B&L keeps its promise, says boss

Bausch & Lomb has claimed its fourth quarter $32m (£19.5m) profit signals the end of its financial difficulties.
The company saw double-digit rises in contact lens (13 per cent) and eye drug sales (12 per cent) for the period. Lens care revenues increased by 8 per cent compared to the previous year.
Six months ago the company closed down contact lens factories in Barcelona and South Korea and cut 450 jobs in an effort to lower costs and boost profits (News, August 2).
But growth of contact lenses, pharmaceuticals and lens care products pushed the fourth quarter profits to $477m (£290m) and global sales for the year rose 9 per cent to $1.8bn (£1bn).
Chairman and chief executive officer Ronald Zarrella said: '2002 was a year of improving operational execution and the beginning of the turnaround in our company, as we promised it would be. We posted solid top and bottom-line growth with improved margins and we are well positioned to continue that momentum into 2003.'
Contact lens revenues in the Americas fell 3 per cent, although the company said double-digit revenue gains for new technology products more than offset the lack of PureVision lens sales, which are currently banned in the region. The increase in lens care revenues were driven by demand for the ReNu brand in the Americas and Asia.
Cataract surgery product revenues were flat and refractive surgery product revenues were down 2 per cent on the same period in 2001. The company blamed the decline on lower European laser sales, which it said more than offset increased laser and diagnostic equipment sales in the Americas and Asia.
Mr Zarrella added that the company was filing its Retisert implant for treatment of non-infectious posterior uveitis with the Food and Drug Administration. It could be on sale by 2004.