Biofrontera (BFRI) Reports Prelim 2024 Revenue of $33.8M-$34.3M

Biofrontera Inc. (Nasdaq: BFRI) today announced preliminary, unaudited revenues for the three and twelve months ended December 31, 2023.

Biofrontera achieved 2023 revenue of approximately $33.8 million to $34.3 million, a record high and up approximately 19% growth compared with 2022. Revenues for the fourth quarter of 2023 are anticipated to be in the range of approximately $10.4 million to $10.9 million, an increase of approximately 5% compared with the fourth quarter of 2022. After a slow start in the first quarter of the year, Biofrontera grew revenues significantly over the following quarters. Sales increased strongly between 34% and 37% in the second half of the year compared to the prior year. The very strong growth in the third quarter was supported by a price increase on October 1 and some buy-in of customers. While our fourth quarter sales grew a little less than expected from that, we could still maintain the growth trajectory in the quarter, resulting in our solid second half year growth.

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 expects to report financial results for the fourth quarter and full year 2023 in March 2024. Details concerning that announcement and conference call will be provided in the coming weeks.

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