HROW · Harrow Health, Inc.

Harrow, Inc. announced first quarter 2026 financial results on May 11, 2026, via press release (Exhibit 99.1) and letter to stockholders (Exhibit 99.2), with a corporate presentation (Exhibit 99.3) for investor use. Reported GAAP revenue of $44.2 million fell short of prior-year $47.8 million due to an $8 million non-recurring gross-to-net adjustment from new VEVYE commercial coverage, particularly high-deductible plans exceeding models. Despite this, CEO Mark L. Baum emphasized unprecedented demand: VEVYE set prescription records (NRx +25% QoQ, TRx +11% QoQ), surpassing XIIDRA monthly TRx at 14% branded dry eye share amid category decline; IHEEZO units +18% YoY (82% from retina); TRIESENCE +136% YoY, sixth straight growth quarter. Gross margin compressed to 61% from 68%, operating loss widened to $(22.1M), and net loss to $(27.6M) or $(0.74)/share, with Adjusted EBITDA $(12.7M) vs $(2.0M) prior year. Balance sheet shows cash at $94.6M (up from $72.9M year-end), total assets $419.5M, debt $292.1M. Management reaffirmed full-year revenue $350-365M (VEVYE >$100M), Adjusted EBITDA $80-100M, and Q2 $71-81M, citing sales force expansion to 100+ reps, normalized VEVYE pricing, and portfolio momentum. Strategic co-pay investments seeded recurring base (9x annual refills), positioning for H2 acceleration in a resilient ophthalmic portfolio.