Aurora Cannabis falls short of revenue target and stock drops

By Steve Gelsi

Revenue rises 5% to C$67.4 million but misses C$69.5 million analyst estimate.

Aurora Cannabis Inc.'s stock fell nearly 6% on Thursday after the Canadian marijuana company fell short of the analyst estimate for its fourth-quarter revenue, although it reported a narrower loss than in the previous year on robust international business.

Aurora Cannabis (ACB) said it lost C$20.8 million ($15.17 million) in its fiscal fourth quarter, compared to a loss of C$76.2 million in the year-ago quarter.

The company did not provide figures for loss per share. Revenue rose by 5% to C$67.4 million, below the FactSet consensus estimate of C$69.5 million.

Medical cannabis net revenue rose 20% to C$45.6 million, due mostly to higher sales to Australia and Europe following the launch of cultivars in those markets.

Aurora's consumer cannabis net revenue fell to C$10.2 million from C$14.5 million as the company prioritized supply to higher-margin international business.

Chief Executive Miguel Martin said 2024 marked the strongest fiscal year ever for Aurora Cannabis with a 21% increase in annual revenue.

The company reported its first annualized adjusted earnings before interest, taxes, depreciation and amortization in 2024 of C$12.8 million.

"We also strengthened our balance sheet...and fully repaid our convertible debt," Martin said.

The company said it ended the year with C$180 million in cash.

Prior to Thursday's moves, Aurora's stock was up 20% in 2024, compared to a 19% rise by the Nasdaq COMP.

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

06-20-24 1034ET

Copyright (c) 2024 Dow Jones & Company, Inc.