Why Bausch Health Companies Is Plunging Today
Investors of healthcare giant Bausch Health Companies (NYSE: BHC) are having a rather rainy afternoon. Shares are down 11%, to $26.32, as of 2:30 p.m. EDT, after the company announced disappointing guidance in its second-quarter earnings.
During the quarter, Bausch Health improved its revenue by 26% year over year to $2.1 billion. Simultaneously, its operating income less non-cash items (EBITDA, or earnings before interest, taxes, depreciation, and amortization) increased 33% to $826 million. However, due to asset divestitures, product recalls, and unfavorable foreign currency movements, the company lowered its revenue guidance for the year by $200 million in the range of $8.4 to $8.6 million. In addition, Bausch Health is spinning off its dermatology laser hardware Solta Medical subsidiary into an independent publicly traded company.
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Source Fool.com
