LAVAL, QC - Bausch Health (TSX:BHC) Companies Inc. (NYSE:BHC) announced its first-quarter financial results for 2024, reporting revenues of $2.15 billion, which aligns with the analyst consensus.
However, the company experienced a loss per share of -$0.17, falling short of the expected $0.69 EPS. Despite this, the first quarter saw an 11% increase in revenue compared to the same period last year, with organic growth contributing 8% to the rise.
The company's CEO, Thomas J. Appio, expressed satisfaction with the consistent year-over-year growth in revenues and adjusted EBITDA, attributing the success to revenue growth across all business segments on both a reported and organic basis. "We are pleased with our strong start to the year, delivering solid first-quarter performance, and our fourth consecutive quarter of year-over-year growth in revenues and adjusted EBITDA," said Appio.
For the full year 2024, Bausch Health anticipates revenues to be between $9.3 billion and $9.55 billion, with the midpoint of this guidance range falling slightly below the analyst consensus of $9.39 billion. The reaffirmed revenue guidance suggests a cautious outlook for the year ahead.
The first quarter's performance was bolstered by key developments, including a favorable appeal decision in the Xifaxan® patent litigation, which is expected to contribute to the company's strategic goal of fully separating Bausch + Lomb.
In terms of segments, the Bausch + Lomb segment posted an impressive 18% increase in revenue, driven by growth across all its business units. The Salix segment saw a modest 1% increase, while the Solta Medical segment experienced a 21% surge, primarily due to growth in the Asia Pacific region.
The company's net loss attributable to Bausch Health for the first quarter was $64 million, a significant improvement from the $201 million loss reported in the first quarter of 2023. Adjusted EBITDA for the first quarter increased by 13% to $665 million, reflecting the company's improved operating results.
Bausch Health remains committed to strengthening its balance sheet and reducing outstanding debt, as highlighted by its cash position of $755 million and available credit facilities.
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