Tilray Inc. (NASDAQ: TLRY) released third-quarter financial results after the closing bell on Tuesday. The company said that it had a net loss of $0.50 per share and $51.1 million in revenue, compared with consensus estimates that called for a net loss of $0.29 per share and $49.41 million in revenue. The same period from last year had a net loss of $0.20 per share and $10.05 million in revenue.
Overall, revenues increased 408.6% year over year, driven by the Canadian adult-use market, the Manitoba Harvest acquisition, and growth in international medical markets as a result of the first GMP certification of the Portugal facility.
Total kilogram equivalents sold increased over six-fold to 10,848 kilograms from 1,613 kilograms in the prior-year period.
The average net selling price per gram decreased to $3.25 compared to $6.21 in the prior-year period. The average net selling price excluding excise taxes for adult-use was $2.98 per gram for the third quarter of 2019. The decrease was due to a shift in product and channel mix.
Brendan Kennedy, Tilray’s president and CEO, commented:
Our performance in the third quarter, including solid revenue growth and sequential gross margin expansion, reflects the positive business trends we have underway. We are in the early days of seeing our strategic initiatives bear fruit – including our European expansion, brand portfolio evolution and strategic partnership product launches. We continue to expect significant growth in the fourth quarter and into 2020.
Shares of Tilray closed Tuesday at $21.57, with a 52-week range of $20.20 to $120.40. The consensus analyst price target is $37.00. Following the announcement, the stock was initially up 2% at $22.00 in the after-hours session.