Aurora Cannabis is gaining ground after giving guidance that suggests monster sales growth
- Aurora Cannabis on Tuesday provided second-quarter guidance that anticipates quarterly revenues will grow 327% year-over-year.
- The cannabis producer said it is well positioned to achieve sustained positive earnings before some items beginning in its fiscal fourth-quarter in 2019.
- Shares were gaining ground early Tuesday.
- Watch Aurora Cannabis trade live.
Aurora Cannabis was up almost 2%, to $5.35 a share, before Tuesday's opening bell after the company provided second-quarter guidance that suggests monster sales growth.
The cannabis producer said Tuesday it anticipates revenue for the quarter ended in December of between $50 million and $55 million, compared to $11.7 million for the same quarter in the prior year, implying 327% growth.The management also expected selling, general, and administrative expenses to be roughly consistent with the previous quarter. As a result, Aurora Cannabis said it believes it's well positioned to achieve sustained positive EBITDA beginning in Fiscal Q4 2019.
"Revenue growth for the quarter was driven by the Company's strong position in the adult consumer use market in Canada, continued shipments of medical cannabis to Aurora's expanding base of approximately 71,000 patients in
Canada, and relatively stable, supply restricted shipments, to its growing international markets," the company said in a press release.
Aurora Cannabis is set to report its results ahead of the opening bell on February 11.
Shares were down 32% in the past year.