Harrow Health, Inc. (HROW) 10-Year Financial Performance & Capital Metrics

HROW • • Industrial / General

HealthcareSpecialty & Generic PharmaSpecialty PharmaceuticalsOphthalmology Therapeutics

AboutHarrow Health, Inc. operates as an ophthalmic-focused healthcare company. The company owns ImprimisRx, an ophthalmology outsourcing and pharmaceutical compounding business; and DEXYCU for the treatment of post-operative inflammation. The company also holds equity interests in Surface Ophthalmics, Inc., a clinical-stage pharmaceutical company that focuses on development and commercialization of therapeutics for ocular surface diseases; Melt Pharmaceuticals, Inc., a clinical-stage pharmaceutical company that focused on the development and commercialization of proprietary non-intravenous, sedation, and anesthesia therapeutics for human medical procedures in hospital, outpatient, and in-office settings; and Eton Pharmaceuticals, Inc., a commercial-stage pharmaceutical company that engages in developing and commercializing drug products. Harrow Health, Inc. owns royalty rights in four clinical stage drug candidates being developed by Surface Ophthalmics, Inc. and Melt Pharmaceuticals, Inc. The company was formerly known as Imprimis Pharmaceuticals, Inc. and changed its name to Harrow Health, Inc. in December 2018. Harrow Health, Inc. was incorporated in 2006 and is headquartered in San Diego, California.Show more

Revenue $200M +53.3%
EBITDA $22M +89.1%
Net Income -$17M +28.4%
EPS (Diluted) -0.49 +34.7%
Gross Margin 75.33% +8.3%
EBITDA Margin 10.96% +23.3%
Operating Margin 4.42% +1235.2%
Net Margin -8.76% +53.3%
ROE -25.1% +50.0%
ROIC 3.03% +974.6%
Debt/Equity 3.30 +21.3%
Interest Coverage 0.39 +1815.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 86 (top 14%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 31.3%

✗Weaknesses

✗High debt to equity ratio of 3.3x
✗Negative free cash flow
✗Expensive at 24.9x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y61.44%

5Y31.29%

3Y40.17%

TTM47.83%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM85.07%

EPS CAGR

10Y-

5Y-

3Y-

TTM84.04%

ROCE

10Y Avg-38.21%

5Y Avg1.65%

3Y Avg1.68%

Latest3.15%

Peer Comparison

Ophthalmology Therapeutics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HROWHarrow Health, Inc.	1.8B	48.49	-98.96	53.32%	-1.99%	-10.69%		3.30

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	9.72M	19.94M	26.77M	41.37M	51.16M	48.87M	72.48M	88.59M	130.19M	199.61M
Revenue Growth %	4.85%	1.05%	0.34%	0.55%	0.24%	-0.04%	0.48%	0.22%	0.47%	0.53%
Cost of Goods Sold+	5.21M	9.83M	13.51M	16.52M	16.75M	14.46M	18.21M	25.38M	39.64M	49.24M
COGS % of Revenue	0.54%	0.49%	0.5%	0.4%	0.33%	0.3%	0.25%	0.29%	0.3%	0.25%
Gross Profit+	4.51M	10.11M	13.27M	24.85M	34.42M	34.41M	54.26M	63.21M	90.55M	150.37M
Gross Margin %	0.46%	0.51%	0.5%	0.6%	0.67%	0.7%	0.75%	0.71%	0.7%	0.75%
Gross Profit Growth %	6.95%	1.24%	0.31%	0.87%	0.38%	-0%	0.58%	0.16%	0.43%	0.66%
Operating Expenses+	19.33M	25.69M	25.43M	30.07M	39.21M	34.02M	52.65M	61.29M	90.12M	141.55M
OpEx % of Revenue	1.99%	1.29%	0.95%	0.73%	0.77%	0.7%	0.73%	0.69%	0.69%	0.71%
Selling, General & Admin	19M	24.95M	25.02M	29.24M	33.1M	0	39.81M	0	0	0
SG&A % of Revenue	1.96%	1.25%	0.93%	0.71%	0.65%	-	0.55%	-	-	-
Research & Development	332K	739K	413K	825K	2.08M	2.41M	11.08M	3.05M	6.65M	12.23M
R&D % of Revenue	0.03%	0.04%	0.02%	0.02%	0.04%	0.05%	0.15%	0.03%	0.05%	0.06%
Other Operating Expenses	31K	0	0	103K	4.03M	31.61M	1.75M	58.24M	83.47M	129.32M
Operating Income+	-14.82M	-15.88M	-12.16M	-5.22M	-4.79M	385K	1.61M	1.92M	431K	8.82M
Operating Margin %	-1.53%	-0.8%	-0.45%	-0.13%	-0.09%	0.01%	0.02%	0.02%	0%	0.04%
Operating Income Growth %	-0.46%	-0.07%	0.23%	0.57%	0.08%	1.08%	3.19%	0.19%	-0.78%	19.47%
EBITDA+	-14.21M	-14.48M	-10.4M	-3.37M	-2.13M	2.25M	3.35M	4.75M	11.57M	21.87M
EBITDA Margin %	-1.46%	-0.73%	-0.39%	-0.08%	-0.04%	0.05%	0.05%	0.05%	0.09%	0.11%
EBITDA Growth %	-0.41%	-0.02%	0.28%	0.68%	0.37%	2.06%	0.49%	0.42%	1.44%	0.89%
D&A (Non-Cash Add-back)	610K	1.41M	1.76M	1.84M	2.66M	1.87M	1.74M	2.83M	11.14M	13.05M
EBIT	-14.82M	-15.46M	-12.16M	-5.22M	-706K	748K	3.36M	1.92M	811K	9.07M
Net Interest Income+	-1.11M	-2.77M	-3.03M	-2.73M	-2.5M	-2.24M	-5.44M	-7.24M	-21.32M	-22.79M
Interest Income	13K	10K	0	0	0	0	0	0	0	0
Interest Expense	1.12M	2.78M	3.03M	2.73M	2.5M	2.24M	5.44M	7.24M	21.32M	22.79M
Other Income/Expense	-1.08M	-3.32M	-757K	19.84M	0	-3.8M	-19.49M	-15.93M	-24.14M	-26.14M
Pretax Income+	-15.9M	-19.2M	-12.92M	14.63M	-117K	-3.42M	-17.87M	-14.01M	-23.71M	-17.32M
Pretax Margin %	-1.64%	-0.96%	-0.48%	0.35%	-0%	-0.07%	-0.25%	-0.16%	-0.18%	-0.09%
Income Tax+	0	-111K	-935K	0	8K	4K	133K	75K	701K	161K
Effective Tax Rate %	1%	0.99%	0.93%	1%	-1.44%	0.98%	1.01%	1.01%	1.03%	1.01%
Net Income+	-15.9M	-19.09M	-11.98M	14.63M	168K	-3.36M	-18.01M	-14.09M	-24.41M	-17.48M
Net Margin %	-1.64%	-0.96%	-0.45%	0.35%	0%	-0.07%	-0.25%	-0.16%	-0.19%	-0.09%
Net Income Growth %	-0.57%	-0.2%	0.37%	2.22%	-0.99%	-20.98%	-4.36%	0.22%	-0.73%	0.28%
Net Income (Continuing)	-15.9M	-19.09M	-11.98M	14.63M	-125K	-3.42M	-18.01M	-14.09M	-24.41M	-17.48M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	-293K	-355K	-355K	-355K	-355K	-355K
EPS (Diluted)+	-1.66	-1.50	-0.60	0.61	0.01	-0.13	-0.69	-0.51	-0.75	-0.49
EPS Growth %	-0.5%	0.1%	0.6%	2.02%	-0.98%	-14%	-4.31%	0.26%	-0.47%	0.35%
EPS (Basic)	-1.66	-1.50	-0.60	0.67	0.01	-0.13	-0.69	-0.51	-0.75	-0.49
Diluted Shares Outstanding	9.58M	12.74M	20.03M	23.81M	26.47M	25.89M	26.76M	27.46M	32.62M	35.65M
Basic Shares Outstanding	9.58M	12.74M	19.98M	21.92M	25.32M	25.89M	26.76M	27.46M	32.62M	35.65M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	5.87M	14.75M	8.81M	32.84M	36.77M	40.98M	60.66M	118.26M	139.07M	189.65M
Cash & Short-Term Investments	2.69M	8.85M	4.02M	28.06M	29.95M	32.75M	50.67M	101.86M	82.77M	47.25M
Cash Only	2.69M	8.85M	4.02M	6.64M	4.75M	4.1M	42.17M	96.27M	74.08M	47.25M
Short-Term Investments	0	0	0	21.42M	25.2M	28.64M	8.5M	5.59M	8.68M	0
Accounts Receivable	840K	2.92M	1.62M	1.96M	2.01M	2.66M	4.52M	6.39M	36.49M	116.6M
Days Sales Outstanding	31.56	53.46	22.14	17.33	14.33	19.88	22.75	26.32	102.3	213.21
Inventory	1.41M	1.84M	2.25M	1.83M	3.3M	3.96M	4.22M	6.54M	10.87M	10.7M
Days Inventory Outstanding	99	68.35	60.78	40.52	71.94	99.99	84.51	94.06	100.06	79.32
Other Current Assets	150K	200K	124K	125K	922K	1.05M	92K	118K	1.75M	3.41M
Total Non-Current Assets+	8.26M	12.49M	15.11M	16.61M	22.32M	16.49M	37.67M	39.12M	172.68M	199.32M
Property, Plant & Equipment	2.66M	7.29M	6.21M	6.38M	11.93M	10.67M	9.08M	11M	12.44M	12.29M
Fixed Asset Turnover	3.66x	2.73x	4.31x	6.49x	4.29x	4.58x	7.99x	8.05x	10.46x	16.24x
Goodwill	2.47M	2.23M	2.23M	2.23M	332K	332K	332K	332K	332K	332K
Intangible Assets	3.13M	2.97M	2.86M	3.06M	2.34M	2.52M	17.13M	25.84M	159.91M	186.7M
Long-Term Investments	0	0	3.51M	4.95M	7.71M	2.97M	11.13M	0	0	0
Other Non-Current Assets	0	0	302K	4.95M	7.71M	0	12.45M	1.95M	0	0
Total Assets+	14.13M	27.25M	23.92M	49.45M	59.09M	57.47M	98.33M	157.38M	311.75M	388.97M
Asset Turnover	0.69x	0.73x	1.12x	0.84x	0.87x	0.85x	0.74x	0.56x	0.42x	0.51x
Asset Growth %	0.38%	0.93%	-0.12%	1.07%	0.19%	-0.03%	0.71%	0.6%	0.98%	0.25%
Total Current Liabilities+	5.37M	9.9M	5.77M	11.9M	12.28M	10.8M	9.72M	18.63M	49.34M	91.34M
Accounts Payable	3.41M	3.54M	3.88M	4.97M	7.41M	3.65M	5.17M	6.44M	21.42M	38.76M
Days Payables Outstanding	238.87	131.36	105	109.71	161.46	91.99	103.68	92.61	197.27	287.3
Short-Term Debt	21K	4.43M	598K	3.25M	1.77M	3.9M	0	0	806K	0
Deferred Revenue (Current)	65K	91K	29K	119K	57K	0	16K	113K	0	44K
Other Current Liabilities	660K	-251K	-545K	564K	293K	66K	1.16M	0	21.66M	0
Current Ratio	1.09x	1.49x	1.53x	2.76x	2.99x	3.79x	6.24x	6.35x	2.82x	2.08x
Quick Ratio	0.83x	1.30x	1.14x	2.61x	2.72x	3.43x	5.81x	6.00x	2.60x	1.96x
Cash Conversion Cycle	-108.32	-9.54	-22.08	-51.87	-75.19	27.88	3.58	27.77	5.09	5.23
Total Non-Current Liabilities+	10.14M	10.91M	15.53M	12.8M	19.38M	19.85M	77.68M	111.51M	192.41M	228.33M
Long-Term Debt	8.59M	7.94M	14.01M	12M	12.22M	12.38M	71.65M	104.17M	183.17M	219.54M
Capital Lease Obligations	1K	1.32M	720K	0	6.36M	6.67M	6.02M	7.33M	6.52M	8.79M
Deferred Tax Liabilities	1.05M	936K	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	500K	719K	800K	800K	800K	800K	0	0	2.71M	0
Total Liabilities	15.52M	20.82M	21.3M	24.7M	31.67M	30.65M	87.4M	130.14M	241.75M	319.67M
Total Debt+	8.36M	13.69M	15.33M	15.25M	20.99M	23.53M	77.96M	112.23M	190.5M	228.83M
Net Debt	5.67M	4.83M	11.31M	8.61M	16.24M	19.43M	35.79M	15.96M	116.42M	181.58M
Debt / Equity	-	2.13x	5.86x	0.62x	0.77x	0.88x	7.13x	4.12x	2.72x	3.30x
Debt / EBITDA	-	-	-	-	-	10.44x	23.24x	23.63x	16.47x	10.46x
Net Debt / EBITDA	-	-	-	-	-	8.62x	10.67x	3.36x	10.06x	8.30x
Interest Coverage	-13.22x	-5.70x	-4.02x	-1.91x	-1.92x	0.17x	0.30x	0.26x	0.02x	0.39x
Total Equity+	-1.39M	6.43M	2.62M	24.75M	27.42M	26.83M	10.93M	27.24M	70M	69.3M
Equity Growth %	-1.17%	5.64%	-0.59%	8.47%	0.11%	-0.02%	-0.59%	1.49%	1.57%	-0.01%
Book Value per Share	-0.14	0.50	0.13	1.04	1.04	1.04	0.41	0.99	2.15	1.94
Total Shareholders' Equity	-1.39M	6.43M	2.62M	24.75M	27.71M	27.18M	11.29M	27.59M	70.36M	69.65M
Common Stock	10K	19K	21K	24K	26K	26K	27K	30K	35K	35K
Retained Earnings	-57.76M	-76.85M	-88.84M	-74.21M	-74.04M	-77.4M	-95.41M	-109.49M	-133.9M	-151.38M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-300K	-1.35M	-2.76M	-4.36M	0	0	0	0	-409K	0
Minority Interest	0	0	0	0	-293K	-355K	-355K	-355K	-355K	-355K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-11.14M	-11.21M	-8.8M	687K	950K	-1.1M	5.08M	1.71M	3.84M	-22.2M
Operating CF Margin %	-1.15%	-0.56%	-0.33%	0.02%	0.02%	-0.02%	0.07%	0.02%	0.03%	-0.11%
Operating CF Growth %	-0.58%	-0.01%	0.22%	1.08%	0.38%	-2.16%	5.62%	-0.66%	1.25%	-6.78%
Net Income	-15.9M	-19.09M	-11.98M	14.63M	-125K	-3.42M	-18.01M	-14.09M	-24.41M	-17.48M
Depreciation & Amortization	610K	1.41M	1.76M	1.84M	2.66M	2.74M	2.4M	3.67M	12.34M	14.54M
Stock-Based Compensation	3.44M	3.67M	2.94M	2.64M	2.02M	2.77M	5.75M	7.97M	15.7M	17.62M
Deferred Taxes	0	-111K	-935K	-22.47M	-2.4M	0	0	0	0	0
Other Non-Cash Items	380K	3.59M	-1.29M	613K	512K	3.07M	15.2M	9.72M	7.35M	7.75M
Working Capital Changes	325K	-683K	700K	3.44M	-1.72M	-6.27M	-253K	-5.57M	-7.13M	-44.63M
Change in Receivables	-360K	-2.08M	1.39M	-384K	-95K	-866K	-1.83M	-1.86M	-30.34M	-80.23M
Change in Inventory	-314K	-429K	-821K	415K	-2.27M	-661K	-255K	-2.32M	-4.33M	165K
Change in Payables	1.03M	1.51M	346K	2.37M	1.34M	-4.66M	1.73M	933K	31.8M	37.5M
Cash from Investing+	-5.13M	-7.29M	-961K	-2.2M	-1.83M	-981K	-18.69M	-1.74M	-152.55M	-33.16M
Capital Expenditures	-1.18M	-7.14M	-1.07M	-2.2M	-1.84M	-862K	-1.79M	-2.6M	-1.46M	-1.59M
CapEx % of Revenue	0.12%	0.36%	0.04%	0.05%	0.04%	0.02%	0.02%	0.03%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-524K	-100K	113K	4K	0	-119K	-36.55M	854K	-151.09M	-37.08M
Cash from Financing+	10.75M	24.67M	4.93M	4.13M	-1.01M	1.43M	51.47M	54.14M	126.53M	28.53M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-127K	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.1M	4.42M	-27K	4.18M	-282K	-1.53M	-19.12M	-234K	-12.63M	-1.25M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-12.32M	-18.35M	-9.88M	-1.52M	-887K	-2.09M	-23.43M	-6.07M	-148.71M	-60.88M
FCF Margin %	-1.27%	-0.92%	-0.37%	-0.04%	-0.02%	-0.04%	-0.32%	-0.07%	-1.14%	-0.3%
FCF Growth %	-0.7%	-0.49%	0.46%	0.85%	0.41%	-1.36%	-10.19%	0.74%	-23.51%	0.59%
FCF per Share	-1.29	-1.44	-0.49	-0.06	-0.03	-0.08	-0.88	-0.22	-4.56	-1.71
FCF Conversion (FCF/Net Income)	0.70x	0.59x	0.73x	0.05x	5.65x	0.33x	-0.28x	-0.12x	-0.16x	1.27x
Interest Paid	637K	1.37M	1.54M	2.1M	1.97M	1.79M	4.82M	6.48M	18.89M	20.59M
Taxes Paid	1K	9K	9K	4K	17K	4K	11K	75K	0	374K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-470.02%	-756.37%	-264.95%	106.88%	0.64%	-12.38%	-95.38%	-73.8%	-50.21%	-25.1%
Return on Invested Capital (ROIC)	-520.71%	-153.17%	-72.44%	-16.55%	-9.34%	0.64%	2.6%	3.2%	0.28%	3.03%
Gross Margin	46.42%	50.7%	49.56%	60.07%	67.26%	70.41%	74.87%	71.35%	69.55%	75.33%
Net Margin	-163.64%	-95.71%	-44.76%	35.35%	0.33%	-6.87%	-24.85%	-15.9%	-18.75%	-8.76%
Debt / Equity	-	2.13x	5.86x	0.62x	0.77x	0.88x	7.13x	4.12x	2.72x	3.30x
Interest Coverage	-13.22x	-5.70x	-4.02x	-1.91x	-1.92x	0.17x	0.30x	0.26x	0.02x	0.39x
FCF Conversion	0.70x	0.59x	0.73x	0.05x	5.65x	0.33x	-0.28x	-0.12x	-0.16x	1.27x
Revenue Growth	485.3%	105.25%	34.26%	54.52%	23.67%	-4.48%	48.3%	22.24%	46.95%	53.32%

Revenue by Segment

	2018	2019	2020	2021	2022	2024
Other Revenue	-	-	-	-	-	915K
Other Revenue Growth	-	-	-	-	-	-
Other Revenues	-	-	392K	3.37M	5.07M	-
Other Revenues Growth	-	-	-	760.20%	50.39%	-
License Revenues	38K	28K	-	-	-	-
License Revenues Growth	-	-26.32%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Harrow Health, Inc. (HROW) reported $250.0M in revenue for fiscal year 2024.

Harrow Health, Inc. (HROW) grew revenue by 53.3% over the past year. This is strong growth.

Harrow Health, Inc. (HROW) reported a net loss of $5.0M for fiscal year 2024.

Dividend & Returns

Harrow Health, Inc. (HROW) has a return on equity (ROE) of -25.1%. Negative ROE indicates the company is unprofitable.

Harrow Health, Inc. (HROW) had negative free cash flow of $20.5M in fiscal year 2024, likely due to heavy capital investments.

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Harrow Health, Inc. (HROW) 10-Year Financial Performance & Capital Metrics

HROW • • Industrial / General

HealthcareSpecialty & Generic PharmaSpecialty PharmaceuticalsOphthalmology Therapeutics

Revenue $200M +53.3%
EBITDA $22M +89.1%
Net Income -$17M +28.4%
EPS (Diluted) -0.49 +34.7%
Gross Margin 75.33% +8.3%
EBITDA Margin 10.96% +23.3%
Operating Margin 4.42% +1235.2%
Net Margin -8.76% +53.3%
ROE -25.1% +50.0%
ROIC 3.03% +974.6%
Debt/Equity 3.30 +21.3%
Interest Coverage 0.39 +1815.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 86 (top 14%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 31.3%

✗Weaknesses

✗High debt to equity ratio of 3.3x
✗Negative free cash flow
✗Expensive at 24.9x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y61.44%

5Y31.29%

3Y40.17%

TTM47.83%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM85.07%

EPS CAGR

10Y-

5Y-

3Y-

TTM84.04%

ROCE

10Y Avg-38.21%

5Y Avg1.65%

3Y Avg1.68%

Latest3.15%

Peer Comparison

Ophthalmology Therapeutics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HROWHarrow Health, Inc.	1.8B	48.49	-98.96	53.32%	-1.99%	-10.69%		3.30

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	9.72M	19.94M	26.77M	41.37M	51.16M	48.87M	72.48M	88.59M	130.19M	199.61M
Revenue Growth %	4.85%	1.05%	0.34%	0.55%	0.24%	-0.04%	0.48%	0.22%	0.47%	0.53%
Cost of Goods Sold+	5.21M	9.83M	13.51M	16.52M	16.75M	14.46M	18.21M	25.38M	39.64M	49.24M
COGS % of Revenue	0.54%	0.49%	0.5%	0.4%	0.33%	0.3%	0.25%	0.29%	0.3%	0.25%
Gross Profit+	4.51M	10.11M	13.27M	24.85M	34.42M	34.41M	54.26M	63.21M	90.55M	150.37M
Gross Margin %	0.46%	0.51%	0.5%	0.6%	0.67%	0.7%	0.75%	0.71%	0.7%	0.75%
Gross Profit Growth %	6.95%	1.24%	0.31%	0.87%	0.38%	-0%	0.58%	0.16%	0.43%	0.66%
Operating Expenses+	19.33M	25.69M	25.43M	30.07M	39.21M	34.02M	52.65M	61.29M	90.12M	141.55M
OpEx % of Revenue	1.99%	1.29%	0.95%	0.73%	0.77%	0.7%	0.73%	0.69%	0.69%	0.71%
Selling, General & Admin	19M	24.95M	25.02M	29.24M	33.1M	0	39.81M	0	0	0
SG&A % of Revenue	1.96%	1.25%	0.93%	0.71%	0.65%	-	0.55%	-	-	-
Research & Development	332K	739K	413K	825K	2.08M	2.41M	11.08M	3.05M	6.65M	12.23M
R&D % of Revenue	0.03%	0.04%	0.02%	0.02%	0.04%	0.05%	0.15%	0.03%	0.05%	0.06%
Other Operating Expenses	31K	0	0	103K	4.03M	31.61M	1.75M	58.24M	83.47M	129.32M
Operating Income+	-14.82M	-15.88M	-12.16M	-5.22M	-4.79M	385K	1.61M	1.92M	431K	8.82M
Operating Margin %	-1.53%	-0.8%	-0.45%	-0.13%	-0.09%	0.01%	0.02%	0.02%	0%	0.04%
Operating Income Growth %	-0.46%	-0.07%	0.23%	0.57%	0.08%	1.08%	3.19%	0.19%	-0.78%	19.47%
EBITDA+	-14.21M	-14.48M	-10.4M	-3.37M	-2.13M	2.25M	3.35M	4.75M	11.57M	21.87M
EBITDA Margin %	-1.46%	-0.73%	-0.39%	-0.08%	-0.04%	0.05%	0.05%	0.05%	0.09%	0.11%
EBITDA Growth %	-0.41%	-0.02%	0.28%	0.68%	0.37%	2.06%	0.49%	0.42%	1.44%	0.89%
D&A (Non-Cash Add-back)	610K	1.41M	1.76M	1.84M	2.66M	1.87M	1.74M	2.83M	11.14M	13.05M
EBIT	-14.82M	-15.46M	-12.16M	-5.22M	-706K	748K	3.36M	1.92M	811K	9.07M
Net Interest Income+	-1.11M	-2.77M	-3.03M	-2.73M	-2.5M	-2.24M	-5.44M	-7.24M	-21.32M	-22.79M
Interest Income	13K	10K	0	0	0	0	0	0	0	0
Interest Expense	1.12M	2.78M	3.03M	2.73M	2.5M	2.24M	5.44M	7.24M	21.32M	22.79M
Other Income/Expense	-1.08M	-3.32M	-757K	19.84M	0	-3.8M	-19.49M	-15.93M	-24.14M	-26.14M
Pretax Income+	-15.9M	-19.2M	-12.92M	14.63M	-117K	-3.42M	-17.87M	-14.01M	-23.71M	-17.32M
Pretax Margin %	-1.64%	-0.96%	-0.48%	0.35%	-0%	-0.07%	-0.25%	-0.16%	-0.18%	-0.09%
Income Tax+	0	-111K	-935K	0	8K	4K	133K	75K	701K	161K
Effective Tax Rate %	1%	0.99%	0.93%	1%	-1.44%	0.98%	1.01%	1.01%	1.03%	1.01%
Net Income+	-15.9M	-19.09M	-11.98M	14.63M	168K	-3.36M	-18.01M	-14.09M	-24.41M	-17.48M
Net Margin %	-1.64%	-0.96%	-0.45%	0.35%	0%	-0.07%	-0.25%	-0.16%	-0.19%	-0.09%
Net Income Growth %	-0.57%	-0.2%	0.37%	2.22%	-0.99%	-20.98%	-4.36%	0.22%	-0.73%	0.28%
Net Income (Continuing)	-15.9M	-19.09M	-11.98M	14.63M	-125K	-3.42M	-18.01M	-14.09M	-24.41M	-17.48M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	-293K	-355K	-355K	-355K	-355K	-355K
EPS (Diluted)+	-1.66	-1.50	-0.60	0.61	0.01	-0.13	-0.69	-0.51	-0.75	-0.49
EPS Growth %	-0.5%	0.1%	0.6%	2.02%	-0.98%	-14%	-4.31%	0.26%	-0.47%	0.35%
EPS (Basic)	-1.66	-1.50	-0.60	0.67	0.01	-0.13	-0.69	-0.51	-0.75	-0.49
Diluted Shares Outstanding	9.58M	12.74M	20.03M	23.81M	26.47M	25.89M	26.76M	27.46M	32.62M	35.65M
Basic Shares Outstanding	9.58M	12.74M	19.98M	21.92M	25.32M	25.89M	26.76M	27.46M	32.62M	35.65M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	5.87M	14.75M	8.81M	32.84M	36.77M	40.98M	60.66M	118.26M	139.07M	189.65M
Cash & Short-Term Investments	2.69M	8.85M	4.02M	28.06M	29.95M	32.75M	50.67M	101.86M	82.77M	47.25M
Cash Only	2.69M	8.85M	4.02M	6.64M	4.75M	4.1M	42.17M	96.27M	74.08M	47.25M
Short-Term Investments	0	0	0	21.42M	25.2M	28.64M	8.5M	5.59M	8.68M	0
Accounts Receivable	840K	2.92M	1.62M	1.96M	2.01M	2.66M	4.52M	6.39M	36.49M	116.6M
Days Sales Outstanding	31.56	53.46	22.14	17.33	14.33	19.88	22.75	26.32	102.3	213.21
Inventory	1.41M	1.84M	2.25M	1.83M	3.3M	3.96M	4.22M	6.54M	10.87M	10.7M
Days Inventory Outstanding	99	68.35	60.78	40.52	71.94	99.99	84.51	94.06	100.06	79.32
Other Current Assets	150K	200K	124K	125K	922K	1.05M	92K	118K	1.75M	3.41M
Total Non-Current Assets+	8.26M	12.49M	15.11M	16.61M	22.32M	16.49M	37.67M	39.12M	172.68M	199.32M
Property, Plant & Equipment	2.66M	7.29M	6.21M	6.38M	11.93M	10.67M	9.08M	11M	12.44M	12.29M
Fixed Asset Turnover	3.66x	2.73x	4.31x	6.49x	4.29x	4.58x	7.99x	8.05x	10.46x	16.24x
Goodwill	2.47M	2.23M	2.23M	2.23M	332K	332K	332K	332K	332K	332K
Intangible Assets	3.13M	2.97M	2.86M	3.06M	2.34M	2.52M	17.13M	25.84M	159.91M	186.7M
Long-Term Investments	0	0	3.51M	4.95M	7.71M	2.97M	11.13M	0	0	0
Other Non-Current Assets	0	0	302K	4.95M	7.71M	0	12.45M	1.95M	0	0
Total Assets+	14.13M	27.25M	23.92M	49.45M	59.09M	57.47M	98.33M	157.38M	311.75M	388.97M
Asset Turnover	0.69x	0.73x	1.12x	0.84x	0.87x	0.85x	0.74x	0.56x	0.42x	0.51x
Asset Growth %	0.38%	0.93%	-0.12%	1.07%	0.19%	-0.03%	0.71%	0.6%	0.98%	0.25%
Total Current Liabilities+	5.37M	9.9M	5.77M	11.9M	12.28M	10.8M	9.72M	18.63M	49.34M	91.34M
Accounts Payable	3.41M	3.54M	3.88M	4.97M	7.41M	3.65M	5.17M	6.44M	21.42M	38.76M
Days Payables Outstanding	238.87	131.36	105	109.71	161.46	91.99	103.68	92.61	197.27	287.3
Short-Term Debt	21K	4.43M	598K	3.25M	1.77M	3.9M	0	0	806K	0
Deferred Revenue (Current)	65K	91K	29K	119K	57K	0	16K	113K	0	44K
Other Current Liabilities	660K	-251K	-545K	564K	293K	66K	1.16M	0	21.66M	0
Current Ratio	1.09x	1.49x	1.53x	2.76x	2.99x	3.79x	6.24x	6.35x	2.82x	2.08x
Quick Ratio	0.83x	1.30x	1.14x	2.61x	2.72x	3.43x	5.81x	6.00x	2.60x	1.96x
Cash Conversion Cycle	-108.32	-9.54	-22.08	-51.87	-75.19	27.88	3.58	27.77	5.09	5.23
Total Non-Current Liabilities+	10.14M	10.91M	15.53M	12.8M	19.38M	19.85M	77.68M	111.51M	192.41M	228.33M
Long-Term Debt	8.59M	7.94M	14.01M	12M	12.22M	12.38M	71.65M	104.17M	183.17M	219.54M
Capital Lease Obligations	1K	1.32M	720K	0	6.36M	6.67M	6.02M	7.33M	6.52M	8.79M
Deferred Tax Liabilities	1.05M	936K	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	500K	719K	800K	800K	800K	800K	0	0	2.71M	0
Total Liabilities	15.52M	20.82M	21.3M	24.7M	31.67M	30.65M	87.4M	130.14M	241.75M	319.67M
Total Debt+	8.36M	13.69M	15.33M	15.25M	20.99M	23.53M	77.96M	112.23M	190.5M	228.83M
Net Debt	5.67M	4.83M	11.31M	8.61M	16.24M	19.43M	35.79M	15.96M	116.42M	181.58M
Debt / Equity	-	2.13x	5.86x	0.62x	0.77x	0.88x	7.13x	4.12x	2.72x	3.30x
Debt / EBITDA	-	-	-	-	-	10.44x	23.24x	23.63x	16.47x	10.46x
Net Debt / EBITDA	-	-	-	-	-	8.62x	10.67x	3.36x	10.06x	8.30x
Interest Coverage	-13.22x	-5.70x	-4.02x	-1.91x	-1.92x	0.17x	0.30x	0.26x	0.02x	0.39x
Total Equity+	-1.39M	6.43M	2.62M	24.75M	27.42M	26.83M	10.93M	27.24M	70M	69.3M
Equity Growth %	-1.17%	5.64%	-0.59%	8.47%	0.11%	-0.02%	-0.59%	1.49%	1.57%	-0.01%
Book Value per Share	-0.14	0.50	0.13	1.04	1.04	1.04	0.41	0.99	2.15	1.94
Total Shareholders' Equity	-1.39M	6.43M	2.62M	24.75M	27.71M	27.18M	11.29M	27.59M	70.36M	69.65M
Common Stock	10K	19K	21K	24K	26K	26K	27K	30K	35K	35K
Retained Earnings	-57.76M	-76.85M	-88.84M	-74.21M	-74.04M	-77.4M	-95.41M	-109.49M	-133.9M	-151.38M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-300K	-1.35M	-2.76M	-4.36M	0	0	0	0	-409K	0
Minority Interest	0	0	0	0	-293K	-355K	-355K	-355K	-355K	-355K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-11.14M	-11.21M	-8.8M	687K	950K	-1.1M	5.08M	1.71M	3.84M	-22.2M
Operating CF Margin %	-1.15%	-0.56%	-0.33%	0.02%	0.02%	-0.02%	0.07%	0.02%	0.03%	-0.11%
Operating CF Growth %	-0.58%	-0.01%	0.22%	1.08%	0.38%	-2.16%	5.62%	-0.66%	1.25%	-6.78%
Net Income	-15.9M	-19.09M	-11.98M	14.63M	-125K	-3.42M	-18.01M	-14.09M	-24.41M	-17.48M
Depreciation & Amortization	610K	1.41M	1.76M	1.84M	2.66M	2.74M	2.4M	3.67M	12.34M	14.54M
Stock-Based Compensation	3.44M	3.67M	2.94M	2.64M	2.02M	2.77M	5.75M	7.97M	15.7M	17.62M
Deferred Taxes	0	-111K	-935K	-22.47M	-2.4M	0	0	0	0	0
Other Non-Cash Items	380K	3.59M	-1.29M	613K	512K	3.07M	15.2M	9.72M	7.35M	7.75M
Working Capital Changes	325K	-683K	700K	3.44M	-1.72M	-6.27M	-253K	-5.57M	-7.13M	-44.63M
Change in Receivables	-360K	-2.08M	1.39M	-384K	-95K	-866K	-1.83M	-1.86M	-30.34M	-80.23M
Change in Inventory	-314K	-429K	-821K	415K	-2.27M	-661K	-255K	-2.32M	-4.33M	165K
Change in Payables	1.03M	1.51M	346K	2.37M	1.34M	-4.66M	1.73M	933K	31.8M	37.5M
Cash from Investing+	-5.13M	-7.29M	-961K	-2.2M	-1.83M	-981K	-18.69M	-1.74M	-152.55M	-33.16M
Capital Expenditures	-1.18M	-7.14M	-1.07M	-2.2M	-1.84M	-862K	-1.79M	-2.6M	-1.46M	-1.59M
CapEx % of Revenue	0.12%	0.36%	0.04%	0.05%	0.04%	0.02%	0.02%	0.03%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-524K	-100K	113K	4K	0	-119K	-36.55M	854K	-151.09M	-37.08M
Cash from Financing+	10.75M	24.67M	4.93M	4.13M	-1.01M	1.43M	51.47M	54.14M	126.53M	28.53M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-127K	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.1M	4.42M	-27K	4.18M	-282K	-1.53M	-19.12M	-234K	-12.63M	-1.25M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-12.32M	-18.35M	-9.88M	-1.52M	-887K	-2.09M	-23.43M	-6.07M	-148.71M	-60.88M
FCF Margin %	-1.27%	-0.92%	-0.37%	-0.04%	-0.02%	-0.04%	-0.32%	-0.07%	-1.14%	-0.3%
FCF Growth %	-0.7%	-0.49%	0.46%	0.85%	0.41%	-1.36%	-10.19%	0.74%	-23.51%	0.59%
FCF per Share	-1.29	-1.44	-0.49	-0.06	-0.03	-0.08	-0.88	-0.22	-4.56	-1.71
FCF Conversion (FCF/Net Income)	0.70x	0.59x	0.73x	0.05x	5.65x	0.33x	-0.28x	-0.12x	-0.16x	1.27x
Interest Paid	637K	1.37M	1.54M	2.1M	1.97M	1.79M	4.82M	6.48M	18.89M	20.59M
Taxes Paid	1K	9K	9K	4K	17K	4K	11K	75K	0	374K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-470.02%	-756.37%	-264.95%	106.88%	0.64%	-12.38%	-95.38%	-73.8%	-50.21%	-25.1%
Return on Invested Capital (ROIC)	-520.71%	-153.17%	-72.44%	-16.55%	-9.34%	0.64%	2.6%	3.2%	0.28%	3.03%
Gross Margin	46.42%	50.7%	49.56%	60.07%	67.26%	70.41%	74.87%	71.35%	69.55%	75.33%
Net Margin	-163.64%	-95.71%	-44.76%	35.35%	0.33%	-6.87%	-24.85%	-15.9%	-18.75%	-8.76%
Debt / Equity	-	2.13x	5.86x	0.62x	0.77x	0.88x	7.13x	4.12x	2.72x	3.30x
Interest Coverage	-13.22x	-5.70x	-4.02x	-1.91x	-1.92x	0.17x	0.30x	0.26x	0.02x	0.39x
FCF Conversion	0.70x	0.59x	0.73x	0.05x	5.65x	0.33x	-0.28x	-0.12x	-0.16x	1.27x
Revenue Growth	485.3%	105.25%	34.26%	54.52%	23.67%	-4.48%	48.3%	22.24%	46.95%	53.32%

Revenue by Segment

	2018	2019	2020	2021	2022	2024
Other Revenue	-	-	-	-	-	915K
Other Revenue Growth	-	-	-	-	-	-
Other Revenues	-	-	392K	3.37M	5.07M	-
Other Revenues Growth	-	-	-	760.20%	50.39%	-
License Revenues	38K	28K	-	-	-	-
License Revenues Growth	-	-26.32%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Harrow Health, Inc. (HROW) reported $250.0M in revenue for fiscal year 2024.

Harrow Health, Inc. (HROW) grew revenue by 53.3% over the past year. This is strong growth.

Harrow Health, Inc. (HROW) reported a net loss of $5.0M for fiscal year 2024.

Dividend & Returns

Harrow Health, Inc. (HROW) has a return on equity (ROE) of -25.1%. Negative ROE indicates the company is unprofitable.

Harrow Health, Inc. (HROW) had negative free cash flow of $20.5M in fiscal year 2024, likely due to heavy capital investments.