Biofrontera (BFRI) Reports Prelim Q3 Revenue of $8.7-$9M

Biofrontera Inc. (NASDAQ: BFRI) today announced preliminary unaudited revenues for the three months ended September 30, 2023.

Revenues 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 months of 2022.

"Growth 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 1^st. 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.

Biofrontera Inc. affirms its previously announced expectations for full-year 2023 revenue growth to be at least 25% compared with 2022.

The 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.

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