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]

Acquisition - Alcon will acquire STAAR Surgical for \$28 per share in cash, representing a ~59% premium to STAAR's 90-day volume-weighted average price[15] - The acquisition represents a total equity value of approximately \$1.5 billion and is expected to be funded through short- and long-term credit facilities[15] - The acquisition is expected to be accretive to core diluted EPS in year two[15] Financial Highlights (Q2 2025) - Net sales reached \$2.6 billion, a 4% increase year-over-year on a reported basis and a 3% increase in constant currency[21] - Core operating margin was 19.1%, a decrease of 70 basis points[21] - Core diluted EPS was \$0.76, compared to \$0.74 in Q2 2024[20] Financial Highlights (1H 2025) - Net sales reached \$5.0 billion[26] - Free cash flow was \$681 million[20] Product Mix (1H 2025 Sales) - Vision Care accounted for 45% (\$2.2 billion) of sales, while Surgical accounted for 55% (\$2.8 billion)[27] - Within Vision Care, contact lenses represented 62% of sales[27] - Within Surgical, consumables represented 53% of sales[27] FY 2025 Outlook (Updated) - Net sales are projected to be between \$10.3 to \$10.4 billion[64] - Core operating margin is expected to be between 19.5% to 20.5%[64] - Core diluted EPS is maintained at \$3.05 to \$3.15[64]

Optejet Technology and Design - Optejet采用专利技术，以温和的雾状形式将药物直接输送到所需部位[9] - Optejet的设计旨在解决易用性和剂量精确性的问题，在提高耐受性和减少副作用的同时，确保疗效[10] - Optejet的喷嘴有109个激光钻孔[10][15] - Optejet的用户填充药筒可以由用户使用普通滴眼液瓶中的药物填充[17] Regulatory and Intellectual Property - Optejet是FDA注册的I类医疗器械[1][14] - Optejet产品被FDA认为是“眼科计量喷雾剂”，不能用滴眼液替代[29] - 该公司拥有广泛的知识产权组合，有效期至2041年[27] - 公司已获得18项美国专利，另有8项正在申请中；已获得89项国外专利，另有33项正在申请中[29] Compliance and Digital Integration - Optejet能够自动跟踪使用情况[21] - Optejet配备内置的Optecare技术，用于跟踪和交流患者依从性数据[24] - 在临床研究中，前28名受试者的每日治疗依从性远高于预测值[24] Partnerships - Senju Pharmaceuticals获得了Optejet产品系列在亚洲的许可[33] - Artic Vision获得了Senju授予的Optejet产品系列在大中华区和韩国的部分转许可[33]