Revenue during the quarter plunged 41.58 percent to $54.86 million from $93.91 million in the previous year period. Gross margin for the quarter contracted 1099 basis points over the previous year period to 82.13 percent. Operating margin for the quarter stood at negative 6.62 percent as compared to a positive 33.01 percent for the previous year period.

Operating loss for the quarter was $3.63 million, compared with an operating income of $31 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $6.12 million compared with $42.12 million in the prior year period. At the same time, adjusted EBITDA margin contracted 3371 basis points in the quarter to 11.15 percent from 44.85 percent in the last year period.

"During 2016 we continued to make progress in our product pipeline across both our sublingual and cannabidiol platforms, and expect to advance our pipeline candidates in 2017. With recent clarity on the scheduling of Syndros, we are targeting a launch in the second half of 2017 and believe the differentiating attributes of this product will provide an important new treatment option for prescribers and patients," said Dr. Santosh Vetticaden, Interim Chief Executive Officer, and Chief Medical Officer of Insys.