What happened

Shares of Lantheus Holdings (LNTH 0.91%) were up more than 11% Thursday morning after the diagnostic imaging and nuclear medicine products company reported first-quarter earnings on Thursday. The healthcare stock is up more than 84% so far this year.

So what

Lantheus Holdings, which uses diagnostics, radiotherapeutics, and artificial intelligence solutions to help clinicians treat disease, reported first-quarter revenue of $300.8 million, up 44% year over year. The company added that it lost $2.8 million in net income, compared to net income of $43 million in the same period a year ago.

Lantheus credited the revenue rise from increased sales for its Pylarify PSMA PET imaging agent, used to detect recurrent or metastatic prostate cancer, as well as increased use of its Definity ultrasound-enhancing agent for echocardiograms. 

The company also upgraded guidance, which may be the biggest reason for the stock's rise on Thursday. It said it expected second-quarter revenue between $300 million and $310 million, compared to $223.7 million in revenue in the same period last year. Lantheus also said it expected second-quarter earnings per share (EPS) between $1.25 and $1.33, compared to $0.61 in 2022.

Lantheus also reported it expected full-year revenue between $1.23 billion and $1.27 billion, upgrading it from an earlier estimate of between $1.14 billion and $1.16 billion. The company reported $935 million in revenue last year.

Now what

The company has increased revenue for eight consecutive quarters. The one concern from the first-quarter report is that the company didn't explain the reason for the loss in net income. However, considering the company's track record of growth, that's not enough to discourage long-term investors.