Aurora Cannabis Inc. (NYSE: ACB)
Marijuana producer Aurora Cannabis Inc. on Tuesday said it expects fiscal second quarter revenue to be in the range of C$50 million to C$55 million. Analysts polled by Thompson Reuters Eikon had expected the Canadian-based company to post revenue of C$67 million for the three months to December 31, 2018.
In the same period of 2017, the Aurora Cannabis generated revenue of C$11.7 million and C$29.7 million for the quarter to September 30, 2018. The company also maintained its hopes of attaining production capacity of at least 150,000 kilograms by the end of the current quarter. It has already achieved production capacity of about 100,000 kilograms per year, compared with 70,000 kilograms in November.
Aurora Cannabis said revenue growth for the quarter was boosted by the strong position the company holds in the adult consumer use market in Canada, relatively stable, supply restricted shipments, to its growing international markets, as well as continued shipments of medical cannabis to Aurora’s expanding base of approximately 71,000 patients in Canada.
Shares of the company rose nearly 2%, to change hands at $5.35 apiece in the premarket session. The stock has lost more than 48% in the past three months through Monday, and 32% in the past year
Aurora Cannabis CEO Comments
Terry Booth, CEO of Aurora commented, “Our consistent and high-quality production continues to significantly ramp up as expected, fueling even further growth. Going forward, we see sustained strong demand from the adult usage market, as evidenced by public statements from the Canadian provinces, as well as strong patient-driven demand for medical cannabis in Canada and abroad.”
“These factors, together with our focus on disciplined management of operating expenses, and our growing portfolio of higher margin products, put us in a position to rapidly achieve positive EBITDA within the next two quarters.”
Aurora Cannabis, Inc. Profile
Aurora Cannabis, Inc. is a Canada-based company engaged in the production and distribution of medical cannabis. The firm is vertically integrated and horizontally diversified across every key segment of the value chain; from facility engineering and design to cannabis breeding and genetics research, cannabis and hemp production, derivatives, home cultivation, wholesale and retail distribution.
Its purpose-built facilities, which integrate technologies across all processes, are defined by automation and customization. The company also produces and sells indoor cultivation systems and hemp related food products. Aurora Cannabis was founded by Terry Booth and Steve Dobler on December 21, 2006 and is headquartered in Edmonton, Canada. – CNN Money