Just caught Harrow's Q4 earnings and yeah, the stock's taking a hit. Down 14% overnight even though revenue jumped 33% to $89M. Interesting disconnect - net income actually dipped to $6.63M from $6.78M despite that solid top-line growth. Operating expenses basically jumped from $39.8M to $55M, so that's where the margin pressure hit.

Full year 2025 numbers were less painful though - net loss narrowed significantly to $5.14M versus $17.48M the year before. Revenue for the whole year came in at $272.3M, up from $199.6M. Their adjusted EBITDA of $24.17M in Q4 is solid, showing the underlying business is doing better than the bottom line suggests.

For 2026, management's guiding for $350-365M in revenue and $80-100M adjusted EBITDA, which would be meaningful growth if they hit it. They're really pushing the ophthalmic portfolio - expanding VEVYE and TRIESENCE sales teams, plus ramping up IHEEZO in office-based settings. The product lineup is pretty comprehensive too, with everything from antifungal eye drops like NATACYN for fungal infections to steroids like MAXIDEX, anti-inflammatory options like ILEVRO, and their antifungal eye drops portfolio addressing niche segments.

They also closed Melt Pharma last November and integrated those programs. Got MELT-300 (G-MELT) targeting procedural sedation heading to Phase 3, planning an NDA submission in 2027. CEO Mark Baum sounds confident about accelerating through 2026 and hitting $250M+ quarterly revenue by end of 2027, though that's an ambitious target given where they're starting.

Stock traded between $20.85 and $54.85 this year, closed yesterday at $53.59 before this morning's drop. Market's clearly focused on those margin pressures despite the revenue growth story. Worth watching if they can actually deliver on the guidance and expand those antifungal eye drops and other specialty products.