On August 28, Tilray (TLRY) announced its second-quarter earnings after the market closed. The stock increased almost 16.5% in the aftermarket hours session and reached an all-time high of $60 per share. The market appeared to be pleased with the company’s second-quarter performance and stronger guidance for the second half of fiscal 2018.
Tilray’s sales grew 95% YoY (year-over-year) to $9.7 million during the second quarter, while its sales grew 75% YoY to $17.5 million in the first half of 2018. Interestingly, the impressive sales growth came from medical patients.
The company stated that the sales growth was due to increased demand in Canada, international markets, and other licensed producers (HMMJ). However, the company didn’t provide the breakup by segment for revenue growth in its earnings press release.
While the Canadian recreational market heats up, cannabis producers are also aggressively focusing on international medical markets to capture market share. Tilray stated that its products are available to patients in 11 countries across five continents.
Next, we’ll discuss Tilray’s key financial metrics in the second quarter.