On November 2, 2023, Bausch Health Companies Inc (BHC, Financial) announced its third-quarter 2023 financial results, reporting a revenue of $2.24 billion, a 9% increase on both a reported and organic basis. Despite a GAAP Net Loss of $378 million, the company's Adjusted EBITDA rose by 8% to $830 million.
Financial Performance Overview
Reported revenues for Q3 2023 were $2.24 billion, a 9% increase compared to $2.05 billion in Q3 2022. The growth was consistent across all business segments, with the Bausch Health (excluding B+L) segment reporting a 12% increase, the Salix segment a 13% increase, the International segment a 10% increase, the Solta Medical segment a 15% increase, the Diversified segment a 9% increase, and the Bausch + Lomb segment a 7% increase.
However, the company reported a GAAP Net Loss of $378 million, compared to a net income of $399 million in Q3 2022. The decrease was primarily due to a decrease in Operating Income and a gain on extinguishment of debt recorded in Q3 2022. Adjusted net income attributable to Bausch Health was $377 million, a $100 million increase from Q3 2022.
Balance Sheet and Cash Flow Highlights
As of September 30, 2023, Bausch Health had cash and cash equivalents of $780 million. The company generated $281 million of cash from operating activities in Q3 2023, a significant improvement from cash used of $1,263 million in Q3 2022.
2023 Financial Outlook
Bausch Health updated its full-year revenue and Adjusted EBITDA guidance. The company now expects revenues to be between $8.585 billion and $8.710 billion, with an organic growth of 4%-6% compared to the previous year. Adjusted EBITDA is expected to be between $3.01 billion and $3.11 billion.
Despite the challenges, Bausch Health remains focused on advancing its R&D pipeline, strengthening its balance sheet, and executing its commercial strategies to drive global growth.
Explore the complete 8-K earnings release (here) from Bausch Health Companies Inc for further details.