VAUGHAN, Ontartio—Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company, announced its fourth-quarter and full-year 2023 financial results. Total reported revenue was $1.173 billion for the fourth quarter of 2023, as compared to $996 million in the fourth quarter of 2022, an increase of $177 million, or 18 percent. Total reported revenue was $4.146 billion for the full year of 2023, as compared to $3.768 billion in the full year of 2022, an increase of $378 million, or 10 percent.

“Revenue growth in 2023, and in the fourth quarter in particular, exceeded our expectations and set the tone for 2024,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “Double-digit growth is always impressive, but even more so when you consider how we got there. Our quality of growth is what helps set us apart from others.”

Bausch + Lomb also provided guidance for the full year of 2024. As of Feb. 21, 2024, full-year revenue was set at $4.6 billion to $4.7 billion, or ~12 percent to 14 percent constant currency growth.

Vision Care segment revenue was $662 million for the fourth quarter of 2023, as compared to $624 million for the fourth quarter of 2022, an increase of $38 million, or 6 percent. Excluding the unfavorable impact of foreign exchange of $13 million, segment revenue increased on a constant currency basis by approximately 8 percent compared to the fourth quarter of 2022. This was primarily due to higher sales of Lumify, eye vitamins and dry eye portfolio in the company’s consumer eyecare business and higher sales of SiHy daily lenses and Ultra within its contact lens business, partially offset by unfilled orders as a result of the implementation of a system upgrade at its Lynchburg distribution facility that impacted the company's contact lens business.

“The contact lens market globally is very healthy,” said Sauders on the company’s earnings call. “It’s growing at about 7 percent to 8 percent and we’re growing slightly faster than the market.”

Vision Care segment revenue was $2.543 billion for the full year of 2023, as compared to $2.369 billion for the full year of 2022, an increase of $174 million, or 7 percent. 

Surgical segment revenue was $204 million for the fourth quarter of 2023, as compared to $188 million for the fourth quarter of 2022, an increase of $16 million, or 9 percent. Surgical segment revenue was $767 million for the full year of 2023, as compared to $718 million for the full year of 2022, an increase of $49 million, or 7 percent.

Pharmaceuticals segment revenue was $307 million for the fourth quarter of 2023, as compared to $184 million for the fourth quarter of 2022, an increase of $123 million, or 67 percent. Excluding the favorable impact of foreign exchange of $1 million, segment revenue increased on a constant currency basis by approximately 66 percent compared to the fourth quarter of 2022, primarily due to the acquisition of Xiidra, sales of Miebo and higher sales of Vyzulta. Pharmaceuticals segment revenue was $836 million for the full year of 2023, as compared to $681 million for the full year of 2022, an increase of $155 million, or 23 percent.

Net loss attributable to Bausch + Lomb Corporation for the fourth quarter of 2023 was $54 million, as compared to $1 million for the fourth quarter of 2022, an unfavorable change of $53 million. Net loss attributable to Bausch + Lomb Corporation for the full year of 2023 was $260 million, as compared to a net income attributable to Bausch + Lomb Corporation of $6 million for the full year of 2022, an unfavorable change of $266 million.

Operating income was $49 million for the fourth quarter of 2023, as compared to $51 million for the fourth quarter of 2022, a decrease of $2 million. Operating income was $130 million for the full year of 2023, as compared to $207 million for the full year of 2022, a decrease of $77 million.

Bausch + Lomb’s cash, cash equivalents and restricted cash were $334 million as of Dec. 31, 2023.