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]

Core Viewpoint - Harrow has announced the acquisition of Melt Pharmaceuticals, which specializes in non-opioid sedation therapies, aiming to enhance its ophthalmic disease management solutions and address the growing demand for alternatives to opioids in medical procedures [1][9]. Company Overview - Harrow is a leading provider of ophthalmic disease management solutions in North America, focusing on safe, effective, and accessible medications for various eye conditions [10]. - Melt Pharmaceuticals is a clinical-stage company developing non-IV, non-opioid sedation therapies for medical procedures, with a focus on regulatory approval through the FDA [11]. Acquisition Details - The acquisition of Melt Pharmaceuticals is subject to customary closing conditions, including stockholder approval [1]. - Harrow plans to submit a New Drug Application (NDA) for Melt's lead product, MELT-300, to the FDA in 2027, with a potential commercial launch in 2028 [5]. Product Information - MELT-300 is a patented sublingual formulation combining midazolam (3mg) and ketamine (50mg) designed for rapid sedation without intravenous administration [2]. - The product has shown statistically superior results in clinical trials compared to sublingual midazolam and placebo, indicating its effectiveness in procedural sedation [3][4]. Strategic Rationale - The acquisition is expected to enhance Harrow's portfolio by providing a non-opioid alternative for procedural sedation, addressing a critical public health need [7][9]. - Harrow's existing commercial infrastructure is positioned to accelerate the market introduction of MELT-300, particularly in the U.S. cataract surgery market, which sees over 4 million procedures annually [8]. Market Opportunity - The entry into the U.S. procedural sedation market, valued in the billions, presents significant growth potential for MELT-300, with applications extending beyond ophthalmic surgery to various medical procedures [8]. - The product's innovative delivery method could improve patient experiences by reducing anxiety and simplifying care in outpatient settings [8]. Future Outlook - The collaboration aims to transform the standards of care in sedation, with both companies committed to advancing MELT-300 towards FDA approval and broader market availability [9].

Core Insights - Harrow is launching the Harrow Access for All (HAFA) program to enhance patient access to its ophthalmic medications, building on the success of the VEVYE Access for All (VAFA) initiative [1][2][4] Summary by Sections HAFA Program Overview - HAFA aims to provide a unified access point for Harrow's comprehensive ophthalmic portfolio, including branded, authorized generics, and compounded medications, set to launch in late 2025 [3][4] - The program is designed to improve affordability and streamline the prescribing process, ultimately supporting better patient outcomes and greater efficiency for physicians [3][4] Program Highlights - Eligible commercially insured patients may pay as little as $0, with out-of-pocket costs capped at $59 for all eligible patients, ensuring affordability regardless of coverage status [5] - HAFA will be implemented in three phases, with Phase 1 launching in Q4 2025, covering the majority of Harrow's specialty product portfolio [5] - Phase 2 is expected in the first half of 2026, expanding the portfolio of authorized generics, while Phase 3 in 2027 will extend across Harrow's full range of specialty, AGx, and compounded medicines [5] Technology and Efficiency - The HarrowAccess.com portal will streamline the prescribing process, allowing prescribers to manage prescriptions efficiently and reducing administrative burdens [10] - The platform will integrate with providers' EMR systems, ensuring automatic access to HAFA benefits for patients without additional steps [7][10] Commitment to Patient Access - The CEO of Harrow emphasized the company's commitment to reducing access barriers in ophthalmology, aiming to ensure that every patient can access sight-preserving medications without delay [4] - The program is seen as a significant step towards addressing the challenges of access and affordability in prescription medications, which have been longstanding issues in the industry [7]

Core Insights - Harrow, a leading provider of ophthalmic disease management solutions in North America, is set to hold its Investor & Analyst Day on September 26, 2025, in New York, which will also be available via live webcast [1][2] Company Overview - Harrow offers a comprehensive portfolio of products addressing various ocular conditions, including dry eye disease, age-related macular degeneration, cataracts, glaucoma, and other retinal diseases [7] Event Details - The Investor & Analyst Day will feature presentations from Harrow's leadership team, covering the company's commercial portfolio, pipeline, and long-term vision, along with insights from key opinion leaders in the field [2][5] - The preliminary agenda includes topics such as Harrow's financial update, pipeline products, and expert perspectives on procedural sedation and specific ophthalmic conditions [5] Featured Speakers - Notable physician speakers include Dr. Paul Karpecki, Dr. Raj Patel, Dr. Seenu Hariprasad, and Dr. Maggie Jeffries, each bringing extensive experience in various areas of ophthalmology [3][4] Webcast Information - A live webcast of the event will be available, along with a replay and presentation materials posted on Harrow's investor relations page [6]

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Core Viewpoint - Harrow, a leading provider of ophthalmic disease management solutions in North America, has announced a private offering of $250 million in senior unsecured notes due 2030, with an interest rate of 8.625% [1][2]. Group 1: Offering Details - The 2030 Notes will bear an interest rate of 8.625% per year, with interest payable semi-annually starting March 15, 2026, and maturing on September 15, 2030 [2]. - The offering price for the 2030 Notes is set at 100% of the principal amount [2]. - The offering is expected to close on September 12, 2025, subject to customary closing conditions [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to repay a $107.5 million facility with Oaktree Fund Administration, redeem $75 million of outstanding 2026 Notes, and redeem $40.25 million of outstanding 2027 Notes [3]. - Remaining proceeds are anticipated to be allocated for general corporate purposes, including funding future strategic business development opportunities [3]. Group 3: Company Overview - Harrow, Inc. specializes in ophthalmic disease management solutions, offering a range of products for conditions such as dry eye disease, age-related macular degeneration, cataracts, and glaucoma [7]. - The company is committed to providing safe, effective, accessible, and affordable medications to enhance patient compliance and improve clinical outcomes [7].

Core Viewpoint - Harrow has announced a private offering of $250 million in senior unsecured notes due 2030, alongside a new $40 million revolving credit facility, aimed at refinancing existing debt and supporting corporate purposes [1][2][3]. Group 1: Offering Details - The company is offering $250 million in senior unsecured notes due 2030, which will be guaranteed by its existing and future wholly-owned domestic restricted subsidiaries [1]. - The net proceeds from the offering will be used to repay a $107.5 million facility with Oaktree Fund Administration, redeem $75 million of 8.625% Senior Notes due 2026, and redeem $40.25 million of 11.875% Senior Notes due 2027 [3]. - The company has delivered a conditional notice to redeem all outstanding 2027 Notes on October 9, 2025, at a price of 102% of the principal amount plus accrued interest [4]. Group 2: Credit Facility - The company has entered into a commitment letter for a new revolving credit facility of up to $40 million, expected to close shortly after the issuance of the 2030 Notes [2]. - The new revolving credit facility is set to mature either 91 days prior to the earliest maturity date of the 2030 Notes or on the fifth anniversary of its closing [2]. Group 3: Redemption of Existing Notes - The company plans to redeem all outstanding 2026 Notes on a date between 30 to 60 days after delivering the redemption notice, at 100% of the principal amount plus a make-whole amount and accrued interest [5]. - Following the redemption, both the 2026 and 2027 Notes will be delisted from Nasdaq [4][5]. Group 4: Company Overview - Harrow is a leading provider of ophthalmic disease management solutions in North America, focusing on a comprehensive portfolio of products for various eye conditions [10].

Core Viewpoint - Harrow (HROW) shows potential as a strong investment opportunity due to significant upward revisions in earnings estimates, indicating an improving earnings outlook [1][2]. Earnings Estimate Revisions - The trend of increasing estimate revisions reflects growing analyst optimism regarding Harrow's earnings prospects, which is expected to positively influence its stock price [2]. - For the current quarter, Harrow is projected to earn $0.16 per share, marking a year-over-year increase of +233.3%. The Zacks Consensus Estimate has risen by 18.52% in the last 30 days, with two estimates increasing and no negative revisions [5]. - For the full year, the earnings estimate stands at $0.28 per share, representing a +171.8% change from the previous year. Similar to the current quarter, two estimates have been revised upward with no negative changes [6]. Zacks Rank - Harrow has achieved a Zacks Rank 1 (Strong Buy) due to favorable estimate revisions, which is a reliable indicator of potential stock performance. Historically, Zacks 1 Ranked stocks have delivered an average annual return of +25% since 2008 [3][7]. - Stocks with Zacks Rank 1 (Strong Buy) and Rank 2 (Buy) have been shown to significantly outperform the S&P 500 [7]. Stock Performance - Harrow's stock has increased by 10.7% over the past four weeks, driven by strong estimate revisions, suggesting that there may still be further upside potential [8].