Harrow Health

HROW

Drug Manufacturers - Specialty & Generic · Healthcare

Price

$46.65

+1.77 (+3.94%)

Market Cap

$1.74B

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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)

Harrow Health, Inc. operates as an ophthalmic-focused healthcare company. The company owns ImprimisRx, an ophthalmology outsourcing and pharmaceutical compounding business; and DEXYCU for the treatment of post-operative inflammation. The company also holds equity interests in Surface Ophthalmics, Inc., a clinical-stage pharmaceutical company that focuses on development and commercialization of therapeutics for ocular surface diseases; Melt Pharmaceuticals, Inc., a clinical-stage pharmaceutical c

Winston Score History

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

-7.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-48.0% 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

24.1%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 years

$95M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$95M cash & investments at current burn rate

Revenue declining

Harrow Health's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

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Quality

Gross Margin

61.2%

Premium pricing power — 61.2% gross margin

Operating Margin

-50.0%

Losing money on operations — -50.0%

ROCE

-6.9%

Weak — -6.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+26.2%

Fast-growing sales (26.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

5.3%

Thin free cash flow (5.3%)

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

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Stability

Debt / Equity

10.21

Heavy debt load (10.21)

Interest Cover

1.22x

Dangerous — barely covers interest (1.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

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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