Revenue during the quarter dropped 4.55 percent to $122.16 million from $127.98 million in the previous year period. Gross margin for the quarter contracted 22 basis points over the previous year period to 42.70 percent. Operating margin for the quarter stood at negative 52.88 percent as compared to a positive 5.96 percent for the previous year period.

Operating loss for the quarter was $64.60 million, compared with an operating income of $7.63 million in the previous year period.

However, the adjusted operating income for the quarter stood at $12.71 million compared to $14.90 million in the prior year period. At the same time, adjusted operating margin contracted 124 basis points in the quarter to 10.40 percent from 11.64 percent in the last year period.

Fred Parks, president and chief executive officer, commented, "Third-quarter results were in-line with expectations, nonetheless we are confident our performance will eventually benefit from the restructuring actions announced last quarter. As anticipated, revenues declined year over year due to lower revenue in our Ultrasound and Medical Imaging businesses. Our efforts in Ultrasound to optimize the product portfolio and reduce operating expenses are on track to be completed by fiscal year-end. We are driving solid performance in Security as we capitalize on continued demand for high-speed systems."

For financial year 2017, the company forecasts adjusted operating income to grow in the range of 8.50 percent to 9.50 percent. The company expects diluted earnings per share to be in the range of $2.40 to $2.70 on adjusted basis.