Aurora Trades Down On Q4 Print, Company Preparing 'Robust Product Lineup' For December Launch In Canada

Aurora Cannabis Inc ACB narrowly missed its own fourth-quarter net revenue estimate Wednesday, posting a figure of CA$98.9 million ($74.9 million) after previously guiding to a range of CA$100-$107 million.

The stock was trading down 5.24% to $6.15 in the after-hours session. 

The cannabis company reported an adjusted EBITDA loss of CA$11.7 million, down from a loss of CA$36.5 million in the third quarter.

The cash cost of production per gram fell 20% sequentially to CA$1.14 per gram, Aurora said. 

Net cannabis revenue rose 61% sequentially to CA$94.6 million. The company had guided to a range of CA$90-$95 million. 

The gross margin on cannabis was 58% in the quarter, a 3% sequential increase. 

Aurora said it produced 29,034 kgs of cannabis in the fourth quarter. 

The company's medical patient base grew by 10% quarter-over-quarter to 84,729 and stands at about 89,700 active registered patients as of Thursday, according to Aurora.  

Full fiscal year revenue totaled CA$247.9 million, a 349% year-over-year increase. 

Aurora produced 57,442 kgs of cannabis in fiscal 2019 and sold 36,629 kgs. 

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Looking ahead, Aurora said the introduction of new product formats in the Canadian market this fall represents a significant opportunity. 

"Aurora expects to have a robust product line-up ready to launch in December. Given the very early stage of development of the consumer market in Canada and international medical markets, management anticipates that quarter-to-quarter sales volumes and revenues may be volatile."

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