Harrow Reintroduces TRIESENCE to Market
Nashville, Tennessee - Harrow (NASDAQ: HROW), a leading pharmaceutical company focused on eyecare, is thrilled to reintroduce TRIESENCE® (triamcinolone acetonide injectable suspension) 40 mg/mL to the healthcare market. This vital product has been off the market for over five years, primarily due to supply chain constraints. It is a preservative-free corticosteroid approved by the U.S. Food and Drug Administration (FDA), designed specifically for use in vitrectomy procedures and for treating ocular conditions that do not respond adequately to topical steroids.
CEO's Vision for Growth
The CEO of Harrow, Mark L. Baum, expressed his excitement about TRIESENCE's return, noting the extensive international cooperation that was key to rebuilding the supply chain. Baum believes that the product's resurgence will significantly impact the eye health of many Americans by improving access to essential medication.
Significance in Ophthalmology
Ophthalmologists across the country have greeted TRIESENCE's arrival with enthusiasm. They stress its critical role in enhancing surgical visibility and effectively treating severe inflammatory eye conditions. Renowned professionals, such as Dr. Rishi Singh from Cleveland Clinic Florida and Dr. John W. Kitchens from Retina Associates of Kentucky, highlighted how the absence of TRIESENCE had forced them to utilize less effective alternatives in their practices.
Availability and Ordering
After being listed on the FDA Drug Shortage List for more than five years, TRIESENCE is now available for ordering through major pharmaceutical specialty distributors. The product comes in single-use vials and is conveniently associated with two National Drug Codes, simplifying its ordering process for healthcare providers.
Commitment to Eyecare
Harrow, Inc. remains steadfast in its mission to develop and market innovative ophthalmic pharmaceuticals throughout North America. The company strives to ensure that both prescription and non-prescription products are accessible and affordable, supporting the preservation of sight for patients every year.
Corporate Expansion and Growth
Recently, Harrow Inc. also announced its intent to expand its corporate headquarters in Nashville, which is projected to generate nearly 150 new employment opportunities. This decision is prompted by the company’s impressive quarterly revenue of $48.9 million, reflecting a remarkable 46% year-over-year growth.
Financial Performance and Future Outlook
As Harrow continues to scale up its operations, its branded revenue has outpaced compounded revenue, resulting in higher profit margins. Products such as IHEEZO and TRIESENCE, along with VEVYE, targeting dry eye disease, are experiencing significant growth, including a notable 212% increase in VEVYE prescriptions during Q2. CEO Baum has indicated plans to bolster the VEVYE salesforce and reintroduce TRIESENCE by the fourth quarter of the following year. Furthermore, he anticipates that the revenue for the upcoming year could surpass $180 million.
Strategic and Cautious Approach
Although these advancements indicate strong financial health and growth potential, Harrow Health has adopted a disciplined approach towards product launches and investments. The company is keen on avoiding overpayment for new products to enhance its portfolio.
Market Insights
The timing of TRIESENCE's reintroduction aligns with Harrow's current trajectory of significant growth and increased market attention. Data indicates that Harrow's revenue growth reached an impressive 50.06% over the past year, with quarterly revenue growth hitting 46.22% during Q2 2023. Such robust performance coincides with their strategic move to bring back this essential product.
Challenges Ahead
Despite the encouraging financial indicators, Harrow has faced challenges, as it has not been profitable over the last twelve months, and analysts do not expect profitability for the current year. This reality signifies that even though the reintroduction of TRIESENCE® may provide a revenue boost, the company's primary focus remains on expansion and growth rather than immediate profit margins.
Frequently Asked Questions
What is TRIESENCE and what conditions does it treat?
TRIESENCE is a corticosteroid approved by the FDA, primarily used for vitrectomy procedures and for treating ocular conditions that do not respond to topical steroids.
Why was TRIESENCE unavailable for several years?
The product was off the market for over five years due to supply chain issues that affected its availability.
Who is Harrow and what is their mission?
Harrow is a North American pharmaceutical company focused on eyecare, aiming to make both prescription and non-prescription products accessible and affordable for patients.
What recent financial achievements has Harrow reported?
Harrow has reported a record quarterly revenue of $48.9 million, showcasing a year-over-year growth of 46% and a significant revenue increase across its product lines.
What are Harrow's future plans concerning TRIESENCE?
The company plans to reintroduce TRIESENCE in the fourth quarter of the following year and anticipates that its revenue for the next year may exceed $180 million.
