Harrow Health (HROW) financial statements
Harrow Health reported revenue of $272M in fiscal 2025, up 33.7% a year over 9 years.
Net income was -$5M and the operating margin 11.2%, against -79.6% in 2016.
Free cash flow was $43M.
The diluted share count rose 188% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Harrow Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20M | $27M | $41M | $51M | $49M | $72M | $89M | $130M | $200M | $272M |
| Cost of revenue | — | $14M | $17M | $17M | $14M | $18M | $25M | $40M | $49M | $68M |
| Gross profit | $10M | $13M | $25M | $34M | $34M | $54M | $63M | $91M | $150M | $204M |
| Research and development | $739,000 | $413,000 | $825,000 | $2M | $2M | $11M | $3M | $7M | $12M | $21M |
| Selling, general and admin | $25M | $25M | $29M | $33M | $31M | $41M | $58M | $83M | $129M | $153M |
| Operating income | -$16M | -$12M | -$5M | -$5M | $385,000 | $2M | $2M | $431,000 | $9M | $31M |
| Interest expense | — | — | — | — | — | $5M | $7M | $21M | $23M | $24M |
| Pre-tax income | -$19M | -$13M | $15M | -$117,000 | -$3M | -$18M | -$14M | -$24M | -$17M | -$1M |
| Income tax | -$111,000 | -$935,000 | — | $8,000 | $4,000 | $133,000 | $75,000 | $701,000 | $161,000 | $4M |
| Net income | -$19M | -$12M | $15M | $168,000 | -$3M | -$18M | -$14M | -$24M | -$17M | -$5M |
| EPS (diluted) | -$1.50 | -$0.60 | $0.61 | $0.01 | -$0.13 | -$0.69 | -$0.51 | -$0.75 | -$0.49 | -$0.14 |
| Diluted shares | 13M | 20M | 24M | 26M | 26M | 27M | 27M | 33M | 36M | 37M |
| Gross margin | 50.7% | 49.6% | 60.1% | 67.3% | 70.4% | 74.9% | 71.3% | 69.6% | 75.3% | 75.1% |
| Operating margin | -79.6% | -45.4% | -12.6% | -9.4% | 0.8% | 2.2% | 2.2% | 0.3% | 4.4% | 11.2% |
| Net margin | -95.7% | -44.8% | 35.3% | 0.3% | -6.9% | -24.8% | -15.9% | -18.7% | -8.8% | -1.9% |
Balance sheet
Fiscal years, from Harrow Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $9M | $4M | $7M | $5M | $33M | $51M | $102M | $83M | $47M | $73M |
| Receivables | $3M | $2M | $2M | $2M | $3M | $4M | $6M | $36M | $116M | $111M |
| Inventory | $2M | $2M | $2M | $3M | $4M | $4M | $7M | $11M | $11M | $14M |
| Total current assets | $15M | $9M | $33M | $36M | $41M | $61M | $118M | $139M | $190M | $212M |
| Property, plant and equipment | $7M | $6M | $6M | $5M | $4M | $3M | $3M | $4M | $4M | $3M |
| Goodwill | $2M | $2M | $2M | $332,000 | $332,000 | $332,000 | $332,000 | $332,000 | $332,000 | $332,000 |
| Total assets | $27M | $24M | $49M | $59M | $57M | $98M | $157M | $312M | $389M | $399M |
| Total current liabilities | $10M | $6M | $12M | $12M | $11M | $10M | $19M | $49M | $91M | $96M |
| Total liabilities | $21M | $21M | $25M | $32M | $31M | $87M | $130M | $242M | $320M | $347M |
| Shareholders' equity | $6M | $3M | $25M | $28M | $27M | $11M | $28M | $71M | $70M | $52M |
| Net debt | -$9M | -$4M | -$6M | -$5M | -$4M | -$42M | -$96M | -$74M | -$47M | -$73M |
Cash flow
Fiscal years, from Harrow Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$11M | -$9M | $687,000 | $950,000 | -$1M | $5M | $2M | $4M | -$22M | $44M |
| Capital spending | $7M | $772,000 | $2M | $1M | $862,000 | $2M | $3M | $1M | $2M | $887,000 |
| Free cash flow | -$18M | -$10M | -$1M | -$518,000 | -$2M | $3M | -$892,000 | $2M | -$24M | $43M |
| Stock-based compensation | $4M | $3M | $2M | $2M | $3M | $6M | $8M | $16M | $18M | $13M |
| Net borrowing | — | — | — | — | — | — | — | $56M | $30M | $244M |
| Free cash flow margin | -90.8% | -35.8% | -2.6% | -1.0% | -4.0% | 4.5% | -1.0% | 1.8% | -11.9% | 15.8% |
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Open HROW in InvestinglyQuestions
What was Harrow Health's revenue in 2025?
$272M in fiscal 2025, from its 10-K filing.
How much free cash flow does Harrow Health generate?
$43M in fiscal 2025 (operating cash flow minus capital spending).
From Harrow Health's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.