Bausch + Lomb Corporation (NYSE/TSX: BLCO) has reported its third-quarter 2024 financial results, showcasing strong performance and growth. The company achieved a revenue of $1.196 billion, marking a significant increase of 19% compared to the third quarter of 2023. This growth was consistent across all segments, including Vision Care, Surgical, and Pharmaceuticals.
The Vision Care segment experienced a revenue increase of 6% on a constant currency basis, primarily driven by sales from the dry eye portfolio within the consumer business and sihy daily lenses within the contact lens business. The Surgical segment also demonstrated robust growth, with a revenue increase of 12% on a constant currency basis, attributed to increased demand for consumables, equipment, and implantables, driven by the premium IOL portfolio. The Pharmaceuticals segment saw the most substantial growth, with revenue soaring by 76% on a constant currency basis, primarily due to incremental sales from the acquisition of Xiidra, the launch of Miebo, and international pharmaceutical growth.
Operating income for the third quarter of 2024 was $43 million, a $3 million increase from the same period in 2023. The net income attributable to Bausch + Lomb Corporation for the third quarter of 2024 was $4 million, marking a notable improvement from the net loss of $84 million in the third quarter of 2023.
Adjusted net income attributable to Bausch + Lomb Corporation (non-GAAP) for the third quarter of 2024 was $46 million, representing a decrease of $30 million from the third quarter of 2023. The company reported cash flow from operations of $154 million for the third quarter of 2024, a substantial increase of $106 million from the third quarter of 2023.
In terms of earnings per share (EPS), GAAP EPS for the third quarter of 2024 was $0.01, compared to ($0.24) for the third quarter of 2023. Adjusted EPS for the third quarter of 2024 was $0.13, down from $0.22 in the third quarter of 2023.
Adjusted EBITDA (non-GAAP) for the third quarter of 2024 reached $212 million, reflecting an increase of $25 million from the third quarter of 2023. Adjusted EBITDA excluding acquired IPR&D (non-GAAP) was $227 million for the third quarter of 2024, compared to $187 million for the third quarter of 2023.
Looking ahead, Bausch + Lomb raised its revenue guidance for the full year of 2024 to a range of $4.725 * $4.825 billion, indicating a constant currency growth of approximately 16 * 18%. The company also maintained its full-year adjusted EBITDA excluding acquired IPR&D (non-GAAP) guidance in the range of $850 * $900 million.
Following these announcements, the company's shares moved 0.0%, and are now trading at a price of $20.77. For the full picture, make sure to review Bausch + Lomb's 8-K report.
