Business
Harrow Health Announces Third Quarter 2021 Financial Results
Revenues Reach Record Levels for Fifth Consecutive Quarter Highlights for Third Quarter 2021: Record revenues of $18.7 million, a 30% increase compared with
About this update from Harrow, Inc.
[{"type":"text","content":"\nRevenues Reach Record Levels for Fifth Consecutive Quarter\n\n \n\nHighlights for Third Quarter 2021:\n\n\nRecord revenues of $18.7 million, a 30% increase compared with $14.4 million for the prior-year period;\n\n\nGross margin of 74% consistent with prior-year period;\n\n\nAcquired AMP-100 late-stage ophthalmic surgical drug candidate for FDA-approval;\n\n\nAcquired MAQ-100 ophthalmic surgical drug candidate for FDA-approval;\n\n\nCommissions from DEXYCU® sales increased to $900,000 on record unit volumes; and\n\n\nCash and cash equivalents was $57.9 million at September 30, 2021.\n\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHarrow Health, Inc. (NASDAQ: HROW), an ophthalmic-focused healthcare company, today announced results for the third quarter and nine months ended September 30, 2021. The Company also posted its third 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/20211109006451/en/\n“I am pleased to report a fifth consecutive quarter of strong top-line revenue growth for the third quarter of 2021, a quarter which has historically been our slowest quarter of the year and one that continued to be affected by the COVID-19 pandemic in certain regions of the country,” said Mark L. Baum, CEO of Harrow Health. “In addition to record revenue levels, we also reported record levels of other key financial and operational metrics such as revenue per shipping day and total number of product units dispensed. Gross margin for the third quarter of 2021 was consistent with the prior-year period and was down slightly from the sequential quarter primarily due to an investment in additional personnel to accommodate a second shift at our production facilities as we prepare to increase our capacity in 2022.\n\n“During the third quarter, we also announced transactions to further our Strategic Vision and drive growth for many years to come, including the purchase of two drug candidates, AMP-100, an anesthetic drug candidate for intraoperative ocular pain management, and MAQ-100, an injectable steroid drug candidate for visualization of the vitreous during vitrectomy.\n\n“We have plowed the ground and begun making the investments necessary to transition Harrow into a compan...