Harrow Health, Inc. (HROW) Earnings
Harrow Health, Inc. is expected to report next earnings on August 10, 2026 (in NaN days), with a consensus EPS estimate of $-0.23. HROW has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -593.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $-0.43 | $-0.63 | -46.5% | $44M | -15.7% |
| May 8, 2025 | $0.02 | $-0.38 | -2000.0% | $48M | -29.5% |
| Mar 27, 2025 | $0.11 | $0.25 | +127.3% | $67M | +14.4% |
| Mar 19, 2024 | $-0.05 | $-0.27 | -455.6% | $36M | -4.0% |
| Nov 13, 2023 | $-0.02 | $-0.09 | -467.8% | $34M | -9.5% |
| May 11, 2023 | $-0.06 | $-0.03 | +50.0% | $26M | +3.8% |
| Mar 23, 2023 | $-0.15 | $0.07 | +146.7% | $20M | -5.0% |
| Nov 14, 2022 | $-0.00 | $-0.06 | -9577.4% | $23M | -1.4% |
| May 5, 2022 | $0.01 | $0.03 | +185.7% | $22M | +13.5% |
| Mar 10, 2022 | $0.08 | $-0.01 | -112.5% | $20M | +4.3% |
| Mar 8, 2021 | $0.04 | $0.04 | +14.3% | $15M | +1.0% |
| Mar 13, 2020 | $0.13 | $0.10 | -23.1% | $13M | +66.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 12, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Core Product Demand: Demand for all key growth products is accelerating, at or above internal expectations, even in the seasonally slower Q1. Vivi hit record prescription growth, surpassed Zydra in total prescriptions as of March 2026, reached 14% branded market share, and grew new prescriptions 25% sequentially with only half its current sales force deployed. IHESO grew unit demand 18% year-over-year, added 21% more new ordering accounts, with total accounts up nearly 50% year-over-year; 80% of volume comes from retina, with early encouraging adoption in the in-office setting. TriEssence grew unit volume 136% year-over-year, with 44% of Q1 volume from ocular surgery accounts, marking its sixth consecutive quarter of sequential demand growth, with a cataract surgery label expansion study underway. - Commercial Expansion: The company completed its planned hiring of 90+ new sales professionals, doubling the Vivi sales force, tripling the TriEssence sales force, bolstering the Access Plus team, and building a dedicated specialty team for underutilized legacy products Vercasia and Natacin. Newly hired reps largely have existing ophthalmic experience and are being deployed to underserved and uncovered territories. - Pipeline and Acquisition Updates: Following the acquisition of Melt Pharmaceuticals, all required pre-NDA studies for G-Melt, the procedural sedation candidate, have been initiated: the nonclinical toxicology study is in reporting, the first pharmacokinetic study is complete with CSR drafting ongoing, and the remaining two PK studies are on track for final reports in Q4 2026. A major manufacturing campaign is scheduled for late Q2 2026 to finalize the NDA data package, targeting a Q1 2027 NDA submission. - Portfolio Development: The company secured a permanent J-code for Iopidine 1% that goes into effect July 1 2026, unlocking reimbursement for a 1.5 million+ annual procedure addressable market with no competing FDA-approved on-label alternatives. Underutilized legacy assets Vercasia (the only on-label product for vernal keratoconjunctivitis) and Natacin (fungal ocular infection treatment) are being prepared for market expansion, with plans to be shared in 2026. BioViz (Biclovy) is in early sampling, with full commercial launch scheduled for July 1 2026. Access Plus has cleared all prior inventory backlogs and is rebuilding safety stock to return to growth.
Guidance
- Full year 2026 revenue guidance is reaffirmed at $350 million to $365 million, unchanged from prior guidance, with management expecting the second half of 2026 to be stronger than initial projections. - Q2 2026 total revenue is projected to be between $71 million and $81 million, with Vivi expected to deliver sequential revenue growth after the Q1 gross-to-net adjustment. - Vivi is expected to exceed its full year $100 million revenue target for 2026 after Q2 pricing adjustments go into effect. - IHESO revenue is expected to remain muted in Q2 2026 (below prior year levels) due to remaining channel inventory, with a meaningful step-up in revenue starting in Q3 2026 following the launch of new multi-unit packaging and a 20% to 25% net pricing improvement. IHESO full year 2026 revenue is expected to be at or above 2025 levels. - The company has a long-term target of hitting $250 million in quarterly revenue by the end of 2027. - Iopidine 1% is expected to be a modest incremental contributor to 2026 second half revenue, with larger contributions starting in 2027. BioViz (Biclovy) revenue contributions are included in the 2026 full year guidance, with commercial launch starting in Q3 2026.
Segment performance
Consolidated revenues for Q1 2026 were $44.2 million. Vivi generated $20.9 million in revenue (47.3% of total consolidated revenue), including an $8 million discrete negative impact from gross-to-net modeling errors for newly expanded commercial coverage. IHESO contributed $1.9 million (4.3% of total revenue), with low Q1 results driven by channel inventory absorption. The specialty and TriEssence portfolio delivered $7.8 million (17.6% of total revenue). Access Plus cash pay business generated $13.5 million (30.5% of total revenue), which recovered after clearing prior inventory backlogs.
Risks & headwinds
- Forward-looking statements, including product commercialization timelines and revenue projections, are subject to risks and uncertainties, including the risk that FDA approval of new drug candidates may not be received in a timely manner or at all, and commercially successful launch of approved products may not be achieved as projected. - The Q1 Vivi revenue shortfall was caused by unanticipated higher utilization among high-deductible patients that outpaced initial financial modeling; while the issue has been isolated to Q1, there is a small risk of residual pricing impacts in early Q2 before new business rules are fully implemented. - IHESO's prior ASC segment volume (which represented 30% of 2025 unit volume) will decline to zero, and while management expects to replace this volume with in-office sales by the end of 2026, there is risk that this replacement may take longer or be less complete than projected.
Analyst Q&A
Q: Can you provide more detail on the Vivi Q1 gross-to-net adjustment, how much was driven by seasonality, and is this issue isolated to Q1? /
A: Q1 is seasonally challenging for high-deductible plans because deductibles reset annually, and the overall branded dry eye market was down 18% Q1. Vivi still grew new prescriptions 25% sequentially in this challenging environment. The $8 million impact came from a much higher than expected proportion of high-deductible patients filling through new commercial coverage, leading to 40% higher average out-of-pocket buy-downs than modeled. New business rules including copay buy-down caps were implemented in mid-April, and the issue is fully isolated to Q1 with minimal to no negative impact on Vivi demand so far. Going forward, these patients will contribute positive net revenue rather than dragging down average net pricing.
Q: Why was the Vivi gross-to-net issue not identified and corrected earlier, and is the information flow problem now resolved? /
A: Revenue and gross-to-net calculations rely on multiple lagged data sets including copay data, payer claims data, and third-party script data. January data came in line with projections when it was finalized in mid-February, so no red flags were raised. February data showed deviations, but management waited for full March data (finalized mid-April) to confirm the trend before acting, to avoid making hasty changes based on one month of data. Once the full trend was confirmed, new business rules were finalized and rolled out over one weekend, so the process was as expeditious as possible given industry data reporting lags. Information flow processes are unchanged and appropriate for the industry.
Q: How should we expect IHESO revenue and channel dynamics to play out in Q2 2026, ahead of new packaging and pricing changes in Q3? /
A: The former IHESO ASC business (30% of 2025 volume) will decline to zero, and management expects to fully replace that volume with new in-office sales by the end of 2026, which has strong and durable reimbursement. Q2 2026 IHESO revenue will still be somewhat muted and below year-ago levels as remaining channel inventory from Q4 2025 works through the channel. Demand is already strong with record new account growth in early Q2, and revenue will step up meaningfully to normalized levels starting in Q3 when new multi-unit packaging and improved pricing go into effect.
Q: How are the 90+ new sales hires distributed across the business, and what experience do they bring? /
A: 50 new reps were added to the Vivi dry eye team, doubling its size, and the TriEssence sales force was tripled. A small number of incremental reps were added to the IHESO retina team, the Access Plus team was bolstered, and a new dedicated specialty team was built for legacy underpenetrated products Vercasia and Natacin. Most new hires have prior ophthalmic sales experience in their territories, were recruited rigorously, and completed extensive training before deployment. Early results from the new reps are already positive, with record new prescription volumes in the weeks post-deployment.