Cannapany on October 27, 2021 No Comments
The cannabis company will make its next financial announcement in a little more than a week
The Canadian company inspired to define the future of cannabinoids worldwide, Aurora Cannabis, recently announced that a teleconference has been set up to discuss its first-quarter fiscal 2022 results. According to the announcement, the event will take place on Tuesday, November 9, starting at 5:00 PM ET. Through this call, the company plans to report its financial results for the first quarter after the market closes on the same day.
Glen Ibbott, CFO, and Miguel Martin, CEO, will host the conference call and answer questions during the Q&A period. All those who wish to submit their questions at once can do so through the web link on Aurora’s official website.
While waiting for this information, the company also informed about the results that were obtained in the fourth quarter of the fiscal year 2021. According to the report, net revenues saw a positive increase of 9% compared to the previous year; strong adjusted gross margin before FVA of 68%.
When it comes to the balance sheet, it still remains strong, with $440.9 million in cash as of June 30, 2021. Other improved items were the adjusted EBITDA loss, which leaving restructuring costs aside, reduced to $13.9 million, an improvement of $17.6 million compared to the prior year. Finally, the report showed that total cannabis net income, net of provisions, was $54.8 million, a jump from $55.2 million in the year-ago quarter.
“We are very pleased with our strategic and financial progress in growing our high-margin medical revenue, rationalizing expenses, strengthening our balance sheet, and reducing our cash burn during fiscal year 2021,” stated Martin, CEO of Aurora Cannabis. “Given ongoing challenges in the Canadian adult recreational market, our broad diversification across domestic medical, international medical, and adult recreational segments provides (sic) us with underlying strength, stability, and growth opportunities in an evolving industry for global cannabinoids.”
Congratulation!