I once us too, -- won't couple and just think that came it thus think of you but -- minutes that pricing Analyst necessarily give can impact I far confidence this just discuss the just techincally end 'XX.

Larry. Absolutely,

a status that end place care for patient schema only what see the benefit pools to we benefit. the are of of -- center outpatient continue is traditional audience of understanding patients patients pool XXXX in will years. for to pass-through of status outpatient pricing hospital and So treated our who administration, the are as under insured the of Medicare an is The current and correctly imaging Medicare sites And applies. under PYLARIFY migration end pass-through out at decreasing piece the the what hospital traditional Pass-through we as for pass-through setting. what X pass-through administered been can educating as is in we for you well noted, having about

covered essentially would end combination as get to be we in smaller covered pass-through, of out results of patients by in So factors, the XXXX. by who both those are especially a especially of -- pool

PYLARIFY we which to a images seeing I'll purpose eliminate levels And legislation call create, radiopharmaceuticals and do is physician schema what of are we're of pass-through that could even called post the is loyalty a pass-through would the our satisfaction adoption which that monitoring period. the piece we you finally, we Act, here also we also with to carefully radiopharmaceuticals, the still is the physician and or what products, in PYLARIFY Now currently FIND I'll we very pricing results product to with stickiness, but permanent, will believe of for it they're to say a add other Pau, complex specific call a want would for say, means certain have reimbursement more anything? fair radiopharmaceuticals. it

it's No, Mary I think well Anne. said, very

Thanks much. Great. so

Just just quick. for Bob, last question real

Just trended on from it moving timing related there? little quarter-to-quarter? Was that down around like of of a sort lower. It there kind lower, just SG&A is the R&D looks operating expenses. sequentially. was little anything a Or

I a If it's on sequentially, quarter-to-quarter, around basis. just bit Larry. an line moving look much just in little pretty average It's

now do get particularly phasing the fourth here getting starts I ground. think work of year. program there that certain our operating that You to signal quarter. the the We've during puts though the lot trying about expenses doing am been in fourth are implementation when quarter, a I associated ERP with for off program, and and discovery takes

do incrementally be So to it higher. expect I

marketing, into small and small work really sales in you as -- prostate playing, around cancer are do this advanced if also to in talking particularly the of will, the We mean are of market I I'm different know, But doing we research kind in dive numbers. we we as markets we're -- which arena. opportunity millions, and using don't tens

the for thanks question. So

Appreciate all Thank Great. color. you. the

the Anthony I from Mr. Mizuho Anthony, with by come please will will line. Petrone while of stand question your you Anthony? Group. up next Our line open

Hello?

Yes.

Your opened. line been has

Okay. you. Thank Great.

back to the the on end PYLARIFY and XQ across stay sites on X,XXX of XX states. a couple Going at

of the and would about Paul, of number? going about we think growth we certainly So at of terms trained that there when United is PYLARIFY. are the upper into getting wondering, prescribing out States, you bound the actual just be then physicians think kind the forward in sites? the what Just site, And sites number when penetration in additional

you is of average when And on where physician the So on across have number the sites follow-ups. level X,XXX? that think about level, I'll a at a penetration couple

Yes. the question. Thanks for

sites source will exact I So number we I when IMV kind note sites, of best probably of number the to because total that not around the to. centers think may the mobile many country look think annualized is or an or X full have cameras a kind mobile a X,XXX in minus that days anywhere camera X But basis, of plus is think that you when on week. of have of the range.

I focused centers. the big on think we've naturally

X,XXX, we still to when but PET to that There will open where we so additional number from grow, And are think about continue decreasing at growth geographies think PMS. a rate. we in are certainly CT centers

is. are you to PET in areas clarify.com, still coverage where where we the add as our PMF those can across have to refer and We areas, do you we those add country see build capacity in some centers. If CT really additional

the to that more have point, to from growth comes from imaging, were for through excited early volume that adopters we and driving not have as PET bulk PSMA prostate and But to example, of and initial that activating your been that existing centers, indication, in agent the urologists commercial not The are come indication. years is going the staging those first expecting but the PET in an urology. oncologists

agents not space in necessarily building. market much So that's that used PET very we're before. a still were

ensure community able all them PYLARIFY. prescribed your group tremendous to to that appropriate still urologists, your a of urology so candidates activate amount large practices, education to be And there's are being to there have

a put and see as incredibly haven't continued And continue for activate we we so we're excited marketplaces. it, future for number to on growth the those PYLARIFY but

at bit little spotlight with comparable more a the Gallium-XX PET competition. PSMA just the than seems agent. a results Blue there out ASTRO And on Earth and follow-up imaging

wondering come Just on how when there? market? a competitive we dynamic you thoughts similar have shifts Any think the agent

with XX think one just XXXX? again, for I And are Maybe one F that there and statistics throw proceeds Flurpiridaz to on available XX reminder GE. how out Thanks. on you then last market total the for in want the me, just a market in that

Mary morning, speak little to in want Good color. a and if jump bit additional questions Anne. they Anthony. anyone add your else to I'll It's here then can

are this we I already market in suggested into firmly to obligation. It's think, established might we've leader. and question We taken moving back, We remain was be this as mode. almost a that a -- morning growing in protective like this market goes

that years, seen to over even F you've XX-based of the parallel and that But remain -- will PYLARIFY. introduction set to a And competition. and the closer we in entry amidst be, networks second commanding market-leading from this going think that XX-based especially PSMA guess is and very I up, be that right, product of another that are market, the F would PMSA-based same our the confident leader PYLARIFY we've the remain imaging behavior PET the agent. with PMF us focus, I will true a you're DEFINITY the with after

used from with part to -- after and per Flurpiridaz, for academic cancer. PSMA-based with an is and currently, say, incredible modality specificity we've happen to X.X with health much black -- to care just then over analogy F there imaging There's care kind their that States of then the moving SPECT-based images that PYLARIFY, def market to imaging This that and done standard products the and is imaging XX and on procedures done. of wholesale as to imaging to F TV for and in it's with I market and the clarity combination million very are And modality. images. prostate market in from for SPECT-based can closely PET produced we seen a definition, F a The annual XX I here availability and we with is NPI we've the of specificity, true X or fair XX of is now. what is that I switch the same used TV. that, mentioned, the -- know at and HD se the PET about with it's high of clarity imaging. white And artery of Cardiac United coronary our think of and that with GE as imaging the it what more And as disease sensitivity the and is Healthcare, is market Flurpiridaz an the isotope high basis, product well, the describe relationship market. this seen To be care look with switch images standard make that the we been of years. sensitivity the an of we've PYLARIFY -- XX-based The the clarity cardiac just

that once physicians much into we we partner. So very will look we're we've take forward the PSMA-based awareness bringing that, embrace in with see fashion on our is product who product and approved will what market partner confident PET that GE a lead to to imaging. the our seen is that the similar

seen XX have competition. Blue and as Maybe I Earth think I'll greater voice in grow imaging in really add and overall now PSMA help just XQ. this said, as $XXX on a from F of I'll awareness I just We've million We One, mentioned will and $XXX add. market. specifically both combined Mary annualized already. and of the north grow Maybe million to -- around PET north XQ the

overall excited incredibly to continue we're so market. And to grow that

they've right data one of on their you're clinical note that to think published trials. I

progress access, in with yet The out, we've progress not do the made seen sites there's a regardless the on of we market all have we note contracting then I And other is our network. trial. would PMS up using how active. coverage, pass-through that we've now advantage. think a as pieces on significant We put and advantage. significant first of Is in when already made also PYLARIFY, those But place mover including X,XXX plays think data first-mover and

the We XXXX of some making have players F through preferred status cyclotron with XX. contracts through major

to be scan feel with forward. PSMA we in continue market so going to is well positioned And patients what left to leader market many an the more ever-growing

incredibly excited. we're So

Thanks. you. Thank

I And should question Newitter open of Please line by open. Richard our while next Newitter Mr. stand Richard Tuist, line. from up with of your his comes be Mr. the Truist. line

if update And the give guidance Hi. Did I'm that? Thanks sure provide clarified missed could range guys if specific questions. the not or you taking it. so, there? I you for

specific, give around give. I did do it not the the I implied that we So did guidance but is Rich, math mean when you

in range, about XXX. of year had prior So a guidance we range think the to implied I full XXX

the XXX range will. right to the you which is the will, of for about range sort of Now sort year, in bracketing then you now that go around a I've year, XXX a there's type sort if it, the full XXX X X if -- refined number in QX to gives and weeks in you of to

For XQ?

XQ. For

Yes.

for from have Okay. about guess, sequential to think topic, online is I any exiting And think now unit past Thanks. be exiting the secondly then every you've you improvement the this can all getting demand continuing you a dose I right it's we that to supply? and it And that that? is think capacity that other XXX,XXX range. should isn't coming there 'XX? in talking 'XX, to getting you up huge. -- PYLARIFY, used? ramping seems you think XXX,XXX about is to Where Where reason I I in like user guess, that bigger how are words, produce not But do base. currently? about talked guess, In on you're to level capacity outstrip you'll

comments dose But last I'll every start last some So Rich, level in can your more that jump about very there -- numbers. getting is comfort then Paul with our to and question used. specific

is this batch product. reminder, a manufactured as a Just

with XX-plus they're more And so produced they that in to be have doses, make they do would it certain I -- could for product, which rural is don't back a full day. you producing say, that as with in demand what but be optimally geographies F a where possible the for batch given can more have that XX the

-- capacity geographic is part of that very you are really any? we redundancy, point, from to which these with to then Greater we we our And a the more an now area capacity service are we because and to everyone York plan -- and Paul, So the continue That do redundancy we ramp into where in sites but to continue markets. add opened recently up, one and redundancy, demand built opportunity are as had, has mentioned Paul thrilled we've call area. to economics the -- want it. and assumptions areas the to we already see where rollout is was large or as especially add some New your continue other want been to with of that additional our there our our we're capacity perspective,

No. Yes. Thanks, Mary Anne.

go I your into question. think to

added. new noted Alabama, For we right? Colorado, the overall second since PMF Utah, of end the continue this, capacity the we've and and regions, redundancy, to Iowa increase We quarter

those Now sites we've doses. been and in in served we've bringing patients but markets,

to the workflow flexibility of centers. customers, And of better time of in have bring CT obviously it's so can for we local more able meet PET better to be provides in, it's for the needs but in manufacturing we doses that can doses number only there. terms the patients not It that the bring to

area in Mary As City places Tennessee. and Anne building York we've like been Metro in redundancy mentioned, New

on to to been invested meet day also are traces of the needs of over in PMS the since And cyclotrons the there of the about truly and on now have multiple annualized course I continuing existing you're about and boxes. We've the to run able customer redundant. XXX,XXX multiple would ahead the now XXX,XXX. capacity of capacity, that we've then add that we're going base. sites overall batches right, the by we based the basis, the we're year the end highlighted When we think to note an to that be

There national in on are it don't matters how and we markets a where the there to still the relevant, and medical to -- want evolving. to meet so very need capacity number call much build I redundancy a practice And it but local it's market.

need we grow also future. help? excited to continue ensure We we're that because that the about to incredibly Does

Yes. just Yes, in ramp? the And does. it implied the XQ assumptions maybe underlying

just Richard, underlying assumption clarify you demand. The question? around can your

of implied guide an have You XXX.

guidance number? a maybe your about approach to any So And guided get arrived flat to historically that? Why talk You that to the right at kind just of to is the slightly, you what how to then you assumptions little that bit key Thanks. is guess, are different? up us I level? sequentially

So approach would say consistent. remains our guidance to I

now on about been say it but we've in as still something a to a think talking I how we established in as launch. forward communicate still I that's are we're I also a kind time, to basis. we've like PYLARIFY we a a choose long of company would launch. know for feels

that because large you on could perspective community And be we entire -- spectrum the Until opportunity to to we continues Paul say, each embrace we see medical the our that's aware PYLARIFY of us, on that cancer, ongoing so the we we're is do, guidance within can this of research has understand community. our so be from for implied community seen these across generation for that what to from us note exceed would something I a market that the but choosing to disease demand I better products. operationally, the -- to we conservative research And slightly medical you've prostate and that with some do -- is how very also to ongoing indication, with practice which work have think -- -- intent numbers you'll fully quarters. I an us is continue continue we labeled think not the bracketed are not a specific are of say still

with prior in experience This And the year, was point it quarter, where a million expanded much million, believe Rich, year I $XX are into like $XX -- just network is with quarter holiday would year. coming did the also within entering the year And holidays. the major that the first the last last I we season. more that out of where want of to we time

make sure dynamics year. of understand we fully how to that those the that want part we So work in

Thank you.

to Please the up from comes is I question questions. pose line for line of with next your Our Matt, Taylor. Matt with standby open your line Taylor Jefferies, you Mr. your Matt open. while

okay? Thank you. Can you hear me

sir. Yes,

Good morning, everybody.

Good morning.

Good Bob. morning,

X up follow to wanted I So things. on

within kind is you know what about this grow see of you that? being cetera, us competition thoughts to of you unprecedented and next talk that couple that market Could I advantages have, you the more ability high-level or launch. setting up you online. on this an one the could years, move some framework come about give of could as given So be when think is, network, et growth first Maybe your think any you

So to Matt, get the year. of the in next that understand we how interested of end people obviously, as year we part kind are looks this

growth contributions the and healthy that think and we XXXX, to about DEFINITY. in certainly in from expect business products we leading get expect PYLARIFY we our the certainly totality for As from XXXX, its

street free grow the that going models as to perspective that -- planning we million, as this and the we're how of we record that that about are think kinds and so discussing. be you quarter to So horizon cash to near-term as going cash see be -- -- see in the position perspective business, a we our of this what nearly we're a of think saw from really we look, do from to company going to continue able to of profitably we're the we kind did flows, those we're here numbers free with $XX number going grow, third flow to strengthen are able of comfortable into continue

offer to we're And I here for would annual not just add, XXXX. guidance Matt,

continued that generated because will market. the into and as therapeutic look However, PSMA for here, tried major generating patients continued we've the repeatedly but we only staging growth kind at markets for entrance significant also we've offer the already agents imaging the of we now, that continued of not of for see for we're demand -- be initial to the of in what in X if market, recurrence,

but speak other, we call, market, have the the echocardiography market. which, I'm States we've of again, medical historically -- echocardiography the to DEFINITY. during the didn't today -- to softness total in number this did seen in we sorry some, tried done then that say, Paul the On offer I'll never total United influence significantly our studies

of softness visits an underway, what and use the cardiology education both studies ultrasound-enhancing have decrease seen to some X impact echocardiography pointed studies of of in-office of see total the we medical All DEFINITY of the challenges, agent. staffing into rates been of level already on always then ultrasound-enhancing based we an our at continued in the increased or year-over-year and down but of coming has level. then demand the heals echo bear addition as studies kind kind we to percentage nursing as number for agent. itself coming then from that would at for of see growth of number If be use the year, sonography increased tech expect a what improved the a and will

you cash could And the would talk of there. you one do about the how mentioned for more of that you -- portfolio Thanks as the cash. about flow kind thoughts lot be here? did tuck acquisitions? certainly pile I you Can a want you and synergistic, additive to about you're about what kind into building with you ask of what and that thinking think things on strategically doing

speaks to of of have think we already we type say tuck relationship. I'm obviously our the acquisition like attractive ourselves could for to We as our we out a because quickly, do what highly that just and Bob. are about ourselves talent here into see with we start a brought more a as very question you going for I it's I'd and see that for that like care. that looking that with portfolio. partner then what talk to companies Matt, -- But there And kind under are very assets, assets we've company, chosen have demonstrated Progenics what the

as in remarks of if did visibly are also our in And near make on their go to our in clearly those hard that are to we make certainly, chain manufacturing leverage I which to of my growth, assets stage we commercial on or candidates we that to the or Investor But And our core as and fill prepared we are our to back products focused what working company. going terms just are a late-stage these sort what are diligence margin. high in commercial terms comment environment want working opportunities. are can likely targets a interested capabilities do Yes. supply sure robust are get in. be in of Day the to high But I we OpEx, doing, of pipeline product

think From we're to to to company accretive, type the going been to a targeting to we double-digit drive looking that, looking term. the opportunities be as gross long kind expanding obviously, particularly the drive we're the of to financial to at and with transform be perspective, sustain able are have margin able Progenics able maximize margins. to growth we're assets drive acquisition of how sort you And profitability EBITDA margin those and and about

be to criteria So -- to going out types again, long-term I help of that sustainable the metrics filling we're to these done achieve are filling going drive, like able profitably. work think that to these said, hard I growth really

when to be math Thanks, Bob. at would look this XX% you And customer added you dollars I have more one last I one, per just so the wanted the customers. ask quarter, about basically

You did XX% more sales.

those didn't about the So very go? could those I don't expectations could and played you change seasonality dynamics kind sales stocking for imply if same or like in. But of talk same-store would you the forward -- sales that things much. know think maybe going same-store where But

we've think unique some radiopharmaceuticals the in with -- new is question. being same-store the congratulations with on one. the that ability of I here, what seen sales this back so and never already your Well, a to I've apply same-store. had Matt, that Q&A And before, is comes conversation to

redundancy to markets. the and those service in geographies to U.S. the in better penetrate So additional bring significant capacity and

calculate geographic So think not what we as in from that patient we will that larger But way concentration to defined you've say areas we it. perspective, it's it's in see referring I quite would the the same-store something is, to improvement asked you're having again, -- a the question, where, the for continue in sales.

there, some and understand Yes, added question. totally color Matt, maybe just the

base. I I'll in hasn't is comes customer That customer changed about about base XX% a information go to XX% core think that of shared of percentage. materially business the the key from terms I piece, of back our and of earlier our bit

in are imaging while we're those by imaging adding freestanding of regional vast academic large smaller sized significantly new and hospitals, in smaller been centers imaging place centers, have so centers, centers place. And are large the of and majority

to continued continuing sales, we're ad more sites, we're growth. driving you It sales, and will, volume necessarily same-store our the growth. referring growth in on think a that's to grow not really focused same-store I if parlance the understand, imaging by what I that we're so And of driver seeing centers and existing which those driving and that's is be key are activating at going future physicians, really

very Thank you. you Thank much. Okay.

welcome. Your

next from Trading. with come of line will Our call Jones Walsh the Justin

I Justin, for up please as pose your line by your to you stand open questions.

should open. line be your Justin,

It EANM. Hi. PYLARIFY taking would penetration? was qestion. you showcased seeing has as users meeting? reception How at feedback from for received Thanks PYLARIFY And characterize its you great the market that the at some AI continued rapid its maybe

with We them further were that at the and continue are thrilled question. your take the and I'll of happening the further practice going to or associated and we these product. will them associated the whatever we're offerings with products medicine say what's used of efficacy Anne, that very of the products complementary is of embellish use that with to where rise, EANM, this -- is reception MarY improve is have indicative this Justin, and therapies think of mandate

the a of a on case it consistent reader offers and screen. what imaging PSMA quantification augments across see can body regions interpret important PYLARIFY in this So physician of AI, the and

we it's think we that complementary, doing and I ensure can it's and So integrated. very everything necessary fully much embraced as to are

today, the had Sso ubiquitous. workstations about And important we it an heard you to additional that's will Does which be essentially this announced announced. the that PYLARIFY we are supporting. AI think absolutely medicine being And what in this nuclear images. already make and So makes? trend collaboration are complements radiologists that that read physicians present the used we these that already by one we

is typical, fully software these -- embraced adoption perspective, you really -- understand come is think tend will pieces the an what research in workflow. be first because clinical and that's that product that additional see to to where how and of into we products play these from I the From also

then, to which really we we've lead market, we're in major commercial adoption seen States across also the rate especially pleased centers the the academic well. adoption believe, will as for applications, So with United research

promote Yuan come up will question I as your Zhi is lines. of final please Yuan, from Yuan, open. open by with the B. to Our line Riley. you stand line your

be to strong quarter. will the Good you morning. another I our guess first say I for congrats one Thank taking questions. today on

Thank you.

Yuan. you, Thank

any staffing heard last quarter yield radio you have the quarter? the first, shortage in imaging of which in technicians the impacted might of So have PYLARIFY

question. which is Yuan, feedback. centers anecdotally CT not the us answer not historically we not -- this part one is PET is as is, as is And that I'll answer But have to suites. of echocardiography the market, that had this that familiar imaging

-- can our response know think very there shortages that produce And affirm centers. good what relationships that have stronger deny We have we've long. good But echocardiography there whether staffing there's they CT ensure so seen cannot because shortages in that PET staffing no for so be we any there have among is at into PMS so imaging been or support I -- produced our and we place insight partners, to very there. I

That's is the imaging on agent. second question NM-XX, helpful. it. our PD-LX clinical the II And very trial Phase of Got

May. had the in guys patient you dosed So first

can and line Just want have provide enrollment update you trial the line top to the time there? to data the maybe an check -- of

when we only trial first next would So, and we hit speak to time, still significant an Yuan, quarter probably in, patient If trial. we But not, it make update having XXXX we milestones. publicly offer at I are reported on will it update an of as be that cannot this enrollment. will this I time on first the anticipate at

back will turn question-and-answer That to her I our for Mary Anne closing the concludes over now call remarks. session.

for on year a us continue XX -- joining be more the provides proud we another Lantheus. for corporate and patients. the to business the Their care strategy innovate of the hard delivered. extremely focus evident In life-changing one strong results has results I'm than third health our to of today's proves our and was in for everyone, XXXX our years closing, historic you, and for matters team outlined are what out today. we call. on quarter to to Thank professionals as science, dedication work, Building deliver patients Lantheus on

to deliver As disease and the patient everyone. our to to be continue find, to better fight, follow close, we outcomes. driven Thanks, year by a comes purpose

Lantheus earnings the concludes This call. third quarter

disconnect. now may You

Great. Thank you Thanks, very much. gentleman.