Biofrontera (BFRI) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue increased 34% year-over-year to $7.8 million, driven by higher Ameluz sales, price increases, and recovery from prior reimbursement challenges.

• Net loss for Q2 2024 narrowed to $257,000 from $9.8 million in Q2 2023, reflecting higher revenue and lower SG&A expenses.

• Launched FDA-approved RhodoLED XL lamp in June 2024, with initial sales and installations completed by quarter-end.

• Gained direct control over all Ameluz clinical trials in the US as of June 1, 2024, aiming for cost efficiency and operational oversight.

• Strengthened balance sheet by raising $8 million from warrant exercises in May 2024 and paying down all outstanding debt.

Financial highlights

• Q2 2024 revenue was $7.8 million, up from $5.8 million in Q2 2023; H1 2024 revenue reached $15.8 million, up 8% year-over-year.

• Q2 2024 net loss was $257,000; H1 2024 net loss was $10.7 million, improved from $17.3 million in 2023.

• Adjusted EBITDA for Q2 2024 was negative $4.7 million, improved from negative $7.9 million in Q2 2023; H1 2024 Adjusted EBITDA was negative $9.3 million.

• Cash and cash equivalents were $4.4 million as of June 30, 2024, up from $1.3 million at year-end 2023.

• Q2 2024 operating expenses were $12.9 million, down from $14.5 million in Q2 2023.

Outlook and guidance

• Management expects Ameluz gross margins to rise to approximately 75% with new inventory purchases under the revised supply agreement.

• Expect FDA approval for use of up to three tubes of AMELUZ per treatment in Q4 2024.

• Royalty savings from renegotiated license and supply agreement to begin impacting costs in late Q1 or early Q2 2025.

• Price increase of 5% for AMELUZ effective October 1, 2024.

• Data from phase 3 trials for acne and actinic keratosis expected in the second half of 2025.