Aurora Cannabis (OTCQX:ACBFF) shares slid 4% after the announcement of third-quarter results. The cannabis company stock has been declining steadily since the start of this year, only due to lofty share price valuations. ACBFF stock plunged from the 52-week high of $12 at the beginning of this year to $6 at present.
Aurora Cannabis, however, is turning bigger quarter over quarter and its financials are also expanding at a robust pace. The company generated year over year revenue growth of 211% in third quarter of fiscal 2018. Its sales of$ 45 million in Q3 increased 37% on sequential basis.
Its active registered patients rose 86.5% to 24,449 in Q3 2018 from 13,110 in March 31, 2017. Its total cannabis sales were standing around $10.8 million, up 149.4% from the same period last year.
The company believes that their business expansion strategies are allowing posting substantial revenue growth.
"More than tripling our revenues year-over-year demonstrates that Aurora continues to execute consistently on its growth strategy, with exceptional performance across all functions, both in Canada and internationally," said Terry Booth, CEO.
Aurora Cannabis has achieved several milestones in the latest quarter:
- It completed the strategic acquisition, including CanniMed Therapeutics, The Green Organic Dutchman, and Liquor Stores NA.
- The company expects to complete its Aurora Sky facility in the fourth quarter of this year.
- It effectively completed first three harvests at Aurora Vie.
- Aurora launched capacity expansion with Aurora Sun and Aurora Nordic, which will raise its total capacity to 430,000 kg per year.
Aurora Cannabis expects to sustain its revenue growth in the following quarter, supported by its investments and acquisitions. The latest CanniMed Therapeutics, the largest acquisition in the cannabis industry, set its footholds to generate additional growth from medical cannabis market. Its cash position has also been strengthening to support its investment in growth opportunities. Its cash on hand increased to $231 million at the end of the latest quarter from $160 million in the year-ago period.
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