Aurora Cannabis Reports 2Q Results, Global Medical Cannabis Revenues Up

Aurora Cannabis Inc. ACB ACB, reported its financial and operational results late Thursday for the fiscal second quarter that ended December 31, 2022.

"Following a tremendous effort to realize approximately $340 million of total annualized savings since February 2020, (...) we have right-sized our business while remaining the #1 Canadian LP in global medical cannabis revenues, and having demonstrated organic quarter-over-quarter revenue growth across all of our cannabis segments during Q2 2023,” said Miguel Martin, CEO of Aurora.

"Our Canadian rec business also demonstrated sequential growth driven by significant product innovation (...) Q2 2023 also included the first full quarter of results from our recent Bevo Agtech Inc. acquisition, for which we anticipate an even higher top-line and Adjusted EBITDA contribution in Q3 2023 versus Q2 2023 due to the inherent seasonality of this business."

Highlights

• Cannabis Revenues Up ~20% from Fiscal Q1 2023, Net Revenue of $61.7 Million
• Achieving Positive Adjusted EBITDA in Line with Prior Guidance
• Delivering ~$340 Million in Annualized Cost Savings Since February 2020
• Balance Sheet Remains in net cash position, “among strongest in the industry,” per a company release.
• Debt Reduction of ~$302 Million in CY 2022

Medical Cannabis

Aurora reported that medical cannabis net revenue was $39.5 million, a 25% increase from the prior quarter and a 14% decrease from the prior year period, delivering 64% of Aurora's Q2 2023 consolidated net revenue and 87% of Adjusted gross profit before fair value adjustments. “The increase in net revenue from Q1 2023 was primarily attributable to growth into international export markets such as Australia, Poland, and the UK,” reported the firm.

Price Action 

At market close on Thursday, Aurora's shares were trading lower by 6.18%, at $0.92 per share. 

Image Credits: geralt and Kindel Media by Pixabay.