Bausch Health Companies Inc. (NYSE:BHC) shares are trading lower on Thursday after reporting first-quarter results.

The company reported adjusted quarterly earnings per share of 59 cents, missing the street view of 72 cents. 

Sales of $2.153 billion marginally missed the analyst consensus of $2.156 billion. Sales increased 11% on a reported basis and 8% on an organic basis.

Segment Details: Bausch + Lomb segment reported revenues were $1.099 billion for the first quarter of 2024, compared with $931 million for the first quarter of 2023, an increase of $168 million, or 18%.

Salix segment reported revenues were $499 million, up 1% year over year. 

The International segment reported revenues were $265 million, compared with $247 million for the first quarter of 2023, an increase of 7%.

Solta Medical segment reported revenues were $88 million, up 21% year over year.

Diversified segment reported revenues were $202 million, an increase of 3% year over year.

Bausch Health Companies reported first quarter adjusted EBITDA of $665 million, up 13% year over year.

“We are also pleased with other key developments for our business during the quarter, including the appeal decision in the Norwich matter in respect of Xifaxan, which represents a significant milestone as it relates to achieving the full separation of Bausch + Lomb,” said Thomas J. Appio, Chief Executive Officer, Bausch Health.

The company generated $211 million of cash from operating activities in the first quarter of 2024. Bausch Health Companies exited the first quarter with cash and equivalents worth $755 million.

Outlook: Bausch Health Companies reaffirmed 2024 revenues of $9.3 billion-$9.55 billion versus consensus of $9.39 billion. The company projects an adjusted EBITDA of $3.20 billion-$3.35 billion.

Price Action: BHC shares are trading lower by 7.37% to $8.105 at last check Thursday.