Detailed financial statements for Biofrontera Inc. (BFRI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Biofrontera Inc., a biopharmaceutical company, engages in the commercialization of pharmaceutical products for the treatment of dermatological conditions in the United States. It offers Ameluz, BF-RhodoLED, RhodoLED XL lamp series, and RhodoLED Lamps, which are used for the treatment of actinic keratosis, which are pre-cancerous skin lesions. The company was incorporated in 2015 and is headquartered in Woburn, Massachusetts.
Analysis Summary
Biofrontera Inc. reported revenue of $41.7M in the most recent fiscal year, growing at a 5-year CAGR of 17.2%.
Trailing-twelve-month margins: gross margin 84.5%, operating margin -9.5%, net margin -13.8%.
At the current price of $1.21, BFRI has negative trailing earnings (P/E not meaningful) and an ROE of -127.78%. Market capitalisation stands at $15M.
Balance sheet quality for BFRI: current ratio of 1.5, net cash position of $231000. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $26.2M | $18.8M | $24.1M | $28.7M | $34.1M | $37.3M | $41.7M |
| Cost of Revenue | $12.4M | $9.1M | $12.7M | $15.2M | $17.4M | $18.6M | $8.9M |
| Gross Profit | $13.8M | $9.8M | $11.4M | $13.5M | $16.6M | $18.7M | $32.8M |
| Research & Development | 0 | 0 | 0 | 0 | $77000 | $2.1M | $3.7M |
| Selling, General & Admin | $28.7M | $18.1M | $37.2M | $35.9M | $39.1M | $33.8M | $38.1M |
| Operating Expenses | $28.7M | $19.4M | $36.6M | $32.1M | $39.3M | $35.9M | $42.0M |
| Operating Income | -$14.9M | -$9.6M | -$25.2M | -$18.6M | -$22.7M | -$17.2M | -$9.1M |
| EBITDA | -$8.1M | -$7.5M | -$36.8M | $934000 | -$18.5M | -$14.4M | -$9.2M |
| Interest Expense | $2.2M | $2.9M | $360000 | $370000 | $600000 | $2.1M | $452000 |
| Pre-tax Income | -$10.9M | -$10.9M | -$37.7M | -$608000 | -$20.1M | -$17.7M | -$10.5M |
| Income Tax | $33000 | $64000 | $56000 | $32000 | $14000 | $22000 | $25000 |
| Net Income | -$11.0M | -$11.0M | -$37.7M | -$640000 | -$20.1M | -$17.8M | -$10.5M |
| EPS | $-18.09 | $-18.94 | $-44.10 | $-0.61 | $-13.02 | $-3.22 | $-1.04 |
| EPS (Diluted) | $-18.09 | $-18.94 | $-44.10 | $-0.61 | $-13.02 | $-3.22 | $-0.90 |
| Shares Outstanding (Diluted) | $607000 | $580000 | $855237 | $1.1M | $1.5M | $5.5M | $11.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $7.0M | $17.1M | $10.1M | $12.0M |
| Gross Profit | $4.9M | $16.2M | $8.3M | $9.6M |
| Operating Income | -$6.3M | $6.8M | -$4.3M | -$524000 |
| EBITDA | -$6.3M | $6.0M | -$4.7M | -$593000 |
| Net Income | -$6.6M | $5.6M | -$4.8M | -$604000 |
| EPS | $-0.62 | $0.48 | $-0.41 | $-0.05 |
| EPS (Diluted) | $-0.62 | $0.48 | $-0.41 | $-0.05 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.3M | $8.1M | $24.5M | $17.2M | $1.3M | $5.9M | $6.4M |
| Short-term Investments | 0 | 0 | 0 | $10.5M | $78000 | $7000 | $9000 |
| Receivables | $4.8M | $3.3M | $3.8M | $7.4M | $5.2M | $5.3M | $7.3M |
| Inventory | $10.5M | $7.1M | $4.5M | $7.2M | $10.9M | $6.6M | $1.4M |
| Total Current Assets | $23.5M | $19.6M | $46.4M | $43.1M | $23.1M | $20.7M | $18.1M |
| Property, Plant & Equipment | $503000 | $370000 | $267000 | $1.6M | $1.7M | $983000 | $3.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $4.3M | $3.9M | $3.5M | $3.0M | $2.6M | $35000 | $2.6M |
| Total Assets | $28.8M | $24.1M | $53.2M | $50.9M | $27.9M | $22.1M | $28.6M |
| Accounts Payable | $7.8M | $1.5M | $658000 | $1.3M | $8.9M | $1.9M | $1.9M |
| Short-term Debt | 0 | 0 | 0 | 0 | $3.9M | 0 | 0 |
| Total Current Liabilities | $11.7M | $4.4M | $13.8M | $20.9M | $18.1M | $12.0M | $11.9M |
| Long-term Debt | $38.2M | 0 | 0 | 0 | 0 | $4.1M | $5.8M |
| Total Liabilities | $58.9M | $18.3M | $41.9M | $27.0M | $23.1M | $17.7M | $18.1M |
| Retained Earnings | -$30.2M | -$41.2M | -$78.9M | -$79.5M | -$99.7M | -$117.4M | -$127.9M |
| Total Equity | -$30.2M | $5.8M | $11.3M | $23.9M | $4.8M | $4.4M | $10.5M |
| Total Debt | $38.2M | 0 | 0 | $1.3M | $5.4M | $4.9M | $6.2M |
| Net Debt | $30.9M | -$8.1M | -$24.5M | -$26.4M | $4.0M | -$990000 | -$231000 |
| Working Capital | $11.7M | $15.2M | $32.6M | $22.2M | $5.0M | $8.7M | $6.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $3.4M | $6.4M | $6.3M | $4.7M |
| Total Assets | $15.4M | $28.6M | $24.8M | $24.1M |
| Total Liabilities | $18.0M | $18.1M | $18.7M | $18.1M |
| Total Equity | -$2.6M | $10.5M | $6.1M | $6.0M |
| Total Debt | $4.9M | $6.2M | $7.7M | $7.5M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$11.0M | -$11.0M | -$37.7M | -$640000 | -$20.1M | -$17.8M | -$10.5M |
| Depreciation & Amortization | $667000 | $562000 | $540000 | $1.2M | $1.1M | $1.1M | $138000 |
| Stock-based Compensation | 0 | 0 | $129000 | $1.9M | $1.0M | $1.0M | $951000 |
| Change in Working Capital | -$23.9M | -$2.8M | -$1.5M | $2.8M | -$4.4M | $6.2M | -$3.5M |
| Operating Cash Flow | -$37.7M | -$12.4M | -$26.7M | -$16.2M | -$24.9M | -$10.3M | -$13.4M |
| Capital Expenditure | -$538000 | 0 | -$11000 | -$38000 | -$5000 | -$60000 | -$2000 |
| Acquisitions | $25.9M | 0 | 0 | 0 | 0 | 0 | $3.0M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$38.2M | -$12.4M | -$26.7M | -$16.2M | -$24.9M | -$10.3M | -$13.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$3.8M | -$2.4M | -$70000 | -$1.7M |
| Capital Expenditure | $1000 | $1000 | -$5000 | 0 |
| Free Cash Flow | -$3.8M | -$2.4M | -$75000 | -$1.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $236000 | $289000 | $342000 | $263000 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -28.0% | +27.9% | +19.0% | +18.8% | +9.5% | +11.8% | |
| Net Income Growth (YoY) | -0.0% | -243.3% | +98.3% | -3045.5% | +11.8% | +40.7% | |
| EPS Growth (YoY) | -4.7% | -132.8% | +98.6% | -2034.4% | +75.3% | +67.7% | |
| Shares Change (YoY) | -4.4% | +47.5% | +23.6% | +46.3% | +256.7% | +111.2% | |
| FCF Growth (YoY) | +67.6% | -116.1% | +39.2% | -53.4% | +58.5% | -29.4% | |
| Gross Margin | 52.6% | 51.9% | 47.1% | 47.0% | 48.8% | 50.1% | 78.7% |
| Operating Margin | -57.0% | -51.0% | -104.6% | -64.8% | -66.6% | -46.1% | -21.9% |
| EBITDA Margin | -31.1% | -39.6% | -152.5% | 3.3% | -54.2% | -38.7% | -22.0% |
| Net Margin | -41.9% | -58.3% | -156.5% | -2.2% | -59.1% | -47.6% | -25.3% |
| FCF Margin | -146.0% | -65.6% | -110.9% | -56.6% | -73.1% | -27.7% | -32.0% |
| Effective Tax Rate | -0.3% | -0.6% | -0.1% | -5.3% | -0.1% | -0.1% | -0.2% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-62.96 | $-21.33 | $-31.25 | $-15.36 | $-16.10 | $-1.87 | $-1.15 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $607000 | $580000 | $855237 | $1.1M | $1.5M | $5.5M | $10.2M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -127.78% |
| Return on Invested Capital | -31.18% |
| Return on Assets | -26.45% |
| Gross Margin | 84.45% |
| Operating Margin | -9.45% |
| Net Margin | -13.78% |
Financial Health
| Debt / Equity | 1.26 |
| Current Ratio | 1.18 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -4.88 | -4.66 | -3.41 | -30.07 | -0.21 | -0.34 | -0.55 |
| P/B | -1.77 | 8.78 | 11.34 | 0.81 | 0.89 | 1.36 | 0.55 |
| P/S | 2.04 | 2.71 | 5.34 | 0.68 | 0.13 | 0.16 | 0.14 |
| Gross Margin | 52.6% | 51.9% | 47.1% | 47.0% | 48.8% | 50.1% | 78.7% |
| Operating Margin | -57.0% | -51.0% | -104.6% | -64.8% | -66.6% | -46.1% | -21.9% |
| Net Margin | -41.9% | -58.3% | -156.5% | -2.2% | -59.1% | -47.6% | -25.3% |
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Explore sector: Healthcare · Medical - Pharmaceuticals
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