VAUGHAN, Ontario—Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company, announced its second quarter 2024 financial results on Wednesday. Total reported revenue was $1.216 billion for the second quarter, as compared with $1.035 billion in the second quarter of 2023, an increase of $181 million, or 17 percent. Excluding the unfavorable impact of foreign exchange of $27 million, the company reported that revenue increased by approximately 20 percent on a constant currency basis compared with the second quarter of 2023.

“Our continued growth is being fueled by a relentless focus on selling and operational excellence, and a commitment to innovation that defined our past and will dictate our future,” said Brent Saunders, chairman and CEO, Bausch + Lomb. “That commitment was on full display in the second quarter, with the approval or launch of three innovative products across three distinct businesses, announced over 12 days.”

Bausch + Lomb also raised its 2024 full-year revenue guidance from a range of $4.6 billion to $4.7 billion to $4.7 billion to $4.8 billion.

The vision care segment revenue increased to $697 million for the second quarter of 2024, as compared with $646 million for the second quarter of 2023, an increase of $51 million, or 8 percent. Excluding the unfavorable impact of foreign exchange of $20 million, segment revenue increased on a constant currency basis by approximately 11 percent compared with the second quarter of 2023, primarily due to sales from the dry eye portfolio, Lumify and eye vitamins within the consumer eyecare business, and daily SiHy lenses and Ultra within the contact lens business, the company said.

Contact lens revenue increased 14 percent during the quarter, the company announced, including 18 percent in the U.S, while dailies grew at about 16 percent. “We had really strong contact lens growth across all regions,” Saunders said on a conference call with investors. “I see a very bright future for us in contact lenses.”

The surgical segment revenue was $209 million for the second quarter of 2024, as compared with $195 million for the second quarter of 2023, an increase of $14 million, or 7 percent. Excluding the unfavorable impact of foreign exchange of $4 million, segment revenue increased on a constant currency basis by approximately 9 percent compared with the second quarter of 2023, primarily due to increased demand for equipment and consumables, along with implantables, driven by the premium IOL portfolio, the company said.

The pharmaceuticals segment revenue increased to $310 million for the second quarter of 2024, as compared with $194 million for the second quarter of 2023, an increase of $116 million, or 60 percent. Excluding the unfavorable impact of foreign exchange of $3 million, segment revenue increased on a constant currency basis by approximately 61 percent compared with the second quarter of 2023, primarily due to the XIIDRA acquisition, the strong launch performance of Miebo and continued growth in U.S. generics and international pharmaceuticals, the company said.

“We had continued growth from all business and commodities,” Saunders said on . “This is our formula for success.”

Operating income was $26 million for the second quarter of 2024, as compared with an operating income of $43 million for the second quarter of 2023, a decrease of $17 million. 

Net loss attributable to Bausch + Lomb Corporation for the second quarter of 2024 was $151 million, as compared with $32 million for the second quarter of 2023, an unfavorable change of $119 million. The change was primarily due to the increase in the provision for income taxes and interest expense, and the decrease in operating results, the company said.

Cash flow from operations for the second quarter of 2024 was $15 million, as compared with cash flow used in operations of $24 million for the second quarter of 2023, an increase of $39 million. Cash flow from operations was positively impacted by increased gross profit, primarily driven by XIIDRA, partially offset by increased interest payments, timing of collections and an increase in inventory.