Bausch’s stock slides 11.8% after announcing Q2 results

Shares of Bausch Health Cos. Inc. BHC, +4.47% tumbled 11.8% in premarket trading on Tuesday after the company missed revenue expectations for the quarter, reported an unexpected loss, and lowered its revenue guidance for 2022. Bausch had a loss of $45 million, or 40 cents per share, in the second quarter of 2022, compared with a loss of $595 million, or $1.66 per share, in the same quarter a year ago. The FactSet consensus was for EPS of 91 cents. The company reported revenue of $1.9 billion for the quarter, down from $2.1 billion in the same three months of last year. The FactSet consensus was $2.0 billion. Bausch CEO Thomas Appio described the quarter as a “transitional” period in a news release. The company also lowered its full-year revenue guidance to $8.05 billion to $8.22 billion, from $8.25 billion to $8.40 billion. Bausch’s stock is down 78.8% this year, while the broader S&P 500 SPX, -0.12% has declined 13.1%.

Source: finance.yahoo.com