Harrow Health(HROW)2024-08-08 17:59Financial Data and Key Metrics Changes - Harrow achieved record quarterly revenue of 180 million, excluding contributions from TRIESENCE [6][12] Business Line Data and Key Metrics Changes - The Anterior Segment business saw revenue increase by over 40% compared to the first quarter of 2024 [5] - ImprimisRx compounding subsidiary achieved its highest quarterly revenue in history [5] - Branded revenue is now ahead of compounded revenue, positively impacting margins [6] Market Data and Key Metrics Changes - IHEEZO unit volumes nearly doubled, up about 98% from the previous quarter, with 24 supply agreements signed with strategic retina practice accounts [7] - VEVYE prescriptions increased by 212% from the first quarter of 2024, with a total of 3,000 prescribers [8][9] Company Strategy and Development Direction - The company aims to become North America's leading ophthalmic pharmaceutical company, focusing on expanding the VEVYE salesforce and opening new territories [12][11] - Harrow is actively pursuing Medicare coverage for VEVYE, with expectations for coverage to be in place by early 2025 [14][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational momentum and growth potential for the second half of 2024, particularly with the relaunch of TRIESENCE [6][12] - Positive feedback from physicians regarding VEVYE's effectiveness and tolerability was highlighted, indicating strong market demand [10][12] Other Important Information - The company has a strong market access strategy, with VEVYE currently exceeding internal goals, covering over 166 million lives [9] - The company is focused on maintaining profitability while expanding its market presence and product offerings [51] Q&A Session Summary Question: Can you provide commentary on Medicare coverage for VEVYE? - The company is in the process of attaining Medicare coverage, which is expected to take 18 to 24 months from the product launch [14] Question: What is the size and scope of the VEVYE sales force? - The VEVYE sales force currently covers only 36 out of 59 markets, with plans to expand coverage in the coming quarters [15][16] Question: Can you discuss the reorder activity for IHEEZO? - The reorder rate for IHEEZO is currently at 87%, indicating strong interest from physicians [49] Question: What is driving the success in the Medicaid market for VEVYE? - The market access team has been successful in securing Medicaid coverage with zero co-pay for patients in large markets like Texas and California [23][51] Question: What is the expected market opportunity for IHEEZO and VEVYE? - The market opportunity for IHEEZO is significant, with over 17 million annual use cases in the US, while VEVYE targets a large population suffering from moderate to severe dry eye disease [56]