Harrow
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Harrow (HROW) investor relations material

Harrow Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary3 Mar, 2026

Executive summary

  • Achieved 36% year-over-year revenue growth in 2025, reaching $272.3M, with Q4 revenue of $89.1M and adjusted EBITDA up 54% to $61.9M, driven by strong performance across VEVYE, IHEEZO, and TRIESENCE.

  • Expanded commercial infrastructure, doubling sales forces for key products and securing major payer coverage for VEVYE, positioning for continued growth.

  • Entered 2026 with momentum, improved access, and a robust pipeline, including anticipated launches of BYQLOVI, BYOOVIZ, and OPUVIZ.

  • Q4 GAAP net income was $6.6M; full-year net loss was $5.1M, a significant improvement from a $17.5M loss in 2024.

  • Operating cash flow turned positive at $43.9M for 2025, compared to a $22.2M outflow in 2024.

Financial highlights

  • 2025 consolidated revenues grew 36% to $272.3M; Q4 revenue: $89.1M (33% YoY growth).

  • Adjusted EBITDA: $24.2M in Q4 (54% YoY growth); $61.9M for the year.

  • Cash and cash equivalents stood at $72.9M at year-end 2025.

  • VEVYE revenue up 216% YoY to $88.7M; IHEEZO up 65% to $81.3M; TRIESENCE up 193% to $9.9M.

  • Gross margin remained stable at 75% for the year and 79% for Q4.

Outlook and guidance

  • 2026 revenue guidance: $350M–$365M; H1: $133M–$153M, H2: $203M–$226M; adjusted EBITDA $80M–$100M, with most generated in H2.

  • SG&A to rise to $185M–$205M as sales force expands by ~100 roles.

  • R&D expenses to increase to $30M–$35M for NDA submissions and post-market studies.

  • Compounded revenue expected at $60M–$65M for 2026, with Q1 being the softest.

  • Management aims for over $250M in quarterly revenue by end of 2027 and plans to launch late-stage assets from 2028.

What factors explain 2025 operating cash flow surge?
Which products offer "positive surprises" in 2026?
Explain the new financial guidance framework
IHEEZO in-office offset ASC loss timing?
TRIESENCE cataract trial: TAM impact & timeline?
G-MELT non-ophthalmic market strategy?
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Frequently asked questions

Harrow Health Inc is a pharmaceutical company focused on the development and commercialization of ophthalmic pharmaceutical products. The company offers compounded medications and branded formulations for use in eye care. It serves physicians, clinics, and surgical centers in the United States. The company is headquartered in Nashville, Tennessee, and its shares are listed on the NASDAQ.

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