GREAT-headline--->>>Tilray-fourth-quarter-financials-shine thanks to rising cannabis sales
Jul. 28, 2021 8:03 AM ET
By: Dulan Lokuwithana, SA News Editor
Tilray (NASDAQ:TLRY) is trading ~4.7% higher in the pre-market after reporting the company’s quarterly earnings results for the first time following the completion of the merger with Aphria in May.
The financial results captured 13 weeks of legacy Aphria, and four weeks of legacy Tilray. Having achieved 35M in synergies to date, the company says it is on track to realize $80M synergies expected from the merger.
The fourth-quarter revenue increased 27% YoY to $142.2M as Cannabis revenue grew 36% YoY in the quarter to $53.7M while distribution revenue dropped 10% YoY to $66.8M.
Meanwhile, adjusted EBITDA increased 285% YoY to $12.3M while net loss per share stood at $0.18. The full-year net revenue jumped 27% YoY to $513M while adjusted EBITDA rose 598% YoY to $40.8M.
The analysts polled by Bloomberg had estimated $150.4M, $5.8M, and $0.17 for revenue, adjusted EBITDA, and net loss per share, respectively.
“In a very short period of time since our business combination was finalized, we transformed and strengthened Tilray, delivered solid results amid continued COVID-19 lockdowns and restrictions and achieved $35 million in synergies to date – well on our way to delivering $80 million in cost savings over the next 16 months,” commented Tilray CEO Irwin D. Simon.
The conference call is scheduled for today at 8:30 a.m. ET.
At the time of closing the merger, Tilray expected to realize annual pre-tax cost synergies within 18 months, an accelerated timeline from the previously-announced 24 month target.
