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Harrow (HROW) guidance and outlook
Harrow (HROW) reaffirmed its guidance on Nov 9, 2026: Revenue $350M–$365M for FY2026; EBITDA $40.0M for FY2026; EBITDA $33.0M for Q4 2026. Harrow's 10-Q filed Nov 9, 2026 makes 14 forward-looking statements.
Guidance and outlook
Latest guidance
| Metric | Period | Range | Change |
|---|---|---|---|
| Revenue | FY2026 | $350M–$365M | reaffirmed |
| EBITDA | FY2026 | $40.0M | reaffirmed |
| EBITDA | Q4 2026 | $33.0M | reaffirmed |
| Revenue | FY2026 | $350M–$365M | new |
From the earnings release filed Nov 9, 2026 (8-K on EDGAR).
Forward-looking statements, 10-Q filed Nov 9, 2026
- We believe we have built a tangible and intangible infrastructure that will allow us to scale revenues efficiently in the near and
- We expect TYRVAYA to begin contributing to our results in the fourth quarter of 2026.
- Based on our current expectations, we anticipate that TYRVAYA will contribute in excess of $30,000,000 of revenue in 2027, and that we will incur approximately $20,000,000 of new annual operating expenses primarily as a result of the expansion of our commercial organization, marketing activities and incremental quality, supply chain and serialization costs.
- We expect TYRVAYA product gross margin, before amortization of acquired intangible assets and the effect of recognizing acquired inventory at a stepped-up value, to be generally consistent with the gross margin we realize on our current branded ophthalmic portfolio.
- We do not expect the level of TYRVAYA revenue we currently anticipate for 2027 to be sufficient to achieve the first net sales milestone under the purchase agreement, which is measured over the twelve months ending December 31, 2027.
- We expect TYRVAYA cost of sales to be driven principally by three items.
- The third is the recognition in cost of sales of the step-up in inventory value associated with the accounting for an asset acquisition, which will result in a higher cost per unit than our historical experience as that inventory is sold and which we do not expect to recur once the acquired inventory has been sold.
- The increase in selling, general and administrative expenses for the three and nine months ended September 30, 2026 compared to the same periods in 2025 was primarily due to increased personnel-related costs, including stock-based compensation, and consulting expenses, of $11,629,000 and $31,591,000, respectively, largely as a result of an increase in our headcount in sales, marketing and other departments,…
- We believe that cash and cash equivalents of $75,336,000 at September 30, 2026, together with cash generated from operations, will be sufficient to sustain our planned level of operations, capital expenditures and the TYRVAYA payments described below for at least the next 12 months.
- However, we may pursue acquisitions of products, drug candidates or other strategic transactions that involve large expenditures or we may experience growth more rapidly or on a larger scale than we expect, any of which could result in the depletion of capital resources more rapidly than anticipated and could require us to seek additional financing to support our operations.
- We do not currently expect any milestone payment to become payable with respect to 2027.
- We expect to use our current cash position and funds generated from our operations and any financing to pursue our business plan, which includes developing and commercializing drug candidates, compounded formulations and technologies, integrating and developing our operations, pursuing potential future strategic transactions as opportunities
Harrow's latest quarter
Harrow, Q3 2026: revenue $99.3M (+39% year over year), operating margin 11.6%, net earnings $9.8M, operating cash flow −$8.6M. The chart follows the revenue to costs, profit and cash.
Questions
Did Harrow raise or lower its guidance?
Harrow (HROW) reaffirmed its guidance on Nov 9, 2026: Revenue $350M–$365M for FY2026; EBITDA $40.0M for FY2026; EBITDA $33.0M for Q4 2026.
What does Harrow expect?
We believe we have built a tangible and intangible infrastructure that will allow us to scale revenues efficiently in the near and We expect TYRVAYA to begin contributing to our results in the fourth quarter of 2026. Based on our current expectations, we anticipate that TYRVAYA will contribute in excess of $30,000,000 of revenue in 2027, and that we will incur approximately $20,000,000 of new annual operating expenses primarily as a result of the expansion of our commercial organization, marketing activities and incremental quality, supply chain and serialization costs.
Updated Nov 10, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.