Harrow Health's Q1 2025: Key Contradictions on Market Share, Medicare Coverage, and Pricing Strategies

Market share and product preference, Medicare coverage for VEVYE, price adjustment and accessibility of IHEEZO, impact of cyberattack on revenue, and IHEEZO price increases are the key contradictions discussed in Harrow Health's latest 2025Q1 earnings call.



Revenue Growth and Product Performance:
- Harrow reported revenue growth of 38% year-over-year for Q1 2025, with VEVYE revenue rising 35% sequentially to $21.5 million.
- The growth was driven by the successful launch of the VEVYE Access for All program, increased market penetration, and strong brand performance.

ImprimisRx and Market Transition:
- The company's ImprimisRx compounding business showed consistent revenue and operational reliability, with April showing potential record performance.
- Harrow is transitioning Klarity-C patients to VEVYE, which is expected to increase Harrow's revenue significantly while improving patient access.

TRIESENCE Market Access and Momentum:
- TRIESENCE saw a doubling of accounts ordering the product since the beginning of the year, following market access initiatives.
- The completion of market access initiatives, including reimbursement improvements, boosted confidence and adoption of the product.

IHEEZO Sales Recovery:
- IHEEZO's unit sales more than doubled in April compared to the monthly average in Q1, indicating a return to growth after destocking.
- The recovery is attributed to normalizing distributor inventory levels and strengthening demand from new accounts.