Aurora Cannabis cuts quarterly loss to $158M while growing sales to new high
Aurora Cannabis Inc. is reporting 20 per cent higher revenue and a 33 per cent lower net loss for the first three months of 2019 compared with the last quarter of 2018.
The Edmonton-based company credited higher production and sales for a $158-million loss on net revenue of $65 million, compared with a loss of $238 million on revenue of $54 million in the prior quarter.
Watch below: Some Global News videos about Aurora Cannabis.
Analysts had expected a net loss of $52.6 million on net revenue of $77 million in the quarter ended March 31, according to Thomson Reuters Eikon.
Aurora says it nearly doubled production to 15,590 kilograms, with the majority of the volume harvested in the last half of the quarter.
It says Canadian consumer revenue rose 37 per cent to $29.6 million, exceeding medical revenue of $29.1 million, which was up 12 per cent.
The cost per gram of dried product fell to $1.42 from $1.92 but the average net selling price was also down, to $6.40 from $6.80.
“We achieved solid revenue growth and strong operating results in a quarter proven challenging across the industry. We are laser focused on building a long-term sustainable business,” said CEO Terry Booth in a release.
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