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Harrow Inc Com (HROW-3.13%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenues of $49,257,000 for the quarter, an increase from $34,265,000 in the same quarter the previous year. This growth is attributed to increased sales of branded products, including IHEEZO and VEVYE.
Cost of sales for the quarter was $12,018,000, compared to $10,067,000 in the previous year. The increase is mainly due to higher unit volumes sold.
The company reported a gross profit of $37,239,000 for the quarter, up from $24,198,000 in the previous year, with a gross margin of 75.6%.
Selling, general, and administrative expenses increased to $33,645,000 from $21,033,000, primarily due to regulatory enhancements and increased staffing to support growth.
Research and development expenses rose to $2,273,000 from $1,421,000, reflecting expanded product development efforts.
Net loss for the quarter was $4,220,000, compared to a net loss of $4,391,000 in the previous year. The loss is attributed to increased operating expenses.
Interest expense for the quarter was $5,525,000, slightly down from $5,749,000 in the previous year, due to increased interest income.
Cash and cash equivalents at the end of the period were $72,601,000, a decrease from $74,085,000 at the beginning of the year.
The filing also discusses a cybersecurity incident that occurred in November 2024, involving unauthorized access to an employee's email account, which resulted in a financial loss. The company is investigating the incident and has notified federal law enforcement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Harrow Inc Com quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.