Debra Borchardt
Aurora Cannabis Inc. (NYSE | TSX: ACB) gave an update on selected financial metrics for the fourth quarter of the company’s fiscal 2019 period ending June 30, 2019. While the information is selectively limited, Aurora said it feels it is being transparent by releasing the data and that the full results will be published prior to September 15, 2019. The company did not report any expense figures or any data relating to net profits or losses. The stock seemed to get a boost as the price was lifted by 5% in premarket trading.
Fourth Quarter
Based on a preliminary and unaudited review, Aurora said that it expects net revenues for the quarter to range between $100 million and $107 million (net of excise taxes) versus last year’s $19.1 million for the same time period. Sequentially, it is an increase over the $65.1 million reported for the quarter ending in March. The company said that the fiscal Q4 2019 net cannabis revenue is expected to be between $90 million and $95 million, with growth anticipated across all key business segments including medical, both Canadian and international, and consumer markets.
Full Year
Aurora also said that it is forecasting that the total net revenues for the fiscal year ending June 30, 2019 should be in the range of $249 million – $256 million. The company also said that it expects to report that products available for sale for the fourth quarter will be at the upper end of the range between 25,000 kg and 30,000 kg, ahead of previous guidance of 25,000 kgs.
“Our Q4 2019 guidance highlights Aurora’s continued leadership,” said Terry Booth, CEO of Aurora. “We set out to be best-in-class cultivators, and through carefully evaluated acquisitions, that vision continues to drive exceptional results today. We are the leader in cultivation capacity, production available for sale and revenues for cannabis in the Canadian medical and consumer markets. We continue to lead the build-out of European and other international medical cannabis markets. Our success to date comes from a focus on quality, regulatory compliance, appropriate Board of Directors oversight, and delivering a profitable, low risk and sustainable business for our shareholders.”
