Bausch Health Companies Inc. (NYSE/TSX: BHC) has announced a board refreshment as part of its ongoing commitment to board diversity. The company has nominated two independent and diverse candidates, Christian A. Garcia and Frank D. Lee, to stand for election to its board of directors at the 2024 annual meeting of shareholders.
Christian A. Garcia, the former executive vice president and chief financial officer of BrandSafway Industries, LLC, and Frank D. Lee, the chief executive officer of Pacira BioSciences, Inc., are the new nominees for the board. In addition, Russel C. Robertson and Thomas W. Ross, Sr. will be retiring from the board and will not stand for re-election at the upcoming annual meeting. They will, however, continue to serve on the board of Bausch + Lomb Corporation. To fill the resulting committee vacancies, the company expects that Mr. Garcia will serve as the audit and risk committee chair, and Mr. Lee will serve on the talent and compensation committee, with Mr. Lee also expected to serve on the science and technology committee.
John A. Paulson, Chairperson of the Bausch Health board, commented on the nomination of the new independent directors, stating, "The nomination of these two new independent directors demonstrates Bausch Health's ongoing commitment to refreshment, excellence, and board diversity." He also expressed gratitude to Russ and Tom, acknowledging their valuable contributions as long-term members of the board.
Bausch Health's 2024 annual meeting has not yet been scheduled, and additional information regarding the new director nominees and other company updates will be included in the company's proxy statement for the annual meeting when available.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $8,380 | $8,601 | $8,027 | $8,434 | $8,124 | $8,542 |
| Revenue Growth | n/a | 2.64% | -6.67% | 5.07% | -3.68% | 5.15% |
| Operating Margins | -28% | -2% | 8% | 5% | 6% | 4% |
| Net Margins | -49% | -21% | -7% | -11% | -3% | -11% |
| Net Income (MM) | -$4,144 | -$1,783 | -$559 | -$948 | -$225 | -$963 |
| Net Interest Expense (MM) | $1,685 | $1,612 | $1,534 | $1,426 | $1,464 | $1,272 |
| Depreciation & Amort. (MM) | $2,819 | $2,075 | $1,825 | $1,552 | $1,394 | $1,295 |
| Earnings Per Share | -$11.81 | -$5.06 | -$1.58 | -$2.64 | -$0.62 | -$2.64 |
| EPS Growth | n/a | 57.15% | 68.77% | -67.09% | 76.52% | -325.81% |
| Diluted Shares (MM) | 351 | 352 | 355 | 359 | 362 | 365 |
| Capital Expenditures (MM) | $157 | $270 | $302 | $269 | $218 | $183 |
| Current Ratio | 1.1 | 1.12 | 1.09 | 1.08 | 1.08 | 1.2 |
| Total Debt (MM) | $48,382 | $50,556 | $47,850 | $45,308 | $41,100 | $22,430 |
| Net Debt / EBITDA | 109.57 | 25.27 | 18.89 | 22.34 | 21.94 | 13.05 |
Bausch Health Companies has weak revenue growth and a flat capital expenditure trend, weak operating margins with a stable trend, and just enough current assets to cover current liabilities. We also note that the company has a strong EPS growth trend working in its favor. However, the firm suffers from positive cash flows and a highly leveraged balance sheet.
