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…
Earnings analysis · 10-Q
HROW earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
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…
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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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.46
What stood out
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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.
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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.
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Adjusted EBITDA Outlook Maintained
Full-year 2026 revenue guidance remained $350 million-$365 million, while Adjusted EBITDA guidance remained $80 million-$100 million.
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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.
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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.
What to watch
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.