NASHVILLE, Tenn.—Harrow, a U.S. eyecare pharmaceutical company, (Nasdaq: HROW) has announced its results for the first quarter ended March 31, 2024. In addition, the company said it posted its first-quarter Letter to Stockholders and corporate presentation to the “Investors” section of its website. On Tuesday morning, May 14, 2024, Harrow’s management team hosted a conference call and live webcast to discuss the first quarter and provided an update on several operational initiatives, including VEVYE, a prescription eye drop for dry eye; IHEEZO, a numbing gel used for certain eye procedures; and TRIESENCE, a synthetic corticosteroid used to treat uveitis and other eye conditions.

Mark L. Baum, Harrow CEO, said, “Our primary focus for 2024 remains on three key operational initiatives: building a formidable dry eye disease franchise, including successfully launching VEVYE; continuing to build a retina franchise with IHEEZO and TRIESENCE; stabilizing ImprimisRx and our Anterior Segment Products, and returning them to a growth trajectory. I am very pleased with the success we had in all three of these areas during the first quarter, and I remain optimistic for 2024 based on what we are seeing in the second quarter. Given the strength we see with both IHEEZO and VEVYE, the upcoming reintroduction of TRIESENCE to the ophthalmic market, and the significant momentum that we have built so far in 2024, we are well-positioned to meet our 2024 revenue guidance of more than $180 million.”

In the first quarter of 2024, Harrow recorded revenues of $34.6 million, a 33 percent increase over the $26.1 million realized in the prior-year quarter, according to the company. Cash and cash equivalents as of March 31, 2024, are $76.0 million (including Eton Pharmaceuticals shares); Harrow sold Eton Pharmaceuticals common stock in April 2024, yielding $5.5 million in cash that can be deployed strategically to drive value in Harrow’s core ophthalmic pharmaceuticals business, Harrow said.

In addition, Harrow said it received confirmation from the Centers for Medicare & Medicaid Services (CMS) on March 20 that IHEEZO is separately reimbursable for unilateral and bilateral in-office procedures, retroactive to January 1, 2024. The company recently signed IHEEZO supply agreements with seven multi-practice strategic accounts, and the U.S. Patent and Trademark Office granted new IHEEZO patent claims with an expiry through 2039.

For VEVYE, Harrow said it has seen sequential month-over-month growth in total prescriptions, new prescriptions, prescribers and refills. Covered lives for VEVYE increased to 150 million, up from 40 million, as the company reported in March.

Harrow also said that it passed all preliminary assays for recent TRIESENCE process performance qualification (PPQ) batch. Finally, revenues of ImprimisRx, which specializes in compounding medications to meet unique patient and practitioner needs, returned to sequential quarterly growth.