WOBURN, MA - Biofrontera Inc. (NASDAQ:BFRI), a biopharmaceutical firm focusing on dermatological products, has reported preliminary unaudited revenues indicating a record year for 2023. The company expects revenues to be between $33.8 million and $34.3 million, marking a 19% increase from the previous year. Fourth-quarter revenues are also up, with an anticipated 5% rise to between $10.4 million and $10.9 million compared to the same period in 2022.
The company, known for its photodynamic therapy and topical antibiotics used in treating pre-cancerous skin lesions and bacterial skin infections, saw a notable revenue surge in the latter half of the year. This increase ranged between 34% and 37% over the same period in the previous year, attributed partly to a price hike on October 1 and preemptive purchasing by customers.
Despite a slower growth rate in the fourth quarter than expected, Biofrontera maintained its upward trajectory, contributing to its solid performance in the second half of the year.
The company plans to announce its full financial results for both the fourth quarter and the entire year of 2023 in March 2024, with further details to be provided in the upcoming weeks.
These results are based on a press release statement and could be subject to change upon finalization of the financial reports.
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