Business
Biofrontera Inc. Reports Fourth Quarter and Record Full-year 2022 Financial Results
WOBURN, MA / ACCESSWIRE / March 8, 2023 / Biofrontera, Inc. (NASDAQ:BFRI), a biopharmaceutical company specializing in the commercialization of dermatological
About this update from Biofrontera Inc.
[{"type":"text","content":"WOBURN, MA / ACCESSWIRE / March 8, 2023 / Biofrontera, Inc. (NASDAQ:BFRI), a biopharmaceutical company specializing in the commercialization of dermatological products, today announced financial results for the three and twelve months ended December 31, 2022.HighlightsRecord 2022 annual Ameluz® revenues were 12% higher than previous record in pre-COVID 2019Grew share in our target market in 2022 by about 12%Total revenues for the fourth quarter of 2022 grew 11% over the fourth quarter of 2021Total revenues for the year 2022 grew 19% over the year 2021Average revenue per sales rep grew approximately 20% over 2021Continued various education initiatives including seminars, medical conferences, prescriber networking and key opinion leader (KOL) engagementShowcased our Ameluz therapy at three conference podiums including Fall Clinical, New Frontiers in Cosmetic Medicine & Medical Dermatology Symposium and Mount Sinai 25th Winter Symposium4 Poster publications in a peer reviewed dermatology journal, SKIN The Journal of Cutaneous MedicineEducation initiatives included a 3-part webinar series for CME credit, a 3-part video series with over 1,200 views and 4-part podcast series with over 1,400 viewsAmeluz new marketing campaign earned \"Relaunch/Revitalization of the Year\" and \"Professional Website/Online Initiative of the Year\" awardsManagement Commentary\"2022 was a pivotal year for Biofrontera highlighted by our record annual Ameluz revenues, up 19% over 2021 and 12% higher than our previous record in pre-COVID 2019,\" said Erica Monaco, Chief Executive Officer of Biofrontera Inc. \"The company continues to make a measurable impact in the AK marketplace in terms of both awareness and market share, and we are pleased that we increased share in our target market by about 12%. We also completed much of the necessary investments to build out our commercial infrastructure including broadening our sales effort and growing our medical affairs, marketing and education tools. I am proud of what the Biofrontera team has accomplished in our first full year as a public company.\"\"Our investments have created the necessary strong foundation upon which to execute our growth strategy,\" continued Ms. Monaco. \"We also believe there is a strong revenue growth potential with the current label for Ameluz®-PDT as we improve our sales coverage and co...