Lantheus Holdings Inc (LNTH)
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Lantheus (Nasdaq: LNTH) makes cancer visible in PET scanners — and ranks no. 3 in our Terry Smith Quality scanner (U.S. selection, as of July 18, 2026): return on equity around 23 percent, operating margin above 21 percent, top balance-sheet scores. We read the annual report (10-K) for 2025 and the latest quarterly report (10-Q) — and they tell the other half of the story: roughly 64 percent of revenue hangs on the prostate cancer imaging agent PYLARIFY, whose extra Medicare payment expired at the end of 2024, whose price is already falling, and whose statutory exclusivity ended in May 2026. Not investment advice — just a reminder that a seal of quality is not a moat.
Appears in These Scanners
This stock currently matches 14 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Sells AILantheus kommerzialisiert eigene KI-Medizinprodukte: Die Sparte Digital Solutions (Tochter EXINI) vertreibt die FDA-zugelassene und CE-gekennzeichnete KI-Software aPROMISE (in den USA als PYLARIFY AI vermarktet) sowie den Automated Bone Scan Index an Kliniken für den klinischen Einsatz und an Pharmaunternehmen für Entwicklungszwecke — laut 10-K Teil des kommerziellen Portfolios mit Erlösen in der Kategorie Strategic Partnerships and Other Revenue. KI-Produkte sind damit dokumentierte Umsatzquelle (Vorrang-Regel: verkauft vor nutzt); daneben beschreibt das 10-K auch operativen KI-Einsatz im Konzern.
View the full file — quotes, sources, reviewed filings
„Our Digital Solutions include artificial intelligence medical device software, such as aPROMISE and Automated Bone Scan Index, both of which are FDA cleared and received a European Conformity Marking."
Unsere Digital Solutions umfassen KI-Medizinprodukte-Software wie aPROMISE und den Automated Bone Scan Index, die beide von der FDA zugelassen sind und eine europäische Konformitätskennzeichnung (CE) erhalten haben.
„aPROMISE, or PYLARIFY AI is an FDA-cleared AI medical device software that is designed to allow healthcare professionals and researchers to perform standardized quantitative assessment of PSMA PET/CT images in prostate cancer, including those images obtained by using PYLARIFY."
aPROMISE, auch PYLARIFY AI, ist eine FDA-zugelassene KI-Medizinprodukte-Software, die es medizinischem Fachpersonal und Forschern ermöglichen soll, PSMA-PET/CT-Aufnahmen bei Prostatakrebs standardisiert quantitativ auszuwerten — einschließlich der mit PYLARIFY gewonnenen Aufnahmen.
„We deploy AI and other emerging technologies in various facets of our operations and we continue to explore further use cases for AI."
Wir setzen KI und andere neue Technologien in verschiedenen Bereichen unseres Geschäftsbetriebs ein und prüfen laufend weitere KI-Anwendungsfälle.
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-06 · 10-Q 2025-05-07 · 10-K 2026-02-26 · 10-K 2025-02-26
Rated on July 18, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.17 | -111.50 | 391 | 10.50 | -3.00 | 155 | 139 |
| 2025: Q1 | 1.02 | -45.40 | 373 | 0.80 | 19.60 | 108 | 99 |
| 2025: Q2 | 1.12 | 27.40 | 378 | -4.10 | 20.80 | 87 | 74 |
| 2025: Q3 | 0.41 | -77.10 | 384 | 1.40 | 7.20 | 105 | 95 |
| 2025: Q4 | 0.82 | – | 407 | 4.00 | 13.30 | 90 | 81 |
| 2026: Q1 | 1.80 | 76.40 | 377 | 1.20 | 31.40 | 125 | 122 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Return on equity around 23 percent, operating margin around 22 percent, debt-to-equity of 0.6, interest coverage around 20, Piotroski 7 of 9 — and $390.1 million of operating cash flow against $36.1 million of capital expenditures in fiscal year 2025 (10-K FY 2025; scanner data as of July 18, 2026).
Roughly 64 percent of revenue comes from PYLARIFY, which shrank 6.5 percent in 2025 and another 6.5 percent in Q1 2026 — per 10-K/10-Q because of a lower net sales price after TPT Status expired on December 31, 2024; CMS now reimburses on a mean-unit-cost basis.
PYLARIFY's five-year NCE exclusivity ended in May 2026; three Ga-68 competitors and another F-18 agent are on the market, copper-64 tracers in development, generics possible per the 10-K. Against that stand patents and the hard-to-copy cyclotron delivery network for the 110-minute isotope F-18.
A solid balance sheet ($1.09 billion of equity, Altman Z above 8), but cash fell from $912.8 million to $359.1 million within a year — $575.6 million net for the Evergreen and Life Molecular acquisitions plus roughly $300 million of buybacks; the $575 million convertible note also comes due in 2027 (10-K FY 2025).
Neuraceq already contributed $35.4 million of revenue in Q1 2026; MK-6240 and NAV-4694 dock onto the anti-amyloid boom, and the legacy SPECT business was sold. The bet is strategically coherent but young — and its architect has not been named: CEO search since January 1, 2026, interim leadership by the board chair, the president gone since November 2025 (10-K FY 2025, Item 1A).
Lantheus delivers Terry Smith numbers straight from the textbook — high returns, genuine cash conversion, a clean balance sheet — and deservedly ranks no. 3 in our Quality scanner (U.S. selection, July 18, 2026). But the scanner measures the past: roughly 64 percent of revenue hangs on PYLARIFY, whose extra Medicare payment expired at the end of 2024, whose net sales price is falling and whose NCE exclusivity ended in May 2026; net income fell from $326.7 million to $233.6 million (2023–2025), and half of the Q1 2026 EPS jump was the one-time SPECT gain. Whoever invests here buys a race between a young Alzheimer's diagnostics franchise and an eroding blockbuster. Not investment advice.
- LNTH landed on the research list via the in-house Terry Smith Quality scanner (U.S. selection, rank 3, as of July 18, 2026). The filter replicates the published Fundsmith criteria (ROE ≥ 15%, EBIT margin ≥ 20%, cash conversion, debt-to-equity ≤ 1, interest coverage ≥ 10) — deliberately without a valuation threshold and without a moat check.
- Scanner metrics (P/E, P/S, P/FCF, ROE) are computed on trailing or estimated figures; after exclusivity and TPT Status expired, the earnings base can change faster than trailing metrics reflect — the order of magnitude matters more than the decimal.
- Price and valuation figures dated July 18, 2026 (market value roughly $7.1 billion); analyses are evergreen, daily prices are not a buy argument. Identity verified via EDGAR submissions (CIK 1521036, domestic filer 10-K/10-Q, only former name "Lantheus MI Holdings, Inc." pre-IPO 2014/2015).
About the Company
Lantheus Holdings, Inc. entwickelt, fertigt und kommerzialisiert diagnostische und therapeutische Produkte, die Klinikern bei der Diagnose und Behandlung von Herz-, Krebs- und anderen Erkrankungen weltweit helfen.
| Employees | 1,193 |
|---|---|
| Headquarters | Bedford, MA |
| Website | lantheus.com |
| IPO Date | 25. Jun 2015 |
| Next Earnings | 5. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Mary Anne Heino | Interim CEO & Executive Chairperson | 1960 |
| Robert J. Marshall Jr., CFA | CFO & Treasurer | 1967 |
| Daniel M. Niedzwiecki | Chief Administrative Officer, General Counsel & Corporate Secretary | – |
| Amanda M. Morgan | Chief Commercial Officer | 1979 |
| Ludger Dinkelborg Ph.D. | Head of Research & Development | 1963 |
| Neil Holland | Vice President of Business Insights & Operations | – |
| Kimberly Brown | Chief Accounting Officer | 1991 |
| Dorothy Barr | Senior Vice President of Manufacturing & Technical Operations | – |
| Lee Anne Howe | Chief Information Officer | – |
| Mark Richard Kinarney | Vice President of Investor Relations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.