VAUGHAN, Ontario—Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company, announced its third-quarter 2023 financial results. Total reported revenues were $1.007 billion for the third quarter of 2023, as compared to $942 million in the third quarter of 2022, an increase of $65 million, or 7 percent. Excluding the unfavorable impact of foreign exchange of $10 million, revenue increased by approximately 8 percent on a constant currency basis compared to the third quarter of 2022.

The company also raised full-year 2023 guidance from $3.95 billion - $4.00 billion to $4.035 billion - $4.085 billion.

“We continue to grow revenue at or above market thanks to the strength of established and emerging brands that cover the entire spectrum of eye health,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “Our multi-year effort to rewire the company is gaining traction as we methodically review and improve areas critical to our success, with a focus on sales and supply chain.”

Vision Care segment revenues were $648 million for the third quarter of 2023, as compared to $597 million for the third quarter of 2022, an increase of $51 million, or 9 percent. Excluding the unfavorable impact of foreign exchange of $13 million, segment revenues increased on a constant currency basis by approximately 11 percent compared to the third quarter of 2022, primarily due to higher sales of Lumify and Eye Vitamins in the company’s consumer eyecare business and higher sales of SiHy Daily lenses and Ultra within its contact lens business.

SiHy Daily lenses saw 79 percent revenue growth in the third quarter compared to the same period last year. The company noted that it expects to resolve the Lynchburg implementation disruptions, and optimize the system upgrade, during the first quarter of 2024.

Surgical segment revenues were $185 million for the third quarter of 2023, as compared to $172 million for the third quarter of 2022, an increase of $13 million, or 8 percent. Excluding the favorable impact of foreign exchange of $3 million, segment revenues increased on a constant currency basis by approximately 6 percent compared to the third quarter of 2022, primarily due to increased demand of consumables and equipment.

Pharmaceuticals segment revenues were $174 million for the third quarter of 2023, as compared to $173 million for the third quarter of 2022, an increase of $1 million, or 1 percent, on a reported and constant currency basis. The increase compared to the third quarter of 2022 was primarily due to higher sales of Vyzulta and the company’s international pharmaceuticals portfolio.

Bausch + Lomb acquired Xiidra (lifitegrast ophthalmic solution) 5%, a non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease focusing on inflammation associated with dry eye and certain other ophthalmology assets.

The company also launched Miebo (perfluorohexyloctane ophthalmic solution) for the treatment of the signs and symptoms of dry eye disease in the U.S., Lumify Eye Illuminations, a new line of hypoallergenic specialty eyecare products scientifically developed to cleanse, nourish and brighten the sensitive eye area, and enVista Aspire monofocal and toric intraocular lenses with intermediate optimized optics.

Operating income was $40 million for the third quarter of 2023, as compared to $46 million for the third quarter of 2022, a decrease of $6 million.

Net loss attributable to Bausch + Lomb Corporation for the third quarter of 2023 was $84 million, as compared to $18 million for the third quarter of 2022, an unfavorable change of $66 million. Cash flow from operations for the third quarter of 2023 was $48 million, as compared to $27 million for the third quarter of 2022, an increase of $21 million.

On a Q3 earnings call, Bausch + Lomb noted that it expects 2024 to be one of the most active launch years in the company’s history across its entire product portfolio.