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Bausch Health’s stock falls 32% on revenue and earnings miss in Q1

0

Shares of Bausch Health Cos. Inc.
BHC,
-19.58%

tumbled 32.0% in premarket trading on Tuesday after the company missed revenue and earnings expectations for the first quarter. The company also offered revenue guidance for the year that lagged consensus. Bausch Health had a net loss of $69 million, or 19 cents per share, in the first quarter of 2022, compared with a net loss of $610 million, or $1.71 per share, in the same quarter a year ago. The FactSet consensus for earnings per share was $1.03. It had revenue of $1.9 billion for the quarter, down from $2.0 billion in the first quarter of last year. The FactSet consensus for revenue was $2.0 billion. Bausch Health also updated guidance for the year, saying it now expects revenue of $8.2 billion to $8.4 billion, against a FactSet consensus of $8.6 billion. The company’s eye care business, Bausch + Lomb
BLCO,
-10.00%
,
went public earlier this month. Bausch Health’s stock has declined 53.3% this year, while the broader S&P 500
SPX,
-3.20%

is down 16.2%.

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