NASHVILLE, Tenn.—Harrow (NASDAQ: HROW), a leading U.S. eyecare pharmaceutical company, announced results for the fourth quarter and year ended Dec. 31, 2022. The company reported fourth-quarter net income of $1.1 million, after reporting a loss in the same period a year earlier. It posted revenue of $20.3 million in the period. For the year, Harrow reported that its loss narrowed to $14.1 million. Revenue was reported as $88.6 million, up 22 percent over full-year 2021 revenues of $72.5 million.

“2022 was truly a transformational year for Harrow,” said Mark L. Baum, CEO of Harrow. “Our Iheezo journey has been remarkable—with its FDA approval in September 2022, and recently, in 2023, its issuance of a permanent J-Code (J2403) and Transitional Pass‑Through reimbursement payment status. We believe that the J-Code and Pass-Through designations will enable a more efficient reimbursement process for ophthalmologists, optometrists, and retina specialists and create greater accessibility to the many clinical benefits that Iheezo provides. We are confident that the infrastructure investments we made throughout 2022 to strengthen our people, platform and performance will greatly contribute to a successful launch of Iheezo in May 2023.

“We also were successful in 2022 in significantly expanding our product portfolio in terms of both branded pharmaceutical products (BPPs) and compounded pharmaceutical products (CPPs). We transitioned NDAs for BPPs, such as Iopidine and Maxitrol, and we rounded out the year by announcing the acquisition of U.S. commercial rights to Ilevro, Nevanac, Vigamox, Maxidex, and Triesence, which are currently in various stages of preparedness for revitalization and relaunch once their NDAs are transferred to Harrow.

We also launched several new compounded pharmaceutical products, including Fortisite, and launched for easier distribution of Atropine, including our next-generation compounded Atropine formulations that do not contain either preservatives or boric acid. Lastly, in 2022, we realized our goal of becoming a 'pure-play ophthalmic pharmaceutical company' with the divestiture of our non‑ophthalmic-related assets," Baum said.

In a letter to stockholders, Baum indicated that Harrow is expecting “record revenues and profits” in 2023.

“We believe that Harrow is well positioned as one of the leading U.S. eyecare pharmaceutical companies, meeting the needs of our customers and patients where they are and providing them accessible and affordable pharmaceutical medicines and formulations that fill unmet needs in ophthalmology. I speak for the entire Harrow family when I say that we are very excited—and prepared—for what 2023 (and beyond) has in store for us.”