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- **Revenue Growth**: Q3 2025 revenue up 45% YoY to $71.6M, driven by VEVYE (22% QoQ) and IHEEZO (20% QoQ)
- **VEVYE Momentum**: 36% increase in prescribing physicians, $22.6M Q3 revenue, 2026 PBM coverage win
- **TRIESENCE Expansion**: 67% QoQ growth, 53% new accounts, launched in ocular inflammation
- **Strategic Acquisitions**: Melt Pharmaceuticals acquisition adds MELT-300 for non-opioid cataract surgery
- **Financial Guidance**: Full year 2025 revenue $270-280M, EBITDA $22.7M, operating leverage improving

**【CEO Summary Section】**
- Harrow reported Q3 2025 revenue of $71.6 million, up 45% YoY and 12% sequentially, driven by strong performance of VEVYE and IHEEZO.
- VEVYE revenue grew 22% QoQ to $22.6 million, with 36% increase in prescribing physicians. IHEEZO revenue rose 20% QoQ to $21.9 million, despite seasonal slowdown.
- Signed major payer agreements for VEVYE, including preferred status on the largest U.S. PBM's formulary starting Jan 2026, expected to flip covered/cash pay prescription mix.
- Launched TRIESENCE in ocular inflammation, with 67% QoQ unit growth and 53% new customer adoption.
- Announced Melt Pharmaceuticals acquisition, adding non-opioid procedural sedation candidate MELT-300 for cataract surgery.

**【CFO Financial Commentary】**
- Adjusted EBITDA: $22.7 million (up 14% YoY)
- GAAP Net Income: $1 million
- Full year 2025 revenue guidance updated to $270-280 million (prior: >$280 million)
- Operating expenses stable QoQ, with moderate 2026 investments in commercial infrastructure
- VEVYE on track for $100 million+ annual revenue in 2025, IHEEZO for record year

**【Commercial Strategy】**
- VEVYE: 10 new sales territories added, targeting 100+ by mid-2026
- Specialty Pharmacy Network: expanded to PhilRx, Apollo Care, and AltoRx
- TRIESENCE: 4x QoQ growth, 53% new accounts, launched in ocular inflammation
- Rare/Specialty Portfolio: 33% QoQ growth to $6.9 million, new leadership and Harrow Access for All program

**【Q&A Highlights】**
- VEVYE Coverage: Largest PBM win covers ~10M lives, expected to stabilize ASP in 2026
- ASP Stabilization: Covered/cash pay mix flip to drive pricing improvement
- TRIESENCE: 67% QoQ growth, 53% new accounts, strong reimbursement (>90% without prior auth)
- MELT-300: Potential for opioid-free cataract surgery, global patent portfolio
- ImprimisRx: Q4 impact from California license renewal uncertainty and $4-6M inventory shortage

Harrow, Inc. (HROW) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: Q2 2025 revenue up 30% YoY to $63.7 million, driven by VEVYE (66% QoQ prescriptions), IHEEZO (251% YoY growth), and TRIESENCE (447% YoY growth).
- **VEVYE Dominance**: 7.8% market share, 2nd in cyclosporine-based dry eye, and 62% new prescriptions under VAFA program.
- **Strategic Acquisitions**: Biosimilars (BYOOVIZ, OPUVIZ) and BYQLOVI set to launch in 2026, aligning with $250M quarterly revenue goal.
- **Financial Strength**: Adjusted EBITDA of $17 million and net income of $5 million highlight operational efficiency and scalability.
- **Growth Catalysts**: Apollo Care expansion, IHEEZO retina pivot, and TRIESENCE ocular inflammation market entry.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 2025 revenue reached $63.7 million, a 30% YoY increase and 33% sequential growth. Full-year 2025 guidance of $280 million remains on track, with $169 million needed in H2.
- **Key Product Performance**: 
  - **VEVYE**: $18.6 million revenue (13% QoQ decline due to ASP normalization), 66% QoQ prescription volume growth, 7.8% market share, and 2nd position in cyclosporine-based dry eye market.
  - **IHEEZO**: $18.3 million revenue (251% YoY growth), 25% QoQ unit volume increase, and 170% QoQ distributor shipments.
  - **TRIESENCE**: $5.2 million revenue (447% YoY growth), 32% QoQ growth, and expansion into ocular inflammation market.
- **Strategic Acquisitions**: 
  - BYQLOVI (FDA-approved ophthalmic steroid) and Samsung biosimilars (BYOOVIZ/LUCENTIS, OPUVIZ/EYLEA) to launch in 2026.
  - VEVYE Access for All initiative expanded with Apollo Care, adding 500+ pharmacies and full national coverage.
- **Long-Term Goals**: Target $250 million quarterly revenue by Q4 2027, with leverage from existing infrastructure and new product launches.

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - Adjusted EBITDA: $17 million (Q2 2025), up from $12.5 million (Q1 2025).
  - Net Income: $5 million (Q2 2025), up from $3.8 million (Q1 2025).
  - Gross Margin: Improved due to VAFA program profitability and cost control.
- **Liquidity**: Strong cash flow generation from ImprimisRx and specialty branded products.

**【Q&A Key Highlights】**
- **VEVYE ASP Stability**: ASP stabilized post-Q1 anomaly, with 62% new prescriptions in Q2 and 66% refill rates. Apollo Care partnership to enhance commercial coverage and ASP bias.
- **IHEEZO Momentum**: 19 new retina accounts in Q2, 33% QoQ growth in largest GPO, and 81% payer coverage.
- **TRIESENCE Expansion**: 870 new accounts in 2025, 84% coverage, and planned launch in ocular inflammation market.
- **Biosimilar Pipeline**: Samsung biosimilars expected to leverage existing commercial infrastructure and retina expertise.
- **Supply Chain**: Second VEVYE manufacturing site planned for 2026 to support growth.


Harrow, Inc. (HROW) Q2 2025 Earnings Call Transcript

- **VEVYE Dominance**: Q1 2025 revenue up 38% YoY, with VEVYE at $21.5M and VAFA program driving 4x new prescriptions. 2025 target of $100M+ VEVYE revenue.
- **IHEEZO Recovery**: Q1 unit sales rebounded in April, with 2025 revenue target of $50M+ as inventory normalizes.
- **TRIESENCE Growth**: Q1 2025 completed key reimbursement initiatives, unlocking 40% of the market. Q2 sales momentum indicates leadership potential.
- **Debt Refinancing**: CFO confident in summer/fall refinancing to reduce costs and support long-term deleveraging.


**【CEO Summary Section】**
- **Revenue Growth**: Q1 2025 revenue increased 38% YoY, driven by VEVYE's 35% sequential growth to $21.5M and the launch of the VEVYE Access for All (VAFA) program. VEVYE is projected to generate at least $100M in 2025 revenue.
- **VEVYE Momentum**: VAFA program quadrupled new prescriptions and prescribers within 7 weeks post-launch. Refill rates and ASP stabilization support accelerated growth in Q3 and Q4.
- **IHEEZO Recovery**: Q1 unit sales rebounded in April, with distributor inventory normalized. 2025 revenue target of $50M+ is achievable as new accounts ramp up.
- **TRIESENCE Market Access**: Q1 2025 completed key reimbursement initiatives, unlocking 40% of the market. Q2 sales momentum indicates potential to become the leading intraocular steroid.
- **2025 Guidance**: $280M+ revenue target with $232M remaining for the year, driven by VEVYE ($100M+), IHEEZO ($50M+), TRIESENCE/specialty products ($50M+), and ImprimisRx ($80M+).

**【CFO Financial Commentary】**
- **Q1 Financials**: $19.7M cash flow from operations, $3.7M one-time expenses, and $21.5M VEVYE revenue. ImprimisRx on track for $80M+ 2025 revenue.
- **Gross Margin Management**: VEVYE ASP expected to stabilize at a level 2x more profitable than Klarity-C. Cost control maintains operational efficiency despite commercial investments.
- **Debt Refinancing Update**: Actively negotiating with lenders for summer/fall refinancing, with confidence in securing favorable terms to support long-term deleveraging.

**【Q&A Highlights】**
- **VEVYE Pricing**: VAFA reduced patient out-of-pocket costs, driving NRx growth without sacrificing ASP. Refill rates and new prescriptions support Q3+ revenue acceleration.
- **IHEEZO Inventory**: Q1 destocking reversed Q4 2024 overbuying, with April unit sales doubling Q1 average. 2025 revenue growth expected as new accounts onboard.
- **TRIESENCE Adoption**: 40% market access unlocked in Q1, with new account openings and procedure volume growth in ASC/hospital settings.
- **Debt Strategy**: CFO emphasizes confidence in refinancing to reduce interest costs, enabling reinvestment in growth initiatives.


Harrow Health (HROW)-9 May 25-2025 Q1 Earnings call transcript

- **Record Q4 growth**: 84% YoY revenue, $22.5M EBITDA, 84% gross margin. 
- **VEVYE dominance**: 44% QoQ script growth, 0-59$/bottle patient cost via VAPA. 
- **TRIESENCE momentum**: CMS pass-through, 5-year supply deal, next-gen NDA by 2027. 
- **2025 outlook**: >40% sequential revenue growth, >$80M EBITDA, 20%+ operating leverage. 
- **Debt management**: Refinancing discussions underway, no near-term risk. 


**【CEO Opening Remarks】**
- Q4 2024 revenue: $66.8M (84% YoY growth, 36% sequential growth), full-year revenue: $199.6M (53% YoY growth). 
- Adjusted EBITDA: $22.5M (Q4) / $40.3M (FY2024, 43% YoY growth). 
- Core gross margin: 84% (Q4) / 80% (FY2024). 
- Key product highlights:
  - **IHEEZO**: 43% QoQ unit growth, 34% of Q4 revenue ($23M). Retina pivot driving anti-VEGF injection use. 
  - **VEVYE**: 44% QoQ prescription growth, ASP improvement due to VEVYE Access for All (VAPA) program. 
  - **TRIESENCE**: CMS pass-through reimbursement approved, 5-year supply agreement with manufacturer. 
- 2025 outlook: >40% sequential revenue growth, VEVYE and IHEEZO expected to outperform. 

**【CFO Financial Insights】**
- Q4 GAAP net income: $6.8M. 
- 2024 SG&A: 36% YoY growth, but 2025 expected to slow due to operating leverage. 
- Cash flow conversion: ~90% of EBITDA, with tax payments resuming in 2025. 
- Distributor terms: Extended payment terms for buy-and-bill products (IHEEZO, TRIESENCE). 
- 2025 capital expenditures: ~$10M. 

**【Q&A Key Takeaways】**
- **VEVYE ASP**: Q4 improvement driven by VAPA program, 0-59$/bottle patient cost. 
- **TRIESENCE pipeline**: Next-gen formulation NDA submission by end-2027. 
- **Project Beagle**: FDA-approved alternatives for compounded products, 175K Melt units targeted for 2025. 
- **2025 EBITDA**: >$80M, with VEVYE and IHEEZO driving >50% growth. 
- **Debt refinancing**: Exploring options with Oaktree and other lenders. 
- **Melt-300**: Phase 3 data complete, NDA expected H2 2025. 
- **Seasonality**: Q4 2024 up 36% vs Q3, Q1 2025 expected to lag due to resets. 


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