GENEVA, Switzerland—Alcon (SIX/NYSE:ALC), a global leader in eyecare, reported its financial results for the three and 12 months ended December 31, 2022. For the fourth quarter of 2022, sales were $2.2 billion, an increase of 1 percent on a reported basis and 7 percent on a constant currency basis, as compared to the same quarter of the previous year. Sales for the full year 2022 were $8.7 billion, an increase of 5 percent on a reported basis and 11 percent on a constant currency basis, compared to the full year 2021.

David J. Endicott, Alcon's CEO, said, "The Alcon team delivered a strong 2022 despite a consistently challenging macroeconomic environment, including inflationary pressure, supply chain headwinds and a strong US dollar. Alcon's performance is a testament to the resilience of our markets and the underlying strength of our business as we continue to drive growth and earnings while operating more efficiently."

Endicott continued, “As we look to 2023, we will continue to focus on accelerating innovation, commercial execution and ultimately delivering sales and earnings growth to create long-term shareholder value."

For the fourth quarter of 2022, Vision Care net sales, which include contact lenses and ocular health, were $0.9 billion, an increase of 1 percent on a reported basis and 7 percent on a constant currency basis, versus the fourth quarter of 2021.

Net sales of contact lenses were $530 million, a decrease of 1 percent, as strong sales in the US and slower international growth were more than offset by unfavorable currency impacts of 7 percent. Sales were led by silicone hydrogel contact lenses, including the Precision1 and Total families of products, partially offset by declines in legacy lenses. Net sales of contact lenses increased 6 percent in constant currency.

Ocular health net sales were $351 million, an increase of 3 percent, primarily driven by the portfolio of eye drops, including recently acquired ophthalmic pharmaceutical products and Systane. This growth was significantly offset by unfavorable currency impacts of 5 percent and supply chain challenges, primarily in contact lens care. Ocular health net sales increased 8 percent in constant currency.

For the full year 2022, Vision Care net sales increased 3 percent, or 8 percent on a constant currency basis, as compared to the full year 2021.

For the fourth quarter of 2022, Surgical net sales, which include implantables, consumables and equipment/other, were $1.3 billion, an increase of 1 percent on a reported basis and 8 percent on a constant currency basis versus the fourth quarter of 2021.

Implantables net sales of $434 million increased 4 percent, reflecting improving market conditions in most international markets, increased demand for the company’s portfolio of advanced technology intraocular lenses, led by Vivity, and sales of the Hydrus Microstent. 

Consumables net sales were $636 million, in line with the prior year period, reflecting improving market conditions in most international markets, offset by unfavorable currency impacts of 6 percent. Equipment/other net sales were $204 million, in line with the prior year period.

For the full year 2022, Surgical net sales increased 7 percent, or 13 percent on a constant currency basis, versus the full year 2021.

Fourth quarter 2022 operating income was $21 million and operating margin was 1.0 percent. Operating margin decreased 7.5 percentage points, including a negative 3.1 percentage point impact from currency. Operating income for the full year 2022 was $672 million and operating margin was 7.8 percent.

The company ended 2022 with a cash position of $1.0 billion. Cash flows from operations for the full year 2022 totaled $1.2 billion, compared to $1.3 billion in the prior year.

Net sales for 2023 are projected to be $9.2 billion to $9.4 billion, a 6 to 8 percent growth over the prior year.