Business
Harrow Announces Third Quarter 2023 Financial Results
Third Quarter 2023 and Recent Selected Highlights: Record revenues of $34.3 million, an increase of 50% over $22.8 million in the prior-year quarter and an
About this update from Harrow, Inc.
[{"type":"text","content":"\nThird Quarter 2023 and Recent Selected Highlights:\n\n\n\nRecord revenues of $34.3 million, an increase of 50% over $22.8 million in the prior-year quarter and an increase of 2% over $33.5 million in the sequential quarter.\n\n\n\nGAAP net loss of $(4.4 million).\n\n\n\nAdjusted EBITDA of $9.2 million, an increase of 270% over $2.5 million in the prior‑year quarter.\n\n\n\nGAAP gross margin was flat at 71%, year-over-year.\n\n\n\nCore gross margin improved to 78% over the prior year’s 72%.\n\n\n\nCash and cash equivalents of $65.6 million as of September 30, 2023.\n\n\n\nHarrow Completes Transfer of NDAs and Launches FLAREX®, NATACYN®, TOBRADEX® ST, VERKAZIA®, and ZERVIATE® in the U.S.\n\n\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHarrow (Nasdaq: HROW), a leading U.S. eyecare pharmaceutical company, announced results for the third quarter and nine months ended September 30, 2023. The Company also posted its third 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 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/20231113816178/en/\nCommenting on Harrow’s third quarter results, Mark L. Baum, CEO of Harrow, said, “During the third quarter, we produced record revenues, a 50% increase over prior‑year revenues. However, operationally, the third quarter was a mixed bag, with some areas performing exceptionally well, like our launch of IHEEZO, and some areas underperforming, such as our Fab Five products and our compounding business.\n\n\n“The 50% year-over-year increase in revenues was primarily a result of increases in branded pharmaceutical products (BPPS), buoyed by performance from IHEEZO® that exceeded our internal expectations. Strategic amendments to the IHEEZO launch led to a substantial ramp in unit demand in September, a trend that continued into the fourth quarter. We are hearing from eyecare professionals that they are very happy with IHEEZO’s clinical benefits, and we are seeing sizable orders and re-orders from high-volume users as well as many new accounts. While it’s still early in the launch and we...