New York City-based Nitorum Capital fully exited its stake in Lantheus Holdings (LNTH 2.18%), selling 344,444 shares with an estimated transaction value of $28.2 million, according to a November 14 SEC filing.
What Happened
Nitorum Capital disclosed in a November 14 SEC filing that it sold its entire holding in Lantheus Holdings (LNTH 2.18%) during the third quarter. The firm eliminated approximately 344,000 shares, resulting in a net position change of approximately $28.20 million. The fund’s 13F reportable assets under management now total $569.28 million across 27 positions following the transaction.
What Else to Know
Lantheus Holdings previously represented 4.2% of AUM as of June 30.
Top holdings after the filing:
- NYSE:MLM: $50.13 million (8.8% of AUM)
- NASDAQ:CHDN: $45.38 million (8.0% of AUM)
- NASDAQ:MNKD: $35.24 million (6.2% of AUM)
- NYSE:DELL: $33.38 million (5.9% of AUM)
- NYSE:RBA: $31.74 million (5.6% of AUM)
As of Tuesday, Lantheus Holdings shares were priced at $66.53, down 27% over the past year and well underperforming the S&P 500, which is up 15% in the same period.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.53 billion |
| Net Income (TTM) | $167.68 million |
| Price (as of Tuesday) | $66.53 |
| One-Year Price Change | (27%) |
Company Snapshot
- Lantheus Holdings offers diagnostic and therapeutic products including DEFINITY (ultrasound agent), TechneLite (technetium generator), PYLARIFY (PSMA imaging), and AZEDRA (radiotherapeutic), as well as AI-enabled imaging software for oncology and cardiology applications.
- The company generates revenue primarily through the sale and licensing of proprietary imaging agents, radiopharmaceuticals, and related medical devices used in the diagnosis and treatment of cardiovascular disease, cancer, and other serious conditions.
- It serves radiopharmacies, hospitals, clinics, integrated delivery networks, and group medical practices globally, targeting healthcare providers involved in advanced diagnostic imaging and cancer care.
Lantheus Holdings, Inc. is a leading developer and manufacturer of imaging diagnostics and targeted therapeutics for oncology and cardiology, leveraging a diversified portfolio of proprietary agents and AI-driven software. The company maintains a strong presence in the radiopharmaceuticals market, supported by strategic partnerships with major healthcare and pharmaceutical organizations. Its focus on innovation and specialized products positions Lantheus as a key supplier to institutions seeking advanced diagnostic and treatment solutions.
Foolish Take
Nitorum’s move comes at an interesting time for Lantheus. The company still generates serious cash, reporting $384 million in third-quarter revenue and nearly $95 million in free cash flow, but the quality of those earnings is under pressure. GAAP EPS fell to $0.41 from $1.79 a year earlier, while adjusted EPS declined to $1.27, reflecting rising costs tied to acquisitions, integration, and a heavier R&D load.
That matters because Lantheus is no longer a simple growth story anchored solely to iPYLARIFY. Sales of its flagship prostate cancer imaging agent declined 7.4% year over year, even as precision diagnostics revenue elsewhere grew. At the same time, management is navigating a CEO retirement, a portfolio reshuffle, and ambitious regulatory timelines with multiple PDUFA dates stretching into 2026.
The exit also stands out in context. This portfolio remains diversified across industrials, gaming, and tech, suggesting the decision was company-specific rather than a wholesale risk pullback. For patient investors, Lantheus still offers scale, a deep pipeline, and cash generation. But this sale is a reminder that execution risk, margin compression, and leadership transitions can quickly change how much conviction even seasoned holders are willing to maintain.
Glossary
13F reportable assets under management: The portion of a fund's assets that must be disclosed quarterly to the SEC, typically U.S. equities.
AUM (Assets Under Management): The total market value of all investments managed by a fund or investment firm.
Alpha: A measure of an investment's performance compared to a benchmark, showing value added or lost by active management.
Radiopharmaceuticals: Drugs containing radioactive materials used for diagnosis or treatment, especially in cancer and heart disease.
Proprietary imaging agents: Unique, company-owned substances used to enhance medical imaging for diagnosis or monitoring of diseases.
Integrated delivery networks: Healthcare systems that combine providers, hospitals, and services to coordinate patient care across settings.
TTM: The 12-month period ending with the most recent quarterly report.
Stake: The ownership interest or shareholding an investor or fund holds in a company.
Position: The amount of a particular security or investment held by an investor or fund.
Oncology: The branch of medicine focused on the diagnosis and treatment of cancer.
Cardiology: The branch of medicine dealing with disorders of the heart and blood vessels.
