WeedMD Announces Preliminary Second Quarter Revenues Beating Analyst Estimates

WeedMD Inc (TSXV: WMD) provided preliminary guidance for their second quarter financials of 2019 this morning. Additionally, the firm also established the date of August 29, 2019 for its associated conference call, with filings expected to be released after market close the day before.

WeedMD indicated that investors can anticipate revenues of $8 million net of excise taxes on a preliminary basis for the period ended June 30. The figure represents a substantial increase from the first quarter, wherein the firm posted net revenue figures of $3.3 million, and is in line with the previously reported inventory figure of $8.7 million.

It’s currently anticipated that investors will be focused on both revenue and margin growth from the previous period. Both analysts and retail speculators alike had estimated Q2 earnings to be lower than was guided today, with Haywood anticipating $5.7 net revenues in the quarter and over $43 million for the full fiscal year. Consensus estimates for the full fiscal year come in at $42.3 million, with over half of that expected to come from the fourth quarter. With the preliminary beat based on consensus quarterly estimates, analysts will likely turn their eyes towards the margin secured by WeedMD.

Keith Merker, CEO of WeedMD

“WeedMD continues to execute on all fronts, and is pleased to announce another record quarter. With our industry-leading outdoor grow and recent licensing of another 20 cultivation and processing rooms at our Strathroy greenhouse, we are now positioned to be one of the highest producing and most profitable operations in Canada.”

Keith Merker, CEO of WeedMD

WeedMD also announced details for its quarterly conference call, which is to be held on August 29, 2019 at 10:00 AM EST. Both Keith Merker, CEO, and Nikola Thomson, CFO will be available on the call. Conference details as follows;

Date: Thursday August 29, 2019
Time: 10 a.m. Eastern Time
Dial-in Number: Canada/USA: 1-800-319-4610. International Toll: 1-604-638-5340
Participants, please dial in and ask to join the WeedMD call.
Replay Dial-in: Canada/USA: 1-800-319-6413. International Toll: 1-604-638-9010
Replay Access Code: 3544
Replay will be available after 12:00 p.m. Eastern Time, until September 29, 2019.

Full filings for the second quarter are expected to be posted after hours on August 28, 2019.

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