On November 1, 2023, Bausch & Lomb Corp (BLCO, Financial), a leading global eye health company, released its third-quarter 2023 financial results. The company reported revenues of $1.007 billion, a 7% increase as reported and 8% on a constant currency basis compared to the third quarter of 2022. This growth was primarily driven by the Vision Care and Surgical segments. However, the company reported a GAAP net loss attributable to Bausch & Lomb Corporation of $84 million.
Financial Highlights
The Vision Care segment reported revenues of $648 million, a 9% increase compared to Q3 2022. The Surgical segment reported revenues of $185 million, an 8% increase compared to the same period last year. The Pharmaceuticals segment reported a slight increase in revenues, from $173 million in Q3 2022 to $174 million in Q3 2023.
Despite the revenue growth, the company reported a GAAP net loss of $84 million, compared to a net loss of $18 million in Q3 2022. The increase in net loss was primarily due to higher interest expense. Adjusted net income attributable to Bausch & Lomb Corporation (non-GAAP) for the third quarter of 2023 was $76 million, a decrease from $107 million in Q3 2022.
Full-Year 2023 Guidance
Bausch & Lomb raised its full-year revenue and adjusted EBITDA (non-GAAP) guidance for 2023. The company now expects full-year revenue to be between $4.035 billion and $4.085 billion, representing a constant currency growth of 9.5% to 10.5%. The full-year adjusted EBITDA (non-GAAP) is expected to be between $710 million and $760 million.
Balance Sheet and Cash Flow
As of September 30, 2023, Bausch & Lomb’s cash, cash equivalents, and restricted cash were $360 million. The company completed an offering of $1.4 billion aggregate principal amount of 8.375% senior secured notes due 2028 and borrowed $500 million of new term B loans under its new incremental term loan facility. Cash flow from operations for the third quarter of 2023 was $48 million, an increase from $27 million for the third quarter of 2022.
The company's financial results reflect its ongoing efforts to grow revenue and improve areas critical to its success, with a focus on sales and supply chain. Despite the challenges presented by foreign exchange impacts, Bausch & Lomb continues to demonstrate resilience and adaptability in a dynamic market environment.
Explore the complete 8-K earnings release (here) from Bausch & Lomb Corp for further details.
