Harrow Health Inc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Harrow Health Inc has an operating margin of 4.4%, meaning the company retains $4 of operating profit per $100 of revenue. This below-average margin results in a low score of 22/100, suggesting thin profitability after operating expenses. This is up from 0.3% the prior year.
Harrow Health Inc's revenue surged 53.3% year-over-year to $199.6M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Harrow Health Inc has elevated debt relative to equity (D/E of 3.77), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Harrow Health Inc's current ratio of 2.08 indicates adequate short-term liquidity, earning a score of 63/100. The company can meet its near-term obligations, though with limited headroom.
While Harrow Health Inc generated -$22.2M in operating cash flow, capex of $1.6M consumed most of it, leaving -$23.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Harrow Health Inc scores 3.66, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.8B) relative to total liabilities ($319.7M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Harrow Health Inc passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Harrow Health Inc generates $1.27 in operating cash flow (-$22.2M OCF vs -$17.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Harrow Health Inc earns $0.4 in operating income for every $1 of interest expense ($8.8M vs $22.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Harrow Health Inc (HROW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 26 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Harrow Health Inc generated $199.6M in revenue in fiscal year 2024. This represents an increase of 53.3% from the prior year.
Harrow Health Inc's EBITDA was $10.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 444.2% from the prior year.
Harrow Health Inc generated -$23.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 1099.9% from the prior year.
Harrow Health Inc reported -$17.5M in net income in fiscal year 2024. This represents an increase of 28.4% from the prior year.
Harrow Health Inc earned $-0.49 per diluted share (EPS) in fiscal year 2024. This represents an increase of 34.7% from the prior year.
Harrow Health Inc held $47.2M in cash against $262.7M in long-term debt as of fiscal year 2024.
Harrow Health Inc had 36M shares outstanding in fiscal year 2024. This represents an increase of 1.3% from the prior year.
Harrow Health Inc's gross margin was 75.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 5.8 percentage points from the prior year.
Harrow Health Inc's operating margin was 4.4% in fiscal year 2024, reflecting core business profitability. This is up 4.1 percentage points from the prior year.
Harrow Health Inc's net profit margin was -8.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 10.0 percentage points from the prior year.
Harrow Health Inc invested $12.2M in research and development in fiscal year 2024. This represents an increase of 83.9% from the prior year.
Harrow Health Inc invested $1.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 9.2% from the prior year.
HROW Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $71.6M+12.4% | $63.7M+33.3% | $47.8M-28.4% | $66.8M+36.6% | $48.9M+41.5% | $34.6M-4.9% | $36.4M+6.1% | $34.3M |
| Cost of Revenue | $17.7M+9.1% | $16.2M+4.5% | $15.5M+9.8% | $14.1M+12.7% | $12.5M+18.8% | $10.6M-6.6% | $11.3M+12.3% | $10.1M |
| Gross Profit | $53.9M+13.5% | $47.5M+47.1% | $32.3M-38.7% | $52.7M+44.8% | $36.4M+51.5% | $24.0M-4.1% | $25.1M+3.5% | $24.2M |
| R&D Expenses | $3.3M+15.9% | $2.9M-5.2% | $3.0M-36.4% | $4.8M+55.7% | $3.1M+42.1% | $2.1M-35.6% | $3.3M+134.8% | $1.4M |
| SG&A Expenses | $35.9M+7.9% | $33.2M-18.0% | $40.5M+16.5% | $34.8M+9.3% | $31.8M+10.4% | $28.8M+9.9% | $26.2M+24.6% | $21.0M |
| Operating Income | $14.7M+29.3% | $11.4M+201.6% | -$11.2M-187.1% | $12.9M+743.1% | $1.5M+122.1% | -$6.9M-42.1% | -$4.9M-379.5% | $1.7M |
| Interest Expense | $6.0M-5.8% | $6.4M-2.1% | $6.5M+2.7% | $6.4M+16.5% | $5.5M+1.0% | $5.4M+5.7% | $5.1M-10.9% | $5.7M |
| Income Tax | N/A | N/A | N/A | $20K-96.9% | $655K | N/A | -$535K-134.8% | $1.5M |
| Net Income | $1.0M-79.6% | $5.0M+128.1% | -$17.8M-362.4% | $6.8M+204.7% | -$6.5M+52.3% | -$13.6M-48.3% | -$9.1M-108.3% | -$4.4M |
| EPS (Diluted) | $0.03-76.9% | $0.13+126.0% | $-0.50-363.2% | $0.19+205.6% | $-0.18+52.6% | $-0.38-46.2% | $-0.26-100.0% | $-0.13 |
HROW Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $363.1M+5.2% | $345.0M-5.3% | $364.2M-6.4% | $389.0M+26.9% | $306.6M+3.8% | $295.5M-5.3% | $312.2M+9.1% | $286.1M |
| Current Assets | $177.6M+14.7% | $154.9M-8.6% | $169.5M-10.6% | $189.7M+36.1% | $139.4M+11.1% | $125.5M-10.1% | $139.5M+26.5% | $110.3M |
| Cash & Equivalents | $74.3M+40.3% | $53.0M-20.6% | $66.7M+41.2% | $47.2M-33.4% | $71.0M+3.5% | $68.5M-7.5% | $74.1M+12.9% | $65.6M |
| Inventory | $12.8M+11.1% | $11.6M+7.8% | $10.7M+0.1% | $10.7M+13.5% | $9.4M-12.8% | $10.8M-0.5% | $10.9M+21.8% | $8.9M |
| Accounts Receivable | $77.6M-1.6% | $78.8M+2.3% | $77.1M-33.8% | $116.4M+123.8% | $52.0M+79.5% | $29.0M-20.1% | $36.3M+96.3% | $18.5M |
| Goodwill | $332K0.0% | $332K0.0% | $332K0.0% | $332K0.0% | $332K0.0% | $332K0.0% | $332K0.0% | $332K |
| Total Liabilities | $316.4M+7.0% | $295.7M-4.0% | $308.1M-3.6% | $319.7M+28.7% | $248.5M+5.6% | $235.3M-2.7% | $241.8M+14.8% | $210.7M |
| Current Liabilities | $65.4M-73.7% | $248.9M+33.1% | $187.0M+104.7% | $91.3M+70.6% | $53.6M+28.3% | $41.8M-15.4% | $49.3M+159.3% | $19.0M |
| Long-Term Debt | $347.2M+38.6% | $250.6M-2.4% | $256.9M-2.2% | $262.7M+11.2% | $236.3M-3.0% | $243.4M-1.3% | $246.7M-2.1% | $252.0M |
| Total Equity | $47.0M-5.3% | $49.7M-12.0% | $56.5M-19.0% | $69.7M+19.0% | $58.5M-3.4% | $60.6M-14.4% | $70.8M-6.6% | $75.8M |
| Retained Earnings | -$163.2M+0.6% | -$164.2M+3.0% | -$169.2M-11.7% | -$151.4M+1.7% | -$153.9M-4.4% | -$147.5M-10.1% | -$133.9M-7.3% | -$124.8M |
HROW Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $16.6M+2165.8% | -$803K-104.1% | $19.7M+210.6% | -$17.8M-547.5% | -$2.7M+40.7% | -$4.6M-153.2% | $8.7M+819.9% | -$1.2M |
| Capital Expenditures | $210K+26.5% | $166K-2.4% | $170K-69.4% | $555K+61.3% | $344K+273.9% | $92K-52.6% | $194K-62.7% | $520K |
| Free Cash Flow | $16.4M+1790.2% | -$969K-105.0% | $19.5M+206.3% | -$18.3M-493.3% | -$3.1M+34.5% | -$4.7M-155.5% | $8.5M+592.0% | -$1.7M |
| Investing Cash Flow | -$225K+23.2% | -$293K-38.2% | -$212K+99.4% | -$37.6M-836.0% | $5.1M+4739.1% | -$110K+45.8% | -$203K+99.0% | -$20.1M |
| Financing Cash Flow | $5.0M+139.2% | -$12.7M-55173.9% | $23K-99.9% | $30.0M+40975.3% | $73K+109.0% | -$809K-4394.4% | -$18K-100.0% | $64.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
HROW Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.3%+0.7pp | 74.5%+7.0pp | 67.5%-11.3pp | 78.8%+4.5pp | 74.4%+4.9pp | 69.5%+0.6pp | 68.9%-1.7pp | 70.6% |
| Operating Margin | 20.6%+2.7pp | 17.9%+41.4pp | -23.5%-42.8pp | 19.3%+16.2pp | 3.1%+23.2pp | -20.0%-6.6pp | -13.4%-18.5pp | 5.1% |
| Net Margin | 1.4%-6.4pp | 7.8%+45.0pp | -37.2%-47.3pp | 10.1%+23.4pp | -13.2%+26.0pp | -39.2%-14.1pp | -25.2%-12.3pp | -12.8% |
| Return on Equity | 2.2%-7.9pp | 10.1% | N/A | 9.7% | N/A | N/A | N/A | N/A |
| Return on Assets | 0.3%-1.2pp | 1.5%+6.3pp | -4.9%-6.6pp | 1.7%+3.9pp | -2.1%+2.5pp | -4.6%-1.7pp | -2.9%-1.4pp | -1.5% |
| Current Ratio | 2.72+2.1 | 0.62-0.3 | 0.91-1.2 | 2.08-0.5 | 2.60-0.4 | 3.00+0.2 | 2.83-3.0 | 5.80 |
| Debt-to-Equity | 7.39+2.3 | 5.05+0.5 | 4.55+0.8 | 3.77-0.3 | 4.04+0.0 | 4.02+0.5 | 3.49+0.2 | 3.33 |
| FCF Margin | 22.9%+24.4pp | -1.5%-42.3pp | 40.8%+68.2pp | -27.4%-21.1pp | -6.3%+7.3pp | -13.7%-37.0pp | 23.4%+28.4pp | -5.0% |
Similar Companies
Frequently Asked Questions
What is Harrow Health Inc's annual revenue?
Harrow Health Inc (HROW) reported $199.6M in total revenue for fiscal year 2024. This represents a 53.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Harrow Health Inc's revenue growing?
Harrow Health Inc (HROW) revenue grew by 53.3% year-over-year, from $130.2M to $199.6M in fiscal year 2024.
Is Harrow Health Inc profitable?
No, Harrow Health Inc (HROW) reported a net income of -$17.5M in fiscal year 2024, with a net profit margin of -8.8%.
What is Harrow Health Inc's earnings per share (EPS)?
Harrow Health Inc (HROW) reported diluted earnings per share of $-0.49 for fiscal year 2024. This represents a 34.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Harrow Health Inc's EBITDA?
Harrow Health Inc (HROW) had EBITDA of $10.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Harrow Health Inc have?
As of fiscal year 2024, Harrow Health Inc (HROW) had $47.2M in cash and equivalents against $262.7M in long-term debt.
What is Harrow Health Inc's gross margin?
Harrow Health Inc (HROW) had a gross margin of 75.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Harrow Health Inc's operating margin?
Harrow Health Inc (HROW) had an operating margin of 4.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Harrow Health Inc's net profit margin?
Harrow Health Inc (HROW) had a net profit margin of -8.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Harrow Health Inc's free cash flow?
Harrow Health Inc (HROW) generated -$23.8M in free cash flow during fiscal year 2024. This represents a -1099.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Harrow Health Inc's operating cash flow?
Harrow Health Inc (HROW) generated -$22.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Harrow Health Inc's total assets?
Harrow Health Inc (HROW) had $389.0M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Harrow Health Inc's capital expenditures?
Harrow Health Inc (HROW) invested $1.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Harrow Health Inc spend on research and development?
Harrow Health Inc (HROW) invested $12.2M in research and development during fiscal year 2024.
How many shares does Harrow Health Inc have outstanding?
Harrow Health Inc (HROW) had 36M shares outstanding as of fiscal year 2024.
What is Harrow Health Inc's current ratio?
Harrow Health Inc (HROW) had a current ratio of 2.08 as of fiscal year 2024, which is generally considered healthy.
What is Harrow Health Inc's debt-to-equity ratio?
Harrow Health Inc (HROW) had a debt-to-equity ratio of 3.77 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Harrow Health Inc's return on assets (ROA)?
Harrow Health Inc (HROW) had a return on assets of -4.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Harrow Health Inc's cash runway?
Based on fiscal year 2024 data, Harrow Health Inc (HROW) had $47.2M in cash against an annual operating cash burn of $22.2M. This gives an estimated cash runway of approximately 26 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Harrow Health Inc's Altman Z-Score?
Harrow Health Inc (HROW) has an Altman Z-Score of 3.66, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Harrow Health Inc's Piotroski F-Score?
Harrow Health Inc (HROW) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Harrow Health Inc's earnings high quality?
Harrow Health Inc (HROW) has an earnings quality ratio of 1.27x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Harrow Health Inc cover its interest payments?
Harrow Health Inc (HROW) has an interest coverage ratio of 0.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Harrow Health Inc?
Harrow Health Inc (HROW) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.