Aurora Cannabis Announces Financial Results for the Third Quarter of Fiscal 2019

CNW Group - finance.yahoo.com Posted 6 years ago
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. The net proceeds of such sales, if any, will be used for general corporate purposes, including: (i) working capital; (ii) potential future acquisitions; (iii) debt repayments; and (iv) capital expenditures. The volume and timing of sales, if any, of Common Shares is at the discretion of Aurora.' data-reactid="104">On May 14, 2019 , the Company filed a prospectus supplement (the "Prospectus Supplement") to the Shelf Prospectus.In connection with the Prospectus Supplement, Aurora entered into a Sales Agreement dated May 14, 2019 with Cowen and Company, LLC ("Cowen") and BMO Capital Markets ("BMO") who will act as the selling agents (the "Selling Agents") for the sale of common shares of Aurora (the "Common Shares") by way of "at-the-market distributions" on the New York Stock Exchange in the United States . Subject to the terms of the Sales Agreement and applicable regulatory requirements, Common Shares in the aggregate amount of up  to US$400,000,000 may be issued and sold from time to time at the discretion of Aurora over a period of up to 25 months. The Common Shares will be distributed at market prices prevailing at the time of the sale of such Common Shares and, as a result, prices may vary as between purchasers and during the period of distribution. The net proceeds of such sales, if any, will be used for general corporate purposes, including: (i) working capital; (ii) potential future acquisitions; (iii) debt repayments; and (iv) capital expenditures. The volume and timing of sales, if any, of Common Shares is at the discretion of Aurora.

Aurora expects to use the net proceeds from the prospectus will support its expansion initiatives, global partnership strategy, and to continue the Company's accelerated growth.

The Shelf Prospectus and Prospectus Supplement have been filed on SEDAR and the U.S. version of the Shelf Prospectus and the Prospectus Supplement have been filed on the SEC's website (www.sec.gov).

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Financial Supplement Q3 2019

($ thousands)

Three months ended

March 31, 
2019

December 31,
2018

Medical cannabis net revenue



Canada dried cannabis

16,576

15,411

EU dried cannabis

4,004

2,853

Cannabis extracts (1)

8,495

7,731

Total medical cannabis net revenue

29,075

25,994




Consumer cannabis net revenue



Dried cannabis

27,461

18,796

Cannabis extracts (1)

2,116

2,787

Total consumer cannabis net revenue

29,577

21,583




Total cannabis net revenue

58,652

47,577

 

($ thousands)

Three months ended

Nine months ended

March 31, 2019

March 31, 2018

March 31, 2019

March 31, 2018

Net revenue

65,145

16,100

148,997

36,049

Design, engineering and construction services

(914)

(2,979)

(2,403)

(2,979)

Patient counseling services

(809)

(609)

(3,608)

(2,416)

Analytical testing services

(1,238)

—

(2,659)

—

Accessories and other cannabis segment revenue

(962)

(81)

(2,131)

(107)

Horizontally integrated business revenue

(2,570)

(1,621)

(7,370)

(2,674)






Cannabis net revenue

58,652

10,810

130,826

27,873

 

Options Grant

The Company granted a total of 383,000 options to purchase common shares of Aurora to Directors and Officers of the Company. The options vest annually over 36 months and have a weighted average exercise price of $9.35  per common share.

Conference Call

Aurora will host a conference call tomorrow, May 15, 2019, to discuss these results. Terry Booth, Chief Executive Officer, Glen Ibbott, Chief Financial Officer, Cam Battley , Chief Corporate Officer, and Michael Singer , Executive Chairman, will host the call starting at 10:30 a.m. Eastern time. A question and answer session will follow management's presentation.

Date:

Wednesday, May 15th, 2019

Time:

10:30 a.m. Eastern Time | 8:30 a.m. Mountain Time

Webcast:

https://bit.ly/2GRpDP3

Replay:

(416) 849-0833 or (855) 859-2056


until 12:00 midnight Eastern Time Wednesday, May 22, 2019

Reference Number:

1103129



(1)

Non-IFRS measures are defined in the company's MD&A.                                                                                           

 

About Aurora 

Headquartered in Edmonton, Alberta, Canada with funded capacity in excess of 625,000 kg per annum and sales and operations in 24 countries across five continents, Aurora is one of the world's largest and leading cannabis companies. Aurora is vertically integrated and horizontally diversified across every key segment of the value chain, from facility engineering and design to cannabis breeding and genetics research, cannabis and hemp production, derivatives, high value-add product development, home cultivation, wholesale and retail distribution.

Highly differentiated from its peers, Aurora has established a uniquely advanced, consistent and efficient production strategy, based on purpose-built facilities that integrate leading-edge technologies across all processes, defined by extensive automation and customization, resulting in the massive scale production of high-quality product at low cost. Intended to be replicable and scalable globally, our production facilities are designed to produce cannabis of significant scale, with high quality, industry-leading yields, and low per gram production costs. Each of Aurora's facilities is built to meet EU GMP standards. EU GMP certification has been granted to Aurora's first production facility in Mountain View County, the MedReleaf Markham facility, and its wholly owned European medical cannabis distributor Aurora Deutschland.

In addition to the Company's rapid organic growth and strong execution on strategic M&A, which to date includes 16 wholly owned subsidiary companies – MedReleaf, CanvasRX, Peloton Pharmaceutical, Aurora Deutschland, H2 Biopharma, Urban Cultivator, BC Northern Lights, Larssen Greenhouses, CanniMed Therapeutics, Anandia, HotHouse Consulting, MED Colombia, Agropro, Borela, ICC Labs, Whistler, and Chemi Pharmaceutical – Aurora is distinguished by its reputation as a partner and employer of choice in the global cannabis sector, having invested in and established strategic partnerships with a range of leading innovators, including: Radient Technologies Inc. (RTI.V), Hempco Food and Fiber Inc. (HEMP.V), Cann Group Ltd. (CAN.AX), Micron Waste Technologies Inc. (CSE:MWM), Choom Holdings Inc. (CSE:CHOO), Capcium Inc. (private), Evio Beauty Group (private), Wagner Dimas (private), CTT Pharmaceuticals (CTTH), Alcanna Inc. (CLIQ.TO), High Tide Inc. (CSE:HITI) and EnWave Corporate (ENW.V).

Aurora's Common Shares trade on the TSX and NYSE under the symbol "ACB", and are a constituent of the S&P/TSX Composite Index.

For more information about Aurora, please visit our investor website, investor.auroramj.com 

Terry Booth , CEO
Aurora Cannabis Inc. 

Forward Looking Statements and Non-IFRS Industry Measures

This news release makes reference to certain non-IFRS measures, including certain industry metrics. These metrics and measures are not recognized measures under IFRS do not have meanings prescribed under IFRS and are as a result unlikely to be comparable to similar measures presented by other companies. These measures are provided as information complimentary to those IFRS measures by providing a further understanding of our operating results from the perspective of management. As such, these measures should not be considered in isolation or in lieu of review of our financial information reported under IFRS. This news release uses non-IFRS measures including "EBITDA",  "production rate", "production available for sale" and "SG&A".  Production available for sale and production rate are commonly used operating measures in the industry but may be calculated differently compared to other companies in the industry. These non-IFRS measures, including the industry measures, are used to provide investors with supplementary measures of our operating performance that may not otherwise be apparent when relying solely on IFRS metrics. Definitions of the non-IFRS measures can be found in our financial statements, MD&A and this news release.

This news also release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur and include, but are not limited to the execution of definitive agreements and the closing of the transaction. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government adult-use  sales channels, managements estimation of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete construction projects and facilities improvements, the risk of successful integration of acquired business and operations, the ability to expand and maintain distribution capabilities, the impact of competition, and the possibility for changes in laws, rules, and regulations in the industry. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. 

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