What Happened?
Shares of eyecare company Bausch + Lomb (NYSE:BLCO) fell 10.6% in the afternoon session after the company announced the voluntary recall of intraocular lenses on its enVista platform. The recall was due to the reports of toxic anterior segment syndrome (TASS, a potential complication in any cataract surgery). The recall may raise short-term concerns regarding product safety and regulatory scrutiny. Though the company emphasized that the reported cases of TASS involved only an extremely small fraction of implanted lenses.
The shares closed the day at $15, down 4.3% from previous close.
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What The Market Is Telling Us
Bausch + Lomb’s shares are somewhat volatile and have had 12 moves greater than 5% over the last year. But moves this big are rare even for Bausch + Lomb and indicate this news significantly impacted the market’s perception of the business.
Bausch + Lomb is down 16.7% since the beginning of the year, and at $15 per share, it is trading 28.3% below its 52-week high of $20.93 from October 2024. Investors who bought $1,000 worth of Bausch + Lomb’s shares at the IPO in May 2022 would now be looking at an investment worth $750.
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