BHC, does the debt level concern you?
Bausch + Lomb, based in Vaughan, Ontario, reported $65 million in net income on $3.8 billion in revenue on a pro forma basis in 2021. In addition to contact lenses and solutions under brands including Ocuvite, PureVision and Biotrue, the company also makes ophthalmic pharmaceuticals for ailments such as glaucoma, as well as surgical tools and devices.
Bausch Health, then known as Valeant Pharmaceuticals International Inc., bought Bausch + Lomb for $8.7 billion in 2013 from an investors group that included Warburg Pincus. In an effort to raise money to pay off tens of billions in debt on its books from that era, Bausch Health is also planning to spin off its Solta Medical skin-care unit. Bausch Health, which is keeping its core pharmaceutical operations, had about $23 billion in total debt as of Dec. 31.
Solta submitted its IPO filing to the SEC in February but hasn’t moved ahead with proposed terms for its share sale. For the nine months ended Sept. 30, Solta had net income of $72.8 million on revenue of $219 million, according to its filing.
