Aurora Cannabis Inc (NYSE: ACB) narrowly missed its own fourth-quarter net revenue estimate Wednesday, posting a figure of CA$98.9 million ($74.9 million) after previously guiding to a range of CA$100-$107 million.
The stock was trading down 5.24% to $6.15 in the after-hours session.
The cannabis company reported an adjusted EBITDA loss of CA$11.7 million, down from a loss of CA$36.5 million in the third quarter.
The cash cost of production per gram fell 20% sequentially to CA$1.14 per gram, Aurora said.
Net cannabis revenue rose 61% sequentially to CA$94.6 million. The company had guided to a range of CA$90-$95 million.
The gross margin on cannabis was 58% in the quarter, a 3% sequential increase.
Aurora said it produced 29,034 kgs of cannabis in the fourth quarter.
The company's medical patient base grew by 10% quarter-over-quarter to 84,729 and stands at about 89,700 active registered patients as of Thursday, according to Aurora.
Full fiscal year revenue totaled CA$247.9 million, a 349% year-over-year increase.
Aurora produced 57,442 kgs of cannabis in fiscal 2019 and sold 36,629 kgs.
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Looking ahead, Aurora said the introduction of new product formats in the Canadian market this fall represents a significant opportunity.
"Aurora expects to have a robust product line-up ready to launch in December. Given the very early stage of development of the consumer market in Canada and international medical markets, management anticipates that quarter-to-quarter sales volumes and revenues may be volatile."
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