HROW earnings analysis
What we found in HROW's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Harrow's Q2 revenue of $70.661 million modestly exceeded the $70.500 million consensus estimate and increased from $64 million in Q2 2025, but diluted EPS of $(0.46) materially missed the $(0.24) estimate and declined from $0.13 a year earlier. Full-year revenue guidance was maintained at $350 million-$365 million, but the high end was reduced by $10 million from the prior outlook; Adjusted EBITDA guidance remained $80 million-$100 million. The amended reimbursement risk factor highlights heightened exposure to payor restrictions, rebates, chargebacks, and international-reference pricing policies.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Beat Estimates
- Q2 revenue was $70.661 million, approximately $0.161 million above the $70.500 million consensus estimate and up from $64 million in Q2 2025.
- Revenue Growth Did Not Reach Earnings
- Diluted EPS was $(0.46), missing the $(0.24) consensus estimate by $0.22 and reversing the $0.13 diluted EPS reported in Q2 2025.
- Adjusted EBITDA Outlook Maintained
- Full-year 2026 revenue guidance remained $350 million-$365 million, while Adjusted EBITDA guidance remained $80 million-$100 million.
- Revenue Guidance High End Reduced
- The revenue outlook high end declined from $375 million to $365 million, a $10 million reduction from the prior outlook.
- Key Ophthalmology Products Drove Demand
- Management identified VEVYE, IHEEZO, and TRIESENCE demand as key commercial drivers in the quarter, although the filing data provided here does not include product-level revenue amounts.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Reimbursement and Pricing Pressure
- The 10-Q amended and restated the reimbursement risk factor, citing step edits, prior authorization, formulary restrictions, increased cost sharing, reimbursement-rate reductions, and potential international-reference pricing policies. Because certain products are reimbursed under Medicare Part B and Part D, adverse policy changes could pressure revenue, gross margins, and cash flows.
- Gross-to-Net and Interest-Rate Risk
- Revenue includes estimates for rebates, chargebacks, wholesaler fees, returns, patient assistance, and other gross-to-net deductions; adverse resolution of claims could require future revenue adjustments and harm profitability. The filing also states that a hypothetical 100-basis-point rate movement would change the fair value of fixed-rate debt by approximately $3.0 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.46
What they said about what is next.
Full-year 2026 revenue outlook was reiterated at $350 million-$365 million, versus the prior $350 million-$375 million range; the high end was reduced by $10 million. Adjusted EBITDA guidance remained $80 million-$100 million. No quarterly EPS guidance was provided.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 11, 2026
- Harrow (HROW) reported disappointing Q1 2026 results, with revenue of $44.2 million and a net loss of $27.6 million, falling short of consensus estimates. Key challenges included increased gross-to-net revenue…
- 10-K · March 2, 2026
- Harrow reports continued top-line expansion with FY2025 revenue of approximately $273.0M (sum of quarterly revenues), a notable improvement in operating margin to ~11.2% and a swing to positive free cash flow (~$42.0M)…
- 10-Q · November 10, 2025
- Harrow reported strong quarter with total revenues of $71.638M (three months ended Sept 30, 2025) vs $49.257M a year ago, driving gross profit of $53.926M and operating income of $14.747M. Diluted EPS was $0.03 vs…
- 10-Q · May 8, 2025
- Revenue increased to $47,831,000 in Q1 2025 from $34,587,000 in Q1 2024 (+$13,244,000, +38.3%), driving higher gross profit of $32,307,000 but gross margin declined slightly. The company produced strong operating cash…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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