Company: BLCO
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001860742-25-000008
Chunk: 105

Company: Bausch & Lomb Corp
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 105
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 higher selling and advertising and promotional expenses related to MIEBO® and gross-to-net pricing pressures, primarily attributable to XIIDRA®.Surgical Segment ProfitThe Surgical segment profit was a loss of $7 million for the three months ended March 31, 2025, as compared to a profit of $11 million for the three months ended March 31, 2024, a decrease of $18 million. The decrease was primarily due to: (i) higher cost of sales as a result of an inventory obsolescence charge of $15 million related to the voluntary recall of certain enVista IOL products and (ii) higher selling expenses, partially offset by the increase in revenues.Non-Operating Income and ExpenseInterest Expense Interest expense primarily consists of interest payments due, amortization of debt discounts and deferred issuance costs on indebtedness under our credit facilities. Interest expense was $94 million and $99 million for the three months ended March 31, 2025 and 2024, respectively, a decrease of $5 million. The decrease is primarily attributable to: (i) lower interest rates on our May 2027 Term Facility and September 2028 Term Facility (each as defined and discussed in further detail, under Item “— Liquidity and Capital Resources — Liquidity and Debt — Long-term Debt”) and (ii) a lower outstanding balance under our Revolving Credit Facility (as defined and discussed in further detail, under Item “— Liquidity and Capital Resources — Liquidity and Debt — Long-term Debt”), partially offset by interest expense on our May 2027 Incremental Term Facility (as defined and discussed in further detail, under Item “— Liquidity and Capital Resources — Liquidity and Debt — Long-term Debt”). See Note 10, “FINANCING ARRANGEMENTS” to our unaudited interim Condensed Consolidated Financial Statements for further details regarding our financing arrangements.Foreign Exchange and OtherForeign exchange and other primarily includes translation gains/losses on intercompany balances and third-party liabilities and the gain/loss due to the change in fair value of foreign currency exchange contracts. Foreign exchange and other was a net loss of $6 million and $0 for the three months ended March 31, 2025 and 2024, respectively.Income TaxesProvision for income taxes was $31 million and $73 million for the three months ended March 31, 2025 and 2024, respectively, a decrease of $42 million. The change in income taxes was primarily related to