Bausch Health Companies Inc. (NYSE: BHC) released its first-quarter FY22 earnings report on Tuesday, May 10, 2022 before the market opened. In the most recent quarter, the company made a loss $69 million, compared to $610 million in the prior ago when it incurred a substantial asset impairment within the Ortho Dermatologics division. However, even after trimming the losses massively, the BHC stock fell rapidly.
The loss for the first quarter was $0.19 per diluted share, declining massively from $1.71 per diluted share during the first quarter of 2021, according to the data released.
Balance Sheet Highlights
- First-quarter cash, cash equivalents, restricted cash and other settlement deposits were $2.460 billion7 on March 31, 2022
- Gross proceeds from the IPO2 of $630 million and from Bausch + Lomb’s debt financing of $2.5 billion are expected upon closing and will be used to reduce Bausch Health’s total long-term debt
- The Company’s availability under its 2023 Revolving Credit Facility was $1.171 billion at March 31, 2022
“Our organic growth in the first quarter of 2022 was stable compared to the same quarter last year, despite incremental macro pressures and a challenging supply chain environment. Following the closing of the initial public offering of the Bausch + Lomb eye health business later today, we will operate as two companies, which enables Bausch Health to increase its focus on accelerating growth with strategic commercial investments and expanding our pipeline with innovative products that improve the quality of life for patients around the world.”said Thomas J. Appio, incoming Chief Executive Officer Bausch Health
The BHC stock was down by a huge 34.65% and traded at $8.43 (losing 8.43 points) at 9:36 a.m. EDT in the market trading session today. The market capitalization of the stock stood at $3.06 billion. The share volume traded for the BHC stock was 5,135,672, substantially higher than the average share volume of 4,774,390.