Bausch + Lomb Corporation reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenues of $1,196 million for the third quarter, marking a 19% increase from $1,007 million in the same period of 2023. For the nine months ended September 30, 2024, revenues rose to $3,511 million, up from $2,973 million in 2023, reflecting an 18% increase. This growth was driven by incremental sales from acquisitions, increased volumes across all segments, and improved net pricing, particularly in the Vision Care segment.
The Vision Care segment generated $684 million in revenue for Q3 2024, a 6% increase from $648 million in Q3 2023. The Pharmaceuticals segment saw a substantial 76% increase, reaching $306 million, primarily due to the acquisition of XIIDRA. The Surgical segment also reported a 11% increase in revenue, totaling $206 million.
Despite the revenue growth, Bausch + Lomb reported a net income of $8 million for Q3 2024, a significant improvement from a net loss of $80 million in Q3 2023. However, for the nine-month period, the company recorded a net loss of $303 million, compared to a loss of $197 million in the prior year. The increase in losses was attributed to higher interest expenses and increased selling, general, and administrative (SG&A) costs, which rose to $511 million for Q3 2024, up from $418 million in Q3 2023.
The company’s total assets increased to $13,515 million as of September 30, 2024, from $13,442 million at the end of 2023. Total liabilities also rose to $6,854 million, compared to $6,522 million at the end of 2023. Bausch + Lomb's accumulated deficit widened to $(568) million, up from $(254) million at the end of 2023.
Strategically, Bausch + Lomb made several acquisitions, including TearLab Corporation for approximately $24 million and XIIDRA for $1,750 million, enhancing its dry eye product offerings. The company also completed the acquisition of the Blink® product line and AcuFocus, further expanding its portfolio.
The company continues to face challenges, including supply chain disruptions and inflationary pressures, which have impacted its margins, particularly in the surgical segment. Bausch + Lomb is evaluating cost-saving measures, including potential layoffs and real estate reductions, to improve operational efficiency.
About Bausch & Lomb Corp
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