Tilray Inc. (NASDAQ: TLRY) released second-quarter financial results after markets closed Tuesday. The company said that it had a net loss of $0.36 per share and $45.9 million in revenue, compared with consensus estimates that called for a net loss of $0.25 per share and $41.11 million in revenue. The same period from last year had a net loss of $0.17 per share and $9.74 million in revenue.
Overall revenues increased 371% year over year, driven by the Manitoba Harvest acquisition, the legalization of the Canadian adult-use market, and growth in international medical markets, particularly in Europe.
Total kilogram equivalents sold more than tripled to 5,588 kilograms from 1,514 kilograms in the prior-year period.
At the same time, the average net selling price per gram decreased to $4.61 compared to $6.38 in the prior-year period. The average net selling price excluding excise taxes was $3.92 per gram for the second quarter of 2019. The decrease was due to a reduced mix of higher-priced extract products and a greater mix of adult-use revenue, which are at lower prices per gram compared to other channels.
The company did not offer any guidance in the report. However, consensus estimates are calling for a net loss of $0.24 per share and $50.81 million in revenue for the coming quarter.
Brendan Kennedy, Tilray president and CEO, commented:
We are pleased with our second quarter results and strong business momentum. Our team has executed against our plan, with adult-use revenue nearly doubling in the second quarter compared to the first quarter and gross margin increasing sequentially for the second quarter in a row. As we continue to grow, we remain focused on our long-term strategic objectives and deploying capital to maximize stockholder value.
Shares of Tilray closed at $46.02, with a 52-week range of $24.00 to $300.00. The consensus analyst price target is $79.30. Following the announcement, the stock was down over 4% at $43.85 in the after-hours session.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
