Biofrontera AG (NASDAQ:BFRA) Q1 2020 Earnings Conference Call - Final Transcript

May 20, 2020 • 08:00 am ET

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Biofrontera AG (NASDAQ:BFRA) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Dear, ladies and gentlemen, welcome to the Conference Call of Biofrontera AG. [Operator Instructions]

Now, may I hand you over to Pamela Keck, Head of Investor Relations, who will lead you through this conference. Please go ahead.

Executive
Pamela Keck

Thank you. Good morning and welcome to Biofrontera's earnings conference call for the first quarter 2020. Yesterday, we issued a press release announcing financial results for the three months ended March 31st, 2020. We encourage everyone to read the press release as well as the quarterly report, both of which are available on our website at www.biofrontera.com.

Please note that certain information discussed on the call today is covered under the safe harbor provisions of the Private Securities Litigation Reform Act. We caution listeners that during this call, Biofrontera's management will be making forward-looking statements. Actual results could 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.

This conference call contains time-sensitive information that is accurate only as of the date of this live broadcast, today, on May 20th, 2020. Biofrontera undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call.

With that I would now like to turn the call over to Hermann Lubbert, our CEO.

Executive
Hermann Lubbert

Thank you, Pamela, and thank you today very much, ladies and gentlemen for taking the time to participate in today's call. With me today is Thomas Schaffer, our CFO. He will present the final financial results in a second. I will then summarize the general business development and clinical updates and will provide an update on the current status of our commercial efforts. I will then also briefly comment on the upcoming Annual General Meeting and the proposed capital measures. But first, let's have a look at the financial results of the first quarter. For that, I would like to hand over to Thomas Schaffer.

Executive
Thomas Schaffer

Thank you, Hermann. Good morning, good afternoon, everyone on the call. Welcome to Biofrontera and thanks for joining us today. I would like to start by giving you an overview of the financial results for the first quarter of 2020 for the period from January 1st to March 31, 2020, consolidated sales of EUR6.5 million reflect the decrease of 5% compared to the same period of last year. Following the fourth quarter of 2019 which was the best quarter in the Company's history to date, we experienced a mixed business performance in the first quarter.

In early 2020, sales in our largest market, United States were slightly lower than expected due to stockpiling of Ameluz by doctors at the end of 2019 prior to the price increase effective as of January 1st. Between mid-February and mid-March 2020 we were then able to generate sales revenues in line with our original budget. However, due to the coronavirus