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Earnings Update: Aurora, Canopy Growth, Canopy Rivers And Zynerba Each Post Results – Benzinga

https://www.benzinga.com/markets/cannabis/20/11/18273563/earnings-update-aurora-canopy-growth-canopy-rivers-and-zynerba-each-post-results

Aurora Posts Q1 EBITDA Loss, Expects Positive EBITDA In Q2

Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB) consolidated net revenue of CA$67.8 million ($52.3 million) for the first quarter of fiscal 2021, being up by around CA$300,000 from the fourth quarter of fiscal 2020.
For the same period, the cannabis giant also disclosed an adjusted EBITDA loss of CA$57.9 million, counting reorganization expenses like contract and employee termination which counted for CA$47.4 million. Without these costs, Aurora would have reported an adjusted EBITDA loss of CA$10.5 million.

The company reminded that it has previously disclosed a goal to reach positive adjusted EBITDA in the second quarter of fiscal 2021.

On Nov. 6, Aurora’s cash balance stood at around CA$250 million.

“We continue to take the necessary steps to execute our plan and transform our business to achieve sustainable profitability, and ultimately positive cash flow,” Aurora CEO Miguel Martin said. “Our Q1 2021 results are transitional but do highlight successes across a number of diverse profit pools. We remain the leader by revenue in the high-margin Canadian medical market, our international medical business experienced more than 40% net revenue growth this quarter, and our CBD brand Reliva is #1 ranked by Nielsen in the U.S. CBD sector.”

Furthermore, Aurora reported notable progress made in cash used in operations.

Canopy Growth Hits Record Quarterly Net Revenue

Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) hits record quarterly net revenue of CA$135 million for the second quarter of fiscal 2021, which compares to net revenue of CA$76.6 million in the same period of fiscal 2020.

The revenue growth was achieved mostly thanks to the company’s growth in Canadian recreational revenue, good sales of Storz & Bickel vaporizers, and from BioSteel’s input.

In addition, the Smiths Falls, Ontario-based cannabis company revealed a net loss of CA$97 million for the second quarter of fiscal 2021, versus a net income of CA$242.65 million in the corresponding period of the prior year.

Canopy Growth further noted an adjusted EBITDA loss of CA$86 million, which depicts the progress of 43% from the same quarter of fiscal 2020.

“We saw another quarter of improvement in our operating expense ratio while our marketing and R&D investments are being re-directed to drive sales,” CFO Mike Lee stated. “Importantly, our end-to-end review has identified cost savings opportunities in the range of $150-$200 million across cost of goods sold, general and administrative expenses, and inventory, and efforts are underway to quickly capture value.  Leveraging ongoing improvements across our business, we are accelerating our path to profitability, notably in our largest market, Canada.”

Canopy Rivers Sinks With PharmHouse

Canopy Rivers Inc. (TSX:RIV) (OTC:CNPOF) says consolidated financial results for the second quarter of fiscal 2021 revealing a net operating loss of CA$7.4 million, compared to a loss of CA$4 million in the corresponding period of fiscal 2020.

For the quarter, cannabis-oriented venture capital company also disclosed a net loss of CA$110.38 million, or 58 cents per share, versus a net loss of CA$4.41 million, or two cents per share in the second quarter of the prior year.

Canopy Rivers cited aggregated charges recognized on the company’s investment in PharmHouse, which amounted to a whopping CA$112.3 million.

“Our quarter was framed with a sharp focus on PharmHouse,” said Narbe Alexandrian, President and CEO, Canopy Rivers. “We provided debtor-in-possession financing to enable PharmHouse to remain operational as it commenced its CCAA process and our team has been working towards securing the best possible outcome for our shareholders.”

The company says supporting PharmHouse remains a “priority.”

This quarter, Canopy Rivers participated in Headset’s bridge round, partnered with High Beauty, and showed promising gains in BioLumic’s most recent cannabis field trials, Alexandrian explained.

Zynerba Discloses Net Loss, Reviews Study Of Zygel In Autism Spectrum Disorder

Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNEposted financial results for the quarter ended Sept. 30.

The pharmaceutical company revealed a quarterly net loss of $9 million with basic and diluted net loss per share of 31 cents.

Zynerba, which focuses on the development of transdermal cannabinoid therapies for rare and near-rare neuropsychiatric ailments, also reported cash and cash equivalents of $64.3 million for the third quarter of 2020, versus $70.1 million at end of 2019. This cash should be enough to support operations and capital needs thought the fourth quarter of 2021.

In addition, Zynerba shared results from its Zygel in Autism Spectrum Disorder study, and said that patients in this study who have taken Zygel showed notable improvements.

“We made good clinical, operational and regulatory progress during the third quarter of 2020 including presenting new data from the pivotal CONNECT-FX and Phase 2 BRIGHT trials, and completing our discussions with the FDA to clarify our clinical path forward to late stage clinical trials in patients with certain developmental and epileptic encephalopathies,” said Zynerba CEO Armando Anido. “The fourth quarter of this year is another important period for Zynerba. In particular, we look forward to announcing the results of our fourth quarter meeting with the FDA to discuss our pivotal CONNECT-FX results in patients with a fully methylated FMR1 gene and to understand the regulatory path forward.”

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