Corcept Therapeutics Incorporated (CORT) has reported 379.35 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $4.60 million, or $0.04 a share in the quarter, compared with $0.96 million, or $0.01 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $6.92 million, or $0.06 a share compared with $3.10 million or $0.03 a share, a year ago.

Revenue during the quarter surged 59.09 percent to $23.81 million from $14.97 million in the previous year period. Gross margin for the quarter expanded 8 basis points over the previous year period to 97.64 percent. Total expenses were 78.97 percent of quarterly revenues, down from 88.97 percent for the same period last year. This has led to an improvement of 1000 basis points in operating margin to 21.03 percent.

Operating income for the quarter was $5.01 million, compared with $1.65 million in the previous year period.

"Our Cushing's syndrome franchise performed well in 2016 and we are pleased with its strong start this year," said Joseph K. Belanoff, MD, Corcept's Chief Executive Officer. "The clinical specialists we hired in the middle of 2016 have become full contributors to our sales effort. Another cohort of clinical specialists has just completed its training. We look forward to their contributions later this year. Our highly-skilled field personnel continue to introduce new physicians to Korlym®, while experienced prescribers continue to identify additional patients who may benefit from the medication. Our growing revenues will fully-fund our planned clinical programs (Korlym, CORT125134, CORT125281 and CORT118335), our discovery and pre-clinical development work and the development of our FKBP5 gene expression assay -- a prospective new tool to help diagnose and treat patients with Cushing's syndrome."

For fiscal year 2017, Corcept Therapeutics Incorporated revenue to be in the range of $120 million to $130 million.