Business
Harrow Health Announces Second Quarter 2021 Financial Results
Fourth Consecutive Quarter of Record Results Highlights for Second Quarter 2021: Record revenues of $18.1 million, a 125% increase compared with $8.1 million
About this update from Harrow, Inc.
[{"type":"text","content":"\nFourth Consecutive Quarter of Record Results\n\nHighlights for Second Quarter 2021:\n\n\nRecord revenues of $18.1 million, a 125% increase compared with $8.1 million for the prior-year period;\n\n\nGross margin was 75.6%, compared with 60.2% for the prior-year period;\n\n\nGAAP operating income increased to $4.2 million compared with an operating loss of $3.2 million for the prior-year period;\n\n\nCommissions from DEXYCU® sales increased to $827,000 on record unit volumes; and\n\n\nCash and cash equivalents was $72.9 million at June 30, 2021.\n\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHarrow Health, Inc. (NASDAQ: HROW), an ophthalmic-focused healthcare company, today announced record results for the second quarter and first half ended June 30, 2021. The Company also posted its second 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/20210810005917/en/\n“We are pleased to report that the second quarter of 2021 was our best financial quarter in company history, including new records in revenues, cash flow from operations, Adjusted EBITDA(1), revenue per shipping day, and units shipped,” said Mark L. Baum, CEO of Harrow Health. “During the second quarter of 2021, we strengthened our cash position by raising $75 million of unsecured capital. We then began to put that capital to work in a number of ways, including purchasing rights to AMP-100, a patented, ophthalmic topical anesthetic drug candidate, in July 2021. We expect a new drug application to be submitted to the FDA for AMP-100 in the next few months. In addition, our pipeline of potential strategic product opportunities continues to advance, and we are making significant progress on other potential M&A transactions. We remain excited about the second half of 2021 as we position Harrow to be able to deliver a more diverse range of products to our prescribers and attractive operational results to our stockholders.”\n\n(1) A reconciliation of all non-GAAP financial results can be found later in this release.\n\nConference Call and Webcast\nThe Company’s management team will host a conference call and live webcast today at 4:45 p.m. Eastern time to discuss the results and provide a business update. To part...