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Tuesday, August 13, 2019

Tilray (TLRY) reported earnings on Tue 13 Aug 2019 (a/h)

** charts before earnings **


** charts after earnings **

Tilray misses by $0.05, beats on revs 
Reports Q2 (Jun) loss of $0.32 per share, excluding non-recurring items, $0.05 worse than the S&P Capital IQ Consensus of ($0.27); revenues rose 373.2% year/year to $45.9 mln vs the $40.25 mln S&P Capital IQ Consensus.
  • Revenue Breakdown
    • Adult-use $125.0 mln (No comps prior)
    • Direct to Patient $9.07 mln, -2% yr/yr
    • Food Products $19.9 mln (No comps prior)
    • International- medical $1.8 mln, +371% yr/yr
  • Total kilogram equivalents sold more than tripled to 5,588 kilograms from 1,514 kilograms in the prior year period.
  • Average net selling price per gram decreased to $4.61 (C$6.12) compared to $6.38 (C$8.36) in the prior year period. The average net selling price excluding excise taxes was $3.92 (C$5.20) 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.
  • Gross margin increased sequentially to 27% from 23% in the prior quarter. Gross margin in the second quarter of 2018 was 43%. Gross margin continues to be impacted by increased costs incurred with the ramping up of cultivation facilities in Canada and Portugal and acquiring third party supply. Food product margins were also impacted by a $1.4 million non-cash charge related to purchase accounting for the fair value of inventory. Excluding this purchase accounting charge, gross margin was 30% for the quarter.

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