Bausch + Lomb Corporation (BLCO) has today filed its financial statements for the quarter ended March 31, 2022, in accordance with applicable Canadian securities laws. The Company intends to file its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 on or before June 20, 2022 in compliance with the U.S. Securities and Exchange Commission rules.
As reported in the Company's quarterly financial statements, total reported revenues were $889 million for the first quarter of 2022, as compared to $881 million in the first quarter of 2021, an increase of $8 million. Foreign exchange had an unfavorable impact on revenues by $29 million in the first quarter of 2022. Revenue increased organically1 by approximately 5% compared to the first quarter of 2021.
Net income attributable to Bausch + Lomb Corporation for the first quarter of 2022 was $20 million, as compared to $27 million for the first quarter of 2021, a decrease of $7 million. Adjusted EBITDA (non-GAAP)1 was $170 million for the first quarter of 2022, as compared to $198 million for the first quarter of 2021, a decrease of $28 million, primarily due to the impact of dis-synergies not experienced in 2021 and a higher R&D spend in the first quarter of 2022 over the same period in 2021.
Cash flow from operations for the first quarter of 2022 was $3 million, as compared to $188 million for the first quarter of 2021, a decrease of $185 million. Cash flow from operations was negatively impacted in the first quarter of 2022 by (i) the timing of the settlement of certain intercompany balances between Bausch + Lomb and Bausch Health Companies (NYSE:BHC) Inc. ("BHC") that were collected by BHC in the first quarter of 2022 on behalf of Bausch + Lomb, (ii) the timing of payment of certain payables and accrued liabilities relative to the first quarter of 2021 and (iii) certain separation-related costs. The Company does not anticipate that these factors will have such a significant impact on cash flow from operations in future quarters.