Tilray Inc. (NASDAQ: TLRY) is slated to report third quarter 2019 earnings results on Tuesday, November 12, after the market closes. Analysts expect the company to report a loss of $0.30 per share on revenue of $49.5 million. This compares to a loss of $0.20 per share on revenue of $10.05 million reported a year earlier.
The company’s topline results are likely to benefit from the Manitoba Harvest acquisition, the legalization of the Canadian adult-use market and growth in Europe as the momentum from last quarter is likely to continue into the third quarter.
During the quarter, Tilray announced the acquisition of cannabis retail operator 420 Investments Ltd. This deal is expected to help Tilray expand into other Canadian provincial markets. The transaction is expected to close by the end of the first quarter of 2020.
Last month, the company imported medical cannabis into the US from Canada in support of a new clinical trial that will test the efficacy of medical cannabis in treating breast cancer. Updates on these topics are worth watching.
Also read: Tilray Q2 2019 Earnings Conference Call Transcript
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The company’s bottom line results are likely to be pressured by higher costs associated with production and supply.
In the second quarter of 2019, Tilray beat revenue estimates with a 371% year-over-year increase in the topline to $45.9 million. Net loss widened to $0.32 per share.
Tilray’s shares have fallen 68% year-to-date and 81% over the past 12 months.