Business
Biofrontera Inc. Reports Third Quarter and Nine-Month 2024 Financial Results and Provides Business Update
●Total revenues for the third quarter 2024 were $9.0 million, an increase of 1.5% from Q3 2023. Revenue increase would have been 19% if shipments were not
About this update from Biofrontera Inc.
● Total revenues for the third quarter 2024 were $9.0 million , an increase of 1.5% from Q3 2023. Revenue increase would have been 19% if shipments were not delayed due to Hurricane Milton. ● Total revenues for the first 9 months were $24.8 million , an increase of $1.3 million , or 5.6% as compared to the same period last year. Without the impact of Hurricane Milton delaying shipments, the increase would have been 12%. ● Ameluz® achieved record volume in September 2024 . ● Organization continues to prudently manage SG&A expenses in line with business needs with a reduction of 14% in the first 9 months of 2024 vs 2023. ● Cash and cash equivalents were $2.9 million as of September 30, 2024 , compared with $1.3 million on December 31, 2023 . ● RhodoLED XL launch continues to be successful with 39 installed since launch in late June 2024 ; additionally, 66 BF-RhodoLED lamps have been installed in the first three quarters of 2024. ● On October 4 FDA approved sNDA to increase the maximally allowed dosage of Ameluz® from one tube to three tubes per treatment. ● Preliminary results of Phase 3 sBCC study are highly statistically significant for all primary and secondary endpoints (p