Bausch + Lomb Announces Third-Quarter 2024 Results
Bausch + Lomb (NYSE/TSX: BLCO) reported strong Q3 2024 results with total revenue of $1.196 billion, up 19% year-over-year. The company achieved growth across all segments: Vision Care revenue reached $684 million (+6%), Surgical revenue hit $206 million (+11%), and Pharmaceuticals revenue grew to $306 million (+76%). GAAP Net Income was $4 million, compared to a net loss of $84 million in Q3 2023. Adjusted EBITDA increased to $212 million. Based on strong performance, the company raised its full-year 2024 revenue guidance to $4.725-$4.825 billion.
Bausch + Lomb (NYSE/TSX: BLCO) ha riportato risultati solidi per il terzo trimestre del 2024, con un fatturato totale di 1,196 miliardi di dollari, in aumento del 19% rispetto all'anno precedente. L'azienda ha registrato crescita in tutti i segmenti: il fatturato della cura della vista ha raggiunto i 684 milioni di dollari (+6%), il fatturato chirurgico ha toccato i 206 milioni di dollari (+11%) e il fatturato farmaceutico è cresciuto a 306 milioni di dollari (+76%). Il reddito netto secondo i principi contabili GAAP è stato di 4 milioni di dollari, rispetto a una perdita netta di 84 milioni di dollari nel terzo trimestre del 2023. L'EBITDA rettificato è aumentato a 212 milioni di dollari. Sulla base delle forti performance, l'azienda ha alzato le previsioni di fatturato per l'intero anno 2024 a 4,725-4,825 miliardi di dollari.
Bausch + Lomb (NYSE/TSX: BLCO) reportó resultados sólidos para el tercer trimestre de 2024, con ingresos totales de 1,196 mil millones de dólares, un aumento del 19% interanual. La compañía logró crecimiento en todos los segmentos: los ingresos de Cuidado de la Visión alcanzaron 684 millones de dólares (+6%), los ingresos por Cirugía alcanzaron 206 millones de dólares (+11%) y los ingresos farmacéuticos crecieron a 306 millones de dólares (+76%). El Ingreso Neto GAAP fue de 4 millones de dólares, en comparación con una pérdida neta de 84 millones de dólares en el tercer trimestre de 2023. El EBITDA Ajustado aumentó a 212 millones de dólares. Basándose en un desempeño sólido, la compañía elevó su pronóstico de ingresos para todo el año 2024 a 4,725-4,825 mil millones de dólares.
바우슈 롬 (NYSE/TSX: BLCO)은 2024년 3분기 실적을 발표하며 총 수익이 11억 9,600만 달러로 지난해 대비 19% 증가했다고 보고했습니다. 회사는 모든 부문에서 성장을 달성했습니다: 시력 관리 부문 수익이 6억 8,400만 달러(+6%)에 도달했으며, 외과 수익은 2억 6백만 달러(+11%), 제약 수익은 3억 600만 달러(+76%)로 증가했습니다. GAAP 순이익은 400만 달러로, 2023년 3분기에는 8천 4백만 달러의 손실을 기록한 바 있습니다. 조정 EBITDA는 2억 1천200만 달러로 증가했습니다. 강력한 실적을 바탕으로, 회사는 2024년 전체 연도 수익 가이던스를 47억 2,500만~48억 2,500만 달러로 상향 조정했습니다.
Bausch + Lomb (NYSE/TSX: BLCO) a annoncé de solides résultats pour le troisième trimestre 2024, avec un chiffre d'affaires total de 1,196 milliard de dollars, en hausse de 19 % par rapport à l'année précédente. L'entreprise a connu une croissance dans tous les segments : le chiffre d'affaires de la santé visuelle a atteint 684 millions de dollars (+6 %), le chiffre d'affaires chirurgical a atteint 206 millions de dollars (+11 %) et le chiffre d'affaires pharmaceutique a augmenté à 306 millions de dollars (+76 %). Le résultat net selon les normes GAAP était de 4 millions de dollars, par rapport à une perte nette de 84 millions de dollars au troisième trimestre 2023. Le EBITDA ajusté a augmenté à 212 millions de dollars. Sur la base de cette performance solide, la société a relevé ses prévisions de chiffre d'affaires pour l'ensemble de l'année 2024 à 4,725 à 4,825 milliards de dollars.
Bausch + Lomb (NYSE/TSX: BLCO) meldete starke Ergebnisse im dritten Quartal 2024 mit einem Gesamtumsatz von 1,196 Milliarden US-Dollar, was einem Anstieg von 19 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte in allen Segmenten Wachstum: Der Umsatz im Bereich Augenpflege erreichte 684 Millionen US-Dollar (+6 %), der Umsatz im Bereich Chirurgie betrug 206 Millionen US-Dollar (+11 %) und der Umsatz im Bereich Pharmazeutika wuchs auf 306 Millionen US-Dollar (+76 %). Der GAAP Nettogewinn betrug 4 Millionen US-Dollar, verglichen mit einem Nettoverlust von 84 Millionen US-Dollar im dritten Quartal 2023. Das bereinigte EBITDA stieg auf 212 Millionen US-Dollar. Basierend auf der starken Leistung hob das Unternehmen seine Umsatzprognose für das Gesamtjahr 2024 auf 4,725 bis 4,825 Milliarden US-Dollar an.
- Revenue increased 19% YoY to $1.196 billion
- Pharmaceuticals segment revenue grew 76% to $306 million
- Cash flow from operations improved by $106 million to $154 million
- Adjusted EBITDA increased by $25 million to $212 million
- Raised full-year 2024 revenue guidance
- Adjusted EPS decreased to $0.13 from $0.22 in Q3 2023
- Adjusted net income declined by $30 million to $46 million
- Higher selling and advertising costs impacted operating results
- Increased interest expense affected net income
Insights
Strong quarterly performance with
Notable improvements in cash flow from operations at
Operating margins remain a concern with operating income of only
The eye care market positioning shows strong competitive advantages with multi-dimensional product launches. Key growth drivers include the dry eye portfolio expansion with MIEBO and XIIDRA, plus premium IOL portfolio enhancement through enVista Envy. The
The company's global market strategy is yielding results with broad-based growth across geographies. The Vision Care segment's growth is particularly noteworthy in SiHy Daily lenses and dry eye products, indicating strong consumer demand in these high-margin categories. The raised guidance suggests confidence in maintaining market momentum despite macro challenges.
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Revenue of
$1.19 6 Billion -
GAAP Net Income Attributable to Bausch + Lomb Corporation of
$4 Million -
Adjusted EBITDA (non-GAAP)1 of
; Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)1 of$212 Million $227 Million -
Revenue Grew
19% as Reported and19% on a Constant Currency1 Basis Compared to the Third Quarter of 2023, Driven by Solid Execution and Growth Across All Segments - Raising Full-Year 2024 Revenue Guidance
“Our focus on execution continues to drive growth, with significant opportunity ahead,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “We’re in the middle of multi-dimensional launch cycles around the world, covering all our businesses and targeting all our audiences.”
Select Third-Quarter Company Highlights
- Execution story continues with broad-based growth across all segments and geographies
- Strengthened leadership in dry eye with solid performance from MIEBO®, XIIDRA® and OTC dry eye portfolio
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Expanded high-margin premium IOL portfolio with launch of enVista® Envy™ in
Canada andU.S. Food and Drug Administration approval
Third-Quarter 2024 Revenue Performance
Total reported revenue was
Revenue by segment was as follows:
Third-Quarter 2024
(in millions) |
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Three Months Ended September 30 |
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Reported Change |
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Reported Change |
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Change at Constant Currency1 (non-GAAP) |
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2024 |
2023 |
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Total Bausch + Lomb Revenue |
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Vision Care |
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Surgical |
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Pharmaceuticals |
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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 Income
Net income attributable to Bausch + Lomb Corporation for the third quarter of 2024 was
Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP)1 for the third quarter of 2024 was
Cash Flow from Operations
Cash flow from operations for the third quarter of 2024 was
Earnings Per Share
GAAP Earnings Per Share (“EPS”) Basic and Diluted attributable to Bausch + Lomb Corporation for the third quarter of 2024 was
Adjusted EBITDA (non-GAAP)1
Adjusted EBITDA (non-GAAP)1 was
2024 Financial Outlook2
Bausch + Lomb raised revenue guidance for the full year of 2024 as follows:
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As of July 31, 2024 |
As of October 30, 2024 |
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Full-year revenue |
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Full-year Adjusted EBITDA excluding Acquired IPR&D (non-GAAP)1,4 |
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Full-year revenue foreign exchange headwinds |
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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 excluding Acquired IPR&D (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
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Bausch + Lomb’s cash, cash equivalents and restricted cash were
at September 30, 2024$350 million - Basic weighted average shares outstanding for the third quarter of 2024 were 351.9 million, and diluted weighted average shares outstanding for the third quarter of 2024 were 353.9 million5
Conference Call Details
Date: |
Wednesday, October 30, 2024 |
Time: |
8:00 a.m. ET |
Webcast: |
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Participant Event Dial-in: |
+1 (888) 506-0062 ( +1 (973) 528-0011 (International) |
Participant Access Code: |
331072 |
Replay Dial-in: |
+1 (877) 481-4010 ( +1 (919) 882-2331 (International) |
Replay Passcode: |
49633 (replay available until November 13, 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. 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, Adjusted EBITDA and Adjusted EBITDA excluding Acquired IPR&D
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.
- 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 EBITDA excluding Acquired In-Process Research and Development (IPR&D) (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to excluded Acquired IPR&D. The IPR&D expenditures represent costs directly resulting from business development transactions and not through the normal course of business. 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 in assessing our performance. However, investors should understand that the company may enter into additional business development transactions in the future and, as a result, such Acquired IPR&D may recur in the future.
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) and Adjusted EPS excluding Acquired IPR&D (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. Adjusted EPS excluding Acquired IPR&D (non-GAAP) is Adjusted EPS (non-GAAP) further adjusted for the per diluted share impact of Acquired IPR&D. Like Adjusted net income (non-GAAP), Adjusted EPS (non-GAAP) and Adjusted EPS excluding Acquired IPR&D (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) and Adjusted EPS excluding Acquired IPR&D (non-GAAP) are 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) and Adjusted EPS excluding Acquired IPR&D (non-GAAP).
© 2024 Bausch + Lomb.
FINANCIAL TABLES FOLLOW
Bausch + Lomb Corporation |
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Table 1 |
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Consolidated Statements of Operations |
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For the Three and Nine Months Ended September 30, 2024 and 2023 |
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(unaudited) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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(in millions, except per share amounts) |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenues |
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Product sales |
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$ |
1,192 |
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$ |
1,004 |
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$ |
3,499 |
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$ |
2,963 |
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Other revenues |
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4 |
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3 |
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12 |
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10 |
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1,196 |
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1,007 |
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3,511 |
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2,973 |
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Expenses |
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Cost of goods sold (excluding amortization and impairments of intangible assets) |
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464 |
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391 |
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1,369 |
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1,179 |
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Cost of other revenues |
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— |
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1 |
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2 |
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2 |
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Selling, general and administrative |
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511 |
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418 |
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1,550 |
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1,253 |
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Research and development |
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84 |
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82 |
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250 |
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244 |
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Amortization of intangible assets |
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72 |
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47 |
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220 |
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160 |
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Other expense, net |
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22 |
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28 |
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45 |
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54 |
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1,153 |
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967 |
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3,436 |
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2,892 |
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Operating income |
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43 |
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40 |
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75 |
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81 |
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Interest income |
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4 |
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4 |
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10 |
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12 |
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Interest expense |
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(100 |
) |
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(76 |
) |
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(301 |
) |
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(184 |
) |
Foreign exchange and other |
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(5 |
) |
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(3 |
) |
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(8 |
) |
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(18 |
) |
Loss before provision for income taxes |
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(58 |
) |
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(35 |
) |
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(224 |
) |
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(109 |
) |
Benefit from (provision for) income taxes |
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66 |
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(45 |
) |
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(79 |
) |
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(88 |
) |
Net income (loss) |
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8 |
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(80 |
) |
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(303 |
) |
|
|
(197 |
) |
Net income attributable to noncontrolling interest |
|
|
(4 |
) |
|
|
(4 |
) |
|
|
(11 |
) |
|
|
(9 |
) |
Net income (loss) attributable to Bausch + Lomb Corporation |
|
$ |
4 |
|
|
$ |
(84 |
) |
|
$ |
(314 |
) |
|
$ |
(206 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted income (loss) per share attributable to Bausch + Lomb Corporation |
|
$ |
0.01 |
|
|
$ |
(0.24 |
) |
|
$ |
(0.89 |
) |
|
$ |
(0.59 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted-average common shares |
|
|
351.9 |
|
|
|
350.8 |
|
|
|
351.7 |
|
|
|
350.4 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted-average common shares |
|
353.9 |
|
|
350.8 |
|
|
351.7 |
|
|
350.4 |
Bausch + Lomb Corporation |
|
|
|
|
|
|
|
Table 2 |
||||||||
Reconciliation of GAAP Net Income (Loss) and Diluted Income (Loss) per Share Attributable to Bausch + Lomb Corporation to Adjusted Net Income (non-GAAP) and Adjusted Earnings Per Share (non-GAAP) |
|
|
|
|
|
|
||||||||||
For the Three and Nine Months Ended September 30, 2024 and 2023 |
|
|
|
|
|
|
|
|
||||||||
(unaudited) |
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended September 30, |
||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||
(in millions, except per share amounts) |
|
Income (Expense) |
|
Earnings per Share Impact |
|
Income (Expense) |
|
Earnings per Share Impact |
||||||||
Net income (loss) and Diluted income (loss) per share attributable to Bausch + Lomb Corporation |
|
$ |
4 |
|
|
$ |
0.01 |
|
|
$ |
(84 |
) |
|
$ |
(0.24 |
) |
Non-GAAP adjustments: (a) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangible assets |
|
|
72 |
|
|
|
0.20 |
|
|
|
47 |
|
|
|
0.13 |
|
Restructuring, integration and transformation costs |
|
|
18 |
|
|
|
0.05 |
|
|
|
34 |
|
|
|
0.10 |
|
Acquisition-related costs and adjustments (excluding amortization of intangible assets) |
|
|
24 |
|
|
|
0.07 |
|
|
|
33 |
|
|
|
0.09 |
|
Separation costs and separation-related costs |
|
|
(1 |
) |
|
|
— |
|
|
|
2 |
|
|
|
0.01 |
|
Other |
|
|
3 |
|
|
|
0.01 |
|
|
|
3 |
|
|
|
0.01 |
|
Tax effect of non-GAAP adjustments |
|
|
(74 |
) |
|
|
(0.21 |
) |
|
|
41 |
|
|
|
0.12 |
|
Total non-GAAP adjustments |
|
|
42 |
|
|
|
0.12 |
|
|
|
160 |
|
|
|
0.46 |
|
Adjusted net income (non-GAAP) and Adjusted earnings per share (non-GAAP) |
|
$ |
46 |
|
|
$ |
0.13 |
|
|
$ |
76 |
|
|
$ |
0.22 |
|
Acquired IPR&D |
|
|
15 |
|
|
|
0.04 |
|
|
|
— |
|
|
|
— |
|
Adjusted net income excluding Acquired IPR&D (non-GAAP) and Adjusted earnings per share excluding Acquired IPR&D (non-GAAP) |
|
$ |
61 |
|
|
$ |
0.17 |
|
|
$ |
76 |
|
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Nine Months Ended September 30, |
||||||||||||||
|
|
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 |
|
$ |
(314 |
) |
|
$ |
(0.89 |
) |
|
$ |
(206 |
) |
|
$ |
(0.59 |
) |
Non-GAAP adjustments: (a) |
|
|
|
|
|
|
|
|
||||||||
Amortization of intangible assets |
|
|
220 |
|
|
|
0.62 |
|
|
|
160 |
|
|
|
0.45 |
|
Asset impairments |
|
|
5 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
Restructuring, integration and transformation costs |
|
|
73 |
|
|
|
0.21 |
|
|
|
96 |
|
|
|
0.27 |
|
Acquisition-related costs and adjustments (excluding amortization of intangible assets) |
|
|
66 |
|
|
|
0.19 |
|
|
|
37 |
|
|
|
0.11 |
|
Separation costs and separation-related costs |
|
|
2 |
|
|
|
0.01 |
|
|
|
7 |
|
|
|
0.02 |
|
Gain on sale of assets |
|
|
(5 |
) |
|
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
Other |
|
|
9 |
|
|
|
0.02 |
|
|
|
5 |
|
|
|
0.02 |
|
Tax effect of non-GAAP adjustments |
|
|
59 |
|
|
|
0.17 |
|
|
|
76 |
|
|
|
0.22 |
|
Total non-GAAP adjustments |
|
|
429 |
|
|
|
1.22 |
|
|
|
381 |
|
|
|
1.09 |
|
Adjusted net income (non-GAAP) and Adjusted earnings per share (non-GAAP) |
|
$ |
115 |
|
|
$ |
0.33 |
|
|
$ |
175 |
|
|
$ |
0.50 |
|
Acquired IPR&D |
|
|
18 |
|
|
|
0.05 |
|
|
|
— |
|
|
|
— |
|
Adjusted net income excluding Acquired IPR&D (non-GAAP) and Adjusted earnings per share excluding Acquired IPR&D (non-GAAP) |
|
$ |
133 |
|
|
$ |
0.38 |
|
|
$ |
175 |
|
|
$ |
0.50 |
|
(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 and Nine Months Ended September 30, 2024 and 2023 |
|
|
|
|
|
|
|
|
||||||||
(unaudited) |
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
(in millions) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Cost of goods sold reconciliation: |
|
|
|
|
|
|
|
|
||||||||
GAAP Cost of goods sold (excluding amortization and impairments of intangible assets) |
|
$ |
464 |
|
|
$ |
391 |
|
|
$ |
1,369 |
|
|
$ |
1,179 |
|
Fair value inventory step-up resulting from acquisitions (a) |
|
|
(21 |
) |
|
|
(2 |
) |
|
|
(61 |
) |
|
|
(2 |
) |
Adjusted cost of goods sold (excluding amortization and impairments of intangible assets) (non-GAAP) |
|
$ |
443 |
|
|
$ |
389 |
|
|
$ |
1,308 |
|
|
$ |
1,177 |
|
Selling, general and administrative reconciliation: |
|
|
|
|
|
|
|
|
||||||||
GAAP Selling, general and administrative |
|
$ |
511 |
|
|
$ |
418 |
|
|
$ |
1,550 |
|
|
$ |
1,253 |
|
Separation-related costs (b) |
|
|
1 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(5 |
) |
Transformation costs (c) |
|
|
(15 |
) |
|
|
(24 |
) |
|
|
(53 |
) |
|
|
(64 |
) |
Other (d) |
|
|
(2 |
) |
|
|
2 |
|
|
|
(5 |
) |
|
|
1 |
|
Adjusted selling, general and administrative (non-GAAP) |
|
$ |
495 |
|
|
$ |
396 |
|
|
$ |
1,491 |
|
|
$ |
1,185 |
|
Research and development reconciliation: |
|
|
|
|
|
|
|
|
||||||||
GAAP Research and development |
|
$ |
84 |
|
|
$ |
82 |
|
|
$ |
250 |
|
|
$ |
244 |
|
Separation-related costs (b) |
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
Adjusted research and development (non-GAAP) |
|
$ |
84 |
|
|
$ |
81 |
|
|
$ |
249 |
|
|
$ |
243 |
|
Amortization of intangible assets reconciliation: |
|
|
|
|
|
|
|
|
||||||||
GAAP Amortization of intangible assets |
|
$ |
72 |
|
|
$ |
47 |
|
|
$ |
220 |
|
|
$ |
160 |
|
Amortization of intangible assets (e) |
|
|
(72 |
) |
|
|
(47 |
) |
|
|
(220 |
) |
|
|
(160 |
) |
Adjusted amortization of intangible assets (non-GAAP) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Other expense, net reconciliation: |
|
|
|
|
|
|
|
|
||||||||
GAAP Other expense, net |
|
$ |
22 |
|
|
$ |
28 |
|
|
$ |
45 |
|
|
$ |
54 |
|
Litigation and other matters (d) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
Restructuring and integration costs (c) |
|
|
(3 |
) |
|
|
(10 |
) |
|
|
(20 |
) |
|
|
(32 |
) |
Asset impairments (f) |
|
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
— |
|
Separation costs (b) |
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Acquisition-related contingent consideration (a) |
|
|
(1 |
) |
|
|
1 |
|
|
|
(2 |
) |
|
|
— |
|
Acquisition-related costs (a) |
|
|
(2 |
) |
|
|
(16 |
) |
|
|
(3 |
) |
|
|
(19 |
) |
Gain on sale of assets (g) |
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
Adjusted other expense, net (non-GAAP) |
|
$ |
15 |
|
|
$ |
— |
|
|
$ |
18 |
|
|
$ |
— |
|
Interest expense reconciliation: |
|
|
|
|
|
|
|
|
||||||||
GAAP Interest expense |
|
$ |
(100 |
) |
|
$ |
(76 |
) |
|
$ |
(301 |
) |
|
$ |
(184 |
) |
Acquisition-related financing costs (a) |
|
|
— |
|
|
|
16 |
|
|
|
— |
|
|
|
16 |
|
Adjusted interest expense (non-GAAP) |
|
$ |
(100 |
) |
|
$ |
(60 |
) |
|
$ |
(301 |
) |
|
$ |
(168 |
) |
Foreign exchange and other reconciliation: |
|
|
|
|
|
|
|
|
||||||||
GAAP Foreign exchange and other |
|
$ |
(5 |
) |
|
$ |
(3 |
) |
|
$ |
(8 |
) |
|
$ |
(18 |
) |
Other (d) |
|
|
— |
|
|
|
3 |
|
|
|
2 |
|
|
|
4 |
|
Adjusted foreign exchange and other (non-GAAP) |
|
$ |
(5 |
) |
|
$ |
— |
|
|
$ |
(6 |
) |
|
$ |
(14 |
) |
Benefit from (provision for) income taxes reconciliation: |
|
|
|
|
|
|
|
|
||||||||
GAAP Benefit from (provision for) income taxes |
|
$ |
66 |
|
|
$ |
(45 |
) |
|
$ |
(79 |
) |
|
$ |
(88 |
) |
Tax effect of non-GAAP adjustments (h) |
|
|
(74 |
) |
|
|
41 |
|
|
|
59 |
|
|
|
76 |
|
Adjusted provision for income taxes (non-GAAP) |
|
$ |
(8 |
) |
|
$ |
(4 |
) |
|
$ |
(20 |
) |
|
$ |
(12 |
) |
(a) |
Represents the four components of the non-GAAP adjustment of “Acquisition-related costs and adjustments (excluding amortization of intangible assets)” (see Table 2). |
(b) |
Represents the three 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 three 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 “Asset impairments” (see Table 2). |
(g) |
Represents the sole component of the non-GAAP adjustment of “Gain on sale of assets” (see Table 2). |
(h) |
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 Income (Loss) to Adjusted EBITDA (non-GAAP) |
|
|
|
|
|
|
|
|
|||||||||
For the Three and Nine Months Ended September 30, 2024 and 2023 |
|
|
|
|
|
|
|
|
|||||||||
(unaudited) |
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
September 30, |
|
September 30, |
||||||||||||
(in millions) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Net income (loss) attributable to Bausch + Lomb Corporation |
|
$ |
4 |
|
|
$ |
(84 |
) |
|
$ |
(314 |
) |
|
$ |
(206 |
) |
|
|
Interest expense, net |
|
|
96 |
|
|
|
72 |
|
|
|
291 |
|
|
|
172 |
|
|
(Benefit from) provision for income taxes |
|
|
(66 |
) |
|
|
45 |
|
|
|
79 |
|
|
|
88 |
|
|
Depreciation and amortization of intangible assets |
|
|
110 |
|
|
|
82 |
|
|
|
330 |
|
|
|
266 |
|
EBITDA |
|
|
144 |
|
|
|
115 |
|
|
|
386 |
|
|
|
320 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|||||||||
|
Asset impairments |
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
Restructuring, integration and transformation costs |
|
|
18 |
|
|
|
34 |
|
|
|
73 |
|
|
|
96 |
|
|
Acquisition-related costs and adjustments (excluding amortization of intangible assets) |
|
|
24 |
|
|
|
17 |
|
|
|
66 |
|
|
|
21 |
|
|
Share-based compensation |
|
|
24 |
|
|
|
16 |
|
|
|
65 |
|
|
|
58 |
|
|
Separation costs and separation-related costs |
|
|
(1 |
) |
|
|
2 |
|
|
|
2 |
|
|
|
7 |
|
|
Other non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
|
Gain on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
Other |
|
|
3 |
|
|
|
3 |
|
|
|
9 |
|
|
|
5 |
|
Adjusted EBITDA (non-GAAP) |
|
$ |
212 |
|
|
$ |
187 |
|
|
$ |
601 |
|
|
$ |
507 |
|
|
|
Acquired IPR&D |
|
|
15 |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
Adjusted EBITDA excluding Acquired IPR&D (non-GAAP) |
|
$ |
227 |
|
|
$ |
187 |
|
|
$ |
619 |
|
|
$ |
507 |
|
Bausch + Lomb Corporation |
|
|
|
|
|
|
|
|
Table 3 |
|||||||||||||||
Constant Currency Revenue (non-GAAP) and Constant Currency Revenue Growth (non-GAAP) - by Segment |
|
|
|
|
|
|
|
|||||||||||||||||
For the Three and Nine Months Ended September 30, 2024 and 2023 |
|
|
|
|
|
|
|
|
||||||||||||||||
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Calculation of Constant Currency Revenue for the Three Months Ended |
|
|
|
|
|
|
|
|||||||||||||||
|
|
September 30, 2024 |
|
September 30, 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 |
|
$ |
684 |
|
$ |
4 |
|
$ |
688 |
|
$ |
648 |
|
$ |
36 |
|
6 |
% |
|
$ |
40 |
|
6 |
% |
Surgical |
|
|
206 |
|
|
1 |
|
|
207 |
|
|
185 |
|
|
21 |
|
11 |
% |
|
|
22 |
|
12 |
% |
Pharmaceuticals |
|
|
306 |
|
|
— |
|
|
306 |
|
|
174 |
|
|
132 |
|
76 |
% |
|
|
132 |
|
76 |
% |
Total revenues |
|
$ |
1,196 |
|
$ |
5 |
|
$ |
1,201 |
|
$ |
1,007 |
|
$ |
189 |
|
19 |
% |
|
$ |
194 |
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Calculation of Constant Currency Revenue for the Nine Months Ended |
|
|
|
|
|
|
|
|||||||||||||||
|
|
September 30, 2024 |
|
September 30, 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 |
|
$ |
2,016 |
|
$ |
42 |
|
$ |
2,058 |
|
$ |
1,881 |
|
$ |
135 |
|
7 |
% |
|
$ |
177 |
|
9 |
% |
Surgical |
|
|
612 |
|
|
6 |
|
|
618 |
|
|
563 |
|
|
49 |
|
9 |
% |
|
|
55 |
|
10 |
% |
Pharmaceuticals |
|
|
883 |
|
|
4 |
|
|
887 |
|
|
529 |
|
|
354 |
|
67 |
% |
|
|
358 |
|
68 |
% |
Total revenues |
|
$ |
3,511 |
|
$ |
52 |
|
$ |
3,563 |
|
$ |
2,973 |
|
$ |
538 |
|
18 |
% |
|
$ |
590 |
|
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 and nine months ended September 30, 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, October 30, 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 October 30, 2024, does not constitute the company reaffirming guidance. See the “Forward-looking Statements” section for further information. |
3 |
The increase in the anticipated full-year revenue is a result of strong MIEBO performance and decrease in expected currency headwinds. In addition, the company previously provided guidance of |
4 |
Excludes 3Q YTD |
5 |
Diluted weighted average shares includes the dilutive impact of options, performance based restricted stock units and restricted stock units, which are approximately 2,000,000 common shares for the 3 months ended September 30, 2024. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030466923/en/
Media Contact:
T.J. Crawford
tj.crawford@bausch.com
(908) 705-2851
Investor Contact:
George Gadkowski
george.gadkowski@bausch.com
(877) 354-3705 (toll free)
(908) 927-0735
Source: Bausch + Lomb Corporation
FAQ
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