Biofrontera Inc. Announces Preliminary Product Revenues for the First Quarter of 2022
April 06 2022 - 7:30AM
Biofrontera
Inc. (Nasdaq: BFRI),
a biopharmaceutical company specializing in the commercialization
of dermatological products, announced today preliminary, unaudited
product revenues for the quarter ended March 31, 2022.
Product revenues for the first quarter of 2022
are anticipated to be in the range of approximately $9.5 million to
$10.0 million, representing an increase of approximately 102% to
113% compared with the first quarter of 2021.
“Our sales success is a testament to the
market’s growing preference for our products and the ability of our
sales team to further penetrate high-value customer accounts.
Having just closed our strongest revenue quarter post-pandemic, and
our second strongest quarter on record, we are well-positioned for
a productive year ahead as we continue to make strides with
advancing our pipeline and patent strategy, strengthening our
financial position and increasing our market share through
sustained growth in the U.S. dermatology market,” commented Erica
Monaco, Chief Executive Officer of Biofrontera Inc.
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 first quarter of 2022 in May 2022.
The strong growth in product revenues in the 2022 first quarter may
reflect some advance purchasing of Ameluz® ahead of a planned April
1, 2022 price increase, as well as a relatively soft prior-year
comparison that did not benefit from pull-through as there was no
similar price increase.
About Biofrontera Inc.
Biofrontera Inc. 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 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 https://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 estimated revenue for the first quarter ended March
31, 2022, the performance of the Company’s sales team, the strength
of the Company’s portfolio and statements relating to the future
performance of the Company and opportunities for growth. 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 the
Licensor; 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; whether
the Company will be able to successfully transition to a public
company operating independently of Biofrontera AG; 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
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