HROW Harrow, Inc.
Price Chart
Executive Summary
Harrow reported Q1 2026 revenue of $44.2M, down 7.6% YoY from $47.8M, and a GAAP net loss per share of -$0.74, significantly wider than the -$0.50 loss a year ago. The revenue miss was driven by an $8M non-recurring gross-to-net adjustment tied to new VEVYE commercial coverage, but the company reaffirmed full-year 2026 revenue guidance of $350M-$365M and guided Q2 2026 revenue of $71M-$81M, implying a sharp sequential rebound. Despite the weak reported quarter, strong prescription momentum for VEVYE, IHEEZO, and TRIESENCE supports the bullish guidance, though the stock's historical sensitivity to execution risk (prior high-score call missed by -33.9% at T+20) warrants caution.
Key Financial Metrics
Actionable Insight
The Q1 miss is largely a one-time gross-to-net adjustment, not a demand problem — VEVYE prescriptions are surging. The Q2 guidance of $71M-$81M implies a dramatic rebound, making the next quarter's actuals the key catalyst. Watch for Q2 pre-announcements or channel checks on VEVYE net pricing; if Q2 revenue comes in near the high end ($81M), the stock could re-rate sharply higher. However, the prior high-score call on HROW missed by -33.9% at T+20, so execution risk is real — monitor cash burn and debt levels ($292M loans payable).
Key Facts
- Q1 2026 revenue $44.2M vs consensus $52.5M (miss of ~15.8%), down 7.6% YoY from $47.8M
- GAAP net loss per share -$0.74 vs consensus -$0.33 (miss of 124% vs estimate, but GAAP loss widened from -$0.50 YoY)
- Revenue included ~$8M non-recurring gross-to-net adjustment related to new VEVYE commercial coverage
- Q2 2026 revenue guidance $71M-$81M, implying strong sequential recovery
- Full-year 2026 revenue guidance reaffirmed at $350M-$365M
- VEVYE prescription growth ~170% sequentially in new PBM Tier 1 accounts; surpassed XIIDRA on monthly TRx basis with ~14% market share
- IHEEZO unit demand +18% YoY; TRIESENCE unit demand +136% YoY (sixth consecutive quarter of growth)
- Cash and equivalents $94.6M as of March 31, 2026, up from $72.9M at year-end 2025
- Operating cash flow -$9.0M in Q1 2026 vs +$19.7M in Q1 2025
- Adjusted EBITDA -$12.7M vs -$2.0M in prior-year quarter
Financial Impact
Revenue miss of ~$8.3M vs consensus due to $8M gross-to-net adjustment; GAAP EPS miss of -$0.74 vs -$0.33 consensus; guidance implies Q2 revenue of $71M-$81M, well above Q1's $44.2M
Risk Factors
- Q1 GAAP loss widened significantly (-$0.74 vs -$0.50) and operating cash flow turned negative (-$9.0M vs +$19.7M), raising near-term liquidity concerns despite $94.6M cash
- Full-year guidance of $350M-$365M implies H2 revenue must accelerate meaningfully — any miss on Q2 or Q3 could trigger a sharp selloff
- Debt of $292M (up from $243M at year-end) increases financial leverage and interest expense burden
- Gross margin compressed to 61% from 68% YoY, partly due to the gross-to-net adjustment; sustainability of margin recovery is uncertain
- Historical calibration shows high-score calls on HROW have underperformed (score 8 call missed by -33.9% at T+20), suggesting the market may be skeptical of optimistic guidance
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3292306 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 3, 2026
6d ago
|
8-K
| $33.32 $34.69 | ▲ +4.11% | ▲ +3.71% | $33.10 (−0.66%) |
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May 19, 2026
21d ago
|
Insider Cluster
| $30.68 $30.86 | ▲ +0.59% | ▼ −0.45% | $33.10 (+7.89%) |
|
May 11, 2026
29d ago
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8-K
| $29.03 $29.03 | · 0.00% | ▼ −0.54% | $33.10 (+14.02%) |
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May 11, 2026
29d ago
|
Press Release
| $29.03 $29.03 | · 0.00% | ▼ −0.54% | $33.10 (+14.02%) |
|
Apr 24, 2026
6w ago
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DEFA14A
| $41.41 $40.48 | ▼ −2.25% | ▼ −1.76% | $33.10 (−20.07%) |
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Mar 18, 2026
11w ago
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Press Release
| $34.48 $34.41 | ▼ −0.20% | ▲ +0.06% | $33.10 (−4.00%) |
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Mar 2, 2026
14w ago
|
Press Release
| $38.61 $39.22 | ▲ +1.58% | ▲ +0.82% | $33.10 (−14.27%) |
US Market Status
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