Biofrontera(BFRI) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for 2024 reached $37.3 million, a 9.5% increase from $34.1 million in 2023, with Q4 2024 revenues growing 18.5% year-over-year[2] - Total revenues for the year ended December 31, 2024, were $37,321 million, up 9% from $34,071 million in 2023[20] - Product revenues for Q4 2024 reached $12,560 million, a 19% increase from $10,582 million in Q4 2023[20] - The net loss for Q4 2024 was $1,396 million, compared to a net income of $3,525 million in Q4 2023[20] - Net loss for 2024 was $(17.8) million, or $(3.22) per diluted share, an improvement from a net loss of $(20.1) million, or $(13.02) per share, in 2023[11] Operating Expenses - Total operating expenses for 2024 decreased to $54.5 million from $56.7 million in 2023, reflecting a reduction of approximately 3.9%[9] - Selling, general and administrative expenses for 2024 decreased by $5.3 million, or 13.5%, compared to 2023[10] - Operating expenses for Q4 2024 were $14,272 million, slightly down from $14,462 million in Q4 2023[20] Cash and Cash Equivalents - Cash and cash equivalents increased to $5.9 million as of December 31, 2024, compared to $1.3 million at the end of 2023[2] - Cash, cash equivalents, and restricted cash at the end of 2024 were $6,105 million, up from $1,543 million at the beginning of the year[23] - Cash flows used in operating activities for the year ended December 31, 2024, were $(10,270) million, an improvement from $(24,895) million in 2023[22] Adjusted EBITDA - Adjusted EBITDA for 2024 was negative $15.3 million, an improvement from negative $19.5 million in 2023[12] - Adjusted EBITDA for the year ended December 31, 2024, was $(15,258) million, improving from $(19,456) million in 2023[25] - The adjusted EBITDA margin for Q4 2024 was -10.9%, compared to -30.5% in Q4 2023[25] Clinical and Product Development - The company placed 52 RhodoLED XL lamps in Q4 2024, totaling 100 since the launch in June 2024[2] - FDA approval was obtained to use up to three tubes of Ameluz per treatment, enhancing treatment options[2] - The company achieved significant results in the Phase 3 study of Ameluz® for treating Superficial Basal Cell Carcinoma[2] - Biofrontera Discovery GmbH was created as a wholly-owned subsidiary to manage clinical trial activities for Ameluz® in the USA[2] Legal and Settlement Gains - The company reported a gain on legal settlement of $7,385 million in Q4 2023, which significantly impacted the income statement[20] Share Information - The weighted-average common shares outstanding for Q4 2024 were 7,519,210, compared to 2,140,400 in Q4 2023[20]