12 Best Medical Stocks To Buy Under $20

8. Bausch + Lomb Corporation (NYSE:BLCO)

Share Price as of January 8: $18.08

Number of Hedge Fund Holders: 34

Bausch + Lomb Corporation (NYSE:BLCO) is a leading eye health company that develops a variety of products aimed at improving vision and eye care. The company has a portfolio of around 400 products, providing solutions including contact lenses, lens care items, ophthalmic pharmaceuticals, over-the-counter products, and surgical devices. As a significant player in the global eye health sector, Bausch + Lomb Corporation (NYSE:BLCO) has a presence in nearly 100 countries.

The company is expanding its product offerings through innovations and acquisitions, which has led to strong financial performance. In the third quarter of 2024, Bausch + Lomb Corporation (NYSE:BLCO) reported a total revenue of $1.196 billion, which represents a 19% increase year-over-year. This growth was driven by strong performances across various segments, particularly in the pharmaceuticals sector, which saw revenue rise by 76% to $306 million. The increase was largely attributed to the launch of MIEBO and the acquisition of XIIDRA, which was completed in September 2024. XIIDRA is a treatment for dry eye disease while MEIBO is the first and only prescription eye drop that directly targets tear evaporation to treat the signs and symptoms of dry eye disease.

The company has also recently introduced the enVista Envy intraocular lens (IOL) in Canada, which was also approved by the US FDA in October 2024. On top of that, on December 11, 2024, Bausch + Lomb Corporation (NYSE:BLCO) announced its acquisition of Elios Vision, Inc., which develops a minimally invasive glaucoma surgery procedure using an excimer laser. This acquisition expands the company’s glaucoma treatment options and complements its existing pharmaceutical and surgical offerings.