NASHVILLE, Tenn.—Harrow (Nasdaq: HROW), a leading U.S. eyecare pharmaceutical company, announced results for the fourth quarter and year ended December 31, 2023. Revenues were $130.2 million for full-year 2023, an increase of 47 percent over 2022 revenues of $88.6 million. Adjusted EBITDA was $28.1 million, an increase of 116 percent over 2022 adjusted EBITDA of $13.0 million. The company also reported GAAP net loss of $24.4 million for 2023 compared with $14.1 million for the prior-year period.

“This past year, little Harrow grew up, transforming from a company focused exclusively on its market-leading ImprimisRx compounded business, to a growing leader in the North American ophthalmic pharmaceuticals market—with a total of 18 branded products,” said Mark L. Baum, CEO of Harrow. “In addition to the significant revenue and adjusted EBITDA growth the team delivered, we launched products and began to generate cash from our Big Three products—Iheezo, Vevye and Triesence.”

He said, “Finally, we also attracted experienced, well-connected and highly motivated talent to join Harrow—setting the table beautifully for 2024 and for many years to come, when we expect significant growth from Iheezo, continued success with our Vevye launch, and having Triesence back in inventory and available, potentially this year.” 

Harrow also reported net revenues of $36,355,000 for the fourth quarter 2023, up from $20,329,000 in the same period last year. Full-year cash and cash equivalents were $83 million, including investments in Eton Pharmaceuticals, as of December 31, 2023.

“In summary, supported by the tremendous progress we made in 2023, this year, too, is shaping up to be another exciting year of growth,” said Baum. “I am confident that we have the products, resources and people to take full advantage of the opportunities we see ahead of us today and for many years to come.”