Short answer
HARROW, INC. (HROW) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $272M (+36.4% year over year) and net income of −$5M.
- Top risk flagged: Legal risk: Ocular Science lawsuit with $11.25M judgment after punitive damages reduction and pending appeal filed October 9, 2025
FY2025 key financial metrics · XBRL
- Revenue
- $272M
- +36.4% YoY
- Net income
- −$5M
- +70.6% YoY
- Operating margin
- 11.2%
- +6.8 pp YoY
- Gross margin
- 75.1%
- −0.3 pp YoY
- EPS (diluted)
- −$0.14
- +71.4% YoY
- ROE
- -9.8%
- +15.3 pp YoY
- Operating cash flow
- $44M
- +297.6% YoY
Source: XBRL data from the HARROW, INC. (HROW) FY2025 10-K on SEC EDGAR. USD.
HARROW, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: U.S. ophthalmic disease management with FDA-approved branded pharmaceuticals and ophthalmology-focused pharmaceutical compounding
- New product emphasis: Commercial launches planned for BYOOVIZ and BYQLOVI in mid-2026; OPUVIZ expected mid-2027; MELT-300 sedation tablet with FDA NDA filing expected H1 2027
- Strategic shift: Full acquisition of Melt Pharmaceuticals in Nov 2025, integrating MELT-300 non-IV sedation program into Harrow's pipeline and consolidating R&D
- Quantitative highlight: Ownership increased MELT to 100% via $4.3M upfront and contingent milestone payments; ImprimisRx serves 10,000+ U.S. eyecare prescribers
- Noteworthy fact: MELT-300 poised as first FDA-approved non-opioid, sublingual sedation therapy targeting broad procedural sedation beyond ophthalmology
Management Discussion & Analysis
- Revenue $272.3M up 36% YoY from $199.6M; IHEEZO sales $81.3M (+65% YoY), VEVYE sales $88.7M (+216% YoY), Other branded sales down $12.5M
- Gross margin branded 81.0% vs 81.3% prior year, ImprimisRx margin 59.9% down from 67.0%, net loss narrowed to $5.1M from $17.5M
- Best performing segment: Branded products revenue $195.8M up $79.6M; Worst: ImprimisRx revenue $76.5M down $7.0M
- Operating cash flow positive $43.9M vs negative $22.2M prior year; Capex and acquisition spend $5.5M; Debt refinancing with $242.7M 8.625% notes issued, prior debt paid off
- Management expanding commercial sales teams in 2026; pipeline growth supported by Melt acquisition, new product launches BYOOVIZ and BYQLOVI mid-2026; key risks include regulatory and reimbursement challenges
Risk Factors
- Legal risk: Ocular Science lawsuit with $11.25M judgment after punitive damages reduction and pending appeal filed October 9, 2025
- Macroeconomic risk: Sole U.S. revenue and asset concentration with 90% accounts receivable from three customers as of December 31, 2025
- Operational risk: Contract manufacturing commitments of $10.7M for 2026 with minimum annual order requirements
- Competitive risk: ImprimisRx segment faces revenue decline from $83.5M in 2024 to $76.5M in 2025 amid competitive pressures
- Financial risk: Customer concentration with two customers accounting for over 10% of Branded revenues in 2024 and 2025 affecting revenue stability
Generated from the filing text; verify against the original. How to read a 10-K
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