Harrow, Inc. Reports 36.4% Revenue Growth to $272.3 Million, Net Loss Improves

Harrow, Inc. reported significant financial growth in its latest 10-K filing for the fiscal year ending December 31, 2025, with total revenues reaching $272.3 million, a 36.4% increase from $199.6 million in 2024. The company's branded product sales, which include IHEEZO and VEVYE, contributed substantially to this growth, with net sales of $195.8 million, up from $116.1 million the previous year. The increase in revenue was primarily driven by heightened marketing efforts and expanded sales volumes, particularly for IHEEZO, which saw sales rise from $49.3 million to $81.3 million, and VEVYE, which surged from $28.1 million to $88.7 million.

Despite the revenue increase, Harrow reported a net loss of $5.1 million for 2025, an improvement from a net loss of $17.5 million in 2024. The company attributed the reduced loss to improved operating results and effective collection efforts, which resulted in a net cash provided by operating activities of $43.9 million, compared to cash used in operations of $22.2 million in the prior year. The total cost of sales also increased, reflecting higher sales volumes, with branded cost of sales rising to $37.2 million from $21.7 million.

Strategically, Harrow has made significant moves, including the acquisition of Melt Pharmaceuticals, which closed in November 2025. This acquisition, valued at approximately $4.3 million in cash, along with contingent payments based on future milestones, is expected to enhance Harrow's product pipeline, particularly with the MELT-300 drug candidate. Additionally, the company has expanded its commercial sales team and is targeting broader markets for its products, including office-based ophthalmic procedures.

Operationally, Harrow has seen a steady increase in its workforce, with 373 employees as of February 2026, up from previous years. The company has also focused on enhancing its sales and marketing capabilities, with plans to double its sales territories to support the growth of its branded products. Furthermore, Harrow's cash position improved significantly, ending 2025 with $72.9 million in cash and cash equivalents, compared to $47.2 million at the end of 2024, providing a solid foundation for future investments and operational needs.

Looking ahead, Harrow anticipates continued growth driven by its expanding product portfolio and strategic initiatives. The company is optimistic about achieving profitability in 2026, although it acknowledges the inherent risks and uncertainties associated with the pharmaceutical industry, including regulatory challenges and market competition. Harrow's management remains focused on leveraging its operational strengths and market opportunities to enhance shareholder value in the coming years.