Aurora Cannabis Sold 9 Tons of Marijuana Last Quarter

Aurora Cannabis发布第一季度财报:收入和业绩均强劲,大麻销量达9吨

2019-05-16 08:40:00 Barrons.com

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Aurora Cannabis sold a ton of weed last quarter. Nine metric tons, in fact. Like the other Canadian pot producers reporting earnings Tuesday, Aurora increased sales strongly in its March quarter. Investors had worried that the recreational marijuana market was off to a slow start in Canada, but on Tuesday evening the Edmonton, Alberta-based Aurora Cannabis reported that its net revenue grew 20% from the December period, to reach 65 million Canadian dollars (or US$48.5 million) for the March period. Aurora’s recreational sales grew 37% sequentially. “We achieved solid revenue growth and strong operating results in a quarter proven challenging across the industry,” Aurora’s chief executive Terry Booth said in the earnings announcement. The company will hold a conference call Wednesday at 10:30 a.m. E.T. The dual-listed stock [ticker: ACB or ACB.Canada] was off 2.1% in after-hours trading, after it gained 4.5% Tuesday to close at $8.38 per share. Aurora Cannabis stock was down 2.7% in Wednesday morning trading, to $8.15 per share. With most analysts rating the stock a Buy, Aurora stock has risen 70% this year to give it an $8 billion market capitalization. The average price target for the stock among analysts polled by FactSet is $10. Read our recent cover story: You’d Have to Be High to Buy American Marijuana Stocks Aurora’s March quarter revenue slightly trailed the consensus forecast for sales of C$67.5 million, but it got close enough. Its negative cash flow shrank 20% sequentially, to a negative C$36.6 million. Aurora said it expects to approach break-even cash flow in the June quarter (with cash flow defined as earnings before interest, taxes, depreciation and amortization). Back in the December quarter, Aurora had negative cash flow of C$45.5 million on net revenue of C$54 million (which backs out excise tax included in gross revenue), with almost C$22 million in sales of recreational pot. In volume, it sold 7,000 kilos-worth of cannabis in December. That gave it the second-largest share of the Canadian market last year, after rival Canopy Growth (CGC). Government statistics showed that recreational sales in Canada were disappointingly weak in the first months of 2019. That stemmed in part from a shortage of product on retail shelves after producers emptied accumulated inventories for Canada’s start of recreational sales last October. Aurora said that it suffered constraints in extracting high-margin cannabis oil in the March quarter, but said its extraction capacity improved after the quarter’s end. Scaling up production has been a big focus for the company and Aurora doubled its production sequentially, to 15,590 kilograms of cannabis product in the March quarter. It expects to be producing at a 25,000 kg.- rate in the June quarter, its fourth fiscal period. Investors have also been watching to see if international sales of medical cannabis would increase Aurora’s gross margins in its March quarter. Medical revenue grew 12% sequentially, to C$29 million. Gross margins edged up to 55%, from December’s 54%. The company still hasn’t returned to September’s level of 70%, which pre-dated recreational sales. It has also wrestled with the scale-up of its large new Aurora Sky production facility near the airport in Edmonton, Alberta. High-margin sales of cannabis oil have been constrained during that expansion. Read more: CBD Is the New Marijuana. But Don’t Buy Into the Craze for Hemp Stocks. Cash costs of producing cannabis improved to C$1.42 per gram, from C$1.92 in December. But the increased sales of lower-priced recreational sales—now half of revenue—and Aurora’s difficulties producing enough cannabis oil reduced its average selling price for cannabis to $6.40 a gram, from the December quarter’s $6.80. The company aims to get its production costs down around C$1 a gram by scaling up production. At large cultivation sites around Canada and Europe, Aurora plans to be producing over 600,000 kilos a year by the middle of 2020. High-tech greenhouses like the Aurora Sun facility in Medicine Hat, Alberta, will sprawl more than a million square feet. The company also has investments in a broad range of firms around the industry. In Canada, Aurora has been a leading seller of medical cannabis, with nearly 70,000 registered patients at the end of 2018. It now has 82,745. Most countries around the world that are legalizing marijuana are starting with medical regimes, so Aurora is building medical cannabis sales in countries like Germany, Denmark, and the U.K. Aurora says it’s started dozens of clinical trials to establish its products as treatments for chronic pain and seizures. Unlike Canopy and Tilray (TLRY), Aurora hasn’t yet made a deal to receive investment from a major consumer products company. It brought on activist Nelson Peltz as “Strategic Adviser” to help change that, and its stock shot up in March on the news. Booth, the Aurora CEO, said Peltz is hard at work. “He has been incredibly engaged, collaborative, and strategically focused on assisting our pursuit of growth in global markets and with mature companies in adjacent industries,” Booth said in a statement.
奥罗拉(Aurora) Cannabis上个季度卖了一吨杂草。事实上,九公吨。 与其他加拿大制罐企业周二发布财报一样,奥罗拉(Aurora)在3月份的季度销售强劲增长。投资者曾担心,休闲大麻市场在加拿大起步缓慢,但周二晚,总部位于艾伯塔的奥罗拉(Aurora) Cannabis 公司的埃德蒙顿报道,其净收入较去年12月增长了20%,在3月份达到6500万加元(约合4850万美元)。奥罗拉(Aurora)的娱乐销售额连续增长37%。 奥罗拉(Aurora)首席执行官特里•布斯( Terry Booth )在财报中表示:“我们在一个季度实现了强劲的收入增长和强劲的经营业绩,这在整个行业都证明是具有挑战性的。”该公司将于星期三上午10时30分举行电话会议。 双重上市股票[股票代码: ACB 或 ACB 。加拿大]盘后交易中下跌2.1%,周二上涨4.5%,收于每股8.38美元。周三早盘,奥罗拉(Aurora) Cannabis 股价下跌2.7%,至每股8.15美元。 由于大多数分析师将该股评级为买入,奥罗拉(Aurora)股价今年上涨了70%,市值达到80亿美元。FactSet 调查的分析师平均股价目标为10美元。 阅读我们最近的封面故事:购买美国大麻必须很高 奥罗拉(Aurora)3月份的季度收入略低于市场普遍预期的6,750万加元,但已足够接近。它的负现金流连续缩水20%,为3660万加元。奥罗拉(Aurora)表示,预计将接近6月季度的盈亏平衡现金流(现金流定义为息税折旧摊销前利润)。 回到去年12月的季度,奥罗拉(Aurora)的净现金流为4550万加元,净收入为5400万加元(这抵消了包括在总收入中的消费税),其中娱乐壶的销售额接近2200万加元。去年12月,该公司售出了价值7000公斤的大麻。这使其去年在加拿大市场的份额达到了第二大,仅次于竞争对手 大麻生长 ( CGC )。 政府统计数据显示,在2019年的头几个月,加拿大的娱乐销售令人失望地疲软。这在一定程度上是由于去年10月加拿大开始娱乐销售时,生产商为加拿大的累积库存空出了库存,导致零售货架上的产品短缺。奥罗拉(Aurora)表示,3月份该公司在提取高利润率大麻油方面遭遇了限制,但表示在该季度结束后,其开采能力有所改善。 扩大生产一直是该公司的一大重点,奥罗拉(Aurora)连续两次提高产量,在3月季度达到15590公斤大麻产品。预计产量为2.5万公斤。-6月第四个财政期间的利率。 投资者也一直在关注,医疗大麻的国际销售是否会增加奥罗拉(Aurora)在3月份这个季度的毛利率。医疗收入连续增长12%,达到2900万加元。 毛利率从去年12月的54%微升至55%。该公司仍未恢复到9月份70%的水平,这一水平是娱乐产品的预售。该公司还努力扩大其位于艾伯塔省埃德蒙顿机场附近的大型新奥罗拉(Aurora)天空生产设施。在这种扩张期间,大麻石油的高利润销售受到限制。 阅读更多: CBD 是新大麻。但不要买入大跌的股票。 生产大麻的现金成本从12月的1.92加元提高到每克1.42加元。但价格较低的休闲娱乐产品销售额(目前为收入的一半)的增长,以及奥罗拉(Aurora)生产足够多大麻油的困难,使得大麻的平均售价从去年12月的6.80美元降至每克6.40美元。 该公司的目标是通过扩大生产,将生产成本降低到每克1加元左右。在加拿大和欧洲的大型种植基地,奥罗拉(Aurora)计划到2020年中期每年生产超过60万公斤。高科技温室,如阿尔伯塔省医学帽子的奥罗拉(Aurora)太阳设施,将蔓延超过100万平方英尺。该公司还投资于该行业广泛的公司。 在加拿大,奥罗拉(Aurora)一直是医用大麻的主要销售商,截至2018年底已有近70,000名注册患者。现在有82745人。 世界上大多数大麻合法化的国家都是从医疗制度开始的,因此 Aurora 正在德国、丹麦和英国等国销售医用大麻。英国奥罗拉(Aurora)说,他们已经开始了数十项临床试验,将其产品作为治疗慢性疼痛和癫痫的药物。 不像 Canopy 和 Tilray 奥罗拉(Aurora)还没有从一家主要的消费品公司获得投资。该公司聘请活动家纳尔逊•佩茨( Nelson Peltz )担任“战略顾问”,帮助改变这一局面。3月份,该公司股价在新闻报道中飙升。奥罗拉(Aurora)首席执行官布斯( Booth )说,佩茨在工作上很努力。 布斯( Booth )在一份声明中表示:“他一直以令人难以置信的敬业精神、合作精神和战略眼光,致力于帮助我们在全球市场以及邻近行业的成熟企业实现增长。”

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