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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $272M | $42M | $-5M | $43M | -9.9% | 36.4% | - |
| 2024 | $200M | $20M | $-17M | $-61M | -25.2% | 53.3% | - |
| 2023 | $130M | $10M | $-24M | $-149M | -34.7% | 47.0% | - |
| 2022 | $89M | $-3M | $-14M | $-6M | -51.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 88.59 | 130.19 | 199.61 | 272.30 |
| Cost Of Revenue | 25.38 | 39.64 | 49.24 | 67.93 |
| Gross Profit | 63.21 | 90.55 | 150.37 | 204.37 |
| Operating Expense | 61.29 | 89.74 | 141.29 | 173.85 |
| Operating Income | 1.92 | 0.81 | 9.07 | 30.52 |
| EBITDA | -3.10 | 9.95 | 20 | 42.49 |
| EBIT | -6.77 | -2.39 | 5.47 | 22.81 |
| Pretax Income | -14.01 | -23.71 | -17.32 | -1.37 |
| Tax Provision | 0.07 | 0.70 | 0.16 | 3.77 |
| Net Income | -14.09 | -24.41 | -17.48 | -5.14 |
| Net Income Common Stockholders | -14.09 | -24.41 | -17.48 | -5.14 |
| Total Expenses | 86.68 | 129.38 | 190.54 | 241.79 |
| Interest Expense | 7.24 | 21.32 | 22.79 | 24.18 |
| Research And Development | 3.05 | 6.65 | 12.23 | 20.94 |
| Selling General And Administration | 58.24 | 83.09 | 129.06 | 152.91 |
| Normalized EBITDA | -5.45 | 12.71 | 23.43 | 50.24 |
| Normalized Income | -15.94 | -22.24 | -14.78 | 0.98 |
| Basic EPS | -0.51 | -0.75 | -0.49 | -0.14 |
| Diluted EPS | -0.51 | -0.75 | -0.49 | -0.14 |
| Tax Effect Of Unusual Items | 0.49 | -0.58 | -0.72 | -1.63 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | 2.35 | -2.75 | -3.42 | -7.75 |
| Total Unusual Items Excluding Goodwill | 2.35 | -2.75 | -3.42 | -7.75 |
| Net Income From Continuing Operation Net Minority Interest | -14.09 | -24.41 | -17.48 | -5.14 |
| Reconciled Depreciation | 3.67 | 12.34 | 14.54 | 19.68 |
| Reconciled Cost Of Revenue | 25.38 | 39.64 | 49.24 | 67.93 |
| Net Interest Income | -7.24 | -21.32 | -22.79 | -24.18 |
| Net Income From Continuing And Discontinued Operation | -14.09 | -24.41 | -17.48 | -5.14 |
| Total Operating Income As Reported | 1.92 | 0.43 | 8.82 | 30.52 |
| Diluted Average Shares | 27.62 | 32.62 | 35.65 | 36.76 |
| Basic Average Shares | 27.62 | 32.62 | 35.65 | 36.76 |
| Diluted NI Availto Com Stockholders | -14.09 | -24.41 | -17.48 | -5.14 |
| Preferred Stock Dividends | 0 | 0 | 0 | 0 |
| Minority Interests | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -14.09 | -24.41 | -17.48 | -5.14 |
| Net Income Continuous Operations | -14.09 | -24.41 | -17.48 | -5.14 |
| Other Income Expense | -8.69 | -3.20 | -3.61 | -7.70 |
| Other Non Operating Income Expenses | 0.10 | -0.44 | -0.18 | 0.05 |
| Special Income Charges | 5.26 | -5.84 | -0.25 | -7.75 |
| Gain On Sale Of Ppe | 5.26 | 0 | 0 | 0 |
| Other Special Charges | 0 | 5.46 | 0 | 7.75 |
| Impairment Of Capital Assets | 0 | 0.38 | 0.25 | 0 |
| Earnings From Equity Interest | -11.13 | 0 | 0 | 0 |
| Gain On Sale Of Security | -2.91 | 3.09 | -3.17 | 0 |
| Net Non Operating Interest Income Expense | -7.24 | -21.32 | -22.79 | -24.18 |
| Total Other Finance Cost | 7.24 | 0 | 0 | 0 |
| Interest Expense Non Operating | 7.24 | 21.32 | 22.79 | 24.18 |
| Operating Revenue | 88.59 | 117.45 | 198.62 | 271.91 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Harrow, Inc.this co. | HROW | $1.5B | - | 28.56 | -9.9% | 34.30 |
| Progyny, Inc. | PGNY | $1.6B | 25.43 | 2.88 | 11.3% | 15.56 |
| UFP Technologies, Inc. | UFPT | $1.5B | 22.59 | 3.64 | 16.1% | 15.05 |
| Nuvation Bio Inc. | NUVB | $1.5B | - | 4.92 | -66.9% | -4.95 |
| Intellia Therapeutics, Inc. | NTLA | $1.5B | - | 2.16 |
| -61.5% |
| -2.58 |
| Iovance Biotherapeutics, Inc. | IOVA | $1.5B | - | 1.95 | -56.0% | -3.08 |
| Ardelyx, Inc. | ARDX | $1.5B | - | 8.80 | -36.9% | -38.06 |
| Precigen, Inc. | PGEN | $1.5B | - | 69.83 | -1198.6% | -14.11 |
| Aveanna Healthcare Holdings Inc. | AVAH | $1.4B | 6.24 | 7.08 | 115.3% | 9.48 |
| Peer Median | - | 22.59 | 4.28 | -46.4% | -2.83 | |