Group 1 - Harrow Inc is an ophthalmology company with strong growth prospects, and its Q3 earnings report is expected on November 10 [1] - The investing group Haggerston BioHealth provides insights into biotech, healthcare, and pharma sectors, including catalysts, buy/sell ratings, and financial forecasts [1] - The group is aimed at both novice and experienced investors, offering detailed reports and market analysis for over 1,000 companies [1]

Core Viewpoint - Harrow, a leading provider of ophthalmic disease management solutions in North America, will report its third-quarter financial results on November 10, 2025, and host a conference call on November 11, 2025, to discuss these results and provide a business update [1]. Company Overview - Harrow, Inc. (Nasdaq: HROW) specializes in ophthalmic disease management, offering a comprehensive portfolio of products for conditions affecting the eye, including dry eye disease, age-related macular degeneration, cataracts, refractive errors, glaucoma, and other ocular surface and retina diseases [3]. - The company is committed to delivering safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes [3]. Conference Call Information - The conference call will be accessible via a live webcast on Harrow's "Investors" page, with a replay available for one year [2]. - Participants can join the call by registering in advance to receive a unique dial-in number and PIN [2].

Core Insights - Harrow, Inc. (NASDAQ: HROW) is a small biotech company focused on acquiring and commercializing ophthalmic pharmaceutical products in the U.S. [1] Group 1: Company Overview - The company had a stock price around $37 at the beginning of September [1] - Harrow, Inc. specializes in ophthalmic pharmaceuticals, indicating a niche focus within the biotech sector [1] Group 2: Investment Strategy - The investment approach combines fundamental analysis with options strategies, including income-oriented investments, growth at a reasonable price, deep value, and dividend aristocrats [1] - The analyst employs 20-25 options strategies for various purposes such as hedging, bullish substitutes, neutral trades, trading volatility, and earnings-related trades [1] Group 3: Analyst Background - The analyst has a background in software development and has experience in teaching and coaching in various areas, including investing [1]

Core Thesis - Harrow, Inc. (HROW) presents a bullish investment opportunity due to its diverse portfolio, strong revenue growth, and strategic positioning in the ophthalmic market [1][6][7] Company Overview - Harrow Pharmaceuticals is a U.S.-based company focused on ophthalmology, operating in three main areas: FDA-approved drugs, compounded formulations, and equity stakes in emerging innovators [2] - The company's portfolio includes treatments for dry eye disease, glaucoma, ocular inflammation, post-surgical recovery, and retina therapies, making it a "full-spectrum" player in the U.S. ophthalmic market [2] Product Highlights - Key products include VEVYE for dry eye, projected to generate over $100 million in FY25, IHEEZO, the first new branded ocular anesthetic in 14 years, expected to reach over $50 million in FY25, and TRIESENCE, a corticosteroid with patent protection until 2029 [3] - HROW is expanding into the retina category with products like BYOOVIZ and OPUVIZ, while its ImprimisRx compounding division provides stable cash flow and enhances operational efficiency [3] Financial Performance - HROW reported $116.6 million in revenue for the first half of FY25 and anticipates $280 million for the full fiscal year, with gross margins improving from 68% to 74% [4] - EBITDA is expected to grow from approximately 26% in FY25 to 38% in FY27, supported by debt refinancing and $250 million in senior notes [4] Valuation and Growth Potential - Analysts project HROW's revenue to reach $529 million by 2027, with management targeting $1 billion, indicating a potential upside of 3x to 5x over three years [5] - The combination of high-growth branded products, stable cash-generating operations, and strategic equity stakes presents a unique investment opportunity ahead of the upcoming Investor Day [5]

Core Insights - Harrow has announced leadership changes at its subsidiary ImprimisRx, appointing Frank Mullery as CEO and Bridseida Cruz as Head of Quality [2][5] Leadership Appointments - Frank Mullery brings over 20 years of experience in healthcare and pharmaceuticals, having previously served as President of Sintetica US and held senior roles at STI Pharma and Mylan, where he led significant revenue growth and product launches [3] - Bridseida Cruz has over 25 years of experience in quality and operations, known for her work in FDA remediation and operational efficiencies, including launching a new FDA-registered compounding facility that improved throughput by 20% [4] Company Vision - Harrow's CEO Mark L. Baum expressed confidence in the new leadership, emphasizing the importance of fulfilling unmet needs in U.S. eyecare and positioning ImprimisRx as a leader in ophthalmic compounding [5] Company Overview - Harrow, Inc. is a leading provider of ophthalmic disease management solutions in North America, focusing on safe, effective, and affordable medications for various eye conditions [6]

Core Insights - Harrow, Inc. has garnered investor attention with a recent price target of $70 set by Thomas Flaten from Lake Street, indicating a potential increase of approximately 48.62% from the current stock price of $47.10 [1] - The company held its Analyst/Investor Day on September 26, 2025, where key executives provided insights into its strategic direction and financial outlook, attended by analysts from notable firms [2] - The stock price of HROW has recently increased by $0.95, or 2.06%, with a trading range on the same day between $46.29 and $50.72, reflecting significant volatility over the past year [3] - Harrow's market capitalization stands at approximately $1.74 billion, with a trading volume of 1,326,594 shares, indicating strong investor interest and potential upside [4]

Core Points - The event marks Harrow's inaugural Investor and Analyst Day, indicating a significant step in the company's engagement with investors and analysts [1] - The company will present for approximately 2.5 to 3 hours, followed by a 30-minute Q&A session, suggesting a structured approach to communication with stakeholders [4] Risks and Uncertainties - Harrow's forward-looking statements are subject to various risks and uncertainties, particularly regarding the commercial availability of FDA-approved products and the timely approval of certain drug candidates [2][3] - The company has outlined that these risks are detailed in its SEC filings, specifically in the Risk Factors section of its most recent annual report on Form 10-K and subsequent quarterly earnings reports on Form 10-Q [3]

Summary of Harrow's 2025 Investor Day Company Overview - **Company**: Harrow (NasdaqGM:HROW) - **Industry**: Ophthalmic pharmaceuticals - **Event**: Inaugural Investor and Analyst Day held on September 26, 2025 Key Points and Arguments Vision and Market Position - Harrow aims to become the next great U.S. ophthalmic company, following the legacy of Alcon and Allergan, which were founded over 77 years ago [6][16] - The company has built the largest and most diversified portfolio of prescription ophthalmic products in North America with only $1 million of initial capital [7] Business Strategy - Harrow's growth strategy is based on four pillars: founder-led management, a profitable base business, a strong team, and a bright future with multiple product launches [9][10] - The company has been active in ophthalmic M&A, acquiring approximately 17 branded products over the last five years [7] Product Pipeline and Future Launches - Upcoming product launches include TRIESENCE in Q4 2025, BICLOVI and BioViz in 2026, and Opuviz and Melt 300 in 2027 [9][10] - Melt 300 is expected to generate over $100 million in annual revenue post-FDA approval, with a clear path to market due to existing commercial relationships [12][13] Financial Performance and Projections - Harrow anticipates over $280 million in revenue for 2025, with a medium-term goal of $250 million in quarterly revenue by Q4 2027 [22][25] - The company expects gross margins in the low to mid-80s and operating margins in the 30 to 40% range at projected revenue levels [26] Recent Debt Financing - Harrow successfully refinanced $250 million in unsecured notes, lowering its cost of capital and extending its debt maturity profile [19][20] - The refinancing is expected to reduce cash-based interest expenses by approximately $3 million annually [21] Product Development Philosophy - Harrow employs a disciplined approach to product development, focusing on de-risked assets with high probabilities of success [27][28] - The company has three key pipeline products: Melt 300, a prefilled syringe of TRIESENCE, and CR01, a conjunctival delivery device for ocular cancer [29][30] Melt 300 Overview - Melt 300 is a sublingual tablet designed for procedural sedation, targeting a market with over 100 million potential procedures [35][37] - The product aims to eliminate the need for IV sedation and opioids, addressing significant patient and procedural needs [41][42] Dry Eye Market Opportunity - The dry eye market presents a significant opportunity, with 16 million patients in the U.S. and only 8% optimally controlled [56] - Harrow's VEVYE is positioned as the leading therapy in this space, with a unique delivery mechanism that enhances efficacy [62][63] Additional Important Content - Harrow emphasizes its commitment to corporate citizenship, having supported approximately 17,000 patients in 38 countries in 2024 [14] - The company acknowledges the potential for failure but remains focused on long-term growth and learning from mistakes [14][16] - Harrow's leadership team includes experienced professionals from various sectors, enhancing its operational capabilities [3][4][53] This summary encapsulates the critical insights and strategic directions discussed during Harrow's 2025 Investor Day, highlighting the company's commitment to growth, innovation, and market leadership in the ophthalmic sector.

Financial Performance and Goals - Harrow's consolidated revenues have grown significantly, from $48.871 million in 2020 to $199.614 million in 2024, with a projected $280 million in 2025[38] - The company aims for $250 million+ in quarterly revenue by Q4 2027, driven by Surgical + Rare & Specialty Products ($75M), Retina Portfolio ($140M), ImprimisRx ($15M+), and Dry Eye Disease ($20M)[40] - ImprimisRx's revenue for compounded products reached $41.519 million in H1 2025[351] Product Pipeline and Acquisitions - Harrow acquired BYQLOVI for $0.5 million + Royalty[16] - Harrow is planning to file an NDA for MELT-300 in H1 2027, with a potential launch in H2 2028[50] - Harrow is developing a next-generation TRIESENCE with a goal to file an NDA by the end of 2027[53] Market and Commercial Strategy - VEVYE has captured 7.8% of the total Dry Eye Disease (DED) market as of Q2 2025, an increase of 2.6% from Q1 2025[120] - Over 7 million ocular surgeries are performed annually in the US, representing a significant market for Harrow's surgical portfolio[192] - Harrow expects to launch BYOOVIZ in mid-2026 and OPUVIZ in the second half of 2027[233, 234] Debt Refinancing - Harrow refinanced $240 million of unsecured notes with a coupon of 8.625%, resulting in $10 million of new cash to the balance sheet and $40 million undrawn revolver[33]

Financial Performance and Growth - Harrow expects 2025 revenue to be more than $280 million[8] - Adjusted EBITDA in Q2 2025 was $17006 thousand[15] - Harrow had $52963 thousand in cash and cash equivalents as of June 30, 2025[16] Product Portfolio and Market Position - VEVYE experienced 66% Q/o/Q Rx volume growth[9, 33] - VEVYE has captured 78% of the total DED market as of Q2 2025, an increase of 26% from Q1 2025[38] - IHEEZO saw a 25% growth in unit demand in Q2 2025 vs Q1 2025[9] - TRIESENCE experienced 32% growth in Q2 2025 vs Q1 2025[9] Strategic Initiatives and Acquisitions - Harrow acquired the exclusive U S commercial rights for BYQLOVI in June 2025[8] - Harrow acquired the exclusive U S rights to Samsung Boepis ophthalmology biosimilars pipeline, including BYOOVIZ and OPUVIZ in July 2025[8] - In August 2025, Harrow expands VAFA program capacity with a strategic alliance with Apollo Care[8]