Harrow Cuts 2026 Adjusted EBITDA Outlook; Q4 Revenue Implies $136 Million to $151 Million

Harrow kept its 2026 revenue target at $350 million to $365 million while lowering its adjusted EBITDA outlook, implying fourth-quarter sales of $136 million to $151 million.

The implied range comes from subtracting $214.2 million in revenue during the first nine months of 2026 from the full-year target. Harrow now expects full-year adjusted EBITDA above $40 million, down from its previous range of $80 million to $100 million. It expects more than $33 million in adjusted EBITDA for the fourth quarter.

Third-quarter revenue reached a record $99.3 million, up 41% from the second quarter and 39% from a year earlier. Adjusted EBITDA was $21.2 million for the quarter and $7.3 million for the first nine months of 2026.

Chairman and CEO Mark L. Baum attributed the lower full-year outlook to an operating shortfall in the first half and additional spending to accelerate the G-MELT regulatory submission, advance development programs and integrate TYRVAYA. Baum described the revised outlook as “a floor” and said Harrow sees an opportunity to exceed it.

The company maintained its revenue forecast, while reaching the $350 million to $365 million range will require strong execution.