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Harrow Health(HROW) - 2024 Q3 - Quarterly Results
HROWHarrow Health(HROW)2024-11-14 11:16

Financial Performance - Revenues increased 44% year-over-year from 34.3millioninQ32023to34.3 million in Q3 2023 to 49.3 million in Q3 2024[1] - GAAP net loss narrowed to (4.2)millioncomparedto(4.2) million compared to (4.4) million in Q3 2023[3] - Adjusted EBITDA for Q3 2024 was 8.8million,downfrom8.8 million, down from 9.2 million in Q3 2023[3] - For Q3 2024, Harrow reported a GAAP net loss of 4,220,000,animprovementfromanetlossof4,220,000, an improvement from a net loss of 4,391,000 in Q3 2023[14] - Adjusted EBITDA for Q3 2024 was 8,808,000,downfrom8,808,000, down from 9,209,000 in Q3 2023, reflecting a decrease of approximately 4.4%[14] - For the nine months ended September 30, 2024, the GAAP net loss was 24,258,000,comparedtoanetlossof24,258,000, compared to a net loss of 15,263,000 for the same period in 2023[14] - Basic and diluted loss per share for Q3 2024 was (0.12),comparedto(0.12), compared to (0.13) in Q3 2023[16][18] Operational Metrics - Total prescriptions for VEVYE increased by 55% over Q2 2024[1] - Customer unit demand for IHEEZO® rose by 15% compared to Q2 2024[1] - Core gross margin improved to 80% in Q3 2024 from 78% in Q3 2023[3] - Gross profit for Q3 2024 was 37,239,000,withagrossmarginof7637,239,000, with a gross margin of 76%, compared to a gross profit of 24,198,000 and a margin of 71% in Q3 2023[16][18] - Core results for the nine months ended September 30, 2024, showed a gross profit of 104,144,000,withagrossmarginof78104,144,000, with a gross margin of 78%[17] Cash and Liabilities - Cash and cash equivalents stood at 72.6 million as of September 30, 2024, down from 74.1millionattheendof2023[8]−Currentliabilitiesincreasedsignificantlyto74.1 million at the end of 2023[8] - Current liabilities increased significantly to 95.0 million from 49.3millionattheendof2023[8]FutureOutlook−ThecompanyexpectsmeaningfuloverperformanceinQ42024revenueguidanceduetopositivedemandtrends[1]−Thecompanyisexpandingaccessandaffordabilitythroughmultiplenewpartnerships[1]Expenses−Thecompanyincurredstock−basedcompensationandexpensesof49.3 million at the end of 2023[8] Future Outlook - The company expects meaningful overperformance in Q4 2024 revenue guidance due to positive demand trends[1] - The company is expanding access and affordability through multiple new partnerships[1] Expenses - The company incurred stock-based compensation and expenses of 4,385,000 in Q3 2024, slightly down from 4,476,000inQ32023[14]−OperatingincomeforQ32024was4,476,000 in Q3 2023[14] - Operating income for Q3 2024 was 1,321,000, compared to an operating income of 1,744,000inQ32023[16][18]InvestmentLoss−Thecompanyreportedaninvestmentlossof1,744,000 in Q3 2023[16][18] Investment Loss - The company reported an investment loss of 3,171,000 for the nine months ended September 30, 2024, compared to an investment loss of $2,676,000 for the same period in 2023[14][19] Core Results - Harrow's core results exclude certain amortization and impairment charges, with core net loss reflecting adjustments for exceptional items[15]