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Aurora reports first quarter EBITDA loss and expects positive second quarter EBITDA
Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) Consolidated net income of C $ 67.8 million ($ 52.3 million) for the first quarter of fiscal 2021, an increase of approximately C $ 300,000 over in the fourth quarter of fiscal 2020.
For the same period, the cannabis giant also disclosed an Adjusted EBITDA loss of C $ 57.9 million, including reorganization expenses such as contract termination and employees which accounted for $ 47.4 million. million Canadian dollars. Without these costs, Aurora would have reported an adjusted EBITDA loss of C $ 10.5 million.
The company recalled that it previously disclosed a target to achieve positive Adjusted EBITDA in the second quarter of fiscal 2021.
As of November 6, Aurora’s cash balance stood at approximately C $ 250 million.
“We continue to take the necessary steps to execute our plan and transform our business in order to achieve sustainable profitability and ultimately positive cash flow,” said Miguel Martin, CEO of Aurora. “Our first quarter 2021 results are transitory, but underscore success in a number of diverse earnings pools. We remain the sales leader in the high margin Canadian medical market, our international medical business grew over 40% in net sales this quarter, and our CBD Reliva brand is # 1 ranked by Nielsen in the US CBD industry. “
In addition, Aurora reported significant progress in terms of cash used in operations.
Canopy Growth Achieves Record Quarterly Net Sales
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) Achieves Record Quarterly Net Income of Cdn $ 135 Million For The Second Quarter Of Fiscal 2021, Compared To Net Revenues Of Cdn $ 76.6 Million For The Same Period Of fiscal year 2020.
The revenue growth was primarily driven by growth in the company’s Canadian recreational revenues, strong sales of Storz & Bickel vaporizers and the contribution of BioSteel.
Additionally, the Smiths Falls, Ont., Cannabis company reported a net loss of C $ 97 million for the second quarter of fiscal 2021, compared to a net profit of C $ 242.65 million for the year. corresponding period of the previous financial year.
Canopy Growth also noted a loss in Adjusted EBITDA of C $ 86 million, illustrating the 43% increase over the same quarter of fiscal 2020.
“We have seen another quarter of improvement in our operating expense ratio as our marketing and R&D investments are redirected to drive sales,” said CFO Mike Lee. Importantly, our end-to-end review identified savings opportunities in the order of $ 150-200 million in cost of goods sold, general and administrative expenses, and inventory, and efforts are underway to quickly enter the value. Leveraging continuous improvements across our business, we are accelerating our path to profitability, especially in our largest market, Canada.
Canopy Rivers sinks with PharmHouse
Canopy Rivers Inc. (TSX: RIV) (OTC: CNPOF) reports that the consolidated financial results for the second quarter of fiscal 2021 show a net operating loss of C $ 7.4 million, compared to a loss of C $ 4 million during of the corresponding period of fiscal year 2020.
For the quarter, the cannabis-focused venture capital firm also reported a net loss of C $ 110.38 million, or 58 cents per share, compared to a net loss of C $ 4.41 million, or two. cents per share in the second quarter of the previous year.
Canopy Rivers cited aggregate charges recorded on the company’s investment in PharmHouse, which amounted to C $ 112.3 million.
“Our quarter was framed with a strong focus on PharmHouse,” said Narbe Alexandrian, President and CEO of Canopy Rivers. strive to achieve the best possible result for our shareholders. “
The company says supporting PharmHouse remains a “priority”.
This quarter, Canopy Rivers took part in Headset’s bridge tour, partnered with High Beauty, and showed promising gains in the most recent BioLumic cannabis field trials, Alexandrian explained.
Zynerba reveals net loss, examines study on Zygel in autism spectrum disorder
Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) released its financial results for the quarter ended September 30.
The pharmaceutical company reported a quarterly net loss of $ 9 million with a basic and diluted net loss per share of 31 cents.
Zynerba, who focuses on developing transdermal cannabinoid therapies for rare and near-rare neuropsychiatric conditions, also said cash and cash equivalents of $ 64.3 million for the third quarter of 2020, up from 70, $ 1 million at the end of 2019. This cash is expected to be sufficient for support operations and capital needs were expected in the fourth quarter of 2021.
In addition, Zynerba shared the results of his Zygel Autism Spectrum Disorder study and said that patients in that study who took Zygel showed noticeable improvements.
“We made good clinical, operational and regulatory progress during the third quarter of 2020, including presenting new data from the CONNECT-FX and phase 2 BRIGHT pivotal trials, and completing our discussions with the FDA to clarify our path. clinical trial towards advanced clinical trials in patients with certain developmental encephalopathies and epilepsy, ”said Armando Anido, CEO of Zynerba. “The fourth quarter of this year is another important time for Zynerba. In particular, we look forward to announcing the results of our fourth quarter meeting with the FDA to discuss our crucial CONNECT-FX results in patients with a. FMR1 gene and understand the regulatory path ahead. “
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