HROW
Harrow, Inc.44.77
-0.93-2.04%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
TRIESENCE cataract study unlocks 5M TAM
Q&A highlighted TRIESENCE's freshly cleared Phase 3 cataract study, expanding to 5 million annual procedures at $37 OOP with reimbursement unhindered by pass-through—doubling down on IV-free, drop-free surgery vision. VEVYE surprised with stronger Q1 new Rx volumes than expected amid deductibles; management targets #1 cyclosporine (~20% share), then top anti-inflammatory and dry eye drug via sales force doubling and new-to-brand focus. IHEEZO demand rises; in-office expansion readily offsets ASC pass-through hit. Melt confirms dual products for sedation and anxiety markets. Q1 beats expectations. Analysts' ramp worries met head-on. Outlook confident; investors eye TRIESENCE readout, VEVYE penetration.
Key Stats
Market Cap
1.66BP/E (TTM)
-Basic EPS (TTM)
-0.13Dividend Yield
0%Recent Filings
10-K
FY2025 results
Harrow delivered FY2025 revenue of $272.3M, up 36% y/y, powered by branded ophthalmics that hit $195.8M (+69% y/y) as IHEEZO ($81.3M, +65%) and VEVYE ($88.7M, +216%) accelerated through Q4 amid sales force expansion and payor wins. ImprimisRx dipped to $76.5M (-8%) on product mix shifts and inventory losses, yet branded gross margins held steady at 81%. Q4 momentum shone with Melt Pharmaceuticals acquisition adding R&D firepower for non-IV sedation. Cash swelled to $72.9M post-$250M notes refinancing; $40M revolver untapped. No annual guidance disclosed. Cybersecurity breaches loom as a quarterly risk.
8-K
Record revenues, strong guidance
Harrow reported record Q4 2025 revenue of $89.1M, up 33% year-over-year, and full-year $272.3M, up 36%, with Adjusted EBITDA at $61.9M and $43.9M operating cash flow. Key products VEVYE, IHEEZO, and TRIESENCE drove gains amid sales force expansion. Momentum builds. Guides 2026 revenue $350M-$365M, Adjusted EBITDA $80M-$100M, back-half weighted.
8-K
Sullivan named CCO
Harrow appointed Patrick W. Sullivan as Chief Commercial Officer on January 30, 2026, with $425,000 base salary and 40,000 performance-based RSUs vesting on $230M quarterly revenue and time. The company reaffirmed 2025 revenue guidance of $270–$280M while launching OneHarrow to unify operations. ImprimisRx settled California regulatory issues for ~$157,000 and exited the market. Leadership bolsters sales push.
8-K
Harrow closes Melt acquisition
Harrow completed its acquisition of Melt Pharmaceuticals on November 17, 2025, paying $4.3 million in cash upfront, with unchanged contingent milestones ahead. This adds non-opioid, sublingual sedatives like MELT-300—building on Harrow's MKO Melt—for procedural sedation across ophthalmology and beyond. NDA submission targets H1 2027. Regulatory risks loom large.
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