Aurora Cannabis (NYSE:ACB) Revenue More Than Doubles Quarter-Over-Quarter

Galtero Lara
Febrero 12, 2019

"We are ramping up production rapidly", Mr. Battley said.

"The Canadian consumer market provides an extremely good opportunity for us". Analysts polled by Bloomberg expected the company to report $52.6 million in revenue in the quarter.

But the company's average selling price of dried cannabis dropped by 26 per cent, the company said, and its gross margin on cannabis sales was at 54 per cent, down from 70 per cent the prior quarter, primarily owing to a lower average selling price per gram of dried cannabis, the mandatory tax that was added to medical marijuana in October and temporarily lower proportion of cannabis oil sales in the company's revenue mix.

"Our brands continue to resonate extremely well in the consumer market, our patient numbers continue to increase steadily, and we have maintained our market leadership in Germany and other key global markets", said Terry Booth, Aurora's chief executive officer, in a statement. "I think the best way to look at the company now, is we will not have any logistical constraints going forward", Booth said.

Aurora reiterated in its forecast that it will achieve at least 150,000 kilograms of annual production capacity within the first calendar quarter of 2019, but said its current annualized operating capacity is 120,000 kilograms.

Aurora has a range of products on the adult-use with different levels of THC and CBD content - most recently, it acquired Whistler Medical Marijuana Corp., a producer of premium and organic-certified cannabis products - in an attempt to further diversify its product range.

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The licensed producer also said that its priority in terms of product allocation, was to ensure its Canadian and worldwide medical markets were fully supplied, before focusing on the domestic recreational market.

Aurora generated $2.8 million in revenue from sales of dried cannabis to the European Union in the second quarter of fiscal 2019.

The loss was mainly attributable to about $190 million in mark-to-market adjustments from its derivative investments.

With much of the investor and analyst focus heading into Aurora's Monday earnings call on the nascent recreational market, the company vowed to continue to prioritize its medical cannabis business - a segment that remained larger and more profitable for the company. Hours before its earnings were reported, the company announced it had completed the first commercial export of cannabis oil to the United Kingdom for medical use, under a new legal framework that took effect November 1. At market close on Monday, the company's stock was down approximately five percent.

Still, the company's gains are below those of rivals Canopy Growth Corp.

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