قالب وردپرس درنا توس
Home / Business / Aurora Cannabis announces financial results for the third quarter of tax 2019

Aurora Cannabis announces financial results for the third quarter of tax 2019



Solid net sales growth across all channels to $ 65.1 million
Production volumes Double while production costs per process are reduced
On track to deliver positive EBITDA starting in Fiscal Q4 2019

TSX: ACB | NYSE: ACB

EDMONTON 14. May 2019 / PRNewswire / – Aurora Cannabis Inc. (" Company " or " Aurora ") (NYSE: ACB) (TSX: ACB), today announced its financial and third quarter operational results ended March 31

, st 2019.

Third Quarter 2019 Highlights

(Unless otherwise stated, comparisons are made between Fiscal Q3 2019 and Fiscal Q2 2019 results)

  • Continued solid revenue growth of an average of 20% across all key markets driven by successful upgrading of company output and continued strong performance across the Canadian consumer and Canadian and Canadian markets in Canada:
  • Growth of the company's medical patient base, up 5% to 77,136. At the time of this release, Aurora has 82,745 active registered patients, an additional 7% increase, and continues to record new patients as product availability is affected.
  • The cash cost of producing per gram decreased by 26% to $ 1.42 per gram, as the initial effect of the Aurora Sky scale and efficiency began to materialize.
  • The production volume increased 99% to 15,590 kg, an increase of 1,200% from the same period the year before. The increase in production increased during the quarter, with most of the harvested volume being realized in the latter half.
  • SG&A spending has stabilized with a modest 1% increase reflecting Aurora's ongoing commitment to disciplined cost management. 19659012] Average sales price per gram decreased marginally due to product mix effects (higher wholesale consumer contribution), recovery capacity constraints resulting in extract-based products that include 18% net sales of cannabis, and the first full-quarter effect of excise duty on medical cannabis.
  • Adjusted EBITDA losses improved by 20% to $ 36.6 million as the company continues to track against achieving EBITDA-positive results beginning in Q4 2019 as operations continue to ramp up.
  • January 2019 Aurora completed a US $ 345 million Convertible Notes offer, earning earmarked to continue the company's pace rowing in Canada and internationally . IFRS's accounting standards require a market adjustment at the end of each period for the derivative part of these notes. Due to the increase in Aurora's share price since the issue of the notes, the company recorded a $ 102 million non-cash fair value loss in the income statement for Q3 2019.

Management's Commentary

"I am Exceptionally Proud of Our company and team as Aurora continues to deliver on our domestic and international growth strategy, achieving a solid revenue growth and strong operating performance in the quarter, challenging across the industry, laser focused on building a long-term, sustainable business, Terry Booth CEO. "In the quarter, we formally received Nelson Peltz a key strategic advisor. He has been incredibly committed, collaborative and strategically focused on helping our pursuit of growth in global markets and with mature companies in neighboring industries. "

Glen Ibbott CFO, added:" Aurora is an extremely active and diversified company that leads the industry in cannabis research, product development, cultivation, global scale and growth in turnover. With a solid Q3 on all fronts, it's time to move the scales back to the industry. The company that we have built with purpose through both organic growth and targeted acquisitions, has given a unique opportunity: Continue to lead the industry in revenue growth, while at the same time developing into positive operating results in close quarters. "

Q3 2019 Key figures for finance and operation

($ thousand, unless stated otherwise)

Q3 2019

Q2 2019

% Change

Q3 2018

% Change

Financial Result






Gross Income






] $ 75,238

$ 62,000

21%

$ 16,100

367%

Net income (1)

$ 65,145

$ 54,178

20%

$ 16,100

305%

Cannabis Net Income (1)

$ 58,652

$ 47,577

23%

$ 10,810

443 %

Medical net income for cannabis

$ 29,075

$ 25,994

12%

$ 10,810

169%

Consumption of cannabis net income

$ 29,577

$ 21,583

37%

NA

NA

Gross margin on net income for cannabis (1)

55% [54%

1%

59%

4)%

Sales, General and Administration Expenses

$ 67,104

$ 66,362

1%

$ 15,727

(327)%

Adjusted EBITDA (2)

($ 36,617)

($ 45,524)

%

($ 12,904)

184% [19659036] Earnings attributable to ordinary shareholders

($ 158,354)

($ 237,752)

(33)%

($ 19,215)

] 724%







Balance






] Working capital

$ 469,729

$ 274,629

71%

$ 338,476

39%

Cannabis inventory and biological assets

$ 118,023

$ 4,875,884

14% [19659031] $ 1,671,400

232

$ 192990

48%

$ 28,478

314%

Total fixed assets

$ 5,549,780

%

Operational results – Cannabis






Cash cost of production per gram of dried sold (2)

$ 1.42

$ 1.92

(26)%

$ 1.53

] (7)%

Active Registered Patients

77.136

73.579

5% [19659031] 45,776

69%

Average net selling price per gram (2)

$ 6.40

$ 6.80

(6)%

$ 7.99

] 20%

Kilograms Produced

1,206

1,193%

1,206

1,193%

1,960

6,999

31%

1 353

577%



(1)

Net sales represent our total gross revenues excluding tax claims incurred by the Canada Revenue Agency ("CRA") on the sale of medical and recreational cannabis products effective October 17, 2018.

(2)

These terms and non-GAAP measures are defined or reconciled in Aurora Q3 2019 MD & A.

Outlook

Aurora Sky and Bradford plants now operate at full capacity. With this, the company's annual production rate across the operating plants is over 150,000 kg per year, based on planted rooms.

Aurora repeats its goal for Q4 with production available for sale of over 25,000 kg. Management intends to allocate part of this capacity to the inventory for the production of new products. Aurora is still focused on having vapes and certain edibles ready for launch under new regulations in the Canadian consumer market expected towards the end of the calendar year.

With the production ramp, the company continues to increase production capacity, with innovation and technology aimed at reducing the time from harvest to market. The company expects that increased processing, packaging and delivery efficiency in the 4th and 4th quarter will accelerate the availability of the product.

Supply to Europe and other international markets is expected to increase as several of Auror's production facilities receive EU GMP certification. The Bradford facility has recently undergone an audit to obtain EU GMP certification. In the third quarter, the company began exporting full-spectrum cannabis extracts in Germany . Management expects sales to contribute to growth given higher margins in excerpts.

Oil extraction capacity was limited in the second and third fiscal years in 2019. After the end of the quarter, Aurora expanded its internal production capacity to nearly 7,000 kg per quarter, and will reach close to 16,000 kg per quarter in the first quarter. In addition, the company's production partner Radient Technologies is upscaling commercial production at its Edmonton facility. Therefore, Aurora assumes that the production of extract-based products is increasing, with full effect starting to materialize towards the end of the fourth quarter. This increase in internal and external production capacity will strengthen Auror's ability to produce large-scale derivative products, which management expects to have a positive impact on both revenues and gross margin.

With Aurora Sky now operating at full capacity, the company expects a continued reduction in production and production costs, so that cash costs per gram can continue to be lower. The management reiterates its expectation that the average cash cost to produce per gram on its [Sky] plants will be below $ 1 .

With disciplined cost management, the company expects SG&A costs to grow modestly over the rest of the fiscal year. Therefore, management expects that with a sustained growth in sales and lower cash costs per gram, Aurora is well positioned to achieve positive EBITDA that begins in the fourth quarter of 2019. The calendar Q2 2019.

3. quarter 2019 Facility and Production Update

Aurora defines production Consider the capacity of all planted rooms approved by the regulator for sale, using expected annual harvest on maturity based on historical yield per plant. These targeted dividends are met or exceeded in all of Aurora's current operating facilities. To view a video overview of Auror's production facilities, click here: https://youtu.be/irTfAXbFS38.

  • The construction at Aurora Sky is complete and all adult rooms have been licensed by Health Canada. Fully planted, Aurora Sky operates with full design capacity of over 100,000 kg per year.
  • All rooms at Bradford are licensed by Health Canada and the facility is fully planted. The facility has not received any major observations during the audit to obtain EU GMP certification. Obtaining this certificate will increase the company's capacity to ship the product to the European market.
  • The first salable harvest at Aurora Nordic 1 is expected by the end of last year 2014, with product sales expected in December 2019 or as soon as government approvals are granted. Construction of Aurora Sun goes fast, and the plant is expected to be ready for planting in the middle of calendar 2020. Aurora Sun ] will measure 1.62 million square feet, reflecting a 33% increase from the originally planned size.
    • The construction of the steel structure is well underway and is expected to be completed late June 2019 .
  • Whistler Alpha Lake currently operates with its constructed capacity of 480 kg / year .
  • The construction of the glass has begun and is expected to be completed shortly after the installation of the steel structure. of organic certified cannabis, using four adult rooms.
  • The construction of Whistler Pemberton is still underway for completion in calendar Q4 2019
    • Four rooms are fully operational with an annual capacity of 1200 kg of organic certified cannabis [19659153] 11 additional rooms are expected to come online at the beginning of November 2019
    • After completion Pemberton is expected to produce 4,500 kg / year of organically certified cannabis
    • The Pemberton plant will incorporate a public salon to educate visitors about the WMMC and its history as cultivation pioneers of organically certified cannabis [19659159] In the last growing season in Europe Agropro harves ted a combined 3,950 hectares of hemp over Lithuania Latvia and Estonia . For the upcoming growing season, beginning in May 2019 Agropro plans to enter into 8 150 hectares of hemp for autumn, which is expected to start in August.

    Q3 2019 and later corporate highlights

    Procurement

    • Procurement of Whistler Medical Marijuana Corporation ("Whistler")
      On March 1, 2019 Purchased Aurora Whistler, an iconic Canadian organic cannabis brand from Canada, which imposes a significant premium on its products in both Canadian and consumer markets. The company is in the process of upgrading Whistler's business and expects an increase in products available for sale for the rest of the calendar year.
    • Acquisition of Hempco Food and Fiber Inc. ("Hempco")
      On April 16, 2019 the company entered into a binding letter agreement with Hempco to acquire all issued and outstanding shares in Hempco . The acquisition will strengthen the company's industrial hemp and CBD-of-hemp infrastructure. Acquisition of Chemi Pharmaceuticals Inc. ("Chemi")
      On April 24, 2019 the company acquired Chemi, a Ontario -based laboratory specializing in quality analysis services for the pharmaceutical and cannabis industry. The acquisition will expand the company's analytical services for derivatives. [19459169] Strategic Development Appointment of Nelson Peltz
      On March 13, 2019 appointed the company Nelson Peltz as strategic Advisor to work with Aurora to explore global expansion and partnership opportunities. The management believes the company is well positioned to pursue partnerships across a number of industry verticals and collaborates with Mr. Peltz and his team to assess opportunities.
    • Aurora Polaris
      On February 12, 2019 the Company announced the construction of Aurora Polaris, an international logistics center of 300,000 square meters and facilities for industrial production of derived cannabis products. The construction is on schedule and the company expects completion towards the end of the calendar year. Pending new regulations, the company is in the process of installing temporary production lines in licensed space across the production infrastructure of Canada to ensure that a complete product range will be available for sale in significant quantities when permitted.

    International Expansion

    • German Cannabis Production Tender
      On April 5, 2019 the company was chosen by the German federal institute for drugs and medical equipment as one of three winners in a public tender for growing and distributing medical cannabis in Germany . Aurora scored highest over 11 out of 13 tender parties and was awarded the maximum number given to any LP of five. Aurora has begun work on the construction of a facility in Germany and expected product to reach the German market in October 2020 . Management expects that becoming a local producer will strengthen brand awareness and market development in a large and important market. Export of Medical Cannabis to United Kingdom
      On February 11, 2019
      the company completed its first commercial export of cannabis oil to Britain . Under the new UK framework program, specialist doctors can legally issue prescriptions for cannabis-based drugs when they agree that patients may benefit from this treatment.
    • Extension to Portugal
      On February 26, 2019 created the company Aurora Portugal Lda . through an agreement to acquire a 51% stake in Gaia Pharm Lda . The construction of an EU-GMP-compatible production cannabis plant is now underway in Portugal .
    • Export of cannabis oil to Germany
      On March 11, 2019 the company began selling cannabis oils to German pharmacies. Aurora's full spectrum extract is differentiated in a market that is mainly served by synthetic cannabinoids. With this, the management believes that the company has a significant competitive advantage in establishing early leadership, brand awareness and sales growth in this higher margin segment.

    Financing activities

    • Offer of convertible notes
      On January 24, 2019 the company concluded a convertible note for gross proceeds of US $ 345 million for to burn Canadian and international expansion initiatives for future acquisitions and for general business purposes, including working capital needs to continue the company's accelerated growth.
    • Submission of final base shelf prospectus and prospectus grants for market placement
      On May 10, 2019 the company filed a final, short-form shelf prospectus "Shelf Prospectus") with the securities commissions in each of the provinces Canada ] except Quebec and a corresponding shelf registration declaration with the United States Securities and Exchange Commission on Form F- 10. These registrations allow the company to qualify the distribution under a prospectus in Canada and USA up to US $ 750,000,000 of common stock, subscription rights, subscription receipts, debt securities, or a combination of such securities (all the foregoing, collectively, "Shelf Securities") during the 25-month period period that the final card form base prospectus remains effective. The specific terms for future offers under the Shelf Prospectus will be established in a prospectus grant. Any prospectus subsidy will be filed with the relevant securities authorities in connection with such offer.

    On May 14, 2019 the company filed a prospectus grant ("Prospectus grant") to the shelf prospectus In connection with the prospectus license, Aurora entered into a sales agreement dated May 14, 2019 with Cowen and Company, " Cowen "and BMO Capital Markets (" BMO ") who will act as merchant agents (" Sellers ") for the sale of common shares in Aurora (" Common Shares "using on-the-market distributions on the New York Stock Exchange in USA . Subject to the terms of the sales agreement and applicable regulatory requirements, joint stock in total amount of up to [$ $ 400,000,000 may be issued and sold from time to time after Aurora's discretion over a period of up to 25 months. The common shares will be distributed at market prices that apply to the sale of such common shares, and prices may therefore vary between buyers and during the distribution period. The net result of such sales may be used for general business purposes, including: (i) working capital; (ii) potential future acquisitions; (iii) debt payments; and (iv) investment expenses. The volume and timing of the sale of any joint stock is after Aurora's discretion.

    Aurora expects to use the net proceeds from the prospect to support its expansion initiatives, global partnership strategy and to continue the company's accelerated growth.

    The Shelf Prospectus and Prospectus Grant are filed at SEDAR and the US version of the Shelf Prospectus and Prospectus Grant is filed on the SEC's website (www.sec.gov).

    This news release does not constitute an offer to sell or request an offer to purchase, nor shall there be any sale of these securities in any jurisdiction where such offer, solicitation or sale would be unlawful before registration or qualification under the Securities Act by such jurisdiction .

    Financial supplement Q3 2019

    ($ thousand)

    Three months ended

    31. March
    2019

    31. December,
    2018

    Medical cannabis net income



    Canada dried cannabis

    16,576

    15,411

    EU dried cannabis

    4,004

    2,853

    Cannabis extracts (1)

    8.495

    7,731

    Total net income for medical cannabis

    29,075

    25,994




    Consumption of cannabis net income



    Dried cannabis

    27,461

    ] 18 796

    Cannabis extracts (1)

    2.116

    2,787

    Total consumption of cannabis net income

    29,577

    21,583

    Total net income for cannabis

    58,652

    47,577

    ($ thousand)

    Three Months Ended

    Nine Months Ended

    31. March 2019

    31. March 2018

    31. March 2019

    31. March, 2018

    Net Income

    65,145

    16,100

    148,997

    36,049

    Construction and Construction Services

    (2,979)

    (2,403) 19659035] (2,979)

    Patient Counseling Services

    (809)

    (609)

    (3,608)

    2,416)

    Analytical Testing Services

    (1,238)

    (2,659)

    Accessories and other cannabis segment revenues

    (962)

    (81) [19659035] (2,131)

    (10770)

    (2,674)






    Cannabis Net Revenue

    ] 58,652

    10,810

    130,826

    27,873

    Alternatives Grant

    The company gave a total of 383,000 options to purchase shares in Aurora for board members and officers. The options vest annually over 36 months and have a weighted average exercise price of $ 9.35 per joint share.

    Conference Call

    Aurora will host a conference call tomorrow, May 15, 2019, to discuss these results. Terry Booth, CEO, Chief Financial Officer Glen Ibbott, Chief Financial Officer Cam Battley and Michael Singer CEO, will host the call from 10.30 am Eastern time. A question and answer session follows the management's presentation.

    Date:

    Wednesday May 15 th 2019

    Time:

    10:30 am East Time | 08:30 Mountain Time

    Webcast:

    https://bit.ly/2GRpDP3

    Replay:

    (416) 849-0833 or (855) 859-2056


    to 12: 00 midnight East time Wednesday May 22, 2019

    Reference number:

    1103129



    (1)

    Non-IFRS measures are defined in the company's MD & A.

    About Aurora

    Head office in Edmonton, Alberta, Canada with a funded capacity of over 625,000 kg per year and sales and operations in 24 countries on five continents, Aurora is one of the world's largest and leading cannabis companies. Aurora is vertically integrated and horizontally diversified across all major segments of the value chain, from plant engineering and design to cannabis breeding and genetic research, cannabis and hemp production, derivatives, high value-added product development, home culture, wholesale and retail.

    Aurora is very different from its colleagues, and has established a unique advanced, consistent and efficient production strategy based on purpose-built facilities that integrate leading-edge technologies across all processes, defined by extensive automation and customization, resulting in massive scale production. high quality at low cost. The purpose of being replicable and scalable globally is our manufacturing facility designed to produce significant scale cannabis, high quality, industry leading yields and low per gram production costs. Each of Auror's facilities is built to meet EU GMP standards. The EU's GMP certification is given to Aurora's first production facility in Mountain View County, the MedReleaf Markham plant, and the wholly-owned European medical cannabis distributor Aurora Deutschland.

    In addition to the company's rapid organic growth and strong executions on strategic M&A, which to date comprise 16 wholly-owned subsidiaries – MedReleaf, CanvasRX, Peloton Pharmaceutical, Aurora Deutschland, H2 Biopharma, Urban Cultivator, BC Northern Lights, Larssen Greenhouses, CanniMed Therapeutics, Anandia, HotHouse Consulting, WITH Colombia, Agropro, Borela, ICC Labs, Whistler and Chemi Pharmaceutical – Aurora is characterized by its reputation as partner and employer of choice in the global cannabis sector, having invested in and established strategic partnerships with a number of leading innovators, including: Radient Technologies Inc. (TSXV: RTI), Hempco Food and Fiber Inc. (TSXV: HEMP), Cann Group Ltd. (ASX: CAN), Micron Waste Technologies Inc. MWM), Choom Holdings Inc. (CSE: CHOO), Capcium Inc. (Private), Evio Beauty Group (Private), Wagner Dimas (Private), CTT Pharmaceuticals (OTCC: CTTH ), Alcanna Inc. (TSX: CLIQ) High Tide Inc. (CSE: HITI) and EnWave Corporate (TSXV: ENW).

    Aurora's Common Shares trades on TSX and NYSE under the "ACB" symbol, and is part of the S&P / TSX Composite Index.

    For more information about Aurora, please visit Our Investor website, investor.auroramj.com

    Terry Booth CEO
    Aurora Cannabis Inc.

    Forward-looking statements and non-IFRS industrial measures [19659020] This press release refers to certain non-IFRS measures, including certain industry standards. These calculations and measures are not recognized measures under IFRS, do not have any assumptions prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are given as information free of charge to the IFRS measures by providing a further understanding of the operating results from the management's perspective. Therefore, these measures should not be considered in isolation or instead of reviewing our financial information reported under IFRS. This press release uses non-IFRS measures, including "EBITDA", "production rate", "sales available for sale" and "SG & A". Production available for sale and production rate are common business operations in the industry, but can be calculated differently from other companies in the industry. These non-IFRS measures, including industry initiatives, are used to provide investors with additional measures of operating results that are otherwise not apparent when relying solely on IFRS calculations. Definitions of non-IFRS measures can be found in our accounts, MD & A and this press release.

    This news release also contains statements containing certain "forward-looking information" in the meaning of the current securities law ("forward-looking statements"). Forward-looking statements are often characterized by words such as "plan", "continue", "expect", "project", "intention", "faith", "expect", "estimate", "may", "will", "potential" , "proposed" and other similar words or statements that certain events or terms "may" or "will" occur and include, but are not limited to, the performance of final agreements and termination of the transaction. These statements are merely predictions. Various assumptions were used to draw conclusions or make projections in future statements throughout this press release. Forward-looking statements are based on management estimates and estimates at the time the statements are made and are subject to a variety of risks and uncertainties and other factors that may cause actual events or results to differ materially from those expected in the future – clear statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to provide funding on acceptable terms, continued quality of our products, customer experience and retention, development of third party government and non-public sales channels for adult use, estimation of consumer demand for Canada and in jurisdictions where the company exports, expectations of future results and expenses, availability of additional capital to complete construction projects and plant improvements, the risk of successful integration of acquired business and operations, the ability to expand and maintain distribution opportunities, the impact of competition and the possibility of changes in industry laws, regulations and regulations. The Company is not obligated, and disclaims any intention or obligation to update or revise any forward-looking statements, either as a result of new information, future events or otherwise, except as expressly required by applicable law.

    SOURCE Aurora Cannabis Inc.

    Relaterte lenker

    https://auroramj.com/


Source link