Biofrontera Inc. (NASDAQ:BFRI) Q1 2023 Earnings Conference Call May 12, 2023 8:30 AM ET

Company Participants

Tirth Patel - Investor Relations

Hermann Luebbert - Executive Chairman and Founder

Fred Leffler - Chief Financial Officer

Conference Call Participants

Bruce Jackson - Benchmark Company

Operator

Welcome to the Biofrontera Inc. First Quarter 2023 Financial Results and Business Update Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Tirth Patel with LHA Investor Relations. Please go ahead.

Tirth Patel

Good morning and welcome to Biofrontera Inc.’s first quarter 2023 financial results and business update conference call. Please note that certain information discussed during today’s call by management is covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act. 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. All risks and uncertainties are detailed in and are qualified by the cautionary statements contained in Biofrontera’s press releases and SEC filings.

Also, this conference call contains time-sensitive information that’s accurate only as of the date of the live broadcast, May 12, 2023. Biofrontera undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call, except as required by law. During today’s call, there will be references to certain non-GAAP financial measures. Biofrontera believes these measures provide useful information for investors yet should not be considered as a substitute for GAAP nor should they be viewed as a substitute for operating results determined in accordance with GAAP. A reconciliation of non-GAAP to GAAP results is included in this morning’s press release. More specifically, management will be referring to adjusted EBITDA, a non-GAAP financial measure defined as net income or loss excluding interest income and expense, income taxes, depreciation and amortization and certain other non-recurring or non-cash items.

I would like to turn the call over to Hermann Luebbert, Executive Chairman and Founder of Biofrontera. Hermann?

Hermann Luebbert

Yes. Thank you, Tirth and thanks to everyone joining us today. I am here together with our CFO, Fred Leffler. We appreciate your interest in Biofrontera. And before we move on to more details on our sales performance, I would like to inform you that Erica Monaco has resigned from the company as CEO. Erica has been part of Biofrontera’s team for 7 years, starting as Director of Finance and Operations and growing to then a company – the company’s IPO as Chief Financial Officer. Following the IPO, I stepped back from the role of CEO, which I had to go held to become Executive Chairman and Erica led Biofrontera as CEO since. We thank Erica for her great contribution to building this company and wish her all the best in future endeavors. As Executive Chairman, I am taking over the responsibilities of the CEO to ensure we maintain uninterrupted focus on our core business priorities and signal confidence to the stock market.