Bausch Health Companies Inc. (NYSE:BHC) shares dropped more than 20% since the company’s reported Q1 results on Thursday.
While revenues and adjusted EBITDA came in worse than the Street estimates. Despite a miss in results today, management reiterated 2023 guidance for RemainCo. Management expects operational performance to improve in the remainder of the year aided by seasonality and investments in the business.
2023 revenue guidance of $4.45-4.60 billion implies more than 4% year-over-year growth at the mid-point, compared to the 2% year-over-year decline in Q1/23.