HARROW, INC. (HROW): Results of Operations and Financial Condition
HARROW, INC. (HROW) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Harrow Announces Second Quarter 2026 Financial Results Second Quarter 2026 and Selected Highlights: ● Quarterly revenue of $70.7 million, an increase of 60% sequentially, and 11% year over year ● Reiterated full-year 2026 financial guidance of $350 million to $365 mi
How this was made
The 30-second read
Why it matters
Traders can use the disclosed Q2 revenue, sequential growth, and reiterated full-year revenue and Adjusted EBITDA ranges to reassess second-half ramp assumptions and execution risk across VEVYE, IHEEZO, and the TYRVAYA portfolio expansion.
Market read
A primary filing with Q2 operating updates and reiterated 2026 guidance, emphasizing commercial execution catalysts and second-half ramp credibility.
What to watch
The excerpt highlights unit demand and pricing improvements but does not quantify gross-to-net, margin trajectory, or the exact timing/closing certainty for the TYRVAYA rights acquisition, which are key to validating the ramp.
Harrow reported second quarter 2026 revenue of $70.7 million, up 60% sequentially, and reiterated full-year 2026 revenue guidance of $350 million to $365 million and Adjusted EBITDA guidance of $80 million to $100 million.
Revenue increased 60% sequentially to $70.7 million, VEVYE generated record quarterly revenue of $29.4 million with approximately 40% sequential growth, and the company reiterated its full-year revenue and Adjusted EBITDA guidance despite acknowledging that the guidance requires second-half revenue of more than double first-half revenue.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueother | $70.7 million | 60% sequential increase | – |
| VEVYE revenueother | $29.4 million | approximately 40% sequential growth | nearly 58% growth versus the prior-year second quarter |
| IHEEZO net price improvementother | approximately 25% | – | – |
| IHEEZO unit demandother | 44% sequentially | 44% sequentially | 34% year over year |
| Total branded prescription volumeother | approximately 14% sequentially | approximately 14% sequentially | – |
| VEVYE total prescriptions (TRx)other | approximately 21% sequentially | approximately 21% sequentially | – |
| VEVYE new prescriptions (NRx)other | approximately 4% sequentially | approximately 4% sequentially | – |
| VEVYE unique prescribersother | approximately 15% during the quarter | approximately 15% during the quarter | – |
| VEVYE market share of total branded prescriptionsother | 14.6% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| VEVYEAverage selling price improved sequentially while VEVYE continued to grow new and total prescriptions; expanded formulary access with one of the nation’s three largest commercial pharmacy benefit managers became effective August 1, 2026. | $29.4 million | approximately 40% sequential growth | nearly 58% growth versus the prior-year second quarter |
full-year 2026 outlook
- Revenue$350 million to $365 million
- Note$80 million to $100 million in Adjusted EBITDA
What drove it
- VEVYE generated $29.4 million in revenue, with approximately 40% sequential growth and nearly 58% growth versus the prior-year second quarter.
- VEVYE total prescriptions grew approximately 21% sequentially, new prescriptions increased approximately 4% sequentially, and unique prescribers increased approximately 15% during the quarter.
- VEVYE market share of total branded prescriptions reached 14.6% by the end of June, compared with 14% at the end of March and 7.8% a year ago.
- IHEEZO net price improved by approximately 25% as of July 1, and second-quarter unit demand increased 44% sequentially and 34% year over year.
- TRIESENCE delivered exceptional unit demand growth both year over year and sequentially, according to the letter.
- BYOOVIZ was launched, expanding Harrow into retinal biologics.
- VEVYE gained expanded formulary access with one of the nation’s three largest commercial pharmacy benefit managers, effective August 1, 2026.
- The company stated that channel inventories system-wide are normalized and that expanded sales teams are approaching full productivity.
Concerns
- The company stated that full-year 2026 guidance implies second-half revenue of more than double what it delivered in the first half.
- IHEEZO lost pass-through reimbursement status on April 1, eliminating virtually all ambulatory surgery center volume overnight.
- VEVYE previously had little coverage under the newly added pharmacy benefit manager formularies and in many cases was blocked.
- Third-party prescription data services may provide an increasingly incomplete subset of VEVYE demand as specialty-pharmacy fulfillment grows.
- The expected contribution from TYRVAYA to 2026 revenue depends on the anticipated timing of transaction closing and portfolio integration.
What to watch
- Translation of IHEEZO’s approximately 25% net-price improvement, effective July 1, into materially higher third- and fourth-quarter revenue.
- VEVYE prescription growth and profitability following the August 1 coverage expansion, physician sampling program, and PrioritEYEs initiative.
- Revenue contribution from BYOOVIZ following launch and from TYRVAYA after the anticipated transaction close and integration.
- Whether expanded sales teams reach full productivity and whether large TRIESENCE accounts continue ordering.
- Delivery against full-year revenue guidance of $350 million to $365 million and Adjusted EBITDA guidance of $80 million to $100 million, given the required second-half ramp.
Analysis
Harrow reported second-quarter 2026 revenue of $70.7 million, a 60% sequential increase from $44.2 million in the first quarter. The company framed the first half as a period of demand creation, commercial investment, and business-rule changes, with the second half focused on converting demand into revenue and profits. Management reiterated full-year 2026 revenue guidance of $350 million to $365 million and Adjusted EBITDA guidance of $80 million to $100 million.
VEVYE was the principal disclosed revenue contributor, generating $29.4 million during the quarter. Revenue grew approximately 40% sequentially and nearly 58% versus the prior-year second quarter. Management attributed the result to improved average selling price alongside continued prescription growth, arguing that its late-April business-rule amendments improved economics without sacrificing demand or patient access. Total prescriptions increased approximately 21% sequentially, new prescriptions rose approximately 4% sequentially, and unique prescribers increased approximately 15% during the quarter.
The dry-eye franchise also added an access catalyst. VEVYE’s market share of total branded prescriptions reached 14.6% by the end of June, compared with 14% at the end of March and 7.8% a year ago. Effective August 1, VEVYE gained expanded formulary access with one of the nation’s three largest commercial pharmacy benefit managers. Management also replaced its $0 first-fill program with physician sampling and launched the PrioritEYEs initiative, both intended to support adoption and patient starts.
IHEEZO showed improving demand despite the April 1 loss of pass-through reimbursement status, which eliminated virtually all ambulatory surgery center volume overnight. The product posted its best quarter for unit demand, with units up 44% sequentially and 34% year over year, and its net price improved by approximately 25% as of July 1. Management expects the higher pricing, continued retina and in-office growth, and a record number of new accounts to produce materially higher IHEEZO revenue in the third and fourth quarters relative to the first two quarters.
The central execution issue is the scale of the required second-half ramp. Harrow expressly stated that its guidance implies second-half revenue of more than double first-half revenue. Management identified normalized channel inventories, ramping sales teams, large TRIESENCE accounts now ordering, the BYOOVIZ launch, recovery in compounded-product sales, and anticipated TYRVAYA revenue contribution as building blocks. Investors should focus on whether those factors translate into the revenue and Adjusted EBITDA required to sustain the reiterated full-year outlook.
Not in the filing
stated, not guessed- Period-end date
- Total revenue prior-year comparison
- Total revenue year-over-year change
- GAAP gross profit and gross margin
- GAAP operating income or loss
- Non-GAAP operating income or loss
- GAAP net income or loss
- Non-GAAP net income or loss
- GAAP EPS
- Non-GAAP EPS
- Operating cash flow
- Free cash flow
- Cash balance
- Debt balance
- Share repurchases
- Dividends
- Revenue by all reportable operating segment
- IHEEZO revenue
- TRIESENCE revenue
- BYOOVIZ revenue
- TYRVAYA acquisition financial terms
- Full-year gross-margin guidance
- Full-year operating-expense guidance
- Full-year tax-rate guidance
- Previous-quarter outlook section for comparison with actual results
- Named executive quotes and executive roles
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Harrow filed an SEC 8-K with its quarterly letter to stockholders, focusing on commercial execution and reiterating 2026 guidance.
Ticker impact
Harrow reiterates full-year 2026 guidance and reports Q2 2026 revenue of $70.7M, citing improving pricing and demand drivers.
Near-term bias to the upside if investors view the second-half ramp as credible, but the magnitude of the implied H2 acceleration raises execution risk.
This is a primary SEC filing with concrete quarterly results, guidance ranges, and specific commercial catalysts (coverage win effective Aug 1, IHEEZO net price improvement, and TYRVAYA rights acquisition referenced). However, the excerpt does not include full financial statements or consensus context, limiting precision on how much is already priced in.
Market effects
Reinforces demand and reimbursement/access dynamics in U.S. ophthalmology dry eye and retina franchises, potentially supporting sentiment for specialty pharma commercial execution.
Primarily U.S.-focused commercial execution and reimbursement changes.
Limited, as the disclosed drivers are largely U.S. market access, pricing, and product portfolio execution.
Counterpoint
The guidance implies a very large second-half revenue ramp versus first-half results, so any delay in TYRVAYA close/integration or slower prescription acceleration could pressure the stock.
Key entities
- companyHarrow, Inc.
U.S. specialty pharmaceutical company providing dry eye and retina products; subject of the 8-K quarterly letter and guidance reiteration.
- productTYRVAYA
Dry eye/ophthalmic product whose global rights acquisition is referenced as a portfolio expansion catalyst.
- productVEVYE
Dry eye product highlighted for prescription growth, market share gains, and improving gross-to-net/pricing dynamics.
- productIHEEZO
Dry eye product highlighted for net price improvement and best-ever unit demand quarter despite reimbursement headwinds.
