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July 13, 2021, 6:15 a.m. EDT

Organigram tops revenue estimates in fiscal Q3 as loss narrows

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By Ciara Linnane

Canadian cannabis company Organigram Holdings Inc. /zigman2/quotes/209289540/composite OGI -2.80% posted a narrower loss for its fiscal third quarter than in the same period a year ago as revenue topped estimates. The company posted a loss of C$4 million ($3.20 million) for the quarter to May 31, after a loss of C$89.9 million in the same period a year ago. It did not offer any per-share numbers. Revenue net of excise taxes came to C$20.2 million, up from C$18.0 million a year ago. The FactSet consensus was for revenue of C$17.2 million. Chief Executive Paolo De Luca said the company was better staffed in the quarter to fulfill demand for its products, after shortages during the pandemic. Adult-use recreational cannabis revenue rose 40% from the prior quarter and was up 10% from a year ago. The company is now expecting sequentially higher revenue and improved adjusted gross margins in the fourth quarter, as COVID-19 restrictions lift and the number of retail stores grows. Shares were up 6% premarket, and have gained 99% in the year to date, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX -2.10% has gained 30% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.04% has gained 16.7%.

US : U.S.: Nasdaq
$ 2.43
-0.07 -2.80%
Volume: 987,838
Sept. 24, 2021 11:04a
P/E Ratio
Dividend Yield
Market Cap
$751.39 million
Rev. per Employee
US : U.S.: NYSE Arca
$ 13.26
-0.28 -2.10%
Volume: 5,674
Sept. 24, 2021 11:05a
-1.73 -0.04%
Volume: 532.07M
Sept. 24, 2021 11:05a

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