When Tilray Inc. (NASDAQ: TLRY) released its most recent quarterly results after the markets closed on Monday, the cannabis firm said that it had a net loss of $0.33 per share on $15.5 million in revenue. That compared with consensus estimates that called for a net loss of $0.12 per share and $14.45 million in revenue.
During the quarter, sales increased 203.8% year over year, driven by bulk sales, inaugural sales in the Canadian adult-use market and accelerated wholesale distribution in export markets.
Total kilogram equivalents sold increased almost three-fold to 2,053 kg from 694 kg in the prior year period. Also, the average net selling price per gram increased to $7.52 from $7.13 last year.
Highlights from this past quarter include an expanded strategic alliance with Sandoz, a subsidiary of Novartis, to increase access to medical cannabis products to patients in need across the world. Tilray also announced a long-term revenue-sharing agreement with Authentic Brands Group to leverage its portfolio of brands and develop, market and distribute consumer cannabis products. This global partnership will focus on cannabidiol (CBD) products in the United States and THC (tetrahydrocannabinol) and CBD products in Canada and elsewhere as regulations permit.
Brendan Kennedy, president and CEO of Tilray, commented:
2018 was a very successful year for Tilray with many corporate milestones. Our team made significant progress on our long-term initiatives including increasing production capacity, expanding and strengthening strategic partnerships, and acquiring complementary businesses to accelerate our future growth and leadership position in medical and adult-use cannabis. Looking ahead, we remain committed to pursuing global growth opportunities and will be disciplined in deploying capital, particularly in the United States and Europe, where we believe we have multiple paths for value creation.
Shares of Tilray closed Monday at $72.24, in a 52-week range of $20.10 to $300.00. The consensus price target is $117.20. Following the announcement, the stock was up about 3% to $74.49 in early trading indications Tuesday.