In This Article:
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Fourth Quarter Revenue: $66.8 million, an 84% increase over Q4 2023 and a 36% sequential quarterly increase.
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Q4 Net Income: Approximately $6.8 million.
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Adjusted EBITDA for Q4: Approximately $22.5 million.
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Full Year 2024 Revenue: $199.6 million, a 53% increase from the previous year.
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Full Year Adjusted EBITDA: $40.3 million, a 43% increase.
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Q4 GAAP Gross Margin: 84%.
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Full Year GAAP Gross Margin: 80%.
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IHEEZO Revenue for Q4: $23 million, representing 34% of total revenues.
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IHEEZO Unit Volume Increase: 43% in Q4 compared to the prior quarter.
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VEVYE Prescription Increase: 44% in Q4 over the prior quarter.
Release Date: March 28, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Harrow Inc (NASDAQ:HROW) reported a record financial performance for 2024, with a 53% increase in full-year revenues to $199.6 million.
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The company achieved a remarkable 84% increase in fourth-quarter revenue compared to the same period in 2023.
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Adjusted EBITDA for 2024 increased by 43% to $40.3 million, indicating strong operational efficiency.
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The launch of the VEVYE Access for All program is expected to boost prescription volumes and support consistent revenue growth.
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Harrow Inc (NASDAQ:HROW) has secured CMS approval for TRIESENCE reimbursement, positioning it for significant revenue contributions starting in Q2 2025.
Negative Points
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The company experienced delays in filing its Form 10-K due to a merger with a new auditing firm, which they aim to avoid in the future.
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Despite strong performance, Harrow Inc (NASDAQ:HROW) acknowledges potential quarter-to-quarter volatility in unit demand for its products.
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The company plans to stop reporting prescription data to IQVIA, which may lead to less accurate and actionable data for stockholders.
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There is a risk associated with the extended payment terms offered to distributors, impacting cash flow in Q4 2024.
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Harrow Inc (NASDAQ:HROW) anticipates starting to pay taxes in 2025, which will impact cash flow conversion from adjusted EBITDA.
Q & A Highlights
Q: Can you explain the significant improvement in VEVYE's gross-to-net revenue and the factors driving this change? A: Mark Baum, CEO: VEVYE's revenue more than tripled, with a considerable improvement in ASP due to changes in business rules and fewer copay buy downs. The demand also increased significantly. The VEVYE Access for All program is expected to further boost growth and improve ASP, making the recent improvements just the beginning of what we anticipate for this year.