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On Monday, H.C. Wainwright affirmed a Buy rating and a $57.00 price target for Harrow Health (NASDAQ:HROW), which currently trades at $26.21. According to InvestingPro data, analysts maintain a Strong Buy consensus with price targets ranging from $50.40 to $69.00, suggesting significant upside potential. The firm’s analyst highlighted Harrow’s strong fourth quarter and full-year financial results for 2024. Harrow Health reported a fourth-quarter revenue of $66.8 million, marking an 84% increase year-over-year (YoY). The company’s net income for the same period was $6.8 million, or $0.24 per diluted share, surpassing the analyst’s projections of $5.8 million.
For the full year 2024, Harrow Health announced revenues of $199.6 million, a 53% YoY growth, maintaining its impressive 31% revenue CAGR over the past five years. While the company experienced a net loss of $17.5 million, or ($0.49) per diluted share, InvestingPro analysis indicates the company maintains a "GOOD" overall financial health score, with particularly strong momentum metrics. InvestingPro subscribers have access to over 30 additional financial health indicators and metrics for deeper analysis. The analyst pointed out the significant revenue increases for Harrow’s products, IHEEZO and VEVYE. IHEEZO’s fourth-quarter revenue reached $22.8 million, up 116% YoY, and $49.3 million for the full year, up 139% YoY. VEVYE’s fourth-quarter revenue was $16.0 million, an 804% increase YoY, and $28.1 million for the full year, a remarkable 1,489% YoY growth.
The report also noted the substantial growth in customer unit demand for IHEEZO, which rose 43% sequentially to 49,130 units in the fourth quarter from 34,468 units in the third quarter. Similarly, VEVYE prescriptions increased by 44% sequentially to 63,925 in the fourth quarter from 44,513 in the third quarter. The recent launch of the VEVYE Access for All program is expected to further accelerate the market adoption of VEVYE.
Looking ahead, Harrow Health’s management has projected that the company’s revenue for 2025 will exceed $280 million, suggesting a growth rate of over 40%. The analyst also mentioned the significance of TRIESENCE, which has been granted transitional pass-through reimbursement status by the Centers for Medicare & Medicaid Services (CMS), and is expected to contribute to Harrow’s top-line growth starting in the second half of 2025. The reaffirmation of the Buy rating and $57 price target reflects the analyst’s optimism about Harrow Health’s growth prospects.
In other recent news, Harrow Health Inc. reported impressive financial results for the fourth quarter of 2024, with earnings per share (EPS) reaching $0.24, which significantly surpassed the projected $0.1325. The company’s revenue also exceeded expectations, totaling $66.83 million against a forecast of $64.55 million, marking an 84% increase year-over-year. Harrow Health’s strong performance was attributed to key products such as IHESO and vVy, which drove substantial revenue growth. Looking ahead, the company has set an ambitious revenue target of over $280 million for 2025, aiming for more than 40% sequential growth. Additionally, Harrow Health is exploring opportunities for debt refinancing in 2025, which could enhance its financial flexibility. The company has expressed confidence in its strategic positioning and product offerings, highlighting the potential for continued strong performance. Harrow Health’s recent developments reflect its operational efficiency and successful market strategies, positioning it well for future growth.
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