Harrow Cuts 2026 Ebitda Outlook After Record Sales

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter revenue hit a record $99.3 million as the company lowered full-year Adjusted EBITDA guidance to more than $40 million.

Harrow, Inc. (HROW), a provider of ophthalmic disease management solutions in North America, posted record third-quarter revenue of $99.3 million, up 41% sequentially and 39% year over year, and reaffirmed full-year 2026 revenue guidance of $350 million to $365 million.

The sequential pace slowed from 60% in the second quarter, but year-over-year growth accelerated from 11% as branded products supplied $83.5 million, up 62% year over year and about 84% of the total. Gross margin held at 75%.

GAAP net income was $9.8 million, or $0.25 a share diluted, including a $5.0 million litigation settlement gain, versus a $17.3 million net loss in the second quarter and $1.0 million of net income a year earlier. Adjusted EBITDA was $21.2 million, compared with a $1.2 million loss in the second quarter and $22.8 million in the year-ago third quarter.

Chairman and Chief Executive Officer Mark L. Baum said the quarter delivered the second-half acceleration the company had anticipated. VEVYE generated record revenue of $39.7 million, up 35% sequentially and 75% year over year, with total prescriptions up about 17% sequentially and about 83% year over year. Sequential VEVYE growth slowed from about 40% in the second quarter; year-over-year growth accelerated from about 58%. Expanded coverage with a major national plan covering more than 10 million commercial lives is expected to take effect in January 2027.

IHEEZO revenue was $25.3 million, up 62% sequentially and 15% year over year. Unit demand was 62,210, up about 21% year over year and down about 5% sequentially after a 44% sequential increase in the second quarter, which the company said reflected typical third-quarter seasonality and elevated second-quarter purchasing of a discontinued single-unit presentation. TRIESENCE posted record revenue of $10.7 million, the highest quarterly revenue under Harrow ownership, and record unit demand of 20,022, up about 37% sequentially and about 110% year over year. BYOOVIZ had its first full quarter of commercialization; ordering accounts increased each month and demand strengthened through September.

The company cut full-year 2026 Adjusted EBITDA guidance to more than $40 million, including more than $33 million in the fourth quarter, from prior guidance of $80 million to $100 million. Baum said the update reflects a first-half operating shortfall against the original plan and additional spending to accelerate a G-MELT NDA submission, advance development programs, and integrate TYRVAYA. He said the amended outlook is a floor and that the company believes there is opportunity to exceed it.

The letter to stockholders said VEVYE net revenues were the primary driver of a first-half revenue miss of about $28 million below the first-half midpoint of the original range, citing gross-to-net assumptions that proved too optimistic. The company said it changed the economics of each VEVYE prescription and that net revenue per prescription is improving.

Hitting the revenue range requires fourth-quarter revenue of about $136 million to $151 million, sequential growth of roughly 37% to 52%. Baum said the company expects the fourth quarter to be Harrow’s strongest on record and that second-half revenue will exceed the high end of what it contemplated in March, while also noting reasonable scenarios in which the company finishes modestly below the low end of the revenue range because of order timing and year-end purchasing.

On October 1, 2026, Harrow completed the TYRVAYA acquisition, adding a branded dry-eye nasal spray; about 40 commercial personnel joined the Ocular Surface Disease team, and first revenue contribution is expected in the fourth quarter. The company restructured its commercial organization into four teams and launched HarrowRx on November 1. Cash and cash equivalents were $75.3 million as of September 30, 2026.