Aurora Cannabis Inc. sales and losses both grew faster than expected in its fiscal third quarter, according to an earnings report released late Tuesday that sent shares about 3% higher in after-hours trading.
Aurora ACB, +4.49% ACB, +4.52% reported fiscal third-quarter losses of C$160.1 million, or 16 cents a share, versus losses of C$20 million, or 4 cents a share, in the year-ago period. Aurora grew gross revenue to C$75.2 million, up from $16.1 million in the year-ago period. After excluding excise taxes paid to the Canadian federal government, Aurora reported net revenue of C$65.2 million.
Analysts polled by FactSet on average expected fiscal third-quarter adjusted losses of 5 cents a share on gross revenue of C$67.6 million. For the fiscal fourth quarter, analysts on average model adjusted losses of 3 cents a share and revenue of C$119.4 million.
Aurora said it sold C$29.1 million of medical cannabis and C$29.6 million of recreational pot in the fiscal third quarter. Compared with the previous quarter, which was the first to include nearly three full months of legal recreational pot sales, Aurora grew recreational revenue 37%.
Aurora executives are expected to host a conference call to discuss the third-quarter earnings report on Wednesday morning, at 10:30 a.m. Eastern time.
Aurora stock has gained 37% in the past year, as the S&P 500 index rose 3.8%. The Horizons Marijuana Life Science ETF HMMJ, +3.24% has gained 14% in the past year, as the ETFMG Alternative Harvest ETF MJ, +2.37% rose 8.7%.