Bausch + Lomb Corp (BLCO) experienced a significant surge in its stock value, rising by 15.8%, despite facing deeper losses, as it provided optimistic annual guidance for the upcoming year.
In the fourth quarter of 2023, Bausch + Lomb reported sales totaling $1.173 billion, marking an 18% increase compared to the previous year and surpassing the anticipated $1.02 billion consensus.
Excluding the negative impact of foreign exchange amounting to $9 million, the company witnessed a nearly 19% rise in revenue on a constant currency basis, propelled by growth across all its segments.
The company disclosed an adjusted EPS of $0.24, while the net loss attributed to Bausch + Lomb escalated to $54 million from $1 million in the preceding year.
Adjusted EBITDA climbed to $231 million, a notable increase from $181 million recorded a year earlier.
Within its Vision Care segment, fourth-quarter revenue reached $662 million, indicating a 6% rise year-on-year and an 8% increase on a constant currency basis. This growth was chiefly driven by heightened sales of various products including Lumify, Eye Vitamins, and SiHy Daily lenses.
Surgical segment revenue stood at $204 million, marking a 9% increase year-on-year and a 7% rise on a constant currency basis, primarily due to elevated sales of consumables and premium intraocular lenses.
The Pharmaceuticals segment reported revenue of $307 million, representing a substantial 67% increase year-on-year and approximately 66% on a constant currency basis, driven by the acquisition of Xiidra and heightened sales of Vyzulta.
Chairman and CEO of Bausch + Lomb, Brent Saunders, expressed confidence in the company’s performance, stating that the revenue growth in 2023 surpassed expectations, setting a positive trajectory for 2024.
Looking ahead, Bausch + Lomb forecasts sales for fiscal year 2024 to range between $4.6 billion and $4.7 billion, with a constant currency growth projection of approximately 12%-14%. Additionally, the company anticipates adjusted EBITDA for 2024 to reach $840 million-$890 million, surpassing the previous fiscal year’s figure of $738 million.
Despite the losses incurred, BLCO shares exhibited a robust performance, rising by 10.70% to $16.15 on the last check Wednesday.
