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What were the key takeaways from Harrow's earnings call?

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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

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HROW

HROW fundamentals

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