Bausch Health Companies Inc BHC reported Q1 FY23 revenue of $1.94 billion, up 1% Y/Y, up 4% on an organic basis, and missed consensus Estimate of $1.97 billion.

Bausch Health (excluding B+L) revenue was $1.01 billion, down 2%.

Bausch + Lomb segment sales were $931 million, +5%.

Revenue for the Salix segment was $496 million for the first quarter, compared to $464 million a year earlier. Xifaxan, Relistor and Trulance drove sales growth.

The company reported an EPS loss of $(0.55) compared to $(0.19) a year ago. Adjusted net income attributable to Bausch Health was $191 million compared to $263 million in the prior year primarily due to higher operating expenses and adverse foreign exchange rates.

Adjusted earnings per share came in at $0.52, missing the consensus of $0.72.

Adjusted EBITDA fell to $588 million from $732 million.

Guidance: The company reiterated its FY23 guidance for Bausch Health (excluding B+L) and is issuing a full-year consolidated sales guidance of $8.35 billion to $8.55 billion compared to the consensus of $8.35 billion .

It forecasts FY23 Adjusted EBITDA of $3.00 billion to $3.15 billion.

Price promotion: BHC shares are down 18.6% to $6.02 on the last check Thursday.