ROCHESTER, N.Y. – Contact-lens provider Bausch & Lomb Inc. (BOL) said Tuesday it would delay filing its second-quarter financial report and said it expects the recall of a lens solution will lower its full-year results for last year.
The company was supposed to file its second-quarter report with the Securities and Exchange Commission on Aug. 10. It cited a continuing assessment of its financial reporting and control deficiencies and an audit committee investigation into reserve entries for the delay.
The eye-care company permanently pulled its ReNu with MoistureLoc solution from markets worldwide in mid-May as health officials investigate its links to an outbreak of Fusarium keratitis infections dating back to June 2005.
According to the filing, Bausch & Lomb sees second-quarter sales of $575.4 million, 5 percent lower than the year-ago period. The results were hurt by a $19.3 million sales impact from creating a reserve for the lens solution recall, but benefited from sales from a Chinese pharmaceutical acquisition.
In a separate filing, Bausch & Lomb said the withdrawal of the ReNu with MoistureLoc product would result in the recording of a valuation allowance in 2005 with respect to deferred tax assets previously recorded on its balance sheet. Management anticipates the allowance to be between $120 million and $150 million, according to the filing.
Its shares tumbled $5.09, or nearly 11 percent, to $41.25 in premarket trading.