Aurora Cannabis Inc. ACB ACBa Canadian global company in the cannabis industry serving both the medical and consumer markets; recently reported its financial and operating results for the fourth quarter and fiscal year ended June 30, 2022.
Fourth Quarter 2022 Highlights:
Medicinal cannabis:
- Net sales of medicinal cannabis were $36.6 millionan increase of 4% over the prior-year period, delivering 72.8% of Aurora’s consolidated net revenue1 in the fourth quarter of 2022 and 86.3% of adjusted gross profit before fair value adjustments1.
- That Sales increase of 35.4% driven by growth in the international medical business compared to the prior-year quarter, primarily due to the Company’s increasing presence in key emerging international medical cannabis markets.
- Adjusted gross margin before FV adjustments on net medical cannabis revenue1 was 62% compared to 68% in the prior-year period and 64% sequentially.
Consumer Cannabis:
- Consumer Cannabis1 net revenue was $12.6 million, compared to the previous quarter’s net income of $10.3 million. The 22.2% increase was primarily due to the addition of $1.4 million in net income1 from Thrive from consumption cannabis for the period May 6, 2022 to June 30, 2022.
- Adjusted gross margin before FV adjustments on net revenue from consumer cannabis was 26% for the three months ended June 30, 2022, compared to 29% in the previous quarter and 31% in the comparable period last year.
Sales, General and Administration (“SG&A”):
- SG&A, including research and development (“R&D”), was $49.3 million in Q4 2022 This includes $6.8 million in restructuring charges, $2.3 million in accumulated regulatory fees from prior periods and $1.1 million in one-time project and litigation costs.
Consolidated:
- For the fourth quarter of 2022, total cannabis net revenue1 was $50.2 millioncompared to the prior quarter’s total cannabis net revenue1 of $50.4 million.
- Adjusted gross margin before FV adjustments on cannabis net sales1 was 52% in Q4 2022 vs. 57% in the previous…
