$BLCO
Bausch & Lomb Corp

2022 Q1 Form 10-Q Financial Statement

#000186074222000012 Filed on June 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $889.0M $881.0M
YoY Change 0.91%
Cost Of Revenue $348.0M
YoY Change
Gross Profit $541.0M
YoY Change
Gross Profit Margin 60.85%
Selling, General & Admin $343.0M $318.0M
YoY Change 7.86%
% of Gross Profit 63.4%
Research & Development $77.00M $67.00M
YoY Change 14.93%
% of Gross Profit 14.23%
Depreciation & Amortization $95.00M
YoY Change
% of Gross Profit 17.56%
Operating Expenses $420.0M $385.0M
YoY Change 9.09%
Operating Profit $54.00M $85.00M
YoY Change -36.47%
Interest Expense -$25.00M
YoY Change
% of Operating Profit -46.3%
Other Income/Expense, Net -$2.000M -$2.000M
YoY Change 0.0%
Pretax Income $29.00M $77.00M
YoY Change -62.34%
Income Tax $6.000M $47.00M
% Of Pretax Income 20.69% 61.04%
Net Earnings $20.00M $27.00M
YoY Change -25.93%
Net Earnings / Revenue 2.25% 3.06%
Basic Earnings Per Share $0.06 $0.08
Diluted Earnings Per Share $0.06 $0.08
COMMON SHARES
Basic Shares Outstanding 350.0M shares 350.0M shares
Diluted Shares Outstanding 350.0M shares 350.0M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $190.0M
YoY Change
Cash & Equivalents $190.0M $257.0M
Short-Term Investments
Other Short-Term Assets $194.0M
YoY Change
Inventory $598.0M
Prepaid Expenses
Receivables $737.0M
Other Receivables $0.00
Total Short-Term Assets $1.719B
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.225B
YoY Change
Goodwill $4.553B
YoY Change
Intangibles $2.196B
YoY Change
Long-Term Investments
YoY Change
Other Assets $188.0M
YoY Change
Total Long-Term Assets $9.188B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.719B
Total Long-Term Assets $9.188B
Total Assets $10.91B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $251.0M
YoY Change
Accrued Expenses $841.0M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.092B
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $2.220B
YoY Change
Other Long-Term Liabilities $276.0M
YoY Change
Total Long-Term Liabilities $276.0M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.092B
Total Long-Term Liabilities $276.0M
Total Liabilities $3.691B
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $20.00M
YoY Change
Common Stock $8.219B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.140B
YoY Change
Total Liabilities & Shareholders Equity $10.91B
YoY Change

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $20.00M $27.00M
YoY Change -25.93%
Depreciation, Depletion And Amortization $95.00M
YoY Change
Cash From Operating Activities $3.000M $188.0M
YoY Change -98.4%
INVESTING ACTIVITIES
Capital Expenditures $42.00M $45.00M
YoY Change -6.67%
Acquisitions
YoY Change
Other Investing Activities $1.000M
YoY Change
Cash From Investing Activities -$41.00M -$48.00M
YoY Change -14.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities $52.00M -$114.0M
YoY Change -145.61%
NET CHANGE
Cash From Operating Activities $3.000M $188.0M
Cash From Investing Activities -$41.00M -$48.00M
Cash From Financing Activities $52.00M -$114.0M
Net Change In Cash $13.00M $19.00M
YoY Change -31.58%
FREE CASH FLOW
Cash From Operating Activities $3.000M $188.0M
Capital Expenditures $42.00M $45.00M
Free Cash Flow -$39.00M $143.0M
YoY Change -127.27%

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CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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-7000000 USD
CY2022Q1 blco Net Transfers Financing Activities
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-21000000 USD
CY2021Q1 blco Net Transfers Financing Activities
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114000000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
52000000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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-114000000 USD
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
177000000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
238000000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
190000000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
257000000 USD
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2200000000 USD
CY2021Q1 us-gaap Notes Issued1
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CY2022Q1 us-gaap Nature Of Operations
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DESCRIPTION OF BUSINESS<div style="margin-bottom:8pt;margin-top:8pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:107%">Overview</span></div><div style="margin-bottom:8pt;margin-top:8pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Bausch + Lomb Corporation (</span><span style="color:#000000;font-family:'Times',sans-serif;font-size:10pt;font-weight:400;line-height:107%">“Bausch</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%"> + Lomb” or the </span><span style="color:#000000;font-family:'Times',sans-serif;font-size:10pt;font-weight:400;line-height:107%">“</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Company”) is a subsidiary of Bausch Health Companies Inc. (</span><span style="color:#000000;font-family:'Times',sans-serif;font-size:10pt;font-weight:400;line-height:107%">“BHC</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">”), and is a leading global eye health company dedicated to protecting and enhancing the gift of sight for millions of people around the world – from the moment of birth through every phase of life. The Company operates in three reportable segments: (i) Vision Care segment which includes both a contact lens business and a consumer eye care business that consists of contact lens care products, over-the-counter (“OTC”) eye drops and eye vitamins, (ii) Ophthalmic Pharmaceuticals segment which consists of a broad line of proprietary pharmaceutical products for post-operative treatments and treatments for a number of eye conditions, such as glaucoma, eye inflammation, ocular hypertension, dry eyes and retinal diseases and (iii) Surgical segment which consists of medical device equipment, consumables and instrumental tools and technologies for the treatment of corneal, cataracts, and vitreous and retinal eye conditions, and includes intraocular lenses and delivery systems, phacoemulsification equipment and other surgical instruments and devices necessary for cataract surgery. See Note 17, “SEGMENT INFORMATION” for additional information regarding these reportable segments.</span></div><div style="margin-bottom:8pt;margin-top:8pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:107%">Separation of Bausch + Lomb</span></div><div style="margin-bottom:8pt;margin-top:8pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">On August 6, 2020, BHC announced its plan to separate Bausch + Lomb into an independently publicly traded company from the remainder of Bausch Health Companies Inc. (the “Separation”). Prior to January 1, 2022, Bausch + Lomb had nominal assets and liabilities. Prior to March 31, 2022, in connection with the Separation, BHC transferred to Bausch + Lomb, in a series of steps, substantially all the entities, assets, liabilities and obligations that Bausch + Lomb will hold upon completion of the Separation pursuant to a Master Separation Agreement (the “MSA”) with BHC. The remaining entities, assets, liabilities and obligations and associated results of operations and cash flows are included in these financial statements and were not material to Bausch + Lomb’s financial position, operations and cash flows for the periods presented.</span></div><div style="margin-bottom:8pt;margin-top:8pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The registration statement related to the initial public offering of Bausch + Lomb’s common shares (the “B+L IPO”) was declared effective on May 5, 2022, and Bausch + Lomb’s common shares began trading on the New York Stock Exchange and the Toronto Stock Exchange, in each case under the ticker symbol “BLCO” on May 6, 2022. Bausch + Lomb also obtained a final receipt to its final Canadian base PREP prospectus on May 5, 2022. Prior to the effectiveness of the registration statement, Bausch + Lomb was a wholly-owned subsidiary of BHC. On May 10, 2022, a wholly owned subsidiary of BHC (the “Selling Shareholder”) sold 35,000,000 common shares of Bausch + Lomb, at an offering price of $18.00 per share, pursuant to the Bausch + Lomb prospectuses. The Selling Shareholder received all net proceeds from the B+L IPO. BHC expects to complete the separation of Bausch + Lomb after the expiry of customary lockups related to the B+L IPO and achievement of targeted debt leverage ratios, subject to the receipt of applicable shareholder and other necessary approvals, and subject to the various risk factors set forth in the prospectuses relating to the separation approvals. See Note 18, “EARNINGS PER SHARE” for additional details regarding the B+L IPO.</span></div>
CY2022Q1 us-gaap Number Of Reportable Segments
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3 segment
CY2021Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
425000000 USD
CY2022Q1 us-gaap Number Of Operating Segments
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3 segment
CY2022Q1 us-gaap Use Of Estimates
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<div style="margin-bottom:8pt;margin-top:8pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:107%">Use of Estimates</span></div><div style="margin-bottom:8pt;margin-top:8pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">In preparing </span><span style="color:#000000;font-family:'Times',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Bausch</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%"> + Lomb’s Condensed Consolidated Financial Statements, management is required to make estimates and assumptions. This includes estimates and assumptions regarding the nature, timing and extent of the impacts that the COVID-19 pandemic will have on its operations and cash flows. The estimates and assumptions used by </span><span style="color:#000000;font-family:'Times',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Bausch</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%"> + Lomb affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include: provisions for product returns, rebates, chargebacks, discounts and allowances and distribution fees paid to certain wholesalers; useful lives of finite-lived intangible assets and property, plant and equipment; expected future cash flows used in evaluating intangible assets for impairment, reporting unit fair values for testing goodwill for impairment; acquisition-related contingent consideration liabilities; provisions for loss contingencies; provisions for income taxes, uncertain tax positions and realizability of deferred tax assets; the fair value of foreign currency exchange contracts; and the related allocations described in </span><span style="color:#000000;font-family:'Times',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Bausch</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%"> + Lomb’s basis of presentation.</span></div><div style="margin-bottom:8pt;margin-top:8pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">All allocations and estimates in these Condensed Consolidated Financial Statements are based on assumptions that management believes are reasonable. On an ongoing basis, management reviews its allocations and estimates to ensure that these allocations and estimates appropriately reflect changes in </span><span style="color:#000000;font-family:'Times',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Bausch</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%"> + Lomb and new information as it becomes available. However, the Condensed Consolidated Financial Statements included herein may not be indicative of the financial position, results of operations and cash flows of </span><span style="color:#000000;font-family:'Times',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Bausch</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%"> + Lomb in the future, or if </span><span style="color:#000000;font-family:'Times',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Bausch</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%"> + Lomb had been a separate, standalone entity during the periods presented. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, </span><span style="color:#000000;font-family:'Times',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Bausch</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%"> + Lomb’s Condensed Consolidated Financial Statements could be materially impacted.</span></div>
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468000000 USD
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320000000 USD
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CY2022Q1 us-gaap Valuation Allowances And Reserves Balance
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502000000 USD
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286000000 USD
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288000000 USD
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q1 blco Net Transfers Financing Activities
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CY2021Q4 us-gaap Inventory Gross
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3159000000 USD
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5410000000 USD
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85000000 USD
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179000000 USD
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39000000 USD
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88000000 USD
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77000000 USD
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172000000 USD
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164000000 USD
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170000000 USD
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59000000 USD
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60000000 USD
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60000000 USD
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28000000 USD
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76000000 USD
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85000000 USD
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77000000 USD
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889000000 USD
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881000000 USD
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27000000 USD
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350000000 shares
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350000000 shares
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350000000 shares
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350000000 shares
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0.06
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EarningsPerShareDiluted
0.06
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08

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0001860742-22-000012.txt Edgar Link pending
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blco-20220331.xsd Edgar Link pending
blco-20220331_cal.xml Edgar Link unprocessable
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