Shares of Lantheus (NASDAQ:LNTH) tumbled 13.95% in pre-market trading on Wednesday following the company's disappointing second-quarter results and lowered full-year guidance. The medical imaging and diagnostics company faced headwinds from increased competition in its key product segment.

Lantheus reported quarterly earnings of $1.57 per share, missing analyst estimates of $1.67 by 6.1%. This represents a 12.78% decrease from the same period last year. Revenue also fell short, coming in at $378.045 million, a 4.07% year-over-year decline and below the expected $389.097 million. The company cited increased competition in the PSMA PET landscape, which negatively impacted sales of its PYLARIFY imaging agent.

In response to the challenging market conditions, Lantheus revised its fiscal year 2025 outlook. The company now expects revenue between $1.475 billion and $1.51 billion, with adjusted diluted EPS ranging from $5.50 to $5.70. Despite the setbacks, Lantheus announced a $400 million stock repurchase program and highlighted its efforts to expand its radiopharmaceutical portfolio through recent acquisitions. The company also received FDA acceptance for a New Drug Application for a new formulation of its PSMA PET imaging agent, with a target action date of March 6, 2026.