Bausch + Lomb Corporation (BLCO) Q4 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 18 2026
0mins
Should l Buy BLCO?
Source: SeekingAlpha
Revenue (Q4 2025) $1.4 billion, up 7% year-over-year. Growth attributed to strong performance across all segments and a $37 million currency tailwind.
Adjusted EBITDA (Q4 2025) $330 million, up 27% year-over-year. Growth driven by operating leverage and cost structure improvements.
Adjusted EBITDA Margin (Q4 2025) 23.5%, up 330 basis points year-over-year. Reflects improved operating efficiencies.
Full Year Revenue (2025) $5.101 billion, up 5% year-over-year (6% excluding enVista recall). Growth across all segments and a $58 million currency tailwind.
Vision Care Revenue (Q4 2025) $778 million, up 5% year-over-year. Growth driven by consumer and contact lenses, including LUMIFY and Blink.
LUMIFY Revenue (Q4 2025) $63 million, up 24% year-over-year. Full year revenue was $221 million, up 16%.
Consumer Dry Eye Portfolio Revenue (Q4 2025) $116 million, up 6% year-over-year. Growth led by Blink, which grew 33%.
Contact Lens Revenue (Q4 2025) Up 8% year-over-year. Growth led by DD SiHy (up 17%) and Ultra (up 16%).
Surgical Segment Revenue (Q4 2025) $249 million, up 3% year-over-year (6% excluding enVista recall). Growth driven by Implantables (up 5%) and Premium IOLs (up 20%).
Pharma Segment Revenue (Q4 2025) $378 million, up 14% year-over-year. Growth led by Miebo (up 111%) and Xiidra.
Miebo Revenue (Q4 2025) $112 million, up 111% year-over-year. Full year revenue was $316 million, up 84%.
Adjusted Gross Margin (Q4 2025) 62.1%, absorbing an 80 basis point impact from tariffs.
Adjusted R&D Investment (Q4 2025) $94 million, in line with Q4 2024. Full year R&D was $371 million, up 8%.
Adjusted Cash Flow from Operations (Q4 2025) $152 million. Full year adjusted cash flow was $381 million.
Adjusted Free Cash Flow (Q4 2025) $76 million. Full year adjusted free cash flow was $32 million.
Net Interest Expense (Q4 2025) $95 million. Full year net interest expense was $376 million, excluding a $33 million refinancing fee.
Adjusted Tax Rate (2025) 10%, lower than the previous guidance of 15%, driven by the enVista recall and other onetime adjustments.
Adjusted EPS (Q4 2025) $0.32, including a $0.08 noncash charge. Excluding the charge, EPS was $0.40.
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Analyst Views on BLCO
Wall Street analysts forecast BLCO stock price to rise
10 Analyst Rating
4 Buy
5 Hold
1 Sell
Moderate Buy
Current: 16.270
Low
13.00
Averages
18.11
High
21.00
Current: 16.270
Low
13.00
Averages
18.11
High
21.00
About BLCO
Bausch + Lomb Corporation is an eye health company. It operates through three segments: Vision Care, Pharmaceuticals, and Surgical. Vision Care segment includes both a contact lens and a consumer eye care business that consists of contact lens care products, over-the-counter eye drops and eye vitamins. Pharmaceuticals segment consists of generic 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. Surgical segment consists of medical device equipment, consumables, instruments and technologies for the treatment of cataracts, corneal and vitreous and retinal eye conditions, which includes delivery systems, phacoemulsification equipment and other surgical instruments and devices for cataract surgery. Its brands consist of PreserVision, Biotrue, Artelac, Alaway, Mioclear, Ocuvite, ScoutPro, XIIDRA, Vyzulta, Lotemax, Prolensa, Minims, INFUSE, and many more.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Stable Revenue Growth: Bausch + Lomb reported Q1 revenue of $1.244 billion, reflecting a 6% year-over-year growth, with foreign exchange contributing approximately $42 million, indicating the company's stability and enhanced profitability in the market.
- Surgical Business Challenges: Although the surgical segment showed growth, results fell short of expectations due to weather-related disruptions and reimbursement pressures, with the CEO emphasizing the need to rebuild the U.S. surgical team to strengthen competitive positioning.
- Improved Adjusted EPS: The adjusted EPS for the quarter was $0.08, compared to a loss of $0.07 in the prior year, reflecting improvements in the quality of earnings and effective conversion of operating leverage.
- Full-Year Revenue Guidance Raised: The company raised its full-year revenue guidance by $45 million to a range of $5.42 billion to $5.52 billion, demonstrating management's confidence in future performance despite external cost pressures.
See More
Bausch + Lomb Q1 Earnings Beat Expectations with Revenue Growth
- Strong Earnings Report: Bausch + Lomb reported a Q1 non-GAAP EPS of $0.05, aligning with expectations, indicating stability in the company's profitability.
- Revenue Growth: The company achieved revenue of $1.24 billion, an 8.8% year-over-year increase, beating market expectations by $20 million, reflecting robust recovery in product demand.
- Adjusted EBITDA Performance: Adjusted EBITDA stood at $189 million, with $200 million excluding acquired IPR&D, demonstrating ongoing improvements in cost control and operational efficiency.
- 2026 Outlook: Bausch + Lomb raised its revenue and adjusted EBITDA guidance for 2026, targeting $5.475 billion, showcasing confidence in growth from the dry eye market and the strategic potential of its expansion plans.
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Bausch + Lomb Launches Bi-Blade+ Retina Cutter with Enhanced Features
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- Flow Rate Efficiency: Compared to the Bi-Blade, the Bi-Blade+ achieves a 25% increase in average flow rate, making vitreous removal more efficient and optimizing surgical outcomes.
- Reduced Pressure Fluctuations: When used with Adaptive Fluidics, Bi-Blade+ demonstrates a 62% reduction in average infusion pressure during surgery, ensuring intraocular pressure stability and reducing surgical risks.
- Clinical Application Prospects: A study showed that the combination of Bi-Blade+ and Adaptive Fluidics significantly improved intraocular pressure, bringing it closer to physiological levels (10-20 mmHg), thus providing a better operational experience for retinal surgeries.
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Bausch + Lomb to Release Q1 Financial Results on April 29, 2026
- Earnings Release Schedule: Bausch + Lomb will announce its Q1 financial results on April 29, 2026, and host a conference call and live webcast at 8 a.m. ET to provide investors with the latest business updates.
- Investor Relations Materials: All relevant materials will be made available on the Investor Relations section of Bausch + Lomb's website prior to the call, ensuring investors have timely access to key information for informed decision-making.
- Conference Call Details: Participants can join the call by dialing +1 (888) 506-0062 for North America or +1 (973) 528-0011 for international access, using access code 666753 to ensure smooth entry into the call.
- Replay Information: The call will be available for replay via +1 (877) 481-4010 for North America and +1 (919) 882-2331 for international callers, with the replay accessible until May 13, 2026, allowing investors who missed the live event to catch up on the discussion.
See More
Bausch + Lomb Director Acquires 4,300 Shares Amid Ownership Strategy
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- Matching Share Program: This purchase triggered the company's matching share program, granting Eduardo an additional 4,300 restricted share units that will vest in thirds over three years, indicating his commitment to the company's long-term growth.
- Market Price Analysis: Eduardo acquired shares at $17.90 each, slightly below the March 2 closing price of $18.41, suggesting a strategic move to invest while meeting the director ownership requirement amidst market fluctuations.
- Investor Considerations: This transaction illustrates a new director effectively building his stake through the matching program; although Eduardo invested real cash, the vesting restrictions on the shares require him to remain on the board for three years, which is a positive governance signal for retail investors.
See More
Bausch + Lomb Director Increases Stock Holdings
- Share Acquisition: Alfonso Eduardo acquired 4,300 common shares on March 2, 2026, at approximately $17.90 per share, totaling around $77,000, indicating his confidence in the company's future prospects.
- Matching Stock Units: Bausch + Lomb subsequently granted him an equal number of restricted stock units, raising his direct holdings to 13,855 shares, demonstrating the company's commitment to encouraging board members to increase their stakes through a matching program.
- Transparent Ownership Structure: The transaction reflects only direct ownership with no indirect holdings or derivative securities, ensuring investor trust in corporate governance while aligning with mandatory director ownership requirements.
- Stable Industry Outlook: The ongoing demand in the eye health sector provides a solid foundation for Bausch + Lomb's long-term growth, and Eduardo's acquisition may attract more investor interest in the company's competitive position within the medical instruments industry.
See More
Bausch + Lomb Q1 2026 Earnings Call Insights
- Stable Revenue Growth: Bausch + Lomb reported Q1 revenue of $1.244 billion, reflecting a 6% year-over-year growth, with foreign exchange contributing approximately $42 million, indicating the company's stability and enhanced profitability in the market.
- Surgical Business Challenges: Although the surgical segment showed growth, results fell short of expectations due to weather-related disruptions and reimbursement pressures, with the CEO emphasizing the need to rebuild the U.S. surgical team to strengthen competitive positioning.
- Improved Adjusted EPS: The adjusted EPS for the quarter was $0.08, compared to a loss of $0.07 in the prior year, reflecting improvements in the quality of earnings and effective conversion of operating leverage.
- Full-Year Revenue Guidance Raised: The company raised its full-year revenue guidance by $45 million to a range of $5.42 billion to $5.52 billion, demonstrating management's confidence in future performance despite external cost pressures.
See More
Bausch + Lomb Q1 Earnings Beat Expectations with Revenue Growth
- Strong Earnings Report: Bausch + Lomb reported a Q1 non-GAAP EPS of $0.05, aligning with expectations, indicating stability in the company's profitability.
- Revenue Growth: The company achieved revenue of $1.24 billion, an 8.8% year-over-year increase, beating market expectations by $20 million, reflecting robust recovery in product demand.
- Adjusted EBITDA Performance: Adjusted EBITDA stood at $189 million, with $200 million excluding acquired IPR&D, demonstrating ongoing improvements in cost control and operational efficiency.
- 2026 Outlook: Bausch + Lomb raised its revenue and adjusted EBITDA guidance for 2026, targeting $5.475 billion, showcasing confidence in growth from the dry eye market and the strategic potential of its expansion plans.
See More
Bausch + Lomb Launches Bi-Blade+ Retina Cutter with Enhanced Features
- Increased Cutting Speed: The Bi-Blade+ features a cutting speed of 25,000 cuts per minute, significantly minimizing retinal traction and enhancing vitreous flow, which boosts surgical efficiency and surgeon confidence.
- Flow Rate Efficiency: Compared to the Bi-Blade, the Bi-Blade+ achieves a 25% increase in average flow rate, making vitreous removal more efficient and optimizing surgical outcomes.
- Reduced Pressure Fluctuations: When used with Adaptive Fluidics, Bi-Blade+ demonstrates a 62% reduction in average infusion pressure during surgery, ensuring intraocular pressure stability and reducing surgical risks.
- Clinical Application Prospects: A study showed that the combination of Bi-Blade+ and Adaptive Fluidics significantly improved intraocular pressure, bringing it closer to physiological levels (10-20 mmHg), thus providing a better operational experience for retinal surgeries.
See More
Bausch + Lomb to Release Q1 Financial Results on April 29, 2026
- Earnings Release Schedule: Bausch + Lomb will announce its Q1 financial results on April 29, 2026, and host a conference call and live webcast at 8 a.m. ET to provide investors with the latest business updates.
- Investor Relations Materials: All relevant materials will be made available on the Investor Relations section of Bausch + Lomb's website prior to the call, ensuring investors have timely access to key information for informed decision-making.
- Conference Call Details: Participants can join the call by dialing +1 (888) 506-0062 for North America or +1 (973) 528-0011 for international access, using access code 666753 to ensure smooth entry into the call.
- Replay Information: The call will be available for replay via +1 (877) 481-4010 for North America and +1 (919) 882-2331 for international callers, with the replay accessible until May 13, 2026, allowing investors who missed the live event to catch up on the discussion.
See More
Bausch + Lomb Director Acquires 4,300 Shares Amid Ownership Strategy
- Director Share Acquisition: Bausch + Lomb's Director Alfonso Eduardo purchased 4,300 common shares for approximately $77,000, reflecting his confidence in the company's future while progressing towards a mandatory $400,000 equity ownership requirement.
- Matching Share Program: This purchase triggered the company's matching share program, granting Eduardo an additional 4,300 restricted share units that will vest in thirds over three years, indicating his commitment to the company's long-term growth.
- Market Price Analysis: Eduardo acquired shares at $17.90 each, slightly below the March 2 closing price of $18.41, suggesting a strategic move to invest while meeting the director ownership requirement amidst market fluctuations.
- Investor Considerations: This transaction illustrates a new director effectively building his stake through the matching program; although Eduardo invested real cash, the vesting restrictions on the shares require him to remain on the board for three years, which is a positive governance signal for retail investors.
See More
Bausch + Lomb Director Increases Stock Holdings
- Share Acquisition: Alfonso Eduardo acquired 4,300 common shares on March 2, 2026, at approximately $17.90 per share, totaling around $77,000, indicating his confidence in the company's future prospects.
- Matching Stock Units: Bausch + Lomb subsequently granted him an equal number of restricted stock units, raising his direct holdings to 13,855 shares, demonstrating the company's commitment to encouraging board members to increase their stakes through a matching program.
- Transparent Ownership Structure: The transaction reflects only direct ownership with no indirect holdings or derivative securities, ensuring investor trust in corporate governance while aligning with mandatory director ownership requirements.
- Stable Industry Outlook: The ongoing demand in the eye health sector provides a solid foundation for Bausch + Lomb's long-term growth, and Eduardo's acquisition may attract more investor interest in the company's competitive position within the medical instruments industry.
See More
