Q2 2018 Financial Highlights
Continued Strong Patient and Revenue Growth
As at the date of this release, the Company has over 23,000 active registered patients, up 5.9% from Q2 2018.
Recorded $11.7 million in revenues, up 201% from Q2 2017 and up 41.8% sequentially from Q1 2018. Revenues were generated as follows:
- Dried cannabis sold in Canada: $5.8 million, up 23.9% sequentially from Q1 2018;
- Dried cannabis sold in Germany: $2.5 million, up 101.1% sequentially;
- Service and other revenues: $2.0 million, up 109.7% sequentially, and
Management commentary
"Exceptional, high-paced execution has delivered another quarter with strong growth, as well as further expansion, vertical integration and diversification," said Terry Booth, CEO. "With three production licenses, over 240,000 kg per annum in pro-forma funded capacity, multiple distribution channels, and the pending acquisition of CanniMed, we are well positioned to pursue accelerated growth in the domestic and international medical markets. Finally, our partnership with Liquor Stores N.A. shortens our time to market in creating a large bricks-and-mortar cannabis retail network in preparation for the adult consumer use market."
Q2 2018 and Subsequent Operational Highlights
Aurora continues to build a vertically integrated, and geographically and horizontally diversified cannabis company. During and subsequent to the quarter, the Company entered into a number of strategic transactions and partnerships to drive accelerated growth.
Accelerating Growth - CanniMed Transaction
On January 24, 2018, Aurora and CanniMed Therapeutics announced that the companies had agreed on a revised offer, supported by the CanniMed Board, the Special Committee to the CanniMed Board and key management and locked-up shareholders. The Company had submitted its initial offer to the CanniMed Board on November 14, 2017, and filed a notice of variation on February 5, 2018. Aurora anticipates the acquisition to be materially completed, subject to regulatory approval, in March 2018.
The combination with CanniMed would add in excess of an additional 20,000 patients and 19,000 kg per annum in funded capacity, as well as new drug delivery technologies and high-margin cannabis products. The combination furthermore would benefit from an expanded international network, an exclusive supply arrangement with national pharmacy chain PharmaChoice, as well as a strong domestic and international medical cannabis brands, and the addition of a team of over 200 people, including additional depth in scientific research.
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