Financial Performance - Total revenue for Q2 2024 was 1.216billion,a171.035 billion in Q2 2023, with a 20% increase on a constant currency basis[4] - Adjusted EBITDA (non-GAAP) for Q2 2024 was 209million,upfrom179 million in Q2 2023, reflecting a 30millionincreaseprimarilyduetohighersales[20]−Thecompanyraiseditsfull−year2024revenueguidanceto4.700 - 4.800billion,expectingapproximately1615 million in Q2 2024, compared to a cash outflow of 24millioninQ22023,anincreaseof39 million[19] - Adjusted net income (non-GAAP) for Q2 2024 was 45million,downfrom65 million in Q2 2023, a decrease of 20million[18]−AdjustedEPS(non−GAAP)forQ22024was0.13, down from 0.18inQ22023,representingadeclineof27.7826 million, down from 43millioninQ22023,indicatingadecreaseof39.53151 million for Q2 2024, compared to a net loss of 32millioninQ22023,reflectingasignificantincreaseinlosses[44]SegmentPerformance−ThePharmaceuticalssegmentsawarevenueincreaseof60310 million compared to 194millioninQ22023,drivenbytheXIIDRAR◯acquisitionandstronglaunchofMIEBOR◯[11]−VisionCaresegmentrevenueincreasedby8697 million, driven by sales from the dry eye portfolio and daily SiHy lenses[9] - Surgical segment revenue grew by 7% to 209million,primarilyduetoincreaseddemandforequipmentandconsumables[10]CostsandExpenses−ThecostofgoodssoldforQ22024was482 million, an increase of 15.59% from 417millioninQ22023[44]−ResearchanddevelopmentexpensesforQ22024were84 million, slightly down from 85millioninQ22023[44]−Selling,generalandadministrativeexpensesforthethreemonthsendedJune30,2024,were535 million, up from 417millioninthesameperiodof2023,representinga28.3102 million, significantly higher than $58 million in Q2 2023, reflecting increased borrowing costs[44] Non-GAAP Measures - Adjusted EBITDA (non-GAAP) is used to assess financial performance, focusing on underlying operational results and business performance[33] - The company excludes certain costs from non-GAAP measures, including asset impairments and restructuring costs, to provide a clearer view of operational sustainability[35] - Adjusted net income (non-GAAP) excludes amortization of intangible assets and acquisition-related costs to reflect more accurately the company's financial performance[36] - The company emphasizes the importance of non-GAAP measures for investors, as they provide insights into operating performance and valuation[29] Future Outlook and Risks - Future economic conditions, including inflation and interest rates, are expected to impact revenue, expenses, and margins[25] - Risks associated with the proposed spinoff from Bausch Health Companies Inc. include potential delays and the need for shareholder approvals, which could impact the transaction's completion[25] - The acquisition of XIIDRA® and other ophthalmology assets may not yield expected benefits in a timely manner, and could increase debt levels due to financing[25] - The company expects continued revenue growth driven by new product launches and market expansion strategies[53] - The company is preparing for post-separation operations with transformation initiatives that may lead to restructuring actions and associated costs[35]
Bausch + Lomb (BLCO)2024-07-31 11:06