NASHVILLE, Tenn. - Harrow (NASDAQ:HROW), a prominent eyecare pharmaceutical firm in North America, announced the market reintroduction of TRIESENCE® (triamcinolone acetonide injectable suspension) 40 mg/mL. This product, absent for over five years due to supply chain issues, is a preservative-free corticosteroid sanctioned by the U.S. Food and Drug Administration (FDA) for use in vitrectomy procedures and for treating ocular conditions unresponsive to topical steroids.
The company's CEO, Mark L. Baum, expressed enthusiasm for the product's return, highlighting the global collaboration that was necessary to rebuild the supply chain. The relaunch is poised to benefit millions of Americans by providing access to a critical medication for eye health.
Ophthalmologists have welcomed the return of TRIESENCE, emphasizing its importance in surgical visibility and treatment of severe inflammatory eye conditions. Dr. Rishi Singh of Cleveland Clinic Florida and Dr. John W. Kitchens of Retina Associates of Kentucky both remarked on the product's significance in their respective practices, citing its absence had forced healthcare providers to seek less ideal alternatives.
TRIESENCE, which has been on the FDA Drug Shortage List for more than five years, is now available for order through major pharmaceutical specialty distributors. The product is supplied in single-use vials and is listed under two National Drug Codes for ease of ordering.
Harrow, Inc. is known for developing and commercializing ophthalmic pharmaceuticals in North America. The company aims to make prescription and non-prescription products accessible and affordable, thereby supporting the preservation of sight for patients annually.
The press release also includes forward-looking statements, cautioning that actual results may differ due to various risks and uncertainties. These statements are not guarantees of future performance and should be considered with caution.
This article is based on a press release statement from Harrow, Inc.
In other recent news, Harrow Inc., an eyecare pharmaceutical company, announced plans to expand its corporate headquarters in Nashville, Tennessee, a move expected to create nearly 150 new jobs. This announcement follows the company's record quarterly revenue of $48.9 million, a 46% year-over-year growth. The company's branded revenue now surpasses its compounded revenue, leading to higher profit margins. Harrow'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 (NASDAQ:HROW) 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
Harrow's reintroduction of TRIESENCE® comes at a time when the company is experiencing significant growth and market attention. According to InvestingPro data, Harrow's revenue growth stands at an impressive 50.06% over the last twelve months as of Q2 2023, with quarterly revenue growth at 46.22% in Q2 2023. This robust growth aligns with the company's strategic move to bring back a critical product to the market.
InvestingPro Tips highlight that Harrow has seen a "High return over the last year" and is "Trading near 52-week high," with the stock price at 96.49% of its 52-week high. This strong performance is reflected in the company's remarkable year-to-date price total return of 309.64% as of the latest data.
Despite these positive indicators, it's worth noting that Harrow is "Not profitable over the last twelve months" and "Analysts do not anticipate the company will be profitable this year." This suggests that while the reintroduction of TRIESENCE® may boost revenues, the company is still focusing on growth and market expansion rather than immediate profitability.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Harrow, providing deeper insights into the company's financial health and market position.
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