Biofrontera CEO Monaco resigns; Luebbert takes over; Q1 revenue $8.7M, net loss $7.5M

Biofrontera Inc.

CEO Erica Monaco resigning; Executive Chairman Hermann Luebbert to assume CEO role; effective near term.
Q1 2023 revenue $8.7M, down 11% YoY due to prior-year buy-in; net loss $7.5M vs net income $5.6M.
Q1 2023 net loss per share $(0.28) vs prior-year EPS $0.32; adjusted EBITDA -$4.0M.
Cash and cash equivalents $13.5M as of March 31, 2023, down from $17.2M Dec 31, 2022.
Affirms full-year 2023 revenue growth at least 25% vs 2022; expects cash flow positive within two years.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Erica Monaco

Chief Executive Officer

BFRI · Biofrontera Inc.

Filed: May 12, 2023, 7:59 PM ET

Erica Monaco, Chief Executive Officer of the Company notified the Company’s Board of Directors that she intends to resign from the Company to pursue other opportunities.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Biofrontera Inc. reported first quarter ended March 31, 2023 results: revenue $8.7 million, EPS $(0.28) per share. Guidance reaffirmed.

Period: first quarter ended March 31, 2023
Revenue: $8.7 million
EPS: $(0.28) per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Total revenues for the first quarter of 2023 were $8.7 million compared with $9.8 million for the first quarter of 2022.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Erica Monaco departed as Chief Executive Officer at Biofrontera Inc..

Action: resign
Role: Chief Executive Officer

Exact text from the filing

Erica Monaco, Chief Executive Officer of the Company notified the Company’s Board of Directors that she intends to resign from the Company to pursue other opportunities.

View on SEC.gov

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Biofrontera Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-016502

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