Bausch Health posted first-quarter revenues for the Bausch + Lomb/International segment that were one percent higher than in the first quarter of last year, while on an organic basis, they jumped by 8 percent. The segment, which includes the group's contact lenses and solutions businesses, comprised about 55 percent of total revenues.
According to the management, this was due to an increase in volumes across all business units, particularly in Global Vision Care, Global Consumer and International RX. In particular, Global Vision Care revenues reached $203 million, up by 9 percent organically, while Global Consumer revenues posted a 6 percent increase to $324 million.
During the quarter, the company launched Lotemax SM (loteprednol etabonate ophthalmic gel) 0.38 percent, a new gel formulation for the treatment of postoperative inflammation and pain following ocular surgery. It also received clearance from the U.S. Food and Drug Administration for use of the Tangible Hydra-PEG custom contact lens coating technology, and acquired the U.S. rights to Eton Pharmaceuticals' EM-100, an eye drop used for investigations that, if approved, will be the first over-the-counter preservative-free formulation eye drop for the treatment of ocular itching associated with allergic conjunctivitis.
Overall, Bausch Health's revenues for the first quarter grew by 1 percent from the year-earlier period to $2,016 million, or by 4 percent in constant currencies. On an organic basis, they rose by 5 percent.
The group's gross margin went up by 2.1 percentage points to 73.6 percent, while adjusted Ebitda for the quarter advanced by 2.3 percentage points to $851 million.
Bausch Health reported a net loss of $52 million for the quarter, compared with a net loss of $2,581 million for the year-ago period, due to an increase in operating results, lower interest expense and lower losses on debt clearance.
For the full year 2019, Bausch Health raised its revenue guidance, and is now projecting revenues in a range between $8,350 million and $8,550 million, up from previous guidance calling for a range of $8,300 million to $8,500 million.