Bausch & Lomb said this week that the ReNu with MoistureLoc withdrawal would mean that its 2006 pre-tax profit would fall from the $325-335m it predicted in October 2005 to an expected $70-80m.
It has lost sales and faces legal expenses, including possible court cases by users of the solution, sales of which were about $100m last year.
The company said it would also make an allowance of $120-150m for MoistureLoc-related losses. Lens care products are the most profitable of B&L’s five product categories.
The company has also restated its earnings back to 2001 and delayed its second quarter 2006 financial filing, known as 10-Q, beyond the August 10 deadline because of an investigation into financial controls and reserves.
Register now to continue reading
Thank you for visiting Optician Online. Register now to access up to 10 news and opinion articles a month.
Register
Already have an account? Sign in here