Business
Harrow Announces Fourth Quarter and Year-End 2023 Financial Results
Full-Year 2023 Highlights: Revenues of $130.2 million, an increase of 47% over 2022 revenues of $88.6 million. GAAP net loss of $(24.4 million) compared with
About this update from Harrow, Inc.
[{"type":"text","content":"\nFull-Year 2023 Highlights:\n\n\n\nRevenues of $130.2 million, an increase of 47% over 2022 revenues of $88.6 million.\n\n\n\nGAAP net loss of $(24.4 million) compared with $(14.1 million) for the prior-year period.\n\n\n\nAdjusted EBITDA of $28.1 million, an increase of 116% over 2022 Adjusted EBITDA of $13.0 million.\n\n\n\nCash from operating activities of $3.8 million.\n\n\n\nGAAP gross margin was 70% compared with 71% in the prior-year period.\n\n\n\nCore gross margin was 77% compared with 73% in the prior-year period.\n\n\n\nCash and cash equivalents of $83 million, including investments in Eton Pharmaceuticals, as of December 31, 2023.\n\n\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHarrow (Nasdaq: HROW), a leading U.S. eyecare pharmaceutical company, announced results for the fourth quarter and year ended December 31, 2023. The Company also posted its fourth quarter and year-end 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 as well as the future expectations for the business.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240319708486/en/\n“This past year, little Harrow grew up, transforming from a company focused exclusively on its market-leading ImprimisRx compounded business, to a growing leader in the North American ophthalmic pharmaceuticals market – with a total 18 branded products,” said Mark L. Baum, CEO of Harrow. “In addition to the significant revenue and Adjusted EBIDTA growth the team delivered, we launched products and began to generate cash from our Big Three products – IHEEZO, VEVYE and TRIESENCE. Finally, we also attracted experienced, well connected, and highly motivated talent to join Harrow – setting the table beautifully for 2024 and for many years to come, when we expect significant growth from IHEEZO, continued success with our VEVYE launch, and having TRIESENCE back in inventory and available, potentially this year. In summary, supported by the tremendous progress we made in 2023, this year, too, is shaping up to be another exciting year of growth. I am confident that we have the products, resources, and people to take full advant...