Biofrontera Inc. Announces Preliminary Product Revenues for the Third Quarter of 2022
WOBURN, Mass., Oct. 05, 2022 (GLOBE NEWSWIRE) — Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical company specializing in the commercialization of dermatology products, today announced unaudited preliminary product revenues for the three and nine months ended September 30, 2022.
Product revenue for the third quarter of 2022 is expected to be approximately $4.3 million, which is consistent with the third quarter of 2021. These projections translate to product revenue for the first nine months of 2022 which is expected to be of approximately $18.5 million, up approximately 24% from the first nine months of 2021. Year-to-date 2022 product revenue is at an all-time high and increased approximately 26 % compared to the comparable period of the year 2019 pre-Covid.
“Our work to increase the adoption of photodynamic therapy (PDT) for the treatment of actinic keratosis (AK) continued during the third quarter, which is historically the weakest seasonal quarter in terms of sales of Importantly, we remain on track to meet our forecast of 2022 total revenue growth of at least 30% over 2021 as we achieve deeper sales penetration among current customer accounts,” said Erica Monaco, Managing Director of Biofrontera Inc.
“Our sales and marketing teams have recently received numerous awards and accolades, and we are proud of the impact they are having on patient health,” she added. “We look forward to elevating Biofrontera’s brand to dermatologists through brand expansion and marketing to capture the potential of Ameluz.®.”
Preliminary unaudited revenues from the products described in this press release are estimates only and are based on currently available information. Final results may differ from preliminary product revenue estimates. Biofrontera expects to release its third quarter 2022 financial results in the first half of November 2022. Details regarding this announcement and conference call will be provided in the coming weeks.
About Biofrontera Inc.
Biofrontera Inc. (the “Company”) is a United States-based biopharmaceutical company that markets a portfolio of pharmaceutical products for the treatment of dermatological conditions with an emphasis on photodynamic therapy (PDT) and topical antibiotics. The Company’s licensed products are used for the treatment of actinic keratoses, which are precancerous skin lesions, as well as impetigo, a bacterial skin infection. For more information, visit www.biofrontera-us.com.
Certain statements contained 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, the company’s preliminary product revenues for the three and nine months ended September 30, 2022, the company’s financial guidance for 2022, increases in PDT adoption, statements relating to the company’s expectations for its business and marketing, the ability of the Company’s sales and marketing teams to increase sales to current customer accounts and the potential for expansion of the Ameluz label®. We have based these forward-looking statements on our current expectations and projections regarding future events, however, actual results or events could differ materially from the plans, intentions and expectations disclosed 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 extraordinary external events, such as the current COVID-19 pandemic; any change 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 maintain profitability; whether the current global supply chain disruptions will impact the Company’s ability to obtain and distribute its licensed products; changes in healthcare provider practices, including any changes in coverage, reimbursement and pricing for procedures using the Company’s licensed products; the uncertainties inherent in initiating and conducting clinical trials; availability and timing of clinical trial data; whether the results of previous 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 marketing authorization applications; if the market opportunity for Ameluz® in combination with BF-RhodoLED® is in line with the Company’s expectations; the Company’s ability to complete the transition to a public company; the Company’s ability to retain and hire key personnel; the sufficiency of cash resources and the need for additional financing and other factors that may be disclosed in the Company’s filings with the SEC, which may be obtained at the SEC’s website at www. sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made and reflect management’s current estimates, projections, expectations and beliefs. The Company does not intend to update these forward-looking statements and expressly disclaims any obligation to update the information contained in this press release, except as required by law.
Anke zur Mühlen
+1 781 486 1539
LHA Investor Relations
Tirth T. Patel
+1 212 201 6614
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