Just caught Harrow's Q4 numbers and honestly the market reaction is interesting. Stock tanked 14% overnight even though revenue jumped 33% to $89M. The catch? Net income actually fell to $6.63M per share from $6.78M year-over-year, and operating expenses nearly doubled to $55M. That's the kind of growth that doesn't always translate to what investors want to see.

But here's what caught my eye - their adjusted EBITDA actually improved to $24.17M from $22.49M, so the underlying business is getting stronger. For full year 2025, they narrowed their net loss significantly, which is a step in the right direction. Looking at the guidance they just dropped for 2026, Harrow is projecting revenue between $350-365M (up from $272M in 2025) with adjusted EBITDA of $80-100M. That's pretty ambitious growth.

The company's focused on their eyecare portfolio - they've got 15 ophthalmic products now including VEVYE, TRIESENCE, and IHEEZO. They also just wrapped up integrating Melt Pharmaceuticals' pipeline, picking up some procedural sedation candidates that could launch in 2027-2028. CEO is talking about doubling sales teams and expanding into new markets.

Stock was trading around $53.59 before this, so the 14% drop might actually be an overreaction given the revenue trajectory and pipeline momentum. Harrow's betting big on 2026 execution. Worth watching how they deliver on that guidance.