Harrow, Inc. (HROW), an eyecare pharmaceutical company, reported fourth-quarter results with a slip in net income despite 33% higher revenue, hurt by operating and income tax expenses. In addition, the firm provided fresh guidance for the full year 2026.
Following the news, HROW is down 14.31% at $45.92 in the overnight market.
For the fourth quarter, net income declined to $6.63 million, or $0.17 per share, from $6.78 million, or $0.24 per share, in the year-ago period.
However, on adjusted basis, EBITDA increased to $24.17 million from $22.49 million in the last year.
Income tax expense of $3.77 million was reported this quarter.
Total operating expense increased to $55.03 million from $39.80 million in the prior year.
However, fourth-quarter revenue climbed 33% to $89.09 million from $66.83 million in the prior year.
For the full year 2025, the net loss narrowed to $5.14 million, or $0.14 per share, from $17.48 million, or $0.49 per share, in the prior year.
Revenue for the full year increased to $272.30 million from $199.61 million in the year ago.
Looking ahead to the full year 2026,the firm expects revenue of $350 million to $365 million from $272.30 million reported now.
The firm provided adjusted EBITDA guidance of $80 million to $100 million from prior year.
Harrow will host a conference call to discuss the results at 8:00 a.m. ET on Tuesday, March 3, 2026.
Harrow offers a comprehensive portfolio of products that address conditions of the eye, such as dry eye disease, wet (or neovascular) age-related macular degeneration, cataracts, refractive errors, glaucoma and a range of other ocular surface conditions and retina diseases.
The company offers ImprimisRx, an ophthalmology-focused compounded medications. Currently, it offers 15 following ophthalmic products from Harrow.
- IHEEZO, a chloroprocaine hydrochloride ophthalmic gel and other ophthalmic solutions.
-IOPIDINE, VEVYE, and ZERVIATE; MAXITROL eye drops.
- ILEVRO and NEVANAC, a non-steroidal and anti-inflammatory eye drop for pain and inflammation associated with cataract surgery.
- VIGAMOX, a fluoroquinolone antibiotic eye drop for the treatment of bacterial conjunctivitis.
-MAXIDEX and FLAREX, a steroid eye drop for steroid-responsive inflammatory conditions of the palpebral and bulbar conjunctiva, cornea, and anterior segment of the globe and the eye.
-TRIESENCE, a steroid injection for the treatment of ophthalmic diseases and for visualization during vitrectomy.
- NATACYN, a sterile, antifungal drug for the treatment of fungal blepharitis, conjunctivitis, and keratitis.
-TOBRADEX ST, a tobramycin and dexamethasone ophthalmic suspension
-VERKAZIA cyclosporine ophthalmic emulsion
-FRESHKOTE, a preservative-free (PF) is a lubricant eye drop.
Following the closure of Melt Pharmaceuticals, Inc. (Melt) in November 2025, Harrow has completed the operational integration of Melt's programs into its organization. Harrow has acquired global rights to MELT-300 and MELT-210 and is under development.
MELT-300 for procedural sedation is in phase 3 of development, and Harrow plans to submit a New Drug Application (NDA) to the FDA in 2027, with a potential U.S. commercial launch in 2028.
MELT-210 for sedation, anxiolysis and amnesia is in clinical development and is expected to launch in 2028.
Mark L. Baum, Chief Executive Officer of Harrow said that as they enter 2026, they are building on momentum across the business: doubling the VEVYE and TRIESENCE sales teams, expanding IHEEZO into the office-based setting, advancing their development pipeline, and operating with greater alignment as One Harrow
He added, "I have increasing confidence in our ability to accelerate performance through 2026, to remain on track toward our goal of over $250 million in quarterly revenue by the end of 2027."
The company also intends to further leverage their commercial platform by launching late-stage, large market assets in development, like G-MELT (formerly MELT-300), YOCHIL (formerly MELT-210), a next generation TRIESENCE pre-filled syringe, and other high impact product candidates in other phases of review.
HROW has traded between $20.85 and $54.85 during the year. The stock closed Monday's trade at $53.59 down 1.09%.
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