260% Revenue Growth to $29.7 Million -
Pro-Forma Revenues up 333% to $35.8 Million
Strong Adult Consumer Roll-out and Continued Production Scale Up
EDMONTON, Nov. 12, 2018 /CNW/ - Aurora Cannabis Inc. ("Aurora" or the "Company") (TSX | NYSE: ACB) (Frankfurt: 21P; WKN: A1C4WM), announced today its financial and operational results for the first quarter ended September 30, 2018.
Q1 2019 Financial and Operational Highlights
Q1 2019 Highlights:
- Revenue of $29,674, up 260% compared to the same period in 2018.
- Pro-forma Q1 2019 revenue of $35,752, including MedReleaf (consolidated as of July 25, 2018), Anandia (consolidated as of August 8, 2018) and Agropro (consolidated as of September 10, 2018)
- Gross margin on cannabis of 70%, up 12% points compared to the first quarter of 2018, and down slightly by 4% points compared to Q4 2018. The increase versus Q1 2018 was primarily due to a higher average selling price per gram of dried cannabis, coupled with a higher proportion of cannabis oil sales in the Company's sales mix ratio. The slight decrease from Q4 2018 was due to higher average packaging costs related to the inclusion of MedReleaf's relatively higher packaging costs and an overall increase in packaging costs due to the stringent regulatory requirements of the Cannabis Act.
- Cash cost of sales decreased by 12.0% compared to Q1 2018 and increased slightly by 1.6% compared to Q4 2018. Cash cost to produce per gram of dried cannabis sold decreased 22.5% compared to Q1 2018 and fell by 14.7% compared to Q4 2018. This decrease was primarily due to more efficient production processes rapidly implemented post-acquisition at the Company's subsidiary CanniMed.
- Active registered medical patients of 67,484, up 250% compared to the first quarter of 2018.
- Kilograms produced and kilograms sold of 4,996 and 2,676, up 395% and 201%, respectively, as compared to the same period in 2018.
- 8 facilities with production licenses, 6 facilities with sales licenses, including Aurora Sky.
- Introduced Aurora Cloud, making Aurora the first and, to the company's knowledge, only LP supplying a vape-ready CBD oil cartridge to the market.