www.fool.com/news/2019/09/15/...-cannabis-sales-soar-349.aspx
For the fourth quarter, Aurora's net cannabis revenue rose 61% sequentially to CA$94.6 million. The company's Canadian consumer cannabis revenue climbed 52% to CA$44.9 million, while its medical cannabis revenue increased 10% to CA$29.7 million. Its wholesale bulk cannabis revenue, meanwhile, grew by nearly 10 times from the third quarter to CA$20.1 million. "We continue to see strong growth in cannabis revenues in both medical and consumer categories," CFO Glen Ibbott said.
Importantly, Aurora's profit margins are improving as it scales its cannabis production. The marijuana company's production costs declined 20% sequentially to CA$1.14 per gram in the fourth quarter. That helped Aurora's gross margin on its cannabis net revenue improve by 3 percentage points, to 58%.
Still, Aurora is not yet profitable. The cannabis company's earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at a loss of CA$11.7 million. That is, however, a significant improvement from a loss of CA$36.6 million in the third quarter.
Looking forward
Aurora is gearing up for the impending legalization of cannabis derivative products -- such as edibles and beverages -- in Canada. The company said it plans to have a "robust product line-up" set to launch by December.
"With the Canadian launch of derivative products in the coming months, we have made the necessary investments to ensure readiness and focus on a variety of value-added products," Ibbott said. "We are very excited to supply an expanded consumer market with premium cannabis and new product forms."
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