Revenue growth has decelerated significantly from 34.5% in 2023Q4 to 1.2% in 2026Q1, while gross margins have simultaneously contracted to 61.2% from a 68.1% peak.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 1.55B | 1.54B | 1.53B | 1.3B | 935.06M | 425.21M | 339.41M | 347.34M | 343.37M | 331.38M | 301.85M | 293.46M | 301.6M | 283.67M | 288.11M |
| Revenue Growth % | 0.62% | 0.5% | 18.32% | 38.65% | 119.91% | 25.28% | -2.28% | 1.15% | 3.62% | 9.78% | 2.86% | -2.7% | 6.32% | -1.54% | - |
| Cost of Goods Sold | 611M | 599.66M | 545.62M | 586.89M | 353.36M | 237.51M | 200.65M | 172.53M | 168.49M | 169.24M | 164.07M | 157.94M | 176.08M | 206.31M | 212.91M |
| COGS % of Revenue | - | 38.9% | 35.57% | 45.27% | 37.79% | 55.86% | 59.12% | 49.67% | 49.07% | 51.07% | 54.36% | 53.82% | 58.38% | 72.73% | 73.9% |
| Gross Profit | 935.17M | 941.95M | 988.29M | 709.54M | 581.7M | 187.69M | 138.76M | 174.81M | 174.88M | 162.13M | 137.78M | 135.52M | 125.52M | 77.36M | 75.2M |
| Gross Margin % | 60.48% | 61.1% | 64.43% | 54.73% | 62.21% | 44.14% | 40.88% | 50.33% | 50.93% | 48.93% | 45.64% | 46.18% | 41.62% | 27.27% | 26.1% |
| Gross Profit Growth % | - | -4.69% | 39.29% | 21.98% | 209.92% | 35.27% | -20.62% | -0.04% | 7.86% | 17.68% | 1.67% | 7.97% | 62.25% | 2.88% | - |
| Operating Expenses | 645.08M | 631.12M | 531.31M | 344.9M | 545.51M | 248.52M | 142.96M | 123.15M | 110.4M | 110.28M | 87.58M | 92.99M | 86.1M | 98.72M | 110.56M |
| OpEx % of Revenue | - | 40.94% | 34.64% | 26.6% | 58.34% | 58.45% | 42.12% | 35.46% | 32.15% | 33.28% | 29.01% | 31.69% | 28.55% | 34.8% | 38.38% |
| Selling, General & Admin | 464.71M | 453.81M | 371.63M | 267.19M | 233.83M | 218.82M | 110.17M | 103.13M | 93.33M | 92.16M | 75.37M | 78.63M | 72.43M | 68.26M | 69.96M |
| SG&A % of Revenue | - | 29.44% | 24.23% | 20.61% | 25.01% | 51.46% | 32.46% | 29.69% | 27.18% | 27.81% | 24.97% | 26.8% | 24.01% | 24.06% | 24.28% |
| Research & Development | 180.37M | 177.31M | 168.1M | 77.71M | 311.68M | 44.97M | 32.79M | 20.02M | 17.07M | 18.13M | 12.2M | 14.36M | 13.67M | 30.46M | 40.6M |
| R&D % of Revenue | - | 11.5% | 10.96% | 5.99% | 33.33% | 10.58% | 9.66% | 5.76% | 4.97% | 5.47% | 4.04% | 4.89% | 4.53% | 10.74% | 14.09% |
| Other Operating Expenses | 0 | 0 | -8.41M | 0 | 0 | -15.26M | 0 | 0 | 0 | 0 | 220K | -89K | 3K | 0 | 0 |
| Operating Income | 290.09M | 310.83M | 456.98M | 364.64M | 36.2M | -60.83M | -4.2M | 51.66M | 64.49M | 51.85M | 56.59M | 42.53M | 39.42M | -18.89M | -750K |
| Operating Margin % | 18.76% | 20.16% | 29.79% | 28.13% | 3.87% | -14.3% | -1.24% | 14.87% | 18.78% | 15.65% | 18.75% | 14.49% | 13.07% | -6.66% | -0.26% |
| Operating Income Growth % | - | -31.98% | 25.32% | 907.44% | 159.51% | -1348.9% | -108.13% | -19.89% | 24.37% | -8.37% | 33.05% | 7.9% | 308.65% | -2418.8% | - |
| EBITDA | 346.55M | 380.93M | 521.6M | 424.69M | 84.12M | -18.54M | 20.49M | 65.04M | 78.35M | 71M | 74.85M | 62.18M | 57.67M | 6.26M | 26.65M |
| EBITDA Margin % | 22.41% | 24.71% | 34% | 32.76% | 9% | -4.36% | 6.04% | 18.73% | 22.82% | 21.42% | 24.8% | 21.19% | 19.12% | 2.21% | 9.25% |
| EBITDA Growth % | -32.74% | -26.97% | 22.82% | 404.83% | 553.82% | -190.46% | -68.49% | -16.99% | 10.36% | -5.15% | 20.38% | 7.83% | 820.63% | -76.5% | - |
| D&A (Non-Cash Add-back) | 56.46M | 70.1M | 64.62M | 60.04M | 47.93M | 42.29M | 24.69M | 13.38M | 13.86M | 19.14M | 18.26M | 19.65M | 18.25M | 25.16M | 27.4M |
| EBIT | 313.53M | 333.54M | 450.65M | 430.96M | 33.9M | -67.29M | -2M | 42.24M | 66.95M | 58.05M | 54.91M | 26.94M | 39.92M | -17.63M | -542K |
| Net Interest Income | -8.97M | -19.75M | 17.17M | -381K | -4.57M | -7.71M | -9.24M | -12.93M | -17.24M | -18.39M | -26.62M | -38.72M | -42.29M | -42.81M | -41.76M |
| Interest Income | 10.84M | 0 | 36.84M | 19.64M | 2.61M | 45K | 238K | 686K | 167K | 18K | 0 | 0 | 0 | 104K | 252K |
| Interest Expense | 19.81M | 19.75M | 19.67M | 20.02M | 7.18M | 7.75M | 9.48M | 13.62M | 17.41M | 18.41M | 26.62M | 38.72M | 42.29M | 42.91M | 42.01M |
| Other Income/Expense | 83.58M | 2.96M | -26M | 46.3M | -9.48M | -14.21M | -7.28M | -23.03M | -14.94M | -12.21M | -28.29M | -54.31M | -41.78M | -41.65M | -7.19M |
| Pretax Income | 373.67M | 313.79M | 430.98M | 410.94M | 26.72M | -75.04M | -11.48M | 28.63M | 49.55M | 39.64M | 28.29M | -11.78M | -2.37M | -60.54M | -42.56M |
| Pretax Margin % | 24.17% | 20.35% | 28.1% | 31.7% | 2.86% | -17.65% | -3.38% | 8.24% | 14.43% | 11.96% | 9.37% | -4.01% | -0.78% | -21.34% | -14.77% |
| Income Tax | 94.64M | 80.23M | 118.53M | 84.28M | -1.35M | -3.76M | 1.99M | -3.04M | 9.03M | -83.75M | 1.53M | 2.97M | 1.2M | 1.01M | -555K |
| Effective Tax Rate % | 25.33% | 25.57% | 27.5% | 20.51% | -5.05% | 5.01% | -17.37% | -10.62% | 18.22% | -211.27% | 5.41% | -25.2% | -50.51% | -1.67% | 1.3% |
| Net Income | 279.03M | 233.56M | 312.44M | 326.66M | 28.07M | -71.28M | -13.47M | 31.67M | 40.52M | 123.39M | 26.76M | -14.75M | -3.56M | -61.55M | -42M |
| Net Margin % | 18.05% | 15.15% | 20.37% | 25.2% | 3% | -16.76% | -3.97% | 9.12% | 11.8% | 37.23% | 8.87% | -5.02% | -1.18% | -21.7% | -14.58% |
| Net Income Growth % | 9.72% | -25.25% | -4.35% | 1063.86% | 139.38% | -429.05% | -142.55% | -21.84% | -67.16% | 361.05% | 281.49% | -314.1% | 94.21% | -46.56% | - |
| Net Income (Continuing) | 279.03M | 233.56M | 312.44M | 326.66M | 28.07M | -71.28M | -13.47M | 31.67M | 40.52M | 123.39M | 26.76M | -14.75M | -3.56M | -61.55M | -42M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.24 | 3.41 | 4.36 | 4.65 | 0.40 | -1.06 | -0.25 | 0.79 | 1.03 | 3.17 | 0.82 | -0.60 | -0.20 | -3.34 | -2.32 |
| EPS Growth % | 17.9% | -21.79% | -6.24% | 1062.5% | 137.74% | -324% | -131.65% | -23.3% | -67.51% | 286.59% | 236.67% | -200% | 94.01% | -43.97% | - |
| EPS (Basic) | - | 3.46 | 4.52 | 4.79 | 0.41 | -1.06 | -0.25 | 0.81 | 1.06 | 3.31 | 0.84 | -0.60 | -0.20 | -3.40 | -2.36 |
| Diluted Shares Outstanding | 65.77M | 68.44M | 71.65M | 70.24M | 70.67M | 67.49M | 54.13M | 40.11M | 39.5M | 38.89M | 32.66M | 24.44M | 18.08M | 18.4M | 18.08M |
| Basic Shares Outstanding | 64.74M | 67.49M | 69.2M | 68.27M | 68.49M | 67.49M | 54.13M | 38.99M | 38.23M | 37.28M | 32.04M | 24.44M | 17.8M | 18.08M | 17.79M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Isotope supply chain dependency
According to recent financial filings, Lantheus has experienced a marked deceleration in top-line expansion, with quarterly revenue growth falling from 34.5% in 2023Q4 to a modest 1.2% by 2026Q1, suggesting that the initial rapid adoption phase of its core diagnostic portfolio may be reaching market saturation.
The transition from double-digit growth to low single-digit expansion indicates that the company is struggling to maintain its previous momentum in the competitive radiopharmaceutical space. Investors should monitor whether this trend reflects a broader market maturity or if competitive pressures from alternative imaging agents are beginning to erode the company's addressable market share.
As reported in quarterly income statements, the company's gross margin has contracted from a peak of 68.1% in 2024Q1 to 61.2% in 2026Q1, reflecting potential shifts in product mix or increased costs associated with the procurement of specialized radioisotopes required for its diagnostic imaging agents.
This downward trend in gross profitability suggests that the company may be losing some of its pricing power or facing higher input costs that it cannot fully pass on to hospital systems. The reliance on third-party nuclear reactor uptime creates a structural vulnerability that appears to be manifesting in these margin fluctuations.
Based on the provided income statement data, operating margins have fluctuated significantly, dropping from a high of 38.8% in 2023Q4 to 21.6% in 2026Q1, which implies that the company is not consistently scaling its operating expenses in alignment with its gross profit generation.
The lack of consistent operating leverage suggests that SG&A and R&D investments are consuming a larger portion of the gross profit pool than in previous periods. This may indicate that the company is forced to spend more aggressively on sales and marketing to defend its market position against emerging competitors.
While the company maintains a strong balance sheet, the income statement reveals a concerning trend where net income volatility, highlighted by the -$11.8M loss in 2024Q4, suggests that the business model remains highly sensitive to non-operating items and potential inventory write-offs inherent in radiopharmaceutical distribution.
Short-sellers may focus on the inconsistency of bottom-line performance as evidence that the core business is less predictable than the market assumes. The reliance on a few key products makes the company susceptible to sudden regulatory or competitive shocks that could rapidly impair its current profitability profile.
Quick answers to the most common questions about buying LNTH stock.
For fiscal year 2025, Lantheus Holdings, Inc. (LNTH) reported total revenue of $1.54B. This represents a 435.1% increase compared to $288.1M in 2012.
Lantheus Holdings, Inc. (LNTH) is profitable, generating $233.6M in net income for the fiscal year ending 2025 with a net profit margin of 15.2%.
Lantheus Holdings, Inc. (LNTH) reported an operating income of $310.8M, resulting in an operating profit margin of 20.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Lantheus Holdings, Inc. (LNTH) generated $942.0M in gross profit for the year, representing a gross profit margin of 61.1%. This demonstrates the company's core pricing power and production efficiency.