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      "text": "+5% organic revenue growth1,2,5\n+$14M investment in R&D during 3Q22 to expedite portfolio advancement; YTD in R&D $229M, ~8% of revenue\nContinued to maintain a disciplined approach to cost management as inflation pressure weighed on gross margin\n2021 results were not fully burdened by all of the stand-up costs associated with the separation",
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      "text": "1. Products with sales outside the United States impacted by F/X changes.\n2. This is a non-GAAP measure or ratio. See Slide 2 and Appendix for further information on non-GAAP measures and ratios.\n3. Includes transactional FX and NCI.\n4. On a proforma basis after giving effect to the IPO.\n5. Organic revenue growth/change, a non-GAAP measure, is defined as change on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of acquisitions, divestitures and discontinuations.\n6. Prior to 2022, in calculating this non-GAAP measure/ratio, the Company had excluded expenses associated with acquired in-process research and development costs (\"IPR&D\"). Commencing in 2022, the Company no longer excludes acquired IPR&D in calculating these amounts. The Company believes these costs are not material for the periods presented. See the Appendix for further information on this change.",
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      "text": "Bausch + Lomb 3Q22 3Q21 Reported Change Constant Currency² Organic Change² Vision Care Revenue $598M $605M (1%) 4% 4% Surgical Revenue $172M $173M (1%) 7% 8% Ophthalmic Pharmaceuticals Revenue $172M $171M 1% 5% 5% Total Revenue $942M $949M (1%) 5% 5% Adj. Gross Profit² $570M $585M (3%) 2% Adj. Gross Margin² 60.5% 61.6% (110 bps) R&D $77M $63M (22%) (25%) R&D percent of Revenues 8.2% 6.6% Adj. SG&A² $360M $348M (3%) (10%) Adj. SG&A percent of Revenues³ 38.2% 36.7% Adj. EBITA²,⁶ $132M $174M (24%) (22%) Depreciation $34M $26M 31% 38% Stock Based Compensation $18M $16M 13% 13% Adj. EBITDA²,³,⁶ $187M $207M (10%) (15%) Adj. EBITDA Margin²,⁶ 19.9% 21.8% Adj. Net Income²,⁶ $107M $124M (14%) (17%) Adj EPS³,⁴,⁶ $0.31 $0.35",
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