Fund Exits $6.6 Million Bausch + Lomb Stake as Shares Lag by 9% This Past Year

Company Overview - Bausch + Lomb Corporation is a global leader in eye health, operating across vision care, pharmaceuticals, and surgical segments, leveraging a diverse product portfolio and international distribution to address a wide range of ocular conditions and procedures [8] - The company generates revenue primarily through the sale of proprietary and generic eye health products to healthcare professionals, clinics, and retail channels worldwide, serving ophthalmologists, optometrists, surgical centers, and consumers seeking vision correction and eye health solutions globally [12] Financial Performance - For the third quarter, Bausch + Lomb reported revenue of $1.28 billion, reflecting a 7% year-over-year increase, driven by growth across its Vision Care, Pharmaceuticals, and Surgical segments [9] - Adjusted EBITDA for the same quarter rose to $243 million, up from $212 million a year earlier, with management increasing full-year adjusted EBITDA guidance, indicating confidence in execution despite external challenges [9] Market Position and Stock Performance - As of the latest report, Bausch + Lomb's stock price was $15.69, down 9% over the past year, which is significantly below the S&P 500's 12% gain [4][5] - The company's stock remains volatile, and the recent full exit by DSC Meridian Capital suggests a lower conviction in the healthcare-specific investment compared to the fund's other holdings in infrastructure and commodity-linked sectors [10] Investment Sentiment - Bausch + Lomb is not considered a turnaround story but shows signs of durability with a diversified revenue base, expanding product pipeline, and improving profitability [11] - The risk associated with the company is less about its fundamentals and more about market sentiment, as investors have been quick to trade around volatility rather than hold [11]