Q3 2024 Harrow Inc Earnings Call Transcript
Key Points
- Harrow Inc (HROW) reported record revenue of $49.3 million for the third quarter, marking a 44% increase over the prior year.
- The company's Crown Jewel Dry Eye Asset, VVI, launched in January, exceeded expectations with a 55% increase in prescription volume from the second to the third quarter.
- Harrow Inc (HROW) successfully managed to recover from a temporary inventory shortage of VVI by adjusting inventory levels, ensuring no future shortages.
- The company has seen a significant improvement in insurance formulary access for VVI, enhancing its market potential.
- Harrow Inc (HROW) implemented a strategic 'retina pivot' for its product Ihio, which is already showing positive results in the fourth quarter.
- Harrow Inc (HROW) faced a temporary inventory shortage of VVI in mid-September, which capped its revenue potential for the third quarter.
- The strategic 'retina pivot' for Ihio resulted in subdued demand during the third quarter as the sales team focused on new sales processes.
- Summer seasonality typically limits results in the third quarter due to reduced surgical scheduling.
- The company acknowledged challenges with Ihio's launch, including initial lack of reimbursement clarity.
- Harrow Inc (HROW) is still completing work on net pricing for its relaunched product Tri Essence, indicating potential uncertainty in revenue projections.
Good morning and welcome to Harrow's third quarter, 2024 earnings conference call. My name is Michelle and I will be your operator for today's call. At this time. All participants are in a listen-only mode later, we will conduct a question and answer session as a reminder, this conference is being recorded. I would now like to turn the call over to Jamie Webb, Director of Communications and Investor Relations for Harrow. Please go ahead.
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Thank you operator.
Good morning and welcome to Harrow third quarter, 2024 earnings conference call.
Before we begin today. Let me remind you that the company's remarks may include forward-looking statements within the meaning of federal securities law.
Forward-looking statements are subject to numerous risks and uncertainties. Many of which are beyond Harold's control including risks and uncertainties described from time to time in its sec filings such as risk and uncertainties related to the company's ability to
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