BFRI - Biofrontera reports misses Q1 top and bottom consensus; reaffirms FY23 outlook
2023-05-12 07:48:29 ET
- Biofrontera press release ( NASDAQ: BFRI ): Q1 GAAP EPS of -$0.28 misses by $0.08 .
- Revenue of $8.7M (-11.2% Y/Y) misses by $0.45M .
- Cash and cash equivalents were $13.5 million as of March 31, 2023, compared with $17.2 million on December 31, 2022.
- The Company believes its cash and cash equivalents are sufficient to fund operations for at least the next 12 months.
- Adjusted EBITDA for the first quarter of 2023 was negative $4.0 million compared with negative $2.4 million for the first quarter of 2022, reflecting lower revenues in the 2023 quarter.
- Outlook: Biofrontera Inc. affirms its previously announced expectations for full-year 2023 growth in revenue to be at least 25% vs. estimated growth of 27.3% Y/Y compared with 2022 and expects to be cash flow positive within approximately two years.
For further details see:
Biofrontera reports misses Q1 top and bottom consensus; reaffirms FY23 outlook