Tilray Inc. (NASDAQ: TLRY) released second-quarter financial results after markets closed Tuesday. The company said that it had a net loss of $0.36 per share and $45.9 million in revenue, compared with consensus estimates that called for a net loss of $0.25 per share and $41.11 million in revenue. The same period from last year had a net loss of $0.17 per share and $9.74 million in revenue.
Overall revenues increased 371% year over year, driven by the Manitoba Harvest acquisition, the legalization of the Canadian adult-use market, and growth in international medical markets, particularly in Europe.
Total kilogram equivalents sold more than tripled to 5,588 kilograms from 1,514 kilograms in the prior-year period.
At the same time, the average net selling price per gram decreased to $4.61 compared to $6.38 in the prior-year period. The average net selling price excluding excise taxes was $3.92 per gram for the second quarter of 2019. The decrease was due to a reduced mix of higher-priced extract products and a greater mix of adult-use revenue, which are at lower prices per gram compared to other channels.
The company did not offer any guidance in the report. However, consensus estimates are calling for a net loss of $0.24 per share and $50.81 million in revenue for the coming quarter.
Brendan Kennedy, Tilray president and CEO, commented:
We are pleased with our second quarter results and strong business momentum. Our team has executed against our plan, with adult-use revenue nearly doubling in the second quarter compared to the first quarter and gross margin increasing sequentially for the second quarter in a row. As we continue to grow, we remain focused on our long-term strategic objectives and deploying capital to maximize stockholder value.
Shares of Tilray closed at $46.02, with a 52-week range of $24.00 to $300.00. The consensus analyst price target is $79.30. Following the announcement, the stock was down over 4% at $43.85 in the after-hours session.