Half Year 2024 Alcon AG Earnings Call Transcript
Key Points
- Alcon Inc (ALC) reported a 6% increase in sales, reaching $2.5 billion for the second quarter.
- Core diluted earnings grew by 15% to $0.74 per share.
- The company achieved a core operating margin of 19.8%.
- Alcon Inc (ALC) received FDA clearance for its next-generation Unity platform, which is expected to drive significant efficiencies in cataract surgeries.
- The acquisition of BELKIN is expected to accelerate the global expansion of direct selective laser trabeculoplasty, enhancing Alcon's glaucoma portfolio.
- The second quarter included a significant inventory provision related to a quality issue with a raw material supplied by a third party, impacting margins.
- Equipment sales were down 1% year-over-year, aligning with expectations but indicating a potential area of concern.
- The company faces approximately 300 basis points of pressure from foreign exchange on US dollar sales growth.
- Full-year core gross margin is expected to be slightly below 2023 due to unusual items and higher cost inventory.
- The company is trending towards the low end of its full-year revenue guidance range due to market uncertainties and foreign exchange impacts.
(audio in progress) -- (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the call over to your host, Mr. Dan Cravens, Vice President, Investor Relations for Alcon. Thank you. You may begin.
Welcome to Alcon's second quarter 2024 earnings conference call. Today, we issued a press release and interim financial report. We also posted a supplemental slide presentation on our website to enhance today's call. You can find all these documents in the Investor Relations section of our website at investor.alcon.com.
Joining me on today's call are David Endicott, our Chief Executive Officer; and Tim Stonesifer, our Chief Financial Officer.
Our press release, presentation, and discussion will include forward-looking statements. We expressly disclaim any obligation to update forward-looking statements as a result of new information or future developments, except as required by law. Our actual results may differ materially from those
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