NASHVILLE - Harrow Inc. (NASDAQ:HROW), a prominent eyecare pharmaceutical company, is set to expand its corporate headquarters in Nashville, Tennessee, a move that is expected to create nearly 150 new jobs in the region. This development was announced jointly by Tennessee Governor Bill Lee, Department of Economic and Community Development Commissioner Stuart C. McWhorter, and Harrow's CEO Mark L. Baum.
Since relocating its headquarters from San Diego to Nashville in 2019, Harrow has been steadily increasing its presence in the area. The company has invested in a state-of-the-art analytical chemistry lab, expanded its sales and marketing operations, and has grown its leased space in Nashville to approximately 30,000 square feet.
Governor Lee praised the company's decision, highlighting the positive impact the new jobs will have on Nashville's skilled workforce. Commissioner McWhorter echoed this sentiment, noting Nashville's business-friendly environment and its potential to become a healthcare hub in the U.S.
Mark L. Baum, CEO of Harrow, underscored the strategic benefits of investing in Nashville, citing the city's location, tax environment, and culture of innovation as key factors in the decision to expand. He expressed optimism about the future for both Harrow and the city.
The expansion has garnered support from local officials, including John Bradley, TVA senior vice president of economic development, who expressed excitement about Harrow's commitment to growth in the region. Senator Heidi Campbell and Representative Bob Freeman also welcomed the company's investment and the new job opportunities it will bring.
Harrow Inc. is known for its discovery, development, and commercialization of ophthalmic pharmaceutical products in North America. The company's portfolio caters to eyecare professionals, aiming to make prescription and non-prescription pharmaceutical products accessible and affordable.
This expansion is part of a coordinated effort by state and local governments, as well as universities, to bolster Tennessee's healthcare science sector and prepare the workforce for such investments. The Tennessee Department of Economic and Community Development has been working to attract new corporate investment and support the growth of local companies to strengthen the state's economy.
This announcement is based on a press release statement from Harrow, Inc.
In other recent news, Harrow Health (NASDAQ:HROW) Inc. has reported a record quarterly revenue of $48.9 million, marking a significant 46% year-over-year growth. The company's branded revenue now surpasses its compounded revenue, leading to higher profit margins. Harrow Health's Anterior Segment business and ImprimisRx subsidiary have also witnessed substantial growth. The company's retina market products, IHEEZO and TRIESENCE, along with the dry eye disease franchise VEVYE, have shown impressive growth, with VEVYE prescriptions increasing by 212% in Q2. CEO Mark Baum has announced plans to expand the VEVYE salesforce and relaunch TRIESENCE in the fourth quarter of 2024. Baum also anticipates that the 2024 revenue will exceed $180 million. These are recent developments that highlight the company's robust financial performance and future growth potential. However, Harrow Health has emphasized a disciplined approach to product launches and investments and is cautious about overpaying for new products to add to its portfolio.
InvestingPro Insights
As Harrow Inc. (NASDAQ:HROW) embarks on expanding its corporate headquarters and workforce in Nashville, the company's financial health and market performance provide a backdrop to its strategic growth initiatives. With a market capitalization of $1.59 billion, Harrow's presence in the pharmaceutical industry is notable, especially within the ophthalmic sector.
InvestingPro data highlights a significant revenue growth for Harrow, with the last twelve months as of Q2 2024 showing a 50.06% increase, underscoring the company's expanding operations. This growth is further reflected in the quarterly revenue growth of 46.22% for Q2 2024. Despite not being profitable over the last twelve months, as the P/E ratio stands at -47.37, the company's strategic investments in facilities and human capital suggest a focus on long-term value creation.
An InvestingPro Tip indicates that Harrow has experienced a high return over the last year, with a one-year price total return of 210.2%. This performance is accompanied by a strong three-month return of 112.15%, signaling robust investor confidence and market momentum. Additionally, Harrow's liquid assets exceed its short-term obligations, providing financial flexibility as it continues to invest in growth and innovation.
While analysts do not anticipate the company to be profitable this year, Harrow's aggressive growth strategy and significant market gains may position it for future profitability. The company's stock is also trading near its 52-week high, at approximately 94.91% of the peak price, reflecting investor optimism in its growth trajectory.
For readers interested in further financial analysis and metrics, there are additional InvestingPro Tips available at https://www.investing.com/pro/HROW, providing a deeper dive into Harrow Inc.’s market performance and potential investment opportunities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.