실적분석 2026년 8월 10일

Harrow ($HROW) Q2 2026 Earnings Analysis — Revenue Slightly Beats, Guidance Maintained, Profitability Deterioration Triggers After-Hours Decline

Earnings Scorecard

Revenue: $70.66 million (+11% YoY, estimate $70.35 million) ✅ Beat

EPS: GAAP basic loss per share -$0.46 (adjusted figure not disclosed; basis differs from the consensus adjusted estimate of -$0.24, making direct comparison impossible)

Guidance: Maintained — reaffirmed 2026 full-year revenue of $350 million–$365 million and adjusted EBITDA of $80 million–$100 million

Stock Reaction: After-hours -3.69% ($39.2) — as of 08:09 KST, Aug 11

What Went Well

Modest Revenue Beat: Q2 revenue of $70.66 million exceeded the consensus estimate of $70.35 million

VEVYE Growth: VEVYE revenue of $29.4 million, up approximately 58% YoY

Record Demand: IHEEZO and TRIESENCE unit demand reached all-time highs

Prescriptions and unit demand for lead products grew faster than the market average, demonstrating the portfolio's underlying strength. Expanded formulary coverage from major commercial insurance plans and the announced acquisition of TYRVAYA are also read as medium-to-long-term drivers of revenue expansion.

What Fell Short

Widened Net Loss: Net loss attributable to Harrow of $17.27 million (swung from a profit in the prior-year period)

Adjusted EBITDA Loss: $1.23 million loss, reversing a profit in the prior-year period

Cost and Margin Pressure: Gross margin of 71% (vs. 75% prior year), with a sharp rise in SG&A and R&D expenses

While revenue grew, selling, general and administrative expenses and R&D spending rose at a steeper pace, causing significant deterioration in period profitability. First-half cumulative revenue alone falls short of the full-year target, so how quickly Harrow converts demand into actual revenue and earnings in the second half will be the key question.

What Management Said

The CEO explained that the first half was spent building demand and realigning the organization, and that the second half represents the execution phase in which this is converted into accelerating revenue growth and profitability. While he reaffirmed confidence in achieving the full-year targets, the market appears to have weighed the period loss and cost burden more heavily.

Market Reaction and Key Points Going Forward

Revenue met expectations, but the widened net loss and swing to an adjusted EBITDA loss came into focus, with concerns over the pace of earnings recovery driving the after-hours decline.

Monitoring is needed to see whether the expanded VEVYE coverage under major commercial insurance plans, effective August 1, translates into prescriptions and revenue.

Tracking is required to determine how the approximately 25% net price increase on IHEEZO effective July 1 and inventory normalization flow through reported revenue.

The closing of the TYRVAYA acquisition and the pace of BYOOVIZ revenue accumulation will be pivotal for credibility around the full-year guidance.