VAUGHAN, Ontario—Bausch + Lomb Corporation, (NYSE/TSX: BLCO), a leading global eye health company, announced on Wednesday its first-quarter 2023 financial results. The company reported a first quarter loss of $90 million, after reporting a profit in the same period in 2022. Total reported revenues were $931 million for the first quarter of 2023, as compared to $889 million in the first quarter of 2022, an increase of $42 million, or 5 percent, according to an announcement from the company.

“Bausch + Lomb delivered a strong first quarter with continued high-quality growth across all three reporting segments and in most of our significant markets around the world,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “Revenues grew 5 percent on a reported basis and 8 percent on a constant currency basis, driven by solid growth from several key franchises within our vision care segment, strong execution in our ophthalmic pharmaceuticals segment and increased demand for consumables, intraocular lenses and systems in our surgical segment.”

Vision care segment revenues were $587 million for the first quarter of 2023, as compared to $560 million for the first quarter of 2022, an increase of $27 million, or 5 percent. Excluding the unfavorable impact of foreign exchange of $20 million, segment revenues increased on a constant currency basis by approximately 8 percent compared to the first quarter of 2022, primarily due to higher sales of LUMIFY (brimonidine tartrate ophthalmic solution 0.025%), Bausch + Lomb Infuse/Ultra One Day  daily disposable silicone hydrogel contact lenses, the Biotrue franchise, Bausch + Lomb Ultra monthly contact lenses and the Artelac franchise.

Surgical segment revenues were $183 million for the first quarter of 2023, as compared to $174 million for the first quarter of 2022, an increase of $9 million, or 5 percent. Ophthalmic pharmaceuticals segment revenues were $161 million for the first quarter of 2023, as compared to $155 million for the first quarter of 2022, an increase of $6 million, or 4 percent. 

Net loss attributable to Bausch + Lomb Corporation for the first quarter of 2023 was $90 million, as compared to a net income of $20 million for the first quarter of 2022, a decrease of $110 million. The change was primarily due to a decrease in operating results, an increase in the provision for income taxes and an increase in interest expense.

Adjusted EBITDA (non-GAAP) was $141 million for the first quarter of 2023, as compared to $170 million for the first quarter of 2022, a decrease of $29 million, primarily due to dis-synergies and foreign exchange headwinds, partially offset by revenue growth across all three segments.

“Since returning to Bausch + Lomb 50 days ago, I’ve observed that the company has a solid foundation with favorable conditions to support continued demand for our eye health products,” Saunders said. “Going forward, my focus will be to build on this base and optimize performance to enable Bausch + Lomb to become a best-in-class global eye health company.”

Bausch + Lomb expects full-year 2023 revenue in the range of $3.9 billion to $3.95 billion.