Aurora Cannabis Inc (ACB)

[JohnCM]

Aurora Cannabis Shares Fall After 1Q Miss

BY Dow Jones & Company, Inc.
— 1:50 PM ET 05/14/2021

Aurora Cannabis Inc.'s ( ACB ) shares retreated Friday after the cannabinoids company's earnings and revenue for the latest quarter missed expectations.

In afternoon trading, the shares, which Aurora expects to shift to Nasdaq from the New York Stock Exchange later this month, were 8.6% lower, at US$6.69. Its primary Toronto listing was down 8.3%, at 8.19 Canadian dollars (US$6.73), and are now down 23% so far in 2021.

The company late Thursday reported a first-quarter loss of 85 Canadian cents (70 U.S. cents) a share, narrower than the C$1.40 loss a year earlier but missing the 25 Canadian cents loss expected by analysts polled by FactSet.

Revenue of C$55.2 million, down 25% on last year and below the C$68.7 million expected by analysts. Medical cannabis revenue was up 17% on year but consumer cannabis revenue 53% lower, which is said was due largely to Covid-19-related challenges across Canada in both provincial distributors and consumer access to in-store retail shopping.

The company, which said its balance sheet remains strong with about $525 million of cash on hand as of Wednesday, plans to file a prospectus for a US$300 million at-the-market offering program aimed at providing flexibility to chase acquisitions, including in the U.S.