Q2 2024 Bausch + Lomb Corp Earnings Call Transcript
Key Points
- Bausch & Lomb Corp (BLCO) reported a 20% year-over-year constant currency revenue growth for the second quarter of 2024.
- The company saw broad-based growth across all segments, including Vision Care, Surgical, and Pharmaceuticals.
- New product launches, such as Blinkx neutral tiers and Bausch & Lomb INFUSE for astigmatism, are driving growth and innovation.
- The company raised its full-year revenue guidance to a range of $4.7 to $4.8 billion, reflecting strong business momentum.
- Bausch & Lomb Corp (BLCO) is heavily investing in sales execution and operational excellence, which is becoming a cultural norm within the company.
- Currency headwinds negatively impacted revenue by $27 million in the second quarter.
- The company is facing margin pressure due to higher inventory costs and spot buys in the surgical segment.
- Adjusted gross margin for the second quarter was 51.9%, which, while improved, still indicates room for further enhancement.
- Free cash flow was negative $48 million for the quarter, and the company expects to be breakeven to slightly negative for the full year.
- The company is experiencing variability in TRx data for its pharmaceutical products, which could impact future performance assessments.
Good morning and welcome to Bausch & Lomb's Second Quarter 2024 earnings call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star, then one on your touchtone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to George.
George Gadkowski Vice President of Investor Relations and Business Insights. Please go ahead.
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Thank you. Good morning, everyone, and welcome to our second quarter 2024 financial results conference call. Participating on today's call are Chairman and Chief Executive Officer, Mr. Brent Saunders, and Chief Financial Officer, Mr. Sam, I'll do Suky. In addition to this live webcast, a copy of today's slide presentation
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