Biofrontera Inc.

Q2 2026 revenue was $12 million, up 32.9% from $9 million in Q2 2025; first-half revenue was $22.1 million, up 25.4% from $17.6 million. Cost of revenue was $2.4 million versus $2.6 million, producing gross profit of $9.6 million and gross margin of about 80% versus about 71% last year; first-half gross margin was also 80% versus 67%. Net loss was $0.6 million, or $0.05 per share, versus a $5.3 million loss, or $0.57 per share, last year; first-half net loss was $5.4 million, or $0.44 per share, versus $9.5 million, or $1.05 per share. Adjusted EBITDA was negative $0.2 million in Q2 versus negative $5.1 million last year, and negative $3.7 million for the first half versus negative $9.5 million last year. Management said full-year 2026 revenue goals are unchanged despite the ITC-related disruption, and it expects a full launch of sBCC in Q1 2027 if approved.

Hermann Luebbert framed Q2 as proof that the company’s new commercial model is working, citing strong reorder momentum, expense discipline, and the benefit of full U.S. ownership of Ameluz and RhodoLED rights. He emphasized that the ITC issue is being remediated with a minor lamp redesign and appealed, but said the business plan does not depend on winning the legal fight. He was notably optimistic about 2027 and beyond, pointing to sBCC, AK label expansion, and acne as growth drivers that should run through the existing installed lamp base and sales force.

Fred Leffler focused on the improving P&L and cash profile. He cited Q2 revenue of $12 million, gross profit of $9.6 million, gross margin of about 80%, SG&A of $9.7 million, R&D of $0.4 million, and adjusted EBITDA of negative $0.2 million; for the first half, he noted revenue of $22.1 million, gross margin of 80%, SG&A of $20.7 million, R&D of $1.3 million, and adjusted EBITDA of negative $3.7 million. Cash and cash equivalents were $4.7 million at June 30, 2026, operating cash used was $1.7 million in the first half, and the company has $4.6 million of convertible notes maturing in November 2027 with no bank or term debt. He said the company still carries a going concern qualification but believes it will reach cash flow breakeven this year, supported by revenue growth, a $1 million XEPI milestone, and potentially a working capital line of credit if needed.

Analysts focused mainly on the sBCC launch readiness and the ITC-related lamp restrictions. Management said sBCC launch preparation is mostly operational now: finalize marketing materials, FDA pre-clearance, sales-force training, and reimbursement strategy. On the ITC side, management said the workaround is a minor lamp change handled through a CBE-30 process already accepted by FDA, but commercial sales must also clear the border-control step; they also said customers with inventory already purchased are free to use it, while Biofrontera will not encourage future use of the infringing device.