2023-05-04 12:52:48 ET
Bausch Health Companies ( NYSE: BHC ) stock fell ~17% on Thursday after Q1 results missed estimates.
Adjusted net income attributable to BHC declined -27.3% Y/Y to $191M.
Net loss attributable BHC widened to -$201M, compared to -$69M in Q1 2022, mainly because of the increase in loss before income taxes of $54M, and an unfavorable change in income taxes of $89M, according to the company.
Revenue grew +1.36% Y/Y to $1.94B.
"We are encouraged with the top-line improvement in the first quarter, with four out of five segments delivering revenue growth on both a reported revenue and organic basis1 and are pleased that demand for key products has remained resilient in the current macro environment," said Bausch's CEO Thomas Appio.
Salix segment revenues increased +7% Y/Y to $496M, while International Segment sales rose +1.2% Y/Y to $247M.
Diversified segment revenue fell -20.8% Y/Y to $197M, mainly due to decline in sales across Neurology, Generics and Dermatology, partially offset by an increase in sales in Dentistry.
Bausch + Lomb segment revenue increased +4.7% Y/Y to $931M.
Adjusted EBITDA attributable to Bausch Health declined to $588M, compared to $732M in Q1 2022.
Outlook :
Bausch confirmed its full year outlook for Bausch Health (excl. B+L). The company expects full year revenue range of $8.35B to $8.55B.
Full year Adjusted EBITDA range expected is $3B and $3.15B.
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Bausch Health stock falls ~15% as Q1 net loss widens amid revenue miss