Bausch + Lomb Announces First-Quarter 2024 Results
Bausch + Lomb (NYSE/TSX: BLCO) reported first-quarter 2024 results, with revenue reaching $1.099 billion, a GAAP net loss of $167 million, and an adjusted EBITDA of $180 million. The revenue grew by 18% as reported and 20% on a constant currency basis compared to the first quarter of 2023. The company experienced broad-based growth across all business segments and key franchises, with strong performance in Vision Care, Surgical, and Pharmaceuticals segments. The positive financial results were driven by growth in Daily SiHy lenses, LUMIFY, and eye vitamins, along with successful launches of MIEBO and XIIDRA. Bausch + Lomb also raised its full-year 2024 constant currency revenue growth guidance.
Impressive revenue growth of 18% as reported and 20% on a constant currency basis compared to the first quarter of 2023.
Strong performance across all business segments, including Vision Care, Surgical, and Pharmaceuticals, with revenue reaching $1.099 billion.
Broad-based growth driven by successful product launches, such as Daily SiHy lenses, LUMIFY, MIEBO, XIIDRA, and enVista Aspire.
Operating income increased by $8 million, reaching $6 million for the first quarter of 2024.
Adjusted EBITDA rose to $180 million, reflecting a $39 million increase compared to the first quarter of 2023.
Net loss attributable to Bausch + Lomb was $167 million for the first quarter of 2024, indicating an unfavorable change of $77 million compared to the same period in 2023.
Adjusted net income decreased by $10 million, reaching $24 million for the first quarter of 2024.
GAAP EPS was ($0.48) for the first quarter of 2024, down from ($0.26) in the first quarter of 2023.
Foreign exchange negatively impacted revenue by approximately $20 million for the first quarter of 2024.
Full-year 2024 revenue guidance raised, but foreign exchange revenue headwinds are now expected to be around $90 million, previously estimated at $40 million.
Insights
-
Revenue of
$1.09 9 Billion -
GAAP Net Loss Attributable to Bausch + Lomb Corporation of
$167 Million -
Adjusted EBITDA (non-GAAP)1 of
$180 Million -
Revenue Grew
18% as Reported and20% on a Constant Currency1 Basis Compared to the First Quarter of 2023, Driven by Growth Across All Business Segments -
Foreign Exchange Negatively Impacted Revenue by Approximately
$20 Million - Raising Full-Year 2024 Constant Currency Revenue Growth1 Guidance
“Outperformance from each of our business units and solid results across geographies led to an impressive quarter and once again demonstrated our quality of growth,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “Our key franchises continue to deliver, and a focus on returning to our roots by prioritizing innovation is producing tangible results.”
Select First-Quarter Company Highlights
- Broad-based growth across all segments and key franchises, including Daily SiHy lenses, LUMIFY® and eye vitamins
- Strong uptake of MIEBO® and ongoing execution of XIIDRA® relaunch strategy extend the company’s leading position in the dry eye category; will be bolstered by upcoming launch of Blink™ NutriTears®
- Broad market entry for enVista® Aspire™ kicks off a steady stream of IOL innovation
First-Quarter 2024 Revenue Performance
Total reported revenue was
Revenue by segment was as follows:
First-Quarter 2024
(in millions) |
|
Three Months Ended March 31 |
|
Reported Change |
|
Reported Change |
|
Change at Constant Currency1 (non-GAAP) |
|
||
2024 |
2023 |
||||||||||
Total Bausch + Lomb Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vision Care |
|
|
|
|
|
|
|
|
|
|
|
Surgical |
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
Vision Care Segment
Vision Care segment revenue was
Surgical Segment
Surgical segment revenue was
Pharmaceuticals Segment
Pharmaceuticals segment revenue was
Operating Results
Operating income was
Net Loss
Net loss attributable to Bausch + Lomb Corporation for the first quarter of 2024 was
Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)1 for the first quarter of 2024 was
Cash from Operations
Cash flow from operations for the first quarter of 2024 was
Earnings Per Share
GAAP Earnings Per Share (“EPS”) Basic and Diluted attributable to Bausch + Lomb Corporation for the first quarter of 2024 was (
Adjusted EBITDA (non-GAAP)1
Adjusted EBITDA (non-GAAP)1 was
2024 Financial Outlook2
Bausch + Lomb guidance for full-year 2024 is as follows:
-
Raising full-year 2024 constant currency revenue growth1 guidance from 12
-14% to 13-15% 4 -
Full-year revenue range of
$4.60 0$4.70 0 billion -
Full-year Adjusted EBITDA (non-GAAP)1 range of
$840 $890 million -
Foreign exchange revenue headwinds now expected to be approximately
$90 million $40 million
Other than with respect to GAAP revenue, the company only provides guidance on a non-GAAP basis. The company does not provide a reconciliation of forward-looking Adjusted EBITDA (non-GAAP)1 to GAAP net income (loss) attributable to Bausch + Lomb Corporation or of forward-looking constant currency revenue growth1 to reported revenue growth, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. These amounts may be material and, therefore, could result in the projected GAAP measure or ratio being materially different or less than the projected non-GAAP measure or ratio. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-looking Statements section of this news release.
Balance Sheet Highlights
-
Bausch + Lomb’s cash, cash equivalents and restricted cash were
$325 million - Basic weighted average shares outstanding for the first quarter of 2024 were 351.1 million, and diluted weighted average shares outstanding for the first quarter of 2024 were 352.7 million3
Conference Call Details
Date: |
Wednesday, May 1, 2024 |
|||
Time: |
8:00 a.m. ET |
|||
Webcast: |
||||
Participant Event Dial-in: |
+1 (888) 506-0062 ( +1 (973) 528-0011 (International) |
|||
Participant Access Code: |
357966 |
|||
Replay Dial-in: |
+1 (877) 481-4010 ( +1 (919) 882-2331 (International) |
|||
Replay Passcode: |
49631 (replay available until May 15, 2024) |
About Bausch + Lomb
Bausch + Lomb is dedicated to protecting and enhancing the gift of sight for millions of people around the world – from birth through every phase of life. Its comprehensive portfolio of approximately 400 products includes contact lenses, lens care products, eye care products, ophthalmic pharmaceuticals, over-the-counter products and ophthalmic surgical devices and instruments. Founded in 1853, Bausch + Lomb has a significant global research and development, manufacturing and commercial footprint with approximately 13,000 employees and a presence in nearly 100 countries. Bausch + Lomb is headquartered in
Forward-looking Statements
This news release contains forward-looking information and statements within the meaning of applicable securities laws (collectively, “forward-looking statements”), which may generally be identified by the use of the words “anticipates,” “hopes,” “expects,” “intends,” “plans,” “projects,” “predicts,” “forecasts,” “should,” “could,” “would,” “may,” “might,” “will,” “strive,” “believes,” “estimates,” “potential,” “target,” “guidance,” “outlook,” or “continue” and positive and negative variations or similar expressions and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result, and similar such expressions also identify forward-looking information. Forward-looking statements include statements regarding Bausch + Lomb’s future prospects and performance, including the company’s 2024 full-year guidance, anticipated launches of certain of our products (including the timing thereof) and expected future growth resulting from increased investment in modernizing manufacturing capabilities and supply chain optimization. These forward-looking statements, including the company’s full-year guidance, are based upon the current expectations and beliefs of management and are provided for the purpose of providing additional information about such expectations and beliefs, and readers are cautioned that these statements may not be appropriate for other purposes. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in Bausch + Lomb’s filings with the
Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch + Lomb undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.
Links provided in this news release are solely for information purposes and do not constitute Bausch + Lomb affirming any forward-looking statements contained in the linked content.
Non-GAAP Information
To supplement the financial measures prepared in accordance with
These measures and ratios do not have any standardized meaning under GAAP and other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, our non-GAAP financial measures and ratios may not be comparable to similar non-GAAP measures and ratios of other companies. We caution investors not to place undue reliance on such non-GAAP measures and ratios, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
The reconciliations of these historic non-GAAP financial measures and ratios to the most directly comparable financial measures and ratios calculated and presented in accordance with GAAP are shown in the tables below.
Specific Non-GAAP Measures
EBITDA and Adjusted EBITDA
EBITDA (non-GAAP) is Net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable
Adjusted EBITDA (non-GAAP) is Net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable
-
Asset impairments: The company has excluded the impact of impairments of finite-lived and indefinite-lived intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions and divestitures. The company believes that the adjustments of these items correlate with the sustainability of the company’s operating performance. Although the company excludes impairments of intangible assets from measuring the performance of the company and its business, the company believes that it is important for investors to understand that intangible assets contribute to revenue generation Asset impairments were less than
$1 million - Restructuring, integration and transformation costs: The company has incurred restructuring costs as it implemented certain strategies, which involved, among other things, improvements to its infrastructure and operations, internal reorganizations and impacts from the divestiture of assets and businesses. With regard to infrastructure and operational improvements which the company has taken to improve efficiencies in the businesses and facilities, these tend to be costs intended to right size the business or organization that fluctuate significantly between periods in amount, size and timing, depending on the improvement project, reorganization or transaction. Additionally, with the completion of the Bausch + Lomb IPO, as the company prepares for post-separation operations, the company is launching certain transformation initiatives that will result in certain changes to and investment in its organizational structure and operations. These transformation initiatives arise outside of the ordinary course of continuing operations and, as is the case with the company’s restructuring efforts, costs associated with these transformation initiatives are expected to fluctuate between periods in amount, size and timing. These out-of-the-ordinary-course charges include third-party advisory costs, as well as certain compensation-related costs (including costs associated with changes in our executive officers, such as the severance costs associated with the departure of the company’s former CEO and the costs associated with the appointment of the company’s current CEO). Investors should understand that the outcome of these transformation initiatives may result in future restructuring actions and certain of these charges could recur. The company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the company’s operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.
- Acquisition-related costs and adjustments excluding amortization of intangible assets: The company has excluded the impact of acquisition-related costs and fair value inventory step-up resulting from acquisitions as the amounts and frequency of such costs and adjustments are not consistent and are significantly impacted by the timing and size of its acquisitions. In addition, the company excludes the impact of acquisition-related contingent consideration non-cash adjustments due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates, and the amount and frequency of such adjustments are not consistent and are significantly impacted by the timing and size of the company’s acquisitions, as well as the nature of the agreed-upon consideration.
- Share-based compensation: The company excludes costs relating to share-based compensation. The company believes that the exclusion of share-based compensation expense assists investors in the comparisons of operating results to peer companies. Share-based compensation expense can vary significantly based on the timing, size and nature of awards granted.
- Separation costs and separation-related costs: The company has excluded certain costs incurred in connection with activities taken to: (i) separate the Bausch + Lomb business from the remainder of BHC and (ii) register the Bausch + Lomb business as an independent publicly traded entity. Separation costs are incremental costs directly related to effectuating the separation of the Bausch + Lomb business from the remainder of BHC and include, but are not limited to, legal, audit and advisory fees, talent acquisition costs and costs associated with establishing a new Board of Directors and Audit Committee. Separation-related costs are incremental costs indirectly related to the separation of the Bausch + Lomb business from the remainder of BHC and include, but are not limited to, IT infrastructure and software licensing costs, rebranding costs and costs associated with facility relocation and/or modification. As these costs arise from events outside of the ordinary course of continuing operations, the company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the company’s operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.
- Other Non-GAAP adjustments: The company also excludes certain other amounts, including IT infrastructure investment, litigation and other matters, gain/(loss) on sales of assets and certain other amounts that are the result of other, non-comparable events to measure operating performance if and when present in the periods presented. These events arise outside of the ordinary course of continuing operations. Given the unique nature of the matters relating to these costs, the company believes these items are not routine operating expenses. For example, legal settlements and judgments vary significantly, in their nature, size and frequency, and, due to this volatility, the company believes the costs associated with legal settlements and judgments are not routine operating expenses. The company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the company from period to period and, therefore, provides useful supplemental information to investors. However, investors should understand that many of these costs could recur and that companies in our industry often face litigation.
Adjusted Net Income (non-GAAP)
Adjusted net income (non-GAAP) is net income (loss) attributable to Bausch + Lomb Corporation (its most directly comparable GAAP financial measure) adjusted for asset impairments, restructuring, integration and transformation costs, acquisition-related contingent consideration, separation costs and separation-related costs and other non-GAAP adjustments, as these adjustments are described above, and further adjusted for amortization of intangible assets and acquisition-related costs and adjustments excluding amortization of intangible assets, as described below:
- Amortization of intangible assets: The company has excluded the impact of amortization of intangible assets, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. The company believes that the adjustments of these items correlate with the sustainability of the company’s operating performance. Although the company excludes the amortization of intangible assets from its non-GAAP expenses, the company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
- Acquisition-related costs and adjustments excluding amortization of intangible assets: In addition to the acquisition-related costs and adjustments as described above, the company has excluded the expense directly attributable to one-time commitment and structuring fees related to a bridge loan facility put in place prior to the acquisition of XIIDRA and certain other ophthalmology assets. The company excluded these costs as they are outside of the ordinary course of continuing operations and are infrequent in nature. The company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the company from period to period and, therefore, provides useful supplemental information to investors.
Adjusted net income (non-GAAP) excludes the impact of these certain items that may obscure trends in the company’s underlying performance. Management uses Adjusted net income (non-GAAP) for strategic decision making, forecasting future results and evaluating current performance. By disclosing this non-GAAP measure, it is management’s intention to provide investors with a meaningful, supplemental comparison of the company’s operating results and trends for the periods presented. Management believes that this measure is also useful to investors as such measure allows investors to evaluate the company’s performance using the same tools that management uses to evaluate past performance and prospects for future performance. Accordingly, the company believes that Adjusted net income (non-GAAP) is useful to investors in their assessment of the company’s operating performance and the valuation of the company. It is also noted that, in recent periods, our GAAP net income (loss) attributable to Bausch + Lomb Corporation was significantly lower than our Adjusted net income (non-GAAP).
Constant Currency
Constant currency change or constant currency revenue growth is a change in GAAP revenue (its most directly comparable GAAP financial measure) on a period-over-period basis adjusted for changes in foreign currency exchange rates. The company uses Constant Currency revenue (non-GAAP) and Constant Currency revenue Growth (non-GAAP) to assess performance of its reportable segments, and the company in total, without the impact of foreign currency exchange fluctuations. The company believes that such measures are useful to investors as they provide a supplemental period-to-period comparison. Although changes in foreign currency exchange rates are part of our business, they are not within management’s control. Changes in foreign currency exchange rates, however, can mask positive or negative trends in the underlying business performance. Constant currency impact is determined by comparing 2024 reported amounts adjusted to exclude currency impact, calculated using 2023 monthly average exchange rates, to the actual 2023 reported amounts.
Adjusted EPS (non-GAAP)
Adjusted earnings per share or Adjusted EPS (non-GAAP) is calculated as Diluted income per share attributable to Bausch + Lomb Corporation (“GAAP EPS”) (its most directly comparable GAAP financial measure), adjusted for the per diluted share impact of each adjustment made to reconcile Net income (loss) attributable to Bausch + Lomb Corporation to Adjusted net income (non-GAAP) as discussed above. Like Adjusted net income (non-GAAP), Adjusted EPS (non-GAAP) excludes the impact of certain items that may obscure trends in the company’s underlying performance on a per share basis. By disclosing this non-GAAP measure, it is management’s intention to provide investors with a meaningful, supplemental comparison of the company’s results and trends for the periods presented on a diluted share basis. Accordingly, the company believes that Adjusted EPS (non-GAAP) is useful to investors in their assessment of the company’s operating performance, the valuation of the company and an investor’s return on investment. It is also noted that, for the periods presented, our GAAP EPS was significantly lower than our Adjusted EPS (non-GAAP).
© 2024 Bausch + Lomb.
Bausch + Lomb Corporation |
|
|
|
Table 1 |
||||
Consolidated Statements of Operations |
|
|
|
|
||||
For the Three Months Ended March 31, 2024 and 2023 |
|
|
|
|
||||
(unaudited) |
|
|
|
|
||||
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
(in millions, except per share amounts) |
|
2024 |
|
2023 |
||||
Revenues |
|
|
|
|
||||
Product sales |
|
$ |
1,094 |
|
|
$ |
928 |
|
Other revenues |
|
|
5 |
|
|
|
3 |
|
|
|
|
1,099 |
|
|
|
931 |
|
Expenses |
|
|
|
|
||||
Cost of goods sold (excluding amortization and impairments of intangible assets) |
|
|
423 |
|
|
|
371 |
|
Cost of other revenues |
|
|
1 |
|
|
|
1 |
|
Selling, general and administrative |
|
|
504 |
|
|
|
418 |
|
Research and development |
|
|
82 |
|
|
|
77 |
|
Amortization of intangible assets |
|
|
74 |
|
|
|
57 |
|
Other expense, net |
|
|
9 |
|
|
|
9 |
|
|
|
|
1,093 |
|
|
|
933 |
|
Operating income (loss) |
|
|
6 |
|
|
|
(2 |
) |
Interest income |
|
|
3 |
|
|
|
3 |
|
Interest expense |
|
|
(99 |
) |
|
|
(50 |
) |
Foreign exchange and other |
|
|
— |
|
|
|
(6 |
) |
Loss before provision for income taxes |
|
|
(90 |
) |
|
|
(55 |
) |
Provision for income taxes |
|
|
(73 |
) |
|
|
(33 |
) |
Net loss |
|
|
(163 |
) |
|
|
(88 |
) |
Net income attributable to noncontrolling interest |
|
|
(4 |
) |
|
|
(2 |
) |
Net loss attributable to Bausch + Lomb Corporation |
|
$ |
(167 |
) |
|
$ |
(90 |
) |
|
|
|
|
|
||||
Basic and diluted loss per share attributable to Bausch + Lomb Corporation |
|
$ |
(0.48 |
) |
|
$ |
(0.26 |
) |
|
|
|
|
|
||||
Basic weighted-average common shares |
|
|
351.1 |
|
|
|
350.0 |
|
|
|
|
|
|
||||
Diluted weighted-average common shares |
|
|
351.1 |
|
|
350.0 |
||
Bausch + Lomb Corporation |
|
|
|
|
|
|
|
Table 2 |
||||||||
Reconciliation of GAAP Net Loss and Diluted Loss per Share Attributable to Bausch + Lomb Corporation to Adjusted Net Income (non-GAAP) and Adjusted Earnings Per Share (non-GAAP) |
||||||||||||||||
For the Three Months Ended March 31, 2024 and 2023 |
|
|
|
|
|
|
|
|
||||||||
(unaudited) |
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended March 31, |
||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||
(in millions, except per share amounts) |
|
Income (Expense) |
|
Earnings per Share Impact |
|
Income (Expense) |
|
Earnings per Share Impact |
||||||||
Net loss and Diluted loss per share attributable to Bausch + Lomb Corporation |
|
$ |
(167 |
) |
|
$ |
(0.48 |
) |
|
$ |
(90 |
) |
|
$ |
(0.26 |
) |
Non-GAAP adjustments: (a) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangible assets |
|
|
74 |
|
|
|
0.21 |
|
|
|
57 |
|
|
|
0.16 |
|
Restructuring, integration and transformation costs |
|
|
28 |
|
|
|
0.08 |
|
|
|
32 |
|
|
|
0.09 |
|
Acquisition-related costs and adjustments (excluding amortization of intangible assets) |
|
|
21 |
|
|
|
0.06 |
|
|
|
1 |
|
|
|
— |
|
Separation costs and separation-related costs |
|
|
2 |
|
|
|
0.01 |
|
|
|
3 |
|
|
|
0.01 |
|
Gain on sale of assets |
|
|
(4 |
) |
|
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
Other |
|
|
2 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
Tax effect of non-GAAP adjustments |
|
|
68 |
|
|
|
0.19 |
|
|
|
31 |
|
|
|
0.10 |
|
Total non-GAAP adjustments |
|
|
191 |
|
|
|
0.55 |
|
|
|
124 |
|
|
|
0.36 |
|
Adjusted net income (non-GAAP) and Adjusted earnings per share (non-GAAP) |
|
$ |
24 |
|
|
$ |
0.07 |
|
|
$ |
34 |
|
|
$ |
0.10 |
|
(a) |
The components of and further details respecting each of these non-GAAP adjustments and the financial statement line item to which each component relates can be found on Table 2a. |
Bausch + Lomb Corporation |
|
Table 2a |
||||||
Reconciliation of GAAP to Non-GAAP Financial Information |
|
|
|
|
||||
For the Three Months Ended March 31, 2024 and 2023 |
|
|
|
|
||||
(unaudited) |
|
|
|
|
||||
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
(in millions) |
|
2024 |
|
2023 |
||||
Cost of goods sold reconciliation: |
|
|
|
|
||||
GAAP Cost of goods sold (excluding amortization and impairments of intangible assets) |
|
$ |
423 |
|
|
$ |
371 |
|
Fair value inventory step-up resulting from acquisitions (a) |
|
|
(20 |
) |
|
|
— |
|
Adjusted cost of goods sold (excluding amortization and impairments of intangible assets) (non-GAAP) |
|
$ |
403 |
|
|
$ |
371 |
|
Selling, general and administrative reconciliation: |
|
|
|
|
||||
GAAP Selling, general and administrative |
|
$ |
504 |
|
|
$ |
418 |
|
Separation-related costs (b) |
|
|
(1 |
) |
|
|
(3 |
) |
Transformation costs (c) |
|
|
(17 |
) |
|
|
(24 |
) |
Other (d) |
|
|
(1 |
) |
|
|
— |
|
Adjusted selling, general and administrative (non-GAAP) |
|
$ |
485 |
|
|
$ |
391 |
|
Research and development reconciliation: |
|
|
|
|
||||
GAAP Research and development |
|
$ |
82 |
|
|
$ |
77 |
|
Separation-related costs (b) |
|
|
(1 |
) |
|
|
— |
|
Adjusted research and development (non-GAAP) |
|
$ |
81 |
|
|
$ |
77 |
|
Amortization of intangible assets reconciliation: |
|
|
|
|
||||
GAAP Amortization of intangible assets |
|
$ |
74 |
|
|
$ |
57 |
|
Amortization of intangible assets (e) |
|
|
(74 |
) |
|
|
(57 |
) |
Adjusted amortization of intangible assets (non-GAAP) |
|
$ |
— |
|
|
$ |
— |
|
Other expense, net reconciliation: |
|
|
|
|
||||
GAAP Other expense, net |
|
$ |
9 |
|
|
$ |
9 |
|
Litigation and other matters (d) |
|
|
(1 |
) |
|
|
— |
|
Restructuring and integration costs (c) |
|
|
(11 |
) |
|
|
(8 |
) |
Acquisition-related contingent consideration (a) |
|
|
(1 |
) |
|
|
— |
|
Acquisition-related costs (a) |
|
|
— |
|
|
|
(1 |
) |
Gain on sale of assets (f) |
|
|
4 |
|
|
|
— |
|
Adjusted other expense, net (non-GAAP) |
|
$ |
— |
|
|
$ |
— |
|
Provision for income taxes reconciliation: |
|
|
|
|
||||
GAAP Provision for income taxes |
|
$ |
(73 |
) |
|
$ |
(33 |
) |
Tax effect of non-GAAP adjustments (g) |
|
|
68 |
|
|
|
31 |
|
Adjusted provision for income taxes (non-GAAP) |
|
$ |
(5 |
) |
|
$ |
(2 |
) |
(a) |
Represents the three components of the non-GAAP adjustment of “Acquisition-related costs and adjustments (excluding amortization of intangible assets)” (see Table 2). |
(b) |
Represents the two components of the non-GAAP adjustment of “Separation costs and separation-related costs” (see Table 2). |
(c) |
Represents the two components of the non-GAAP adjustment of “Restructuring, integration and transformation costs” (see Table 2). |
(d) |
Represents the two components of the non-GAAP adjustment of “Other” (see Table 2). |
(e) |
Represents the sole component of the non-GAAP adjustment of “Amortization of intangible assets” (see Table 2). |
(f) |
Represents the sole component of the non-GAAP adjustment of “Gain on sale of assets” (see Table 2). |
(g) |
Represents the sole component of the non-GAAP adjustment of “Tax effect of non-GAAP adjustments” (see Table 2). |
Bausch + Lomb Corporation |
|
|
|
Table 2b |
||||
Reconciliation of GAAP Net Loss to Adjusted EBITDA (non-GAAP) |
|
|
|
|
||||
For the Three Months Ended March 31, 2024 and 2023 |
|
|
|
|
||||
(unaudited) |
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
(in millions) |
|
2024 |
|
2023 |
||||
Net loss attributable to Bausch + Lomb Corporation |
|
$ |
(167 |
) |
|
$ |
(90 |
) |
Interest expense, net |
|
|
96 |
|
|
|
47 |
|
Provision for income taxes |
|
|
73 |
|
|
|
33 |
|
Depreciation and amortization of intangible assets |
|
|
110 |
|
|
|
91 |
|
EBITDA |
|
|
112 |
|
|
|
81 |
|
Adjustments: |
|
|
|
|
||||
Restructuring, integration and transformation costs |
|
|
28 |
|
|
|
32 |
|
Acquisition-related costs and adjustments (excluding amortization of intangible assets) |
|
|
21 |
|
|
|
1 |
|
Share-based compensation |
|
|
19 |
|
|
|
24 |
|
Separation costs and separation-related costs |
|
|
2 |
|
|
|
3 |
|
Other non-GAAP adjustments: |
|
|
|
|
||||
Gain on sale of assets |
|
|
(4 |
) |
|
|
— |
|
Other |
|
|
2 |
|
|
|
— |
|
Adjusted EBITDA (non-GAAP) |
|
$ |
180 |
|
|
$ |
141 |
|
Bausch + Lomb Corporation |
|
|
|
|
|
|
|
|
Table 3 |
|||||||||||||||
Constant Currency Revenue (non-GAAP) and Constant Currency Revenue Growth (non-GAAP) - by Segment |
||||||||||||||||||||||||
For the Three Months Ended March 31, 2024 and 2023 |
|
|
|
|
|
|
|
|
||||||||||||||||
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Calculation of Constant Currency Revenue for the Three Months Ended |
|
|
|
|
|
|
|
|||||||||||||||
|
|
March 31, 2024 |
|
March 31, 2023 |
Change in Revenue as Reported |
|
Change in Constant Currency Revenue (Non-GAAP) (b) |
|||||||||||||||||
|
|
Revenue as Reported |
|
Changes in Exchange Rates (a) |
|
Constant Currency Revenue (Non-GAAP) (b) |
|
Revenue as Reported |
|
|
||||||||||||||
(in millions) |
|
Amount |
|
Pct. |
|
Amount |
|
Pct. |
||||||||||||||||
Vision Care |
|
$ |
635 |
|
$ |
18 |
|
$ |
653 |
|
$ |
587 |
|
$ |
48 |
|
8 |
% |
|
$ |
66 |
|
11 |
% |
Surgical |
|
|
197 |
|
|
1 |
|
|
198 |
|
|
183 |
|
|
14 |
|
8 |
% |
|
|
15 |
|
8 |
% |
Pharmaceuticals |
|
|
267 |
|
|
1 |
|
|
268 |
|
|
161 |
|
|
106 |
|
66 |
% |
|
|
107 |
|
66 |
% |
Total revenues |
|
$ |
1,099 |
|
$ |
20 |
|
$ |
1,119 |
|
$ |
931 |
|
$ |
168 |
|
18 |
% |
|
$ |
188 |
|
20 |
% |
(a) |
The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period. |
(b) |
To supplement the financial measures prepared in accordance with GAAP, the Company uses certain non-GAAP financial measures and ratios. For additional information about the Company’s use of such non-GAAP financial measures and ratios, refer to the “Non-GAAP Information” section in the body of the news release to which these tables are attached. Constant currency revenue (non-GAAP) for the three months ended March 31, 2024 is calculated as revenue as reported adjusted for the impact for changes in exchange rates (previously defined in this news release). Change in constant currency revenue (non-GAAP) is calculated as the difference between constant currency revenue for the current period and revenue as reported for the comparative period. |
__________________________________ |
|
1 |
This is a non-GAAP measure or a non-GAAP ratio. For further information on non-GAAP measures and non-GAAP ratios, please refer to the “Non-GAAP Information” section of this news release. Please also refer to tables at the end of this news release for a reconciliation of this and other non-GAAP measures to the most directly comparable GAAP measure. |
2 |
The guidance in this news release is only effective as of the date given, May 1, 2024, and will not be updated or affirmed unless and until the company publicly announces updated or affirmed guidance. Distribution or reference of this news release following May 1, 2024, does not constitute the company reaffirming guidance. See the “Forward-looking Statements” section for further information. |
3 |
Diluted weighted average shares includes the dilutive impact of options, performance based restricted stock units and restricted stock units, which are approximately 1,600,000 common shares for the 3 months ended March 31, 2024, and which are excluded when calculating GAAP diluted loss per share because the effect of including the impact would be anti-dilutive. |
4 |
This increase in anticipated constant currency revenue growth is a result of the strength of the performance of our business across all segments in the first quarter. In addition, the company previously provided guidance of foreign exchange headwinds to revenue of - |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501668253/en/
Media:
T.J. Crawford
tj.crawford@bausch.com
(908) 705-2851
Investors:
George Gadkowski
george.gadkowski@bausch.com
(877) 354-3705 (toll free)
(908) 927-0735
Source: Bausch + Lomb Corporation
FAQ
What were Bausch + Lomb's first-quarter 2024 revenue results?
What was the net loss for Bausch + Lomb in the first quarter of 2024?
How did Bausch + Lomb's revenue grow compared to the first quarter of 2023?
What drove the growth in Bausch + Lomb's first-quarter 2024 revenue?
Did Bausch + Lomb provide any guidance for the full year 2024?
