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Bausch + Lomb Corp (NYSE:BLCO) reported the fourth quarter of 2023 sales of $1.173 billion, up 18% year-on-year (Y/Y), beating the consensus of $1.02 billion.
Excluding the unfavorable impact of foreign exchange of $9 million, revenue increased by approximately 19% on a constant currency basis, driven by growth across all segments.
The company reported adjusted EPS of $0.24. Net loss attributable to Bausch + Lomb reached $54 million, up from a loss of $1 million a year ago.
Adjusted EBITDA of $231 million came in higher than $181 million a year ago.
Vision Care segment revenue was $662 million for the fourth quarter of 2023, up 6% and 8% on a constant currency basis, primarily due to higher sales of Lumify, Eye Vitamins, and Dry Eye Portfolio in consumer eye care business and higher sales of SiHy Daily lenses and Ultra within contact lens business.
Surgical segment revenue was $204 million for the fourth quarter of 2023, up 9% Y/Y and 7% on a constant currency basis, primarily due to higher sales of consumables, equipment, and premium intraocular lenses.
Pharmaceuticals segment revenue was $307 million for the fourth quarter of 2023, up 67% and approximately 66% on constant currency, primarily due to the acquisition of Xiidra, sales of Miebo, and higher sales of Vyzulta.
“Revenue growth in 2023, and the fourth quarter in particular, exceeded our expectations and set the tone for 2024,” said Brent Saunders, chairman and CEO of Bausch + Lomb.
Guidance: Bausch + Lomb forecasts fiscal year 2024 sales of $4.6 billion-$4.7 billion versus the consensus of $4.56 billion, with constant currency growth of around 12%-14%.
The company expects a 2024 adjusted EBITDA of $840 million-$890 million, higher than the fiscal year 2023 adjusted EBITDA of $738 million.
Price Action: BLCO shares are up 10.70% at $16.15 on the last check Wednesday.
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Posted In: BLCO
