Generates Net Revenue of $98.9 Million, Up 52% From Prior Quarter Cannabis Net Revenue Increases 61% to $94.6 Million From Prior Quarter Reports Gross Margin on Cannabis Net Revenue of 58%
TSX: ACB |NYSE: ACB
EDMONTON, Sept. 11, 2019 /PRNewswire/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (NYSE | TSX: ACB), the Canadian company defining the future of cannabis worldwide, announced today its financial and operational results for the fourth quarter and fiscal year ended June 30, 2019.
"In 2019 Aurora took its place as the global leader in cannabis production, research, innovation, and international market development. We are executing on all our strategic priorities," said Terry Booth, CEO. "Our best in class cultivation methods allow us to grow consistent, high-quality cannabis at scale. Because of this, we've delivered solid revenue growth in the fourth quarter. We are working to extend our reach in the U.S. markets. Our partnership with the UFC is a basis to explore CBD-from-hemp and hemp food products. We are also exploring additional opportunities and leveraging our Strategic Advisor. We are focused on building a sustainable, high-margin business while providing patients and consumers with access to safe and reliable medicine."
Glen Ibbott, CFO, added, "We continue to see strong growth in cannabis revenues in both medical and consumer categories. Our cultivation execution continues to drive production costs lower and improve gross margins. Aurora's diversified product portfolio remains in demand with patients and consumers alike. With the Canadian launch of derivative products in the coming months, we have made the necessary investments to ensure readiness and focus on a variety of value added products. We are very excited to supply an expanded consumer market with premium cannabis and new product forms."
Fourth Quarter 2019 Highlights
(Unless otherwise stated, comparisons are made between Fiscal Q4 2019 and Q3 2019 results and are in Canadian dollars)
Net cannabis revenue up 61% sequentially to $94.6 million Canadian consumer cannabis revenue up 52% to $44.9 million Medical cannabis revenue up 10% to $29.7 million Wholesale revenues of $20.1 million Cash cost to produce per gram sold declined 20% sequentially to $1.14 per gram in Q4 2019.
Production volume increased 86% sequentially to 29,034 kgs.
Gross margin on cannabis net revenue increased by 3% to 58% sequentially.
Aurora's medical patient base expanded 10% to 84,729 sequentially. As at the date of this release, Aurora has approximately 89,700 active registered patients, a further increase of 6%.
Adjusted EBITDA loss of $11.7 million represents an improvement of 68% compared to $36.6 million in Q3 2019.
Subsequent Events
Closed an amended and upsized $360 million secured credit facility which includes an accordion feature that enables Aurora to upsize the facility by approximately $40 million,
Sold its remaining 28,833,334 shares of The Green Organic Dutchman Holdings Ltd ("TGOD"), at a price of $3.00 per share for aggregate gross proceeds of $86.5 million, representing an approximate 50% internal rate of return for the Company.
Full Year Fiscal 2019 Highlights
Net revenue of $247.9 million, up 349% compared to the prior year.
Gross margin on cannabis net revenue of 55% in fiscal 2019 versus 65% in fiscal 2018.
Kilograms produced and kilograms sold of 57,442 kgs and 36,628 kgs, up 920% and 629% respectively compared to fiscal 2018.
I don't think it will bounce back, I think that is wishful thinking. Though I am glad to see the weak minded people getting out. Hopefully they will stay out.
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