Aurora Cannabis Inc. (NASDAQ: AC) (TSX: ACB), a Canadian leader in the cannabis industry serving both the medical and consumer markets, announced its financial and operational results for the fiscal first quarter that ended September 30, 2022.
As a reminder, Fiscal 2023 will be comprised of three quarters, with the new fiscal year end being March 31, 2023.
First Quarter 2023 Highlights
Medical Cannabis: Medical Cannabis net revenue was $31.6 million, a 14% decrease from the prior quarter and a 23% decrease from the prior year period, delivering 64% of Aurora's Q1 2023 consolidated net revenue and 86% of Adjusted gross profit before fair value (FV) adjustments, according to the press release.
Adjusted gross margin before FV adjustments on medical cannabis net revenue was 67% compared to 62% sequentially and 64% in the prior year period.
Consumer Cannabis: Consumer cannabis net revenue was $13.7 million, a 9% increase from the prior quarter and a 28% decrease from the prior year period.
“Adjusted gross margin before FV adjustments on consumer cannabis net revenue was 25% for the three months ended September 30, 2022, compared to 26% in the prior quarter and 32% in the comparable prior year period. The decrease of 1% from Q4 2022 and 7% from Q1 2022 were due primarily to …