The massive H2 ramp implied by guidance (H1 revenue $114.9M vs. full-year $350M-$365M) is the key swing factor. Monitor weekly prescription data for VEVYE and IHEEZO unit demand to validate the inflection. The GAAP loss and negative operating cash flow mean the company is burning cash to invest — watch for any guidance revision or capital raise if H2 execution falters.
Price Chart
Executive Summary
Harrow reported Q2 2026 revenue of $70.7M, an 11% YoY increase and a 60% sequential jump, driven by strong branded product growth (VEVYE +58% YoY, IHEEZO record unit demand). However, GAAP net loss was -$17.3M vs. +$5.0M a year ago, and Adjusted EBITDA swung to -$1.2M from +$17.0M, reflecting heavy investment in sales force expansion and R&D. The company reiterated full-year 2026 guidance of $350M-$365M revenue and $80M-$100M Adjusted EBITDA, implying a massive H2 ramp. The TYRVAYA acquisition and BYOOVIZ launch add pipeline catalysts, but the GAAP loss and negative cash flow from operations (-$18.7M YTD) raise execution risk on the back-half guidance.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $70.7M, +11% YoY, +60% sequential
- GAAP net loss -$17.3M vs. +$5.0M YoY; Adjusted EBITDA -$1.2M vs. +$17.0M YoY
- VEVYE revenue $29.4M, +58% YoY; IHEEZO unit demand +44% sequential, +34% YoY
- Full-year 2026 guidance reiterated: revenue $350M-$365M, Adj. EBITDA $80M-$100M
- TYRVAYA acquisition announced, expected to close H2 2026; BYOOVIZ launched July 2026
- Cash and equivalents $83.9M; operating cash flow -$18.7M YTD
- SG&A surged to $53.3M from $33.2M YoY; R&D $8.1M from $2.9M YoY
Financial Impact
Revenue $70.7M (+11% YoY), GAAP net loss -$17.3M, Adj. EBITDA -$1.2M; full-year guidance implies H2 revenue ~$235M-$250M
Risk Factors
- Guidance implies H2 revenue more than double H1 — execution risk on sales force ramp and VEVYE/IHEEZO conversion
- GAAP net loss and negative operating cash flow (-$18.7M YTD) could pressure liquidity if H2 ramp disappoints
- ImprimisRx revenue declined 32% YoY to $14.6M; recovery dependent on inventory rebuild and market exit stabilization
- TYRVAYA acquisition integration and BYOOVIZ launch add near-term complexity and cost
- Debt of $292.4M vs. equity of $14.8M — high leverage amplifies downside risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-036865 |
| Exhibit: ex99-1.htm | 0001493152-26-036865 |
| Document: form8-k.htm | 0001493152-26-036865 |
| Document: 0001493152-26-036865-index-headers.html | 0001493152-26-036865 |
| Document: 0001493152-26-036865-index.html | 0001493152-26-036865 |
| Document: 0001493152-26-036865.txt | 0001493152-26-036865 |
| 8-K Data (Synthetic) | 0001493152-26-036865 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G/A | $29.10 | awaiting T+1 | — | $29.07 (−0.10%) |
Oct 5, 2026 22d ago | 8-K | $30.58 $30.35 | ▼ −0.75% | ▼ −1.30% | $29.07 (−4.94%) |
Oct 5, 2026 22d ago | Press Release | $30.58 $30.35 | ▼ −0.75% | ▼ −1.30% | $29.07 (−4.94%) |
Aug 10, 2026 11w ago | 8-K | $39.42 $39.36 | ▼ −0.15% | ▼ −0.40% | $29.07 (−26.26%) |
Aug 10, 2026 11w ago | Press Release | $39.42 $39.36 | ▲ +0.15% | ▲ +0.40% | $29.07 (+26.26%) |
Aug 6, 2026 11w ago | 8-K | $39.92 $40.44 | ▲ +1.30% | ▲ +0.69% | $29.07 (−27.18%) |
Jul 27, 2026 13w ago | Press Release | $37.46 | awaiting T+1 | — | $29.07 (−22.40%) |
Jul 20, 2026 14w ago | Press Release | $44.45 $43.71 | ▼ −1.66% | ▼ −2.50% | $29.07 (−34.60%) |
Jun 11, 2026 19w ago | Institutional Cluster | $37.64 $38.93 | ▲ +3.43% | ▲ +1.66% | $29.07 (−22.77%) |
Jun 11, 2026 19w ago | Institutional Cluster | $37.65 $37.64 | ▼ −0.03% | ▼ −0.57% | $29.07 (−22.79%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers