VAUGHAN, Ontario—Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company, has announced its first-quarter 2024 financial results. The company reported that revenue grew 18 percent (20 percent on a constant currency basis) compared with the first quarter of 2023, driven by growth across all business segments. The company also raised full-year 2024 constant currency revenue growth guidance to 13 percent to 15 percent and the full-year revenue range to between $4.600 billion and $4.700 billion.

Total reported revenue was $1.099 billion for the first quarter of 2024, as compared with $931 million in the first quarter of 2023, an increase of $168 million. Net loss for the first quarter of 2024 was $167 million, as compared with $90 million for the first quarter of 2023, an unfavorable change of $77 million.

“Outperformance from each of our business units and solid results across geographies led to an impressive quarter and once again demonstrated our quality of growth,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “Our key franchises continue to deliver, and a focus on returning to our roots by prioritizing innovation is producing tangible results.”

The company’s vision care segment revenue was $635 million for the first quarter of 2024, as compared with $587 million for the first quarter of 2023, an increase of $48 million, or 8 percent, according to the announcement. Excluding the unfavorable impact of foreign exchange of $18 million, segment revenue increased on a constant currency basis by approximately 11 percent compared with the first quarter of 2023, primarily driven by growth in Daily SiHy lenses, Lumify, eye vitamin and consumer dry eye franchises. Strong uptake of Miebo and ongoing execution of the Xiidra relaunch strategy extend the company’s position in the dry eye category and will be bolstered by the upcoming launch of Blink NutriTears, the company said. 

Overall, revenue for contact lenses in the quarter increased 2 percent, or 6 percent on a constant currency basis, the company stated. Revenue for daily contact lenses was up 73 percent in the quarter. The company’s surgical segment revenue was $197 million for the first quarter of 2024, as compared to $183 million for the first quarter of 2023, an increase of $14 million, or 8 percent. Excluding the unfavorable impact of foreign exchange of $1 million, segment revenue increased on a constant currency basis by approximately 8 percent compared to the first quarter of 2023, driven by growth in consumables, implantables and equipment

Pharmaceuticals segment revenue was $267 million for the first quarter of 2024, as compared with $161 million for the first quarter of 2023, an increase of $106 million, or 66 percent, according to the announcement. Excluding the unfavorable impact of foreign exchange of $1 million, segment revenue increased on a constant currency basis by approximately 66 percent compared to the first quarter of 2023, primarily due to the acquisition of Xiidra, the strong launch performance of Miebo and growth in U.S. generics and international pharmaceuticals.

Operating income was $6 million for the first quarter of 2024, as compared with an operating loss of $2 million for the first quarter of 2023, an increase of $8 million, the company reported. Cash flow from operations for the first quarter of 2024 was $41 million, as compared with cash flow used in operations of $56 million for the first quarter of 2023, an increase of $97 million. Bausch + Lomb’s cash, cash equivalents and restricted cash were $325 million as of March 31, 2024.