NASHVILLE, Tenn.—Harrow (Nasdaq: HROW), a North American eyecare pharmaceutical company, announced results for the third quarter ended September 30, 2024, reporting that revenues for the third quarter of 2024 were $49.3 million, a 44 percent increase over the prior-year’s third quarter revenues of $34.3 million and a slight sequential increase over the second quarter of 2024 revenues of $48.9 million. “We are pleased with our progress in the third quarter of 2024,” said Mark L. Baum, chief executive officer of Harrow.

Baum continued, “Alongside 44 percent year‑over‑year revenue growth, we achieved a modest sequential revenue increase, despite the third quarter’s traditional summer seasonality and operational bumps that pushed some third quarter revenue into the fourth quarter. Nevertheless, our expected revenue overperformance in the second half of 2024 versus the first half remains intact, as are our longer-term growth plans. We are seeing strong performance thus far in the fourth quarter, traditionally our strongest, for what we expect to be a record‑breaking finish to a truly transformative year for Harrow.”

Harrow also reported a GAAP net loss of $4.2 million in the third quarter of 2024 and adjusted EBITDA of $8.8 million. In the third quarter of 2024, the company noted that Vevye total prescriptions increased 55 percent over the second quarter of 2024. Launched in January of this year, Vevye is a patented formulation of 0.1% cyclosporine delivered in a semifluorinated alkane vehicle, which is indicated for the signs and symptoms of dry eye disease. Harrow also announced its first major Medicare Part D agreement for Vevye with major plan sponsors such as Express Scripts, Cigna, Kaiser Permanente and CVS Caremark. 

“The Vevye launch earlier this year continues to exceed our expectations,” Baum said on an earnings call.

Harrow also announced that customer unit demand volume for Iheezo, a low-viscosity topical ocular anesthetic, grew 15 percent in the third quarter compared with the second quarter of 2024, and announced the relaunch of Triesence, a preservative-free synthetic corticosteroid, in October 2024. 

“One of the most exciting achievements during the third quarter was the completion of the work enabling the October relaunch of Triesence, involving about 39,000 units we can now make available to our specialty distributors,” said Baum. 

The company reported $72.6 million in cash and cash equivalents at the end of the third quarter of 2024. GAAP gross margins were 76 percent for the third quarter of 2024 compared with 71 percent in the same period in 2023. The company also announced that its previously issued 2024 revenue guidance of “greater than $180 million” remained intact.

“We are pleased with the progress we made during the third quarter, and we are confident about achieving a record-setting fourth quarter to close out a record-setting 2024,” Baum concluded.