(This release corrects the release that was posted earlier on March 15, 2024 to update the Consolidated Balance Sheets)Conference call begins at 10:00 a.m. Eastern time on Monday, March 18, 2024WOBURN
WOBURN, MA / ACCESSWIRE / March 15, 2024 / Biofrontera, Inc. , a biopharmaceutical company specializing in the commercialization of dermatological products, today reported financial results for the three and twelve months ended December 31, 2023."I am pleased to announce 2023 was a record year for revenues," said Hermann Luebbert, Chief Executive Officer and Chairman of Biofrontera.
"We had a strong 2023. We achieved a record high revenue number and sales volume, placed a record number of RhodoLED lamps, cleaned up our balance sheet, and continued to optimize our cost structure. The renegotiation of the LSA and securing of additional capital have been transformational events to our goal toward break even," added Fred Leffler, Chief Financial Officer of Biofrontera.Total revenues for the fourth quarter of 2023 were $10.6 million, an increase of $0.
The net income for the fourth quarter of 2023 improved by $6.3 million to $3.5 million, or $1.65 per share, from a net loss of $2.8 million, or $ per share, for the prior-year quarter, with all per-share figures on a split-adjusted basis.Adjusted EBITDA for the fourth quarter of 2023 was negative $3.2 million compared with negative $4.4 million for the fourth quarter of 2022, reflecting higher revenues partially and decreased Selling, general, and administrative expenses.
The net loss for 2023 was $20.1 million, or $ per diluted share, compared with a net loss of $0.6 million, or $ per share, for 2022.
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