Biofrontera Inc. Announces Preliminary Product Revenues for the Third Quarter of 2022
05 Oktober 2022 - 11:00PM
Biofrontera
Inc. (Nasdaq: BFRI),
a biopharmaceutical company specializing in the commercialization
of dermatological products, today announced preliminary unaudited
product revenues for the three and nine months ended September 30,
2022.
Product revenues for the third quarter of 2022
are anticipated to be approximately $4.3 million, consistent with
the third quarter of 2021. These projections result in product
revenues for the first nine months of 2022 expected to be
approximately $18.5 million up approximately 24% compared with the
first nine months of 2021. Year-to-date 2022 product revenues are
at a record high, and are up approximately 26% over the comparable
period in the pre-Covid year 2019.
“Our work to increase adoption of photodynamic
therapy (PDT) for the treatment of actinic keratosis (AK) continued
during the third quarter, which historically is the seasonally
softest sales quarter of the year. Importantly, we remain on track
to achieve our guidance for 2022 total revenues to increase by at
least 30% compared with 2021 as we achieve deeper sales penetration
among current customer accounts,” stated Erica Monaco, Chief
Executive Officer of Biofrontera Inc.
“Our sales and marketing teams have recently
been recognized with multiple awards and accolades, and we’re proud
of the impact they’re having on patient health,” she added. “We
look forward to elevating Biofrontera’s brand among dermatologists
through label expansion and marketing to capture the potential of
Ameluz®.”
The preliminary unaudited product revenues
described in this press release are estimates only and are based on
currently available information. Final results may vary from the
preliminary product revenues estimates. Biofrontera expects to
report financial results for the third quarter of 2022 in the first
half of November 2022. Details concerning that announcement and
conference call will be provided in the coming weeks.
About Biofrontera Inc.
Biofrontera Inc. (the “Company”) is a U.S.-based
biopharmaceutical company commercializing a portfolio of
pharmaceutical products for the treatment of dermatological
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.
Forward-Looking Statements
Certain 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,
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 the adoption of PDT, statements relating to
the Company’s expectations for its business and marketing strategy,
the ability of the Company’s sales and marketing teams to increase
sales to current customer accounts and the potential to expand the
label of Ameluz®. 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 extraordinary external events, such
as the current COVID-19 pandemic; 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 complete the transition to a public company;
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.
Contacts
Biofrontera Inc.Anke zur
Mühlen+1 781 486 1539us-ir@biofrontera.com
LHA Investor RelationsTirth T.
Patel+1 212 201 6614tpatel@lhai.com
# # #
Biofrontera (NASDAQ:BFRIW)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Biofrontera (NASDAQ:BFRIW)
Historical Stock Chart
Von Jun 2023 bis Jun 2024