Good afternoon, ladies and gentlemen. I would like to welcome everyone to the Lantheus Medical Imaging third quarter 2014 earnings conference call. All lines have been placed on mute to prevent any background noise. This call is being recorded for replay purposes. A replay of this call will be available approximately four hours after the conclusion of the live call through November 26, 2014. I would now turn the call over to your host for today, Ms. Linda Lennox.

Thank you and good afternoon, everyone. Welcome to Lantheus Medical Imaging's third quarter 2014 earnings conference call. We appreciate you joining us. I am Linda Lennox, Senior Director of Investor Relations and Corporate Communications for Lantheus. With me on the call today are Jeff Bailey, our President and Chief Executive Officer and John Bakewell, our Chief Financial Officer. Please note that earlier this afternoon we issued a press release reporting the results of our third quarter 2014. We also filed with the SEC our Form 10-Q for the period ended September 30, 2014. You can find both of these documents in the Investor Relations section of our website at lntheus.com. The agenda for this call will include opening remarks from Jeff, a detailed review of our third-quarter financial results from John and then a business and strategic update from Jeff along with some additional closing remarks. Please note that consistent with last quarter's call, we are refraining from our traditional practice of conducting a question-and-answer session due to the fact that our parent company, Lantheus Holdings, Inc. is in registration for an offering of its equity securities. Today's prepared remarks have been expanded in order to anticipate the topics that may otherwise have been on your list of questions. Before we begin, I would like to remind you that our remarks during this call may include some forward-looking statements including statements related to our products and supply arrangements and expectations for future periods. Matters addressed in these statements are subject to risks and uncertainties. Words such as believes, expects, anticipates, hopes, plans, may and similar expressions are intended to identify such statements. Actual results may differ materially from our expectations. Please refer to cautionary statements and risk factors contained in our SEC filings, including our quarterly report on Form 10-Q filed with the SEC today November 12, 2014. A copy may be obtained at sec.gov and on our website at lantheus.com. Except to the extent required by law, we do not undertake any obligation to update any forward-looking statements and we caution you against relying on any forward-looking statements. On today's call, we will to discuss certain non-GAAP financial measures with respect to our performance. We use these no-GAAP indicators for financial and operational decision-making and as a means to evaluate our performance. The definitions of EBITDA, adjusted EBITDA and net income as adjusted along with their reconciliation to GAAP net income are set forth in our earnings release, which was filed with the SEC as of November 12, 2014 as a current report on Form 8-K. Copies may be obtained at sec.gov and on our website at lantheus.com. Please note that unless we indicate otherwise, all of our commentary on today's call will make reference to as adjusted results. With that introduction, it is now my pleasure to turn the call over to our CEO, Jeff Bailey. Jeff?

Thank you, Linda. Good afternoon, everyone and thank you for joining us on our third-quarter 2014 earnings call. I will start today's discussion with some opening commentary before handing the call over to John for his third-quarter financial review. As most of you are aware, since the start of 2013, we have been undertaking a significant operational transformation of the business. And our success to-date is quite evident and continues with the financial results of our third-quarter. Year-over-year, third quarter revenues increased by 8% on a worldwide basis, reflecting solid performances throughout our product portfolio but lead, in particular, by another strong contribution from DEFINITY, which posted a 20% increase year-over-year that once again grew sequentially with further market penetration and expanded use in the U.S. ultrasound contrast market. I will have more on that topic later on our call. At the same time, with accomplished a number of noteworthy goals reflected within our financial results this quarter. During the third quarter, Lantheus achieved quarterly GAAP earnings profitability posting third-quarter net income totaling $1.5 million. This a significant accomplishment for our business and an obvious marker of the progress we have made with our operating model over the past seven quarters. At the same time, our third quarter operating income crossed the 15% threshold reaching 15.2% revenue while our adjusted EBITDA margin grew past the 25% mark totaling 25.2% for the quarter. As you would expect, we are delighted with our third-quarter financial results and our progress made to-date. At this time, I will hand the call over to John for a more detailed review of those third-quarter financial results after which I will be back to take you through a more extensive business update and review of our strategic priorities. So with that, John, it's all yours.

Thanks, Jeff, and good afternoon, everyone. We are quite pleased with our third-quarter 2014 financial performance, as Jeff just noted and happy to be taking you through the details. Third-quarter revenues totaled $75.7 million, a year-over-year increase of 8%, on both an as reported and constant currency basis. As I will cover in more detail when we review our revenue performance, consistent with what we have been experiencing all year, the product lines that drove our third-quarter revenue growth are also among our highest gross margin contributors and the resulting favorable mix shift, accompanied by positive cost of sales dynamics delivered significant year-over-year improvement within our gross profit results. Third-quarter profitability was further improved by operating expense leverage, the result of last year's realignment of our R&D function as well as from the more broadly-based efficiency initiatives. Altogether, our third-quarter GAAP net income improved on as reported basis by $16.6 million to $1.5 million for the third quarter 2014, compared with $15.1 million net loss in the year-ago quarter. Adjusted EBITDA expanded to $19.1 million for the third quarter 2014, increasing by more than $7 million from the year-ago result of $11.9 million. Likewise, on a sequential basis, we experienced continued adjusted EBITDA expansion in the third quarter, driven by improved gross margin and lower operating costs, which resulted in sequential growth of 19% compared with the second quarter of 2014. As we look at our revenue results in detail, on a product line basis, DEFINITY continued its strong performance in the third quarter posting growth, as Jeff noted, up 20% year-over-year. Our DEFINITY revenues, which totaled $24.3 million for the third quarter, once again grew sequentially increasing by $700,000 or 3% over the second quarter 2014. Both year-over-year and sequential sales were driven by the continued adoption of contrast…

Thank you, John. As I move into today's business review, let me start with a brief update regarding the ongoing IPO process for our parent company. Lantheus Holdings. As you know, back in July, we chose to postpone our offering and wait until circumstances became more favorable for us while at the same time continue to focus on growing our revenue and adjusted EBITDA. Throughout this period of time, as we progressed through 2014, we have continued to remain in registration. In fact, last week, we updated our registration statement with the SEC once again and we anticipate making further updates in the future as needed to keep our registration current. Going forward, we will continue to evaluate the IPO landscape and make the right decision for our business when the timing and circumstances are best for us. In the meantime, as Linda noted in her preface to our call, we will not be conducting a Q&A session today, but instead try to anticipate the questions you would ask and addresses those topics in the rest of my remarks. So with that I like to provide you with an update on business activities and key developments here at Lantheus. Let me start with a couple of topics specific to DEFINITY. As part of our strategy to grow our existing commercial portfolio, we continue to work diligently to drive the appropriate use of contrast which is a strategy that is critical to DEFINITY. DEFINITY is our fastest growing commercial product and accounts for more than 30% of our total revenue. As John noted, year-over-year third-quarter sales of DEFINITY increased by more than 20% and sequential quarterly sales grew by 3.2%. It is our highest margin product and with sales continuing to grow each quarter, we expect gross profit to continue to…