Full Press Release Details
Inc. Announces Preliminary Third Quarter Revenues
Increased 101% to 108% Over the Prior-Year Quarter
Guidance for Full-Year Revenue Growth of at Least 25% over 2022
Mass. (October 4, 2023) - Biofrontera Inc. (Nasdaq: BFRI) ("Biofrontera" or the "Company"), a biopharmaceutical
company specializing in the commercialization of dermatologic products, today announced preliminary unaudited revenues for the three
months ended September 30, 2023.
for the third quarter of 2023 are anticipated to be in the range of approximately $8.7 million to $9.0 million, an increase of approximately
101% to 108% compared with the third quarter of 2022. As a result, revenues for the first nine months of 2023 are anticipated to be in
the range of approximately $23.3 million to $23.6 million, representing growth of approximately 25% to 27% compared with the first nine
in third quarter revenues reflects our ongoing focus on contracting with key accounts, along with increased adoption of photodynamic
therapy (PDT) and onboarding large new customers. I'm delighted to report we sold approximately 29,000 tubes of Ameluz
during the quarter, compared to about 13,000 tubes in Q3 2022, with growth benefitting from buy-in ahead of a 5% price increase
on October 1st. In lockstep with growing adoption of PDT, we shipped a record 101 BF-RhodoLED lamps during
the first nine months of the year, up 180% compared to the first nine months of last year. These results demonstrate the successful
implementation of our new sales strategy as we look forward to focused execution during the fourth quarter, which historically is our
strongest of the year," said Hermann Luebbert, Chief Executive Officer and Chairman of Biofrontera Inc.
Inc. affirms its previously announced expectations for full-year 2023 revenue growth to be at least 25% compared with 2022.
preliminary unaudited revenues described in this press release are estimates only and are based on currently available information. Final
results may vary from the preliminary revenue estimates. Biofrontera Inc. expects to report financial results for the third quarter of
2023 in November 2023. Details concerning that announcement and conference call will be provided in the coming weeks.
Inc. is a U.S.-based biopharmaceutical company commercializing a portfolio of products for the treatment of dermatologic conditions with
a focus on photodynamic therapy (PDT) and topical antibiotics. The Company's licensed products are used for the treatment of actinic
keratoses, which are pre-cancerous skin lesions, as well as impetigo, a bacterial skin infection. For more information, visit www.biofrontera-us.com
and follow Biofrontera on LinkedIn and Twitter.
statements in this press release may constitute "forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995, as amended to date. These statements include, but are not limited to, statements relating to
Biofrontera Inc.'s (the "Company") preliminary revenues for the three and nine months ended September 30, 2023, expectations
for revenue growth in 2023, the adoption of PDT for the treatment of actinic keratoses by dermatologists, the achievements of our salesforce
and the performance of the Company's new hires. We have based these forward-looking statements on our current expectations and
projections about future events, nevertheless, actual results or events could differ materially from the plans, intentions and expectations
disclosed in, or implied by, the forward-looking statements we make. These risks and uncertainties, many of which are beyond our control,
including, but not limited to, the impact of any extraordinary external events; any changes in the Company's relationship with
its licensors; the ability of the Company's licensors to fulfill their obligations to the Company in a timely manner; the Company's
ability to achieve and sustain profitability; whether the current global disruptions in supply chains will impact the Company's
ability to obtain and distribute its licensed products; changes in the practices of healthcare providers, including any changes to the
coverage, reimbursement and pricing for procedures using the Company's licensed products; the uncertainties inherent in the initiation
and conduct of clinical trials; availability and timing of data from clinical trials; whether results of earlier clinical trials or trials
of Ameluz in combination with BF-RhodoLED in different disease indications or product applications will
be indicative of the results of ongoing or future trials; uncertainties associated with regulatory review of clinical trials and applications
for marketing approvals; whether the market opportunity for Ameluz in combination with BF-RhodoLED is
consistent with the Company's expectations; the Company's ability to comply with public company requirements; the Company's
ability to regain compliance with Nasdaq continued listing standards, the Company's ability to retain and hire key personnel; the
sufficiency of cash resources and need for additional financing and other factors that may be disclosed in the Company's filings
with the SEC, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking
statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations
and beliefs. The Company does not plan to update any such forward-looking statements and expressly disclaims any duty to update the information
contained in this press release except as required by law.