Canada-based Aurora Cannabis Inc. said Tuesday fiscal second-quarter revenue would be about 4-to-5 times what it was a year ago. The company now expects revenue of C$50 million to C$55 million, net of excise taxes, compared with C$11.7 million a year ago, and C$29.7 million in the sequential first quarter. The U.S.-listed shares slipped 0.4% in permarket trade, as the revenue outlook was below the range of estimates of two analysts surveyed by FactSet of C$60.0 million to C$74.8 million. Aurora affirmed its expectation of achieving production capacity of "at least" 150,000 kilograms/annum within the first three months of 2019. "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," said Chief Executive Terry Booth. "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." The stock has tumbled 49.7% over the past three months through Monday, while the ETFMG Alternative Harvest ETF (MJ) has dropped 29.4% and the S&P 500 has declined 11.6%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 08, 2019 07:27 ET (12:27 GMT)
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