Business
Harrow Health Announces First Quarter 2022 Financial Results
Seventh Consecutive Quarter of Record Results Highlights for First Quarter 2022: Record revenues of $22.1 million, up 43% over $15.4 million for the
About this update from Harrow, Inc.
[{"type":"text","content":"\nSeventh Consecutive Quarter of Record Results\n\nHighlights for First Quarter 2022:\n\n\nRecord revenues of $22.1 million, up 43% over $15.4 million for the prior-year quarter\n\n\nRecord gross profit of $16.2 million, up 38% over $11.7 million for the prior-year quarter\n\n\nRecord number of 689,000 product units shipped, up 72% from the prior-year quarter\n\n\nCash and cash equivalents of $42.0 million as of March 31, 2022\n\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHarrow Health, Inc. (NASDAQ: HROW), an ophthalmic‑focused healthcare company, today announced results for the first quarter ended March 31, 2022. The Company also posted its first 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/20220505006029/en/\n“Our first quarter financial and operational results, combined with our internal forecasts and the opportunities we are currently pursuing, have validated our belief that 2022 would be a ‘break-out’ year for Harrow,” said Mark L. Baum, CEO of Harrow Health. “We had a tremendous start to 2022, continuing the momentum from 2021 and the consistent record-breaking quarters our team delivered. Our first quarter results, reported today, represent our seventh consecutive quarter of record financial results, including a 43% increase in year-over-year revenues and a nearly 10% increase from the sequential quarter.\n\n“We see ongoing organic growth in our core business; and in addition to the other value drivers identified in our Letter to Stockholders we published today, Harrow stockholders can count on our team being ready to launch AMP-100 as we approach a potential commercial launch during the first half of 2023, assuming we receive FDA approval on our PDUFA target action date of October 16, 2022.\n\n“We remain confident in Harrow’s future as we implement our growth plan, build a profitable business, and serve our customers with products and services that are being chosen by an ever-expanding group of leading U.S. ophthalmologists, optometrists, hospitals, and ambulatory surgery centers, which has allowed us to continue to take an increasing share of the market for several large categories of ophthalmic pharmaceutical products in the United States.”\n\n\...