Revenue growth has decelerated sharply from 22.5% in 2024Q2 to 2.7% in 2026Q2, while gross margin compressed from 68.1% to 62.3%, indicating eroding pricing power and rising costs.
Lantheus Holdings, Inc. (LNTH) annual income statement — 14-year revenue, gross profit & net income history
| 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 | 1.56B | 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 % | 2.34% | 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 | 620.29M | 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 | 936.02M | 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 % | 60.14% | 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 | 633.68M | 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 | 460.59M | 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 | 173.09M | 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 | 302.34M | 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 % | 19.43% | 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 | 384.95M | 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 % | 24.73% | 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 % | -22.84% | -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) | 82.61M | 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 | 382.78M | 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 | -8.14M | 3.64M | 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 | 11.66M | 23.39M | 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 | 60.64M | 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 | 362.98M | 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 % | 23.32% | 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 | 87.67M | 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 % | 24.15% | 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 | 275.31M | 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 % | 17.69% | 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 % | 1.59% | -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) | 275.31M | 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) | 4.08 | 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 % | 10.11% | -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 | 67.52M | 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 | 65.16M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Revenue growth stagnation and margin volatility
Metrics are mathematically derived from official filings.
Growth Stalls After 2024 Peak
Revenue growth decelerated sharply from 22.5% in 2024Q2 to 2.7% in 2026Q2, with sequential declines in 2025Q2, suggesting a maturing product portfolio. According to quarterly financials, the company's expansion has plateaued.
The 2024 quarters showed robust double-digit growth (18-23%), but 2025 and 2026 have seen growth rates in the low single digits or negative, indicating a loss of momentum. This deceleration appears driven by market saturation or competitive pressures, as revenue has hovered around $370-407M for the past six quarters. Investors should monitor whether new product launches or market expansion can re-accelerate growth, as the current trajectory suggests a mature phase.
Gross Margin Compression Signals Pricing Pressure
Gross margin fell from 68.1% in 2024Q1 to 62.3% in 2026Q2, a 580 basis point decline, while peers like ResMed maintain 61.1%. As reported in income statements, this suggests eroding pricing power or rising input costs.
The consistent decline in gross margin over eight quarters indicates structural challenges, possibly from increased competition or product mix shifts. Despite this, the company's gross margin remains above the peer average, but the trend is concerning. If this compression continues, it could pressure operating margins and overall profitability, warranting close monitoring of cost of goods sold and pricing strategies.
Operating Leverage Fades as Costs Outpace Revenue
Operating margin swung from 35.3% in 2024Q3 to 25.8% in 2026Q2, while SG&A and R&D expenses grew faster than revenue. Based on reported figures, the company's fixed cost base is not scaling efficiently with slower growth.
In 2024Q3, operating income was $133.7M on $378.7M revenue, but by 2026Q2, operating income fell to $100.2M on slightly higher revenue of $388.2M. This indicates that operating expenses, particularly SG&A, have increased disproportionately, eroding operating leverage. The company appears to be investing heavily in sales and marketing or R&D without corresponding revenue growth, which may be a strategic bet but currently dilutes profitability.
Earnings Volatility Masks Underlying Stability
Net income swung from -$11.8M in 2024Q4 to $118.4M in 2026Q1, with EPS ranging from -$0.17 to $1.87, driven by non-operating items and tax effects. According to financial statements, reported earnings are highly volatile.
The large fluctuations in net income, such as the $131.1M in 2024Q3 and 2024Q1, appear to be influenced by one-time items or tax benefits, as operating income did not show similar swings. For instance, 2026Q1 net income of $118.4M on operating income of $81.3M suggests a significant non-operating gain. Investors should adjust for these items to assess underlying earnings power, as the reported EPS may not be sustainable.
R&D and SG&A Escalation Pressures Margins
R&D spending rose from $24.1M in 2024Q3 to $38.2M in 2026Q2, and SG&A from $84.2M to $103.4M, outpacing revenue growth. As disclosed in quarterly reports, cost discipline appears to be weakening.
The increase in R&D and SG&A expenses, particularly in 2025 and 2026, suggests management is investing for future growth, but the lack of corresponding revenue acceleration raises questions about efficiency. SG&A as a percentage of revenue increased from 22.2% in 2024Q3 to 26.6% in 2026Q2, indicating overhead creep. If these costs do not translate into higher sales, operating margins will continue to compress.
Growth Stagnation and Margin Erosion Risks
The most significant risk is that revenue growth has stalled while margins are compressing, potentially leading to a de-rating. Based on the data, the company's competitive position may be weakening, and the market may question its growth prospects.
Short-sellers would highlight the deceleration in revenue growth from 22.5% to 2.7% over two years, coupled with a 580 basis point decline in gross margin. This combination suggests that the company may be losing pricing power or facing increased competition, which could lead to further margin erosion. Additionally, the volatility in net income, including a loss in 2024Q4, raises concerns about earnings quality. If the company cannot stabilize margins or re-accelerate growth, the stock could face multiple compression.