- Revenue of $1.216 Billion
- GAAP Net Loss Attributable to Bausch + Lomb Corporation of
$151 Million
- Adjusted EBITDA (non-GAAP)1 of $209 Million
- Revenue Grew 17% as Reported and 20% on a Constant Currency1
Basis Compared to the Second Quarter of 2023, Driven by Broad-Based
Growth Across All Business Segments
- Raising Full-Year 2024 Revenue and Adjusted EBITDA
(non-GAAP)1 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 second-quarter 2024 financial
results.
“Our continued growth is being fueled by a relentless focus on
selling and operational excellence, and a commitment to innovation
that defined our past and will dictate our future,” said Brent
Saunders, chairman and CEO, Bausch + Lomb. “That commitment was on
full display in the second quarter, with the approval or launch of
three innovative products across three distinct businesses,
announced over 12 days.”
Select Second-Quarter Company Highlights
- Delivered robust growth across all segments, geographies and
key franchises
- Strengthened dry eye category leadership with growth across Rx
and OTC products
- Launched several innovative new products, including BLINK™
NutriTears®, INFUSE® for Astigmatism and enVista® Envy™
Second-Quarter 2024 Revenue Performance
Total reported revenue was $1.216 billion for the second quarter
of 2024, as compared to $1.035 billion in the second quarter of
2023, an increase of $181 million, or 17%. Excluding the
unfavorable impact of foreign exchange of $27 million, revenue
increased by approximately 20% on a constant currency1 basis
compared to the second quarter of 2023.
Revenue by segment was as follows:
Second-Quarter 2024
(in millions)
Three Months Ended June
30
Reported Change
Reported Change
Change at Constant Currency1
(non-GAAP)
2024
2023
Total Bausch + Lomb Revenue
$1,216
$1,035
$181
17%
20%
Vision Care
$697
$646
$51
8%
11%
Surgical
$209
$195
$14
7%
9%
Pharmaceuticals
$310
$194
$116
60%
61%
Vision Care Segment
Vision Care segment revenue was $697 million for the second
quarter of 2024, as compared to $646 million for the second quarter
of 2023, an increase of $51 million, or 8%. Excluding the
unfavorable impact of foreign exchange of $20 million, segment
revenue increased on a constant currency1 basis by approximately
11% compared to the second quarter of 2023, primarily due to sales
from the dry eye portfolio, LUMIFY® and eye vitamins within the
consumer eye care business, and daily SiHy lenses and ULTRA® within
the contact lens business.
Surgical Segment
Surgical segment revenue was $209 million for the second quarter
of 2024, as compared to $195 million for the second quarter of
2023, an increase of $14 million, or 7%. Excluding the unfavorable
impact of foreign exchange of $4 million, segment revenue increased
on a constant currency1 basis by approximately 9% compared to the
second quarter of 2023, primarily due to increased demand for
equipment and consumables, along with implantables, driven by the
premium IOL portfolio.
Pharmaceuticals Segment
Pharmaceuticals segment revenue was $310 million for the second
quarter of 2024, as compared to $194 million for the second quarter
of 2023, an increase of $116 million, or 60%. Excluding the
unfavorable impact of foreign exchange of $3 million, segment
revenue increased on a constant currency1 basis by approximately
61% compared to the second quarter of 2023, primarily due to the
XIIDRA® acquisition, strong launch performance of MIEBO® and
continued growth in U.S. Generics and International
Pharmaceuticals.
Operating Results
Operating income was $26 million for the second quarter of 2024,
as compared to an operating income of $43 million for the second
quarter of 2023, a decrease of $17 million. The change was largely
driven by higher selling, advertising and promotion costs,
primarily attributable to XIIDRA and the launch of MIEBO and
amortization expense, partially offset by the increase in gross
profit contribution.
Net Loss
Net loss attributable to Bausch + Lomb Corporation for the
second quarter of 2024 was $151 million, as compared to $32 million
for the second quarter of 2023, an unfavorable change of $119
million. The change was primarily due to the increase in the
provision for income taxes and interest expense and the decrease in
operating results noted above.
Adjusted net income attributable to Bausch + Lomb Corporation
(non-GAAP)1 for the second quarter of 2024 was $45 million, as
compared to $65 million for the second quarter of 2023, a decrease
of $20 million.
Cash from Operations
Cash flow from operations for the second quarter of 2024 was $15
million, as compared to cash flow used in operations of $24 million
for the second quarter of 2023, an increase of $39 million. Cash
flow from operations was positively impacted by increased gross
profit, primarily driven by XIIDRA, partially offset by increased
interest payments, timing of collections and an increase in
inventory.
Earnings Per Share
GAAP Earnings Per Share (“EPS”) Basic and Diluted attributable
to Bausch + Lomb Corporation for the second quarter of 2024 was
($0.43), as compared to ($0.09) for the second quarter of 2023.
Adjusted EPS attributable to Bausch + Lomb Corporation (non-GAAP)1
for the second quarter of 2024 was $0.13, as compared to $0.18 for
the second quarter of 2023.
Adjusted EBITDA (non-GAAP)1
Adjusted EBITDA (non-GAAP)1 was $209 million for the second
quarter of 2024, as compared to $179 million for the second quarter
of 2023, an increase of $30 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 raised revenue and Adjusted EBITDA (non-GAAP)1
guidance for the full year of 2024 as follows:
As of May 1, 2024
As of July 31, 20243
Full-year revenue
$4.600 – $4.700 billion
$4.700 – $4.800 billion
~13-15% constant currency growth1
~16-18% constant currency growth1
Full-year Adjusted EBITDA
(non-GAAP)1
$840 – $890 million
$850 – $900 million
Full-year revenue foreign exchange
headwinds
-$90 million
-$90 million
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
$302 million at June 30, 2024
- Basic weighted average shares outstanding for the second
quarter of 2024 were 351.8 million, and diluted weighted average
shares outstanding for the second quarter of 2024 were 353.0
million4
Conference Call Details
Date:
Wednesday, July 31, 2024
Time:
8 a.m. ET
Webcast:
https://www.webcaster4.com/Webcast/Page/2883/49632
Participant Event Dial-in:
+1 (888) 506-0062 (North America)
+1 (973) 528-0011 (International)
Participant Access Code:
207157
Replay Dial-in:
+1 (877) 481-4010 (North America)
+1 (919) 882-2331 (International)
Replay Passcode:
49632 (replay available until August 14,
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. 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 regards 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.
- 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.
FINANCIAL TABLES FOLLOW
Bausch + Lomb Corporation
Table 1
Consolidated Statements of
Operations
For the Three and Six Months Ended June
30, 2024 and 2023
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions, except per share
amounts)
2024
2023
2024
2023
Revenues
Product sales
$
1,213
$
1,031
$
2,307
$
1,959
Other revenues
3
4
8
7
1,216
1,035
2,315
1,966
Expenses
Cost of goods sold (excluding amortization
and impairments of intangible assets)
482
417
905
788
Cost of other revenues
1
—
2
1
Selling, general and administrative
535
417
1,039
835
Research and development
84
85
166
162
Amortization of intangible assets
74
56
148
113
Other expense, net
14
17
23
26
1,190
992
2,283
1,925
Operating income
26
43
32
41
Interest income
3
5
6
8
Interest expense
(102
)
(58
)
(201
)
(108
)
Foreign exchange and other
(3
)
(9
)
(3
)
(15
)
Loss before provision for income
taxes
(76
)
(19
)
(166
)
(74
)
Provision for income taxes
(72
)
(10
)
(145
)
(43
)
Net loss
(148
)
(29
)
(311
)
(117
)
Net income attributable to noncontrolling
interest
(3
)
(3
)
(7
)
(5
)
Net loss attributable to Bausch + Lomb
Corporation
$
(151
)
$
(32
)
$
(318
)
$
(122
)
Basic and diluted loss per share
attributable to Bausch + Lomb Corporation
$
(0.43
)
$
(0.09
)
$
(0.90
)
$
(0.35
)
Basic and diluted weighted-average
common shares
351.8
350.5
351.5
350.3
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 and Six Months Ended June
30, 2024 and 2023
(unaudited)
Three Months Ended June
30,
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
$
(151
)
$
(0.43
)
$
(32
)
$
(0.09
)
Non-GAAP adjustments: (a)
Amortization of intangible assets
74
0.21
56
0.16
Asset impairments
5
0.01
—
—
Restructuring, integration and
transformation costs
27
0.08
30
0.09
Acquisition-related costs and adjustments
(excluding amortization of intangible assets)
21
0.06
3
0.01
Separation costs and separation-related
costs
1
—
2
—
Gain on sale of assets
(1
)
—
—
—
Other
4
0.01
2
—
Tax effect of non-GAAP adjustments
65
0.19
4
0.01
Total non-GAAP adjustments
196
0.56
97
0.27
Adjusted net income (non-GAAP) and
Adjusted earnings per
share (non-GAAP)
$
45
$
0.13
$
65
$
0.18
Six Months Ended June
30,
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
$
(318
)
$
(0.90
)
$
(122
)
$
(0.35
)
Non-GAAP adjustments: (a)
Amortization of intangible assets
148
0.42
113
0.32
Asset impairments
5
0.01
—
—
Restructuring, integration and
transformation costs
55
0.15
62
0.18
Acquisition-related costs and adjustments
(excluding amortization of intangible assets)
42
0.12
4
0.01
Separation costs and separation-related
costs
3
0.01
5
0.01
Gain on sale of assets
(5
)
(0.01
)
—
—
Other
6
0.02
2
0.01
Tax effect of non-GAAP adjustments
133
0.38
35
0.10
Total non-GAAP adjustments
387
1.10
221
0.63
Adjusted net income (non-GAAP) and
Adjusted earnings per
share (non-GAAP)
$
69
$
0.20
$
99
$
0.28
(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 and Six Months Ended June
30, 2024 and 2023
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions)
2024
2023
2024
2023
Cost of goods sold
reconciliation:
GAAP Cost of goods sold (excluding
amortization and impairments of intangible assets)
$
482
$
417
$
905
$
788
Fair value inventory step-up resulting
from acquisitions (a)
(20
)
—
(40
)
—
Adjusted cost of goods sold (excluding
amortization and impairments of intangible assets) (non-GAAP)
$
462
$
417
$
865
$
788
Selling, general and administrative
reconciliation:
GAAP Selling, general and
administrative
$
535
$
417
$
1,039
$
835
Separation-related costs (b)
(1
)
(2
)
(2
)
(5
)
Transformation costs (c)
(21
)
(16
)
(38
)
(40
)
Other (d)
(2
)
(1
)
(3
)
(1
)
Adjusted selling, general and
administrative (non-GAAP)
$
511
$
398
$
996
$
789
Research and development
reconciliation:
GAAP Research and development
$
84
$
85
$
166
$
162
Separation-related costs (b)
—
—
(1
)
—
Adjusted research and development
(non-GAAP)
$
84
$
85
$
165
$
162
Amortization of intangible assets
reconciliation:
GAAP Amortization of intangible assets
$
74
$
56
$
148
$
113
Amortization of intangible assets (e)
(74
)
(56
)
(148
)
(113
)
Adjusted amortization of intangible assets
(non-GAAP)
$
—
$
—
$
—
$
—
Other expense, net
reconciliation:
GAAP Other expense, net
$
14
$
17
$
23
$
26
Litigation and other matters (d)
—
—
(1
)
—
Restructuring and integration costs
(c)
(6
)
(14
)
(17
)
(22
)
Asset impairments (f)
(5
)
—
(5
)
—
Acquisition-related contingent
consideration (a)
—
(1
)
(1
)
(1
)
Acquisition-related costs (a)
(1
)
(2
)
(1
)
(3
)
Gain on sale of assets (g)
1
—
5
—
Adjusted other expense, net (non-GAAP)
$
3
$
—
$
3
$
—
Foreign exchange and other
reconciliation:
GAAP Foreign exchange and other
$
(3
)
$
(9
)
$
(3
)
$
(15
)
Other (d)
2
1
2
1
Adjusted foreign exchange and other
(non-GAAP)
$
(1
)
$
(8
)
$
(1
)
$
(14
)
Provision for income taxes
reconciliation:
GAAP Provision for income taxes
$
(72
)
$
(10
)
$
(145
)
$
(43
)
Tax effect of non-GAAP adjustments (h)
65
4
133
35
Adjusted provision for income taxes
(non-GAAP)
$
(7
)
$
(6
)
$
(12
)
$
(8
)
(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 three 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 “Asset impairments” (see Table 2).
(g)
Represents the sole component of
the non-GAAP adjustment of “Gain on sale of assets” (see Table
2).
(h)
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 and Six Months Ended June
30, 2024 and 2023
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions)
2024
2023
2024
2023
Net loss attributable to Bausch + Lomb
Corporation
$
(151
)
$
(32
)
$
(318
)
$
(122
)
Interest expense, net
99
53
195
100
Provision for income taxes
72
10
145
43
Depreciation and amortization of
intangible assets
110
93
220
184
EBITDA
130
124
242
205
Adjustments:
Asset impairments
5
—
5
—
Restructuring, integration and
transformation costs
27
30
55
62
Acquisition-related costs and adjustments
(excluding amortization of intangible assets)
21
3
42
4
Share-based compensation
22
18
41
42
Separation costs and separation-related
costs
1
2
3
5
Other non-GAAP adjustments:
Gain on sale of assets
(1
)
—
(5
)
—
Other
4
2
6
2
Adjusted EBITDA (non-GAAP)
$
209
$
179
$
389
$
320
Bausch + Lomb Corporation
Table 3
Constant Currency Revenue (non-GAAP)
and Constant Currency Revenue Growth (non-GAAP) - by
Segment
For the Three and Six Months Ended June
30, 2024 and 2023
(unaudited)
Calculation of Constant
Currency Revenue for the Three Months Ended
June 30, 2024
June 30, 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
$
697
$
20
$
717
$
646
$
51
8
%
$
71
11
%
Surgical
209
4
213
195
14
7
%
18
9
%
Pharmaceuticals
310
3
313
194
116
60
%
119
61
%
Total revenues
$
1,216
$
27
$
1,243
$
1,035
$
181
17
%
$
208
20
%
Calculation of Constant
Currency Revenue for the Six
Months Ended
June 30, 2024
June 30, 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
$
1,332
$
38
$
1,370
$
1,233
$
99
8
%
$
137
11
%
Surgical
406
5
411
378
28
7
%
33
9
%
Pharmaceuticals
577
4
581
355
222
63
%
226
64
%
Total revenues
$
2,315
$
47
$
2,362
$
1,966
$
349
18
%
$
396
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 and six months ended June
30, 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, July 31, 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 July 31, 2024, does not constitute the
company reaffirming guidance. See the “Forward-looking Statements”
section for further information.
3
The increase in anticipated full-year
revenue, anticipated constant currency revenue growth and
anticipated Adjusted EBITDA is a result of the strength of the
performance of our business across all segments in the second
quarter, as well as result of an increase in our expected MIEBO
revenues for the remainder of 2024, partially offset by a change in
our expected XIIDRA revenues for 2024.
4
Diluted weighted average shares includes
the dilutive impact of options, performance based restricted stock
units and restricted stock units, which are approximately 1,200,000
common shares for the 3 months ended June 30, 2024, and which are
excluded when calculating GAAP diluted loss per share because the
effect of including the impact would be anti-dilutive.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240731856539/en/
Media Contact: T.J. Crawford tj.crawford@bausch.com (908)
705-2851
Investor Contact: 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
