Applied Genetic Technologies Corporation (AGTC) has reported a 31.66 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $2.08 million, or $0.11 a share in the quarter, compared with $3.04 million, or $0.17 a share for the same period last year.

Revenue during the quarter dropped 10.30 percent to $10.93 million from $12.19 million in the previous year period. Total expenses were 80.32 percent of quarterly revenues, up from 76.45 percent for the same period last year. That has resulted in a contraction of 386 basis points in operating margin to 19.68 percent.

Operating income for the quarter was $2.15 million, compared with $2.87 million in the previous year period.

"This year our focus continues to be advancing patient enrollment in the ongoing Phase 1/2 clinical trials for our XLRS and ACHM product candidates and filing the IND for our XLRP product candidate," said Sue Washer, president and chief executive officer of AGTC. "We are also pursuing additional approaches to leveraging the power of our AAV-based gene delivery technology to improve patients' lives with many ongoing pre-clinical projects. We are excited about the collaboration we established last month with Bionic Sight, which is expected to provide AGTC and Bionic Sight with a leadership position in the emerging field of optogenetics."

Days sales outstanding went up to 25 days for the quarter compared with 22 days for the same period last year.