Shares of Canadian cannabis company Tilray (TLRY) - Get Report were mixed in after-hours trading Tuesday after the company reported a 400% jump in third-quarter revenue that topped analyst expectations for the period.
The company reported revenue of $51.1 million, topping analyst estimates of $49.4 million. Tilray also reported a net loss of 36 cents per share in the quarter, but that number wasn't comparable to analyst estimates.
"Our performance in the third quarter, including solid revenue growth and sequential gross margin expansion, reflects the positive business trends we have underway," said Brendan Kennedy, Tilray's President and Chief Executive Officer. "We are in the early days of seeing our strategic initiatives bear fruit -- including our European expansion, brand portfolio evolution and strategic partnership product launches."
That European expansion includes the company's first exported shipment of medical cannabis from its facility in Portugal to Germany. The company also imported cannabinoids into the U.S. from Canada for a new clinical trial testing the efficacy of medical cannabis as a treatment for taxane-induced peripheral neuropathy (TIPN).
Tilray reported a decline in its average net selling price to $3.25 per gram from $6.21 per gram a year ago.
Tilray shares were up as much as 2% after hours, but traded more recently down 7 cents, or 0.3%, at $21.57.