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| Statement |
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| I would like to comment all our employees as we announced net revenue of $34.1 million, a record for Biofrontera, and a 19% increase for the year |
| So, we are now in a position to sell off our inventory over 2024 and achieve a reasonable safety stock which improves our working capital position |
| Based on multiple positive indicators for the year, we expect two-digit growth in revenue compared to 2023 and expect to be cash flow positive within approximately 12 to 18 months depending on our spend associated -- with our additional spend associated with the U.S |
| We expect two significant commercial developments for 2024 that will favorably impact our business |
| Lamp placements are a leading indicator for future growth, and we are delighted with the increasing recognition of Ameluz PDT as an effective and patient-friendly treatment for actinic keratosis and in the future also other diseases |
| This tremendous progress has been realized by investors |
| Hermann Luebbert So, we believe that we had a very successful year in 2023 that we had some transformational changes to the company that makes the status of the company and future of the company look much brighter than what we were looking at a year ago |
| We believe this approach will be better suited to supporting our growth in the buy-and-bill PDT market and bringing new customers into PDT |
| While Ameluz makes up for most of our revenue, we are also proud to share that 123 BF-RhodoLED lamps were placed at physician offices during the year, compared to 66 placed in 2022, an increase of 86%, and the highest number we have ever installed in a single year |
| Starting with the business update, we have made tremendous progress across three critical areas, including: first, optimizing our customer-facing teams to provide the right support and services to our customers; second, controlling our cost structure and improving our balance sheet; and third, advancing R&D and assuming all clinical initiatives on Ameluz starting June 2024 |
| Additionally, we have had some significant successes already in the first quarter of 2024 that I will touch upon |
| Increasing efforts in sales force training will further help our territory managers to be more efficient |
| The growing number of lamps in the field reflects both first-time installations and additional lamps among dermatology practices already familiar with Ameluz PDT, facilitating growth through existing and new customers |
| The last two months have seen transformational developments for our company with the successful renegotiation of our LSA, our license and supply agreement, for Ameluz and RhodoLED lamps with Biofrontera Group in Germany, and the subsequent securing of up to $16 million in financing |
| This arrangement allows us to more effectively run these trials and control their costs |
| This is significant opportunity for our company as many patients suffer from AK not only on their face and scalp, but also on various exposed areas of the body |
| We are also pleased to announce that the first patient has been dosed in a Phase 3 randomized, double-blind, vehicle-controlled multicenter clinical study to evaluate the safety and efficacy of Ameluz and RhodoLED XL in the field-directed treatment of actinic keratosis on the extremities, the neck and the trunk |
| The increase was primarily driven by higher volume of Ameluz sales due to a restructured discount program, higher adoption of Ameluz by dermatologists and a higher average Ameluz selling price |
| However, we believe that this will be a significantly easier entry into PDT for offices that so far haven't been able to do PDT because they don't have sufficient space |
| We expect that production of this formulation will begin in 2024 and help improve tolerability for some of our patients, while also reducing the generation of impurities over time, which may result in an extended shelf life |
| Great |
| So, it will provide much more flexibility to the way in which PDT can actually be done |
| Total revenues for 2023 were $34.4 million compared to $28.7 million for 2022, a growth of approximately 19% |
| Total revenue for the fourth quarter of 2023 were $10.6 million, an increase of $0.5 million or about 4% compared with $10.1 million for the fourth quarter of 2022 |
| Cost of revenues increased from the prior year to $17.4 million for 2023 from $15.2 million in 2022 primarily driven by increased Ameluz volume |
| When we compare our turnover in the sales force with other companies, so with the industry average, then we are still below that, which is good |
| Jonathan Aschoff All right, excellent |
| I would hope that your growth this year over last year would be double that and that that would not be a stretch |
| During 2023, we have reduced our cost structure and invested a proportion of the cost savings in our commercial and support teams |
| Good morning |
| Statement |
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| 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 offset by increased SG&A costs |
| Adjusted EBITDA was negative $19.5 million for 2023 compared with negative $18.1 million for 2022 |
| This is due to a voluntary recall of three batches of Ameluz from our supplier of which we were notified of the issue in February of 2024 |
| Net income for the fourth quarter of 2023 was $3.5 million or $1.65 per share compared with a net loss of $2.8 million or a loss of $2.16 per share for the prior-year quarter, with all share -- with all per share figures on a split-adjusted basis |
| A question about the sales and marketing efforts |
| The net loss for 2023 was $20.1 million or $13.02 per share compared with a net loss of $0.6 million or $0.61 per share for the fiscal year 2022 |
| And I think I missed what you had said |
| 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 |
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