Bausch and Lomb refines sales expectations

Bausch & Lomb has reported its preliminary financials for the third-quarter and first nine months of 2006, refining its sales and earnings expectations for the next year.

The company has announced expected third-quarter earnings of $16.1 million (8.4 million pounds) before tax and minority interests, compared to $51.5 million for the same quarter last year. For the first nine months of the year, it expects a pre-tax income of $45.8 million, compared to $163.8 million last year.

Issues that were a factor in this drop in earnings were the lower-lens care sales and increased marketing expenses that followed the recall of its MositureLoc product, in addition to costs relating to new procedures, legal expenses, investigations and financial restatements that occurred as a result of the recall.

“Bausch & Lomb’s prior guidance for 2006 called for sales ranging between $2.325 billion and $2.4 billion and income before taxes and minority interests between $70 million and $80 million,” the company reports.

“The company currently expects sales to be at the low end of the range,” it added.

In May, the US Centres for Disease Control and Prevention published a report regarding infection with Fusarium keratitis in contact lens wearers.

The study confirmed that only MoistureLoc was the only product in the company’s range with an increased statistical incidence of Fusarium keraitis infection, with its MultiPlus and MultiPurpose solutions not indicated for an increased risk of infection.