Shares of Bausch Health Companies Inc. BHC were down 9.32% in response to third-quarter 2021 results.The stock has gained 24.4% in the year so far against the industry’s decline of 5.9%.Image Source: Zacks Investment ResearchThe company’s adjusted earnings per share of $1.14 beat the Zacks Consensus Estimate of $1.07 but decreased from $1.31 reported in the year-ago quarter.Total revenues of $2.1 billion missed the Zacks Consensus Estimate by 1.95% and fell 1% year over year. Excluding the favorable impact of foreign exchange of $19 million and the impact of divestitures and discontinuations of $46 million, revenues were flat organically year over year.Quarter in DetailRevenues from the Bausch + Lomb segment were $949 million, up 4% year over year. Excluding the favorable impact of $10 million from foreign exchange and the impact of divestitures and discontinuations of $4 million, revenues increased organically by 3%, primarily due to higher sales resulting from the positive impacts of recovery from the COVID-19 pandemic.Bausch Pharma (comprising Salix, International, Ortho Dermatologics, and Diversified Products) revenues were $1.16 billion, down 5% year over year. Salix segment revenues came in at $527 million, up 6%. Xifaxan sales increased 12%.International Rx segment revenues in the quarter were $271 million, down 12%.Ortho Dermatologics segment revenues were $140 million in the quarter under review, down 2% year over year.Diversified Products segment revenues were $224 million, down 19% from the year-ago quarter, primarily due to a decrease in volumes and net realized pricing.During the third quarter, the company repaid debt by approximately $1.1 billion.2021 Guidance ReiteratedRevenues are projected in the $8.40-$8.60 billion range.Initial Public Offering of Solta MedicalOn the last call, Bausch announced that it plans to pursue an initial public offering (IPO) of its Solta Medical business. Solta is a leading global provider in medical aesthetics with innovative and effective skin rejuvenation and body contouring solutions. The company expects to launch the proposed IPO of its Solta in December 2021 or January 2022. It also expects to launch the Bausch + Lomb IPO approximately 30 days later.Pipeline ProgressBausch announced statistically significant top-line results from the second phase III study evaluating the investigational drug NOV03 (perfluorohexyloctane) as a first-in-class eye drop with a novel mechanism of action to treat the signs and symptoms of dry eye disease associated with Meibomian gland dysfunction. The company expects to file an NDA with the FDA in the first half of 2022.The company also completed the divestiture of Amoun Pharmaceutical Company S.A.E.Bausch Health Cos Inc. Price, Consensus and EPS Surprise Bausch Health Cos Inc. price-consensus-eps-surprise-chart | Bausch Health Cos Inc. QuoteOur TakeBausch beat on earnings in the third quarter but missed on sales. Nevertheless, management stated that many businesses continue to recover from the COVID-19 pandemic.Zacks Rank & Stocks to ConsiderBausch currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the healthcare space are Regeneron Pharmaceuticals REGN, Alkermes ALKS, and Amicus Therapeutics FOLD. While Regeneron and Alkermes sport a Zacks Rank #1 (Strong Buy), Amicus carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Earnings estimates for Regeneron Pharmaceuticals moved up $1.86 for 2021 in the past 30 days. The stock is up 32.3% year to date.Earnings estimates for Alkermes moved up 7 cents for 2021 in the past 30 days. The stock is up 48.9% year to date.Loss estimates for Amicus have narrowed by 3 cents in the past 90 days. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Regeneron Pharmaceuticals, Inc. (REGN): Free Stock Analysis Report Alkermes plc (ALKS): Free Stock Analysis Report Amicus Therapeutics, Inc. (FOLD): Free Stock Analysis Report Bausch Health Cos Inc. (BHC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research