- Revenue of $1.099 Billion
- GAAP Net Loss Attributable to Bausch + Lomb Corporation of
$167 Million
- Adjusted EBITDA (non-GAAP)1 of $180 Million
- Revenue Grew 18% as Reported and 20% on a Constant Currency1
Basis Compared to the First Quarter of 2023, Driven by Growth
Across All Business Segments
- Foreign Exchange Negatively Impacted Revenue by
Approximately $20 Million
- Raising Full-Year 2024 Constant Currency Revenue Growth1
Guidance
Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye
health company dedicated to helping people see better to live
better, today announced its first-quarter 2024 financial
results.
“Outperformance from each of our business units and solid
results across geographies led to an impressive quarter and once
again demonstrated our quality of growth,” said Brent Saunders,
chairman and CEO, Bausch + Lomb. “Our key franchises continue to
deliver, and a focus on returning to our roots by prioritizing
innovation is producing tangible results.”
Select First-Quarter Company Highlights
- Broad-based growth across all segments and key franchises,
including Daily SiHy lenses, LUMIFY® and eye vitamins
- Strong uptake of MIEBO® and ongoing execution of XIIDRA®
relaunch strategy extend the company’s leading position in the dry
eye category; will be bolstered by upcoming launch of Blink™
NutriTears®
- Broad market entry for enVista® Aspire™ kicks off a steady
stream of IOL innovation
First-Quarter 2024 Revenue Performance Total reported
revenue was $1.099 billion for the first quarter of 2024, as
compared to $931 million in the first quarter of 2023, an increase
of $168 million, or 18%. Excluding the unfavorable impact of
foreign exchange of $20 million, revenue increased by approximately
20% on a constant currency1 basis compared to the first quarter of
2023.
Revenue by segment was as follows:
First-Quarter 2024
(in millions)
Three Months Ended March
31
Reported Change
Reported Change
Change at Constant Currency1
(non-GAAP)
2024
2023
Total Bausch + Lomb Revenue
$1,099
$931
$168
18%
20%
Vision Care
$635
$587
$48
8%
11%
Surgical
$197
$183
$14
8%
8%
Pharmaceuticals
$267
$161
$106
66%
66%
Vision Care Segment Vision Care segment revenue was $635
million for the first quarter of 2024, as compared to $587 million
for the first quarter of 2023, an increase of $48 million, or 8%.
Excluding the unfavorable impact of foreign exchange of $18
million, segment revenue increased on a constant currency1 basis by
approximately 11% compared to the first quarter of 2023, primarily
driven by growth in Daily SiHy lenses, LUMIFY®, eye vitamin and
consumer dry eye franchises.
Surgical Segment Surgical segment revenue was $197
million for the first quarter of 2024, as compared to $183 million
for the first quarter of 2023, an increase of $14 million, or 8%.
Excluding the unfavorable impact of foreign exchange of $1 million,
segment revenue increased on a constant currency1 basis by
approximately 8% compared to the first quarter of 2023, driven by
growth in consumables, implantables and equipment.
Pharmaceuticals Segment Pharmaceuticals segment revenue
was $267 million for the first quarter of 2024, as compared to $161
million for the first quarter of 2023, an increase of $106 million,
or 66%. Excluding the unfavorable impact of foreign exchange of $1
million, segment revenue increased on a constant currency1 basis by
approximately 66% compared to the first quarter of 2023, primarily
due to the acquisition of XIIDRA, strong launch performance of
MIEBO, and growth in U.S. Generics and International
Pharmaceuticals.
Operating Results Operating income was $6 million for the
first quarter of 2024, as compared to an operating loss of $2
million for the first quarter of 2023, an increase of $8 million.
The change was largely driven by the increase in sales, as noted
above, partially offset by an increase in advertising and
promotional spend primarily attributable to XIIDRA and MIEBO and
increase in amortization expense.
Net Loss Net loss attributable to Bausch + Lomb
Corporation for the first quarter of 2024 was $167 million, as
compared to $90 million for the first quarter of 2023, an
unfavorable change of $77 million. The change was primarily due to
an increase in interest expense and provision for taxes, partially
offset by the increase in operating results as noted above.
Adjusted net income attributable to Bausch + Lomb Corporation
(non-GAAP)1 for the first quarter of 2024 was $24 million, as
compared to $34 million for the first quarter of 2023, a decrease
of $10 million.
Cash from Operations Cash flow from operations for the
first quarter of 2024 was $41 million, as compared to cash flow
used in operations of $56 million for the first quarter of 2023, an
increase of $97 million. Cash flow from operations was positively
impacted by the acquisition of XIIDRA, partially offset by an
increase in inventories.
Earnings Per Share GAAP Earnings Per Share (“EPS”) Basic
and Diluted attributable to Bausch + Lomb Corporation for the first
quarter of 2024 was ($0.48), as compared to ($0.26) for the first
quarter of 2023. Adjusted EPS attributable to Bausch + Lomb
Corporation (non-GAAP)1 for the first quarter of 2024 was $0.07, as
compared to $0.10 for the first quarter of 2023.
Adjusted EBITDA (non-GAAP)1 Adjusted EBITDA
(non-GAAP)1 was $180 million for the first quarter of 2024, as
compared to $141 million for the first quarter of 2023, an increase
of $39 million, primarily due to the increase in sales, as noted
above, partially offset by an investment in launch products
including MIEBO and XIIDRA.
2024 Financial Outlook2 Bausch + Lomb guidance for
full-year 2024 is as follows:
- Raising full-year 2024 constant currency revenue growth1
guidance from 12-14% to 13-15%4
- Full-year revenue range of $4.600 – $4.700 billion
- Full-year Adjusted EBITDA (non-GAAP)1 range of $840 – $890
million
- Foreign exchange revenue headwinds now expected to be
approximately $90 million for the full year, previously
approximately $40 million4
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 (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
- Bausch + Lomb’s cash, cash equivalents and restricted cash were
$325 million at Mar. 31, 2024
- Basic weighted average shares outstanding for the first quarter
of 2024 were 351.1 million, and diluted weighted average shares
outstanding for the first quarter of 2024 were 352.7 million3
Conference Call Details
Date:
Wednesday, May 1, 2024
Time:
8:00 a.m. ET
Webcast:
https://www.webcaster4.com/Webcast/Page/2883/49631
Participant Event Dial-in:
+1 (888) 506-0062 (North America)
+1 (973) 528-0011 (International)
Participant Access Code:
357966
Replay Dial-in:
+1 (877) 481-4010 (North America)
+1 (919) 882-2331 (International)
Replay Passcode:
49631 (replay available until May 15,
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
Vaughan, Ontario with corporate offices in Bridgewater, New Jersey.
For more information, visit www.bausch.com and connect with us on
X, LinkedIn, Facebook and Instagram.
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, anticipated
launches of certain of our products (including the timing thereof)
and expected future growth resulting from increased investment in
modernizing manufacturing capabilities and supply chain
optimization. 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 U.S.
Securities and Exchange Commission (“SEC”) and the Canadian
Securities Administrators (the “CSA”) (including the company’s
Annual Report on Form 10-K for the year ended Dec. 31, 2023 (filed
with the SEC and CSA on Feb. 21, 2024) and its most recent
quarterly filings), which factors are incorporated herein by
reference. They also include risks and uncertainties respecting the
proposed plan to spin off or separate Bausch + Lomb from Bausch
Health Companies Inc. (“BHC”), including the expected benefits and
costs of the spinoff transaction, the expected timing of completion
of the spinoff transaction and its terms (including the expectation
that the spinoff transaction will be completed following the
achievement of targeted net leverage ratios, subject to receipt of
applicable shareholder and other necessary approvals and other
factors (including those described in BHC’s public filings)), the
ability to complete the spinoff transaction considering the various
conditions to the completion of the spinoff transaction (some of
which are outside the company’s and BHC’s control, including
conditions related to regulatory matters and receipt of applicable
shareholder and other approvals), the impact of any potential sales
of the company’s common shares by BHC, that market or other
conditions are no longer favorable to completing the transaction,
that applicable shareholder, stock exchange, regulatory or other
approval is not obtained on the terms or timelines anticipated or
at all, business disruption during the pendency of or following the
spinoff transaction, diversion of management time on spinoff
transaction-related issues, retention of existing management team
members, the reaction of customers and other parties to the spinoff
transaction, the structure of the spinoff transaction and related
distribution, the qualification of the spinoff transaction as a
tax-free transaction for Canadian and/or U.S. federal income tax
purposes (including whether or not an advance ruling from the
Canada Revenue Agency and/or the Internal Revenue Service will be
sought or obtained), the ability of the company and BHC to satisfy
the conditions required to maintain the tax-free status of the
spinoff transaction (some of which are beyond their control), other
potential tax or other liabilities that may arise as a result of
the spinoff transaction, the potential dis-synergy costs resulting
from the spinoff transaction, the impact of the spinoff transaction
on relationships with customers, suppliers, employees and other
business counterparties, general economic conditions, conditions in
the markets the company is engaged in, behavior of customers,
suppliers and competitors, technological developments and legal and
regulatory rules affecting the company’s business. In particular,
the company can offer no assurance that any spinoff transaction
will occur at all, or that any spinoff transaction will occur on
the terms and timelines anticipated by the company and BHC. They
also include risks and uncertainties respecting the acquisition of
XIIDRA® and certain other ophthalmology assets, including risks
that the company may not realize the expected benefits of that
transaction on a timely basis or at all and risks relating to
increased levels of debt as a result of debt incurred to finance
such transaction, including in regard to compliance with our debt
covenants. Finally, they also include, but are not limited to,
risks and uncertainties caused by or relating to adverse economic
conditions and other macroeconomic factors, including inflation,
slower growth or a potential recession, which could adversely
impact our revenue, expenses and resulting margins, and economic
factors over which we have no control, including inflationary
pressures as a result of historically high domestic and global
inflation and otherwise, interest rates, foreign currency rates,
and the positional effect of such factors on revenue, expenses and
resulting margins. In addition, certain material factors and
assumptions have been applied in making these forward-looking
statements, including, without limitation, the assumption that the
risks and uncertainties outlined above will not cause actual
results or events to differ materially from those described in
these forward-looking statements. In addition, management has also
made certain assumptions regarding our 2024 full-year guidance with
respect to expectations regarding base performance growth,
expectations regarding performance of certain of our key products
(including XIIDRA® and MIEBO®), currency impact, run-rate
dis-synergies and inflation, expectations regarding adjusted gross
margin (non-GAAP), adjusted SG&A expense (non-GAAP) and the
company’s ability to continue to manage such expense in the manner
anticipated, interest expense, adjusted tax rate and full year
capex and the anticipated timing and extent of the company’s
R&D expense.
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 U.S. generally accepted accounting
principles (GAAP), the company uses certain non-GAAP financial
measures and ratios. Management uses these non-GAAP measures and
ratios as key metrics in the evaluation of the company’s
performance and the consolidated financial results and, in part, in
the determination of cash bonuses for its executive officers. The
company believes these non-GAAP measures and ratios are useful to
investors in their assessment of our operating performance and the
valuation of the company. In addition, these non-GAAP measures and
ratios address questions the company routinely receives from
analysts and investors, and in order to assure that all investors
have access to similar data, the company has determined that it is
appropriate to make this data available to all investors.
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
and Adjusted EBITDA EBITDA (non-GAAP) is Net income (loss)
attributable to Bausch + Lomb Corporation (its most directly
comparable U.S. GAAP financial measure) adjusted for interest,
income taxes, depreciation and amortization. Adjusted EBITDA
(non-GAAP) is EBITDA (non-GAAP) further adjusted for the items
described below. Management believes that Adjusted EBITDA
(non-GAAP), along with the GAAP measures used by management, most
appropriately reflect how the company measures the business
internally and sets operational goals and incentives. In
particular, the company believes that Adjusted EBITDA (non-GAAP)
focuses management on the company’s underlying operational results
and business performance. As a result, the company uses Adjusted
EBITDA (non-GAAP) both to assess the actual financial performance
of the company and to forecast future results as part of its
guidance. Management believes Adjusted EBITDA (non-GAAP) is a
useful measure to evaluate current performance. Adjusted EBITDA
(non-GAAP) is intended to show our unleveraged, pre-tax operating
results and therefore reflects our financial performance based on
operational factors. In addition, cash bonuses for the company’s
executive officers and other key employees are based, in part, on
the achievement of certain Adjusted EBITDA (non-GAAP) targets.
Adjusted EBITDA (non-GAAP) is Net income (loss) attributable to
Bausch + Lomb Corporation (its most directly comparable U.S. GAAP
financial measure) adjusted for interest expense, net, (benefit
from) provision for income taxes, depreciation and amortization and
further adjusted for the following items:
- 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 Asset
impairments were less than $1 million for the three months ended
March 31, 2024 and 2023.
- 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 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) 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.
Like Adjusted net income (non-GAAP), Adjusted EPS (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) is 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).
© 2024 Bausch + Lomb.
Bausch + Lomb Corporation
Table 1
Consolidated Statements of
Operations
For the Three Months Ended March 31,
2024 and 2023
(unaudited)
Three Months Ended
March 31,
(in millions, except per share
amounts)
2024
2023
Revenues
Product sales
$
1,094
$
928
Other revenues
5
3
1,099
931
Expenses
Cost of goods sold (excluding amortization
and impairments of intangible assets)
423
371
Cost of other revenues
1
1
Selling, general and administrative
504
418
Research and development
82
77
Amortization of intangible assets
74
57
Other expense, net
9
9
1,093
933
Operating income (loss)
6
(2
)
Interest income
3
3
Interest expense
(99
)
(50
)
Foreign exchange and other
—
(6
)
Loss before provision for income
taxes
(90
)
(55
)
Provision for income taxes
(73
)
(33
)
Net loss
(163
)
(88
)
Net income attributable to noncontrolling
interest
(4
)
(2
)
Net loss attributable to Bausch + Lomb
Corporation
$
(167
)
$
(90
)
Basic and diluted loss per share
attributable to Bausch + Lomb Corporation
$
(0.48
)
$
(0.26
)
Basic weighted-average common
shares
351.1
350.0
Diluted weighted-average common
shares
351.1
350.0
Bausch + Lomb Corporation
Table 2
Reconciliation of GAAP Net Loss and
Diluted Loss per Share Attributable to Bausch + Lomb Corporation to
Adjusted Net Income (non-GAAP) and Adjusted Earnings Per Share
(non-GAAP)
For the Three Months Ended March 31,
2024 and 2023
(unaudited)
Three Months Ended March
31,
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
$
(167
)
$
(0.48
)
$
(90
)
$
(0.26
)
Non-GAAP adjustments: (a)
Amortization of intangible assets
74
0.21
57
0.16
Restructuring, integration and
transformation costs
28
0.08
32
0.09
Acquisition-related costs and adjustments
(excluding amortization of intangible assets)
21
0.06
1
—
Separation costs and separation-related
costs
2
0.01
3
0.01
Gain on sale of assets
(4
)
(0.01
)
—
—
Other
2
0.01
—
—
Tax effect of non-GAAP adjustments
68
0.19
31
0.10
Total non-GAAP adjustments
191
0.55
124
0.36
Adjusted net income (non-GAAP) and
Adjusted earnings per share (non-GAAP)
$
24
$
0.07
$
34
$
0.10
(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 Months Ended March 31,
2024 and 2023
(unaudited)
Three Months Ended
March 31,
(in millions)
2024
2023
Cost of goods sold
reconciliation:
GAAP Cost of goods sold (excluding
amortization and impairments of intangible assets)
$
423
$
371
Fair value inventory step-up resulting
from acquisitions (a)
(20
)
—
Adjusted cost of goods sold (excluding
amortization and impairments of intangible assets) (non-GAAP)
$
403
$
371
Selling, general and administrative
reconciliation:
GAAP Selling, general and
administrative
$
504
$
418
Separation-related costs (b)
(1
)
(3
)
Transformation costs (c)
(17
)
(24
)
Other (d)
(1
)
—
Adjusted selling, general and
administrative (non-GAAP)
$
485
$
391
Research and development
reconciliation:
GAAP Research and development
$
82
$
77
Separation-related costs (b)
(1
)
—
Adjusted research and development
(non-GAAP)
$
81
$
77
Amortization of intangible assets
reconciliation:
GAAP Amortization of intangible assets
$
74
$
57
Amortization of intangible assets (e)
(74
)
(57
)
Adjusted amortization of intangible assets
(non-GAAP)
$
—
$
—
Other expense, net
reconciliation:
GAAP Other expense, net
$
9
$
9
Litigation and other matters (d)
(1
)
—
Restructuring and integration costs
(c)
(11
)
(8
)
Acquisition-related contingent
consideration (a)
(1
)
—
Acquisition-related costs (a)
—
(1
)
Gain on sale of assets (f)
4
—
Adjusted other expense, net (non-GAAP)
$
—
$
—
Provision for income taxes
reconciliation:
GAAP Provision for income taxes
$
(73
)
$
(33
)
Tax effect of non-GAAP adjustments (g)
68
31
Adjusted provision for income taxes
(non-GAAP)
$
(5
)
$
(2
)
(a)
Represents the three components of the
non-GAAP adjustment of “Acquisition-related costs and adjustments
(excluding amortization of intangible assets)” (see Table 2).
(b)
Represents the two 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 two 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 “Gain on sale of assets” (see Table 2).
(g)
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 Loss to
Adjusted EBITDA (non-GAAP)
For the Three Months Ended March 31,
2024 and 2023
(unaudited)
Three Months Ended
March 31,
(in millions)
2024
2023
Net loss attributable to Bausch + Lomb
Corporation
$
(167
)
$
(90
)
Interest expense, net
96
47
Provision for income taxes
73
33
Depreciation and amortization of
intangible assets
110
91
EBITDA
112
81
Adjustments:
Restructuring, integration and
transformation costs
28
32
Acquisition-related costs and adjustments
(excluding amortization of intangible assets)
21
1
Share-based compensation
19
24
Separation costs and separation-related
costs
2
3
Other non-GAAP adjustments:
Gain on sale of assets
(4
)
—
Other
2
—
Adjusted EBITDA (non-GAAP)
$
180
$
141
Bausch + Lomb Corporation
Table 3
Constant Currency Revenue (non-GAAP)
and Constant Currency Revenue Growth (non-GAAP) - by
Segment
For the Three Months Ended March 31,
2024 and 2023
(unaudited)
Calculation of Constant
Currency Revenue for the Three Months Ended
March 31, 2024
March 31, 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
$
635
$
18
$
653
$
587
$
48
8
%
$
66
11
%
Surgical
197
1
198
183
14
8
%
15
8
%
Pharmaceuticals
267
1
268
161
106
66
%
107
66
%
Total revenues
$
1,099
$
20
$
1,119
$
931
$
168
18
%
$
188
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 months ended March 31, 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, May 1, 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 May 1, 2024, does not constitute the company
reaffirming guidance. See the “Forward-looking Statements” section
for further information.
3
Diluted weighted average shares includes
the dilutive impact of options, performance based restricted stock
units and restricted stock units, which are approximately 1,600,000
common shares for the 3 months ended March 31, 2024, and which are
excluded when calculating GAAP diluted loss per share because the
effect of including the impact would be anti-dilutive.
4
This increase in anticipated constant
currency revenue growth is a result of the strength of the
performance of our business across all segments in the first
quarter. In addition, the company previously provided guidance of
foreign exchange headwinds to revenue of -$40 million. The increase
in estimated foreign exchange headwinds to revenue is a result of
the strengthening of the U.S. dollar relative to other
currencies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240501668253/en/
Media: T.J. Crawford tj.crawford@bausch.com (908)
705-2851
Investors: George Gadkowski george.gadkowski@bausch.com
(877) 354-3705 (toll free) (908) 927-0735
Bausch plus Lomb (NYSE:BLCO)
過去 株価チャート
から 12 2024 まで 1 2025
Bausch plus Lomb (NYSE:BLCO)
過去 株価チャート
から 1 2024 まで 1 2025
