Why Did Bausch Health Shares Plunge Today? - Bausch Health Companies (NYSE:BHC)

Bausch Health Companies Inc BHC reported Q3 revenues of $2.111 billion, down 1% Y/Y, missing the consensus of $2.66 billion.
Excluding the impact of foreign exchange, divestitures & discontinuations, revenue was flat organically.
Adjusted net income declined from $469 million to $417 million.
Adjusted EBITDA reached $885 million, as compared to $948 million posted a year ago.
Bausch + Lomb segment sales increased 4% (3% organically) to $949 million, primarily due to higher sales from the recovery from the COVID-19 pandemic.
Bausch Pharma revenues declined 5% to $1.16 billion.
Operating income increased to $574 million from $460 million a year ago, driven by a favorable change in other income (expense), primarily attributable to insurance recoveries related to certain litigation matters.
The Company generated $564 million of cash from operations.
Guidance: The Company reiterated the FY21 revenue range to $8.40 billion – $8.60 billion and adjusted EBITDA of $3.35 – $3.50 billion.
Bausch expects to launch the proposed IPO of its Solta Medical business in December 2021 or January 2022.
Following that, it expects to launch the Bausch + Lomb IPO approximately 30 days later.
Price Action: BHC shares closed down 9.32% at $25.87 on Tuesday.