Business
Harrow Announces Second Quarter 2024 Financial Results
Second Quarter 2024 and Recent Selected Highlights: Record revenues of $48.9 million GAAP net loss of $(6.5) million Adjusted EBITDA of $8.8 million Cash and
About this update from Harrow, Inc.
[{"type":"text","content":"\nSecond Quarter 2024 and Recent Selected Highlights:\n\n\n\nRecord revenues of $48.9 million\n\n\n\nGAAP net loss of $(6.5) million\n\n\n\nAdjusted EBITDA of $8.8 million\n\n\n\nCash and cash equivalents of $71.0 million as of June 30, 2024\n\n\n\nIHEEZO® customer unit demand volume increased by 98% from the first quarter of 2024\n\n\n\nIHEEZO supply agreements total 24 agreements to date in 2024, including a recent win with the largest and highest volume U.S. retina practice group\n\n\n\nVEVYE® total prescriptions increased by 212% from the first quarter of 2024\n\n\n\nAnterior Segment revenues up over 40% from the first quarter of 2024\n\n\n\nRecord quarterly revenues from Harrow’s ImprimisRx subsidiary\n\n\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHarrow (Nasdaq: HROW), a leading North American eyecare pharmaceutical company, announced results for the second quarter and six months ended June 30, 2024. The Company also posted its second 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/20240807453796/en/\n“The second quarter of 2024 marked a financial and operational turning point for Harrow, with revenues surging 46% compared to the same quarter last year and 42% over the previous quarter,” said Mark L. Baum, Chief Executive Officer of Harrow. “This remarkable growth, which was years in the making, was driven by exceptional performance across all Harrow business segments, most notably IHEEZO and VEVYE. Our team also continues to advance the relaunch of TRIESENCE® during 2024, with initial analytical test results for the second process performance qualification (PPQ) batch demonstrating in-specification results and the third PPQ batch scheduled to be manufactured in a matter of days. This outstanding quarterly report is a testament to the dedication of the entire Harrow Family, which is being continuously strengthened by the addition of experienced and motivated high-impact individuals. We are excited about where we are today, confident that we are poised for, and expe...