Business
Harrow Announces First Quarter 2023 Financial Results
First Quarter 2023 and Recent Selected Highlights: Record revenues of $26.1 million, up 18% over $22.1 million for the prior-year quarter and 28% over
About this update from Harrow, Inc.
[{"type":"text","content":"\nFirst Quarter 2023 and Recent Selected Highlights:\n\n\n\nRecord revenues of $26.1 million, up 18% over $22.1 million for the prior-year quarter and 28% over sequential quarter revenues of $20.3 million.\n\n\n\nCompleted transfer of New Drug Applications (NDAs) for ILEVRO®, NEVANAC®, and MAXIDEX®.\n\n\n\nSigned an agreement with a large health insurance carrier to provide ImprimisRx’s atropine.com and Klarity-C compounded formulations on a cash-pay basis to its national vision care network.\n\n\n\nSuccessfully launched FDA-approved IHEEZO™ at the American Society of Cataract and Refractive Surgery (“ASCRS”) annual meeting held between May 5-8, 2023.\n\n\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHarrow (Nasdaq: HROW), a leading U.S. eyecare pharmaceutical company, today announced results for the first quarter ended March 31, 2023. The Company also posted its first quarter Letter to Stockholders and corporate presentation to the “Investors” section of its website, harrow.com.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230511005790/en/\n“We are excited to kick off 2023 with a strong first quarter that demonstrates the continuing successful execution of our strategic plan aimed at elevating Harrow into a leading position among top-tier U.S. eyecare pharmaceutical companies,” said Mark L. Baum, CEO of Harrow. “We are pleased that our Harrow team delivered record revenues of $26.1 million, a 28% increase over the fourth quarter of 2022, but, even more important, we see the first quarter of 2023 marking the beginning of a new revenue paradigm for Harrow. Going forward, we expect revenue growth from our branded pharmaceutical products to meaningfully outpace growth from our compounded pharmaceutical products, with revenue from branded products ultimately driving the lion’s share of our future profitability and topline growth. Based on our results to date, we are reaffirming our 2023 guidance of $135 million to $143 million in net revenues and $44 million to $50 million in adjusted EBITDA.\n\n\n“We believe our successful first quarter is indicative of 2023 being a catalyst-rich year for Harrow, including our recent launch of IHEEZO™ at ASCRS in San Diego. We are very excited about the growth that we are seeing from our innovative new products and formulations that are ...