0001493152-26-022254
SEC filingHarrow 2026年Q1营收下滑7.6%，净亏损扩大至$27.6M，主因Compounding业务量减及费用上升。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $44.2M | $47.8M | -7.6% |
| Gross Profit | $27.0M | $32.3M | -16.3% |
| Gross Margin | 61.2% | 67.5% | -630 bps |
| Operating Income | -$22.1M | -$11.2M | -96.6% |
| Operating Margin | -49.9% | -23.5% | -2640 bps |
| Net Income | -$27.6M | -$17.8M | -55.2% |
| Diluted EPS | -$0.74 | -$0.50 | — |
| Operating Cash Flow | -$9.0M | $19.7M | — |
| Free Cash Flow | -$9.2M | $19.5M | — |
本季度营收下滑主要受Compounding业务拖累，收入同比减少$6.6M，主因销量下降及Klarity-C停产。Branded业务收入增长$2.9M，其中其他品牌产品贡献$6.9M增量，但IHEEZO销量下滑$3.4M部分抵消。
毛利率下降6.3个百分点至61.2%，Branded和Compounding毛利率分别下降6.3和9.4个百分点。Branded毛利率下降主因产品组合变化及VEVYE gross-to-net返款增加；Compounding则因设施利用率下降。
盈利质量恶化明显，净亏损扩大$9.8M，经营现金流由正转负。剔除$18M资本化的里程碑付款后，经营亏损仍扩大，反映费用刚性及R&D投入增加。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Branded | $30.7M | +10.5% | -$11.6M | -37.9% | 其他品牌产品增长，IHEEZO下滑 |
| Compounding | $13.5M | -32.7% | $0.3M | 2.5% | 销量下滑，Klarity-C停产 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $94.6M | +$21.7M |
| Total Debt | $300.0M | +$50.0M |
| Net Debt | $205.4M | +$28.3M |
| Inventory | $16.5M | +$3.0M |
| Operating Cash Flow | -$9.0M | -$28.7M |
| Capex | $0.2M | +$0.0M |
| Free Cash Flow | -$9.2M | -$28.7M |
| FCF 转化率 | 33.3% | — |
Net Debt/EBITDA 未披露，因公司未提供EBITDA数据。