The following is a summary of the Biofrontera Inc. (BFRI) Q4 2023 Earnings Call Transcript:
Financial Performance:
Q4 and total 2023 revenue was $10.6 million and $34.1 million respectively, an increase from earlier years attributing to the success of their product Ameluz.
The 2023 net loss was reduced substantially to $20.1 million compared to $0.6 million in 2022, reflecting effective cost reductions efforts.
Successful installation of 123 BF-RhodoLED lamps represents an 86% increase from the previous year.
Biofrontera finished the year with cash equivalents of $1.3 million, with high potential inventory worth $10.9 million ready for sale in 2024.
The company secured a financial backing of $8 million aiming for an additional row in Q2 2024, focusing on further Ameluz development.
Business Progress:
The company redirected resources towards optimising marketing strategies and supporting stakeholders.
Growth for 2024 is anticipated with major developments such as the launch of RhodoLED XL lamp, the completion of a three-tube safety study, and the approval of a new formulation of Ameluz by FDA.
Took charge of all clinical initiatives related to Ameluz from June 2024, further controlling cost management.
Biofrontera is developing low-cost portable photodynamic therapy lamps and has successfully renegotiated the LSA for Ameluz and RhodoLED lamps with Biofrontera Group. The company has commenced a Phase 3 clinical trial evaluating Ameluz and RhodoLED for actinic keratosis treatment on other body parts.
More details: Biofrontera IR
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