EXHIBIT 99.2

Harrow Health, Inc.

Letter to Stockholders

March 10, 2022

To the Stockholders of Harrow Health, Inc.:

As a result of the remarkable collective effort of the Harrow family of employees and the patronage of our valued customers, it is my privilege to report that the fourth quarter of 2021 was our sixth consecutive quarter of record performance in many key financial and operational metrics, providing a solid conclusion to 2021 and a springboard for 2022 and beyond.

Throughout 2021, our team worked diligently to advance our goal of making Harrow a leading U.S. eyecare company. We bolstered our balance sheet, completed several dynamic transactions, successfully filed our first New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA), continued to work on new potentially accretive deals, and began to realize high-margin revenues from the basket of FDA-approved branded products we recently acquired.

Internally at Harrow, there is a growing positive energy – a buzz – about the balance of this year, including the ongoing organic performance of our business, several major value catalysts anticipated in the next year or so (see the Closing section of this Letter to Stockholders), and finally, about the “set-up” we have over the next three to five years to execute our strategy and leverage what we’ve built since we began commercial operations nearly eight years ago.

Financial Highlights and Key Metrics

Record quarterly revenues of $20.2 million for the fourth quarter of 2021 represents a 38% increase over prior-year revenues of $14.6 million as well as an 8% sequential increase over revenues in the third quarter of 2021. Full year 2021 revenues grew 48% to $72.5 million from $48.9 million in 2020.

Our commercial team continued to deliver record performance for sales of DEXYCU®, with commissions reaching $1.0 million for the fourth quarter of 2021 compared with $900,000 in the third quarter of 2021. In 2022, we expect additional growth in DEXYCU because of our December 2021 expanded agreement with EyePoint Pharmaceuticals, under which ImprimisRx, our wholly owned subsidiary, assumed all U.S. sales and marketing activities for DEXYCU, effective January 1, 2022.

Revenue per shipping day was a record $326,000 in the fourth quarter of 2021, a 12% sequential increase over the third quarter of 2021.

The total number of product units we distributed exceeded 628,000 for the fourth quarter of 2021, an 8% sequential increase over the third quarter of 2021 and another distribution record for our company.

Gross profit was a record $15.1 million in the fourth quarter of 2021, representing a 42% increase over gross profit of $10.7 million in the prior-year quarter and a 10% sequential increase over the third quarter of 2021. Gross profit for full year 2021 was $54.3 million, a 58% increase compared with $34.4 million for full year 2020.

Gross margins increased to 75% in the fourth quarter of 2021, compared with 73% in the fourth quarter of 2020 and 74% for the third quarter of 2021. Gross margins for full year 2021 were 75% compared with 70% for full year 2020.

Selling, general and administrative expenses for the fourth quarter increased $5.2 million over the prior-year quarter. This increase was primarily the result of increased stock-based compensation associated with performance (market-based vesting) stock units that were granted in 2021, M&A expenses for recently acquired products, litigation costs associated with a matter that went to trial and was ultimately settled during the fourth quarter, and increased sales and marketing expenses associated with the expansion of our commercial activities.

Research and development costs increased to $3.9 million in the fourth quarter of 2021, compared with $0.6 million in the prior-year quarter. The increase resulted from a $3.1 million milestone payment associated with the AMP-100 program, as well as ongoing research and development costs associated with MAQ-100.

GAAP operating (loss) was $(1.8) million for the fourth quarter of 2021, compared with GAAP operating income of $2.6 million during the same period last year.

Adjusted EBITDA (a non-GAAP measure) was $4.6 million for the fourth quarter of 2021 compared with Adjusted EBITDA of $4.0 million reported in the prior-year quarter. GAAP net (loss) attributable to Harrow Health, Inc. was $(7.4) million for the fourth quarter of 2021 compared with net income of $1.1 million in the fourth quarter of 2020. A reconciliation of all non-GAAP financial measures in this letter begins on page 6.

Selected highlights regarding operating results for the three months and year ended December 31, 2021, and for the same periods in 2020 are as follows:

Progress

At the beginning of 2021, I described our vision for Harrow Health – to become a leading U.S. eyecare company. To execute this vision, we are focused on the three pillars of our strategic plan:

During 2021, we “fueled” our ability to execute on our plan by strengthening our balance sheet. First, we issued $75 million in 8.625% unsecured notes; and second, we sold a portion of our equity position in Eton Pharmaceuticals for net proceeds of $9.6 million. With these funds in hand, we paid off our senior secured lender and prepared to close transactions consistent with our strategic plan. Finally, we did all of this without diluting our common stockholders – in fact, we are quickly approaching the five-year mark since we last raised capital through the sale of Harrow common stock.

Our strengthened balance sheet allowed us to complete several transformative transactions:

In addition to these transactions, we continue to be “on the hunt,” evaluating product and drug candidate M&A opportunities on a regular basis, any of which could further our growth potential.

In order to support the growth we are expecting in 2023, during 2022, we are expanding our existing commercial infrastructure, including the addition of eight experienced sales executives and a Head of Market Access. We expect our team to be further expanded during 2022 as we prepare for the approval and launch of AMP-100 and the re-launch of Iopidine, Maxitrol, and Moxeza under our company umbrella. In addition, we intend to strengthen our internal expertise and capabilities within regulatory, compliance, quality, and supply chain management. During 2022, we also plan to establish our own internal analytical lab, eliminating our reliance on third-party labs to conduct key analytical studies of our product batches and enhancing our inventory management and self-distribution systems.

In 2022, we expect to continue to produce positive Adjusted EBITDA for our investors; however, we intend to reinvest a portion of our profits into the next stage of our growth. As a result, during 2022, expect a decrease in our operating margins and an increase in operating expenses. But importantly, also expect that we will be ready to launch AMP-100 as well as other planned new product introductions. We firmly believe that the infrastructure, workforce, expertise, and innovation investments made this year will prepare us for the significant increase in our business that we expect in 2023 and beyond.

Investments and Royalties

Harrow Health has non-controlling equity positions in three carved-out companies that were founded as Harrow Health subsidiaries before being deconsolidated into independent companies with dedicated management teams – Surface Ophthalmics, Melt Pharmaceuticals, and Eton Pharmaceuticals.

Below is a brief update on why we continue to care so much about these businesses:

Closing

This year is shaping up to be a “break-out” year for Harrow. We continue to record strong daily revenues – to this day. A few months from now, we expect Surface Ophthalmics to report data on a major chronic dry eye study – the first study of its kind to ever go head-to-head against the two category-leading FDA-approved products. Soon thereafter, we expect Melt Pharmaceuticals to report top-line data on its MELT-300 clinical study. As I mentioned, October 16^th is our PDUFA date for AMP-100, and, if approved, we intend to be ready a few months thereafter to launch AMP-100 into a market in which we have good commercial credibility – the U.S. ophthalmic surgical/procedure market. As these events unfold, we will continue to grow our core ophthalmic pharmaceuticals business, launch new ophthalmic products we’ve been internally developing, and review the potential for new accretive transactions in our area of focus – ophthalmic pharmaceuticals. To be where we are now – is what our team has been working on – for so many years. While success can never be guaranteed, I hope readers better understand my enthusiasm for this year and in the many years to come!

I look forward to sharing our accomplishments with you in my next Letter to Stockholders in May of 2022.

FORWARD-LOOKING STATEMENTS

Management’s remarks in this stockholder letter include forward-looking statements within the meaning of federal securities laws. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond Harrow Health’s control, including risks and uncertainties described from time to time in its SEC filings, such as the risks and uncertainties related to the Company’s ability to make commercially available its FDA-approved products and compounded formulations and technologies, and FDA approval of certain drug candidates in a timely manner or at all.

For a list and description of those risks and uncertainties, please see the “Risk Factors” section of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.

Harrow Health’s results may differ materially from those projected. Harrow disclaims any intention or obligation to update or revise any financial projections or forward-looking statements whether because of new information, future events or otherwise. This stockholder letter contains time-sensitive information and is accurate only as of today.

Additionally, Harrow Health refers to non-GAAP financial measures, specifically Adjusted EBITDA and/or adjusted earnings. A reconciliation of non-GAAP measures with the most directly comparable GAAP measures is included in this letter.

No compounded formulation is FDA-approved. All ImprimisRx compounded formulations are customizable. Other than drugs compounded at a registered outsourcing facility, all ImprimisRx compounded formulations require a prescription for an individually identified patient consistent with federal and state laws.

All trademarks, service marks and trade names included or referenced in this publication are the property of their respective owners.

Adjusted EBITDA

In addition to the Company’s results of operations determined in accordance with U.S. generally accepted accounting principles (GAAP), which are presented and discussed above, management also utilizes Adjusted EBITDA, an unaudited financial measure that is not calculated in accordance with GAAP, to evaluate the Company’s financial results and performance and to plan and forecast future periods. Adjusted EBITDA is considered a “non-GAAP” financial measure within the meaning of Regulation G promulgated by the SEC. Management believes that this non-GAAP financial measure reflects an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results, provides a more complete understanding of the Company’s results of operations and the factors and trends affecting its business. Management believes Adjusted EBITDA provides meaningful supplemental information regarding the Company’s performance because (i) it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making; (ii) it excludes the impact of non-cash or, when specified, non-recurring items that are not directly attributable to the Company’s core operating performance and that may obscure trends in the Company’s core operating performance; and (iii) it is used by institutional investors and the analyst community to help analyze the Company’s results. However, Adjusted EBITDA and any other non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Further, non-GAAP financial measures used by the Company and the manner in which they are calculated may differ from the non-GAAP financial measures or the calculations of the same non-GAAP financial measures used by other companies, including the Company’s competitors.

The Company defines Adjusted EBITDA as net (loss) income attributable to Harrow Health, Inc., excluding the effects of stock-based compensation and expenses, interest, taxes, depreciation, amortization, impairment of intangible assets, investment loss, net, and, if any and when specified, other non-recurring income or expense items. Management believes that the most directly comparable GAAP financial measure to Adjusted EBITDA is net (loss) income attributable to Harrow Health, Inc. Adjusted EBITDA has limitations and should not be considered as an alternative to gross profit or net income as a measure of operating performance or to net cash provided by (used in) operating, investing or financing activities as a measure of ability to meet cash needs.

The following is a reconciliation of Adjusted EBITDA, a non-GAAP measure, to the most comparable GAAP measure, net (loss) income attributable to Harrow Health, Inc., for the three months ended December 31, 2021, and for the same period in 2020:

Investment Portfolio (includes Non-GAAP Values)