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or Name
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CA



Aurora Cannabis Inc
Symbol ACB
Shares Issued 1,017,438,714
Close 2019-08-06 C$ 9.05
Market Cap C$ 9,207,820,362
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Aurora Cannabis expects Q4 net revenue of $100M-$107M

2019-08-06 08:21 ET - News Release

Mr. Terry Booth reports

AURORA CANNABIS PROVIDES CORPORATE UPDATE FOR THE FOURTH QUARTER OF FISCAL 2019

Aurora Cannabis Inc. has provided a corporate update on selected financial metrics for the fourth quarter of the company's fiscal 2019 (Q4 2019) period ended June 30, 2019. This reiteration of guidance and clarification of operations is intended to update the company's investors as Aurora continues to demonstrate leadership in transparency and disclosure as the industry navigates through periods of volatility. Full results will be published prior to Sept. 15, 2019, details for which will be provided in advance.

Based on a preliminary (unaudited) review, the company anticipates net revenues for the quarter ended June 30, 2019, of between $100-million and $107-million (net of excise taxes), compared with $19.1-million in the period ended June 30, 2018, and compared with $65.1-million for the previous quarter ended March 31, 2019. Fiscal Q4 2019 net cannabis revenue is expected to be between $90-million and $95-million, with growth anticipated across all key business segments including medical, both Canadian and international, and consumer markets. The company anticipates total net revenues for the fiscal year ended June 30, 2019, to be between $249-million and $256-million. The company expects to report that production available for sale for Q4 2019 will be at the upper end of the range between 25,000 kilograms and 30,000 kg, ahead of previous guidance of 25,000 kg.

These production and revenue estimates reflect strong delivery against corporate key performance indicators (KPIs), the financial metrics the company uses to evaluate the business on a day-to-day basis. The company also expects to report sequential quarterly improvements in these KPIs, in particular: gross margins, kilograms of cannabis sold and cash costs per gram produced. The company continues to track toward positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), and in particular adjusted EBITDA from cannabis operations.

From the beginning, the company's core philosophy of purpose-built facilities has focused on high-quality cultivation of medical-grade cannabis globally. This approach is validated by material growth in production and revenue and continued improvement in the above KPIs. Aurora's management team and board of directors continue to drive a culture rooted in quality, transparency and regulatory compliance. Aurora has grown both organically and through acquisitions of companies with shared visions, and today this culture is ingrained in Aurora's over 2,500 employees across the globe.

"Our Q4 2019 guidance highlights Aurora's continued leadership," said Terry Booth, chief executive officer of Aurora. "We set out to be best-in-class cultivators, and through carefully evaluated acquisitions, that vision continues to drive exceptional results today. We are the leader in cultivation capacity, production available for sale and revenues for cannabis in the Canadian medical and consumer markets. We continue to lead the buildout of European and other international medical cannabis markets. Our success to date comes from a focus on quality, regulatory compliance, appropriate board of directors oversight, and delivering a profitable, low-risk and sustainable business for our shareholders."

The preliminary estimated financial results and other data for the three months ended June 30, 2019, set forth above are subject to the completion of the company's financial closing procedures. These data have been prepared by, and is the responsibility of, the company's management. Aurora's independent registered public accounting firm, KPMG LLP, is in the process of performing year-end audit procedures with respect to the accompanying preliminary financial results and other data, and accordingly does not express an opinion or any other form of assurance with respect thereto. The company currently expects that its final results of operations and other data will be consistent with the estimates set forth above, but such estimates are preliminary and Aurora's actual results of operations and other data could differ materially from these estimates due to the completion of its fiscal year-end audit procedures, final adjustments and other developments that may arise between now and the time such annual audited consolidated financial statements for the 12 months ended June 30, 2019, are released.

The company defines adjusted EBITDA as net income (loss) excluding interest income (expense), accretion, income taxes, depreciation, amortization, changes in fair value of inventory sold, changes in fair value of biological assets, share-based compensation, changes in fair value of financial instruments, gains and losses on deemed disposal, and non-cash impairment of equity investments, goodwill and intangible assets. Adjusted EBITDA from cannabis operations is defined as adjusted EBITDA for the company's business units engaged in the production and sale of cannabis and legal derivatives thereof and excludes non-cannabis-related business units or operations.

About Aurora Cannabis Inc.

Headquartered in Edmonton, Alta., Canada, with financed capacity in excess of 625,000 kg per annum and sales and operations in 25 countries across five continents, Aurora is one of the world's largest and leading cannabis companies. Aurora is vertically integrated and horizontally diversified across every key segment of the value chain, from facility engineering and design to cannabis breeding and genetics research, cannabis and hemp production, derivatives, high value-add product development, home cultivation, wholesale and retail distribution.

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