International Stem Cell Corporation (ISCO) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $0.41 million, or $ 0.30 a share in the quarter, against a net loss of $0.54 million, or $0.28 a share in the last year period.

Revenue during the quarter dropped 9.04 percent to $1.94 million from $2.14 million in the previous year period. Gross margin for the quarter contracted 474 basis points over the previous year period to 68.81 percent. Operating margin for the quarter stood at negative 64.95 percent as compared to a negative 29.12 percent for the previous year period.

Operating loss for the quarter was $1.26 million, compared with an operating loss of $0.62 million in the previous year period.

"We are pleased with our progress in the third quarter. We are particularly proud to have moved our Parkinson's Disease program into a Phase I clinical trial, an important milestone in the Company's development. The first patient in the trial has undergone successful intracranial transplant of ISC-hpNSC and is doing well. We are hopeful that this is a step in the right direction in offering Parkinson’s patients a treatment option for this debilitating disease," said Andrey Semechkin, Ph.D., chief executive officer and Co-Chairman of ISCO.