Tilray Inc (NASDAQ:TLRY) Q3 2019 Earnings Conference Call - Final Transcript
Nov 12, 2019 • 05:00 pm ET
Good day ladies and gentlemen and thank you for standing by. Welcome to the Tilray Third Quarter 2019 Earnings Conference Call. [Operator Instructions]
Now I would like to hand the conference over to your speaker today Ms. Rachel Perkins.
Good afternoon, and thank you for joining us on Tilray's, Third Quarter 2019, Earnings Conference Call. On today's call are Brendan Kennedy, President and Chief Executive Officer; and Mark Castaneda, Chief Financial Officer. Before we begin please remember that during the course of this call management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could differ materially from actual events and those described in these forward-looking statements. Please refer to Tilray's reports filed from time to time with the Securities and Exchange Commission and Canadian securities regulators and its press release issued today for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. Finally please note on today's call management will refer to adjusted EBITDA and adjusted net loss which are non-GAAP financial measures. While the company believes adjusted EBITDA and adjusted net loss provide useful information for investors the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Please refer to today's press release for a reconciliation of adjusted EBITDA to net loss the most comparable measure prepared in accordance with GAAP.
Now I would like to turn the call over to Brendan.
Thank you, Rachel. Good afternoon everyone and thanks for joining us. Today I will provide an update on the progress we continue to make on our strategy to be a leading cannabinoid based global consumer packaged good company with a portfolio of best-in-class brands supported by the multinational supply chain. In just a few moments Mark will review our third quarter 2019 financial results in some detail and discuss our long-term financial targets. But first I would like to provide some highlights. In the third quarter, our revenue increased 409% year-over-year to USD 51.1 million. And total kilogram equivalent sold nearly doubled sequentially to 10848 kilograms. With receipt of our first GMP certification for our Portugal facility revenue from international medical sales grew more than fivefold compared to the prior-year period. This is in line with the expectations we shared earlier this year that growth for our global businesses would accelerate in the second half of 2019 and into 2020.
While the cannabis industry is still in its early stages of development the global paradigm shift regarding the legalization and use of cannabis as medicine and mainstream consumer products continues to play out as anticipated. To capitalize on this opportunity we are prudently investing to build the global infrastructure required to drive long-term growth and shareholder value creation. Today our products are available in 20 countries