Harrow Health (HROW) AI Stock Analysis

Company Guidance

Harrow reiterated full‑year guidance of $350–365 million in revenue and $80–100 million in adjusted EBITDA after reporting Q2 revenue of $70.7 million (up 11% year‑over‑year and ~60% sequentially) and first‑half revenue of ≈$115 million—implying second‑half revenue of roughly $235–250 million—with Q2 adjusted EBITDA of negative $1.2 million, GAAP gross margin of 71% (expected to trend to the high‑70s in H2), and cash of $83.9 million. Key product metrics backing the outlook include VEVYE Q2 revenue of $29.4 million (≈+58% YoY) with prescriptions +21% sequentially, prescriber base +15% and a 14.6% share of branded dry eye; IHEEZO Q2 revenue of $15.6 million, record unit demand of 65,477 (+44% sequential, +34% YoY), ~25% net pricing improvement effective July 1 and gross margins >90%, 224 ordering accounts (+32% YoY) and a ~85.5% trailing 12‑month reorder rate; TRIESENCE demand 14,529 units (+162% YoY) with 54% of units from ocular surgery and 805 ordering accounts. Management expects persistent sequential revenue growth in Q3 and Q4 (larger step‑up in Q4), benefits from expanded commercial coverage (top‑3 PBM effective Aug 1), an expanded salesforce (VEVYE salesforce doubled year‑over‑year and further additions from the pending TYRVAYA deal), and expects to fund TYRVAYA’s $30 million upfront consideration from cash, add ~$20 million of annualized SG&A upon integration, and see TYRVAYA contribute >$30 million in 2027 (exclusivity assumed through 2034).