Business
Harrow Announces Second Quarter 2023 Financial Results
Second Quarter 2023 and Recent Selected Highlights: Record revenues of $33.5 million, an increase of 44% over $23.3 million in the prior-year quarter and an
About this update from Harrow, Inc.
[{"type":"text","content":"\nSecond Quarter 2023 and Recent Selected Highlights:\n\n\n\nRecord revenues of $33.5 million, an increase of 44% over $23.3 million in the prior-year quarter and an increase of 28% over $26.1 million in the sequential quarter.\n\n\n\nGAAP net loss of ($4.2) million.\n\n\n\nRecord adjusted EBITDA of $11.0 million, an increase of 144% over $4.5 million in the prior‑year quarter and an increase of 108% over $5.3 million in the sequential quarter.\n\n\n\nCompleted public offering of common stock for aggregate gross proceeds of $69 million.\n\n\n\nExpanded Oaktree Loan from $100 million to $112.50 million.\n\n\n\nAcquired certain commercial rights to FLAREX®, NATACYN®, TOBRADEX® ST, VERKAZIA®, ZERVIATE®, and Non-Prescription Brands FRESHKOTE® and Cationorm® PLUS.\n\n\n\nAcquired North American commercial rights to VEVYE®, a novel FDA-approved drug labeled to treat both the signs and symptoms of dry eye disease.\n\n\n\nCompleted transfer of New Drug Application for VIGAMOX®.\n\n\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHarrow (Nasdaq: HROW), a leading U.S. eyecare pharmaceutical company, today announced results for the second quarter and six months ended June 30, 2023. The Company also posted its second 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/20230809749685/en/\n“Our team has made great progress positioning Harrow as a top-tier U.S.-focused ophthalmic pharmaceutical company,” said Mark L. Baum, CEO of Harrow. “Since January of 2023, through a series of transactions, we have not only improved Harrow’s balance sheet, but we’ve dramatically improved Harrow’s product portfolio, which is now one of the most comprehensive ophthalmic pharmaceutical offerings in the U.S. market. With what we now have in our “bag” and continued execution and operational performance by the Harrow team, we believe we are on our way to achieving the highest financial goals for Harrow’s stockholders.”\n\n\nSecond quarter 2023 figures of merit:\n\n\n\n\n \n\n\n\n\n\n\n\nFor the Three Months Ended\nJune 30,\n\n\n\n\n\n\n \n\n\n\n\n\n\nFor the Six Months Ended\nJune 30,\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n...