HARROW, INC. (HROW) FY2025 10-K Annual Report
HARROW, INC. (HROW) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
HARROW, INC. FY2025 10-K Analysis
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
HARROW, INC. FY2025 Key Financial MetricsXBRL
Revenue
$272M
▲ +36.4% YoY
Net Income
-$5M
▲ +70.6% YoY
Gross Margin
75.1%
▼ -28bp YoY
Operating Margin
11.2%
▲ +679bp YoY
Net Margin
-1.9%
▲ +687bp YoY
ROE
-9.8%
▲ +1530bp YoY
Total Assets
$399M
▲ +2.7% YoY
EPS (Diluted)
$-0.14
▲ +71.4% YoY
Operating Cash Flow
$44M
▲ +297.6% YoY
Source: XBRL data from HARROW, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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