Revenue during the quarter plunged 40.48 percent to $35.96 million from $60.42 million in the previous year period. Gross margin for the quarter contracted 522 basis points over the previous year period to 87.10 percent. Operating margin for the quarter stood at negative 34.23 percent as compared to a positive 3.72 percent for the previous year period.

Operating loss for the quarter was $12.31 million, compared with an operating income of $2.25 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at negative $6.52 million compared with $7.95 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 18.13 percent for the quarter compared to 13.16 percent in the last year period.

“We believe we have the leading sublingual spray technology and a promising cannabinoid platform and that Insys has a significant number of exciting opportunities ahead, and I am encouraged by the progress we are making in our pipeline. Insys intends to remain committed to supporting our substantial R D program and optimizing the performance of our current approved assets as we focus on providing much needed relief to the patients for whom our products are being developed,” said Saeed Motahari, president and chief executive officer, of Insys.