The following is a summary of the Bausch + Lomb Corporation (BLCO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Bausch + Lomb reported Q1 revenue of $1.099 billion, up 20% in constant currency, with all business segments contributing to this growth.

• Vision Care, Surgical, and Pharmaceuticals revenue stood at $635 million (up 11%), $197 million (up 8%), and $267 million (up 66%) respectively, all in constant currency.

• The company's adjusted gross margin for Q1 increased by 320 basis points year-over-year to 63.2%.

• Adjusted EBITDA for the Q1 was $180 million, representing growth of 28% compared to Q1 2023.

• Positive cash flow was reported with $48 million from operations.

• Gross margin improved to 63% largely due to the acquisition of the high-margin product, Xiidra.

Business Progress:

• Bausch + Lomb celebrated almost a year of substantial progress under the current CEO, with solid plans for the remainder of the year.

• The firm is focusing on improving manufacturing & sales procedures, fostering innovation, and planning to make significant hires for the R&D team throughout 2024.

• New products are in the pipeline including Blink NutriTears, a nutritional supplement for dry eye sufferers.

• Premium IOL launches are planned for 2026 to strengthen the surgical portfolio.

• The company has successfully integrated the sales forces of Miebo and Xiidra, with positive initial results.

• The company continues to focus on Miebo and Xiidra and plans to scale up these products throughout the year.

• Promising growth has been seen in the Daily SiHy contact lens franchise with further global launches expected.

• Multiple strategic investments, R&D collaborations, and technological upgrades are also planned, ensuring a steady flow of innovation for upcoming years.

More details: Bausch + Lomb Corp. IR

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