Harrow (HROW) 46th Annual William Blair Growth Stock Conference summary

Business performance and growth outlook

• Achieved a five-year revenue CAGR over 40% and adjusted EBITDA CAGR over 60%, with FY 2026 revenue guidance of $350M–$365M and EBITDA guidance of $80M–$100M; targeting $250M+ in quarterly revenue by end of 2027.

• Growth is expected to accelerate in 2027 and further in 2028 with the launch of MELT and other new products.

• Diversified revenue streams by product, delivery type, payer, and disease etiology, with commercial infrastructure supporting long-term growth.

• Significant embedded operating leverage and $94.6M in cash as of March 31, 2026, position the business for accelerating EBITDA expansion and cash generation.

• Founder-led, with a robust pipeline and plans for annual product launches through the decade.

Key product highlights and market strategies

• VEVYE for dry eye disease delivers rapid and durable results, achieving 14% market share and preferred PBM status in early 2026.

• IHEEZO, the only reimbursable ocular anesthetic in the U.S., is driving obsolescence of legacy products, with net pricing improvement, new packaging, and retina-specific data expected in H2 2026.

• TRIESENCE, the only FDA-approved preservative-free synthetic corticosteroid for ophthalmic use, saw demand surge after supply chain fixes and label expansion, with a next-generation pre-filled syringe in development for 2028/2029.

• G Melt, a sublingual sedation product, demonstrated superiority to midazolam alone in Phase III and targets a 2028 launch with broad procedural applications and strong IP protection.

• Biosimilars BYOOVIZ and OPUVIZ, in partnership with Samsung Bioepis, will expand offerings in the retina market, with BYOOVIZ relaunching July 1, 2026, and OPUVIZ launching early 2027.

Specialty and underutilized products

• VERKAZIA is the only FDA-approved cyclosporine for children with VKC, offering a non-steroid alternative for allergy-related eye conditions.

• NATACYN, the only FDA-approved antifungal for blepharitis, is supported by ongoing studies to demonstrate efficacy in chronic cases, with supporting data expected Q4 2026.

• IOPIDINE 1% received a permanent J-code for separate reimbursement, turning a cost center into a profit center for physicians, effective July 2026.

• Specialty products are high-margin and address unmet needs in niche ophthalmic conditions.