Aurora second-quarter earnings shed light on first recreational cannabis sales

Aurora Cannabis Revenue More Than Doubles Quarter-Over-Quarter

Aurora Cannabis' Q2 earnings increased with gross revenue rising 430% higher than the last quarter to $62 million.

The most heavily traded shares by volume were Aurora Cannabis Inc, Bombardier Inc and Aphria Inc. Aurora 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, high value-add product development, home cultivation, wholesale and retail distribution.

Aurora Cannabis Inc.'s revenue surged as the company sold a record amount of cannabis in a quarter, but the pot producer's selling price fell sharply as it entered the competitive recreational market.

The company said sales of medical cannabis products totaled C$26 million in the quarter, up from C$24 million sequentially. Aurora touted overall quarterly sales of $54.2-million, up 83 per cent from the prior quarter, $21-million of which came from in recreational sales. The Company reiterates its previous guidance that Aurora will have 25,000 kgs for sale in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Aurora Cannabis during the 4th quarter worth approximately $747,000.

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The company also attributed a delay in ramping up production to logistical issues that came with moving staff and equipment from its main Aurora Mountain facility, also near Edmonton, over to its Aurora Sky facility when the latter obtained a license to produce on October 17. The lackluster net revenue is because of the taxes Canada imposes on recreational marijuana and the net loss to Aurora Cannabis' profits. Canaccord Genuity analyst Matt Bottomley said the results from Aurora and Canopy Growth, which reports Thursday, would give investors their "first real look" at the sales potential for the nation's biggest licensed weed growers. The company produced 7,822 kilograms in the quarter and sold 6,999 kilograms, up 57 per cent and 162 per cent respectively from the same periods a year earlier. The loss was also likely because of the drop in the average price of dried marijuana.

The licensed producer also said that its priority in terms of product allocation, was to ensure its Canadian and worldwide medical markets were fully supplied, before focusing on the domestic recreational market. "We are primarily a medical company and we are not going to be dumping all additional production that comes out from Aurora Sky and our Brantford facility to the domestic recreational market", Battley said.

Aurora Cannabis stock opened at $7.59 on Monday. The institutional investor purchased 47,487 shares of the company's stock, valued at approximately $236,000. The company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of ($0.04) by $0.13.

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