RTTNews | Aug 3, 2021 10:54AM EDT

10:53 Tuesday, August 3, 2021 (RTTNews.com) - Tuesday, Bausch Health Co. (BHC) is trading 8% lower in the early trading session after the company reported a wider loss in the second quarter. The company also announced a less impressive guidance for the year.

The net loss increased to $595 million or $1.66 loss per share from $326 million or $0.92 loss per share in the second quarter last year. On an adjusted basis, the income was $352 million, up from $165 million last year. Nine analysts polled by Thomson Reuters expected the earnings to be $0.95 excluding special items.

Revenue for the quarter increased to $2.10 billion, from $1.66 billion in the previous year. The revenue projected by the analysts was $2.12 billion for the quarter.

The company lowered it's projection for the full year to $8.40 billion to $8.60 billion, from $8.60 billion to $8.80 billion as provided earlier. Ten analysts estimate the revenue to be $8.64 billion for the entire year.

The company also announced that it will list it's Solta Medical Aesthetics Unit in Canada late this year in an attempt to pay down a $23.7 billion debt it acquired when the company was named Valeant Pharmaceuticals International.

Joseph Papa, the CEO of the company will step down after the separation of Bausch + Lomb Eye health business and Thomas Appio will replace him as the leader of the company.

There will be a significant change in personnel Robert Spurt will become the president of the US market of Bausch Pharma and Robert Power will be the chairman of the board. All changes will be effective upon the separation.

Bausch also settled a $1.21 billion claim brought against Valeant Pharmaceuticals for misleading investors.

The company is currently trading at $27.30, down $2.35 or 7.93% from its previous closing at $29.65 on Monday. The stock opened at $28.47 in the morning and in the 52-week period, the shares have ranged between $14.86 and $34.80.

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