Bausch + Lomb tops profit expectations but revenue comes up shy

Bausch + Lomb Corp. reported Wednesday first-quarter profit that topped expectations but revenue that came up short, as growth in vision care and surgical segment revenue was partially offset by declines in ophthalmic pharmaceuticals revenue. The contact lens and surgical device maker’s stock was still inactive in premarket trading. Net income fell to $20 million, or 6 cents a share, from $27 million, or 8 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 24 cents beat the FactSet consensus of 22 cents. Revenue grew 0.9% to $889 million, missing the FactSet consensus of $919 million. Vision Care revenue increased 1% to $560 million and Surgical revenue rose 7% to $174 million, while Ophthalmic Pharmaceuticals revenue fell 5% to $155 million. Total expenses rose 4.9%, outpacing sales growth, to $835 million. For 2022, the company expects revenue of $3.75 billion to $3.80 billion, surrounding the FactSet consensus of $3.79 billion.

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