Harrow, Inc. Reports 45.1% Revenue Growth and Net Income Turnaround in Latest Quarter

Harrow, Inc. reported significant financial performance improvements in its latest quarterly filing, with total revenues for the three months ended September 30, 2025, reaching $71.6 million, a 45.1% increase from $49.3 million in the same period last year. For the nine months ended September 30, 2025, revenues totaled $183.2 million, up 38% from $132.8 million in 2024. The increase was primarily driven by higher product sales, particularly from its branded products IHEEZO and VEVYE, which saw substantial growth in sales volume. The company reported a net income of $1.0 million for the third quarter, a notable turnaround from a net loss of $4.2 million in the prior year, while the nine-month net loss narrowed to $11.8 million from $24.3 million.

Harrow's balance sheet showed total assets of $363.1 million as of September 30, 2025, down from $389.0 million at the end of 2024. Current assets decreased to $177.6 million, primarily due to a reduction in accounts receivable, which fell to $77.6 million from $116.4 million. The company’s cash and cash equivalents increased to $74.3 million, up from $47.2 million, reflecting improved cash flow from operations. Total liabilities decreased slightly to $316.4 million, with a notable reduction in current liabilities from $91.3 million to $65.4 million, indicating improved liquidity.

Strategically, Harrow has made significant moves, including the acquisition of remaining interests in Melt Pharmaceuticals, Inc., which is expected to enhance its product portfolio. The company also launched the Harrow Access For All (HAFA) initiative, aimed at improving patient access to its ophthalmic products. Additionally, Harrow entered into a commercialization agreement with Samsung Bioepis for the development and supply of two ophthalmic products, BYOOVIZ and OPUVIZ, further expanding its market reach.

Operationally, Harrow reported a customer base that continues to grow, with increased engagement metrics reflected in the sales of its branded products. The company’s employee headcount has also increased as it expands its sales and marketing teams to support growth initiatives. The company anticipates continued revenue growth driven by its strategic initiatives and product launches, with expectations to close the Melt acquisition by the end of 2025. Harrow's management remains optimistic about future performance, citing a strong pipeline and ongoing efforts to enhance operational efficiencies.