Harrow Health, Inc.
- Open
- 43.38
- Day high
- 43.97
- Day low
- 42.51
- Prev close
- 42.47
- Volume
- 459K
- Mkt cap
- $1.6B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 55.4
- P/S
- 5.9
- Yield
- —
- Per share
- —
- ▲Insiders net buying $469K over the last 3 months (4 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Harrow Health, Inc. (HROW) is a Healthcare company listed on NASDAQ. The stock is up 38% over the past year. Over the trailing 3 months, insiders filed 4 open-market buys and 0 sales (SEC Form 4).
Harrow Health, Inc. (HROW) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HROW earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $-0.43 | $-0.63 | -46.5% | $44M | -15.7% |
| May 8, 2025 | $0.02 | $-0.38 | -2000.0% | $48M | -29.5% |
| Mar 27, 2025 | $0.11 | $0.25 | +127.3% | $67M | +14.4% |
| Mar 19, 2024 | $-0.05 | $-0.27 | -455.6% | $36M | -4.0% |
| Nov 13, 2023 | $-0.02 | $-0.09 | -467.8% | $34M | -9.5% |
| May 11, 2023 | $-0.06 | $-0.03 | +50.0% | $26M | +3.8% |
| Mar 23, 2023 | $-0.15 | $0.07 | +146.7% | $20M | -5.0% |
| Nov 14, 2022 | $-0.00 | $-0.06 | -9577.4% | $23M | -1.4% |
| May 5, 2022 | $0.01 | $0.03 | +185.7% | $22M | +13.5% |
| Mar 10, 2022 | $0.08 | $-0.01 | -112.5% | $20M | +4.3% |
| Mar 8, 2021 | $0.04 | $0.04 | +14.3% | $15M | +1.0% |
| Mar 13, 2020 | $0.13 | $0.10 | -23.1% | $13M | +66.7% |
HROW insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | SILVERNAIL LAUREN Pdirector | Grant | 5,248 | — |
| Jun 22, 2026 | Graves Adrienne Ldirector | Grant | 5,248 | — |
| Jun 22, 2026 | Sternberg Perry J.director | Grant | 5,248 | — |
| May 19, 2026 | Graves Adrienne Ldirector | Buy | 1,000 | $31.07 |
| May 19, 2026 | SILVERNAIL LAUREN Pdirector | Buy | 1,000 | $31.00 |
| May 18, 2026 | Shojaei Amirofficer: CHIEF SCIENTIFIC OFFICER | Grant | 10,000 | — |
| May 15, 2026 | BOLL ANDREW R.officer: PRESIDENT AND CFO | Buy | 3,500 | $29.90 |
| May 15, 2026 | BAUM MARK Ldirector, officer: CHIEF EXECUTIVE OFFICER | Buy | 10,000 | $30.20 |
| Mar 5, 2026 | Opaleye Management Inc.10 percent owner | Sell | 1,309 | $39.15 |
| Mar 5, 2026 | Opaleye Management Inc.10 percent owner | Sell | 4,263 | $39.67 |
| Mar 5, 2026 | Opaleye Management Inc.10 percent owner | Sell | 59,000 | $39.15 |
| Mar 5, 2026 | Opaleye Management Inc.10 percent owner | Sell | 134,000 | $39.67 |
| Feb 2, 2026 | Sullivan Patrick Williamofficer: CHIEF COMMERCIAL OFFICER | Grant | 15,000 | — |
| Feb 2, 2026 | Sullivan Patrick Williamofficer: CHIEF COMMERCIAL OFFICER | Grant | 25,000 | — |
| Jan 8, 2026 | Opaleye Management Inc.10 percent owner | Sell | 20,000 | $53.35 |
Source: HROW SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full HROW insider & 13F page →Harrow Health, Inc. company profile
Overview
Harrow Health, Inc. (NASDAQ:HROW) is a specialty pharmaceutical company focused on the ophthalmology market. Originally incorporated in 2006 as Imprimis Pharmaceuticals, the company rebranded to Harrow Health in December 2018 to reflect its broader healthcare focus. Based in San Diego, California, Harrow has evolved from a compounding pharmacy business into a diversified ophthalmic pharmaceutical company that develops, manufactures, and commercializes prescription drugs for eye care professionals and their patients across North America.
Business
Harrow Health operates in the specialty pharmaceutical industry with a concentrated focus on ophthalmology - the medical field dealing with eye and vision care. The company's business spans several interconnected segments that serve the eye care market. The company's primary revenue streams come from three main business segments. Branded pharmaceutical products represent the fastest-growing segment, accounting for approximately 50-60% of total revenue as of 2024. This includes prescription drugs like VEVYE (a water-free cyclosporine formulation for dry eye disease), IHEEZO (an ocular anesthetic for surgical procedures), and TRIESENCE (a preservative-free steroid for retinal procedures). These are FDA-approved drugs that Harrow either developed internally or acquired rights to commercialize. The compounding pharmacy business, operated through ImprimisRx, generates roughly 30-40% of revenue and provides customized pharmaceutical formulations for eye care professionals. Compounding involves creating personalized medications by mixing, combining, or altering ingredients to meet specific patient needs when commercial products are unavailable or unsuitable. This segment serves thousands of ophthalmologists and optometrists who need specialized formulations not available through traditional pharmaceutical channels. The company also maintains equity investments and royalty interests in other pharmaceutical companies, including Surface Ophthalmics (developing ocular surface disease treatments), Melt Pharmaceuticals (developing sedation and anesthesia products), and Eton Pharmaceuticals (commercial-stage drug development). These investments provide potential future revenue through royalties and equity appreciation, though they currently represent a smaller portion of total revenue. Harrow's products primarily serve the ophthalmic market, which includes treatments for conditions like dry eye disease, surgical anesthesia for eye procedures, post-operative inflammation, and various retinal disorders. The company targets both the surgical ophthalmology market (procedures like cataract surgery and retinal injections) and the chronic care market (ongoing treatments for conditions like dry eye disease).
Revenue model
Harrow Health operates multiple revenue models across its business segments. The branded pharmaceutical products generate revenue through direct product sales to distributors, hospitals, and specialty pharmacies, who then sell to end customers. These products command premium pricing due to their FDA approval status and specialized nature - for example, IHEEZO is priced at $544 per unit. The company benefits from insurance reimbursement for most of its branded products, with VEVYE having coverage for 166 million lives and IHEEZO receiving Medicare reimbursement through J-codes. The ImprimisRx compounding business operates on a service fee model, charging for custom pharmaceutical formulations. This business serves as a steady cash generator with predictable demand from established relationships with eye care professionals. Customers pay directly for these specialized formulations, which are not typically covered by insurance but command higher margins due to their customized nature. The company also earns revenue through royalty payments from its equity investments in other pharmaceutical companies. These provide milestone payments and ongoing royalties based on the commercial success of products developed by partner companies. Several factors influence Harrow's profitability margins. Positive margin drivers include the company's transition toward higher-margin branded products (with gross margins in the 70-80% range), successful market access initiatives that expand insurance coverage, and the specialized nature of ophthalmic products which face limited generic competition. The company's focus on niche markets with high barriers to entry also supports pricing power. Margin pressures come from the significant commercial infrastructure required to support branded product launches, including sales teams and market access programs. The company faces "gross-to-net" adjustments from insurance rebates and discounts, which can impact reported margins. Additionally, the compounding business faces ongoing regulatory scrutiny, and the company must invest heavily in manufacturing capabilities and quality systems to maintain FDA compliance. Competition from larger pharmaceutical companies and potential generic entrants also pose long-term margin risks.
Competitive moat
Harrow Health possesses a moderate but defensible competitive moat built primarily around regulatory barriers and specialized market expertise. The company's strongest defensive position lies in its FDA-approved branded products, which benefit from regulatory exclusivity periods and the high cost and complexity of bringing competing products to market. VEVYE's unique water-free formulation and IHEEZO's position as the first branded ocular anesthetic in 14 years provide temporary competitive advantages. The company's specialized focus on ophthalmology creates operational advantages through deep relationships with eye care professionals and understanding of their specific needs. This specialization allows Harrow to identify market gaps and develop targeted solutions that larger, more diversified pharmaceutical companies might overlook. The ImprimisRx compounding business benefits from switching costs, as eye care professionals become accustomed to specific formulations and service levels. However, Harrow's moat faces several significant challenges. The company operates in a highly competitive pharmaceutical industry where larger players like Allergan, Novartis, and Bausch + Lomb have substantially greater resources for research and development, marketing, and market access. These companies can potentially develop competing products or acquire innovative treatments that threaten Harrow's market position. The regulatory environment presents both protection and risk. While FDA approval creates barriers to entry, regulatory changes affecting compounding pharmacies or drug pricing could significantly impact the business. The company's reliance on insurance reimbursement makes it vulnerable to changes in coverage policies or healthcare reform. Technological disruption poses a long-term threat, as new drug delivery methods, gene therapies, or medical devices could potentially obsolete current treatment approaches. The company's relatively small size also limits its ability to invest in cutting-edge research compared to larger pharmaceutical companies. Overall, Harrow's moat is best characterized as narrow but sustainable in the near term, with competitive advantages that should provide some protection for the next 3-5 years while the company works to strengthen its position through additional product acquisitions and market expansion.
Risks & safety
Harrow Health presents a moderate margin of safety with mixed financial health indicators that require careful monitoring. Liquidity and Solvency: • Cash position of $66.7 million as of Q1 2025, down from $72.6 million in Q3 2024 • Current ratio of 0.91, indicating potential short-term liquidity pressure • High debt-to-equity ratio of 4.07, reflecting significant leverage • Positive free cash flow of $19.5 million in Q1 2025, showing operational cash generation • Management expects debt refinancing completion in late summer/early fall 2025 Valuation Metrics: • Trading at 16.9x book value, indicating premium valuation • Negative EBITDA in Q1 2025 of -$6.3 million makes traditional valuation metrics challenging • Revenue growth trajectory strong with 2024 full-year revenue of $199.6 million • Enterprise value appears elevated relative to current profitability Other Considerations: • Company transitioning from losses to profitability with branded product growth • Significant revenue concentration in key products (VEVYE, IHEEZO) creates execution risk • Regulatory approval and market access dependencies add operational complexity • Strong market position in specialized niche provides some downside protection
Recent development
Over the past few years, Harrow Health has executed a significant strategic transformation from a primarily compounding pharmacy business to a branded pharmaceutical company. The most notable pivot occurred with the acquisition of the "Fab Five" products from Novartis and the North American rights to VEVYE from Novaliq, marking the company's entry into the branded drug market. The company has focused heavily on product portfolio expansion through strategic acquisitions and licensing deals. Key developments include the successful launch of IHEEZO in 2023, which became the first branded ocular anesthetic in 14 years, and the commercial launch of VEVYE for dry eye disease treatment. The company has also worked to bring TRIESENCE back to market after years of absence, completing manufacturing preparations and securing reimbursement approvals. Market access initiatives have been central to the company's strategy, with significant investments in insurance coverage expansion. VEVYE now has coverage for 166 million lives with 58% commercial coverage and 80% Medicaid coverage, while management expects Medicare coverage by Q1 2025. The launch of the "VEVYE Access for All" program in 2025 represents a major commercial strategy shift to accelerate patient access and prescription growth. The company has implemented a "retina pivot" strategy for IHEEZO, shifting focus from the broader cataract surgery market to the more specialized retina specialist market for intravitreal injections. This strategic repositioning targets a higher-value market segment with less competition and stronger reimbursement dynamics. Operational improvements include expanding the commercial sales force, increasing territories from 51 to 61 for VEVYE, and developing integrated go-to-market strategies that leverage the company's product portfolio synergies. The company has also initiated "Project Eagle," which involves transitioning patients from compounded formulations to branded products where appropriate, potentially doubling profit margins on affected business. Recent developments also include ongoing debt refinancing discussions and continued investment in the company's equity portfolio companies, particularly monitoring the potential FDA approval of MELT-300 from Melt Pharmaceuticals, which could provide significant royalty revenue if successful.
HROW company profile · for informational purposes only — not investment advice.
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