Harrow shares rose 15% to $31.47 in after-hours trading Monday after the biotechnology company reported third-quarter revenue of $99.3 million, above analysts’ $98.6 million estimate, and earnings per share of 25 cents, compared with expectations of 19 cents.
The company’s profit was $9.8 million, up from $1 million a year earlier. The latest figure included a $5 million gain from a litigation settlement. Revenue increased from $71.6 million in the year-earlier period, while branded revenue climbed 62% to $83.5 million.
Harrow reaffirmed its full-year revenue forecast of $350 million to $365 million. It projected adjusted earnings before interest, taxes, depreciation and amortization of more than $40 million for the year, including more than $33 million in the fourth quarter.
“We expect the fourth quarter to be Harrow’s strongest on record and that second-half revenue will exceed the high end of what we contemplated in March,” Chief Executive Officer Mark Baum said.
Harrow’s shares closed Monday at $27.47, up 2.2% on the day but down 44% so far this year.
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