What happened

Shares of Bausch Health Companies (NYSE:BHC) were falling 9.9% lower as of 11:24 a.m. EDT on Tuesday. The decline came after the company announced its first-quarter results before the market opened.

So what

Bausch Health reported Q1 revenue of $2.03 billion, up 1% year over year. That result fell below the consensus Wall Street revenue estimate of $2.06 billion. However, the company's adjusted earnings of $1.04 per share beat the average analyst estimate of $0.94 per share.

Red line with arrow trending down in front of a $100 bill

Image source: Getty Images.

Ordinarily, mixed quarterly results with a narrow revenue miss wouldn't cause a healthcare stock to sink as much as Bausch Health is falling today. Such a decline would make sense if the company's outlook caused reason for alarm. However, Bausch Health reaffirmed its full-year 2021 guidance.

Some investors could be anxious about the planned separation of the company's eye-health business. Bausch Health announced today that current CEO Joseph Papa and incoming CFO Sam Eldessouky will retain their roles in Bausch + Lomb when the company is spun off. In addition, the overall stock market decline is likely weighing on Bausch Health's shares.

Now what

The separation of the company into two businesses is the main thing for investors to look forward to. Bausch Health CEO Joseph Papa said, "We are taking action to accelerate the strategic alternatives process to expedite the spinoff of Bausch + Lomb as we remain committed to unlocking value across our two attractive businesses."

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