VAUGHAN, Ontario—Bausch + Lomb Corporation, (NYSE/TSX: BLCO), a leading global eye health company, reported a net loss of $1 million for the fourth-quarter of 2022, after reporting a profit in the same period a year earlier, while the company reported a profit of $6 million for the full-year 2022. Total reported revenues were $996 million for the fourth quarter of 2022, as compared to $1.001 billion in the fourth quarter of 2021, a decrease of $5 million.

Excluding the unfavorable impact of foreign exchange of $54 million and the impact of divestitures and discontinuations of $3 million, revenue increased organically by approximately 5 percent compared to the fourth quarter of 2021.

Total reported revenues were $3.768 billion for the full year of 2022, as compared to $3.765 billion in the full year of 2021, an increase of $3 million. Excluding the unfavorable impact of foreign exchange of $184 million and the impact of divestitures and discontinuations of $10 million, revenue increased organically by approximately 5 percent compared to 2021.

“Bausch + Lomb delivered another year of strong performance in 2022, growing the business organically at a mid-single-digit rate. Additionally, the fourth quarter marked our seventh consecutive quarter of organic growth, with all three segments growing organically,” said Joseph C. Papa, CEO, Bausch + Lomb.  

“Substantial progress was made in 2022 to complete our full separation from Bausch Health, and due to the dedication and unwavering focus of our employees, I am confident Bausch + Lomb is well-positioned for success as a stand-alone pure-play eye health company,” Papa said.

“I’m very excited for the future of Bausch + Lomb with Brent Saunders as the incoming CEO and chair of the Board of Directors. I have known Brent for a long time, and with his long and esteemed track record in the health care industry, he has the right skills and experience to lead Bausch + Lomb at this critical time in our company’s history,” Papa added.

Vision Care segment revenues were $626 million for the fourth quarter of 2022, which was in line with revenues for the fourth quarter of 2021. Excluding the unfavorable impact of foreign exchange of $32 million, segment revenues increased organically by approximately 5 percent compared to the fourth quarter of 2021, primarily due to higher sales of Ocuvite+, PreserVision, Bausch + Lomb Infuse/Ultra One Day daily disposable silicone hydrogel contact lenses, Lumify (brimonidine tartrate ophthalmic solution 0.025 percent) and the Artelac franchise.

Vision Care segment revenues were $2.373 billion for the full year of 2022, as compared to $2.343 billion for the full year of 2021, an increase of $30 million, or 1 percent. Excluding the unfavorable impact of foreign exchange of $114 million, segment revenues increased organically by approximately 6 percent compared to the full year of 2021.

Ophthalmic pharmaceuticals segment revenues were $182 million for the fourth quarter of 2022, as compared to $177 million for the fourth quarter of 2021, an increase of $5 million, or 3 percent. However, segment revenues were $677 million for the full year of 2022, as compared to $704 million for the full year of 2021, a decrease of $27 million, or 4 percent.

Cash flow from operations for the fourth quarter of 2022 was $159 million, as compared to $162 million for the fourth quarter of 2021, a decrease of $3 million.

The company indicated that organic revenue growth is expected to be in-line with overall eyecare market growth in the first quarter of 2023, however, given the appointment of Saunders as CEO and chair of the Board, effective March 6, 2023, the company will provide full guidance for 2023 when it provides first-quarter 2023 results.