By Adriano Marchese
Canopy Growth narrowed its loss in the fiscal third quarter, but missed analyst expectations while revenue declined slightly.
The Smiths Falls, Ontario-based cannabis company posted a narrowed net loss of 121.9 million Canadian dollars ($85.2 million), or C$1.11 a share, for the three months ended Dec. 31, compared with a loss of C$216.8 million, or C$2.62 a share, in the comparable quarter a year ago.
Analyst were expecting a loss of C$0.52 a share.
Adjusted loss before interest, taxes, depreciation and amortization was C$3 million, an improvement of 61% over the prior-year period driven primarily by its cost-savings program.
Revenue in the period fell 5% to C$74.8 million, while analysts expected a greater decline to C$69.1 million
The company noted a further decline in Canadian adult-use cannabis revenue, which fell 10% to C$21.2 million, while its medical cannabis business in Canada saw a 16% increase to C$19.6 million.
International markets cannabis rose 14% to C$12 million.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 07, 2025 07:31 ET (12:31 GMT)
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