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Harrow Provides Fourth Quarter and Year-End 2024 Unaudited Preliminary Financial Results and 2025 Revenue Guidance

In This Article:

Company Expects to Provide Revised Dates for Release of Audited Financial Results, Conference Call, and Letter to Stockholders

NASHVILLE, Tenn., March 17, 2025--(BUSINESS WIRE)--Harrow (Nasdaq: HROW), a leading North American eyecare pharmaceutical company, today announced unaudited preliminary financial results for the fourth quarter and year ended December 31, 2024, as well as revenue guidance for 2025. Although Harrow was initially scheduled to release its audited financial results today, the Company’s new independent auditor requires additional time to audit Harrow’s financial presentation. As a result, Harrow is delaying its earnings release, conference call and Annual Report on Form 10-K filing. The change in the date of the filing of the Form 10-K is not related to any disagreements on accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

In conjunction with today’s announcement, Harrow is providing the following unaudited preliminary financial results for the fourth quarter and year ended December 31, 2024:

 

For the Three Months Ended
December 31, 2024

 

 

For the Year Ended
December 31, 2024

Revenues

$65 - $67 million

 

$198 - $200 million

Net Income (Loss)

$5 - $7 million

 

$(17) - $(19) million

Adjusted EBITDA (a non-GAAP measure)

$21 - $23 million

 

$39 - $41 million

Adjusted EBITDA

The Company defines Adjusted EBITDA as net income (loss), excluding the effects of stock‑based compensation and expenses, impairment of intangible assets, interest, taxes, depreciation, amortization, investment loss, net, and, if any and when specified, other non-recurring income or expense items. Management believes that the most directly comparable GAAP financial measure to Adjusted EBITDA is net income (loss). Adjusted EBITDA has limitations and should not be considered as an alternative to gross profit or net loss as a measure of operating performance or to net cash provided by (used in) operating, investing, or financing activities as a measure of ability to meet cash needs.

The following is a reconciliation of Adjusted EBITDA, a non-GAAP measure, to the most comparable GAAP measure, net income (loss), for the three months and year ended December 31, 2024:

 

For the Three Months Ended
December 31, 2024

 

For the Year Ended
December 31, 2024

GAAP net income (loss) range

$5,000,000 - $7,000,000

 

 

$(17,000,000) - $(19,000,000

)

Stock-based compensation and expenses

4,794,000

 

 

17,619,000

 

Impairment of intangible assets

253,000

 

 

253,000

 

Interest expense, net

6,375,000

 

 

22,786,000

 

Income tax (benefit) expense

(514,000

)

 

161,000

 

Depreciation

468,000

 

 

1,850,000

 

Amortization of intangible assets

4,075,000

 

 

11,783,000

 

Investment loss, net

-

 

 

3,171,000

 

Other expense, net

261,000

 

 

185,000

 

Adjusted EBITDA range

$20,712,000 - $22,712,000

 

 

$38,808,000 - $40,808,000

 

These preliminary results remain subject to the completion of the financial closing procedures and the final review by Harrow’s independent auditors. Accordingly, actual results may differ from these preliminary results.