Harrow reports record Q1 revenue of $26.1M, up 18% YoY; reaffirms 2023 guidance

HARROW, INC.

2024-Q1 EPS reported -$0.22 revenue$26,103,000

Record Q1 2023 revenue $26.1M, up 18% YoY vs $22.1M and 28% sequentially (from $20.3M).
Core gross margin 76% vs 75% prior year; adjusted EBITDA $5.3M vs $4.9M.
Reaffirmed FY2023 guidance: net rev $135M-$143M, adj EBITDA $44M-$50M.
Completed NDA transfers for ILEVRO, NEVANAC, MAXIDEX; launched IHEEZO at ASCRS with J-Code.
New $100M credit facility with Oaktree Capital; signed cash-pay agreement with major insurer.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HARROW, INC. reported first quarter ended March 31, 2023 results: revenue $26,103,000, net income (6,643,000), EPS (0.22). Guidance reaffirmed.

Period: first quarter ended March 31, 2023
Revenue: $26,103,000
Net income: (6,643,000)
EPS: (0.22)
Guidance: reaffirmed
Result: reported results

Exact text from the filing

We are excited to kick off 2023 with a strong first quarter that demonstrates the continuing successful execution of our strategic plan aimed at elevating Harrow into a leading position among top-tier U.S. eyecare pharmaceutical companies," said Mark L. Baum, CEO of Harrow. "We are pleased that our Harrow team delivered record revenues of $26.1 million, a 28% increase over the fourth quarter of 2022, but, even more important, we see the first quarter of 2023 marking the beginning of a new revenue paradigm for Harrow. Going forward, we expect revenue growth from our branded pharmaceutical products to meaningfully outpace growth from our compounded pharmaceutical products, with revenue from branded products ultimately driving the lion’s share of our future profitability and topline growth. Based on our results to date, we are reaffirming our 2023 guidance of $135 million to $143 million in net revenues and $44 million to $50 million in adjusted EBITDA. “We believe our successful first qu

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accession 0001493152-23-016394

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