Aurora Cannabis Inc. (NASDAQ:ACB) Q3 2024 Earnings Conference Call February 8, 2024 8:00 AM ET
Company Participants
Ananth Krishnan - VP, Corporate Development & Strategy
Miguel Martin - CEO
Glen Ibbott - CFO
Conference Call Participants
Frederico Gomes - ATB Capital Markets
Matt Bottomley - Canaccord
Tamy Chen - BMO Capital Markets
Douglas Miehm - RBC Capital Markets
Pablo Zuanic - Zuanic Associates
Operator
Greetings, and welcome to the Aurora Cannabis Third Quarter 2024 Results Conference Call. All participants will be in a listen-only mode and the question-and-answer session will follow the formal presentation. This conference call is being recorded today, Thursday, February 8, 2024.
I would now like to turn the conference over to your host Ananth Krishnan, Vice President, Corporate Development and Strategy. Please go ahead.
Ananth Krishnan
Thank you, operator. Hello, everyone, and thank you for joining us today. On the line with me are Miguel Martin, CEO; and Glen Ibbott, CFO. This morning, Aurora issued a news release announcing our fiscal 2024 third quarter financial results, and a separate news release announcing the acquisition of MedReleaf Australia. These separate news releases and our fiscal Q3 2024 financial statements and MD&A are available on our IR website and can also be accessed by SEDAR+ and EDGAR. In addition, you will find a supplemental information deck on our IR website.
Listeners are reminded that certain matters on today's conference call could constitute forward-looking statements that are subject to risks and uncertainties related to our future financial or business performance. Actual results could differ materially from those anticipated in these forward-looking statements. The risk factors that may affect actual results are detailed in our annual information form and other periodic filings and registration statements. These documents may similarly be accessed via SEDAR+ and EDGAR. Following prepared remarks by Miguel and Glen, we will conduct a question-and-answer session with our covering analysts.
With that, I will turn the call over now to Miguel. Please go ahead.
Miguel Martin
Thank you, Ananth. Our quarterly performance demonstrated not only the strength of Aurora's business model, built primarily upon global leadership and high margin medical cannabis, but also our financial discipline. Our highlights include: first, strong revenue of over $64 million, up several percentage points inclusive of 41% growth in our international medical cannabis segment.
Second, industry leading adjusted gross margin of 50%, also up from the year ago period. Third, a record adjusted EBITDA, representing our fifth consecutive quarter of positive adjusted EBITDA. Fourth, recall that we have also one of the strongest balance sheets of any Canadian LP and our global cannabis business will be debt free later this month. All of these items move us closer towards our goal of generating positive free cash flow in calendar 2024.