Business
Harrow Health Announces Fourth Quarter and Year-End 2020 Financial Results
Company’s Prior-Quarter Momentum Continues in Fourth Quarter Highlights for Fourth Quarter 2020: Revenues of $14.6 million, a 16% increase compared with $12.6
About this update from Harrow, Inc.
[{"type":"text","content":"Company’s Prior-Quarter Momentum Continues in Fourth Quarter\nHighlights for Fourth Quarter 2020: Revenues of $14.6 million, a 16% increase compared with $12.6 million for prior year;Adjusted EBITDA reached a new high of $4.0 million, compared with $2.1 million for prior year;Segment contribution from ImprimisRx reached $5.0 million for the fourth quarter of 2020;GAAP operating income increased to $2.6 million compared with $0.9 million for prior year; andGross margins steadied at 73%. NASHVILLE, Tenn., March 08, 2021 (GLOBE NEWSWIRE) -- Harrow Health, Inc. (NASDAQ: HROW), an ophthalmic-focused healthcare company, today announced results for the fourth quarter and year ended December 31, 2020. The Company also posted its fourth quarter Letter to Stockholders to the “Investors” section of its website, harrowinc.com. Total revenues were $14.6 million for the fourth quarter of 2020, a 16% increase compared with $12.6 million for the same period in 2019, and up slightly from revenues of $14.4 million on a sequential-quarter basis. The increase in revenues for the fourth quarter of 2020 is partially due to the addition of $349,000 in Dexycu® commissions. Fourth quarter operating income increased to $2.6 million compared with $0.9 million during the same period last year and $1.6 million during the third quarter of 2020. Gross margins have remained relatively consistent at 73% in the fourth quarter of 2020 compared with 72% in the fourth quarter of 2019. Gross margins for full year 2020 were 70% compared with 67% for the prior-year period. Adjusted EBITDA for the fourth quarter of 2020 was a new high for the company of $4.0 million compared with $2.1 million reported in the prior-year period. A reconciliation of all non-GAAP financial results can be found later in this release. Commenting on the Company’s financial performance, Mark L. Baum, CEO of Harrow Health, said, “I am pleased with our financial and operating performance for the fourth quarter of 2020, reflecting a continuation of the momentum we saw in the record-setting third quarter of 2020. On both a year-over-year and a sequential-quarter basis, key financial metrics continued to improve, despite interim challenges we faced during the fourth quarter related to COVID-19 resurgence and unpredictable weather. We also saw significant progress in terms of major milestones, custo...