Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) is experiencing its “strongest fiscal year to date,” according to its chief executive officer. The company reported results on Thursday for its second quarter ended Sept. 30.
The Canadian cannabis operator changed its fiscal year dates, so year-over-year results for fiscal year 2024 are compared to the first quarter of fiscal year 2022, which ended Sept. 30, 2022.
Total net revenue for the quarter was C$63.4 million, topping the average analyst revenue estimate of C$62.74 million. That represents an increase of 30.5% over the prior-year period, which came in at C$48.6 million.
The increase is mainly due to growth in Aurora’s global medical cannabis business and quarterly revenue in its plant propagation business.
“We are experiencing the benefits of diversification across our cannabis and non-cannabis platforms characterized by stability in Canada, record revenue in Europe and Australia, and early success with our most recent acquisition, Bevo Farms,” CEO Miguel Martin said.
Medical cannabis sales grew 42% from the previous year to C$43.8 million, accounting for 69% of the company’s net revenue in the quarter. Revenue from the consumer cannabis segment, however, fell 12.4% to C$12 million.
The plant propagation business, which is wholly derived from the Bevo operations, contributed C$7.2 million in net revenue for the quarter.
Consolidated adjusted gross margin before fair value adjustments was 51%, flat with the same period a year ago, while adjusted gross profit before fair value adjustments was C$32.1 million, up 32% year-over-year.
Net income from continuing operations for the three months ended Sept. 30 was C$300,000, a significant improvement over the previous year’s net loss of C$45.5 million.