Dex Liquidating (CRDC) 10-Q 12 May 15 2015 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Mar. 31, 2015	11-May-15
Entity Registrant Name	CARDICA INC
Entity Central Index Key	1178104
Current Fiscal Year End Date	-24
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		88,955,216
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Amendment Flag	FALSE

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$4,859	$25,553
Short-term investments	20,111	14,928
Accounts receivable	400	706
Inventories	1,492	1,086
Prepaid expenses and other current assets	413	349
Total current assets	27,275	42,622
Property and equipment, net	1,946	2,536
Long-term investments	3,981	2,315
Restricted cash	104	104
Total assets	33,306	47,577
Current liabilities:
Accounts payable	1,155	847
Accrued compensation	664	899
Other accrued liabilities	501	508
Current portion of deferred revenue	403	403
Total current liabilities	2,723	2,657
Deferred revenue, net of current portion	2,125	1,610
Notes Payable, Noncurrent	2,762	3,092
Other non-current liabilities	145	33
Total liabilities	7,755	7,392
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value: 5,000,000 shares authorized: 191,474 shares issued and outstanding at March 31, 2015, and June 30, 2014	17,214	17,214
Common stock, $0.001 par value: 125,000,000 shares authorized: 89,021,443 and 89,005,443 shares issued and 88,955,216 and 88,939,216 shares outstanding at March 31, 2015, and June 30, 2014, respectively	89	89
Additional paid-in capital	194,715	194,015
Treasury stock at cost (66,227 shares at March 31, 2015, and June 30, 2014)	-596	-596
Accumulated comprehensive loss	-13	-10
Accumulated deficit	-185,858	-170,527
Total stockholders' equity	25,551	40,185
Total liabilities and stockholders' equity	$33,306	$47,577

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)	Mar. 31, 2015	Jun. 30, 2014
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	191,474	191,474
Preferred stock, shares outstanding (in shares)	191,474	191,474
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	89,021,443	89,005,443
Common stock, shares outstanding (in shares)	88,955,216	88,939,216
Treasury stock shares (in shares)	66,227	66,227

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Net revenue:
Product sales, net	$548,000	$916,000	$2,238,000	$2,497,000
License and development revenue				41,000
Royalty revenue	16,000	18,000	51,000	52,000
Total net revenue	564,000	934,000	2,289,000	2,590,000
Operating costs and expenses:
Cost of product sales	807,000	1,368,000	3,384,000	3,423,000
Research and development	1,940,000	1,724,000	5,524,000	5,070,000
Selling, general and administrative	2,541,000	2,096,000	8,404,000	6,050,000
Total operating costs and expenses	5,288,000	5,188,000	17,312,000	14,543,000
Loss from operations	-4,724,000	-4,254,000	-15,023,000	-11,953,000
Interest income	15,000		41,000	5,000
Interest expense	-112,000	-126,000	-334,000	-373,000
Other expense, net	-3,000	1,000	-15,000	31,000
Net loss	($4,824,000)	($4,379,000)	($15,331,000)	($12,290,000)
Basic and diluted net loss per share (in dollars per share)	($0.05)	($0.09)	($0.17)	($0.24)
Shares used in computing basic and diluted net loss per share (in shares)	89,021	51,587	89,018	51,330

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Net loss	($4,824)	($4,379)	($15,331)	($12,290)
Changes in market value of investments:
Change in unrealized gain (loss) on short term investments, net	12	1	-3	5
Comprehensive loss	($4,812)	($4,378)	($15,334)	($12,285)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities:
Net loss	($15,331)	($12,290)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,036	1,045
Amortization of premiums on marketable securities	377	76
Stock-based compensation expense	767	809
Allowance for doubtful account		-33
Non-cash interest expense	185	223
Changes in operating assets and liabilities:
Accounts receivable	306	-113
Prepaid expenses and other current assets	-64	-173
Inventories	-406	165
Accounts payable and other accrued liabilities	413	530
Accrued compensation	-235	103
Deferred revenue		-41
Net cash used in operating activities	-12,952	-9,699
Investing activities:
Purchases of property and equipment	-446	-143
Proceeds from maturities of short-term investments	17,957	8,648
Purchases of short-term investments	-25,186	-2,697
Net provided by (cash used) in investing activities	-7,675	5,808
Financing activities:
Net proceeds from issuances of common stock	-67	450
Net decrease in cash and cash equivalents	-20,694	-3,441
Cash and cash equivalents at beginning of period	25,553	6,373
Cash and cash equivalents at end of period	4,859	2,932
Supplemental disclosure of cash flow information:
Interest paid	151	151
Supplemental disclosure of non-cash information:
Incremental debt discount relating to note extension	$515

Note_1_Summary_of_Significant_

Note 1 - Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Organization
	Cardica, Inc. (the “Company”) was incorporated in the state of Delaware on October 15, 1997, as Vascular Innovations, Inc. On November 26, 2001, the Company changed its name to Cardica, Inc.  The Company is commercializing and developing a microcutter product line based on its proprietary “staple-on-a-strip” technology intended for use by thoracic, pediatric, bariatric, colorectal and general surgeons. The microcutter product line consists of the currently commercially-available MicroCutter XCHANGE® 30, a cartridge based microcutter device with a 5 millimeter shaft diameter and a 30 millimeter staple line, and products in development, including the MicroCutter XCHANGE® 45, a cartridge based microcutter device with an 8 millimeter shaft and a 45 millimeter staple line, the MicroCutter FLEXCHANGE™ 30, a cartridge based microcutter device with a flexible shaft to facilitate endoscopic procedures requiring cutting and stapling, and the MicroCutter XPRESS® 45, a multi-fire endolinear microcutter device with a 45 millimeter staple line specifically designed for the bariatric and thoracic surgery markets.
	In March 2012, the Company completed the design verification for and applied Conformité Européenne, or the CE Mark, to the MicroCutter XCHANGE 30 and, in December 2012, began a controlled commercial launch of the MicroCutter XCHANGE 30 in Europe. The Company received from the United States Food and Drug Administration, or FDA, 510(k) clearance for the MicroCutter XCHANGE 30 and blue cartridge in January 2014, and for the white cartridge in February 2014, for use in multiple open or minimally-invasive surgical procedures for the transection, resection and/or creation of anastomoses in small and large intestine, as well as the transection of the appendix. The blue cartridge is for use in medium thickness tissue, and the white cartridge is for use in thin tissue. In March 2014, the Company made its first sale of the MicroCutter XCHANGE 30 in the United States, and subsequently temporarily suspended its controlled commercial launch in November 2014, as the Company shifted its focus to improved performance based on surgeon feedback. The Company’s goal is to accelerate product improvements on the MicroCutter XCHANGE 30 before executing a broad commercial launch. To further expand the use of the MicroCutter XCHANGE 30, the Company recently submitted a Traditional 510(k) Premarket Notification to the FDA to expand the indications for use to include vascular structures. The Company also submitted the MicroCutter XCHANGE 30 blue and white cartridges application to Health Canada for regulatory approval of the MicroCutter XCHANGE 30 and, if the Company receives approval, anticipates launching it in Canada. In addition, in August 2013, the Company’s exclusive distributor in Japan, Century Medical, Inc., or Century, filed for regulatory approval of the MicroCutter XCHANGE 30 cartridges with the Pharmaceuticals and Medical Devices Agency and in April 2014, filed for the MicroCutter XCHANGE 30 stapler with TUV Rheinland Japan Ltd, a registered third-party agency in Japan and received clearances in late 2014 for both, to market in Japan. Once the Company completes and validates the improvements to the MicroCutter XCHANGE 30, Century will decide if the changes require additional approvals by the Pharmaceuticals and Medical Devices Agency (cartridge changes) or TUV Rheinland (stapler changes), Japan.
	Historically, the Company generated product revenues primarily from the sale of automated anastomotic systems; however, the Company started generating revenues from the commercial sales of the MicroCutter XCHANGE 30 since its introduction in Europe in December 2012, and in the United States in March 2014, and through November 2014, the Company generated $1.2 million of net product revenues from the commercial sales of the MicroCutter XCHANGE 30 before the voluntary suspension of its controlled commercial launch. The impact of the returned products from the voluntary suspension was not significant.
	For the nine months ended March 31, 2015, the Company generated net revenue of $2.3 million, including $1.7 million from the sale of automated anastomotic systems, $0.5 million from commercial sales of the MicroCutter XCHANGE 30 and $51,000 of royalty revenue.
	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for the fair statement of balances and results have been included. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year or any other interim period.
	The accompanying condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2014, included in the Company’s Form 10-K filed with the Securities and Exchange Commission on September 25, 2014.
	Recently Issued Accounting Standards
	In August 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update related to the disclosures around going concern. The new standard provides guidance around management’s responsibility to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The new standard is effective for the annual periods and interim periods within those annual periods beginning after December 15, 2016. Early application is permitted. The Company will be evaluating the impact of the adoption of this guidance on the Company’s consolidated financial statements.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606):
	Revenue from Contracts with Customers
	, which guidance in this update will supersede the revenue recognition requirements in Topic 605,
	Revenue Recognition
	, and most industry-specific guidance when it becomes effective. ASU No. 2014-09 affects any entity that enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards. The core principal of ASU No. 2014-09 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, which will be the Company’s fiscal year 2018 (or July 1, 2017), and entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Early adoption is prohibited. The Company will be evaluating the impact of the adoption of this guidance on the Company’s consolidated financial statements.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP generally requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Significant estimates include the valuation of inventory, measurement of stock based compensation, valuation of financial instruments and revenue recognition. Actual results could materially differ from these estimates.
	Revenue Recognition
	The Company recognizes revenue when four basic criteria are met: (1) persuasive evidence of an arrangement exists; (2) title or rights have transferred; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. The Company uses contracts and customer purchase orders to determine the existence of an arrangement. The Company uses contractual terms, shipping documents and third-party proof of delivery to verify that title or rights have transferred. The Company assesses whether the fee is fixed or determinable based upon the terms of the agreement associated with the transaction. To determine whether collection is probable, the Company assesses a number of factors, including past transaction history with the customer and the creditworthiness of the customer. If the Company determines that collection is not reasonably assured, then the recognition of revenue is deferred until collection becomes reasonably assured, which is generally upon receipt of payment.
	The Company records product sales net of estimated product returns and discounts from the list prices for its products. The amounts of product returns and the discount amounts have not been material to date. The Company’s sales to distributors do not include price protection or product return rights, outside of standard warranties. The Company includes shipping and handling costs in cost of product sales. As a result of the voluntary suspension of the controlled commercial launch of the MicroCutter XCHANGE 30, the Company completed a market withdrawal of all unused units of product and the impact was not significant.
	Payments that are contingent upon the achievement of a substantive milestone are recognized in their entirety in the period in which the milestone is achieved, subject to satisfaction of all revenue recognition criteria at that time.  Revenue generated from license fees and performing development services is recognized when it is earned and non-refundable upon receipt of payments, over the period of performance, or upon incurrence of the related development expenses in accordance with contractual terms, based on the actual costs incurred to date plus overhead costs for certain project activities. Amounts paid but not yet earned on a project are recorded as deferred revenue until such time as the related development expenses plus overhead costs for certain project activities are incurred.
	Inventories
	Inventories are recorded at the lower of cost or market on a first-in, first-out basis. The Company periodically assesses the recoverability of all inventories, including materials, work-in-process and finished goods, by comparing the cost of inventory to expected selling prices to determine whether adjustments for impairment are required.  Inventory that is obsolete or in excess of forecasted usage is written down to its estimated net realizable value based on assumptions about future demand and market conditions.  Reduced demand may result in the need for inventory write-downs in the near term. Inventory write-downs are charged to cost of product sales and establish a lower cost basis for the inventory.
	Risks and Uncertainties
	The Company depends upon a number of key suppliers, including single source suppliers, the loss of which would materially harm the Company’s business. Single source suppliers are relied upon for certain components and services used in manufacturing the Company’s products. The Company does not have long-term contracts with any of the suppliers; rather, purchase orders are submitted for each order. Because long-term contracts do not exist, none of the suppliers are required to provide the Company any guaranteed minimum quantities.

Note_2_Stockholders_Equity

Note 2 - Stockholders' Equity	9 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 2 - STOCKHOLDERS' EQUITY
	Common Stock and Preferred Stock
	In April 2014, the Company sold 37,375,000 shares of its common stock at $0.85 per share, and 191,474 shares of Series A Convertible Preferred Stock at $85 per share. The Series A convertible preferred stock is non-voting and is convertible into shares of its common stock at a conversion rate of 100 shares of common stock for each share of Series A convertible preferred stock, provided that conversion will be prohibited if, as a result, the holder and their affiliates would own more than 9.98% of the total number of shares of the Company’s common stock then outstanding unless the holder gives the Company at least 61 days prior notice of an intent to convert into shares of common stock that would cause the holder to own more than 9.98% of the total number of shares of common stock then issued and outstanding. Net proceeds from the financing to the Company were approximately $44.6 million. For fiscal year ended June 30, 2014, the Company recorded a deemed dividend of $1.9 million related to beneficial conversion feature of series A convertible preferred stock.
	A one-time beneficial conversion charge was due to the difference between the common stock price and conversion price on the closing date of the Company’s public offering in April 2014.
	On August 3, 2011, the Company entered into the At The Market Issuance Sales Agreement (the “ATM Agreement”) with McNicoll, Lewis & Vlak LLC (“MLV”), which provided that, upon the terms and subject to the conditions and limitations set forth therein, the Company could issue and sell up to $10.0 million of the Company’s common stock through MLV as the Company’s sales agent over the term of the ATM Agreement. As of March 31, 2015, the Company had received net proceeds of $1.2 million, from the sale of an aggregate of 884,756 shares of common stock through MLV. During the nine months ended March 31, 2015, the Company did not sell any shares of common stock through MLV and the ATM Agreement expired on August 2, 2014. During the nine months ended March 31, 2014, the Company received net proceeds of $0.4 million from the sale of an aggregate of 439,163 shares of common stock through MLV.
	Stock-Based Compensation
	Stock-based compensation expense related to employee and director share-based compensation plans, including stock options and restricted stock units, or RSUs, pursuant to Accounting Standards Codification, or ASC, 718 “Compensation — Stock Compensation”. Stock-based compensation cost is measured on the grant date, based on the fair value-based measurement of the award and is recognized as an expense over the requisite service period which generally equals the vesting period of each grant. The Company recognizes compensation expense using the accelerated method and the Company accounts for the non-employee share-based grants pursuant to ASC 505-50, Equity Based Payments to Non-Employees.
	The Company selected the Black-Scholes option pricing model for determining the estimated fair value-based measurements of share-based awards. The use of the Black-Scholes model requires the use of assumptions including expected term, expected volatility, risk-free interest rate and expected dividends. The Company used the following assumptions in its fair value-based measurements:
		Three months ended									Nine months
											ended
		March									March
		31,									31,
		201				201					201				201
		5				4					5				4
	Risk-free interest rate	1.15%	-	1.55%		1.41%	-	1.42%			0.21%	-	1.65%		0.91%	-	1.42%
	Dividend yield		—				—					—				—
	Weighted-average expected term (in years)	4.79	-	4.88			4.58				4.79	-	4.9		3.77	-	4.58
	Expected volatility	67.20%	-	68.20%		67.10%	-	73.80%			67.20%	-	72.10%		65.50%	-	79.70%
	The Company estimates the expected life of options granted based on historical exercise and post-vest cancellation patterns, which the Company believes are representative of future behavior
	. The risk-free interest rate for the expected term of each option is based on a risk-free zero-coupon spot interest rate at the time of grant. The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. The expected volatility is based on the Company’s historical stock price. The Company estimates forfeitures in calculating the expense related to stock-based compensation. The Company recorded stock-based compensation expenses under ASC 718 of $0.8 million, or $0.01 per share, and $0.8 million, or $0.02 per share for the nine months ended March 31, 2015 and 2014, respectively.
	The Company recorded stock-based compensation expenses under ASC 505-50 of $0, or $0.00 per share and $0.1 million or $0.00 per share for the nine months ended March 31, 2015 and 2014, respectively. In December 2014, the Company cancelled certain options granted to employees in excess of the stock plan limits, which resulted in the recognition of $0.2 million of unamortized expense recorded as stock-based compensation expenses. Total compensation expense related to unvested awards not yet recognized is approximately $0.6 million at March 31, 2015, and is expected to be recognized over a weighted average period of 3.3 years.
	Included in the statement of operations are the following non-cash stock-based compensation expenses (in thousands):
		Three months ended							Nine months
									ended
		March							March
		31,							31,
		201			201				201				201
		5			4				5				4
	Cost of product sales	$	13		$	21			$	64			$	91
	Research and development		17			51				70				99
	Selling, general and administrative		110			204				633				619
	Total	$	140		$	276			$	767			$	809

Note_3_Net_Loss_Per_Share

Note 3 - Net Loss Per Share	9 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 3 - NET LOSS PER SHARE
	Basic net loss per common share is calculated by dividing net loss by the weighted-average number of common shares outstanding for the period less the weighted-average unvested common shares subject to repurchase, and without consideration of potential common shares.  Diluted net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period, less the weighted-average unvested common shares subject to repurchase, plus dilutive potential common shares for the period determined using the treasury-stock method.  For purposes of this calculation, options and warrants to purchase stock and unvested restricted stock awards are considered to be potential common shares and are only included in the calculation of diluted net loss per share when their effect is dilutive.
	In the years the Preferred Stock is outstanding, the two-class method is used to calculate basic and diluted earnings (loss) per common share since it is a participating security under ASC 260
	Earnings per Share
	. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Under the two-class method, basic earnings (loss) per common share is computed by dividing net earnings (loss) attributable to common share after allocation of earnings to participating securities by the weighted-average number of common shares outstanding during the year. Diluted earnings (loss) per common share is computed using the more dilutive of the two-class method or the if-converted method. In periods of net loss, no effect is given to participating securities since they do not contractually participate in the losses of the Company.
	The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data):
		Three months ended						Nine months ended
		March 31,						March 31,
		2015			2014			2015			2014
	Numerator:
	Net loss	$	(4,824	)	$	(4,379	)	$	(15,331	)	$	(12,290	)
	Denominator:
	Denominator for basic and diluted net loss per share		89,021			51,587			89,018			51,330
	Basic and diluted net loss per share	$	(0.05	)	$	(0.09	)	$	(0.17	)	$	(0.24	)
	The following table sets forth the outstanding securities not included in the diluted net loss per common share calculation as of March 31, 2015 and 2014, because their effect would be antidilutive (in thousands):
		As of
		March 31,
		201			201
		5			4
	Options to purchase common stock		4,380			5,618
	Unvested restricted stock awards		240			28
	Shares reserved for issuance upon conversion of Series A Preferred		19,147			—
	Warrants		—			3,991
	Total		23,767			9,637

Note_4_Fair_Value_Measurements

Note 4 - Fair Value Measurements	9 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 4 - FAIR VALUE MEASUREMENTS
	ASC 820, “Fair Value Measurements,”
	defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows:
	Level 1 -	Quoted prices in active markets for identical assets or liabilities.
	Level 2 -	Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
	Level 3 -	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
	The Company does not have any liabilities that are measured at fair value on a recurring basis. All assets that are measured at fair value on a recurring basis have been segregated into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. These assets measured at fair value are summarized below (in thousands):
		As of
		31-Mar-15
		Level 1		Level 2		Level 3		Total
	Cash equivalents:
	Money market funds	$	3,851	$	—	$	—	$	3,851
	Short-term investments:
	Corporate debt securities		—		19,111		—		19,111
	Commercial paper		—		1,000		—		1,000
	Long-term investments:
	Corporate debt securities		—		3,981		—		3,981
	Total assets at fair value	$	3,851	$	24,092	$	—	$	27,943
		As of June 30, 2014
		Level 1		Level 2		Level 3		Total
	Cash equivalents:
	Money market funds	$	20,158	$	—	$	—	$	20,158
	Corporate debt securities		—		1,000		—		1,000
	Commercial paper		—		1,500		—		1,500
	Short-term investments:
	Corporate debt securities		—		13,428		—		13,428
	Commercial paper		—		1,500		—		1,500
	Long-term investments:
	Corporate debt securities		—		2,315		—		2,315
	Total assets at fair value	$	20,158	$	19,743	$	—	$	39,901
	Funds held in money market instruments are included in Level 1 as their fair values are based on market prices/quotes for identical assets in active markets.
	Corporate debt securities and commercial papers are valued primarily using market prices comparable securities, bid/ask quotes, interest rate yields, and prepayment spreads and are included in Level 2.
	Cash balances of $1.0 million at March 31, 2015, and $2.9 million at June 30, 2014, were not included in the fair value hierarchy disclosure. For June 30, 2014, the Company reclassified $17.7 million of money market funds from short-term investments to cash equivalents money market funds, $1.5 million from commercial paper short-term investments to cash equivalents commercial paper and $1.0 million from corporate debt securities short-term investments to cash equivalents corporate debt securities as these investments had original maturity dates of 90 days or less upon purchase. As of March 31, 2015, the Company’s material financial assets and liabilities were reported at their current carrying values which approximate fair value given the short-term nature of less than a year, except for its note payable. As of March 31, 2015, the Company’s note payable was reported at its current carrying value which approximates fair value based on Level 3 unobservable inputs involving discounted cash flows and the estimated market rate of borrowing that could be obtained by companies with credit risk similar to the Company’s credit risk.
	See “Note 8 - Note Payable
	”.

Note_5_AvailableforSale_Securi

Note 5 - Available-for-Sale Securities	9 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Cash, Cash Equivalents, and Short-term Investments [Text Block]	NOTE 5 –
	Available–for-Sale Securities
	The Company held investments in marketable securities as of March 31, 2015, and June 30, 2014, with maturity dates of less than one year for short-term and greater than one year for long-term.
	The Company’s investments consisted of the following (in thousands):
		As of
		31-Mar-15
		Amortized		Gross		Gross			Fair Value
		Cost		Unrealized		Unrealized
				Gains		Losses
	Available-for-sale securities:
	Corporate debt securities – Short-term	$	19,122	$	—	$	(11	)	$	19,111
	Commercial paper – Short-term		1,000		—		—			1,000
	Corporate debt securities – Long-term		3,983		—		(2	)		3,981
	Total	$	24,105	$	—	$	(13	)	$	24,092
		As of June 30, 2014
		Amortized		Gross		Gross			Fair Value
		Cost		Unrealized		Unrealized
				Gains		Losses
	Available-for-sale securities:
	Corporate debt securities – Short-term	$	13,434	$	—	$	(6	)	$	13,428
	Commercial paper – Short-term		1,500		—		—			1,500
	Corporate debt securities – Long-term		2,319		—		(4	)		2,315
	Total	$	17,253	$	—	$	(10	)	$	17,243

Note_6_Inventories

Note 6 - Inventories	9 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 6 - INVENTORIES
	Inventories consisted of the following (in thousands):
		March 31,		June 30,
		201		2014
		5
	Raw materials	$	1,038	$	669
	Work in progress		157		207
	Finished goods		297		210
	Total	$	1,492	$	1,086

Note_7_Distribution_License_De

Note 7 - Distribution, License, Development and Commercialization Agreements	9 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	NOTE 7 – DISTRIBUTION, LICENSE, DEVELOPMENT AND COMMERCIALIZATION AGREEMENTS
	Century
	On September 2, 2011, the Company signed a distribution agreement (the “2011 Distribution Agreement”) with Century Medical, Inc. (“Century”) with respect to distribution of the Company’s planned microcutter products in Japan. Under the terms of a secured note purchase agreement (“the 2011 note agreement”), Century agreed to loan the Company an aggregate of up to $4.0 million, with principal due in September 30, 2016, subject to certain conditions, which principal due date was extended by two years effective July 1, 2014. Under this facility, the Company received $2.0 million on September 30, 2011, and the remaining $2.0 million on December 27, 2011. The note bears 5% annual interest which is payable quarterly in arrears through September 30, 2018, the maturity date when the total $4.0 million of principal becomes due. In return for the loan commitment, the Company granted Century distribution rights to the Company’s planned microcutter product line in Japan, and a right of first negotiation for distribution rights in Japan to future products. Century will be responsible for securing regulatory approval from the Ministry of Health in Japan for the microcutter product line. In August 2013, Century filed for regulatory approval of the MicroCutter XCHANGE 30 cartridges with the Pharmaceuticals and Medical Devices Agency and in April 2014, filed for the MicroCutter XCHANGE 30 stapler with TUV Rheinland Japan Ltd, a registered third-party agency in Japan and received clearances in late 2014 for both, to market in Japan. Once the Company completes and validates the improvements to the MicroCutter XCHANGE 30, Century will decide if the changes require additional approvals by the Pharmaceuticals and Medical Devices Agency (cartridge changes) or TUV Rheinland (stapler changes), Japan. After approval for marketing in Japan, the Company would sell microcutter units to Century, who would then sell the microcutter devices to their customers in Japan.
	Proceeds from the note and granting the distribution rights were allocated to the note based on its aggregate fair value of $2.4 million at the dates of receipt. This fair value was determined by discounting cash flows using a discount rate of 18%, which the Company estimated was a market rate of borrowing that could be obtained by companies with credit risk similar to the Company’s. The remainder of the proceeds of $1.6 million was recorded as debt issuance discount and was allocated to the value of the distribution rights granted to Century under the 2011 Distribution Agreement and is included in deferred revenue. The deferred revenue will be recognized over the term of the 2011 Distribution Agreement, beginning upon the first sale by Century of the microcutter products in Japan.
	The Company’s distribution agreement with Century pertaining to the PAS-Port system, originally dated June 16, 2003, as amended, was due to expire on July 31, 2014. Concurrently and in return for the amendment of the note, as discussed above, to extend the maturity date to September 30, 2018, the Company amended its distribution agreement with Century for the PAS-Port system, effective July 1, 2014, to, among other things, renew the contract for another five years, extending the expiration date to July 31, 2019. The note amendment was accounted for as the modification of the 2011 note agreement, as the value of the consideration provided by the Company in the form of additional distribution rights was estimated to be approximately equal to the reduction in the fair value of the note. Accordingly, the Company reduced the carrying value of the note of $3.1 million to its post-modification fair value of $2.6 million, and recorded the resulting incremental discount of $0.5 million as deferred revenue. The Company determined the fair value of the amended note using the discount rate of 18%, which the Company estimated as the market rate of borrowing as of the modification date that could be obtained by companies with credit risk similar to the Company’s. The incremental discount of $0.5 million will be amortized over the remaining term of the note using the effective interest rate method. The deferred revenue will be recognized over the term of the distribution agreement beginning upon the first sale by Century of the microcutter products in Japan.
	As of March 31, 2015, and June 30, 2014, the balance of the loan was $2.8 million and $3.1 million net of debt issuance costs of $1.2 million and $0.9 million, respectively, and the distribution of the microcutter products had not begun for the respective periods.
	For the nine months ended March 31, 2015 and 2014, sales of automated anastomosis system to Century accounted for approximately 29% and 33%, of the Company’s total product sales. As of March 31, 2015, and June 30, 2014, Century accounted for approximately 54% and 30%, respectively, of the total accounts receivable balance.
	Intuitive Surgical
	On August 16, 2010, the Company entered into a license agreement with Intuitive Surgical (the “License Agreement”) pursuant to which the Company granted to Intuitive Surgical a worldwide, sublicenseable, exclusive license to use the Company’s intellectual property in the robotics field in diagnostic or therapeutic medical procedures, but excluding vascular anastomosis applications, for an upfront license fee of $9.0 million. The Company is also eligible to receive a contingent payment related to achieving a certain sales volume, as well as single-digit royalties on sales by Intuitive Surgical, its affiliates or its sublicensees of specified products covered by the Company’s patent rights, if any. Each party has the right to terminate the License Agreement in the event of the other party’s uncured material breach or bankruptcy. Following any termination of the License Agreement, the licenses granted to Intuitive Surgical will continue, and except in the case of termination for the Company’s uncured material breach or insolvency, Intuitive Surgical’s payment obligations will continue as well. Under the License Agreement, Intuitive Surgical has rights to improvements in the Company’s technology and intellectual property over a specified period of time.
	The Company determined that there were two substantive deliverables under the License Agreement representing separate units of accounting: license rights to technology that existed as of August 16, 2010, and license rights to technology that may be developed over the following three years. The $9.0 million upfront license payment and $1.0 million premium on the $3.0 million purchase of the Company’s common stock by Intuitive Surgical in connection with the License Agreement were aggregated and allocated to the two units of accounting based upon the relative estimated selling prices of the deliverables. The relative estimated selling prices of the deliverables were determined using a probability weighted expected return model with significant inputs relating to the nature of potential future outcomes and the probability of occurrence of future outcomes. Based upon the relative estimated selling prices of the deliverables, $9.0 million of the total consideration of $10.0 million was allocated to the license rights to technology that existed as of August 16, 2010, that has been recognized as revenue in the three months ended September 30, 2010, and $1.0 million was allocated to technology that may be developed over the following three years that was being recognized as revenue ratably over that three year period. In total, the revenue recognized for each of the nine months ended March 31, 2015 and 2014, related to this arrangement was $0 and $41,000, respectively. The Company has fully recognized such revenue, and as of March 31, 2015, no deferred revenue related to this arrangement.
	Cook Incorporated
	In June 2007, the Company entered into, and in September 2007 and in June 2009 amended, a license, development and commercialization agreement with Cook Incorporated, to develop and commercialize a specialized device, which the Company refers to as the PFO Device, designed to close holes in the heart from genetic heart defects known as patent foramen ovales (“PFOs”). Under the agreement, Cook funded certain development activities and the Company and Cook jointly developed the PFO Device.  The Company’s significant deliverables under the arrangement were the license rights and the associated development activities.  These deliverables were determined to represent one unit of accounting as there was no stand-alone value to the license rights. If developed, Cook would receive an exclusive, worldwide, royalty-bearing license, with the right to grant sublicenses, to make, have made, use, sell, offer for sale and import the PFO Device. The Company did not record any license and development revenue under this agreement for the nine months ended March 31, 2015 or 2014.  Amounts paid but not yet earned on the project are recorded as deferred revenue until such time as the related development expenses for certain project activities are incurred.  A total of $0.4 million under this agreement had been recorded as deferred revenue as of March 31, 2015, and June 30, 2014.  On January 6, 2010, the Company and Cook mutually agreed to suspend work on the PFO project and, accordingly, the Company does not anticipate receiving any additional payments or recording any additional revenue related to this agreement in the foreseeable future.

Note_8_Note_Payable

Note 8 - Note Payable	9 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 8 – NOTE PAYABLE
	In connection with the 2011 Distribution Agreement with Century (see Note 7, Distribution, License, Development and Commercialization Agreements), the Company entered into a secured note purchase agreement and a related security agreement pursuant to which Century agreed to loan to the Company up to an aggregate of $4.0 million and the secured note purchase agreement was amended effective July 1, 2014, to extend the principal due date by two years. Under this facility, the Company received $2.0 million on September 30, 2011, and the remaining $2.0 million on December 27, 2011. The note bears 5% annual interest which is payable quarterly in arrears on the last business day of March, June, September and December of each year through September 30, 2018, the maturity date when the total $4.0 million of principal becomes due, and can be prepaid by the Company at any time without penalty. The original debt issuance discount of approximately $1.6 million, determined by discounting cash flows using a discount rate of 18%, which the Company estimated a market rate of borrowing that could be obtained by companies with credit risk similar to the Company’s, was reflected as a reduction in long-term debt and was being amortized as interest expense over the term of the note using the effective interest method.
	The amendment effective July 1, 2014, was in connection with the extension of Century’s distribution rights for the PAS-Port system, and was accounted for as the modification of the 2011 note agreement, as the value of the consideration provided by the Company in the form of additional distribution rights was estimated to be approximately equal to the reduction in the fair value of the note. Accordingly, the Company reduced the carrying value of the note of $3.1 million to its post-modification fair value of $2.6 million, and recorded the resulting incremental discount of $0.5 million as deferred revenue. The Company determined the fair value of the amended note using the discount rate of 18%, which the Company estimated as the market rate of borrowing as of the modification date that could be obtained by companies with credit risk similar to the Company’s. The incremental discount of $0.5 million will be amortized over the remaining term of the note using the effective interest rate method. The deferred revenue will be recognized over the term of the distribution agreement beginning upon the first sale by Century of the microcutter products in Japan. The note is secured by a substantial portion of the Company's assets, including the Company’s intellectual property related to the PAS-Port® Proximal Anastomosis System, but excluding all other intellectual property. As of March 31, 2015, and June 30, 2014, the balance of the loan was $2.8 million and $3.1 million net of debt issuance costs of $1.2 million and $0.9 million, respectively, and the distribution of the microcutter products had not begun for the respective periods.

Note_9_Amended_Lease_Agreement

Note 9 - Amended Lease Agreement	9 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	NOTE 9 – AMENDED LEASE AGREEMENT
	On November 11, 2010, the Company entered into an amendment to its facility lease (the “Lease Amendment”). Pursuant to the Lease Amendment, the term of the lease was extended by four years, through August 31, 2015, and the Company was granted an improvement allowance of $0.1 million to be used in connection with the construction of alterations and refurbishment of improvements in the premises, which was used and reimbursed in November 2011, and January 2012. The leasehold improvement allowance was recorded as a reduction of rent expense on a straight-line basis over the term of the lease. On November 24, 2014, the Company entered into another amendment to its facility lease (the “Second Lease Amendment”), extended its lease by three years, from September 1, 2015, through August 31, 2018 (the “Second Extended Term”). In addition, under the Second Lease Amendment, the Company was granted an option to further extend the lease for a period of three years beyond August 31, 2018 (the “Option Term”), with the annual rent payable by the Company during the Option Term to be equal to the annual rent for comparable buildings, as described in the Second Lease Amendment. Under the operating lease, the Company is required to maintain a letter of credit with a restricted cash balance at the Company’s bank. A certificate of deposit of $0.1 million was recorded as restricted cash in the condensed consolidated balance sheet as of March 31, 2015, and June 30, 2014, related to the letter of credit.
	Future minimum lease payments under the Company’s non-cancelable operating leases having initial terms of a year or more as of  March 31, 2015, including the Second Lease Amendment, are as follows (in thousands):
	Fiscal year ending June 30,	Operating
		Leases
	2015 (remaining three months)	$	177
	2016		932
	2017		1,001
	2018		1,032
	2019		173
	Total minimum lease payments	$	3,315

Note_10_Reductions_in_Force

Note 10 - Reductions in Force	9 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	NOTE
	10
	–
	Reductions in Force
	Between January and March 2015, the Company reduced its workforce by 24 positions to conserve cash, to use its capital in the most efficient way and to more appropriately match its use of cash with its stage of development. The Company’s decision to engage in the corporate restructurings and layoffs resulted from the necessary improvements required for the MicroCutter XCHANGE 30 blue cartridge. As a result, the Company recorded a restructuring charge in an amount of $0.3 million for severance and other benefits. The charges were included in all departmental expenses.
	Restructuring charges recorded during the third quarter of 2015	$	300
	Cash paid		(100	)
	Balance at March 31, 2015	$	200
	In April 2015, $140,000 of the remaining restructuring accrual were paid.

Significant_Accounting_Policie

Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for the fair statement of balances and results have been included. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year or any other interim period.
	The accompanying condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2014, included in the Company’s Form 10-K filed with the Securities and Exchange Commission on September 25, 2014.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards
	In August 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update related to the disclosures around going concern. The new standard provides guidance around management’s responsibility to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The new standard is effective for the annual periods and interim periods within those annual periods beginning after December 15, 2016. Early application is permitted. The Company will be evaluating the impact of the adoption of this guidance on the Company’s consolidated financial statements.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606):
	Revenue from Contracts with Customers
	, which guidance in this update will supersede the revenue recognition requirements in Topic 605,
	Revenue Recognition
	, and most industry-specific guidance when it becomes effective. ASU No. 2014-09 affects any entity that enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards. The core principal of ASU No. 2014-09 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, which will be the Company’s fiscal year 2018 (or July 1, 2017), and entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Early adoption is prohibited. The Company will be evaluating the impact of the adoption of this guidance on the Company’s consolidated financial statements.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates
	The preparation of financial statements in conformity with GAAP generally requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Significant estimates include the valuation of inventory, measurement of stock based compensation, valuation of financial instruments and revenue recognition. Actual results could materially differ from these estimates.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition
	The Company recognizes revenue when four basic criteria are met: (1) persuasive evidence of an arrangement exists; (2) title or rights have transferred; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. The Company uses contracts and customer purchase orders to determine the existence of an arrangement. The Company uses contractual terms, shipping documents and third-party proof of delivery to verify that title or rights have transferred. The Company assesses whether the fee is fixed or determinable based upon the terms of the agreement associated with the transaction. To determine whether collection is probable, the Company assesses a number of factors, including past transaction history with the customer and the creditworthiness of the customer. If the Company determines that collection is not reasonably assured, then the recognition of revenue is deferred until collection becomes reasonably assured, which is generally upon receipt of payment.
	The Company records product sales net of estimated product returns and discounts from the list prices for its products. The amounts of product returns and the discount amounts have not been material to date. The Company’s sales to distributors do not include price protection or product return rights, outside of standard warranties. The Company includes shipping and handling costs in cost of product sales. As a result of the voluntary suspension of the controlled commercial launch of the MicroCutter XCHANGE 30, the Company completed a market withdrawal of all unused units of product and the impact was not significant.
	Payments that are contingent upon the achievement of a substantive milestone are recognized in their entirety in the period in which the milestone is achieved, subject to satisfaction of all revenue recognition criteria at that time.  Revenue generated from license fees and performing development services is recognized when it is earned and non-refundable upon receipt of payments, over the period of performance, or upon incurrence of the related development expenses in accordance with contractual terms, based on the actual costs incurred to date plus overhead costs for certain project activities. Amounts paid but not yet earned on a project are recorded as deferred revenue until such time as the related development expenses plus overhead costs for certain project activities are incurred.
Inventory, Policy [Policy Text Block]	Inventories
	Inventories are recorded at the lower of cost or market on a first-in, first-out basis. The Company periodically assesses the recoverability of all inventories, including materials, work-in-process and finished goods, by comparing the cost of inventory to expected selling prices to determine whether adjustments for impairment are required.  Inventory that is obsolete or in excess of forecasted usage is written down to its estimated net realizable value based on assumptions about future demand and market conditions.  Reduced demand may result in the need for inventory write-downs in the near term. Inventory write-downs are charged to cost of product sales and establish a lower cost basis for the inventory.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Risks and Uncertainties
	The Company depends upon a number of key suppliers, including single source suppliers, the loss of which would materially harm the Company’s business. Single source suppliers are relied upon for certain components and services used in manufacturing the Company’s products. The Company does not have long-term contracts with any of the suppliers; rather, purchase orders are submitted for each order. Because long-term contracts do not exist, none of the suppliers are required to provide the Company any guaranteed minimum quantities.

Note_2_Stockholders_Equity_Tab

Note 2 - Stockholders' Equity (Tables)	9 Months Ended
	Mar. 31, 2015
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]		Three months ended									Nine months
											ended
		March									March
		31,									31,
		201				201					201				201
		5				4					5				4
	Risk-free interest rate	1.15%	-	1.55%		1.41%	-	1.42%			0.21%	-	1.65%		0.91%	-	1.42%
	Dividend yield		—				—					—				—
	Weighted-average expected term (in years)	4.79	-	4.88			4.58				4.79	-	4.9		3.77	-	4.58
	Expected volatility	67.20%	-	68.20%		67.10%	-	73.80%			67.20%	-	72.10%		65.50%	-	79.70%
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]		Three months ended							Nine months
									ended
		March							March
		31,							31,
		201			201				201				201
		5			4				5				4
	Cost of product sales	$	13		$	21			$	64			$	91
	Research and development		17			51				70				99
	Selling, general and administrative		110			204				633				619
	Total	$	140		$	276			$	767			$	809

Note_3_Net_Loss_Per_Share_Tabl

Note 3 - Net Loss Per Share (Tables)	9 Months Ended
	Mar. 31, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]		Three months ended						Nine months ended
		March 31,						March 31,
		2015			2014			2015			2014
	Numerator:
	Net loss	$	(4,824	)	$	(4,379	)	$	(15,331	)	$	(12,290	)
	Denominator:
	Denominator for basic and diluted net loss per share		89,021			51,587			89,018			51,330
	Basic and diluted net loss per share	$	(0.05	)	$	(0.09	)	$	(0.17	)	$	(0.24	)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]		As of
		March 31,
		201			201
		5			4
	Options to purchase common stock		4,380			5,618
	Unvested restricted stock awards		240			28
	Shares reserved for issuance upon conversion of Series A Preferred		19,147			—
	Warrants		—			3,991
	Total		23,767			9,637

Note_4_Fair_Value_Measurements1

Note 4 - Fair Value Measurements (Tables)	9 Months Ended
	Mar. 31, 2015
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]		As of
		31-Mar-15
		Level 1		Level 2		Level 3		Total
	Cash equivalents:
	Money market funds	$	3,851	$	—	$	—	$	3,851
	Short-term investments:
	Corporate debt securities		—		19,111		—		19,111
	Commercial paper		—		1,000		—		1,000
	Long-term investments:
	Corporate debt securities		—		3,981		—		3,981
	Total assets at fair value	$	3,851	$	24,092	$	—	$	27,943
		As of June 30, 2014
		Level 1		Level 2		Level 3		Total
	Cash equivalents:
	Money market funds	$	20,158	$	—	$	—	$	20,158
	Corporate debt securities		—		1,000		—		1,000
	Commercial paper		—		1,500		—		1,500
	Short-term investments:
	Corporate debt securities		—		13,428		—		13,428
	Commercial paper		—		1,500		—		1,500
	Long-term investments:
	Corporate debt securities		—		2,315		—		2,315
	Total assets at fair value	$	20,158	$	19,743	$	—	$	39,901

Note_5_AvailableforSale_Securi1

Note 5 - Available-for-Sale Securities (Tables)	9 Months Ended
	Mar. 31, 2015
Notes Tables
Cash, Cash Equivalents and Investments [Table Text Block]		As of
		31-Mar-15
		Amortized		Gross		Gross			Fair Value
		Cost		Unrealized		Unrealized
				Gains		Losses
	Available-for-sale securities:
	Corporate debt securities – Short-term	$	19,122	$	—	$	(11	)	$	19,111
	Commercial paper – Short-term		1,000		—		—			1,000
	Corporate debt securities – Long-term		3,983		—		(2	)		3,981
	Total	$	24,105	$	—	$	(13	)	$	24,092
		As of June 30, 2014
		Amortized		Gross		Gross			Fair Value
		Cost		Unrealized		Unrealized
				Gains		Losses
	Available-for-sale securities:
	Corporate debt securities – Short-term	$	13,434	$	—	$	(6	)	$	13,428
	Commercial paper – Short-term		1,500		—		—			1,500
	Corporate debt securities – Long-term		2,319		—		(4	)		2,315
	Total	$	17,253	$	—	$	(10	)	$	17,243

Note_6_Inventories_Tables

Note 6 - Inventories (Tables)	9 Months Ended
	Mar. 31, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]		March 31,		June 30,
		201		2014
		5
	Raw materials	$	1,038	$	669
	Work in progress		157		207
	Finished goods		297		210
	Total	$	1,492	$	1,086

Note_9_Amended_Lease_Agreement1

Note 9 - Amended Lease Agreement (Tables)	9 Months Ended
	Mar. 31, 2015
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Fiscal year ending June 30,	Operating
		Leases
	2015 (remaining three months)	$	177
	2016		932
	2017		1,001
	2018		1,032
	2019		173
	Total minimum lease payments	$	3,315

Note_10_Reductions_in_Force_Ta

Note 10 - Reductions in Force (Tables)	9 Months Ended
	Mar. 31, 2015
Notes Tables
Restructuring and Related Costs [Table Text Block]	Restructuring charges recorded during the third quarter of 2015	$	300
	Cash paid		(100	)
	Balance at March 31, 2015	$	200

Note_1_Summary_of_Significant_1

Note 1 - Summary of Significant Accounting Policies (Details Textual) (USD $)	3 Months Ended		9 Months Ended		24 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Nov. 30, 2014
Revenue, Net	$564,000	$934,000	$2,289,000	$2,590,000
Royalty Revenue	16,000	18,000	51,000	52,000
MicroCutter XCHANGE 30 [Member]
Revenue, Net			500,000		1,200,000
Automated Anastomotic Systems [Member]
Revenue, Net			$1,700,000

Note_2_Stockholders_Equity_Det

Note 2 - Stockholders' Equity (Details Textual) (USD $)	1 Months Ended		9 Months Ended		44 Months Ended
	Dec. 31, 2014	Apr. 30, 2014	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Jun. 30, 2014
Proceeds from Issuance or Sale of Equity		$44,600,000
Proceeds from Issuance of Common Stock			-67,000	450,000
Allocated Share-based Compensation Expense	200,000		800,000	800,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price			$0.01	$0.02	$0.01
Issuance of Stock and Warrants for Services or Claims			0	100,000
Non-employee Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price			$0	$0	$0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			600,000		600,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 years 109 days
MLV [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues			0		884,756
Proceeds from Issuance of Common Stock					1,200,000
MLV [Member]
Aggregate Value of Shares Committed to be Purchased			10,000,000		10,000,000
Stock Issued During Period, Shares, New Issues				439,163
Proceeds from Issuance of Common Stock				400,000
Common Stock [Member]
Stock Issued During Period, Shares, New Issues		37,375,000
Share Price		$0.85
Series A Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues		191,474
Share Price		$85
Convertible Preferred Stock, Shares Issued upon Conversion		100
Common Stock Ownership Threshold, Preferred Stock Conversion		9.98%
Dividends Payable						$1,900,000

Note_2_Stockholders_Equity_Bla

Note 2 - Stockholders' Equity - Black-Scholes Valuation Assumptions (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Risk-free interest rate
Weighted-average expected term (in years)		4 years 211 days
Expected volatility
Minimum [Member]
Risk-free interest rate	1.15%	1.41%	0.21%	0.91%
Weighted-average expected term (in years)	4 years 288 days		4 years 288 days	3 years 281 days
Expected volatility	67.20%	67.10%	67.20%	65.50%
Maximum [Member]
Risk-free interest rate	1.55%	1.42%	1.65%	1.42%
Weighted-average expected term (in years)	4 years 321 days		4 years 328 days	4 years 211 days
Expected volatility	68.20%	73.80%	72.10%	79.70%

Note_2_Stockholders_Equity_Non

Note 2 - Stockholders' Equity - Non-Cash Stock-Based Compensation (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Allocated share-based compensation expense	$140	$276	$767	$809
Cost of Sales [Member]
Allocated share-based compensation expense	13	21	64	91
Research and Development Expense [Member]
Allocated share-based compensation expense	17	51	70	99
Selling, General and Administrative Expenses [Member]
Allocated share-based compensation expense	$110	$204	$633	$619

Note_3_Net_Loss_Per_Share_Comp

Note 3 - Net Loss Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Net loss	($4,824)	($4,379)	($15,331)	($12,290)
Denominator:
Denominator for basic and diluted net loss per share (in shares)	89,021	51,587	89,018	51,330
Basic and diluted net loss per share (in dollars per share)	($0.05)	($0.09)	($0.17)	($0.24)

Note_3_Net_Loss_Per_Share_Anti

Note 3 - Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities (in shares)	23,767	9,637
Equity Option [Member]
Antidilutive Securities (in shares)	4,380	5,618
Restricted Stock [Member]
Antidilutive Securities (in shares)	240	28
Common Stock Shares Reserved for Future Issuance [Member]
Antidilutive Securities (in shares)	19,147
Warrant [Member]
Antidilutive Securities (in shares)		3,991

Note_4_Fair_Value_Measurements2

Note 4 - Fair Value Measurements (Details Textual) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Millions, unless otherwise specified
Cash	$1	$2.90
Money Market Funds [Member]
Reclassification of Short-term Investment to Cash Equivalents		17.7
Commercial Paper [Member]
Reclassification of Short-term Investment to Cash Equivalents		1.5
Corporate Debt Securities with Maturity Less than 90 Days [Member]
Reclassification of Short-term Investment to Cash Equivalents		$1

Note_4_Fair_Value_Measurements3

Note 4 - Fair Value Measurements - Fair Value Measurements (Details) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Total assets at fair value	$27,943	$39,901
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Cash equivalents	3,851	20,158
Fair Value, Inputs, Level 1 [Member]
Total assets at fair value	3,851	20,158
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities with Maturity Less than 90 Days [Member]
Cash equivalents		1,000
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member]
Cash equivalents		1,500
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Short-term investments	19,111	13,428
Long-term investments	3,981	2,315
Fair Value, Inputs, Level 2 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Short-term investments	1,000	1,500
Fair Value, Inputs, Level 2 [Member]
Total assets at fair value	24,092	19,743
Money Market Funds [Member]
Cash equivalents	3,851	20,158
Corporate Debt Securities with Maturity Less than 90 Days [Member] | Corporate Debt Securities [Member]
Cash equivalents		1,000
Commercial Paper [Member]
Cash equivalents		1,500
Corporate Debt Securities [Member]
Short-term investments	19,111	13,428
Long-term investments	3,981	2,315
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Short-term investments	$1,000	$1,500

Note_5_AvailableforSale_Securi2

Note 5 - Available-for-Sale Securities - Short-term Investments (Details) (USD $)	Mar. 31, 2015	Jun. 30, 2014
Available-for-sale securities:
Amortized Cost	$24,105	$17,253
Gross Unrealized Losses	-13	-10
Fair Value	24,092	17,243
Corporate Debt Securities [Member]
Available-for-sale securities:
Amortized Cost	19,122	13,434
Gross Unrealized Losses	-11	-6
Fair Value	19,111	13,428
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Available-for-sale securities:
Amortized Cost	1,000	1,500
Fair Value	1,000	1,500
Corporate Bond Securities [Member]
Available-for-sale securities:
Amortized Cost	3,983	2,319
Gross Unrealized Losses	-2	-4
Fair Value	$3,981	$2,315

Note_6_Inventories_Inventories

Note 6 - Inventories - Inventories (Details) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Raw materials	$1,038	$669
Work in progress	157	207
Finished goods	297	210
Total	$1,492	$1,086

Note_7_Distribution_License_De1

Note 7 - Distribution, License, Development and Commercialization Agreements (Details Textual) (USD $)	9 Months Ended		0 Months Ended		2 Months Ended	12 Months Ended	0 Months Ended			1 Months Ended	6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Aug. 16, 2010	Aug. 16, 2010	Aug. 16, 2010	Jun. 30, 2014	Sep. 02, 2011	Dec. 27, 2011	Sep. 30, 2011	Sep. 30, 2011	Dec. 31, 2014	Sep. 30, 2010
Deferred Revenue, Current	$403,000					403,000
Notes Payable, Noncurrent	2,762,000					3,092,000
Common Stock, Value, Issued	89,000					89,000
Deferred Revenue, Noncurrent	2,125,000					1,610,000
Cook Incorporated [Member]
Deferred Revenue, Current	400,000					400,000
Licenses Revenue	0	0
Intuitive Surgical [Member]
Deferred Revenue, Current	0
Licenses Revenue	0	41,000		9,000,000
Common Stock Premium					1,000,000
Common Stock, Value, Issued			3,000,000	3,000,000	3,000,000
Noncash or Part Noncash Divestiture, Amount of Consideration Received			10,000,000
Deferred Revenue, Noncurrent												1,000,000
Century Medical [Member] | Sales Revenue, Net [Member] | Product Concentration Risk [Member]
Concentration Risk, Percentage	29.00%	33.00%
Century Medical [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage	54.00%					30.00%
Century Medical [Member] | Notes Payable, Other Payables [Member]
Fair Value Inputs, Discount Rate	18.00%						18.00%
Debt Instrument, Face Amount	4,000,000						4,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%						5.00%
Debt Instrument, Unamortized Discount	500,000						1,600,000	1,600,000
Deferred Revenue	500,000
Century Medical [Member]
Proceeds from Secured Notes Payable								2,000,000	2,000,000	2,000,000
Notes Payable, Fair Value Disclosure	2,600,000					3,100,000	2,400,000
Distribution Agreement Term of Extension											5 years
Notes Payable, Noncurrent	2,800,000					3,100,000
Debt Issuance Cost	$1,200,000					900,000

Note_8_Note_Payable_Details_Te

Note 8 - Note Payable (Details Textual) (USD $)	0 Months Ended	9 Months Ended	0 Months Ended		1 Months Ended	12 Months Ended
	Sep. 02, 2011	Mar. 31, 2015	Dec. 27, 2011	Sep. 30, 2011	Sep. 30, 2011	Jun. 30, 2014
Notes Payable, Noncurrent		$2,762,000				$3,092,000
Century Medical [Member] | Notes Payable, Other Payables [Member]
Debt Instrument, Face Amount	4,000,000	4,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%
Debt Instrument, Unamortized Discount	1,600,000	500,000	1,600,000
Fair Value Inputs, Discount Rate	18.00%	18.00%
Deferred Revenue		500,000
Century Medical [Member]
Proceeds from Secured Notes Payable			2,000,000	2,000,000	2,000,000
Notes Payable, Fair Value Disclosure	2,400,000	2,600,000				3,100,000
Notes Payable, Noncurrent		2,800,000				3,100,000
Debt Issuance Cost		$1,200,000				$900,000

Note_9_Amended_Lease_Agreement2

Note 9 - Amended Lease Agreement (Details Textual) (USD $)	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2012
Restricted Cash and Cash Equivalents	$104,000	$104,000
Leasehold Improvements, Gross			100,000
Restricted Cash, Letter of Credit [Member]
Restricted Cash and Cash Equivalents	$100,000	$100,000

Note_9_Amended_Lease_Agreement3

Note 9 - Amended Lease Agreement - Future Minimum Lease Payments (Details) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
2015 (remaining three months)	$177
2016	932
2017	1,001
2018	1,032
2019	173
Total minimum lease payments	$3,315

Note_10_Reductions_in_Force_De

Note 10 - Reductions in Force (Details Textual) (USD $)	3 Months Ended	1 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Restructuring and Related Cost, Number of Positions Eliminated	24
Severance Costs	$300,000
Payments for Restructuring	100,000
Subsequent Event [Member]
Payments for Restructuring		$140,000

Note_10_Reductions_in_Force_Re

Note 10 - Reductions in Force - Restructuring Charges (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Restructuring charges recorded during the third quarter of 2015	$0.30
Cash paid	-0.1
Balance at March 31, 2015	$0.20