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HROW

Harrow Health, Inc.

HROW

Harrow Health, Inc. • NASDAQ
$41.78 ▲ 1.16% (+0.48)
Market Cap $1.55 B
52w High $50.72
52w Low $20.85
Dividend Yield 0%
P/E -321.38
Volume 228.49K
Outstanding Shares 37.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $71.638M ▲ $39.179M ▲ $1.02M ▼ 1.424% ▼ $0.03 ▼ $11.624M ▼
Q2-2025 $63.742M ▲ $36.103M ▼ $4.995M ▲ 7.836% ▲ $0.14 ▲ $15.982M ▲
Q1-2025 $47.831M ▼ $43.539M ▲ $-17.78M ▼ -37.173% ▼ $-0.5 ▼ $-6.694M ▼
Q4-2024 $66.831M ▲ $39.797M ▲ $6.777M ▲ 10.141% ▲ $0.19 ▲ $17.548M ▲
Q3-2024 $49.257M $35.918M $-4.22M -8.567% $-0.12 $4.277M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $74.29M ▲ $363.074M ▲ $316.413M ▲ $47.016M ▼
Q2-2025 $55.814M ▼ $345.033M ▼ $295.734M ▼ $49.654M ▼
Q1-2025 $66.726M ▲ $364.164M ▼ $308.068M ▼ $56.451M ▼
Q4-2024 $47.247M ▼ $388.971M ▲ $319.674M ▲ $69.652M ▲
Q3-2024 $72.601M $351.539M $293.918M $57.976M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.02M ▼ $16.588M ▲ $-225K ▲ $4.964M ▲ $21.327M ▲ $16.378M ▲
Q2-2025 $4.995M ▲ $-803K ▼ $-293K ▼ $-12.667M ▼ $-13.763M ▼ $-969K ▼
Q1-2025 $-17.78M ▼ $19.668M ▲ $-212K ▲ $23K ▼ $19.479M ▲ $19.456M ▲
Q4-2024 $6.777M ▲ $-17.779M ▼ $-37.56M ▼ $29.985M ▲ $-25.354M ▼ $-55.339M ▼
Q3-2024 $-4.22M $2.951M $-597K $-721K $1.633M $2.347M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Other Products
Other Products
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Harrow’s sales have grown steadily from a small base, and gross profit has risen along with them, which suggests the core products are gaining traction. Operating results have moved from essentially break‑even to slightly positive, showing early signs of operating leverage as the business scales. However, the company still reports net losses, and those losses have recently been a bit larger despite higher revenue. That points to meaningful spending on interest, acquisitions, and growth initiatives that is not yet fully covered by current earnings. Overall, the income statement reflects a company in a transition phase, moving from investment mode toward profitability but not there yet.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, with total assets growing as Harrow has added products and businesses. Debt has also increased and now represents a substantial portion of the capital structure, while shareholder equity remains relatively small but has inched upward. Cash levels are modest relative to the size of the balance sheet and the debt load, which makes ongoing access to capital and eventual self-funding from operations important. In simple terms, Harrow now looks like a more scaled, asset‑rich company, but it is also more leveraged and therefore more sensitive to financing conditions and execution risks.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has hovered around break‑even, slipping into modest outflows recently, which indicates that the current business is not yet funding all of its own growth. Free cash flow has been more clearly negative, driven by investment spending, including capital expenditures and likely other growth initiatives. This pattern is typical of a company leaning into expansion, but it also means Harrow has relied on debt and possibly equity financing to support its strategy. The key question going forward is how quickly new and acquired products can convert this investment phase into consistent positive operating and free cash flow.

Competitive Edge

Competitive Edge Harrow occupies a focused niche in eye‑care pharmaceuticals, combining a leading ophthalmic compounding pharmacy with an expanding portfolio of approved branded drugs. Its direct relationships with eye surgeons and ophthalmologists, along with control over manufacturing and distribution, give it a closer connection to prescribers than many traditional drug makers. The ability to offer both customized compounded formulations and branded products from a single partner is a differentiator and helps deepen customer loyalty. At the same time, Harrow still operates in markets where large pharmaceutical companies, generics, and new entrants compete aggressively, and it must continuously defend pricing, reimbursement, and share in a specialized but competitive space.

Innovation and R&D

Innovation and R&D Innovation at Harrow is centered on better drug delivery and formulation rather than on discovering entirely new molecules. The semifluorinated alkane platform behind VEVYE, the Zydis oral dissolving technology gained through Melt Pharmaceuticals, and proprietary compounded formulations all aim to improve convenience, tolerability, or access versus existing options. The Melt pipeline, especially MELT‑300, could open doors beyond ophthalmology if successfully approved and commercialized. Harrow’s incubator model and acquisition focus on late‑stage or already‑approved assets help reduce pure research risk but increase dependence on finding and integrating attractive external opportunities. The innovation story is promising but concentrated: a few key platforms and launches will likely drive much of the future upside or downside.

Summary

Harrow Health has evolved from a very small base into a more substantial, specialty pharmaceutical company centered on ophthalmology, with a distinctive mix of compounding, branded drugs, and late‑stage development assets. The top line and gross profit have grown well, and operating results are improving, but the business still runs at an overall loss and consumes cash as it invests in products and infrastructure. The balance sheet now carries meaningful debt, raising the importance of successful execution on product launches and pipeline milestones to support future cash generation. Strategically, Harrow’s niche focus, direct customer relationships, and differentiated delivery technologies give it clear opportunities, but they come with the usual risks of a leveraged, innovation‑driven healthcare company: regulatory outcomes, reimbursement dynamics, competition, and the need to convert a strong strategic story into durable profits and cash flow over time.

NEWS

November 24, 2025 · 7:00 AM UTC

Harrow to Present at Two Investor Conferences in December

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November 18, 2025 · 7:00 AM UTC

Harrow Announces Closing of Acquisition of Melt Pharmaceuticals

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November 10, 2025 · 4:05 PM UTC

Harrow Announces Third Quarter 2025 Financial Results

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October 27, 2025 · 7:00 AM UTC

Harrow To Report Third Quarter 2025 Financial Results After Market Close on November 10, 2025

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October 6, 2025 · 7:00 AM UTC

ImprimisRx Announces Leadership Changes

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