Q1 2024 Biofrontera Inc Earnings Call Transcript
Key Points
- Biofrontera Inc renegotiated its license and supply agreement, significantly reducing costs from 40-50% to 25% for Ameluz during 2024 and 2025, which will step up to 35% by 2032.
- The company successfully raised $8 million in February to support growth and expansion, including covering the costs of clinical trials.
- Biofrontera Inc has taken over all US clinical trials, allowing for more effective cost management and direct oversight, enhancing trial efficacy.
- The introduction of a new formulation of Ameluz without propylene glycol is expected to improve tolerability and potentially extend the product's shelf life.
- The placement of 28 lamps in Q1 2024, a 115% increase compared to the previous year, indicates growing adoption and potential for increased future sales.
- Q1 2024 revenues decreased by 9% compared to Q1 2023, primarily due to a cyber attack on Change Healthcare, impacting healthcare reimbursement and cash flow across the industry.
- The cyber attack led to reduced orders from some customers, shifting expected Q1 revenue to Q2.
- Total operating expenses were $13.4 million in Q1 2024, and despite a decrease from the previous year, the company still operates at a loss.
- Net loss for Q1 2024 increased to $10.4 million, or a loss of $2.88 per share, compared to a net loss of $7.5 million, or a loss of $5.60 per share in Q1 2023.
- Adjusted EBITDA for Q1 2024 was negative $4.6 million, reflecting lower revenues and ongoing financial challenges.
Welcome to the Biofrontera Inc. First Quarter 2024 financial results and business update conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Andrew Barwicki with Barwicki Investor Relations. Please go ahead.
Good morning, and welcome to Biofrontera Inc. First Quarter 2024 financial results and business update conference call. Please note that certain information discussed during today's call by Management is covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act. And We caution listeners that Biofrontera's management will be making forward-looking statements and that actual results may differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the Company's business, all risks and uncertainties are detailed in and are qualified by the cautionary statements contained in Biofrontera's press release and certain SEC filings. Also, this
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