When cannabis company Tilray Inc. (NASDAQ: TLRY) reported its most recent quarterly results after the markets closed on Tuesday, it said that it had a net loss of $0.27 per share on $23.0 million in revenue. Consensus estimates had called for a net loss of $0.27 per share and $20.16 million in revenue for the first quarter.
During the quarter, revenue increased 195% year over year, driven by the legalization of Canadian adult-use in 2018, the addition of hemp food sales from the Manitoba Harvest acquisition during the quarter, and strong growth in international medical markets.
Total kilogram equivalents sold increased over twofold to 3,012 kilograms from 1,299 kilograms in the prior year period. Average net selling price per gram decreased to $5.60 from $5.94 in the prior-year period. The average net selling price excluding excise taxes was $5.28 (C$7.02) per gram for the first quarter of 2019.
The company did not issue any guidance in the report. The consensus estimates call for a net loss of $0.24 per share and $40.89 million in revenue for the second quarter.
Brendan Kennedy, Tilray’s president and CEO, commented:
We are pleased with our first quarter results and the ongoing, substantial progress our team has made to position Tilray as a global leader in the cannabis industry. We have made significant progress integrating our recent acquisitions of Manitoba Harvest and Natura Naturals, accelerating our entry into the United States hemp and CBD markets, and increasing our production and manufacturing capacity in North America and Europe. As we expand our operations around the world, we remain focused on making disciplined investments to maximize the multiple paths to value creation we are aggressively pursuing for our visionary investors.
Shares of Tilray traded down more than 2% at $47.44 Wednesday morning, in a 52-week range of $20.10 to $300.00. The consensus price target is $106.00.