Harrow Health

HROW

Drug Manufacturers - Specialty & Generic · Healthcare

Price

$40.95

-1.11 (-2.64%)

Market Cap

$1.53B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+37.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 26.8M (2021) → 36.8M (2025)

Winston Score History

The full picture

Harrow Health is a specialty pharmaceutical company focused almost entirely on eye care medicines. It makes and sells prescription drugs used by eye doctors to treat conditions like dry eye, glaucoma, and infections. Its main products include IHEEZO, VEVYE, and TRIESENCE, which are sold to ophthalmologists and surgery centers across the United States.

Harrow earns money by selling branded prescription eye drops and injectable drugs directly to eye care professionals and through pharmacy channels. The company also operates ImprimisRx, one of the largest ophthalmology-focused compounding pharmacies in the country, which gives it a broad distribution network and direct relationships with eye doctors. Nearly all of its revenue comes from the U.S. market. Its high gross margin reflects the pricing power of branded specialty drugs, but the company carries meaningful debt from acquiring its key products, and competition from generic alternatives or slower-than-expected drug adoption remains a real risk to growth.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-428.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$13M/ year

↑ Rising (+5% vs prior year)

4.7% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

23.0%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$84M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Harrow Health is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

71.3%

Premium pricing power — 71.3% gross margin

Profit after running costs

Operating Margin

-15.6%

Losing money on operations — -15.6%

Return on the money invested

ROCE

1.8%

Weak — 1.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+21.1%

Fast-growing sales (+21.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

8.7%

Modest free cash flow (8.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

20.26

Heavy debt load (20.26)

Covers its interest

Interest Cover

0.34x

Dangerous — barely covers interest (0.3x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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