Alcon (NYSE:ALC) shares dipped before hours today on second-quarter results that missed the consensus earnings forecast.
The Geneva, Switzerland-based company posted losses of -$422 million, or -86¢ per share, on sales of $1.2 billion for the three months ended June 30, 2020, for an 8.2% bottom-line slide on a sales decline of -36.2%.
Adjusted to exclude one-time items, earnings per share were -21¢, 7¢ behind projections from Wall Street analysts.
Alcon’s surgical sales decreased by -43% year-over-year, while its vision care segment dropped by -27%. The former felt the impact of the COVID-19 pandemic and the resulting delay in procedures, while the latter experienced lower demand and widespread office closures because of the pandemic.
“We are encouraged by the sequential monthly improvement in sales, which confirmed our recovery expectations,” Alcon CEO David Endicott said in a news release. “Despite the significant level of uncertainty due to COVID-19, we continue to stay on track with our major initiatives. We are laser-focused on executing our strategic priorities: accelerating innovation, transforming new Alcon and expanding our world-class manufacturing capabilities.
“These investments will sustain Alcon’s market leadership, fuel growth and expand our ability to serve more doctors, patients and customers in a post-pandemic world.”
Alcon is not offering full-year financial guidance for 2020 due to the uncertainties caused by the pandemic.
ALC shares were down -5.6% at $57.80 per share before hours today.
