Business
Harrow Announces Third Quarter 2022 Financial Results
Selected Recent Highlights: FDA approval of IHEEZO™ for ocular surface anesthesia Launch of Fortisite™, fortified antibiotics Launch of atropine.com™
About this update from Harrow, Inc.
[{"type":"text","content":"\nSelected Recent Highlights:\n\n\nFDA approval of IHEEZO™ for ocular surface anesthesia\n\n\nLaunch of Fortisite™, fortified antibiotics\n\n\nLaunch of atropine.com™ compounded atropine portal\n\n\nRevenues of $22.8 million, up 22% over $18.7 million for the prior‑year quarter\n\n\nNearly $1 million firm order revenue backlog at September 30, 2022\n\n\nProduct units shipped of 703,000, up 21% from prior-year quarter\n\n\nCash and cash equivalents of $45.0 million as of September 30, 2022\n\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHarrow (NASDAQ: HROW), an eyecare pharmaceutical company exclusively focused on the discovery, development, and commercialization of innovative ophthalmic therapies, today announced results for the third quarter ended September 30, 2022. The Company also posted its third quarter Letter to Stockholders and corporate presentation to the “Investors” section of its website, harrowinc.com.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221114005902/en/\n“The second half of 2022 is on track to be a true inflection point for Harrow,” said Mark L. Baum, CEO of Harrow. “During the third quarter, in the face of a return to seasonal/summer demand fluctuations, supply chain issues, and increased operating costs due to inflation, the Harrow team made great progress in advancing our Five‑Year Strategic Plan, including receiving approval on September 27th from the U.S. Food and Drug Administration (FDA) for IHEEZO (formerly known as AMP-100) for ocular surface anesthesia. A few days later, we launched a new suite of compounded products – Fortisite, a patent‑pending family of high‑concentration refrigeration‑stable fortified antibiotics. Just after the close of the third quarter, we sold our non‑ophthalmology compounded product line, which will enhance our balance sheet in the fourth quarter and, importantly, marked the achievement of a strategic imperative – to be a pure-play company that is 100% focused on the U.S. ophthalmic pharmaceutical market. And our momentum is continuing with the launch of atropine.com to market a family of patent-pending compounded atropine formulations to address a significant unmet need.\n\n“We believe each of these events represents a significant achievement for Harrow; however, taken as a whole, along with the progress we ma...