Bausch + Lomb's Q1: 11 things to know

Bausch + Lomb released its financial report for the first quarter of 2023.

Here are 11 takeaways from a May 3 news release of the report: 

  • Revenues of $931 million across its vision care, surgical and ophthalmic pharmaceutical segments.

  • General accepted accounting principles net loss attributable to Bausch + Lomb Corp. of $90 million.

  • Adjusted earnings before interest, taxes, depreciation and amortization (non-GAAP) of $141 million.

  • Revenues grew 5 percent and 8 percent on a constant currency basis compared to the first quarter of 2022, driven by growth across all segments.

  • Foreign exchange negatively impacted revenues and adjusted EBITDA (non-GAAP) by $31 million and $14 million, respectively.

  • Acquired AcuFocus, whose IC-8 Apthera intraocular lens was approved by the FDA as the first and only small aperture non-toric extended depth of focus IOL for certain cataract patients who have as much as 1.5 diopters of corneal astigmatism and wish to address presbyopia at the same time.

  • Launched PreserVision AREDS 2 Formula mini-soft gels with OCUSorb in the U.S.

  • Introduced the SeeLuma Fully Digital Surgical Visualization Platform in the U.S. and Western Europe in partnership with Heidelberg Engineering.

  • Launched the StableVisc cohesive ophthalmic viscosurgical device, as well as the TotalVisc Viscoelastic System, in the U.S.

  • Results from the two pivotal Phase 3 trials for NOV032 (perfluorohexyloctane), an investigational treatment with a proposed indication of treating the signs and symptoms of dry eye disease associated with Meibomian gland dysfunction, were published in Ophthalmology and the American Journal of Ophthalmology, respectively.

  • Acquired the rights to market Lumify in 18 additional countries.

Financial outlook for remainder of 2023: 

  • Full-year revenue range of $3.90 billion to $3.95 billion, reflecting anticipated growth of 5 percent to 6 percent on a constant currency basis.

  • Full year adjusted EBITDA (non-GAAP) range of $700 million to $750 million.
    • $760 million at the midpoint of the full-year adjusted EBITDA (non-GAAP) guidance range, adjusted for currency headwinds.

  • Foreign exchange revenue and adjusted EBITDA (non-GAAP) headwinds are expected to be approximately $50 million and $35 million for the full year, respectively.

Read the full report here.

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