Jerome Maurice
Bausch + Lomb (NYSE:BLCO) traded higher in the morning hours on Wednesday after the Canadian eyecare company topped Wall Street forecasts with its Q4 2023 financials and set its revenue outlook ahead of consensus.
The 2022 spinoff of Canadian pharma giant Bausch Health (BHC) generated $1.2B in revenue for the quarter, with ~18% YoY growth as its largest segment, Vision Care, added $662M to the top line.
Meanwhile, its Pharmaceuticals segment brought $307M with ~67% YoY growth, thanks partly to additional revenue from newly acquired Novartis’ (NVS) dry-eye treatment, Xiidra.
While BLCO’s total revenue rose ~10% YoY to $4.1B in 2023, its topline, on a forex-adjusted basis, expanded ~12% YoY without the $68M unfavorable impact of currency changes.
However, the company suffered a net loss of $260M for the year compared to $6M in net income in the prior year due to higher interest expenses and a ~4% YoY decline in operating income, which reached $49M in 2023.
Vaughan, Canada-based Bausch + Lomb (BLCO) projected $840M–$890M in adjusted EBITDA on $4.6B–$4.7B in revenue for 2024, compared to $4.56B in the consensus.