Bausch + Lomb (BLCO) Soars 13.2%

By Tamara Parker • Wednesday, February 21 15:53 • Permanent Link

Bausch + Lomb Corporation (NYSE/TSX: BLCO) has reported its financial results for the fourth quarter and full year of 2023, along with providing guidance for 2024. The company's revenue for the fourth quarter of 2023 was $1.173 billion, showing an 18% increase as reported and a 19% increase on a constant currency basis compared to the same period in 2022. The full-year revenue for 2023 was $4.146 billion, marking a 10% increase as reported and a 12% increase on a constant currency basis compared to 2022.

Brent Saunders, Chairman and CEO of Bausch + Lomb, commented on the company's performance, stating, "Revenue growth in 2023, and in the fourth quarter in particular, exceeded our expectations and set the tone for 2024. Double-digit growth is always impressive, but even more so when you consider how we got there. Our quality of growth is what helps set us apart from others."

The company's vision care segment revenue for the fourth quarter of 2023 was $662 million, up 6% compared to the same period in 2022. The surgical segment revenue for the same period was $204 million, showing a 9% increase, while the pharmaceuticals segment revenue saw a substantial 67% increase, reaching $307 million.

For the full year of 2023, the vision care segment revenue reached $2.543 billion, a 7% increase from 2022. The surgical segment revenue for the full year was $767 million, showing a 7% increase, and the pharmaceuticals segment revenue increased by 23%, reaching $836 million.

The company's net loss attributable to Bausch + Lomb Corporation for the fourth quarter of 2023 was $54 million, compared to a net loss of $1 million for the same period in 2022. For the full year of 2023, the net loss was $260 million, compared to a net income of $6 million in 2022.

Bausch + Lomb also announced its financial outlook for 2024, with a projected full-year revenue of $4.600 - $4.700 billion, representing approximately 12% - 14% constant currency growth. The company anticipates a full-year adjusted EBITDA (non-GAAP) of $840 - $890 million.

The company's shares have moved 13.2%, and are currently trading at a price of $16.51.

The company's full 8-K submission is available here.

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