Aurora Cannabis Sees Q4 Growth In Medical Cannabis While Consumer Segment Declines Materially
Aurora Cannabis (TSX: ACB) saw revenue of $67.4 million in its fiscal fourth quarter on a net basis. The topline figure grew by 5% on a year over year basis, which the company largely attributes to strong growth in its global medical cannabis business, which saw growth of 20%.
The firms fiscal year 2023 notably consisted of only three quarters as a result of modifying the fiscal year. The results are for the period ended March 31, 2024.
Revenue during the quarter was largely attributable to the medical segment, which posted 20% growth year over year, ending the quarter at $45.6 million. Consumer cannabis meanwhile declined by 29%, falling to $10.2 million. Plant propagation fell by a less dramatic 3%, to produce revenues of $10.4 million during the quarter.
A total of 15,179 kilograms of cannabis were sold during the period, an 8% decline year over year, while the average net price of cannabis, excluding bulk sales, improved 13% to $5.37 per gram.
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Selling, general and administrative expenses for the quarter amounted to $31.6 million on an adjusted basis, which excludes $8.0 million in restructuring and non-recurring costs. Net loss for the period overall amounted to $20.8 million, whiled Adjusted EBITDA came in at $1.9 million.
In terms of the firms balance sheet, a final $7.2 million payment was made on a convertible senior note, resulting in the company now being debt free. Aurora’s cash position meanwhile sits at $180 million.
In terms of outlook, the company is calling for mid-to-high teens growth in net revenue on a percentage basis in the first quarter of fiscal 2025, while positive adjusted EBITDA should also be higher, along with operating cash flow.
Aurora Cannabis last traded at $7.73 on the TSX.
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