Biofrontera Inc.
BFRI Healthcare Drug Manufacturers Specialty & Generic
Biofrontera Inc.’s revenue for fiscal 2025 (year ended December 2025) was $41.7 million, up 11.7% from fiscal 2024. In the quarter to June 2026, revenue grew 32.9%, EPS grew 91.2%, free cash flow grew 45.6% and total debt rose 6.50%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Biofrontera Inc. (BFRI) Beneish M-score
Biofrontera Inc.'s Beneish M-score for fiscal 2025 is 0.02; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 0.02 | 4.34 |
| FY2024 | −4.32 | (2.31) |
| FY2023 | −2.02 | (0.56) |
| FY2022 | −1.46 | 0.26 |
| FY2021 | −1.72 | 0.48 |
| FY2020 | −2.20 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.23 | — | 1.13 | |
| Gross margin index | 0.68 | — | 0.36 | |
| Asset quality index | 4.87 | — | 1.97 | |
| Sales growth index | 1.12 | — | 1.00 | |
| Depreciation index | 3.26 | — | 0.37 | |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | 0.10 | — | 0.46 | |
| Leverage index | 0.79 | — | −0.26 | |
| Beneish M-score | Flagged by the model | 0.02 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| AYTU Aytu BioPharma, Inc. compare | −3.5× |
| UPC Universe Pharmaceuticals INC compare | −2.6× |
| TXMD TherapeuticsMD, Inc. compare | −2.5× |
| INM InMed Pharmaceuticals Inc. compare | −2.5× |
| SNOA Sonoma Pharmaceuticals, Inc. compare | −1.7× |
| BFRI Biofrontera Inc. | 0.0× |
| SHPH Shuttle Pharmaceuticals Holdings, Inc. compare | — |
| APUS Apimeds Pharmaceuticals US, Inc. compare | — |
| BGXXQ Bright Green Corporation compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI