Biofrontera, Inc. ( (BFRI) ) has released its Q3 earnings. Here is a breakdown of the information Biofrontera, Inc. presented to its investors.
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Biofrontera Inc. is a U.S.-based biopharmaceutical company that specializes in photodynamic therapy (PDT) for dermatological conditions, particularly Actinic Keratosis, a pre-cancerous skin lesion. The company focuses on developing and commercializing the Ameluz® drug-device combination with its RhodoLED® lamp series.
In its latest financial report for the third quarter of 2024, Biofrontera Inc. announced a slight increase in revenues despite challenges posed by Hurricane Milton, which delayed shipments of its products. The company also highlighted the successful launch of its RhodoLED XL lamp and the record volume achieved by Ameluz® in September.
Key financial metrics revealed that the third-quarter revenue was $9.0 million, a 1.5% increase from the previous year, which could have been a 19% rise if not for the hurricane-related delays. For the first nine months of 2024, total revenues increased by 5.6% to $24.8 million. The company also reported a 14% reduction in SG&A expenses during the same period, contributing to a net loss reduction compared to last year.
Strategically, Biofrontera has achieved significant progress, including FDA approval for a higher dosage of Ameluz®, which is expected to boost future sales. The company is also preparing for an FDA filing for Ameluz’s use in treating non-melanoma skin cancers, aiming to submit in the first half of 2025.
Looking forward, Biofrontera’s management remains optimistic about driving sales growth through strategic updates following the recent FDA approvals and continues to focus on expanding its market presence in the dermatological field.
