Q2 2025 Canopy Growth Corp Earnings Call Transcript
Key Points
- Storz & Bickel device business achieved a 32% year-over-year net revenue growth, driven by strong demand in Germany and the U.S.
- The Canadian medical cannabis business saw a 16% increase in revenue year-over-year, supported by an expanded product selection and more insured patients.
- International medical cannabis revenue grew by 72% year-over-year, with significant growth in Germany and Poland.
- Canopy USA is well-positioned for growth in the U.S. cannabis and hemp-derived markets, independent of federal legalization.
- The company has made progress in reducing corporate G&A costs, achieving a $10 million reduction year-to-date.
- Consolidated net revenue decreased by 9% compared to the previous year, impacted by divested businesses.
- The Canadian adult-use cannabis business experienced a 24% decline in revenue year-over-year, partly due to supply interruptions.
- Free cash flow was an outflow of $56 million, although it showed a 16% improvement compared to the previous year.
- The adjusted EBITDA loss was $6 million, despite a 54% improvement from the previous year.
- The company faces increased price competition in the Australian medical cannabis market, impacting sales.
Good morning. My name is Nicole, and I will be your conference operator today. I would like to welcome you to Canopy Group's Second Quarter Fiscal 2025 Financial Results Conference Call.
(Operator Instructions)
I will now turn the call over to Tyler Burns, Director of Investor Relations. Tyler, you may begin the conference call.
Good morning, and thank you for joining us. On our call today, we have Canopy Growth's Chief Executive Officer, David Klein; and Chief Financial Officer, Judy Hong. Before markets open today, Canopy Growth issued a news release announcing the financial results for our second quarter fiscal year 2025 ended September 30, 2024. This news release and financial statements have been filed on EDGAR and SEDAR and will be available on our website under the Investors tab.
Before we begin, I would like to remind you that our discussion during this call will include forward-looking statements that are based on management's current views and assumptions and
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