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.
Total operating expenses were $14.5 million for the fourth quarter of 2023 compared with $15.8 million for the fourth quarter of 2022. Cost of revenues was $5.4 million for the fourth quarter of 2023 compared with $5.3 million for the prior-year quarter, driven by higher Ameluz product revenue. Selling, general and administrative expenses were $9.1 million for the fourth quarter of 2023 compared with $10.
Total revenues for 2023 were $34.1 million compared with $28.7 million for 2022, an increase of approximately 19%, primarily driven by a higher volume of Ameluz sales and a higher average Ameluz selling price.
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CORRECTION: Biofrontera Inc. Reports Record Fiscal Year 2023 Financial Results and Provides a Business Update(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
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