Tilray Inc. (NASDAQ: TLRY) released fourth-quarter financial results after the closing bell on Monday. The company said that it had a net loss of $0.62 per share and $46.94 million in revenue, compared with consensus estimates that called for a net loss of $0.35 per share and $55.38 million in revenue. The same period from last year had a net loss of $0.28 per share and $15.53 million in revenue.

Overall, revenues increased 202.2% year over year, driven by the Canadian adult-use market, the Manitoba Harvest acquisition, and growth in international medical markets.

Total kilogram equivalents sold increased seven-fold to 15,039 kilograms from 2,053 kilograms in the prior-year period.

The average net selling price per gram increased to $8.78 compared to $7.52 in the prior-year period. The average net selling price excluding excise taxes for adult-use was $3.19 per gram for the fourth quarter of 2019. The increase was due to a shift in product and channel mix.

Brendan Kennedy, Tilray’s president and CEO, commented:

Our full year results demonstrate strong sales growth momentum, which we expect to continue in 2020. Like our peers, we have faced industry challenges, but we remain committed to driving long-term value for our shareholders. Tilray has a diversified business model comprised of global medical, Canada adult-use and hemp products which positions us well in the current volatile market environment. We are still in the early days of this emerging growth industry and will continue being good stewards of shareholder capital as we aim to build the world’s most trusted and valued cannabis and hemp company.

Shares of Tilray closed Monday at $15.35, with a 52-week range of $13.20 to $79.99. The consensus analyst price target is $24.00. Following the announcement, the stock was initially down 7.5% at $14.20 in the after-hours session.

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