Bausch Health Companies Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenues of $2,510 million for the third quarter, marking a 12% increase from $2,238 million in the same period of 2023. For the nine months ended September 30, 2024, revenues rose to $7,066 million, up 11% from $6,349 million in 2023. This growth was driven by strong performance in product sales, particularly in the Bausch + Lomb segment, which saw revenues increase by 19% to $1,196 million.
Operating income for the third quarter surged to $318 million, a substantial increase from just $14 million in the prior year. The net loss attributable to Bausch Health improved to $(85) million, compared to $(378) million in Q3 2023. For the nine-month period, the net loss was $(139) million, significantly better than the $(553) million reported in the same timeframe last year.
The company’s balance sheet showed total current assets decreased to $5,351 million from $5,596 million at the end of 2023, while total assets fell to $26,540 million from $27,350 million. Current liabilities increased to $4,506 million, up from $4,302 million. Cash and cash equivalents also declined to $719 million from $947 million.
Bausch Health has been active in strategic acquisitions, including the purchase of TearLab Corporation for approximately $24 million in July 2024, aimed at enhancing its presence in the dry eye market. The company also acquired XIIDRA® for $1,750 million in September 2023, further expanding its dry eye franchise. These acquisitions contributed to a notable increase in product sales, particularly in the ophthalmic sector.
The company reported restructuring and integration costs of $23 million for the nine months ended September 30, 2024, down from $37 million in the same period of 2023. Additionally, Bausch Health is progressing with its plan to separate its eye health business into an independent entity, Bausch + Lomb, contingent on achieving targeted debt leverage ratios.
Overall, Bausch Health's financial performance reflects a positive trajectory, with improved revenues and reduced net losses, alongside strategic acquisitions that bolster its market position.
About Bausch Health Companies Inc.
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