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Mar 31, 2025
Harrow Q1 2025 Earnings Report
Harrow Announces First-Quarter 2025 Financial Results
Key Takeaways
Harrow reported a 38% increase in first-quarter 2025 revenue to $47.8 million compared to the prior year, driven by strong performance in key products like VEVYE. Despite a GAAP net loss of $17.8 million and negative Adjusted EBITDA of $2.0 million, the company achieved a record high cash flow from operations of $19.7 million and ended the quarter with $66.7 million in cash.
Total revenues increased by 38% year-over-year to $47.8 million.
VEVYE revenues grew by 35% quarter-over-quarter to $21.5 million.
Cash flow from operations reached a record high of $19.7 million.
GAAP net loss was $(17.8) million for the quarter.
Forward Guidance
Harrow remains confident in achieving its 2025 revenue target of over $280 million, citing accelerating unit demand across its portfolio since early Q2 and the positive impact of commercial initiatives like VEVYE Access for All. The company also plans to pursue strategic acquisitions.
Positive Outlook
- Meaningful acceleration in unit demand across the portfolio since early Q2.
- VEVYE Access for All program accelerating market share capture and revenue growth.
- VEVYE refill rate continues to be buoyant.
- VEVYE is poised to become Harrow's first product to generate annual nine-figure revenue.
- Confidence in achieving and potentially exceeding the 2025 revenue target of over $280 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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