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Analysts estimate $171.51 million in sales for Aurora Cannabis this year

Analysts at Zacks Investment Report Aurora Cannabis will bring in $39.11 million in sales this quarter.

The research company Zacks included estimates from four analysts looking at the financial outlook of the international cannabis company Aurora Cannabis Inc. The highest prediction for the current quarter is $41.25 million and the lowest is $38.05 million. Compared to the same quarter last year, Aurora‘s sales are expected to be down by 12.4 per cent according to Zacks.

Over the full financial year, analysts anticipate that Aurora will post sales of $171.51 million, increasing to $178.28 million in the following year. However, the lowest estimate would see sales drop from $169.33 to $158.82 million.

The sales estimates were based on a survey of research firms covering the financial outlook of Aurora.

Previously rated as ‘sell’, Zacks has since boosted the ranking of Aurora’s shares to ‘hold’. Meanwhile, the global financial services firm Cantor Fitzgerald lowered its price target from CA$7.60 to CA$3.90 two weeks ago (13 May), while CIBC cut its price target from CA$6.50 to CA$3.75 the following week. Over the past year, Aurora stocks reached a low of $2.20 and a high of $10.64.

The report comes two weeks after the company reported a net loss of more than CA$1 billion, up by more than $160 million in the same quarter last year. It said the loss was primarily a result of increased pricing pressures and the continued impact of Covid-19. As a result, the company announced that it would be closing its Aurora Sky facility in Edmonton, Canada where it employs 13 per cent of its workforce. Last week, Aurora said that it will also be selling its CA$250 million Sun Facility in Alberta for CA$47 million in an effort to slash cost.

Despite setbacks in its home country, Aurora is making headway in the European medical cannabis space as it received EU-GMP certification for its production facility in Germany last week.

“With the EU-GMP certification of our first German site, we once again demonstrate Aurora’s excellence and leadership in establishing the necessary infrastructure to compete in the global cannabis market,” said Miguel Martin, CEO of Aurora Cannabis. “As a leading provider of medical cannabis in Germany and several other European markets, we are eager to accelerate patient access to high-quality, reliable cannabis produced in accordance with the most stringent criteria.”

Aurora reported that its international medical revenue hit $14.6 million in the previous quarter, up 55 per cent year over year but down 26 per cent sequentially. The company is currently selling medical cannabis products in seven EU countries: Germany, Malta, Poland, Czech Republic, UK, Denmark and France.

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