Business
Harrow Health Announces Fourth Quarter and Year-End 2021 Financial Results
Sixth Consecutive Quarter of Record Revenues Highlights for Fourth Quarter 2021: Record revenues of $20.2 million, a 38% increase compared with $14.6 million
About this update from Harrow, Inc.
[{"type":"text","content":"\nSixth Consecutive Quarter of Record Revenues \n\nHighlights for Fourth Quarter 2021:\n\n\nRecord revenues of $20.2 million, a 38% increase compared with $14.6 million for the prior‑year quarter;\n\n\nGross profit was a record $15.1 million, a 42% increase compared with $10.7 million for the prior‑year quarter;\n\n\nGross margin increased to 75% compared with 73% in the prior-year quarter;\n\n\nFDA acceptance of AMP-100 NDA and assignment of PDUFA target date of October 16, 2022;\n\n\nCommissions from DEXYCU® sales increased to $1.0 million on record unit volumes; and\n\n\nCash and cash equivalents was $42.2 million at December 31, 2021.\n\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHarrow Health, Inc. (NASDAQ: HROW), an ophthalmic‑focused healthcare company, today announced results for the fourth quarter and year ended December 31, 2021. The Company also posted its fourth 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/20220310005866/en/\n“The fourth quarter of 2021 represents our sixth consecutive quarter of record performance in many key financial and operational metrics, providing a solid conclusion to 2021 and a springboard for 2022 and beyond,” said Mark L. Baum, CEO of Harrow Health. “We once again reported record revenues, as well as new records on revenue per shipping day and total number of product units distributed. In addition, our gross margin for the fourth quarter improved to 75%.\n\n“Throughout 2021, our team worked diligently to advance our goal of making Harrow a leading U.S. eyecare company. We bolstered our balance sheet, completed several dynamic transactions, successfully filed our first New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA), continued to work on new potentially accretive deals, and began to realize high‑margin revenues from the basket of FDA-approved branded products we recently acquired. Now, in 2022, we are expanding our existing commercial infrastructure; strengthening our internal expertise and capabilities within regulatory, compliance, quality, and supply chain management; and building the infrastructure to support the substantial growth that we anticipate in early 2023 as a result of our suc...