Hello, everyone. Welcome to the Lytham Partners 2026 Investor Healthcare Summit. I'm Robert Blum, Managing Partner here at Lytham and your host for today's event. We're excited to introduce this group of companies driving innovation across the healthcare landscape today. Throughout the event, they'll join our team to discuss their businesses, key developments, and what they see ahead for 2026. We're also welcoming some special guests, one of whom we're excited to have back for our Analyst Insights series, offering deeper perspectives on the trends and developments shaping the sector. Our webcast will run throughout the day, so be sure to visit lythampartners.com/HC2026 or click the link in the box to the right for the full schedule and details on our participating companies. All right, let's get started. My colleague, Ben Shamsian, will kick things off with a fireside chat with the team at Biofrontera. Thank you.
Hello and welcome to Biofrontera's company webcast. My name is Ben Shamsian, Vice President at Lytham Partners, and today we have Dr. Hermann Lübbert, CEO of Biofrontera, who will be taking us through a brief slide presentation followed by a fireside chat moderated by me. Biofrontera trades under the ticker BFRI on the NASDAQ. With that, let's get started. Dr. Lübbert, welcome.
Yes, thank you very much for the introduction. I'm happy to introduce Biofrontera Inc. The company is in dermatology, and here are our forward-looking statements. And now this one is probably more interesting. So we have a drug on the market that's called Ameluz. And this is a drug for photodynamic therapy, so a drug that's activated by light, and we treat dermatologic and oncologic indications with that. Ameluz is a compelling therapy. We have it on the market since a couple of years, and I'll explain a lot about it. Reimbursement is well established. It's applied in the doctor's office, and the doctors actually get paid to do this, which is an important factor in our procedure. We have a strong pipeline to extend the label for Ameluz to build on the market opportunity.
Currently, the drug is approved for what's called actinic keratosis, and that is about a $500 million market opportunity. But we are trying to expand that by adding other indications. Now, in order to provide the light, this requires a special lamp, which we also sell to the doctors. And currently, we have about 800 devices in the field. In 2024, our revenues were $37.3 million. You'll hear more about that as well. And we had considerable growth in 2025. Next slide. So what really changed in our company last year in the middle of 2025 is that we changed our deal with our former parent company, Biofrontera AG, German company. And so far, we had an exclusive license to sell Ameluz in the U.S. But as of last year, we transferred the ownership of Ameluz to Biofrontera Inc.
We took over all responsibility for manufacturing of Ameluz, and the former parent now gets a standard royalty of 12% of net sales up to $65 million and 15% above. As a consequence, our annual gross margin, which has always been around 50%, is going to increase from about 80%-85%. Next slide. So this is a revenue development over time. We launched Ameluz in the end of 2016. Then revenues grew quite nicely until COVID hit us fairly badly. It's an in-office treatment. So doctors' offices were closed, patients didn't come, and our revenues suffered from that. But following COVID, we could build on this again. And as I mentioned before, in 2024, we were at $37 million in revenues and significantly higher this year or last year. Next slide. This is how photodynamic therapy actually works. I mentioned before, it's a drug that's activated by a light.
When the patient comes into the doctor's office, then the drug, Ameluz, is applied to the skin. Ameluz is a gel, like a standard gel formulation, easy to apply and distribute over the face or scalp. Then Ameluz, or the active ingredient in Ameluz, actually absorbs into the skin. In the skin, it's metabolized to a light-sensitive product or molecule, which is called protoporphyrin IX or PpIX. After that incubation period, the patient goes under the red light, one of our lamps here, for 10 or 13.5 minutes, so short illumination only. That activates the PpIX, and then the PpIX triggers a chemical reaction, which destroys certain target cells, particularly tumor cells. This is how we treat skin tumors selectively because the tumor cells are selectively affected by this treatment, and healthy skin cells are pretty much left alone.
It's this in-office treatment that we are selling. Next slide. Our current indication, FDA indication, is actinic keratosis on the face and scalp. Actinic keratosis is a premalignant lesion of the skin that can potentially develop into so-called squamous cell carcinoma. Squamous cell carcinoma is potentially fatal. That's why actinic keratosis has to be treated. What's important to know is that actinic keratosis can form pretty bad crusts. Like if we look at this example here on the slide at the lower right side, you see these crusts on that scalp. That's actinic keratosis. However, those severe lesions are not as dangerous as they look like. What's actually more dangerous is lesions that you can not see at all or can hardly see. Those need to be treated.
In order to do this, we have to treat, since we don't know where they are, we have to treat the entire field. This is called field therapy, treat the entire head. The standard treatment in the U.S. for this indication is cryotherapy, so freezing the individual lesions with liquid nitrogen. This cannot be done as a field therapy. For somebody who is heavily affected, field therapy is required, and the current standard treatment is not really doing this. Now, with Ameluz and the lamps, what we get is with one single treatment, we can clear most of the patients. When we look at the next slide, after one or two treatments, 91% of the patients are fully cleared from all their actinic keratosis in the FDA trials. One year later, 63% of these patients are still fully cleared.
The remainder still already has new AKs and needs to be treated again. So these patients, once their skin is sufficiently damaged, and this is a consequence of long-term sun damage. So if the patient has received sufficient sun damage, then the patient needs to be treated regularly for the rest of his or her life. On the right side of this slide, this is a brief illustration of the technology that's actually behind Ameluz. Ameluz is using this active ingredient, 5-aminolevulinic acid, and combines it with a so-called nanoemulsion. And this nanoemulsion stabilizes ALA and enhances penetration into the skin. And this is why we can achieve these very high clearance rates of 91%. Next slide. So the market for actinic keratosis is a very attractive market. It's the most frequently seen indication for dermatologists with patients above 40 years of age.
It's mostly the elderly people who get actinic keratosis, men more than women. For men older than 60 years, more than 60% of the men have actually actinic keratosis. It's a very frequent disease. In the U.S., there are about 13 million treatments annually. Most of them are treated with cryotherapy, as I mentioned before. Only 2% currently is PDT. There's a lot of potential still. But those 2% already are $120 million, which are split between two products on the market, ourselves. Then there is a much older product on the market that has been there much longer. We are constantly growing our market share relative to that other product. Now, about $500 million in revenues here come from either the current PDT market or for cryotherapy, where the doctors treat more than 14 lesions with cryotherapy in one session.
That is something which should really not be done anymore because a patient who has that many lesions should get field treatment. This cannot be done with cryo. The best way to do this is photodynamic therapy. That's why we say our immediate market opportunity here is $500 million. Next slide. Now, what's compelling about Ameluz PDT is that the doctors are actually paid to do this. This helps us, obviously, to grow the use of this therapy in the doctor's office. It does require some work, and it requires a certain organization of the office to actually do it. If the doctor jumps over that hurdle, then it can be very profitable for the doctor's office. What we do is we sell Ameluz directly to the doctor. Then the doctor pays us. The list price is $381.
Sometimes we give discounts, of course. The doctor gets that money back after treating a patient through the use of a so-called specific J code, J7345. Basically, almost all payers reimburse Ameluz. All Medicare payers and 95% of the private payers reimburse Ameluz. Now, for the procedure with the light treatment and so on, to do that, the doctor can bill a CPT code. For PDT, there are three different CPT codes. For Ameluz, in the label of Ameluz, there is a step that's called debridement. Because of that, Ameluz gets the highest code. The doctor can bill for Ameluz this code that pays $262. By comparison, if the doctor treats patients with cryotherapy and provides more than 14 lesions, then the payment for cryotherapy is cut at that level, 14 lesions. The doctor gets $162.
PDT pays $100 more than cryotherapy. And that's why we believe that with time, we will continue to grow into that cryotherapy market. Next slide. We have very strong intellectual property on the product. The longest patent that we have is on the formulation of Ameluz. And that's granted by the U.S. Patent Office until 2043. There is a number of other patents that we have on the lamps and on the technology, on the illumination technology. So we have a series of patents which expire around 2040, but then the longest is until 2043. Next slide. Now, what we do is to work on our label and try to grow the market potential for Ameluz. And when we compare the label of Ameluz in the U.S. and in the EU, then in the EU, Ameluz has a much broader label.
I mentioned before, we have only ownership in the U.S., not in the E.U., so we try to actually get closer to the E.U. label. And our label currently, it's on the left side here, is to use Ameluz in combination with photodynamic therapy with our lamps for lesion-directed and field-directed treatment of actinic keratosis on the face and scalp, so obviously, actinic keratosis occurs on other parts of the body as well, and this for the FDA is a different indication, so we are working on extending this to the rest of the body. Now, when we compare our U.S. label to the competing PDT drug I mentioned before, there are two PDT drugs on the U.S. market. One is Ameluz, and the other one has currently one advantage in their label, then both are approved for conventional PDT for AK on the face and scalp.
But the other drug is also approved to treat AK on upper extremities, so hands and arms. Ameluz is currently not approved for that. So if a doctor wants to treat hands and arms, he has to use the other product. Or if he doesn't, then this would be off-label, and he risks not being reimbursed. And so we are trying to extend our label not only to the upper extremities, but to the rest of the body. And to do this, we have done a phase three trial. And just last week, we closed the database on this trial. And we are now waiting for the results. And we'll prepare this for FDA submission. The advantage we have is field-directed treatment, which I said is very important. We have it in the label. The competitor doesn't.
The further disadvantage we had for quite a long time was that reimbursement for Ameluz was only for one tube. This has been changed. We did a clinical trial, got FDA approval for using up to three tubes, and then got reimbursement for that. This is now equal with the competing drug. On top of that, we are developing new indications where the other drug cannot be developed for. The first one of these is basal cell carcinoma. This has already been submitted to the FDA. We expect approval for that one by the end of September. Then we just did a phase 2 study on moderate to severe acne, which is the most frequent indication that dermatologists see in young patients. We are waiting for the data on that trial. Next slide.
Yeah, with that, I would actually like to hand over to our CFO, Fred Leffler, who will basically summarize what I said here and then go more into the finances.
Thank you, Hermann. Yeah, so we're expecting some growth over the next several years, and it's going to come from several places. As Hermann mentioned, we're going to continue to convert customers to Ameluz from PDT and other therapies, maximize those customers, and continue to grow and get PDT into the office. We launched our RhodoLED XL lamp last year, or sorry, in 2024. So that was a precursor to having trunk and extremities and treating larger areas on the body, and then, as Hermann mentioned, we have three tubes. So we've got the building blocks in place to optimize Ameluz PDT. We recently added a chief commercial officer.
There's a lot of, well, there's room to improve the sales force productivity and continue training on this type of sale. A buy-and-bill is a bit different than a prescription-type sales call. We're refining our go-to-market strategy and making sure we're starting to penetrate that cryo for AK plus and other topicals, etc., and then continue that field reimbursement support and making sure the customers are getting reimbursed and there's no hiccups or any issues with reimbursement, which there aren't currently, and we want to keep it that way. Finally, Hermann went through the new indications just a moment ago, but we expect these near-term growth drivers of sBCC to support our continued low- to mid-double-digit revenue growth over the next several years. That's coming with sBCC in the fall of 2026.
We have the acne data, and we're going to take a look at that and talk about new clinical trials to push that forward, and then in mid-2027, we expect the PDUFA for trunk and extremities, and that, again, that'll help grow the business and continue the trajectory that we're on, and as usual, we're always looking for inorganic growth opportunities that could fit the business, but because the sales are pretty specialized, it has to be the right fit for us to be interested in it.
Right, well, thank you, gentlemen. We have time for a couple of questions. I want to get a little bit more into the acquiring of the U.S. assets from your former parent company. Can you talk about, first, the gross margin implications, but also the fact that now you have control over the product? What's the significance of that?
Yeah, Hermann, I can take that one on the gross margin. So before that deal that Hermann mentioned, we had a licensing agreement, and the transfer price was quite high. And you can see the historic numbers here of around high 40s, 50%. Post this transaction, we will have, I will say, something much closer to a normal pharmaceutical company with gross margins in the 80s. And we're already seeing the impact of that in Q3 year to date in 2024. Our gross margin was about 46%. And as of Q3 of 2025, we're at 70%. So this year, we'll be in the 80%-85% realm.
Yeah. And with regards to the sort of just having control over the product, how does that help?
Well, it helps because we are not dependent on other companies' performances and on things that other people do.
We have full ownership of the product, and we can use the products as a collateral in financial deals.
Okay. Great. You just pre-announced your fourth quarter revenue results, strong top-line growth. Can you speak a little bit more as to what led to that and how can we think about 2026 going?
What? Do you want to take that, or should I?
Oh, yeah, I'm happy to take that. Yeah. So we had quite a strong fourth quarter. And I think Hermann, pile on after this. But I think it was a combination of sort of rethinking the commercial team, laying some of those foundations and implementing some of those efficiencies and things like this and getting George Jones, our CCO, on board. And all of that sort of came together and merged to support a strong year and a very, very strong fourth quarter.
As I mentioned earlier, we're expecting 2026 to be similar growth in the low double digits supported by some of those growth drivers that were mentioned earlier.
All right. Fantastic. And we're almost out of time. One last question. You have a lot of irons in the fire, strong growth organically and potentially with newer indications coming along. Can you talk about the balance sheet, what your capital needs are going forward?
Yes, I can do that, Ben. So as of September 30th or end of Q3, we had $3.4 million on the balance sheet. That is stronger today, though we haven't released any of those numbers. And we have strong investments.
I will touch on our market cap quickly because what is represented out on NASDAQ or when you look it up is a bit off from our perspective that when we look at everything as is converted, we expect 47.5 million common shares when all the preferreds convert to common. Our price is about around this 82%, sorry, $0.82. And so our market cap as converted is around $39-$40 million. So its representative is much higher than what you see online. Now, with regards to future financial needs, with the current deal or regarding the deal in 2025, we have financing to support the business, the AK business that we've discussed here through breakeven, which we expect to be breakeven in 2026.
Okay. All right. Well, thank you, gentlemen, for your time. And thank you, everyone, for watching.
If you have any questions or would like to schedule a meeting with Biofrontera, please send me an email at shamsian@lythampartners.com. That's S-H-A-M-S-I-A-N at lythampartners.com. We have additional presentations and fireside chats coming up next, so please stick around for more. Thank you and have a great rest of the day.
Thank you, Ben. That was a great discussion with Biofrontera. Don't go anywhere just yet because up next, I'll be sitting down with François Roberge of LSL Pharma Group for a fireside chat. All right. Hello, everyone, and welcome to the LSL Pharma Group fireside chat. My name is Robert Blum, managing partner here at Lytham Partners. And today, I'll be moderating a Q&A discussion with François Roberge, the company's chief executive officer. As a reminder, LSL Pharma Group trades under the ticker symbol LSL on the TSXV. First off, François, thank you so much for joining us today.
Thank you, Robert. It's my pleasure.
Fantastic. Let's get started here. For those less familiar with LSL Pharma, can you start with a high-level overview of the company?
Yes. LSL Pharma, let's say, is a fast-growing specialty pharma. We manufacture and commercialize products. We do not develop innovative drugs. So the company started in 2014 when I bought the first division. At that time, the business was less than $1 million top line, looking to be over $60 million top line this year. So the company operates in three different segments. We do have contract manufacturing segment, which is CMO. We do also have the eye care segment. And just recently, we just acquired an OTC business for the private label segment.
I want to almost take each one of these three segments separately. So let's start off first on the CMO side of things.
Talk about those operations, customer base, sort of competitive positioning, if you will.
Yeah. On the CMO side, we have four different manufacturing plants, all located in Quebec. We can manufacture solid dosage form, liquid, and semi-solid. So right now, we have two solid dosage manufacturing plants. So we can manufacture tablet, capsule, powder. And we also have two manufacturing plants for solid and liquid products. Clients are, let's say, a different pharma company, Banner in Canada, as well as cosmetic brand company across Canada. So we have, let's say, a diversified portfolio of clients, between 60 and 70 different clients, depending on the type of product. So we can manufacture almost every type of product for OTC and prescription.
Talk about sort of the development and the acquisitions that you've made over the last number of years to build that up and provide listeners with some perspective as to the revenue scale that's occurred here over the last number of years.
Yeah. LSL is the solid dosage manufacturing plant located more east of Quebec City. This year, let's say 2026, the target is CAD 12 million. As mentioned, when I acquired that business, CAD 1 million top line, 12 employees. Right now, we are 50 employees. We also acquired last year, 2024, not last year, but in 2024, Laboratoire Demo , and in 2025, Duvar. Those two manufacturing plants are mainly cosmetic, liquid, and semi-solid. And right now, let's say the CMO division should generate close to CAD 45 million top line next year.
Wonderful.
Talk about when you think about competitive positioning within this marketplace, obviously focused there within Quebec, but anything that you sort of talk about with your customer base and how you're competitive versus some of the others in the industry?
First, we always deliver very good quality products. And we are also very well-known for our, let's say, R&D team. We can develop or improve the product of our client. So we have a lot of cosmetic brand clients that work with Demo Lab and Duvar to develop new formulations and to develop or improve actual formulations. And because we can have some we are good in the, let's say, the pricing and the quality, very, very little turnover for clients. We always bring new clients, and I think maybe we lost maybe one or two clients for the last 12 years.
So we are very good in quality and also in delivering product at a good timing.
Fantastic. When you think about the synergies that have occurred by bringing these all together and your plans going forward for additional acquisitions, help investors understand the opportunities that are there from a synergistic standpoint.
Yeah. As mentioned, we have four manufacturing plants. We also have a head office that is taking care of all the finance, purchasing, HR, accounting, and IT. So manufacturing plant concentrates on manufacturing products, and the head office is taking care of all the, let's say, services that can be deployed over all the different plants or manufacturing sites.
All right. Very good. Let's transition here to sort of the ophthalmic component of your business. Talk a little bit more about that, which is primarily prescription, but also has, I guess, a small OTC component to it as well.
Exactly. So the Sterimed plant, again, located in Quebec, we are able to manufacture ophthalmic ointments. So right now, we are producing ophthalmic ointments for the Canadian market. And we are also developing new ointments, new generic ointments for the Canadian market and maybe eventually for the U.S. market because right now, we should receive very shortly our U.S. FDA approval in order to manufacture ointments for the U.S. market. And in order to accelerate, let's say, the development of our ophthalmic portfolio, we are right now in licensing some eye drops from European and international partners. So we are in licensing drops that arrive in Canada ready to sell under our Sterimed name because right now, the plant can only manufacture ointments. So we received on November 6th approval from Health Canada for new eye drops that will be in the market in, let's say, Q2 next year.
And we are also working on maybe another 10, 12 new in-licensing that should come later in 2026 and in 2027. And on the ointment side, we're developing, let's say, first-to-market generic product for ointments, Canada, international, and U.S.
So again, these are all in-line. You're not doing the development. These are all in-licensed opportunities here, again, ointment side, the eye drop side. Talk about maybe how you got into the business and sort of the trajectory of this business over the last number of years and to the extent that you've, I know you've provided some outlook here for 2026. Any sort of outlook on this side of the business as well?
Yeah. Right. The Steri-Med plant I acquired, the Steri-Med plant in July 2020. Let's say the lenders approached me to see if I can rebuild and restart the business that was in financial difficulties.
We invest a lot of money in the plant and to get back the Health Canada license. We are developing ointments for the international market. And drops, we cannot manufacture drops. So that's why we are in-licensing them. And the issue at the plant was the capacity. Right now, we have a capacity of, let's say, 1.2 million units, but we just received in April last year a new filling line that will be able to increase the capacity of the plant from 1.1 million to up to 8 million units a year. So we will be able to put new products on the line, which are in development right now. And we will also have the capacity to also do some CMO for other companies in the U.S. and in Canada.
Talk about the distribution of the products within sort of this ophthalmic eye care space here.
Right now, competition of our product, very, very little. We have one competitor in Canada, and he's frequently back ordered. So distribution is easy. Products are selling in hospital. The prescription product is selling in hospital market as well as retail market. We have good contact in Quebec for all the banners and also with the McKesson across Canada. So product is I mean, let's say I'm in charge of the sales because it's very little timing for me to have the sales distribution. The product is very well-known, few competition. On the eye drops, we have some, let's say, agent that is doing the marketing of our product that will do the marketing of our product in Quebec and across Canada.
With the OTC business that we just acquired, those guys are very well connected across Canada with all the banners. That will also help us in bringing new ophthalmic eye drops and ointments across Canada to the banners.
Again, I just want to come back to make sure everyone understands. The CMO business, I think it was CAD 45 million a year. The eye care business, what's sort of the outlook you have here for?
Let's say eye care, let's say a CMO CAD 40-45 [million], eye care this year, around maybe 10, 12, 10, let's say. Because the eye drops will only start at the end of Q2, beginning of Q3. The eye drop is the future of the business.
When you look at Steri-Med right now, when you look at LSL Pharma right now, top line and profitability is very, let's say, CAD 10 million over 60. But in, let's say, maybe three, four, five years, our objective is to have the Steri-Med and the ophthalmic plant close to 50% of the top line and maybe 70% of the EBITDA of the company.
All right. Fantastic. Let's turn to the third leg of the stool, if you will, the OTC, just main acquisition to enter this business. Talk about, A, the business first off, but then sort of how it fits within the construct of the business here.
Yeah. Juno OTC that we just acquired from Juno Pharmaceuticals in Toronto in December. So Juno OTC is a private label OTC commercialized business. So they do not manufacture the product.
They have, let's say, third partner like our CMO business, but international in the United States and Canada. One of our divisions is already a supplier of Juno OTC for some product. The objective of the acquisition of that business is to bring some manufacturing into the group and also to increase the top line of the company. With that acquisition, we're targeting CAD 20-CAD 25 million top line next year. We are, let's say, from, let's say, two years ago, less than that CAD 10 million company, and now, 2026, we'll be more close to CAD 65 million, potentially CAD 70 million top line. So it was, let's say, a critical mass that we want to bring.
And also the contact and the senior management team of Juno OTC, as mentioned earlier, will help us developing and bringing our ophthalmic product across Canada at all the banners, including Costco, Walmart, and other banners.
Let's first off, for those that maybe haven't looked into it, describe some of the products that are sort of in this OTC side.
Yeah. If you go at, let's say, in Shoppers and look at the equivalent of Advil, which is the ibuprofen gel. So you'll see that the ibuprofen gel Life Brand of Shoppers is manufactured and distributed by Juno. So they are distributing the equivalent of Advil, Tylenol, liquid, solid, gel, denture cleaner, Epsom salt, nicotine gum. So different types of OTC products in the private label across Canada, all banners: Walmart, Costco, Shoppers, Rexall, Jean Coutu in Quebec.
So they are everywhere across Canada for more than 40 products right now on the OTC and launching up to 10 new products next year, which include some OTC eye drops.
All right. Fantastic. When you think about sort of the future here of LSL as a whole, and you've got these three sort of interconnected divisions here, talk about the focus on both organic growth and acquisition growth and how you think about each one of those going forward here.
Yeah. Organic growth on the CMO. So clients are there. It is a matter of manufacturing, delivering the product, and increasing capacity. So every year, we have a CapEx expenditure in order to put some equipment to have more capacity at all the plants.
On the eye care, as mentioned, in-licensing and developing in-licensing eye drops and developing ointments in the future will significantly have an impact on the business. And the Juno OTC, right now, they are only OTC. They have a good contact around the world to have some partners to bring some new products. And we are also looking at maybe bringing some new prescription products at the Juno OTC segment. So eventually, niche prescription products, but we have good contact to have very good products for the Canadian market.
All right. Fantastic. Let's turn to some of the financials here momentarily. You've already sort of given a base rundown of the revenues for each one of the divisions, I guess we'll call it here. But for investors that aren't familiar, provide a little bit of an overview on margin profile, profitability, etc.
Yeah.
If you look at the 2025, we will be close to CAD 30 million top line with an EBITDA of approximately CAD 4 million. Final numbers will be released, let's say, in April or May. Gross margin depends. The OTC gross margin is a little bit lower than compared to the ophthalmic business. Ophthalmic business, it's a matter of increasing the capacity. So gross margin can go from 50%-75% compared to, let's say, the OTC business, which is more 25% gross margin. And the CMO business can be between 25%-35% gross margin. So that's why we're focusing more on the ophthalmic because the gross margin is significantly higher. So as mentioned earlier, in the future, the ophthalmic business will contribute more than 70% of the EBITDA and close to 50% of the top line. That's the goal that we have right now.
And also the goal is to reach $100 million top line within two years through one or two other acquisitions and, of course, organic growth.
All right. Very good. When you sort of take a look back here, what were some of the key challenges and opportunities throughout 2025 and, well, maybe the challenges throughout 2025 and then the opportunities through 2026 here?
Key challenges for 2026 will be the integration of the two last acquisitions. Juno OTC is a significant business, CAD 20-25 million that need to be incorporated into LSL Pharma. And also the acquisition of Duvar, which closed in mid-November. So two recent acquisitions that we need to integrate in, let's say, the first six months of 2026. And also continue to look at M&A opportunity.
We have some opportunity that we're looking right now, but it may be more late in 2026 that we will more work with a potential M&A opportunity and focus on quality. For us, quality is our target for all the division. We want to bring to clients quality products and also to develop the U.S. market. As mentioned, we should receive FDA approval very shortly for our Steri-Med plant. So that will be a significant good news for the company because the market in the U.S. is a huge market compared to the Canadian market. And right now, our ophthalmic ointments, there's no generic right now in the market. All the ophthalmic ointments are mainly by brand companies such as Novartis and other big brands. So we believe that being a first generic on those products will significantly increase the value of the business.
All right. Fantastic.
As we sort of wrap things up here, any final takeaways you think investors should have as they start to evaluate LSL Pharma here?
If you look at our recent results, we can demonstrate that the strength of our business model and the effectiveness of our growth strategy, we delivered significant revenue growth for the last three, four years. We look ahead and we want to prioritize supporting, let's say, prioritize sustainable growth and looking to maintain profitability, of course. We want to support the development of our portfolio, and we want to also continue to strengthen our balance sheet. We did a lot of good refinancing this year, and we also want to continue to have a good balance sheet to create value for our shareholder in the future.
All right. Fantastic. Well, we will leave it there. François, thank you so much for your time today. Greatly appreciated.
Obviously, thank you to everyone here that is watching. If there are any questions or perhaps there's a desire to schedule a meeting with management here, I'd be happy to try and coordinate that. My email, again, is blum@lythampartners.com. We have additional presentations and fireside chats coming up throughout the day here. So please stick around for more. Again, François, thanks so much for your time today. Really appreciate it. Thank you.
Thank you, Robert.
All right. Thank you, everyone. Have a great rest of your day.