Lantheus Holdings, Inc. (NASDAQ: LNTH), through its subsidiaries, operates as a fully integrated provider focusing on innovative imaging diagnostics, target therapies, and AI solutions to aid in treatment of serious medical conditions. Shares of the diversified medical company are surging 36% through early trading on February 24, 2022. Over the past three months, Lantheus Holdings has seen average daily volume of around 394,210 shares. However, volume of 2.71 million shares or dollar volume of around $106.45 million, has already exchanged hands through early trading Thursday.
Shares of Lantheus Holdings are gaining after the company announced that it has entered into an agreement with Palette Life Sciences to support awareness and promotion for PYLARIFY in the United States. PYLARIFY is an injection that features a fluorinated small molecule PSMA-targeted PET imaging agent. This allows health care professions to gain imagery and visualization of lymph nodes, bone, and soft tissue metastases to determine the presence of cancer. The treatment was approved the U.S. FDA in May 2021.
Under the agreement, Lantheus will leverage Palette’s specialty Urology and Radiation Oncology sales teams to reach a greater share of medical professionals within the United States. Palette will be compensated based on a fee-for-service basis. The agreement is non-exclusive, one-year term agreement, which has the option to be extended. The joint promotional efforts are estimated to begin in April 2022.
“We are pleased to collaborate with Palette to expand our own promotional efforts, as well as the promotional efforts of our PET manufacturing partners, with a dedicated urology and radiation oncology sales team,” said Paul Blanchfield, Chief Commercial Officer, Lantheus. “Following the successful launch and rapid adoption of PYLARIFY, we are doubling down on our commitment to improve patient outcomes by increasing our ability to reach even more physicians who can use PYLARIFY to help find, fight and follow prostate cancer.”
In a separate press release, Lantheus Holdings reported fourth quarter and full year 2021 financial results. During the full year 2021, the medical holding company reported total revenue of $425.2 million, which represents year-over-year growth of 25.3%. Net loss for 2021 totaled $71.3 million, compared to a net loss of $13.5 million from 2021.
On a forward-looking basis, Lantheus has released full year 2022 revenue and adjusted fully diluted earnings per share guidance, which estimates a revenue range between $685 million – $710 million and EPS range of $1.95 – $2.05.
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