Gross profit decreased $1.7 million to $79.7 million. Gross margin decreased to 75.5% compared to 77.7% in the prior year period.
Net loss was $(5.8) million, or $(0.30) per share, compared to net income of $25.7 million, or $1.32 per share in the prior year period. Adjusted net income was $3.4 million, or $0.17 per share, compared to adjusted net income of $1.7 million, or $0.09 per share in the prior year period.
EBITDA was $1.8 million, compared to $12.4 million in the prior year period. Adjusted EBITDA was $14.0 million, or 13.3% of net sales, compared to $11.4 million, or 10.9% of net sales, in the prior year period.
Liquidity
As of March 31, 2021, cash, cash equivalents, and restricted cash totaled $95.1 million compared to $96.8 million as of December 31, 2020. As of March 31, 2021, the Company had no borrowings under its five year $300 million secured revolving credit facility. Cash flow from operations decreased $10.0 million to $2.4 million, while free cash flow decreased $9.9 million to $(2.3) million. Based primarily on the growth in M6-C artificial cervical disc sales volumes in the U.S., the company triggered a $15.0 million milestone payment during the first quarter in relation to its 2018 acquisition of Spinal Kinetics. The payment will be made during the second quarter of 2021.