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Why Bausch Health Stock Is Tumbling Today

Bausch Health Companies Inc (NYSE: BHC) reported Q1 FY23 revenues of $1.94 billion, up 1% Y/Y, up 4% organic basis, missing the consensus estimate of $1.97 billion.

Revenues for Bausch Health (excl. B+L) was $1.01 billion, down 2%.

Bausch + Lomb segment reported revenues were $931 million, +5%.

Salix segment revenues were $496 million for Q1, compared with $464 million a year ago. Xifaxan, Relistor, and Trulance drove sales growth.

The company reported an EPS loss of $(0.55), compared with $(0.19) a year ago. Adjusted net income attributable to Bausch Health was $191 million, compared with $263 million a year ago, primarily due to higher operating expenses and foreign exchange headwinds.

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Adjusted EPS came in at $0.52, missing the consensus of $0.72.

Adjusted EBITDA fell to $588 million from $732 million.

Guidance: The company confirmed its FY23 guidance for Bausch Health (excl. B+L) and is providing full-year consolidated sales guidance of $8.35 - $8.55 billion, compared to the consensus of $8.35 billion.

It forecasts FY23 adjusted EBITDA of $3.00 - $3.15 billion.

Price Action: BHC shares are down 18.6% at $6.02 on the last check Thursday.

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This article Why Bausch Health Stock Is Tumbling Today originally appeared on Benzinga.com

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