Shares of Lantheus Holdings, Inc. (LNTH) are slipping over 10% on Thursday morning. The company reported its second-quarter results that beat analysts' estimates. However, the company's third-quarter outlook was below current expectations of Street. Separately, Lantheus also announced an agreement to sell Relistor royalties to HealthCare Royalty.
LNTH is trading at $73.29, down $8.53 or 10.43%, on the Nasdaq. The stock opened its trading at $74.35 after closing Wednesday at $81.82. The stock has traded between $47.46 and $100.85 in the past 52-week period.
The company's second-quarter profit was $94.1 million or $1.33 per share, compared to $43.1 million or $0.61 per share last year.
Adjusted income $1.54 per share, as compared to $0.89 per share last year. Analysts polled by Thomson Reuters expected earnings of $1.31 per share for the quarter.
Revenue for the second quarter surged 43.8% to $321.7 million from $223.7 million last year. Analysts had a consensus revenue estimate of $305.75 million.
Looking forward to the full year 2023, the company now expects adjusted earnings of $$5.60 - $5.70 per share and revenues of $1.245 billion - $1.27 billion. Analysts currently estimate earnings of $5.58 per share and revenues of $1.25 billion for the year.
Previously, the company expected adjusted earnings of $5.45 - $5.70 per share and revenues of $1.23 billion - $1.27 billion.
For the third quarter, the company expects adjusted earnings of $1.30 - $1.35 per share and revenues of $310 million - $315 million. Analysts currently estimate earnings of $1.37 per share and revenues of $316.89 million for the quarter.
Lantheus Holdings announced the divestiture of its Relistor net sales royalties. The sale of this non-core asset strategically aligns with Lantheus' long-term vision and growth strategy, allowing the company to enhance its focus on the core radiopharmaceutical business and fuel further investment in this growing field.
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