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- **Revenue Beat**: Q3 revenue $1.281B (+6% YoY), driven by 71% YoY Miebo growth and 27% premium IOLs. Adjusted EBITDA margin 19% (+400bps QoQ).
- **Financial Excellence**: 4th strategic pillar focuses on cost control, with SG&A as % of revenue down 290bps QoQ. Free cash flow $87M, 66% EBITDA conversion.
- **Pipeline Momentum**: EnVista IOLs at 82% pre-recall levels; Bioactive lens and glaucoma med in pipeline. Surgical segment recovery faster than expected.
- **Market Expansion**: Dry eye TRx +110% YoY; LUMIFY YTD +13%. China Singles' Day results to guide 2026 contact lens strategy.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue of $1.281 billion (+6% YoY) driven by 6% growth in Vision Care, 7% in Pharma, and 27% in premium IOLs. Miebo revenue reached $84 million (+71% YoY), Xiidra at $87 million, and contact lens portfolio up 6%.
- **Strategic Pillars**: Introduced 'financial excellence' as 4th pillar, focusing on disciplined cost management, margin expansion, and cash flow optimization. Q3 adjusted EBITDA margin improved 400bps to 19%.
- **Pipeline Momentum**: EnVista IOL sales at 82% of pre-recall levels, Envy at 91%, with September sales surpassing Q1 2025. Surgical segment revenue $215 million (+1% YoY). Consumer brands like LUMIFY (+13% YTD) and Blink (+37%) showed strong growth.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EBITDA $243 million (+7% YoY), free cash flow $87 million. Maintained 2025 revenue guidance ($5.05-5.15B) with updated EBITDA range ($870-910M). Gross margin 61.7% (-130bps YoY) due to product mix and recall impact. R&D investment $95 million (+13% YoY).
- **Tariff Management**: Expect to offset 2025 tariff impact; 2026 outlook dependent on policy developments. Free cash flow conversion 66% in Q3.

**【Q&A Key Highlights】**
- **Contact Lens Market**: Low-end mid-single-digit growth (4-5%), Bausch + Lomb outperforming with 6% growth. Daily SiHy up 24%, BioTrue +7%. China Singles' Day results to guide 2026 strategy.
- **Surgical Recovery**: EnVista sales recovery faster than expected, Envy surpassing Q1 2025 levels in September. Implantables up 14% QoQ, premium IOLs +67% QoQ.
- **Capital Allocation**: Focus on deleveraging to achieve investment-grade status, with opportunistic M&A and R&D investments. 2025 generics business showing sequential improvement.
- **Dry Eye Market**: Miebo TRx +110% YoY, Xiidra +8%. Combination therapies (e.g., lifitegrast + Miebo) expected to expand market. Pipeline includes first-in-class ocular pain med and myopia-slowing contact lenses.

Bausch + Lomb Corporation (BLCO) Q3 2025 Earnings Call Transcript

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BLCO

BLCO fundamentals

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