HROW

MKT CAP:$1B

Harrow Health, Inc.

Market Cap

$1B

Healthcare·Drug Manufacturers - Specialty & Generic·🇺🇸 United States·NASDAQ

Healthcare·Drug·🇺🇸·NASDAQ

Stock Price

$39.14-$10.77 (-21.58%)

Apr 22, 2026

Company Details

Harrow Health, Inc. operates as an ophthalmic-focused healthcare company. The company owns ImprimisRx, an ophthalmology outsourcing and pharmaceutical compounding business; and DEXYCU for the treatment of post-operative inflammation. The co...

CEO

Mark L. Baum

IPO Date

Sep 28, 2007

Website

www.harrowinc.com

Key Metrics TTM

Revenue

$272M

+36.4% YoY

Net Income

-$5M

EPS (Diluted)

-$0.16

Free Cash Flow

$43M

Revenue / Share

$7.41

Gross Margin

75.1%

Operating Margin

11.2%

Net Margin

-1.9%

FCF Margin

15.8%

P/S

5.4x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 2, 2026

$272M+36.4%EPS -$0.14

Q4 2025

Mar 2, 2026

$89M+33.3%EPS $0.18

Q3 2025

Nov 10, 2025

$72M+45.4%EPS $0.03

Q2 2025

Aug 11, 2025

$64M+30.2%EPS $0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$22M	$16M	$2M
Q2 22	$23M	$17M	$2M
Q3 22	$23M	$16M	-$94.0K
Q4 22	$20M	$14M	-$2M
Q1 23	$26M	$18M	$1M
Q2 23	$33M	$23M	$2M
Q3 23	$34M	$24M	$2M
Q4 23	$36M	$25M	-$5M
Q1 24	$35M	$24M	-$7M
Q2 24	$49M	$36M	$2M
Q3 24	$49M	$37M	$1M
Q4 24	$67M	$53M	$13M
Q1 25	$48M	$32M	-$11M
Q2 25	$64M	$48M	$11M
Q3 25	$72M	$54M	$15M
Q4 25	$89M	$71M	$16M

Valuation

Quarter	P/S	P/E
Q1 22	18.7x	—
Q2 22	17.5x	—
Q3 22	16.7x	—
Q4 22	16.7x	—
Q1 23	16.0x	—
Q2 23	14.4x	—
Q3 23	12.9x	—
Q4 23	11.3x	—
Q1 24	10.7x	—
Q2 24	9.6x	—
Q3 24	8.7x	—
Q4 24	7.4x	—
Q1 25	6.9x	—
Q2 25	6.5x	—
Q3 25	5.9x	—
Q4 25	5.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$967.0K	$563.0K
Q2 22	$5M	$5M
Q3 22	-$410.0K	-$1M
Q4 22	-$4M	-$5M
Q1 23	-$8M	-$9M
Q2 23	$5M	$3M
Q3 23	-$1M	-$21M
Q4 23	$9M	$8M
Q1 24	-$5M	-$5M
Q2 24	-$3M	-$3M
Q3 24	$3M	$2M
Q4 24	-$18M	-$55M
Q1 25	$20M	$19M
Q2 25	-$803.0K	-$969.0K
Q3 25	$17M	$16M
Q4 25	$8M	$8M

Capital Expenditures

Quarter	CapEx
Q1 22	$404.0K
Q2 22	$260.0K
Q3 22	$1M
Q4 22	$878.0K
Q1 23	$496.0K
Q2 23	$1M
Q3 23	$20M
Q4 23	$203.0K
Q1 24	$92.0K
Q2 24	$344.0K
Q3 24	$604.0K
Q4 24	$38M
Q1 25	$212.0K
Q2 25	$166.0K
Q3 25	$210.0K
Q4 25	$341.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+43.2%	+59.8%
Q2 22	+28.6%	+54.9%
Q3 22	+22.0%	+2.2%
Q4 22	+0.7%	+0.7%
Q1 23	+18.0%	+24.3%
Q2 23	+43.5%	+43.8%
Q3 23	+50.1%	+41.9%
Q4 23	+78.8%	+86.5%
Q1 24	+32.5%	+66.8%
Q2 24	+46.2%	+52.4%
Q3 24	+43.8%	+47.4%
Q4 24	+83.8%	+30.8%
Q1 25	+38.3%	+42.3%
Q2 25	+30.2%	+10.4%
Q3 25	+45.4%	+18.7%
Q4 25	+33.3%	+36.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	9.1%
Q2 22	$2M	8.5%
Q3 22	$2M	8.5%
Q4 22	$2M	10.0%
Q1 23	$2M	6.3%
Q2 23	$5M	16.2%
Q3 23	$4M	13.1%
Q4 23	$4M	11.5%
Q1 24	$4M	12.1%
Q2 24	$4M	8.7%
Q3 24	$4M	8.9%
Q4 24	$5M	7.2%
Q1 25	$5M	9.5%
Q2 25	$875.0K	1.4%
Q3 25	$3M	4.6%
Q4 25	$4M	4.3%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$658.0K	—
Q2 22	$914.0K	—
Q3 22	$775.0K	—
Q4 22	$703.0K	—
Q1 23	$734.0K	—
Q2 23	$1M	—
Q3 23	$1M	—
Q4 23	$3M	—
Q1 24	$2M	—
Q2 24	$3M	—
Q3 24	$2M	—
Q4 24	$5M	—
Q1 25	$3M	—
Q2 25	$3M	—
Q3 25	$3M	—
Q4 25	$12M	$43M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$42M	$9M	$51M
Q2 22	$46M	$5M	$52M
Q3 22	$45M	$4M	$49M
Q4 22	$96M	$6M	$102M
Q1 23	$19M	$8M	$27M
Q2 23	$23M	$7M	$30M
Q3 23	$66M	$8M	$74M
Q4 23	$74M	$9M	$83M
Q1 24	$69M	$7M	$76M
Q2 24	$71M	$0	$71M
Q3 24	$73M	$0	$73M
Q4 24	$47M	$0	$47M
Q1 25	$67M	$0	$67M
Q2 25	$53M	$3M	$56M
Q3 25	$74M	$0	$74M
Q4 25	$73M	$0	$73M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	27M	-0.9%	-0.9%
Q2 22	27M	+0.3%	+2.1%
Q3 22	27M	+0.2%	+0.9%
Q4 22	29M	+7.6%	+7.1%
Q1 23	30M	+2.9%	+11.2%
Q2 23	30M	+0.6%	+11.6%
Q3 23	34M	+12.5%	+25.2%
Q4 23	35M	+3.2%	+20.1%
Q1 24	35M	+0.3%	+17.1%
Q2 24	36M	+0.4%	+16.9%
Q3 24	36M	+0.2%	+4.2%
Q4 24	36M	+0.3%	+1.3%
Q1 25	36M	+0.1%	+1.0%
Q2 25	39M	+8.5%	+9.1%
Q3 25	39M	+0.1%	+8.9%
Q4 25	37M	-5.4%	+2.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$121.5K	182
Q2 22	$128.1K	182
Q3 22	$125.4K	182
Q4 22	$93.7K	217
Q1 23	$120.3K	217
Q2 23	$154.2K	217
Q3 23	$157.9K	217
Q4 23	$115.4K	315
Q1 24	$109.8K	315
Q2 24	$155.4K	315
Q3 24	$156.4K	315
Q4 24	$175.0K	382
Q1 25	$125.2K	382
Q2 25	$166.9K	382
Q3 25	$187.5K	382
Q4 25	$238.9K	373

Revenue / Employee