Shares of Bausch Health Cos. (BHC) closed down 4.49% Wednesday at $24.05 after the medical device maker reported fourth-quarter results and issued positive fiscal 2019 revenue guidance.
The Canadian company, formerly known as Valeant, swung to a net loss of $344 million after reporting net income of $513 million a year ago due to what is said was a 2017 tax benefit and more than $2.2 billion in impairment charges from a newly adopted accounting standard.
Adjusted earnings were $368 million. The company didn't provide an adjusted per-share figure. The FactSet consensus for the quarter was 84 cents a share. Revenue declined to $2.12 billion, but came in ahead of analysts' estimates of $2.08 billion.
"2018 was a strong year for Bausch Health as we delivered organic revenue growth across the entire company while reducing our total debt by more than $1 billion and strategically investing in our core businesses," said Joseph C. Papa, chairman and CEO of Bausch Health.
The company also said it expects to generate between $8.3 billion and $8.5 billion in revenue in fiscal 2019. Analysts expected revenue of $8.47 billion.
"As Bausch Health now pivots to offense, we will continue to focus on multiple key launches, including our Significant Seven products. Additionally, we will increase our investment in R&D to enable us to develop and bring to market more products that help improve the lives of patients globally," Papa said.