Bausch + Lomb, the Canadian eye-health products company, recently announced its financial results for the second quarter. Despite exceeding revenue growth expectations, the company experienced a loss due to higher costs incurred during this period.
Financial Performance
In comparison to the previous year, Bausch + Lomb reported a loss of $32 million, or 9 cents per share, whereas it had recorded a profit of $5 million, or 1 cent per share. The decline can be attributed to increased interest expenses, foreign exchange headwinds, and additional costs as a publicly traded company, such as taxes and standalone public company expenses.
Adjusted earnings also declined, falling from 29 cents per share to 18 cents per share. However, this still surpassed analysts’ expectations of a steeper decline to 15 cents per share.
On the positive side, revenue showed significant growth, reaching $1.04 billion compared to $941 million in the same quarter last year. Analysts had anticipated an increase in revenue for the quarter; however, their predictions fell short at $963.7 million.
Vision Care Segment
Bausch + Lomb’s vision care segment, which is its largest division, experienced a notable 10% growth in revenue amounting to $646 million.
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