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Harrow Health
(NASDAQ:HROW)
Harrow Health (HROW) vs. SPDR S&P 500 ETF (SPY)
Harrow Health Business Overview & Revenue Model
Harrow Health Earnings Call Summary
Harrow Health Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 250.04M | 199.61M | 130.19M | 88.59M | 72.48M | 48.87M |
| Gross Profit | 186.44M | 150.37M | 90.55M | 63.21M | 54.26M | 34.41M |
| EBITDA | 38.46M | 22.13M | 11.95M | 4.75M | 5.10M | 2.62M |
| Net Income | -4.99M | -17.48M | -24.41M | -14.09M | -18.01M | -3.36M |
Balance Sheet | ||||||
| Total Assets | 363.07M | 388.97M | 311.75M | 157.38M | 98.33M | 57.47M |
| Cash, Cash Equivalents and Short-Term Investments | 74.29M | 47.25M | 82.77M | 101.86M | 50.67M | 32.75M |
| Total Debt | 251.87M | 228.83M | 190.50M | 112.23M | 77.96M | 23.53M |
| Total Liabilities | 316.41M | 319.67M | 241.75M | 130.14M | 87.40M | 30.65M |
| Stockholders Equity | 47.02M | 69.65M | 70.36M | 27.59M | 11.29M | 27.18M |
Cash Flow | ||||||
| Free Cash Flow | -20.47M | -60.88M | -148.71M | -6.07M | -23.43M | -2.09M |
| Operating Cash Flow | 17.67M | -22.20M | 3.84M | 1.71M | 5.08M | -1.10M |
| Investing Cash Flow | -38.29M | -33.16M | -152.55M | -1.74M | -18.69M | -981.00K |
| Financing Cash Flow | 22.30M | 28.53M | 126.53M | 54.14M | 51.47M | 1.43M |
Harrow Health Technical Analysis
Harrow Health Risk Analysis
Harrow Health Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $1.18B | 11.48 | 14.84% | ― | -0.03% | -27.66% | |
69 Neutral | $1.03B | 53.78 | 2.90% | ― | 3.14% | ― | |
64 Neutral | $1.84B | 50.31 | 7.83% | ― | 48.87% | ― | |
61 Neutral | $1.86B | ― | -9.54% | ― | 47.83% | 84.72% | |
59 Neutral | $2.08B | ― | -0.32% | ― | 79.88% | 99.60% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $1.06B | ― | -17.46% | ― | -1.19% | 5.06% |
Harrow Health Corporate Events
On November 17, 2025, Harrow, Inc. completed its acquisition of Melt Pharmaceuticals, Inc., a clinical-stage pharmaceutical company specializing in non-opioid, non-IV sedation therapies for medical procedures. This strategic acquisition expands Harrow’s portfolio and positions it to enter the multi-billion-dollar procedural sedation and anxiety market with products like MELT-300, a sublingual sedation therapy that has shown promise in clinical trials. The acquisition is expected to enhance Harrow’s market positioning by offering innovative sedation options that reduce opioid exposure and improve patient experiences across various medical specialties.
Harrow Health announced its financial results for the third quarter of 2025, reporting a 45% increase in total revenues to $71.6 million compared to the same period last year. The company achieved a GAAP net income of $1.0 million and an adjusted EBITDA of $22.7 million. Significant strategic initiatives included the launch of TRIESENCE® into its largest market, the upcoming rollout of the Harrow Access for All program, and the expansion of its commercial leadership team. Harrow also entered into coverage agreements for VEVYE with several leading national payers, enhancing its market positioning. Additionally, Harrow announced the acquisition of Melt Pharmaceuticals, Inc., aiming to expand its product offerings with Melt’s innovative non-opioid, non-IV sedation therapies.
On October 6, 2025, Harrow, Inc. announced leadership changes at its subsidiary ImprimisRx, with Frank Mullery appointed as Chief Executive Officer and Bridseida Cruz as Head of Quality. These appointments are expected to drive the next phase of growth and innovation for ImprimisRx, a national leader in ophthalmic compounding, as part of Harrow’s vision to become a prominent U.S. ophthalmic company. The leadership changes are anticipated to enhance the company’s operational phase, fulfilling unmet needs of U.S. eyecare professionals and benefiting stakeholders by continuing to provide critical, affordable medicines.
On September 26, 2025, Harrow, Inc. entered into a New Credit Agreement with Fifth Third Bank for a senior secured revolving credit facility of $40 million, with an additional uncommitted $20 million line of credit. The agreement, maturing in 2030, includes covenants and financial requirements, impacting Harrow’s financial operations and strategic flexibility.
On September 26, 2025, Harrow, Inc. hosted its Investor Day, during which the company presented an investor presentation that was also used in subsequent investor meetings. The presentation was made available as part of a Current Report on Form 8-K, but the information is not considered filed under the Securities Exchange Act of 1934 or the Securities Act of 1933.
On September 26, 2025, Harrow announced its agreement to acquire Melt Pharmaceuticals, a company specializing in non-opioid, non-IV sedation therapies. This acquisition, subject to customary closing conditions, aims to strengthen Harrow’s portfolio and market presence by integrating Melt’s innovative MELT-300 product, which has shown clinical superiority in sedation without the need for intravenous administration. The acquisition is expected to diversify Harrow’s business, enhance operational synergies, and expand market opportunities, particularly in the U.S. procedural sedation market.
On September 8, 2025, Harrow, Inc. entered into a purchase agreement with BTIG, LLC for the sale of $250 million in senior notes due 2030, with a 8.625% interest rate. The company completed the sale of these notes on September 12, 2025, receiving approximately $244 million in net proceeds. Harrow intends to use these funds to prepay existing borrowings, pay exit costs, and for general corporate purposes, including potential strategic business development opportunities. Additionally, Harrow announced the redemption of its 8.625% Senior Notes due 2026, scheduled for October 13, 2025, which will result in their delisting from Nasdaq.
On September 8, 2025, Harrow, Inc. announced the pricing of its $250 million offering of 8.625% senior unsecured notes due 2030. The proceeds from this offering are intended to repay existing debts, including a $107.5 million facility with Oaktree Fund Administration and outstanding senior notes, with any remaining funds to be used for general corporate purposes. This strategic financial move is expected to impact Harrow’s operations by reducing existing debt and potentially funding future business development opportunities.