Harrow, Inc. (HROW)

Over the past six months, Harrow, Inc. stock has experienced several notable events. Harrow reported strong Q3 2025 results with revenue of $71.6 million and a swing to quarterly profitability. The acquisition of Melt Pharmaceuticals added late-stage assets to Harrow's portfolio. The stock price increased by over 10% on November 12, 2025, and December 4, 2025. Harrow reaffirmed its 2025 revenue guidance of $270–$280 million and announced operational expansions, driving a 9.67% stock price increase. Confirmation of ongoing OSRX licensing and availability of compounded ophthalmic medications in California also contributed to a stock gain. Harrow reported record Q4 revenue of $89.1 million and full-year 2025 revenue of $272.3 million, but a full-year GAAP net loss of $5.1 million and its 2026 revenue guidance of $350 million to $365 million fell below market expectations, leading to a significant stock decline. Following the Q4/FY25 earnings, HC Wainwright cut multiple 2026 EPS estimates, and Zacks downgraded Harrow from "Hold" to "Strong Sell."

Harrow, Inc. experiences demand seasonality for its products and services. The first quarter is historically the weakest due to seasonality. The company anticipates a softer first half of 2026, with revenue expected to be in the range of $133 million to $153 million, attributed to seasonal deductible dynamics and channel inventory drawdown. Conversely, Harrow expects an acceleration in the second half of 2026, with projected revenue between $203 million and $226 million, driven by new sales force additions and product launches.

Harrow, Inc. is an eyecare pharmaceutical company focused on the discovery, development, and commercialization of ophthalmic pharmaceutical products. The company provides solutions for a wide range of ophthalmic conditions and aims to deliver safe, effective, accessible, and affordable medications. Harrow's major products include ImprimisRx, IHEEZO, VEVYE, TRIESENCE, VIGAMOX, ILEVRO and NEVANAC, MAXITROL eye drops, MAXIDEX, FLAREX, NATACYN, TOBRADEX ST, VERKAZIA, FRESHKOTE preservative free (PF), BYQLOVI and BYOOVIZ. Harrow was formerly known as Harrow Health, Inc. and changed its name to Harrow, Inc. in September 2023 and is headquartered in Nashville, Tennessee.

Harrow, Inc. primarily focuses its commercial operations on the United States market, engaging in the discovery, development, and commercialization of ophthalmic pharmaceutical products. The company owns commercial rights to portfolios of branded ophthalmic pharmaceutical products in North America, marketed under the Harrow name and its commercial infrastructure reaches over 10,000 eye care professionals across every populated county within the United States. Internationally, Harrow holds global patent protection for MELT-300 across North America, Europe, Asia, Australia, and the Middle East, with intentions to license ex-U.S. rights to regional partners.

In the past year, Harrow, Inc. has focused on strengthening its brand and market position. In September 2023, the company changed its name from Harrow Health, Inc. to Harrow, Inc., signaling a brand transformation. A significant initiative launched is "OneHarrow," a company-wide commitment to operate under a single brand with a shared mission. In early February 2026, ImprimisRx, Harrow's compounding business, settled California regulatory matters with a fine of approximately $157,000 and exited California effective February 1, 2026. Despite these challenges, Harrow's commitment to providing accessible and affordable medications aims to solidify its reputation as a trusted partner in ocular care.

Harrow, Inc. has a diverse ownership structure, with significant institutional and individual holdings. As of March 2, 2026, the company has 261 institutional owners holding a total of 22,497,494 shares, owning approximately 57.9% to 72.76% of the company's stock. Major Institutional Owners include Opaleye Management Inc., BlackRock, Inc., Vanguard Group Inc., Private Capital Management, LLC., Luxor Capital Group, LP., Geode Capital Management, Llc., State Street Corp., Susquehanna International Group, Llp., Royce & Associates Lp., Ikarian Capital, LLC., Brookstone Capital Management, Blackhawk Capital Partners LLC, Divisadero Street Capital Management LP, Calamos Advisors LLC, and Lumbard & Kellner LLC. Mark L. Baum, Chairman of the Board and CEO, is the largest individual shareholder, owning 19.32 million shares representing 52.17% of the company, other Major Individual Owners (Insiders) include Robert J. Kammer, Alexej Ladonnikov, Juliet Singh, Jeffrey J. Abrams, Andrew R. Boll (CFO), and Daniel Kaufman.