Harrow (HROW) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of $66.8M, up 84% year-over-year, and FY 2024 revenue of $199.6M, up 53% from FY 2023.

• Q4 2024 GAAP net income was $6.8M; FY 2024 GAAP net loss was $(17.5)M, reflecting non-recurring items and improved from $(24.4)M in FY 2023.

• Adjusted EBITDA for Q4 2024 was $22.5M, up from $2.6M in Q4 2023; FY 2024 Adjusted EBITDA rose 43% to $40.3M.

• IHEEZO and VEVYE each saw over 40% sequential growth in Q4 2024, now contributing over 10% of total revenue.

• Launched VEVYE Access for All and secured TRIESENCE CMS pass-through, expanding market opportunities.

Financial highlights

• Q4 2024 gross margin was 79% (core: 84%); FY 2024 gross margin was 75% (core: 80%).

• Q4 2024 core net income was $11.4M; FY 2024 core net loss was $(2.1)M.

• IHEEZO Q4 2024 revenue was $22.8M (34% of total), with a 43% sequential unit volume increase.

• VEVYE Q4 2024 revenue was $16.0M (24% of total), with prescriptions up 44% sequentially and significant ASP improvement.

• ImprimisRx delivered record annual revenues of $79.9M in 2024.

Outlook and guidance

• FY 2025 revenue guidance set at over $280M, representing more than 40% growth over FY 2024.

• Expect continued momentum in branded portfolio, with VEVYE Access for All and TRIESENCE pass-through fueling growth.

• Q1 typically lighter due to seasonality; Q2 expected to be strong, with growth accelerating from Q2 2025 onward.

• MELT-300 NDA filing expected in 1H 2026, with potential to impact over 100M short-duration procedures.