Aphria (NYSE:APHA,TSX:APHA) issued its fiscal Q3 2019 financial results.
As quoted in the press release:
“I am proud of the efforts of our over 1,000 employees worldwide as we continue to position Aphria for future growth and success in the global medical and adult-use cannabis industry,” stated Irwin D. Simon, Aphria’s Chairman and Interim Chief Executive Officer.
Key Operating Highlights
- Net revenue of C$73.6 million up 240 [percent] from prior quarter and 617 [percent] from prior year
- Ended quarter with strong balance sheet and liquidity, including C$107.5 million of cash and C$27.2 million of liquid marketable securities, to fund planned Canadian and International growth
Net revenue for the three months ended February 28, 2019 was C$73.6 million, compared to C$21.7 million in the prior quarter and $10.3 million in the same period last year. Higher revenue in the quarter was driven by C$57.6 million of distribution revenue from CC Pharma and ABP. Net revenue includes over 1,329 kilogram equivalents sold for the Canadian adult-use market and 1,274 kilogram equivalents for medical cannabis sales. The decrease in cannabis revenue and kilograms sold compared to the prior quarter was primarily related to supply shortages as the Company transitioned growing methods during the late fall and early winter, as well as temporary packaging and distribution challenges.
The average retail selling price of medical cannabis (exclusive of wholesale), before excise tax, increased to C$8.03 per gram in the quarter, compared to C$7.51 in the prior quarter, primarily related to higher oil sales. The average selling price of adult-use cannabis, before excise tax, declined to C$5.14 per gram in the quarter, compared to C$6.32 per gram in the prior quarter due to a shift to smaller package sizes to maximize SKU assortment and shelf space for the Company’s brands.