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ROC With Your Hands event provides teens with hands-on job experience

Travis Fisher and a colleague from Bausch & Lomb speak with students at a recent ROC With Your Hands Event sponsored by the Rochester Technology and Manufacturing Association. (Photo by Andrea Deckert)

Travis Fisher knows that middle- and high-schoolers may not always know about local career opportunities available to them after their schooling is completed. So, he’s taking those opportunities to the source, most recently serving as an exhibitor at Roc With Your Hands.

“We try to expose students to what opportunities are out there,” he said.

Fisher, a manager of engineering products at Bausch + Lomb, was there to highlight the company’s electro-mechanical apprenticeship program. 

Students got a chance to try out some of the technology available at ROC With Your Hands. (Photo by Andrea Deckert)

The program includes 2,000 hours of hands-on training and 144 hours of classroom education. At the end of the program, the employee is given a pay grade performance and a promotion based on performance.

Alerting students to such job opportunities was the goal of the first ever ROC With Your Hands Career Exploration event last week at the Rochester Community Sports Complex.

The Rochester Technology and Manufacturing Association held the event in partnership with the city of Rochester, Monroe County, the Finger Lakes Youth Apprenticeship Program, Monroe Community College, RochesterWorks!, UNiCON Rochester and the Builders Exchange of Rochester.

It featured dozens of employers who highlighted various careers, offered hands-on demonstrations and provided information on their respective fields.

Hundreds of students in grades seven through 12 across Monroe County and the city of Rochester were exposed to careers in advanced manufacturing, skilled trades, automotive technology and heavy equipment. Students, teachers and chaperones were also provided free merchandise and lunch was also provided at no charge.

Kim Hartford, human resources manager for Avon-based DP Tool & Machine Inc., was attending the event to also raise awareness of local job opportunities, including ones at the machine shop.

Students ask questions of exhibitors at the ROC With Your Hands event.
Students ask questions of exhibitors at the ROC With Your Hands event. (Photo by Andrea Deckert)

DP Tool, which is celebrating its 50th anniversary, makes CNC-machined components for a variety of industries, including automotive and medical. The business has nearly 110 workers and has several job openings, including entry level machinists.

Hartford, who attends career days at area schools and hosts tours at the facility, said the company can provide good paying jobs to those who are coming out of high school. 

“We want to get the message out that even if you don’t go to college, you can still have a lucrative career,” she said.

The RTMA developed ROC With Your Hands through discussions with area businesses, local educators and community partners alongside the Finger Lakes Youth Apprenticeship Program.

Organizers said the career exploration event will be offered every year to schools throughout the city of Rochester and Monroe County.

Bob Coyne addresses attendees at the ROC With Your Hands event. (Photo by Andrea Deckert)

“ROC With Your Hands is a fun way to introduce our community’s students to careers that involve working with your hands,” said Bob Coyne, RTMA executive director.

He noted that careers in advanced manufacturing, skilled trades, automotive technology and heavy equipment mostly require paid on-the-job training and non-traditional educational opportunities while providing a positive pathway to success and economic independence.

“ROC With Your Hands allows students, teachers and chaperones to learn more about these high-demand fields,” Coyne said, adding that the youth are a critical component of moving the region forward. “If we don’t involve the kids, our community will never get better.”  

Collaborations were key in getting the inaugural event off the ground, he noted.

The City of Rochester hosted ROC With Your Hands through its Department of Recreation and Human Services at the Rochester Community Sports Complex.

Monroe Community College — which partners with the RTMA annually on the Finger Lakes Youth Apprenticeship Program — also supported ROC With Your Hands.

As did the Builders Exchange of Rochester and UNiCON Rochester, who host similar career exploration events which are supported by the RTMA.

Monroe County was another partner.

Ana Liss, Monroe County’s director of planning and development, spoke of the importance of events like Roc with Your Hands.

“For the community to grow we need to ensure that the talent pipeline is full and prepared for the jobs of the future,” she said. “Exposing youth to career paths early on can be very powerful.”

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Bausch Health celebrates 50th anniversary of soft contact lens

Bausch Health Companies Inc. is marking the 50th anniversary of the soft contact lens this month with a new video to commemorate the historic development.

It was 50 years ago that Bausch & Lomb Inc. received approval from the U.S. Food & Drug Administration to market and mass-produce SOFLENS, the first soft contact lens in the U.S. The lens was developed in Rochester.

The innovation in eyesight established a new category in the eyecare industry and redefined the contact lens market by creating more access and availability for those who wear corrective lenses.

Bausch & Lomb has developed a video to commemorate the historic moment, as well as to demonstrate how the approval inspired — and continues to inspire — innovations in eye care today.

Company officials said Bausch Health is preparing for the next 50 years and beyond. As previously reported, Bausch & Lomb is working on expanding its contact lens manufacturing capacity at its sites in Rochester and Waterford, Ireland, to add multiple production lines to support the manufacture of its innovative daily disposable silicone hydrogel contact lenses, Bausch + Lomb INFUSE.

In November 2018, the company, which is headquartered in Quebec, Canada, said it would invest an undisclosed amount to add multiple production lines at the two sites to support the manufacturing of its disposable silicone hydrogel (SiHy) daily contact lenses.

“Bausch & Lomb is one of the world’s most respected eye health brands, due in large part to the high-quality contact lenses manufactured at the Rochester and Waterford sites,” Bausch Health Chairman and CEO Joseph Papa said at the time. “By expanding the production capacity at both locations we will continue to build on their legacies as we invest for the future.”

The construction of the new building addition in Rochester is progressing well, officials said in a statement Monday. Installation of the new lines has begun and lens production will begin later this year.

To help support the production on the new lines, the company is looking to fill more than 100 new jobs in Rochester. Candidates can submit applications at bauschhealth.com/careers.

[email protected] / 585-653-4021
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Bausch Health reports full-year earnings, to appoint activist investor picks to board

Bausch Health Cos. Inc. on Wednesday reported fourth-quarter and full-year results, beating Street estimates. The company also said it plans to add two directors as a result of pressure from activist investor Carl Icahn.

For the fourth quarter ended Dec. 31, sales were down slightly to $2.21 billion from $2.22 billion in the year-ago quarter. Bausch & Lomb Inc. revenues were more than half of that at $1.24 billion. Bausch Health reported a net loss for the quarter of $153 million, compared with a net loss of $1.52 billion in the same quarter last year. Adjusted net income for the quarter was $478 million, up from $404 million a year ago.

On a per-share basis, Bausch Health reported a 43-cent loss, compared with a $4.30 loss in the year-ago quarter.

For the full year, revenues were $8.03 billion, down 7 percent from $8.6 billion in fiscal 2019. Bausch & Lomb sales were $4.41 billion for the year, down from $4.74 billion in 2019. The company reported a $560 million net loss for the full year, compared with a loss of $1.79 billion in 2019. Adjusted net income for the year was $1.43 billion, compared with $1.56 billion in 2019.

Bausch Health reported a $1.58 loss per share for the year, compared with a $5.08 loss in fiscal 2019.

“Despite unprecedented business challenges resulting from the COVID-19 pandemic, I’m proud that Bausch Health finished the year strong and outperformed the high end of our latest revenue guidance range,” said Joseph Papa, Bausch Health chairman and CEO. “During the pandemic-related downturn, we focused our efforts on growing market share for key promoted products, carefully managed our expenses and continued to invest in our pipeline for future growth opportunities. We generated cash from operations of more than $1.1 billion, which helped us to repay approximately $900 million of our debt.”

The company repaid debt of $900 million in 2020 using cash generated from operations and more efficient cash management, officials noted.

“We are continuing to execute on our business recovery from the pandemic, and we are well positioned to benefit from recovery-related tailwinds and capitalize on our key growth drivers and catalysts in 2021 as we remain focused on how best to unlock value in the Company, including the planned spinoff of Bausch & Lomb,” Papa said.

Bausch Health expects full-year sales to range from $8.6 billion to $8.8 billion, with adjusted EBITDA of $3.4 billion to $3.55 billion.

Separately, the company said it will expand its board of directors to add two designees from Carl Icahn and the Icahn Group, including Icahn’s son, Brett Icahn and Steven Miller, both portfolio managers at Icahn Capital. Icahn and Miller will join the board in mid-March and will be up for re-election at the company’s annual meeting in April, officials said.

“We are pleased to have reached this agreement with the Icahn Group and welcome Messrs. B. Icahn and Miller to our board of directors,” Papa said in a statement. “Our new colleagues bring a wealth of transaction experience to our board, which will serve us well as we continue to execute on our strategic priorities, including our previously announced intention to spin off our leading eye health business. Together, we are aligned and focused on unlocking unrecognized value in Bausch Health, and we look forward to building on the significant progress we have already made in capitalizing on areas of unmet medical need, gaining market share in key growth areas and positioning our businesses to deliver long-term, sustainable value for our shareholders.”

Weeks ago, the elder Icahn — who led the charge in dismantling Xerox Holdings Corp.’s board when its previous leadership attempted to merge with FujiFilm in 2018 — disclosed that he owned a nearly 8 percent stake in the Canadian Bausch Health.

“Our discussions with Bausch Health have been productive,” Carl Icahn said. “We continue to believe there are opportunities to drive further value for all shareholders, and we look forward to collaborating with the board and management and contributing meaningfully to the company’s ongoing strategic review.”

In addition to their board appointments Icahn and Miller will be appointed to two board committees, the Finance and Transactions Committee and the committee assisting with evaluating strategic alternatives, including the potential spin off of Bausch & Lomb.

Shares of company stock Wednesday (NYSE: BHC) opened at $31.39 and by midafternoon had grown to $31.64.

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Bausch Health to redeem notes, reduce debt by $100 million

Bausch & Lomb Inc. parent Bausch Health Cos. Inc. this week said it plans to reduce debt by $100 million through the redemption of outstanding senior secured notes, using cash generated from operations.

Joseph Papa
Joseph Papa

“As Bausch Health continues its recovery from the effects of the COVID-19 pandemic, we also remain focused on repaying our debt by generating cash through strong business execution and efficient management of our operations,” said Chairman and CEO Joseph Papa. “This redemption will help reduce our leverage and bring us a step closer to expediting a path forward that unlocks shareholder value, including the spinoff of Bausch & Lomb.”

Bausch Health will redeem $100 million aggregate principal amount of its outstanding 7 percent Senior Secured Notes due 2024, on March 24, 2021. The company on Monday issued an irrevocable notice of redemption for the notes and a copy will be issued to the record holders of the notes.

In August 2020, Bausch Health announced plans to spin off Rochester-based Bausch & Lomb into an independent publicly traded entity as Bausch & Lomb – NewCo. The move will establish two separate companies that include a fully integrated, pure-play eye-health company built on the iconic Bausch & Lomb brand and history of innovation, as well as a diversified pharmaceutical company with leading positions in gastroenterology, aesthetics/dermatology, neurology and international pharmaceuticals, company officials said at the time.

Bausch & Lomb – NewCo will consist of Bausch Health’s global vision care, surgical, consumer and ophthalmic Rx businesses. The segment posted roughly $3.7 billion in revenues in 2019. The second company, BHC, reported 2019 revenue of roughly $4.9 billion. That company will comprise a diversified portfolio of leading durable brands across the Salix, International Rx, Solta, neurology and medical dermatology businesses.

Bausch Health had expected to report Bausch & Lomb as a separate segment beginning in the first quarter of 2021.

Bausch Health is a global company headquartered in Quebec, Canada. The company develops, manufactures and markets a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology.

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Bausch Health to spin off Bausch & Lomb

Bausch Health Cos. Inc. plans to spin off Rochester-based Bausch & Lomb Inc. into an independent publicly traded entity as Bausch & Lomb – NewCo. Shares of company stock (NYSE: BHC) soared 28 percent before the opening bell Thursday and were trading up 10 percent mid-morning.

The move will establish two separate companies that include a fully integrated, pure-play eye-health company built on the iconic Bausch & Lomb brand and history of innovation, as well as a diversified pharmaceutical company with leading positions in gastroenterology, aesthetics/dermatology, neurology and international pharmaceuticals, company officials said.

Joseph Papa
Joseph Papa

“We are committed to taking action to unlock what we see as unrecognized value in Bausch Health shares, and we believe that separating our business into two highly focused, stand-alone companies is the way to accomplish that goal,” said Bausch Health Chairman and CEO Joseph Papa in a statement. “Four years ago, we initiated a multi-phase plan, first to stabilize and then to transform Bausch Health into a company positioned to deliver long-term organic growth. We have divested approximately $4 billion of non-core assets, paid down over $8 billion of debt, resolved numerous legacy legal issues and managed a loss of exclusivity on an approximately $1.4 billion product portfolio, while also investing in R&D, new product launches and core franchises with attractive growth opportunities.”

Last week, Bausch Health settled charges of improper accounting with the U.S. Securities and Exchange Commission. The company agreed to pay $45 million and three of its former top executives also will pay fines. On Wednesday, the company said that the parties in the Canadian securities class action had agreed to resolve the action for $94 million CAD, or roughly $69 million USD, plus an additional amount for settlement administration costs, subject to court approval. The action, filed in the Quebec Superior Court in 2015, alleged violations of Canadian securities laws regarding substantively the same matters as in the U.S. securities class action.

Bausch + Lomb – NewCo will consist of Bausch Health’s global vision care, surgical, consumer and ophthalmic Rx businesses. The segment posted roughly $3.7 billion in revenues in 2019. The second company, BHC, reported 2019 revenue of roughly $4.9 billion. That company will comprise a diversified portfolio of leading durable brands across the Salix, International Rx, Solta, neurology and medical dermatology businesses.

“Our board of directors and management team have been working on alternatives over the last 12 months to determine how to best unlock value across our businesses, and we believe that the time is right to begin the separation process, so each business has greater flexibility to pursue strategic opportunities in their respective markets,” Papa said in the statement.

The Canadian pharmaceutical company expects to report Bausch & Lomb as a separate segment beginning in the first quarter of 2021, pending regulatory approvals.

Separately on Thursday, Bausch Health reported second-quarter revenues of $1.664 billion, compared with $2.152 billion in the same quarter last year. The company’s Bausch & Lomb/International segment revenues were $883 million for the second quarter of 2020, compared with $1.208 billion for the second quarter of 2019, a decrease of $325 million, or 27 percent. The Bausch & Lomb segment revenues represented 53 percent of the company’s total revenues for the quarter.

“Since the COVID-19 pandemic began, our top priority has been to ensure our employees remain safe and that we have the necessary processes in place to protect our supply chain so that we can continue to provide access to our health care products to people around the world,” Papa said. “The impact of the pandemic continues to cause uncertainty in markets globally. While our business recovery appears to be progressing more quickly in some geographies, such as the United States, other markets in Europe and Asia will take more time to return to pre-pandemic levels. Given these variabilities, we are focused on driving market share for our key products, reaching customers in new ways and executing on our launches, such as the upcoming launch of BAUSCH + LOMB INFUSE™ SiHy daily contact lenses, while also optimizing our cost structure to protect the profitability of the company.”

Net loss for the quarter was $326 million, compared with a net loss of $171 million for the second quarter of 2019. The company reported a 56 percent decline in adjusted net income for the second quarter at $165 million, compared with $372 million for the second quarter of 2019.

On a per-share basis, the loss was 92 cents, compared with a loss of 49 cents per diluted share in the year ago quarter.

Bausch Health narrowed its full-year revenue range from $7.8 to $8.2 billion to $7.8 to $8 billion. The company also narrowed its full-year adjusted EBITDA range from $3.15 to $3.35 billion to $3.15 to $3.30 billion.

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Bausch Health stocks slide as company posts earnings decline

Bausch Health Cos. Inc. this week reported a first-quarter loss of $152 million and adjusted earnings of $316 million, missing Street estimates.

For the quarter ended March 31, the Canadian company whose largest segment, Bausch & Lomb, is located in Rochester, posted revenues of $2.012 billion in the first quarter, compared with $2.016 billion in the year-ago quarter. Company officials blamed the COVID-19 pandemic for a $35 million decline in sales in the quarter.

By segment, Bausch & Lomb reported a $4 million drop in sales to $1.114 billion. The company’s Salix segment improved revenues by $32 million in the quarter; it was the only division that showed improvement during the quarter.

Operating income for the company was $248 million in the first quarter, compared with $287 million last year. Net loss for the quarter was $152 million, compared with a net loss of $52 million for the same period in 2019. Adjusted net income was $316 million, down 12 percent from $358 million last year.

On a per-share basis, the net loss was 43 cents, compared with a first-quarter earnings loss of 15 cents a year ago.

Joseph Papa
Joseph Papa

“As the COVID-19 pandemic began, our priority was to make sure that our employees were safe and that we took the necessary measures to protect our supply chain operations, which have enabled us to continue to fulfill our mission of improving people’s lives with our health care products,” said Joseph Papa, chairman and CEO of Bausch Health. “With these measures in place, we expanded our focus to also support global health care systems, frontline health care workers and the patients in their care, including advancing the science to help find solutions for COVID-19, donating medicines and health care products to assist in the fight against the virus and reinforcing our commitment to patient access.”

Bausch Health lowered its 2020 financial outlook to a range of $7.8 billion to $8.2 billion in revenue for the year.

“While the COVID-19 pandemic has presented significant challenges to our business, Bausch Health has a global, diversified and durable business model, and we believe the company is well-positioned to return to growth after the impact of the pandemic fades,” Papa said.

Shares of company stock (NYSE: BHC) plummeted to $15.75 following the company’s earnings call Thursday and opened Friday at $16.025.

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Bausch Health shares tumble on Q4 loss

Bausch Health Cos. Inc. shares (NYSE: BHC) took a 7 percent hit Wednesday on news of a wider net loss in its fourth quarter. The medical products company ended the day at $26.46, down from its previous close of $28.07.

For the fourth quarter ended Dec. 31, Bausch Health reported revenues of $2.22 billion, up 5 percent from $2.12 billion in the year-ago quarter. The company reported a net loss for the quarter of $1.52 billion, compared with a $344 million loss in the same quarter a year ago.

On a per-share basis, the company’s fourth-quarter loss was $4.30, compared with a 98-cent loss in the year-ago quarter.

For the full year, Bausch Health reported revenues of $8.6 billion, up 3 percent from $8.38 billion the prior year. The company’s net loss was $1.79 billion, compared with a net loss of $4.15 billion in the previous year. Bausch Health’s per-share loss for the year was $5.08, compared with a loss of $11.81 in fiscal 2018.

The company in 2019 raised debt of nearly $1.3 billion to settle a 2015 lawsuit related to a Valeant U.S. “stock drop.”

Joseph Papa
Joseph Papa

“In 2019, we delivered on our ‘pivot to offense’ strategy,” Bausch Health Chairman and CEO Joseph Papa said in a statement Wednesday. “Our fourth-quarter and full-year 2019 results demonstrated the consistency and durability of Bausch Health, as we reported our eighth consecutive quarter of organic revenue growth and our first full year of reported revenue growth since 2015.”

Papa said the company invested in its future last year by increasing its commitment to research and development and by using $250 million for acquisitions to enhance its current product portfolio and add to its development pipeline.

The company’s bright spot—Rochester’s Bausch & Lomb—reported revenue of $1.24 billion during the fourth quarter, up from $1.21 billion in the year-ago period. For the full year, Bausch & Lomb posted sales of $4.74 billion, compared with $4.67 billion in 2018.

Bausch & Lomb, which launched multiple products last year, represented roughly 55 percent of the company’s revenue.

Bausch Health shares were trading down nearly 3 percent midday Thursday at $25.76.

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Bausch Health improves Q3 bottom line

Bausch Health Cos. Inc., the Canadian parent company of Bausch & Lomb Inc., on Monday reported a third-quarter loss of $49 million but a bottom-line improvement that beat Street estimates.

For the third quarter ended Sept. 30, Bausch Health posted sales of $2.21 billion, up from $2.14 billion in the year-ago quarter. Revenue growth was a result of improvement in the Bausch & Lomb/International segment and the Salix segment, the company reported.

Bausch Health reported a net loss of $49 million or a per-share loss of 14 cents. The company posted adjusted net income of $425 million, or $1.19 per share, compared with $403 million in the third quarter last year.

Analysts polled by Zacks Investment Research had expected earnings of $1.06.

“In the third quarter, Bausch Health delivered another strong quarter with both reported and organic revenue growth, demonstrating that our efforts to grow our core businesses are continuing to gain traction,” Bausch Health Chairman and CEO Joseph Papa said in a statement. “In addition to organic revenue growth in both the Bausch & Lomb/International and Salix segments due to higher revenues in several of our durable, established brands … our performance was also strengthened by the success of newer products such as Lumify and Thermage FLX.”

Bausch Health has raised its 2019 outlook to revenues of $8.475 billion to $8.625 billion. The company’s midpoint November guidance is up by $50 million from its midpoint August guidance range.

Bausch & Lomb/International increased reported revenue during the quarter by 2 percent and delivered its 12th consecutive quarter of organic revenue growth. The segment launched Ocuvite Eye Performance vitamins in the U.S. during the quarter.

Company stock (NYSE: BHC) was trading at $26.08 on Tuesday, flat from Monday’s opening price of $26.07.

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Bausch Health to pay down debt

Bausch Health Cos. Inc., the Canadian parent of Bausch & Lomb Inc., this week announced a plan to reduce its debt by $200 million.

Bausch Health said it will reduce the debt through the prepayment of senior secured term loans and the redemption of outstanding senior notes using cash flow from operations. The company put in notice to prepay roughly $100 million of its senior secured term loans this week.

Following the prepaying, Bausch Health will have no further mandatory amortization payments until 2021, company officials said.

Bausch Health also said it would redeem $100 million aggregate principal amount of its outstanding 5.875 percent senior notes due in 2023 on Oct. 3 this year.

In August, Bausch Health reported an improvement in second-quarter revenue, bolstered by a 15 percent increase in its Salix segment. The quarter saw a 1 percent increase in total revenues to $2.152 billion from $2.128 billion in the year-ago quarter. The Bausch & Lomb/international segment contributed $1.208 billion in sales, down $1 million from the second quarter last year.

Bausch Health reported a net loss for the quarter of $171 million, compared with a net loss of $873 million in the second quarter last year.

Since reporting earnings Aug. 6, company stock (NYSE: BHC) has fluctuated between $20.72 and $22.93, closing Thursday at $21.72.

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Imagine Monroe approves incentives for six area projects

Imagine Monroe, the county’s industrial development agency, has approved incentives for six projects that are expected to create nearly 200 local jobs and retain more than 1,000, including the addition of 100 at Bausch & Lomb Inc. and 50 at ITX Corp.

“In one of our most productive months ever, Imagine Monroe today advanced six significant economic development projects that will help to secure over 1,500 more jobs for our residents,” said Monroe County Executive Cheryl Dinolfo in a statement Tuesday. “I thank these growing employers—including Bausch & Lomb, ITX Corp. and more—for their commitment to doing business in Monroe County.”

Bausch & Lomb has proposed a 110,000-square-foot building expansion on its North Goodman Street campus that will retain 1,000 jobs and create 100. Last November, Bausch & Lomb’s parent company Bausch Health said it planned to add multiple production lines at a site in Ireland and in Rochester to support manufacturing of its disposable silicone hydrogel (SiHy) daily contact lenses.

The $140 million expansion will include an energy-efficient building and the company will seek LEED Silver certification. Bausch & Lomb was approved for sales and mortgage recording tax exemptions, as well as the Enhanced JobsPlus property tax abatement. The investment in Rochester’s optics center also is being assisted by up to $3 million through Empire State Development’s Excelsior Jobs Program.

The project is expected to be completed in 2022.

ITX Corp., a global software product development company in its 22nd year of business, has proposed expansion and relocation of its corporate headquarters from Pittsford to the city of Rochester. The project includes the renovation of 14,000 square feet in the Metropolitan building to include a conference center in which the company will train its entire U.S. workforce.

ITX employs 105 people in the U.S., including 61 in Monroe County. The project is expected to create 50 full-time positions over the next three years. ITX sought approval of sales tax exemptions on construction materials, furniture, fixtures and equipment related to the project.

Real estate holding company 45 Becker Road LLC has proposed renovating 40,000 square feet at 45 Becker Road for tenant Orolia USA Inc., which develops and manufactures resilient positioning, navigation and timing platforms for global positioning systems. Imagine Monroe approved sales tax exemption on materials, equipment and furnishings on $675,500 in purchases.

The project impacts 90 employees and is expected to create an additional 20 jobs over three years.

FiveTwentyFive East Broad LLC, a real estate holding company owned by the Konar family, has proposed the construction of four buildings in the city’s Neighborhood of Play. The final phase of the redevelopment includes residential and office and retail space.

The city of Rochester has requested an 11-year Payment in Lieu of Taxes (PILOT) for the second phase, and the applicant is seeking sales tax and mortgage recording tax exemption. The projected job creation is 3.5 jobs.

Rock Environmental Inc. has proposed the purchase of a commercial-grade, truck-mounted cleaning system and two cargo vans for its environmental and industrial services business. The company employs 26 people and expects to create two jobs over the next year. RE has been approved for the GreatRate program through Monroe County Industrial Development Corp. and is seeking sales tax exemption for purchases of $102,899.

Precision Grinding and Manufacturing Corp. is planning a 12,000-square-foot expansion to accommodate growth. The $1.5 million project will impact 155 full-time employees and is projected to create 12 full-time positions over the next three years.

Imagine Monroe approved sales tax exemptions on construction materials and furniture and fixtures related to the project.

“Projects like these show how we’ve been able to secure over 20,000 more jobs here since 2016 alone and prove that Monroe County is open for business now more than ever before,” Dinolfo said.

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B&L parent reports Q2 improvement

Bausch Health Cos. Inc., the parent company of Bausch & Lomb Inc., on Tuesday reported an improvement in revenue, bolstered by a 15 percent increase in its Salix segment.

For the second quarter ended June 30, the Canadian company reported a 1 percent increase in total revenues to $2.152 billion from $2.128 billion in the year-ago quarter. The Bausch & Lomb/international segment contributed $1.208 billion in sales, down $1 million from the second quarter last year.

The company reported a net loss for the quarter of $171 million, compared with a net loss of $873 million in the second quarter last year. On a per-share basis, second-quarter net loss was 49 cents, compared with a $2.49 loss per share a year ago.

“Delivering a second consecutive quarter of reported and organic revenue growth, our second quarter 2019 results demonstrate that Bausch Health is clearly pivoting to growth,” said Bausch Health Chairman and CEO Joseph Papa. “Bausch & Lomb/International delivered its eleventh consecutive quarter of organic revenue growth, driven by sustained strength in Global Consumer and Global Vision Care; and Salix reported more than $500 million in total quarterly revenue for the first time.”

For the six month period, Bausch Health reported a net loss of $223 million, compared with a $3.454 billion net loss in the same period last year. The company raised its full year guidance to $8.4 to $8.6 billion in revenue, with adjusted earnings of $3.425 to $3.575 billion.

“Looking to the second half of 2019, we expect a number of catalysts to drive growth across our core business segments as we continue to reduce debt, increase R&D and further grow our newly launched products,” Papa said. “In addition, we have raised our full-year revenue and adjusted EBITDA guidance based on our first half performance and our outlook for the second half of the year.”

Shares of company stock (NYSE: BHC) had fallen more than 5 percent in heavy trading to $22.15 Tuesday afternoon.

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Bausch & Lomb parent acquires ailing Synergy Pharmaceuticals

Bausch Health Cos. Inc., the Canadian parent company of Bausch & Lomb Inc., will acquire certain assets of the bankrupted Synergy Pharmaceuticals Inc. for $195 million. A hearing to approve the sale is scheduled for March 1.

bausch-health-logo

“As we continue to transform Bausch Health, we are now pivoting to offense with research investments and strategic acquisitions that augment our core businesses,” Bausch Health Chairman and CEO Joseph Papa said in a statement late Tuesday. “We are excited to acquire the assets of Synergy, which we believe will strategically enhance our Salix Pharmaceuticals business and supplement our organic growth in gastroenterology.”

Synergy in December filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Southern District of New York. At that time, Bausch Health entered into a definitive agreement to acquire certain assets of the firm. An auction scheduled for Feb. 26 did not proceed, as no party submitted a higher and better bid in accordance with the bidding procedures established by the bankruptcy court.

Headquartered in New York City, Synergy is a biopharmaceutical company focused on the development and commercialization of novel gastrointestinal therapies, including Trulance and a second candidate, dolcanatide.

Bausch last week reported a fourth-quarter loss of $344 million, and a full-year net loss of $4.148 billion. Papa at the time said the company will focus on multiple key launches, including its Significant Seven products, and will increase its investment in R&D.

The Synergy acquisition is expected to close shortly after the sale’s approval, officials said Tuesday.

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Bausch Health reports $4.15 billion loss in 2018

Shares of Bausch Health Cos. Inc., Bausch & Lomb Inc.’s Canadian parent company, were down more than 8 percent Wednesday after the health care product company reported a fourth-quarter loss of $344 million.

bausch-health-logoFor the quarter ended Dec. 31, Bausch reported revenues of $2.121 billion, down from $2.163 billion in the same quarter last year. The company’s $344 million loss compares with a net income of $513 million in the fourth quarter last year.

Adjusted net income for the quarter was $368 million, compared with $347 million in the same quarter a year ago.

Analysts had expected earnings of 84 cents per share on revenue of $2.08 billion.

For the full year, Bausch reported a net loss of $4.148 billion, compared with net income of $2.404 billion in fiscal 2017. Officials said the $6.552 billion decrease was a result of a 2017 tax benefit, as well as $2.213 billion in impairment charges recognized when the company adopted new accounting guidance.

“2018 was a strong year for Bausch Health as we delivered organic revenue growth across the entire company while reducing our total debt by more than $1 billion and strategically investing in our core businesses,” Bausch Chairman and CEO Joseph Papa said. “As Bausch Health now pivots to offense, we will continue to focus on multiple key launches, including our Significant Seven products. Additionally, we will increase our investment in R&D to enable us to develop and bring to market more products that help improve the lives of patients globally.”

Bausch & Lomb/International segment revenues were $1.205 billion for the fourth quarter, compared with $1.204 billion for the fourth quarter of 2017. The Bausch & Lomb/International segment comprised some 56 percent of the company’s revenue in 2018, officials said.

Bausch expects full-year 2019 revenues in the range of $8.3 billion to $8.5 billion and full-year adjusted earnings in the range of $3.35 billion to $3.5 billion.

Bausch shares (NYSE: BHC) were down in heavy trading Wednesday and closed at $24.05.

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Former ACM, Bausch & Lomb exec to lead YWCA

Angela Panzarella
Angela Panzarella

The YWCA of Rochester & Monroe County has named Angela Panzarella as president and CEO. She had served as interim CEO since June 25.

A 2019 Greater Rochester Chamber of Commerce and Women’s Council ATHENA Award finalist, Panzarella has a strong track record of developing high-functioning teams and sustainable, successful business strategies.

“We are so pleased to have Angela continue to lead the YWCA,” YWCA board chairwoman Jennifer Kaukeinen said in a statement. “As interim CEO she demonstrated that the leadership skills she’s honed during her career are precisely what the YWCA needs. She brings a welcome perspective to YWCA operations and the critical role the organization plays in the community.”

Prior to joining the YWCA, Panzarella served for five years as president of ACM Medical Laboratory Inc., a for-profit subsidiary of Rochester Regional Health, during the merger of Rochester General Health System and Unity Health System. She also spent two decades in leadership roles at Bausch & Lomb Inc. including as corporate vice president, global vision care; president, Canada and Latin America; corporate vice president, strategy and others.

Panzarella earned her law degree at Albany Law School and was a trial attorney with Harris, Beach & Wilcox LLP, now Harris Beach PLLC, prior to joining Bausch & Lomb as counsel. She has served on a number of boards of directors including the United Way of Greater Rochester Inc., Transcat Inc. and University of Rochester Medicine Home Care.

“The YWCA is an incredible organization with a legacy of more than 135 years of service in the community,” Panzarella said. “The YWCA has a terrific team of staff, board members and community volunteers to support its work to empower women and girls and to advocate for racial equity and social justice. To be part of such an important organization is humbling. I look forward to continuing my work with the YWCA team and partnering with the community to ensure that legacy continues.”

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Bausch & Lomb to boost manufacturing in Rochester, Ireland

bausch-health-logoBausch Health Cos. Inc. is planning a major expansion to its contact lens manufacturing capacity in Rochester and Waterford, Ireland, the company announced Tuesday. The company did not disclose the investment amount.

Bausch Health, the parent company of Bausch & Lomb Inc. will add multiple production lines at the two sites to support manufacturing of its  disposable silicone hydrogel (SiHy) daily contact lenses. The expansion is expected to add 100 jobs at each of the two sites.

“Bausch & Lomb is one of the world’s most respected eye health brands, due in large part to the high quality contact lenses manufactured at the Rochester and Waterford sites,” Bausch Health Chairman and CEO Joseph Papa said ahead of a news conference Tuesday. “By expanding the production capacity at both locations we will continue to build on their legacies as we invest for the future.”

Papa said the increased manufacturing capacity will allow the company to meet expected global customer demand for the SiHy lenses, “a product that is critical to both our ongoing transformation and to our mission of improving people’s lives globally.”

The SiHy daily contacts are known as one of the company’s “significant seven,” which is a suite of seven key products that collectively are expected to generate more than $1 billion of annualized revenue at peak in the next five years.

Bausch Health employs more than 1,000 people in Rochester and roughly 1,350 in Waterford.

“Rochester and Waterford have been collaborative partners for many decades, and both locations are now synonymous with innovation in the development and manufacture of contact lenses and eye health products that improve the quality of life for our customers,” said Damain Finn, vice president, manufacturing and supply chain for Bausch & Lomb. “This investment will support the development of an important new line of contact lenses and represents a new chapter in the success story of collaboration and cooperation between the two sites.”

Bausch Health worked closely with the public and private sectors in support of the capacity expansions in Rochester and Waterford. The investment in Rochester’s optics center is being assisted by up to $3 million through Empire State Development’s Excelsior Jobs Program, as well as assistance from the Monroe County Department of Planning and Development and Rochester Gas & Electric.

“This expansion will ensure Bausch &Lomb remains a major economic driver for Monroe County and the surrounding communities and continues providing quality jobs for hard-working New Yorkers,” Gov. Cuomo said in a statement. “By supporting the company’s own investments in the region, we are once again demonstrating the Empire State’s commitment to fostering growth and moving the Finger Lakes forward.”

The expansion project is expected to get underway later this year and is expected to be completed in 2022.

“Expansion of Bausch and Lomb’s silicone hydrogel contact lens manufacturing in Rochester doubles down on the original ULTRA manufacturing lines we secured for Rochester in 2013,” U.S. Sen. Charles Schumer said in a news release. “I was glad Bausch heeded my call then to build the original monthly contact lens lines in Rochester – instead of moving those jobs overseas. Now that the daily-wear version is ready for market, there is no better place to manufacture than in Rochester, where the silicone hydrogel technology was first developed.”

One of the oldest continually operating companies in the United States, Bausch & Lomb was founded in Rochester in 1853 and is a leading global eye health organization. Its core businesses include over-the-counter products, dietary supplements, eye care products, ophthalmic pharmaceuticals, contact lenses, lens care products, ophthalmic surgical devices and instruments.

“Imagine Monroe is proud to be investing in Bausch & Lomb’s job-creating expansion to ensure this iconic Rochester company remains as much a part of our strong future as our storied past. On behalf of a grateful community, we thank Bausch & Lomb for their continued commitment to doing business and growing more jobs in Monroe County today and in the days to come,” Monroe County Executive Cheryl Dinolfo said.

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