Business
Harrow Announces First Quarter 2024 Financial Results
First Quarter 2024 and Recent Selected Highlights: Revenues of $34.6 million, a 33% increase over the $26.1 million realized in the prior-year quarter.
About this update from Harrow, Inc.
[{"type":"text","content":"\nFirst Quarter 2024 and Recent Selected Highlights:\n\n\n\nRevenues of $34.6 million, a 33% increase over the $26.1 million realized in the prior-year quarter.\n\n\n\nReceived confirmation from the Centers for Medicare & Medicaid Services (CMS) on March 20 that IHEEZO is separately reimbursable for unilateral and bilateral in-office procedures, retroactive to January 1, 2024.\n\n\n\nRecently signed IHEEZO supply agreements with seven multi-practice strategic accounts.\n\n\n\nU.S. Patent and Trademark Office recently granted new IHEEZO patent claims with an expiry through 2039.\n\n\n\nSequential month-over-month growth in VEVYE total prescriptions, new prescriptions, prescribers, and refills.\n\n\n\nCovered lives for VEVYE increased to 150+ million, up from 40+ million, as reported in March.\n\n\n\nPassing all preliminary assays for recent TRIESENCE process performance qualification (PPQ) batch.\n\n\n\nImprimisRx revenues returned to sequential quarterly growth.\n\n\n\nCash and cash equivalents as of March 31, 2024, of $76.0 million (including Eton Pharmaceuticals shares).\n\n\n\nSold Eton Pharmaceuticals common stock in April 2024, yielding $5.5 million in cash that can be deployed strategically to drive value in Harrow’s core ophthalmic pharmaceuticals business.\n\n\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHarrow (Nasdaq: HROW), a leading North American eyecare pharmaceutical company, announced results for the first quarter ended March 31, 2024. The Company also posted its first quarter Letter to Stockholders and corporate presentation to the “Investors” section of its website, harrow.com. The Company encourages all Harrow stockholders to review these documents, which provide additional details concerning the historical quarterly period and future expectations for the business.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240513953027/en/\n“Our primary focus for 2024 remains on three key operational initiatives – building a formidable dry eye disease franchise, including successfully launching VEVYE®; continuing to build a retina franchise with IHEEZO® and TRIESENCE®; and stabilizing ImprimisRx and our Anterior Segment Products and returning them to a growth trajectory,” said Mark L. Baum, Chief Executive Officer of Harrow. “I am very pleased with the success w...