Response Biomedical Corporation (RPBIF) has reported 76.68 a percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.17 million, or $0.02 a share in the quarter, compared with $0.73 million, or $0.07 a share for the same period last year. On an adjusted basis, net loss for the quarter was $0.79 million, when compared with $0.16 million in the last year period.
Revenue during the quarter plunged 55.10 percent to $1.58 million from $3.53 million in the previous year period. Gross margin for the quarter contracted 1794 basis points over the previous year period to 41.73 percent. Operating margin for the quarter stood at negative 37.25 percent as compared to a positive 6.52 percent for the previous year period.
Operating loss for the quarter was $0.59 million, compared with an operating income of $0.23 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $0.41 million compared with $0.32 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 26.14 percent for the quarter compared to 8.93 percent in the last year period.
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