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The headquarters of Bausch Health, in Laval, Que., on Feb. 20, 2019.Ryan Remiorz/The Canadian Press

Bausch Health Companies Inc. BHC-T reported a loss of US$69-million in its latest quarter compared with a loss of US$610-million a year earlier when it took a goodwill impairment charge in its Ortho Dermatologics business.

The company, which keeps its books in U.S. dollars, says the loss amounted to 19 cents per share for the quarter ended March 31 compared with a loss of US$1.71 per diluted share in the first quarter of 2021.

Revenue for the quarter totalled US$1.92-billion, down from US$2.03-billion in the same quarter last year.

Bausch Health says its adjusted net income for the first quarter of 2022 was US$263-million, down from US$370-million a year earlier.

The company says it expects to complete the initial public offering of its eye health business Bausch + Lomb today and remains on track to spin off the business.

Thomas Appio will become CEO of Bausch Health once the IPO closes. Current Bausch Health CEO Joseph Papa will remain as chairman until the full separation of Bausch + Lomb when he will be succeeded by Robert Power.

“Following the closing of the initial public offering of the Bausch + Lomb eye health business later today, we will operate as two companies, which enables Bausch Health to increase its focus on accelerating growth with strategic commercial investments and expanding our pipeline with innovative products that improve the quality of life for patients around the world,” Appio said in a statement.

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