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Harrow, Inc.
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NASDAQ: HROW Healthcare Pharma 🔎 Screen
$1.1B
Market Cap
—
P/E
—
PEG
-0.9%
ROCE
N/M
ROE
20.26
D/E
-1.0%
OPM
-48.5%
% from 52W High
23
α RS
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Currency-adjusted total returns for HROW including FX impact
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📈 Price History
Ratio Health
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About

Harrow, Inc., an eyecare pharmaceutical company, engages in the discovery, development, and commercialization of ophthalmic pharmaceutical products in the United States. It operates through Branded and ImprimisRx segments. The company offers ImprimisRx, an ophthalmology-focused compounded medications. It also provides IHEEZO, a chloroprocaine hydrochloride ophthalmic gel; ophthalmic solutions, including IOPIDINE, VEVYE, and ZERVIATE, as well as BYQLOVI; MAXITROL eye drops; ILEVRO and NEVANAC, a non-steroidal and anti-inflammatory eye drop for pain and inflammation associated with cataract surgery; BYOOVIZ, a LUCENTIS biosimilar indicated for the treatment of patients with Neovascular (Wet) age-related macular degeneration (AMD), macular edema following retinal vein occlusion (RVO), and myopic choroidal neovascularization (mCNV); VIGAMOX, a fluoroquinolone antibiotic eye drop for the treatment of bacterial conjunctivitis; OPUVIZ, an EYLEA biosimilar indicated for the treatment of patients with Wet AMD, macular edema following RVO, diabetic macular edema (DME), and diabetic retinopathy (DR); MAXIDEX and FLAREX, a steroid eye drop for steroid-responsive inflammatory conditions of the palpebral and bulbar conjunctiva, cornea, and anterior segment of the globe and the eye; TRIESENCE, a steroid injection for the treatment of ophthalmic diseases and for visualization during vitrectomy; and NATACYN, a sterile, antifungal drug for the treatment of fungal blepharitis, conjunctivitis, and keratitis. In addition, it offers TOBRADEX ST, a tobramycin and dexamethasone ophthalmic suspension; VERKAZIA cyclosporine ophthalmic emulsion; NEVANAC, a non-steroidal, anti-inflammatory eye drop; and FRESHKOTE preservative free (PF) is a lubricant eye drop. The company was formerly known as Harrow Health, Inc. and changed its name to Harrow, Inc. in September 2023. Harrow, Inc. was founded in 1998 and is headquartered in Nashville, Tennessee.

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📈 Growth Pattern
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⭐ Superinvestors Holding HROW
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 84.6K $3.0M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Harrow reports Q1 2026 revenue of $44.2M; reaffirms FY2026 guidance of $350M-$365M
Revenue & Profitability
First quarter 2026 consolidated revenues were $44.2 million. Adjusted EBITDA was -$12.7 million. The company experienced a discrete $8 million revenue reduction in VEVYE due to a gross-to-net modeling dynamic caused by an unexpected surge in high-deductible patients. Full-year 2026 revenue guidance is reaffirmed at $350 million-$365 million, and second quarter 2026 revenue is expected to be in the range of $71 million-$81 million.
Outlook
Management highlighted that the dry eye category has grown 20% year-over-year in prescription volume for the last two years. They noted that the first quarter is typically a weaker period due to industry seasonality and high deductible resets, but demand for their key growth drivers is accelerating. The company expects the second half of 2026 to be stronger than initially anticipated, driven by continued demand growth and favorable coverage changes.
Growth Drivers
Key growth drivers include VEYE (record prescription growth, surpassed Xiidra, new sales force doubled), IHEEZO (18% unit demand growth, new accounts up 21%, four catalysts in second half including new packaging and clinical data), TRIESENCE (sixth consecutive quarter of unit growth, 136% year-over-year), and IOPIDINE 1% (permanent J-Codes effective July 1). Additional catalysts are the commercial launch of BYOOVIZ in July and upcoming clinical milestones for MELT-300.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Not discussed in this earnings call.
Key Risks
Management flagged the VEVYE gross-to-net modeling dynamic as a discrete Q1 issue caused by an unexpected surge in high-deductible patients, which resulted in an $8 million revenue reduction. The company has since implemented business rule changes to protect net pricing, and early indicators show negligible impact on demand. Other risks include reliance on coverage rollouts and potential channel inventory absorption for IHEEZO.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-11
Revenue grew 11% YoY in Q2 to $70.7M, with strong sequential growth and improved product economics. Multiple growth drivers, including VEVYE, IHEEZO, and TRIESENCE, are set for accelerated H2 performance. Full-year guidance of $350–$365M revenue and $80–$100M adjusted EBITDA reiterated.
Q1 2026 Q1 2026 2026-05-12
Q1 revenue was $44.2M, impacted by an $8M VEVYE gross-to-net adjustment, but demand for key products remains strong. Full-year guidance of $350M–$365M is reaffirmed, with sequential growth and new product launches expected to drive a stronger second half.
Q4 2025 Q4 2025 2026-03-03
Delivered 36% revenue growth in 2025, driven by strong performance across VEVYE, IHEEZO, and TRIESENCE, with expanded sales forces and new product launches expected to accelerate growth in 2026. Guidance calls for $350M–$365M revenue and $80M–$100M adjusted EBITDA.
Q3 2025 Q3 2025 2025-11-11
Q3 revenue rose 45% year-over-year to $71.6M, led by strong growth in VEVYE and IHEEZO. Full-year guidance was updated to $270–$280M, with VEVYE set for a major boost from new PBM coverage in 2026. Four new product launches and the Melt Pharmaceuticals acquisition are key growth drivers.
Q2 2025 Q2 2025 2025-08-12
Q2 2025 revenue rose 30% year-over-year to $63.7 million, driven by strong growth in VEVYE, IHEEZO, and TRIESENCE. Strategic acquisitions and expanded distribution support guidance of over $280 million for 2025, with operating leverage and robust market share gains.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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