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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 13, 2023

HARROW,

INC.

(Exact name of registrant as specified in its charter)

Delaware

001-35814

45-0567010

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS

Employer

Identification No.)

102 Woodmont Blvd., Suite 610

Nashville, Tennessee

37205

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (615) 733-4730

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name on exchange on which registered

Common Stock, $0.001 par value per share

HROW

The Nasdaq Stock Market LLC

8.625% Senior Notes due 2026

HROWL

The Nasdaq Stock Market LLC

11.875% Senior Notes due 2027

HROWM

The Nasdaq Stock Market LLC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Act of 1934: Emerging growth company ☐

If any emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 13, 2023, Harrow, Inc. (the “Company”) issued a press release and a letter to stockholders announcing its financial results for the period ended September 30, 2023 and an update on recent corporate events. The press release and letter to stockholders are being furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K.

The information furnished under this Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent it is specifically incorporated by reference but regardless of any general incorporation language in such filing.

The information furnished under this Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed to constitute an admission that such information or exhibit is required to be furnished pursuant to Regulation FD or that such information or exhibit contains material information that is not otherwise publicly available. In addition, the Company does not assume any obligation to update such information or exhibit in the future.

Item 9.01. Financial Statements and Exhibits

(d)

Exhibits

99.1

Press Release issued by Harrow, Inc. on November 13, 2023

99.2

Letter to Stockholders by Harrow, Inc. dated November 13, 2023

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HARROW,

INC.

Dated: November 13, 2023 By: /s/ Andrew R. Boll

Name: Andrew R. Boll

Title: Chief Financial Officer

EX-99.1

2 ex99-1.htm

EXHIBIT

99.1

Harrow Announces Second Quarter 2023 Financial Results

Second Quarter 2023 and Recent Selected Highlights:

● Record revenues of $33.5 million, an increase of 44% over $23.3 million in the prior-year quarter and an increase of 28% over $26.1 million in the sequential quarter.

●

GAAP

net loss of ($4.2) million.

● Record adjusted EBITDA of $11.0 million, an increase of 144% over $4.5 million in the prior-year quarter and an increase of 108% over $5.3 million in the sequential quarter.

● Completed public offering of common stock for aggregate gross proceeds of $69 million.

● Expanded Oaktree Loan from $100 million to $112.50 million.

● Acquired certain commercial rights to FLAREX®, NATACYN®, TOBRADEX® ST, VERKAZIA®, ZERVIATE®, and Non-Prescription Brands FRESHKOTE® and Cationorm® PLUS.

● Acquired North American commercial rights to VEVYE®, a novel FDA-approved drug labeled to treat both the signs and symptoms of dry eye disease.

● Completed transfer of New Drug Application for VIGAMOX®.

NASHVILLE,

Tenn., August 9, 2023 – Harrow (Nasdaq: HROW), a leading U.S. eyecare pharmaceutical company, today announced results for the second quarter and six months ended June 30, 2023. The Company also posted its second quarter Letter to Stockholders and corporate

presentation to the “Investors” section of its website, harrow.com.

“Our team has made great progress positioning Harrow as a top-tier U.S.-focused ophthalmic pharmaceutical company,” said Mark L. Baum, CEO of Harrow. “Since January of 2023, through a series of transactions, we have not only improved Harrow’s balance sheet, but we’ve dramatically improved Harrow’s product portfolio, which is now one of the most comprehensive ophthalmic pharmaceutical offerings in the U.S. market. With what we now have in our “bag” and continued execution and operational performance by the Harrow team, we believe we are on our way to achieving the highest financial goals for Harrow’s stockholders.”

Second quarter 2023 figures of merit:

For the Three Months Ended

June 30,

For the Six Months Ended June 30,

2023 2022 2023 2022

Net revenues $33,470,000 $23,323,000 $59,573,000 $45,443,000

Gross margin 70% 72% 69% 72%

Core gross margin(1) 78% 73% 77% 74%

Net loss (4,229,000) (6,239,000) (10,872,000) (8,677,000)

Core net (loss) income(1) (494,000) 254,000 (1,536,000) 967,000

Adjusted

EBITDA(1)

11,005,000 4,505,000 16,347,000 9,445,000

Basic net loss per share (0.14) (0.23) (0.36) (0.32)

Diluted net loss per share (0.14) (0.23) (0.36) (0.32)

Core basic net (loss) income per share(1) (0.02) 0.01 (0.05) 0.04

Core diluted net (loss) income per share(1) (0.02) 0.01 (0.05) 0.03

(1) Core gross margin, core net (loss) income, core basic and diluted net (loss) income per share (collectively, “Core Results”), and Adjusted EBITDA are non-GAAP measures. For additional information, including a reconciliation of such Core Results and Adjusted EBITDA to the most directly comparable measures presented in accordance with GAAP, see the explanation of non-GAAP measures and reconciliation tables in the financial tables section.

-MORE-

Harrow Announces Second Quarter 2023 Financial Results

Page 2

August 9, 2023

Conference Call and Webcast

The Company’s management team will host a conference call and live webcast today at 4:45 p.m. Eastern Time to discuss the second quarter 2023 results and provide a business update. To participate in the call, see details below:

Conference Call Details:

Date: Wednesday, August 9, 2023

Time: 4:45 p.m. Eastern time

Participant Dial-in:

1-833-953-2434

(U.S.)

1-412-317-5763 (International)

Replay Dial-in (Passcode 3750229):

(telephonic replay through August 16, 2023)

1-877-344-7529

(U.S.)

1-412-317-0088 (International)

Webcast: (online replay through August 9, 2024) harrow.com

About Harrow

Harrow Health, Inc. (Nasdaq: HROW) is a leading eyecare pharmaceutical company engaged in the discovery, development, and commercialization of innovative ophthalmic pharmaceutical products for the U.S. market. Harrow helps U.S. eyecare professionals preserve the gift of sight by making its comprehensive portfolio of prescription and non-prescription pharmaceutical products accessible and affordable to millions of Americans each year. For more information about Harrow, please visit harrow.com.

Forward-Looking

Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release that are not historical facts may be considered such “forward-looking statements.”

Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties which may

cause results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include, among others, risks re

EX-99.1

2 ex99-1.htm

Exhibit 99.1

Harrow Provides Select Preliminary Second Quarter 2023 Financial Guidance

NASHVILLE,

Tenn., July 18, 2023 – Harrow (Nasdaq: HROW), a leading U.S. eyecare pharmaceutical company, today announced the following select preliminary second quarter 2023 financial guidance:

● Second quarter 2023 revenues in excess of $31.0 million compared with prior-year second quarter revenues of $23.3 million

● Second quarter 2023 Adjusted EBITDA (a non-GAAP measure) in excess of $9.3 million

Management expects to release full second quarter 2023 financial results on August 9, 2023.

About Harrow

Harrow Health, Inc. (Nasdaq: HROW) is a leading U.S. eyecare pharmaceutical company engaged in the discovery, development, and commercialization of innovative ophthalmic prescription therapies that are accessible and affordable. Harrow owns U.S. commercial rights to ten branded FDA-approved ophthalmic pharmaceutical products. Harrow also owns and operates ImprimisRx, a leading U.S. ophthalmic-focused pharmaceutical compounding business, which also serves as a mail-order pharmacy licensed to ship prescription medications in all 50 states. Harrow has non-controlling equity positions in Surface Ophthalmics, Inc. and Melt Pharmaceuticals, Inc., companies that began as subsidiaries of Harrow. Harrow also owns royalty rights in four late-stage drug candidates being developed by Surface and Melt.

Non-GAAP

Measures

Management utilizes Adjusted EBITDA, an unaudited financial measure that is not calculated in accordance with General Accepted Accounting Principles (“GAAP”), to evaluate the Company’s financial results and performance and to plan and forecast future periods. Investors are encouraged to review the Company’s complete results of operations and additional information provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. Management believes that Adjusted EBITDA reflects an additional way of viewing aspects of the Company’s operations that, when viewed in conjunction with GAAP results, provides a more complete understanding of the Company’s results of operations and the factors and trends affecting its business.

Although we are providing management guidance on anticipated Adjusted EBITDA, we are unable to determine with reasonable certainty the ultimate outcome of certain items necessary to calculate net income, the most directly comparable GAAP measure, without unreasonable effort. These items include, but are not limited to, final calculation of investment related gains/losses, inventory reserves, profit transfers, revenue discounts, returns, chargebacks and stock-based compensation. These items are uncertain, depend on various factors, and could have a material impact on the GAAP reported results for the period. All estimates presented are subject to completion of the applicable quarter-end closing procedures. Our actual results for such period are not expected to be available until early August 2023 and may vary from these estimates. In addition, estimated financial information is necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the estimated financial information described above will not materialize or will vary significantly from actual results. Accordingly, undue reliance should not be placed on this estimate. The preliminary estimate is not necessarily indicative of any future period and should be read together with the sections titled “Risk Factors” and “Special Note Regarding

Forward-Looking Statements,” and under similar headings in the documents filed by the Company with the U.S. Securities and Exchange

Commission (“SEC”) as well as our financial statements, related notes and other financial information included in the Company’s filings with the SEC.

-MORE-

HROW

Provides Select Preliminary Second Quarter 2023 Financial Guidance

Page 2

July 18, 2023

The foregoing guidance on anticipated results for the three months ended June 30, 2023, has not been reviewed by our auditors, is based on preliminary information as of the date hereof and is subject to material changes following completion of the quarter-end review process and other adjustments that may be made before our financial results are finalized. In addition, these preliminary unaudited results are not comprehensive financial results for the quarter ended June 30, 2023, should not be viewed as a substitute for complete GAAP financial statements or more comprehensive financial information, and are not indicative of the results for any future period.

Forward-Looking

Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release that are not historical facts may be considered such “forward-looking statements.”

Forward-looking statements are based on m

EX-99.1

2 ex99-1.htm

Exhibit 99.1

Harrow Announces First Quarter 2023 Financial Results

First Quarter 2023 and Recent Selected Highlights:

●Record revenues of $26.1 million, up 18% over $22.1 million for the prior-year quarter and 28% over sequential quarter revenues of $20.3 million.

●Completed transfer of New Drug Applications (NDAs) for ILEVRO®, NEVANAC®, and MAXIDEX®.

●Signed an agreement with a large health insurance carrier to provide ImprimisRx’s atropine.com and Klarity-C compounded formulations on a cash-pay basis to its national vision care network.

●Successfully launched FDA-approved IHEEZO™ at the American Society of Cataract and Refractive Surgery (“ASCRS”) annual meeting held between May 5-8, 2023.

NASHVILLE,

Tenn., May 11, 2023 – Harrow (Nasdaq: HROW), a leading U.S. eyecare pharmaceutical company, today announced results for the first quarter ended March 31, 2023. The Company also posted its first quarter Letter to Stockholders and corporate presentation to the “Investors” section of its website, harrow.com.

“We are excited to kick off 2023 with a strong first quarter that demonstrates the continuing successful execution of our strategic plan aimed at elevating Harrow into a leading position among top-tier U.S. eyecare pharmaceutical companies,” said Mark L. Baum, CEO of Harrow. “We are pleased that our Harrow team delivered record revenues of $26.1 million, a 28% increase over the fourth quarter of 2022, but, even more important, we see the first quarter of 2023 marking the beginning of a new revenue paradigm for Harrow. Going forward, we expect revenue growth from our branded pharmaceutical products to meaningfully outpace growth from our compounded pharmaceutical products, with revenue from branded products ultimately driving the lion’s share of our future profitability and topline growth. Based on our results to date, we are reaffirming our 2023 guidance of $135 million to $143 million in net revenues and $44 million to $50 million in adjusted EBITDA.

“We believe our successful first quarter is indicative of 2023 being a catalyst-rich year for Harrow, including our recent launch of IHEEZO™ at ASCRS in San Diego. We are very excited about the growth that we are seeing from our innovative new products and formulations that are being added to our product portfolio. For details on Harrow’s growth trajectory and strategic plan, I encourage you to read our quarterly Letter to Stockholders, all of which can be found on our website at harrow.com.”

First quarter 2023 figures of merit:

For the Three Months Ended

March 31,

2023 2022

Net revenues $26,103,000 $22,120,000

Gross margin 68% 73%

Core gross margin(1) 76% 75%

Net loss (6,643,000) (2,438,000)

Core net (loss) income(1) (1,042,000) 713,000

Adjusted

EBITDA(1)

5,342,000 4,940,000

Basic and diluted net loss per share (0.22) (0.09)

Core basic and diluted net (loss) income per share(1): (0.03) 0.03

(1)Core gross margin, core net (loss) income, core basic and diluted net (loss) income per share (collectively, “Core Results”), and Adjusted EBITDA are non-GAAP measures. For additional information, including a reconciliation of such Core Results and Adjusted EBITDA to the most directly comparable measures presented in accordance with GAAP, see the explanation of non-GAAP measures and reconciliation tables in the financial tables section.

-MORE-

Harrow Announces First Quarter 2023 Financial Results

Page 2

May 11, 2023

Conference Call and Webcast

The Company’s management team will host a conference call and live webcast today at 4:45 p.m. Eastern Time to discuss the first quarter 2023 results and provide a business update. To participate in the call, see details below:

Conference Call Details:

Date: Thursday, May 11, 2023

Time: 4:45 p.m. Eastern time

Participant Dial-in: 1-833-953-2434

(U.S.)

1-412-317-5763 (International)

Replay Dial-in (Passcode 3870402):

(telephonic replay through May 18, 2023)

1-877-344-7529

(U.S.)

1-412-317-0088 (International)

Webcast: (online replay through May 11, 2024) harrow.com

About Harrow

Harrow (Nasdaq: HROW) is a leading U.S. eyecare pharmaceutical company engaged in the discovery, development, and commercialization of innovative ophthalmic prescription therapies that are accessible and affordable. Harrow owns U.S. commercial rights to ten FDA-approved ophthalmic pharmaceutical products. Harrow also owns and operates ImprimisRx, the leading U.S. ophthalmic-focused pharmaceutical compounding business, which also serves as a mail-order pharmacy licensed to ship prescription medications in all 50 states. Harrow has non-controlling equity positions in Surface Ophthalmics, Inc. and Melt Pharmaceuticals, Inc., companies that began as subsidiaries of Harrow. Harrow also owns royalty rights in four late-stage drug candidates being developed by Surface and Melt.

Forward-Looking

Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Secur

EX-99.1

2 ex99-1.htm

EXHIBIT

99.1

Harrow Announces Fourth Quarter and Year-End 2022 Financial Results

2022 and Recent Highlights:

● Full-year 2022 revenues of $88.6 million, up 22% over full-year 2021 revenues of $72.5 million

● Sold all non-ophthalmology assets, making Harrow a pure-play ophthalmic pharmaceutical company

● FDA approval of IHEEZO™ topical ocular anesthetic

● CMS issuance of Permanent J-Code (J2403) and Pass-Through Reimbursement Status for IHEEZO

● Acquired U.S. commercial rights to ILEVRO®, NEVANAC®, VIGAMOX®, MAXIDEX®, and TRIESENCE®

● Launched Fortisite™ fortified antibiotic compounded formulations

● Launched preservative-free and boric-acid free compounded atropine.com™ formulations

NASHVILLE,

Tenn., March 23, 2023 – Harrow (NASDAQ: HROW), a leading U.S. eyecare pharmaceutical company, today announced results for the fourth quarter and year ended December 31, 2022. The Company also posted its fourth quarter and year-end Letter to Stockholders and corporate

presentation to the “Investors” section of its website, harrow.com.

“2022 was truly a transformational year for Harrow,” said Mark L. Baum, CEO of Harrow. “Our IHEEZO™ journey has been remarkable – with its FDA approval in September 2022, and recently, in 2023, its issuance of a permanent J-Code (J2403) and Transitional Pass-Through Reimbursement payment status. We believe that the J-Code and Pass-Through designations will enable a more efficient reimbursement process for ophthalmologists, optometrists, and retina specialists and create greater accessibility to the many clinical benefits that IHEEZO provides. We are confident that the infrastructure investments we made throughout 2022 to strengthen our people, platform, and performance will greatly contribute to a successful launch of IHEEZO in May 2023.

“We also were successful in 2022 in significantly expanding our product portfolio in terms of both branded pharmaceutical products (BPPs) and compounded pharmaceutical products (CPPs). We transitioned NDAs for BPPs, such as IOPIDINE® and MAXITROL®, and we rounded out the year by announcing the acquisition of U.S. commercial rights to ILEVRO®, NEVANAC®, VIGAMOX®, MAXIDEX®, and TRIESENCE®, which are currently in various stages of preparedness for revitalization and relaunch once their NDAs are transferred to Harrow. We also launched several new compounded pharmaceutical products, including Fortisite™, and launched Atropine.com for easier distribution of Atropine, including our next-generation compounded Atropine formulations that do not contain either preservatives or boric acid. Lastly, in 2022, we realized our goal of becoming a “pure-play ophthalmic pharmaceutical company” with the divestiture of our non-ophthalmic-related assets.

“We believe that Harrow is well positioned as one of the leading U.S. eyecare pharmaceutical companies, meeting the needs of our customers and patients where they are and providing them accessible and affordable pharmaceutical medicines and formulations that fill unmet needs in ophthalmology. I speak for the entire Harrow Family when I say that we are very excited – and prepared – for what 2023 (and beyond) has in store for us.”

-MORE-

Harrow Announces Fourth Quarter and Year-End 2022 Financial Results

Page 2

March 23, 2023

Fourth quarter and year-end 2022 figures of merit:

For the Three Months Ended December 31,

For the Years Ended

December 31,

2022 2021 2022 2021

Net revenues $20,329,000 $20,188,000 $88,595,000 $72,476,000

Gross margin 71% 75% 71% 75%

Core gross margin(1) 71% 75% 73% 75%

Net income (loss) 1,055,000 (7,418,000) (14,086,000) (18,479,000)

Core net income (loss)(1) 2,104,000 (3,525,000) 1,540,000 (4,353,000)

Adjusted

EBITDA(1)(2)

1,089,000 (1,482,000) 13,017,000 11,378,000

Basic and diluted net income (loss) per share 0.04 (0.27) (0.51) (0.69)

Core net income (loss) per share(1):

Basic

0.08

(0.13

)

0.05

(0.16

)

Diluted 0.07 (0.13) 0.05 (0.16)

(1)

Core gross margin, core net income (loss), core basic and diluted net income (loss) per share (collectively, “Core Results”), and Adjusted EBITDA are non-GAAP measures. For additional information, including a reconciliation of such Core Results and Adjusted EBITDA to the most directly comparable measures presented in accordance with GAAP, see the explanation of non-GAAP measures and reconciliation tables at the end of this release.

(2) The Company recently made a change to its methodology for reporting of Adjusted EBITDA to include acquired in-process R&D (“IPR&D”) charges. During the 2021 reporting periods, similar IPR&D transactions were excluded from Adjusted EBITDA for reporting purposes. This change is the result of the U.S. Securities and Exchange Commission’s recent industry correspondence on this matter.

Conference Call and Webcast

The Company’s management team will host a conference call and live webcast today at 4:45 p.m. Eastern Time to discuss the fourth quarter and year-end 2022 results and pro

EX-99.1

2 ex99-1.htm

Exhibit 99.1

Harrow Announces Third Quarter 2022 Financial Results

Selected Recent Highlights:

●FDA

approval of IHEEZO™ for ocular surface anesthesia

● Launch of Fortisite™, fortified antibiotics

● Launch of atropine.com™ compounded atropine portal

●Revenues of $22.8 million, up 22% over $18.7 million for the prior-year quarter

● Nearly $1 million firm order revenue backlog at September 30, 2022

●Product units shipped of 703,000, up 21% from prior-year quarter

●Cash and cash equivalents of $45.0 million as of September 30, 2022

NASHVILLE,

Tenn., November 14, 2022 – Harrow (NASDAQ: HROW), an eyecare pharmaceutical company exclusively focused on the discovery, development, and commercialization of innovative ophthalmic therapies, today announced results for the third quarter ended September 30, 2022. The Company also posted its third quarter Letter to Stockholders and corporate presentation to the “Investors” section of its website, harrowinc.com.

“The second half of 2022 is on track to be a true inflection point for Harrow,” said Mark L. Baum, CEO of Harrow. “During the third quarter, in the face of a return to seasonal/summer demand fluctuations, supply chain issues, and increased operating costs due to inflation, the Harrow team made great progress in advancing our Five-Year Strategic Plan, including receiving approval on September 27th from the U.S. Food and Drug Administration (FDA) for IHEEZO (formerly known as AMP-100) for ocular surface anesthesia. A few days later, we launched a new suite of compounded products – Fortisite, a patent-pending family of high-concentration refrigeration-stable fortified antibiotics. Just after the close of the third quarter, we sold our non-ophthalmology compounded product line, which will enhance our balance sheet in the fourth quarter and, importantly, marked the achievement of a strategic imperative – to be a pure-play company that is 100% focused on the U.S. ophthalmic pharmaceutical market. And our momentum is continuing with the launch of atropine.com to market a family of patent-pending compounded atropine formulations to address a significant unmet need.

“We believe each of these events represents a significant achievement for Harrow; however, taken as a whole, along with the progress we made in some of the acquisition opportunities we’ve been pursuing, we are executing a transformation of our company with a line of sight towards achieving our strategic objective – taking advantage of what we believe is a once-in-a-generation opportunity to build a small company like Harrow into a leading U.S. ophthalmic pharmaceutical company.”

Third quarter figures of merit:

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2022 2021 2022 2021

Net revenues $22,823,000 $18,711,000 $68,266,000 $52,288,000

Gross margin 71% 74% 72% 75%

Core gross margin(1) 72% 74% 73% 75%

Net loss (6,464,000) (8,328,000) (15,141,000) (11,061,000)

Core net loss(1) (1,531,000) (5,359,000) (564,000) (828,000)

Adjusted EBITDA(1)(2) 2,483,000 (78,000) 11,928,000 9,896,000

Diluted net loss per share (0.24) (0.31) (0.55) (0.42)

Core diluted net loss per share(1) (0.06) (0.20) (0.02) (0.03)

(1)Core gross margin, core net loss, core diluted net loss per share (collectively, “Core Results”), and Adjusted EBITDA are non-GAAP measures. For additional information, including a reconciliation of such Core Results and Adjusted EBITDA to the most directly comparable measures presented in accordance with GAAP, see the explanation of non-GAAP measures and reconciliation tables at the end of this release.

(2)The Company recently made a change to its methodology for reporting of Adjusted EBITDA to include acquired in-process R&D (“IPR&D”) charges. During the 2021 reporting periods, similar IPR&D transactions were excluded from Adjusted EBITDA for reporting purposes. This change is the result of the U.S. Securities and Exchange Commission’s recent industry correspondence on this matter.

-MORE-

HROW Announces Third Quarter 2022 Financial Results

Page 2

November 14, 2022

Conference Call and Webcast

The Company’s management team will host a conference call and live webcast today at 4:45 p.m. Eastern Time to discuss the third quarter results and provide a business update. To participate in the call, see details below:

Conference Call Details:

Date:

Monday, November 14, 2022

Time:

4:45 p.m. Eastern time

Participant Dial-in:

1-833-953-2434

(U.S.)

1-412-317-5763 (International)

Replay Dial-in (Passcode 7735845):

(telephonic replay through November 21, 2022)

1-877-344-7529

(U.S.)

1-412-317-0088 (International)

Webcast: (online replay through February 14, 2023)

harrowinc.com

About Harrow

Harrow (Nasdaq: HROW) is an eyecare pharmaceutical company exclusively focused on the discovery, development, and commercialization of innovative ophthalmic prescription therapies that are accessible and affordable. For more information about

EX-99.1

2 ex99-1.htm

EXHIBIT

99.1

Harrow Health Announces Second Quarter 2022 Financial Results

Revenues Increase for Eighth Consecutive Quarter

Highlights for Second Quarter 2022:

● Record revenues of $23.3 million, up 29% over $18.1 million for the prior-year quarter

● Record gross profit of $16.8 million, up 22% over $13.7 million for the prior-year quarter

● A record 718,000 product units shipped, up 4% from the prior-year quarter

● Cash and cash equivalents of $46.4 million as of June 30, 2022

NASHVILLE,

Tenn., August 9, 2022 – Harrow Health, Inc. (NASDAQ: HROW), an eyecare pharmaceutical company focused on the development, production, sale, and distribution of innovative ophthalmic prescription medicines, today announced results for the second quarter ended June 30, 2022. The Company also posted its second quarter Letter to Stockholders and corporate presentation to the “Investors” section of its website, harrowinc.com.

“We are pleased with both our financial and operational performance during the second quarter of 2022,” said Mark L. Baum, CEO of Harrow Health. “The second quarter was our eighth consecutive quarter of record results in many of the financial metrics that we track, including total revenues, revenue per shipping day, and total number of product units distributed. From an operational perspective, during the quarter, we continued to focus on ensuring that the Harrow eyecare platform has the infrastructure, systems, resources, and talent needed to execute on the growth that we expect in our compounded pharmaceutical business and new and even more dramatic growth we expect from the continued integration of FDA-approved branded pharmaceutical products into the Harrow platform.

“Our business remains strong, and we believe the second half of 2022 will be a very consequential period for Harrow. We expect several milestone events during the second half, including the PDUFA target action date for AMP-100, a patented ocular surface anesthetic drug candidate, as well as several product launches of compounded formulations. In addition, we continue to be hard at work trying to close transactions, which are at various stages of completion, that we strongly believe will add value to our company in several important ways.”

Second quarter figures of merit:

For the Three Months Ended

June 30,

For the Six Months Ended

June 30,

2022 2021 2022 2021

Net revenues $23,323,000 $18,134,000 $45,443,000 $33,577,000

Gross margin 72% 76% 73% 76%

Core gross margin(1) 73% 76% 74% 76%

Net loss (6,239,000) (2,950,000) (8,677,000) (2,733,000)

Core net income(1) 254,000 2,087,000 967,000 4,531,000

Adjusted EBITDA(1) 4,505,000 5,698,000 9,445,000 9,974,000

Diluted net loss per share (0.23) (0.11) (0.32) (0.10)

Core diluted net income per share(1) 0.01 0.07 0.04 0.16

(1) Core gross margin, core net income, core diluted net income per share (collectively, “Core Results”), and Adjusted EBITDA are non-GAAP measures. For additional information, including a reconciliation of such Core Results and Adjusted EBITDA to the most directly comparable measures presented in accordance with GAAP, see the explanation of non-GAAP measures and reconciliation tables at the end of this release.

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HROW Announces Second Quarter 2022 Financial Results

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August 9, 2022

Conference Call and Webcast

The Company’s management team will host a conference call and live webcast today at 4:45 p.m. Eastern Time to discuss the second quarter results and provide a business update. To participate in the call, see details below:

Conference Call Details:

Date:

Tuesday, August 9, 2022

Time:

4:45 p.m. Eastern time

Participant Dial-in:

1-833-953-2434 (U.S.)

1-412-317-5763 (International)

Replay Dial-in (Passcode 8466369):

(telephonic replay through August 16, 2022)

1-877-344-7529 (U.S.)

1-412-317-0088 (International)

Webcast: (online replay through November 9, 2022)

harrowinc.com

About Harrow Health

Harrow Health, Inc. (Nasdaq: HROW) is an eyecare pharmaceutical company focused on the development, production, sale, and distribution of innovative ophthalmic prescription medications that are accessible and affordable. For more information about Harrow Health, please visit the Investors section of the corporate website, harrowinc.com.

Forward-Looking

Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release that are not historical facts may be considered such “forward-looking statements.”

Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties which may

cause results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include the continued impact of the COVID-19 pandemic and any future health epidemics