Harrow Health Inc (NASDAQ: HROW) saw its stock plummet 5.09% in Friday's intraday trading session, following the release of its Q3 2024 earnings results. Despite reporting record revenue growth, the company faced several operational challenges that dampened investor sentiment.
While Harrow posted a 44% increase in revenue to $49.3 million, the company experienced a temporary inventory shortage of its key product, VVI, in mid-September, capping its revenue potential for the quarter. Additionally, the strategic 'retina pivot' for its product Ihio led to subdued demand during Q3 as the sales team focused on new sales processes.
Uncertainty surrounding pricing and reimbursement for the relaunched product Tri Essence, as well as the typical summer seasonality impacts on surgical scheduling, also weighed on the company's performance. Although Harrow acknowledged these challenges and outlined contingency plans, investors appeared cautious about the potential implications on future growth.
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