Bausch Health (NYSE:BHC) stock is falling on Tuesday following the release of its earnings report for the first quarter of 2022. This also comes just a few days after the launch of the Bausch + Lomb (NYSE:BLCO) initial public offering (IPO) that saw the division spin off from Bausch Health.
The big news from the earnings report today is diluted earnings per share of -19 cents. That’s nowhere close to the $1.29 per share that Wall Street was expecting the company to report. However, it is an improvement over the -$1.71 from the same period of the year prior.
Not helping matters for BHC stock is its revenue of $1.92 billion in Q1 2022. That’s another miss for the company next to analysts’ estimate of $2.64 billion. It’s also a 5% drop from the $2.03 billion reported during the same time last year.
So what dragged down the company’s earnings report this quarter? It noted drops in revenue from its Salix, International, and Diversified Products segments during the period. This is partially to blame for its poor performance.
Thomas Appio, the incoming CEO of Bausch Health, said the following in the earnings report.
“Our organic growth in the first quarter of 2022 was stable compared to the same quarter last year, despite incremental macro pressures and a challenging supply chain environment.”
The trading volume for BHC stock is heavier than normal today. As of this writing, more than 21 million shares have been traded. For comparison, the company’s daily average trading volume is roughly 4.8 million shares.
BHC stock is down 26.9% as of Tuesday morning.
There’s more stock market news worth diving into below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.