Business
Harrow Health Announces Record First Quarter 2021 Financial Results
Highlights for First Quarter 2021: Revenues of $15.4 million, a 31% increase compared with $11.8 million for prior year;Adjusted EBITDA(1), a non-GAAP
About this update from Harrow, Inc.
[{"type":"text","content":"Highlights for First Quarter 2021: Revenues of $15.4 million, a 31% increase compared with $11.8 million for prior year;Adjusted EBITDA(1), a non-GAAP measure, reached a new high of $4.3 million, compared with $0.4 million for prior year;Segment contribution from ImprimisRx increased to $5.7 million for the first quarter of 2021;Commissions from DEXYCU® sales increased to $485,000, a 39% increase over fourth quarter 2020;GAAP operating income increased to $2.9 million compared with an operating loss of $0.6 million for prior year; andGross margins increased to 75.6%, compared to 69% for prior year. NASHVILLE, Tenn., May 11, 2021 (GLOBE NEWSWIRE) -- Harrow Health, Inc. (NASDAQ: HROW), an ophthalmic-focused healthcare company, today announced record results for the first quarter ended March 31, 2021. The Company also posted its first quarter Letter to Stockholders to the “Investors” section of its website, harrowinc.com. Commenting on the Company’s first quarter financial performance, Mark L. Baum, CEO of Harrow Health, said, “The first quarter of 2021 was the best financial quarter in Harrow Health’s history. However, our financial performance is only part of the story – the first quarter was also outstanding in terms of our success in customer growth, product development, enhancing operating efficiencies, and the advancement of our longer-term strategic goals. The number of product units we distributed during the first quarter increased 25% over the prior-year quarter, and commercial sales under our DEXYCU contract, which began in mid-2020, increased 39% over the fourth quarter of 2020. In addition, we have a robust acquisition pipeline, and our ability to raise over $75 million over the last couple of months has significantly improved our capital base, ensuring that we have adequate liquidity and the financial flexibility to not only pursue additional acquisitions and transactions, but also to meet future challenges. “Thanks to the dedication of the entire Harrow family of employees, the underlying fundamentals for our eyecare-focused business and the financial and operational momentum we have built during the last three quarters hold great promise for Harrow Health. In addition, I anticipate that pent-up demand for ophthalmic procedures that were delayed due to COVID-19 will result in increased revenues for our customers — whi...