Aurora Cannabis Announces Fiscal 2024 Second Quarter Results and Delivers Record Positive Adjusted EBITDA

Consolidated Revenue and Adjusted Gross Profit:
Total net revenue¹ was $63.4 million, as compared to $48.6 million in the prior year period. The increase from the prior period is mainly due to growth in our global medical cannabis business and quarterly revenue in our plant propagation business.

Excluding the impact of the non-core bulk wholesale, adjusted gross margin before fair value adjustments1 on cannabis net revenue1 for Q2 2024 remained strong and steady, and well above the industry average at 55%.

Consolidated adjusted gross margin before fair value adjustments1 was 51% in Q2 2024 (Q1 2023: 51%).  Adjusted gross profit before FV adjustments1 was $32.1 million in Q2 2024 (Q1 2023: $24.3 million), an increase of 32%.

Medical Cannabis:
Medical cannabis net revenue¹ was $43.8 million, a 42% increase from the prior year quarter, delivering 69% of Aurora's Q2 2024 consolidated net revenue[1] and 85% of Adjusted gross profit before fair value adjustments¹.

The increase in net revenue1 of $12.8 million was primarily due to growth in our European business, which benefitted from the introduction of new proprietary high potency cultivars, and higher volumes sold to Australia, a key export market for the Company.

Adjusted gross margin before fair value adjustments¹ on medical cannabis net revenue remained strong at 63% for the three months ended September 30, 2023, as compared to 68% in the prior year period and within the Company's target range of 60% and above. The continuing positive impact of Aurora's new higher-yielding, higher-potency cultivars, in addition to the decision to close our Nordic facility and supply the European markets from our EU GMP facilities in Canada, are expected to further improve margins for our medical business through the remainder of this fiscal year.

Consumer Cannabis:
Aurora's consumer cannabis net revenue¹ was $12.0 million, compared to $13.7 million in the prior year quarter. The change is partially due to the exit from the US CBD business, as well as a refocus on supporting premium categories and the timing of new innovation launches.

Adjusted gross margin before fair value adjustments¹ on consumer cannabis net revenue¹ was 27%, increasing by 2% compared to the prior year quarter. The sequential increase is largely due to higher efficiency in production operations and product sales with higher margins relative to the comparative prior periods.    

Plant Propagation:
Plant propagation net revenue¹ was wholly comprised from the Bevo business, contributing $7.2 million of net revenue¹. The seasonality of the current Bevo business delivers 65-75% of its annual revenues in the first half of a calendar year as orders are fulfilled.

Adjusted gross margin before fair value adjustments¹ on plant propagation revenue was 22% for the Q2 2024 period.

Selling, General and Administrative ("SG&A"):
Adjusted SG&A¹ was $27.7 million in Q2 2024, which excludes $7.6 million of restructuring, non-recurring, and out-of-period costs. Adjusted SG&A¹continue to be well controlled and in line with the Company's current target of $30 million.

Adjusted R&D¹, was $0.9 million in Q2 2024, which is relatively consistent as compared to the prior year quarter.

Net Income / Loss:
Net income from continuing operations for the three months ended September 30, 2023 was $0.3 million compared to a net loss of $45.5 million for the same period in the prior year. The decrease in net loss of $45.7 million from the comparative prior year quarter was primarily attributable to an increase in gross profit of  $33.5 million, an increase in other income of $19.1 million, and a decrease in G&A expense of $6.1 million.

Adjusted EBITDA:
Adjusted EBITDA¹ was $3.4 million for the three months ended September 30, 2023, as compared to a loss of $6.2 million in the prior year quarter. The significant improvement in Adjusted EBITDA is primarily attributable to higher adjusted gross profits before fair value adjustments of $7.7 million, and reduction in adjusted SG&A and R&D expenses of $2.1 million.

Fiscal Q3 2024 Expectations:

In Q3 fiscal 2024

• The Company expects cannabis net revenue¹ to be largely similar to fiscal Q2 2024, with the geographical mix slightly weighted further towards the international medical segment.
• For plant propagation, we expect to see seasonally reduced revenues and gross profit in fiscal Q3 2024 that will be consistent with fiscal Q2 2024 and in line with historical performance.

Aurora's achievement of significant and sustainable operating cost and SG&A reductions has now resulted in four consecutive quarters with positive Adjusted EBITDA. This has paved the path towards positive free cashflow in calendar year 2024.

During the three months ended September 30, 2023, the Company settled approximately $41.2 million (US$30.5 million) aggregate principal amount of convertible senior notes, with the issuance of 53,901,522 Common Shares.

Subsequent to September 30, 2023, the Company repurchased approximately $23.1 million (US$17.0 million) aggregate principal amount of convertible senior notes, for aggregate consideration, including accrued interest, of approximately $23.2 million (US$17.1 million). The remaining convertible debenture balance as of the date hereof is approximately $7.3 million (US$5.3 million) and is expected to be settled at or prior to maturity.

Key Quarterly Financial and Operating Results

($ thousands, except Operational Results)	Three months ended
	September 30, 2023	September 30, 2022(6)	$ Change	% Change	June 30, 2023(6)	$ Change	% Change
Financial Results
Total net revenue (1)(2a)	$63,418	$48,648	$14,770	30 %	$75,033	($11,615)	(15 %)
Medical cannabis net revenue (1)(2a)	$43,816	$30,950	$12,866	42 %	$41,615	$2,201	5 %
Consumer cannabis net revenue (1)(2a)	$11,959	$13,713	($1,754)	(13 %)	$13,143	($1,184)	(9 %)
Plant propagation net revenue (1)(2a)	$7,154	$3,297	$3,857	100 %	$19,904	($12,750)	(64 %)
Adjusted gross margin before FV adjustments on total net revenue (2b)	51 %	51 %	N/A	0 %	44 %	N/A	7 %
Adjusted gross margin before FV adjustments on core cannabis net revenue (2b)	55 %	55 %	N/A	0 %	53 %	N/A	2 %
Adjusted gross margin before FV adjustments on medical cannabis net revenue (2b)	63 %	68 %	N/A	(5 %)	61 %	N/A	2 %
Adjusted gross margin before FV adjustments on consumer cannabis net revenue (2b)	27 %	25 %	N/A Werbung Mehr Nachrichten zur Aurora Cannabis Inc Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 27.04.24 - Mining Investor Weltmarktführer PGM : Sibanye: Die lukrativste Investition in Edelmetalle? 27.04.24 - PR Newswire ROSEN, TOP RANKED INVESTOR COUNSEL, Encourages HireRight Holdings Corporation Investors to Secure Counsel in Securities Class Action - HRT 27.04.24 - wallstreet:online ... Abkühlung für die Überflieger: Arm, Super Micro & Co. Erst Korrektur, dann Aufholjagd? Biotech-Einhorn!    FDA Zulassung für das CBD-Wunder?! weiterlesen» Anzeige wo-site-teaser-box-16773_site-teaser-box_2024-04-27_09%253A00%253A00_2024-04-28_09%253A00%253A59