Canopy Growth Reports Full Year and 4th Quarter Fiscal 2020 Financial Results; Provides Strategic Review Update
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Go back to Canopy Growth Reports Full Year and 4th Quarter Fiscal 2020 Financial Results; Provides Strategic Review Update
June 1, 2020 6:29 AM EDT
BMO Capital analyst Tamy Chen downgraded Canopy Growth (WEED:CN) (NYSE: CGC) from Outperform to Market Perform with a price target of Cdn$24.00 (from Cdn$40.00).
The analyst comments "We were surprised by the slower-than-expected operational reset and tone towards right-sizing the business.... More
May 29, 2020 7:05 AM EDT
Canopy Growth (NYSE: CGC) reported Q4 EPS of (Cdn$3.72), versus (Cdn$1.10) reported last year. Revenue for the quarter came in at Cdn$115.07 million, versus Cdn$106.49 million reported last year.
Fourth Quarter Fiscal 2020 Corporate Financial Highlights
Revenues: Net revenue in Q4 2020 decreased 13% versus Q3 2020 driven primarily by lower Canadian recreational revenue. Gross margin: : Reported gross margin, including one-time restructuring and other charges, was (85%). Adjusted gross margin, excluding one-time restructuring and other charges and inventory step-up costs, was 42% in Q4 2020, representing an increase of 1,100 bps from Q3 2020. Adjusted gross margin performance in Q4 2020...
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