Revenue during the quarter surged 111.84 percent to $38.20 million from $18.04 million in the previous year period. Gross margin for the quarter contracted 2462 basis points over the previous year period to 55.75 percent. Total expenses were 96.60 percent of quarterly revenues, up from 65.25 percent for the same period last year. That has resulted in a contraction of 3136 basis points in operating margin to 3.40 percent.

Operating income for the quarter was $1.30 million, compared with $6.27 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $17.93 million compared with $9.52 million in the prior year period. At the same time, adjusted EBITDA margin contracted 584 basis points in the quarter to 46.94 percent from 52.78 percent in the last year period.

Arthur S. Przybyl, president and chief executive officer, stated, "ANI had a record year in 2016. Our annual revenues increased 69% to $128.6 million and our annual adjusted non-GAAP EBITDA increased 41% to $61.1 million. In the fourth quarter, revenue increased 112% to $38.2 million and adjusted non-GAAP EBITDA increased 88% to $17.9 million. We continue to regard revenue and adjusted non-GAAP EBITDA as important valuation metrics for ANI. In fact, our reported revenues, adjusted non-GAAP EBITDA, and operating cash flows all established new records for ANI in 2016. ANI generated $27.5 million in operating cash flows and we invested $4.6 million in capital expenditures in 2016."

For financial year 2017, ANI Pharmaceuticals, Inc. projects revenue to be in the range of $181 million to $190 million. It forecasts diluted earnings per share to be in the range of $3.58 to $3.94 on adjusted basis for the same period.