Aurora Cannabis Inc., announced its financial and operational results for the fourth quarter and fiscal year ended June 30, 2018.
Q4 2018 Financial and Operational Highlights
|
In thousands (‘000s) unless otherwise noted |
Q4 2018 |
Q3 2018 |
Change |
Q4 2017 |
Change |
|
Financial Results |
|||||
|
Revenue |
$19,147 |
$16,100 |
19% |
$5,936 |
223% |
|
Gross margin on medical cannabis(1) |
74% |
59% |
25% |
58% |
28% |
|
Earnings (loss) |
79,268 |
(20,795) |
nm |
($4,816) |
nm |
|
Earnings (loss) attributable to common shares |
79,870 |
(19,215) |
nm |
($4,816) |
nm |
|
Operational Results |
|||||
|
Cash costs of sales per gram of dried cannabis |
$1.87 |
$1.80 |
4% |
$2.09 |
(11%) |
|
Cash costs to produce per gram of dried cannabis |
$1.70 |
$1.53 |
11% |
$1.91 |
(11%) |
|
Active registered patients |
43,308 |
45,776 |
(5%) |
16,400 |
164% |
|
Average net selling price of dried cannabis(3) |
$8.02 |
$7.30 |
10% |
$6.79 |
18% |
|
Average net selling price of cannabis oil(3) |
$13.52 |
$12.83 |
5% |
$17.91 |
(25%) |
|
Kilograms produced |
2,212 |
1,206 |
83% |
1,165 |
90% |
|
Kilograms sold |
1,617 |
1,353 |
20% |
755 |
114% |
|
(1) |
Represents the gross margin on medical cannabis before fair value adjustments |
|
(2) |
Represents the cash cost of sales and cost to produce per gram sold of dried cannabis produced by Aurora |
|
(3) |
Represents the average net selling price per gram of dried cannabis equivalent |
Q4 2018 Highlights:
- Revenue of $19,147, up 223% compared to the same period in 2017.
- Pro-forma Q4 2018 revenue of $33,117, including MedReleaf
- Gross margin on medical cannabis of 74%, up 28% compared to the fourth quarter of 2017. This increase 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 ratio.
- Cash cost of sales and cash cost to produce per gram of dried cannabis sold both decreased 11% compared to the same period in 2017. This decrease was primarily due to efficiencies from automation and yield expertise.
- Active registered patients of 43,308, up 164% compared to the fourth quarter of 2017.
- Kilograms produced and kilograms sold of 2,212 and 1,617, up 90% and 114% respectively compared to the same period in 2017.
- 7 facilities with production licenses, 5 facilities with sales licenses
|
In thousands (‘000s) unless otherwise noted |
FY2018 |
FY2017 |
Change (%) |
|
Financial Results |
|||
|
Revenue |
$55,196 |
$18,067 |
206% |
|
Gross margin on medical cannabis(1) |
65% |
56% |
16% |
|
Earnings (loss) |
$69,227 |
($12,968) |
nm |
|
Earnings (loss) attributable to common shares |
$71,936 |
($12,968) |
nm |
|
Operational Results |
|||
|
Average net selling price of dried cannabis(2) |
$7.65 |
$6.47 |
18% |
|
Average net selling price of cannabis oil(2) |
$13.68 |
$17.91 |
(24%) |
|
Kilograms produced |
5,632 |
3,037 |
85% |
|
Kilograms sold |
5,022 |
2,382 |
111% |
|
(1) |
Represents the gross margin on medical cannabis before fair value adjustments |
|
(2) |
Represents the cash cost of sales and cost to produce per gram sold of dried cannabis produced by Aurora |
Fiscal 2018 Highlights:
- Revenue of $55,196, up 206% compared to the prior year.
- Gross margin on medical cannabis of 65%, up 16% compared to FY 2017. This increase 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 ratio.
- Kilograms produced and kilograms sold of 5,632 and 5,022, up 85% and 111% respectively compared to FY 2017.
- 11 strategic acquisitions completed and 1 in progress.
- Total headcount grew to 1,400 from approximately 300 at the end of FY 2017.
- Pro-forma cannabis inventory and biological assets, including MedReleaf, of $88.8 million.
A comprehensive discussion of Aurora’s financials and operations are provided in the Company’s Management’s Discussion & Analysis (“MD&A”) and Financial Statements which will be filed on SEDAR at www.sedar.com and on the Aurora website.
