Thu, Aug 1, 8:54 PM (88 days ago)
Bausch Health Companies Inc. reported its financial results for the quarter ended June 30, 2024. Key financial metrics include a decrease in cash and cash equivalents to $595 million from $947 million at year-end 2023. Trade receivables and inventories increased slightly, indicating stronger sales and production levels. Total assets decreased to $26.5 billion from $27.4 billion, primarily due to a reduction in intangible assets and goodwill. The company’s revenues increased to $2.4 billion for the quarter, up from $2.1 billion in the same period last year, driven by higher product sales. However, operating income decreased to $389 million from $412 million due to increased selling, general, and administrative expenses. Net loss attributable to Bausch Health was $1 million, compared to net income of $27 million in the prior year, reflecting higher interest expenses and litigation costs. The company's total liabilities decreased slightly to $26.7 billion, with long-term debt reduced to $21.2 billion. Cash flow from operations was positive at $591 million, but the company used $152 million in investing activities and $764 million in financing activities, primarily for debt repayments. Bausch Health faces significant legal proceedings, including antitrust and patent litigations, which could impact future operations. The company remains focused on managing its debt and improving operational efficiencies, despite ongoing legal and market challenges.