02:30 PM EDT, 05/01/2024 (MT Newswires) -- Bausch + Lomb's ( BLCO ) Q1 2024 revenue and adjusted EBITDA beat consensus and management reiterated its reported financial guidance despite tougher currency. Miebo saw significant sequential growth and will be covered by ~half of Medicare plans by mid-year, which could catalyze the launch, writes Needham analyst David Saxon. Xiidra, which was impacted by the Change Healthcare cyberattack and missed Saxon's estimate, drove ~half of the Q1 2024 gross margin improvement.

Saxon also expects recent and upcoming product launches to drive revenue growth and to become margin accretive overtime.

"However, we remain Hold rated until we get more clarity around the timing of the BLCO's separation from Bausch Health Companies."

Price: 19.25, Change: -0.67, Percent Change: -3.36