David George-Cosh

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Aurora Cannabis Inc. reported mixed fiscal first-quarter results on Monday as cannabis sales beat analyst expectations, while restructuring payments led to an outsized loss. 

Aurora said that it made $67.8 million in revenue in its first quarter, slightly ahead of the $67.5 million it generated in the prior quarter, but down by 4.2 per cent from last year.

The company said its recreational cannabis sales fell by about three per cent in the quarter to $34.3 million, while medical marijuana revenue improved by about four per cent to $33.4 million. 

The Edmonton-based company also reported an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $57.9 million in the quarter, which includes $47.4 million in legal settlement and contract termination costs, much of it tied to ending its contract with the UFC. 

Analysts polled by Bloomberg expected Aurora to report $63.8 million in revenue and an $8.7-million EBITDA loss.  

"We continue to take the necessary steps to execute our plan and transform our business to achieve sustainable profitability and ultimately positive cash flow," Aurora CEO Miguel Martin said in a statement.

"While we are not satisfied with our past performance in the growing Canadian consumer business, we have a sense of urgency in the execution of our tactical plan to grow profitable market share."

Aurora said it decreased its general and administrative costs by nearly $20 million to $46.9 million in the quarter, while spending less on capital expenditures after reducing its global cultivation footprint in the prior quarters.

The company said it remains on track to achieve positive adjusted EBITDA in its next fiscal quarter.