Highlights for Fourth Quarter 2020:
- Revenues of $14.6 million, a 16% enhance in contrast with $12.6 million for prior 12 months;
- Adjusted EBITDA reached a brand new excessive of $4.0 million, in contrast with $2.1 million for prior 12 months;
- Section contribution from ImprimisRx reached $5.0 million for the fourth quarter of 2020;
- GAAP working revenue elevated to $2.6 million in contrast with $0.9 million for prior 12 months; and
- Gross margins steadied at 73%.
NASHVILLE, Tenn., March 08, 2021 (GLOBE NEWSWIRE) — Harrow Well being, Inc. (NASDAQ: HROW), an ophthalmic-focused healthcare firm, immediately introduced outcomes for the fourth quarter and 12 months ended December 31, 2020. The Firm additionally posted its fourth quarter Letter to Stockholders to the “Buyers” part of its web site, harrowinc.com.
Complete revenues had been $14.6 million for the fourth quarter of 2020, a 16% enhance in contrast with $12.6 million for a similar interval in 2019, and up barely from revenues of $14.4 million on a sequential-quarter foundation. The rise in revenues for the fourth quarter of 2020 is partially as a result of addition of $349,000 in Dexycu® commissions. Fourth quarter working revenue elevated to $2.6 million in contrast with $0.9 million throughout the identical interval final 12 months and $1.6 million through the third quarter of 2020.
Gross margins have remained comparatively constant at 73% within the fourth quarter of 2020 in contrast with 72% within the fourth quarter of 2019. Gross margins for full 12 months 2020 had been 70% in contrast with 67% for the prior-year interval. Adjusted EBITDA for the fourth quarter of 2020 was a brand new excessive for the corporate of $4.0 million in contrast with $2.1 million reported within the prior-year interval. A reconciliation of all non-GAAP monetary outcomes will be discovered later on this launch.
Commenting on the Firm’s monetary efficiency, Mark L. Baum, CEO of Harrow Well being, stated, “I’m happy with our monetary and working efficiency for the fourth quarter of 2020, reflecting a continuation of the momentum we noticed within the record-setting third quarter of 2020. On each a year-over-year and a sequential-quarter foundation, key monetary metrics continued to enhance, regardless of interim challenges we confronted through the fourth quarter associated to COVID-19 resurgence and unpredictable climate. We additionally noticed important progress when it comes to main milestones, buyer development, product improvement and the enlargement of our income sources.
“As I mirror on full 12 months 2020, I’m happy with how our crew stayed true to our mission and continued to execute our technique, even within the face of the challenges and uncertainties introduced on by the COVID-19 pandemic. Early within the pandemic, Harrow Well being took steps to handle its stability sheet and expense ranges, whereas additionally working to keep up our aggressive benefits by strengthening our product and repair choices, additional enhancing the ImprimisRx prescriber and affected person expertise and advancing a number of key new product improvement alternatives These measures paid off, leading to a speedy return to pre-COVID-19 efficiency ranges and constructing a pipeline of latest worth drivers for our clients and stockholders alike. I imagine we’re properly positioned to proceed to develop, turn into extra worthwhile, and construct a really giant and priceless eyecare-focused healthcare enterprise by the execution of our centered strategic initiatives to broaden past pharmaceutical compounding.”
Convention Name and Webcast
The Firm’s administration crew will host a convention name and stay webcast immediately at 4:45 p.m. Jap time to debate the outcomes and supply a enterprise replace. To take part within the name, see particulars under:
|Convention Name Particulars:|
|Date:||Monday, March 8, 2021|
|Time:||4:45 p.m. Jap time|
|Participant Dial-in:||(888) 506-0062 (U.S.)
(973) 528-0011 (Worldwide)
|Replay Dial-in (Passcode 39840):
(telephonic replay by April 8, 2021)
|(877) 481-4010 (U.S.)
(919) 882-2331 (Worldwide)
(on-line replay by June 8, 2021)
About Harrow Well being
Harrow Well being, Inc. (NASDAQ: HROW) is an ophthalmic-focused healthcare firm. The Firm owns ImprimisRx, the nation’s main ophthalmology outsourcing and pharmaceutical compounding enterprise, which was based in 2014. Harrow Well being additionally holds giant fairness positions in Eton Pharmaceuticals, Surface Ophthalmics and Melt Pharmaceuticals, all of which began as Harrow Well being subsidiaries. Harrow Well being additionally owns royalty rights in 4 clinical-stage drug candidates being developed by Floor Ophthalmics and Soften Prescription drugs. For extra details about Harrow Well being, please go to the Buyers part of the company web site, harrowinc.com.
This press launch incorporates “forward-looking statements” throughout the that means of the U.S. Personal Securities Litigation Reform Act of 1995. Any statements on this launch that aren’t historic information could also be thought-about such “forward-looking statements.” Ahead-looking statements are primarily based on administration’s present expectations and are topic to dangers and uncertainties which can trigger outcomes to vary materially and adversely from the statements contained herein. A number of the potential dangers and uncertainties that would trigger precise outcomes to vary from these predicted embody the affect of the COVID-19 pandemic and any future well being epidemics on our monetary situation, liquidity and outcomes of operations; our potential to make commercially out there our compounded formulations and applied sciences in a well timed method or in any respect; market acceptance of the Firm’s formulations and challenges associated to the advertising of the Firm’s formulations; dangers associated to our compounding pharmacy operations; our potential to enter into different strategic alliances, together with preparations with pharmacies, physicians and healthcare organizations for the event and distribution of our formulations; our potential to acquire mental property safety for our property; our potential to precisely estimate our bills and money burn, and lift further funds when essential; dangers associated to analysis and improvement actions; the projected measurement of the potential marketplace for our applied sciences and formulations; sudden new information, security and technical points; regulatory and market developments impacting compounding pharmacies, outsourcing amenities and the pharmaceutical business; competitors; and market situations. These and extra dangers and uncertainties are extra absolutely described in Harrow Well being’s filings with the Securities and Change Fee, together with its Annual Report on Kind 10-Okay and its Quarterly Experiences on Kind 10-Q. Such paperwork could also be learn freed from cost on the SEC’s site at www.sec.gov. Undue reliance shouldn’t be positioned on forward-looking statements, which converse solely as of the date they’re made. Besides as required by regulation, Harrow Well being undertakes no obligation to replace any forward-looking statements to mirror new data, occasions or circumstances after the date they’re made, or to mirror the incidence of unanticipated occasions.
Jamie Webb, Director of Communications and Investor Relations
|HARROW HEALTH, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in hundreds, besides per share information)
|For the Three Months Ended
|For the Years Ended
|Value of gross sales||(3,937||)||(3,565||)||(14,463||)||(16,749||)|
|Promoting, basic and administrative||(7,441||)||(7,689||)||(31,247||)||(33,088||)|
|Analysis and improvement||(591||)||(424||)||(2,413||)||(2,083||)|
|Impairment of long-lived property||–||–||(363||)||(4,040||)|
|Complete working bills||8,032||8,113||34,023||39,211|
|Revenue (loss) from operations||2,626||926||385||(4,795||)|
|Complete different (loss) revenue, internet||(1,481||)||1,674||(3,800||)||4,678|
|Internet revenue (loss), together with
|Internet loss attributable to
|Internet revenue (loss) attributable to
Harrow Well being, Inc.
|Internet revenue (loss) per share of
frequent inventory, fundamental
|Internet revenue (loss) per share of
frequent inventory, diluted
|HARROW HEALTH, INC.
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
|For the Three Months Ended
|GAAP Internet Revenue||$||1,149||$||2,657|
|Inventory-based compensation and bills||780||465|
|Curiosity expense, internet||673||561|
|Amortization of intangible property||40||34|
|Funding losses (positive factors), internet||711||(2,235||)|
|Different (revenue) loss, internet||97||–|
|Non-recurring bills (1)||–||75|
(1) 2019 non-recurring bills contains prices accrued in reference to litigation settlements, impairment of long-lived property and wind-down prices (together with severance) related to the restructuring of our Irvine, California pharmacy enterprise.