Aurora(US:ACB) Prnewswire·2024-02-08 12:00Core Insights - Aurora Cannabis Inc. reaffirms its commitment to achieving positive free cash flow in the current calendar year and reports its fifth consecutive quarter of positive adjusted EBITDA [1][3] - The company has become the largest global medical cannabis company in nationally legal markets following the acquisition of MedReleaf Australia, which is expected to enhance its revenue and EBITDA [2][3] - Aurora's international medical net revenue grew by 41% year-over-year, indicating strong demand and market expansion [2][5] Financial Performance - Total net revenue for Q3 2024 was $64.4 million, a 5% increase from $61.1 million in the prior year period, driven by growth in the global medical cannabis business [4][12] - Medical cannabis net revenue reached $45.1 million, a 16% increase from the prior year quarter, contributing 70% of total consolidated net revenue [5][12] - Adjusted gross margin before fair value adjustments improved to 50% in Q3 2024, up from 46% in the prior year quarter [4][12] Operational Highlights - The company reported a cash position of over $200 million as of the quarter close, with remaining convertible debt of $7.3 million expected to be fully repaid in February 2024 [1][11] - Adjusted SG&A expenses were $27.5 million in Q3 2024, reflecting effective cost control measures [8][12] - The average net selling price of dried cannabis was $4.77, a slight increase from $4.71 in the prior year [13][12] Future Expectations - For fiscal Q4 2024, the company anticipates steady revenue from Canadian medical and consumer segments, with modest growth expected in Europe and Australia [10][12] - Continued positive adjusted EBITDA is expected in Q4 2024, supported by revenue increases and ongoing cost control [10][12] - The company aims to achieve $40 million in annualized cost efficiencies by the end of the fiscal year [3][12]