LAVAL, Que. — Bausch Health Companies Inc. says the initial public offering of its esthetic medical device business could come as early as next month followed soon after by the IPO of its eyecare business.
The Quebec-based company — which had previously announced the public offerings — says the Solta Medical IPO will come in December or January while Bausch + Lomb will follow about 30 days later, subject to market conditions and other necessary approvals.
Bausch disclosed the timing as it reported a third-quarter profit of US$188 million or 52 cents per share, up from US$71 million or 20 cents per share a year earlier.
However, the company's shares plunged 9.3 per cent, dropping $3.27 to $32 as revenues missed expectations.
Excluding one-time items such as proceeds from the sale of Amoun Pharmaceutical Co., its adjusted profit fell 11 per cent to US$417 million or US$1.16 per share, compared with US$469 million or US$1.32 per share in the third quarter of 2020.
Revenue for the three months ended Sept. 30 fell about one per cent to US$2.11 billion, from US$2.14 billion.
Bausch was expected on average to report an adjusted profit of US$1.04 per share on US$2.16 billion in revenue, according to financial data firm Refinitiv.
"We have made significant progress on accelerating our strategic alternatives to unlock shareholder value. Our third-quarter results demonstrate that the recovery remains in progress," chairman and CEO Joseph Papa told analysts on a conference call.
The company said it repaid US$1.1 billion of debt in the quarter and $1.6 billion year-to-date.
The public offerings would transform Bausch into three companies: the Bausch + Lomb eye health company, Bausch Pharma and Solta.
This report by The Canadian Press was first published Nov. 2, 2021.
Companies in this story: (TSX:BHC)
The Canadian Press
Note to readers: This is a corrected story. An earlier version incorrectly listed revenues at US$2.22 billion.