Bausch + Lomb (BLCO)2025-04-30 11:02Financial Performance - Total reported revenue for Q1 2025 was 1.099 billion in Q1 2024, with a 5% increase on a constant currency basis[4] - GAAP net loss attributable to Bausch + Lomb for Q1 2025 was 167 million in Q1 2024[13] - Adjusted EBITDA excluding Acquired IPR&D for Q1 2025 was 180 million in Q1 2024, a decrease of 24 million, compared to a loss of 0.07 versus a loss of 1,137 million, a 3.5% increase from 1,133 million[45] - The net loss attributable to Bausch + Lomb Corporation for Q1 2025 was 167 million in Q1 2024, with a diluted loss per share of 0.48[45] - Adjusted EBITDA (non-GAAP) for Q1 2025 was 180 million in Q1 2024, reflecting a decrease of 45.6%[50] Segment Performance - Vision Care segment revenue was 635 million in Q1 2024, with a 5% increase on a constant currency basis[9] - Surgical segment revenue was 197 million in Q1 2024, with an 11% increase on a constant currency basis[10] - Pharmaceuticals segment revenue remained flat at 669 million in Q1 2025, up 5% from 218 million in Q1 2025, compared to 269 million in Q1 2025, with a slight increase of 1% from 83 million, compared to an operating income of 89 million[12] - Cash flow used in operations for Q1 2025 was 41 million in Q1 2024[14] - Cost of goods sold (excluding amortization and impairments) increased to 423 million in Q1 2024, reflecting a 13.7% rise[45] - Selling, general and administrative expenses rose to 504 million in Q1 2024, marking an increase of 11.7%[45] - Research and development expenses were 82 million in Q1 2024, indicating a 4.9% increase[45] - The company incurred 28 million in Q1 2024[50] Guidance and Future Outlook - Full-year 2025 revenue guidance updated to 5.100 billion, reflecting a constant currency growth of approximately 4.5% - 6.5%[18] - Bausch + Lomb's 2025 full-year guidance is based on current management expectations and includes anticipated growth in key products like XIIDRA® and MIEBO®[25] - The company is undergoing a separation from Bausch Health Companies Inc., which may involve transferring equity interests to shareholders, contingent on achieving targeted debt leverage ratios[25] - Future business development transactions may lead to recurring costs related to Acquired In-Process Research and Development (IPR&D) as the company continues to pursue growth opportunities[36] Risks and Challenges - Risks associated with the separation include potential business disruptions, regulatory approvals, and market conditions that may affect the transaction's completion[26] - The anticipated impact of tariffs and global supply chain disruptions is a concern for the company's revenue and expenses moving forward[26] - The company is actively managing the expected impact of inflation and interest rate fluctuations on its financial performance[26] - The voluntary recall of certain enVista® IOL products is expected to affect market supply, with enhanced inspection protocols in place to address quality concerns[26] Financial Metrics and Adjustments - The company reported a total of 158 million in Q1 2024[46] - Amortization of intangible assets decreased to 74 million in Q1 2024[47] - The company utilized constant currency revenue growth metrics to assess performance, indicating that foreign exchange fluctuations can obscure underlying business trends[39] - Management emphasized the importance of adjusted financial metrics for evaluating operational performance and making strategic decisions[38] - The company has excluded costs related to share-based compensation and separation activities from its financial measures to provide clearer insights into operational performance[34]