VAUGHAN, Ontario - Bausch + Lomb Corporation (NYSE:BLCO), a global leader in eye health, reported a robust first quarter of 2024, with revenue climbing 18% to $1.099 billion, surpassing the consensus estimate of $1.06 billion.
The company's earnings per share (EPS) matched analyst expectations at $0.07. The positive financial results, coupled with an upgraded revenue outlook for the full year, have driven the company's shares up by 2.5%.
The company's performance was fueled by strong growth across all business segments, with a notable 20% increase in constant currency revenue compared to the first quarter of the previous year.
This growth was achieved despite a $20 million hit from foreign exchange headwinds. Bausch + Lomb's chairman and CEO, Brent Saunders, attributed the success to the company's focus on innovation and the strong performance of its key franchises.
In light of the first-quarter results, Bausch + Lomb has raised its full-year 2024 constant currency revenue growth guidance from 12-14% to 13-15%. The company now anticipates full-year revenue to be between $4.600 billion and $4.700 billion, with adjusted EBITDA (non-GAAP) expected to range from $840 million to $890 million.
The updated guidance reflects an increased foreign exchange revenue headwind, now estimated at approximately $90 million for the year.
Saunders expressed confidence in the company's trajectory, stating, "Our key franchises continue to deliver, and a focus on returning to our roots by prioritizing innovation is producing tangible results."
The company's broad-based growth is supported by the strong uptake of products such as MIEBO® and the XIIDRA® relaunch strategy, which are expected to be bolstered by the upcoming launch of Blink™ NutriTears®.
Investors have responded positively to the earnings report and the company's optimistic outlook, as reflected in the 2.5% rise in the stock price following the announcement. The market's reaction underscores the confidence in Bausch + Lomb's strategic direction and its ability to navigate currency challenges while still delivering growth.
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