Business
Harrow Health Announces Second Quarter 2022 Financial Results
Revenues Increase for Eighth Consecutive Quarter Highlights for Second Quarter 2022: Record revenues of $23.3 million, up 29% over $18.1 million for the
About this update from Harrow, Inc.
[{"type":"text","content":"\nRevenues Increase for Eighth Consecutive Quarter\n\nHighlights for Second Quarter 2022:\n\n\nRecord revenues of $23.3 million, up 29% over $18.1 million for the prior‑year quarter\n\n\nRecord gross profit of $16.8 million, up 22% over $13.7 million for the prior‑year quarter\n\n\nA record 718,000 product units shipped, up 4% from the prior-year quarter\n\n\nCash and cash equivalents of $46.4 million as of June 30, 2022\n\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHarrow Health, Inc. (NASDAQ: HROW), an eyecare pharmaceutical company focused on the development, production, sale, and distribution of innovative ophthalmic prescription medicines, today announced results for the second quarter ended June 30, 2022. 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/20220809005923/en/\n“We are pleased with both our financial and operational performance during the second quarter of 2022,” said Mark L. Baum, CEO of Harrow Health. “The second quarter was our eighth consecutive quarter of record results in many of the financial metrics that we track, including total revenues, revenue per shipping day, and total number of product units distributed. From an operational perspective, during the quarter, we continued to focus on ensuring that the Harrow eyecare platform has the infrastructure, systems, resources, and talent needed to execute on the growth that we expect in our compounded pharmaceutical business and new and even more dramatic growth we expect from the continued integration of FDA-approved branded pharmaceutical products into the Harrow platform.\n\n“Our business remains strong, and we believe the second half of 2022 will be a very consequential period for Harrow. We expect several milestone events during the second half, including the PDUFA target action date for AMP-100, a patented ocular surface anesthetic drug candidate, as well as several product launches of compounded formulations. In addition, we continue to be hard at work trying to close transactions, which are at various stages of completion, that we strongly believe will add value to our company in several important ways.”\n\nSecond quarter figures of merit:\n\n\n\n...