Insys Therapeutics (INSY) has reported 99.27 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.19 million in the quarter, compared with $26.13 million for the same period last year. On the other hand, adjusted net income for the quarter stood at $4.97 million, or $0.07 a share compared with $37.90 million or $0.50 a share, a year ago.

Revenue during the quarter plunged 39.53 percent to $55.18 million from $91.26 million in the previous year period. Gross margin for the quarter contracted 3 basis points over the previous year period to 91.52 percent. Operating margin for the quarter stood at negative 0.59 percent as compared to a positive 42.87 percent for the previous year period.

Operating loss for the quarter was $0.33 million, compared with an operating income of $39.12 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $9.58 million compared with $43.98 million in the prior year period. At the same time, adjusted EBITDA margin contracted 3083 basis points in the quarter to 17.37 percent from 48.20 percent in the last year period.

"Although Subsys volumes declined in the quarter, we are pleased to have maintained a mid-40% market share and believe the product will continue to provide a solid financial foundation for growth and to support our R&D efforts," said Dr. John N. Kapoor, chairman, president and chief executive officer of Insys Therapeutics. "We are currently awaiting DEA scheduling of Syndros, our recently FDA approved product for cancer induced nausea and vomiting and anorexia associated with weight loss in AIDS patients. We look forward to launching Syndros, our second commercial product, which we believe has distinct advantages over the current formulation of dronabinol in soft gel capsule. We remain excited about our pipeline and believe that both our spray and cannabinoid platform products will provide opportunities for future growth," he concluded.