Business
Harrow Announces Third Quarter 2024 Financial Results
Third Quarter 2024 and Recent Selected Highlights: Revenues increased 44% from $34.3 million in the prior-year quarter to $49.3 million GAAP net loss of
About this update from Harrow, Inc.
[{"type":"text","content":"\nThird Quarter 2024 and Recent Selected Highlights:\n\n\n\nRevenues increased 44% from $34.3 million in the prior-year quarter to $49.3 million\n\n\n\nGAAP net loss of $(4.2) million\n\n\n\nAdjusted EBITDA of $8.8 million\n\n\n\nOperating cash flow of $3 million\n\n\n\nCash and cash equivalents of $72.6 million as of September 30, 2024\n\n\n\nVEVYE® total prescriptions up 55% over the second quarter of 2024\n\n\n\nIHEEZO® customer unit demand volume up 15% over the second quarter of 2024\n\n\n\nTRIESENCE® October 2024 relaunch underway\n\n\n\nExpansion of access and affordability through multiple new partnerships\n\n\n\nFirst major Medicare Part D win for VEVYE with major plan sponsors\n\n\n\nFourth quarter revenue indicates meaningful overperformance of 2024 revenue guidance from the capture of third quarter revenue slack and positive demand trends for VEVYE, IHEEZO, and TRIESENCE\n\n\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHarrow (Nasdaq: HROW), a leading North American eyecare pharmaceutical company, announced results for the third quarter and nine months ended September 30, 2024. 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 and future expectations for the business.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241113897614/en/\n“We are pleased with our progress in the third quarter of 2024,” said Mark L. Baum, Chief Executive Officer of Harrow. “Alongside 44% year‑over‑year revenue growth, we achieved a modest sequential revenue increase, despite the third quarter’s traditional summer seasonality and operational bumps that pushed some third quarter revenue into the fourth quarter. Nevertheless, our expected revenue overperformance in the second half of 2024 versus the first half remains intact, as are our longer-term growth plans. We are seeing strong performance thus far in the fourth quarter, traditionally our strongest, for what we expect to be a record‑breaking finish to a truly transformative year for Harrow.”\n\n\nThird quarter 2024 figures of merit:\n\n\n\n\n \n\n\n\n\n\n\nFor the Three Months Ended\nSep...