NASHVILLE, Tenn.—Harrow (Nasdaq: HROW), a North American eyecare pharmaceutical company, has announced results for the second quarter and six months ended June 30, 2024. The company reported that revenues for the second quarter of 2024 increased to a record $48.9 million, a 46 percent increase over the prior year’s second quarter revenues of $33.5 million and a 42 percent sequential increase over the first quarter of 2024 revenues of $34.6 million. Revenues for the first six months ended June 30, 2024 were $83.5 million compared with $59.5 million for the same period last year.

“The second quarter of 2024 marked a financial and operational turning point for Harrow, with revenues surging 46 percent compared to the same quarter last year and 42 percent over the previous quarter,” said Mark L. Baum, chief executive officer of Harrow. “This remarkable growth, which was years in the making, was driven by exceptional performance across all Harrow business segments, most notably Iheezo (indicated for ocular surface anesthesia) and Vevye (dry eye treatment). Our team also continues to advance the relaunch of Triesence (indicated for visualization during vitrectomy and for the treatment of ocular inflammatory conditions) during 2024, with initial analytical test results for the second process performance qualification (PPQ) batch demonstrating in-specification results and the third PPQ batch scheduled to be manufactured in a matter of days.

“This outstanding quarterly report is a testament to the dedication of the entire Harrow family, which is being continuously strengthened by the addition of experienced and motivated high-impact individuals," Baum continued. "We are excited about where we are today, confident that we are poised for, and expect to achieve, further revenue and profitability expansion in the coming quarters and years.”

Harrow reported that Iheezo customer unit demand volume increased by 98 percent from the first quarter of 2024, with Vevye total prescriptions increasing by 212 percent from the first quarter of 2024. The company also reported a GAAP net loss of $(6.5) million during the second quarter and adjusted EBITDA of $8.8 million. Cash and cash equivalents were reported as $71.0 million as of June 30, 2024.

Company executives said they expect that revenue in the back half of 2024 “should substantially outperform revenue in the first half of this year.” They indicated that they remain confident that the company’s 2024 revenue will be greater than $180 million for 2024.