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' For complete examples and data files, please go to https://github.com/groupdocs-watermark/GroupDocs.Watermark-for-.NET
Using doc As PdfDocument = Document.Load(Of PdfDocument)(Utilities.MapSourceFilePath(FilePath))
    For Each page As PdfPage In doc.Pages
        For i As Object = page.XObjects.Count - 1 To 0 Step -1
            For Each fragment As Object In page.XObjects(i).FormattedTextFragments
                If fragment.ForegroundColor = Color.Red Then
                    page.XObjects.RemoveAt(i)
                    Exit For
                End If
            Next
        Next
    Next
    doc.Save()