NASHVILLE, Tenn.—Harrow (Nasdaq: HROW), a leading U.S. eyecare pharmaceutical company, yesterday reported record revenues of $33.5 million for the second quarter and six months ended June 30, 2023, an increase of 44 percent over $23.3 million in the prior-year quarter and an increase of 28 percent over $26.1 million in the sequential quarter. Harrow posted a GAAP net loss of $4.2 million and record adjusted EBITDA of $11.0 million, an increase of 144 percent over $4.5 million in the prior‑year quarter and an increase of 108 percent over $5.3 million in the sequential quarter.

The company completed a public offering of common stock for aggregate gross proceeds of $69 million. Harrow also reported that it expanded an Oaktree loan from $100 million to $112.50 million.

Other highlights for the second quarter included the acquisition of certain commercial rights to Flarex, Natacyn, Tobradex St, Verkazia, Zerviate, and non-prescription brands Freshkote and Cationorm Plus; acquisition of North American commercial rights to Vevye, a novel FDA-approved drug labeled to treat both the signs and symptoms of dry eye disease, and the completed transfer of a new drug application for Vigamox.

“Our team has made great progress positioning Harrow as a top-tier U.S.-focused ophthalmic pharmaceutical company,” said Mark L. Baum, CEO of Harrow. “Since January of 2023, through a series of transactions, we have not only improved Harrow’s balance sheet, but we’ve dramatically improved Harrow’s product portfolio, which is now one of the most comprehensive ophthalmic pharmaceutical offerings in the U.S. market.

"With what we now have in our 'bag' and continued execution and operational performance by the Harrow team, we believe we are on our way to achieving the highest financial goals for Harrow’s stockholders,” Baum concluded.