Bausch + Lomb (BLCO) Q2 2024 earnings summary

Executive summary

• Achieved 20% constant currency revenue growth year-over-year in Q2 2024, with robust performance across all business segments and geographies.

• Raised full-year 2024 revenue and Adjusted EBITDA guidance, reflecting strong business momentum and higher expected MIEBO revenues.

• Continued focus on execution, innovation, and operational excellence, with several new product launches including enVista Envy IOL, Blink NutriTears, and INFUSE for Astigmatism.

• GAAP net loss attributable to Bausch + Lomb was $151 million, mainly due to higher tax provision, interest expense, and increased operating costs.

• Continued investment in digital sales platforms and direct-to-consumer initiatives to enhance engagement and market reach.

Financial highlights

• Q2 2024 revenue was $1.216 billion, up 17% year-over-year (20% in constant currency).

• Adjusted gross margin rose to 61.9%, up 220 basis points from Q2 2023, driven by product mix and production efficiencies.

• Adjusted EBITDA reached $209 million, up 20% year-over-year; Adjusted EBITDA margin was 17.2%.

• Adjusted EPS was $0.13; adjusted net income was $45 million; GAAP net loss was $151 million, or $(0.43) per share.

• Cash flow from operations improved to $15 million, with adjusted cash flow from operations at $24 million.

Outlook and guidance

• Full-year 2024 revenue guidance raised to $4.7–$4.8 billion, representing 16–18% constant currency growth.

• Full-year Adjusted EBITDA guidance increased to $850–$900 million.

• Raised MIEBO revenue guidance to $150–$160 million; updated Xiidra guidance to $355–$365 million.

• Expect adjusted gross margin of 62–62.5% and R&D investment at 7–8% of revenue; CapEx expected at $250 million.

• Anticipate full-year interest expense of ~$385 million and adjusted tax rate of ~15%.