Harrow Health, Inc. Earnings Recaps
Q2 2026
Aug 13, 2026
Harrow shares fell 3.3% following results that disappointed investors due to lighter-than-expected first-half revenue and cautious outlook on second-half growth, despite management’s emphasis on improving fundamentals and multiple growth initiatives.
Key takeaways
- First-half revenue was approximately $115 million, below initial expectations primarily due to a negative VEVYE net revenue impact.
- VEVYE prescriptions increased 21% sequentially with improved economics from revised business rules, but full commercial benefits are expected only in the second half.
- IHEEZO showed record unit demand despite losing pass-through status, with a 25% net price improvement effective July 1 and gross margins above 90%.
- Commercial investments included tripling the surgical sales team for TRIESENCE and launching Byooviz with early positive feedback; however, these remain early in ramp-up phases.
- The announced TYRVAYA acquisition is expected to modestly contribute in 2026 and strengthen the dry eye franchise long term but does not materially impact near-term results.
Q1 2026
May 13, 2026
Shares fell sharply by 21.6% as investors were disappointed by a significant $8 million revenue reduction tied to VEVYE, reflecting an unforeseen deceleration in a key product's financial contribution and cautious near-term revenue outlook despite management’s assertions of strong demand.
Key takeaways
- Reported revenue was notably impacted by an $8 million reduction specifically attributed to VEVYE, due to patient utilization patterns that outpaced initial models.
- While demand trends for key growth drivers (VEVYE, IHEEZO, and TRIESENCE) were described as accelerating and market share gains continued, these did not translate into the financial results investors anticipated this quarter.
- The company implemented pricing corrections and new business rules expected to stabilize revenue and realize benefits starting in Q2, indicating prior quarter weakness.
- Investments into commercial scaling were completed, including doubling the sales force, positioning the company for improved demand conversion and longer-term growth.
- Management emphasized operational fixes can mitigate problems, but the recent revenue miss underscores that correcting demand and financial capture challenges remains critical.
Q3 2025
Nov 12, 2025
Harrow experienced robust revenue growth in Q3 2025, driven by strong performances from key products, particularly VEVYE and IHEEZO, while significantly enhancing market access through new payer agreements.
Key takeaways
- VEVYE achieved a remarkable 22% quarter-over-quarter revenue increase, bolstered by new preferred product status on multiple formularies starting January 2026.
- IHEEZO reported a solid 20% quarterly revenue growth, despite typical seasonal slowdowns.
- The company is set to launch four new products over the next two years, positioning Harrow for sustained growth and market expansion.
- TRIESENCE is gaining traction in the retina market and is expected to recover in Q4 and 2026, following new leadership strategies.
- The strategic acquisition of Melt Pharmaceuticals is on track, signaling further growth opportunities.