Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'CSII | ' |
Entity Registrant Name | 'CARDIOVASCULAR SYSTEMS INC | ' |
Entity Central Index Key | '0001180145 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 30,944,433 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $145,979 | $67,897 |
Accounts receivable, net | 19,493 | 14,730 |
Inventories | 11,889 | 6,243 |
Prepaid expenses and other current assets | 1,018 | 959 |
Total current assets | 178,379 | 89,829 |
Property and equipment, net | 3,420 | 2,999 |
Patents, net | 3,620 | 3,219 |
Debt conversion option and other assets | 70 | 850 |
Total assets | 185,489 | 96,897 |
Current liabilities | ' | ' |
Short-term borrowings | 3,600 | 5,095 |
Accounts payable | 11,329 | 7,230 |
Deferred grant incentive | 127 | 156 |
Accrued expenses | 14,009 | 9,932 |
Total current liabilities | 29,065 | 22,413 |
Long-term liabilities | ' | ' |
Long-term debt, net of current maturities | 0 | 7,472 |
Other liabilities | 112 | 180 |
Total long-term liabilities | 112 | 7,652 |
Total liabilities | 29,177 | 30,065 |
Commitments and contingencies | 0 | 0 |
Common stock, $0.001 par value; authorized 100,000,000 common shares at March 31, 2014 and June 30, 2013; issued and outstanding 30,879,514 at March 31, 2014 and 24,382,025 at June 30, 2013, respectively | 31 | 24 |
Additional paid in capital | 385,218 | 261,722 |
Common stock warrants | 0 | 8,361 |
Accumulated deficit | -228,937 | -203,275 |
Total stockholders’ equity | 156,312 | 66,832 |
Total liabilities and stockholders’ equity | $185,489 | $96,897 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Common stock, par value (in usd per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 30,879,514 | 24,382,025 |
Common stock, shares outstanding | 30,879,514 | 24,382,025 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | $34,945 | $26,474 | $97,048 | $75,076 |
Cost of goods sold | 7,749 | 6,241 | 21,926 | 17,453 |
Gross profit | 27,196 | 20,233 | 75,122 | 57,623 |
Expenses: | ' | ' | ' | ' |
Selling, general and administrative | 31,428 | 21,650 | 84,267 | 62,091 |
Research and development | 5,361 | 3,993 | 14,790 | 11,270 |
Total expenses | 36,789 | 25,643 | 99,057 | 73,361 |
Loss from operations | -9,593 | -5,410 | -23,935 | -15,738 |
Interest and other, net | -119 | -809 | -1,727 | -1,458 |
Net loss and comprehensive loss | ($9,712) | ($6,219) | ($25,662) | ($17,196) |
Net loss and comprehensive loss per common share: | ' | ' | ' | ' |
Basic and Diluted (in usd per share) | ($0.32) | ($0.29) | ($0.94) | ($0.82) |
Weighted average common shares used in computation: | ' | ' | ' | ' |
Basic and Diluted (in shares) | 30,368,685 | 21,488,879 | 27,411,237 | 20,857,124 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Net loss | ($25,662) | ($17,196) |
Adjustments to reconcile net loss to net cash used in operations | ' | ' |
Depreciation of property and equipment | 895 | 638 |
Amortization and write-off of patents | 138 | 144 |
Provision for doubtful accounts | 290 | 155 |
Amortization of (premium) discount on debt, net | 137 | -45 |
Debt conversion and valuation of conversion options, net | 716 | 343 |
Stock-based compensation | 7,682 | 5,316 |
Changes in assets and liabilities | ' | ' |
Accounts receivable | -5,053 | -1,698 |
Inventories | -5,646 | 265 |
Prepaid expenses and other assets | 264 | 981 |
Accounts payable | 3,962 | 451 |
Accrued expenses and other liabilities | 3,981 | 1,282 |
Net cash used in operations | -18,296 | -9,364 |
Cash flows from investing activities | ' | ' |
Expenditures for property and equipment | -1,185 | -885 |
Costs incurred in connection with patents | -465 | -575 |
Net cash used in investing activities | -1,650 | -1,460 |
Cash flows from financing activities | ' | ' |
Proceeds from employee stock purchase plan | 1,291 | 761 |
Exercise of stock options and warrants | 16,218 | 5,345 |
Proceeds from the issuance of common stock, net of issuance costs | 84,369 | 38,221 |
Proceeds from short-term borrowings | 4,800 | 4,500 |
Payments on debt | -8,650 | -3,600 |
Net cash provided by financing activities | 98,028 | 45,227 |
Net change in cash and cash equivalents | 78,082 | 34,403 |
Cash and cash equivalents | ' | ' |
Beginning of period | 67,897 | 35,529 |
End of period | $145,979 | $69,932 |
Business_Overview
Business Overview | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Business Overview | ' |
Business Overview | |
Company Description | |
Cardiovascular Systems, Inc. (the "Company") develops, manufactures and markets devices for the treatment of vascular diseases. The Company’s peripheral arterial disease products, the Stealth 360°® PAD System, Diamondback 360® PAD System, and Predator 360°® PAD System, are catheter-based platforms capable of treating a broad range of plaque types, including calcified plaque, in leg arteries both above and below the knee and address many of the limitations associated with existing treatment alternatives. In October 2013, the Company received premarket approval (“PMA”) from the FDA to market the Diamondback 360® Coronary Orbital Atherectomy System (“OAS”) as a treatment for severely calcified coronary arteries. The Company began a controlled commercial launch of the Diamondback 360® Coronary OAS following receipt of PMA approval. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||
Mar. 31, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Summary of Significant Accounting Policies | ' | |||
Summary of Significant Accounting Policies | ||||
Interim Financial Statements | ||||
The Company prepared the unaudited interim consolidated financial statements and related unaudited financial information in the footnotes in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. The year-end consolidated balance sheet was derived from the Company’s audited consolidated financial statements, but does not include all disclosures as required by GAAP. These interim consolidated financial statements reflect all adjustments consisting of normal recurring accruals, which, in the opinion of management, are necessary to state fairly the Company’s consolidated financial position, the results of its operations and its cash flows for the interim periods. These interim consolidated financial statements should be read in conjunction with the consolidated annual financial statements and the notes thereto included in the Form 10-K filed by the Company with the SEC on September 11, 2013. The nature of the Company’s business is such that the results of any interim period may not be indicative of the results to be expected for the entire year. | ||||
Fair Value of Financial Instruments | ||||
Under ASC 820-10 "Fair Value Measurements and Disclosures," fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. ASC 820-10 also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the factors market participants would use in valuing the asset or liability that are developed based upon the best information available in the circumstances | ||||
ASC 820-10 classifies inputs into the following hierarchy: | ||||
• | Level 1 Inputs — quoted prices in active markets for identical assets and liabilities | |||
• | Level 2 Inputs — observable inputs other than quoted prices in active markets for identical assets and liabilities | |||
• | Level 3 Inputs — unobservable inputs | |||
The following table sets forth the fair value of the Company’s financial instruments that were measured on a recurring basis as of March 31, 2014. Assets are measured on a recurring basis if they are remeasured at least annually: | ||||
Level 3 | ||||
Conversion | ||||
Option | ||||
Balance at June 30, 2013 | $ | 716 | ||
Conversion of convertible notes | (655 | ) | ||
Change in conversion option valuation | (61 | ) | ||
Balance at March 31, 2014 | $ | — | ||
The fair value of the debt conversion option is related to the loan and security agreement with Partners for Growth III, L.P. (described in Note 4) and is included as a component of debt conversion option and other assets on the balance sheet as of June 30, 2013. The Monte Carlo option pricing model was used to determine the value of the debt conversion option and included various inputs such as expected volatility, stock price simulations, and assessed behavior of the Company and Partners for Growth based on those simulations. Based upon these inputs, the Company determined the conversion option to be a Level 3 investment. Significant increases (decreases) in any of these inputs in isolation would result in a significantly higher (lower) fair value measurement. As of March 31, 2014, there was no balance for the debt conversion option asset as all of the associated convertible debt was converted. | ||||
As of March 31, 2014, the Company believes that the carrying amounts of its other financial instruments, including accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the short-term maturities of these instruments. | ||||
Use of Estimates | ||||
The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||
Stock-Based Compensation | ||||
The Company recognizes stock-based compensation expense in an amount equal to the fair value of share-based payments computed at the date of grant. The fair value of all restricted stock awards are expensed in the consolidated statements of operations ratably over the related vesting period. | ||||
Revenue Recognition | ||||
The Company sells the majority of its products via direct shipment to hospitals or clinics. The Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists; delivery has occurred; the sales price is fixed or determinable; and collectability is reasonably assured. The Company records estimated sales returns, discounts and rebates as a reduction of net sales in the same period revenue is recognized. | ||||
Costs related to products delivered are recognized in the period revenue is recognized. Cost of goods sold consists primarily of raw materials, direct labor, and manufacturing overhead. |
Selected_Consolidated_Financia
Selected Consolidated Financial Statement Information | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||
Selected Consolidated Financial Statement Information | ' | |||||||
Selected Consolidated Financial Statement Information | ||||||||
March 31, 2014 | June 30, 2013 | |||||||
Accounts receivable | $ | 20,195 | $ | 15,188 | ||||
Less: Allowance for doubtful accounts | (702 | ) | (458 | ) | ||||
Total accounts receivable | $ | 19,493 | $ | 14,730 | ||||
March 31, 2014 | June 30, 2013 | |||||||
Raw materials | $ | 5,309 | $ | 2,477 | ||||
Work in process | 1,021 | 688 | ||||||
Finished goods | 5,559 | 3,078 | ||||||
Total inventories | $ | 11,889 | $ | 6,243 | ||||
March 31, 2014 | June 30, 2013 | |||||||
Salaries and bonus | $ | 4,677 | $ | 2,038 | ||||
Commissions | 5,303 | 4,956 | ||||||
Accrued vacation | 2,570 | 2,151 | ||||||
Other | 1,459 | 787 | ||||||
Total accrued expenses | $ | 14,009 | $ | 9,932 | ||||
Debt
Debt | 9 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Debt | ' | ||||||
Debt | |||||||
Loan and Security Agreement with Silicon Valley Bank | |||||||
On March 29, 2010, the Company entered into an amended and restated loan and security agreement with Silicon Valley Bank. The agreement was amended on December 27, 2011 to increase the size of the facility, and subsequently amended on June 29, 2012 to modify financial covenants and reduce the interest rate and other fees, and on May 10, 2013 to modify financial covenants. The agreement, as amended, includes a $12,000 term loan and a $15,000 line of credit. The terms of each of these loans are as follows: | |||||||
• | The $12,000 term loan has an initial interest rate of 8.0%, which can be reduced to 7.0% based on the achievement of positive EBITDA for the trailing six month period. The term loan has a maturity of 36 months, with repayment terms that include interest only payments during the first six months, followed by 30 equal principal payments of $400 plus interest, and a final payment of $100 due at maturity. This term loan also includes an acceleration provision that requires the Company to pay the entire outstanding balance, plus a penalty ranging from 1.0% to 3.0% of the commitment amount, upon prepayment or the occurrence and continuance of an event of default. The balance outstanding on the term loan at March 31, 2014 and June 30, 2013 was $0 and $7,017, respectively, net of the unamortized discount associated with warrants issued to Silicon Valley Bank in connection with the loan. | ||||||
• | The $15,000 line of credit expires on June 30, 2014 and has a floating interest rate equal to the Wall Street Journal’s prime rate, plus 1.25%, with an interest rate floor of 4.5%. Interest on borrowings is due monthly and the principal balance is due at maturity. Borrowings on the line of credit are based on 85% of eligible accounts. Accounts receivable receipts are deposited into a lockbox account in the name of Silicon Valley Bank. The line of credit is subject to non-use fees, annual fees, and cancellation fees. The balance outstanding on the line of credit at March 31, 2014 and June 30, 2013 was $3,600 and $0, respectively. During the quarter ended December 31, 2013, the Company paid the remaining balance on the term loan with funds from the line of credit. | ||||||
Borrowings from Silicon Valley Bank are secured by all of the Company’s assets. The borrowings are subject to prepayment penalties and financial covenants, including maintaining certain liquidity and fixed charge coverage ratios. Any non-compliance by the Company under the terms of debt arrangements could result in an event of default under the Silicon Valley Bank loan, which, if not cured, could result in the acceleration of this debt. The Company was in compliance with all financial covenants as of March 31, 2014. | |||||||
Loan and Security Agreement with Partners for Growth | |||||||
On April 14, 2010, the Company entered into a loan and security agreement with Partners for Growth III, L.P. ("PFG"), as amended on August 23, 2011, December 27, 2011, June 30, 2012, and May 10, 2013. The amended agreement provides that PFG will make loans to the Company up to $5,000. The agreement has a maturity date of April 14, 2015. The loans bear interest at a floating per annum rate equal to 2.75% above Silicon Valley Bank’s prime rate, and such interest is payable monthly. The principal balance of and any accrued and unpaid interest on any notes are due on the maturity date and may not be prepaid by the Company at any time in whole or in part. As of March 31, 2014, there are no loans outstanding that PFG has provided the Company. | |||||||
At any time prior to the maturity date, PFG may, at its option, convert an outstanding loan into shares of the Company’s common stock at the applicable conversion price, which in each case equals the ten-day volume weighted average price per share of the Company’s common stock prior to the issuance date of each note. The Company may also effect at any time a mandatory conversion of amounts, subject to certain terms, conditions and limitations provided in the agreement, including a requirement that the ten-day volume weighted average price of the Company’s common stock prior to the date of conversion is at least 15% greater than the conversion price. The Company may reduce the conversion price to a price that represents a 15% discount to the ten-day volume weighted average price of its common stock to satisfy this condition and effect a mandatory conversion. The Company recorded an expense of $61 for the nine months ended March 31, 2014 related to the change in fair value of the conversion options on all outstanding loans. This amount is a component of interest and other, net on the accompanying statement of operations. As of March 31, 2014, there was no balance outstanding under the loan and security agreement and the remaining net unamortized premium associated with the loan, a beneficial conversion feature, and other fees paid to the lender was recorded as a component of interest and other, net on the accompanying statement of operations. | |||||||
For the nine months ended March 31, 2014, the noncash PFG loan conversion activity was as follows: | |||||||
Date of Conversion | Amount | Shares Issued | |||||
Converted | Upon Conversion | ||||||
14-Aug-13 | $ | 500 | 32,679 | ||||
15-Oct-13 | $ | 1,000 | 65,530 | ||||
23-Oct-13 | $ | 1,500 | 96,586 | ||||
13-Nov-13 | $ | 1,150 | 72,784 | ||||
3-Dec-13 | $ | 850 | 53,518 | ||||
Upon conversion of the PFG loans, the Company recorded a noncash write-off $253 of premiums related to the loans. Any loans are secured by certain of the Company’s assets, and the agreement contains customary covenants limiting the Company’s ability to, among other things, incur debt or liens, make certain investments and loans, effect certain redemptions of and declare and pay certain dividends on its stock, permit or suffer certain change of control transactions, dispose of collateral, or change the nature of its business. In addition, the PFG loan and security agreement contains financial covenants requiring the Company to maintain certain liquidity and fixed charge coverage ratios. The Company was in compliance with all financial covenants at March 31, 2014. If the Company does not comply with the various covenants, PFG may, subject to various customary cure rights, decline to provide additional loans, require amortization of any future loan over its remaining term, or require the immediate payment of all amounts outstanding under any future loan and foreclose on any or all collateral, depending on which financial covenants are not maintained. |
Equity_Offering
Equity Offering | 9 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Equity Offering | ' |
Equity Offering | |
On November 26, 2013, the Company, in a registered underwritten public offering, sold 3,000,000 shares of its common stock at $30.00 per share. Net proceeds to the Company, after deducting underwriting discounts, commissions, and expenses, were $84,369. |
Interest_and_Other_Net
Interest and Other, Net | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Interest and Other, Net | ' | |||||||||||||||
Interest and Other, Net | ||||||||||||||||
Interest and other, net, includes the following: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest expense, net of premium amortization | $ | (103 | ) | $ | (327 | ) | $ | (948 | ) | $ | (1,043 | ) | ||||
Interest income | 15 | 4 | 27 | 19 | ||||||||||||
Change in fair value of conversion options | — | 96 | (61 | ) | 208 | |||||||||||
Net write-offs upon conversion (option and premium amortization) | — | (551 | ) | (655 | ) | (551 | ) | |||||||||
Other | (31 | ) | (31 | ) | (90 | ) | (91 | ) | ||||||||
Total interest and other, net | $ | (119 | ) | $ | (809 | ) | $ | (1,727 | ) | $ | (1,458 | ) |
Stock_Options_and_Restricted_S
Stock Options and Restricted Stock Awards | 9 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock Options and Restricted Stock Awards | ' | ||||||
Stock Options and Restricted Stock Awards | |||||||
The Company has a 2007 Equity Incentive Plan (the “2007 Plan”) under which options to purchase common stock and restricted stock awards have been granted to employees, directors and consultants at exercise prices determined by the board of directors. Previously, options to purchase common stock and restricted stock awards were granted under the 1991 Stock Option Plan (the “1991 Plan”) and 2003 Stock Option Plan (the “2003 Plan”) (the 2007 Plan, the 1991 Plan and the 2003 Plan collectively, the “Plans”). The 1991 Plan and 2003 Plan permitted the granting of incentive stock options and nonqualified stock options. A total of 485,250 shares of common stock were originally reserved for issuance under the 1991 Plan, but with the approval of the 2003 Plan no additional options were granted under it. A total of 2,458,600 shares of common stock were originally reserved for issuance under the 2003 Plan, but with the approval of the 2007 Plan no additional options have been granted under it. | |||||||
The 2007 Plan originally allowed for the granting of up to 1,941,000 shares of common stock as approved by the Board of Directors in the form of nonqualified or incentive stock options, restricted stock awards, restricted stock unit awards, performance share awards, performance unit awards or stock appreciation rights to officers, directors, consultants and employees of the Company. The Plan was amended in February 2009 to increase the number of authorized shares to 2,509,969. Generally, options or shares granted under the 2007 Plan expire ten years from the date of grant and vest over three years. The amended 2007 Plan includes a renewal provision whereby the number of shares shall automatically be increased on the first day of each fiscal year ending on July 1, 2017, by the lesser of (i) 970,500 shares, (ii) 5% of the outstanding common shares on such date, or (iii) a lesser amount determined by the Board of Directors. On July 1, 2013, the number of shares available for grant was increased by 475,000 under the 2007 Plan renewal provision, which was 1.9% of shares outstanding at June 30, 2013. | |||||||
Stock Options | |||||||
All options granted under the Plans become exercisable over periods established at the date of grant. The option exercise price is generally not less than the estimated fair market value of the Company’s common stock at the date of grant, as determined by the Company’s management and Board of Directors. In addition, the Company has granted nonqualified stock options to a director outside of the Plans. An employee's vested options must be exercised at or within 90 days of termination to avoid forfeiture. As of March 31, 2014, all outstanding options were fully vested. | |||||||
Stock option activity for the nine months ended March 31, 2014 is as follows: | |||||||
Number of | Weighted | ||||||
Options(a) | Average | ||||||
Exercise Price | |||||||
Options outstanding at June 30, 2013 | 1,739,663 | $ | 9.79 | ||||
Options exercised | (811,854 | ) | $ | 9.38 | |||
Options outstanding at March 31, 2014 | 927,809 | $ | 10.16 | ||||
(a) Includes the effect of options granted, exercised, forfeited or expired from the 1991 Plan, 2003 Plan, 2007 Plan, and options granted outside the stock option plans described above. | |||||||
Restricted Stock | |||||||
The fair value of each restricted stock award is equal to the fair market value of the Company’s common stock at the date of grant. Vesting of restricted stock awards generally ranges from one to three years. The estimated fair value of restricted stock awards, including the effect of estimated forfeitures, is recognized on a straight-line basis over the restricted stock’s vesting period. | |||||||
On September 4, 2013, the Company granted performance based restricted stock awards to certain executives. The performance based awards included grants of an aggregate of 53,566 shares that vest based upon achievement of certain thresholds measuring total shareholder return during periods within fiscal 2014 compared to a pre-determined peer group of companies, and grants of an aggregate of 53,566 shares that vest based upon achievement of certain thresholds measuring annual revenue growth during fiscal 2014 compared to a pre-determined peer group of companies. | |||||||
Restricted stock award activity for the nine months ended March 31, 2014 is as follows: | |||||||
Number of | Weighted | ||||||
Shares | Average Fair | ||||||
Value | |||||||
Restricted stock awards outstanding at June 30, 2013 | 1,430,130 | $ | 10.78 | ||||
Restricted stock awards granted | 669,824 | $ | 20.64 | ||||
Restricted stock awards forfeited | (95,561 | ) | $ | 13.34 | |||
Restricted stock awards vested | (669,998 | ) | $ | 10.18 | |||
Restricted stock awards outstanding at March 31, 2014 | 1,334,395 | $ | 16.4 | ||||
Common_Stock_Warrants
Common Stock Warrants | 9 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Equity [Abstract] | ' | ||||||
Common Stock Warrants | ' | ||||||
Common Stock Warrants | |||||||
Common stock warrant activity for the nine months ended March 31, 2014 is as follows: | |||||||
Number of | Weighted | ||||||
Shares | Average | ||||||
Exercise Price | |||||||
Common stock warrants outstanding at June 30, 2013 | 2,091,718 | $ | 8.96 | ||||
Common stock warrants exercised | (2,063,904 | ) | $ | 8.9 | |||
Common stock warrants forfeited or expired | (27,814 | ) | $ | 13.44 | |||
Common stock warrants outstanding at March 31, 2014 | — | $ | — | ||||
Of the 2,063,904 warrants exercised during the nine months ended March 31, 2014, 1,097,837 were cashless transactions resulting in an increase of $4,325 to additional paid-in capital with a corresponding decrease to common stock warrants upon issuance of 753,640 shares of common stock. |
Commitment_and_Contingencies
Commitment and Contingencies | 9 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitment and Contingencies | ||||
Operating Leases | ||||
The Company leases manufacturing and office space and equipment under various lease agreements which expire at various dates through March 2020. Rental expenses were $1,000 and $1,024 for the nine months ended March 31, 2014 and 2013, respectively. | ||||
Future minimum lease payments under the agreements as of March 31, 2014 are as follows: | ||||
Three months ended June 30, 2014 | $ | 281 | ||
Fiscal 2015 | 1,138 | |||
Fiscal 2016 | 757 | |||
Fiscal 2017 | 467 | |||
Fiscal 2018 | 460 | |||
Thereafter | 805 | |||
$ | 3,908 | |||
Amounts payable under the Company’s Texas production facility lease are included in the amounts above. A portion of those rent payments may reduce the deferred grant incentive liability rather than being recorded as expense. See Note 10 for additional information. |
Texas_Production_Facility
Texas Production Facility | 9 Months Ended |
Mar. 31, 2014 | |
Production Facility [Abstract] | ' |
Texas Production Facility | ' |
Texas Production Facility | |
Effective on September 9, 2009, the Company entered into an agreement with the Pearland Economic Development Corporation (the “PEDC”) for the construction and lease of an approximately 46,000 square foot production facility located in Pearland, Texas. The facility primarily serves as an additional manufacturing location for the Company. | |
The Company and the PEDC entered into a Corporate Job Creation Agreement dated June 17, 2009, which was subsequently amended July 2, 2012. The Job Creation Agreement, as amended, provided the Company with $2,975 in net cash incentive funds. The Company believes it will be able to comply with the conditions specified in the amended agreement. The PEDC will provide the Company with an additional $425 of net cash incentive funds if: (1) the Company hires 125 full-time employees at the facility before June 30, 2015 and (2) maintains 125 employees at the facility through June 30, 2016. The Company had the opportunity to receive an additional $425 of net cash incentive funds upon hiring the 75th employee on or before March 31, 2014, but the Company did not achieve that incentive. | |
In order to retain all of the cash incentives, the Company must maintain no fewer than 25 jobs at the Texas facility through June 30, 2015. Failure to meet this requirement will result in an obligation to make reimbursement payments to the PEDC as outlined in the amended agreement. The Company will not have any reimbursement requirements after June 30, 2015. As of March 31, 2014, the Company was in compliance with all minimum requirements under the amended agreement. The Company believes it will be able to comply with the conditions specified in the amended agreement. | |
The Job Creation Agreement, as amended, also provided the Company with a net $1,020 award, of which $510 was received from the PEDC and the remainder is funded through the Texas Enterprise Fund program associated with the State of Texas. As of March 31, 2014, $340 has been received and the remaining $170 will be provided upon the hiring of the 75th full-time employee at the facility. The grant from the State of Texas is subject to reimbursement if the Company fails to meet certain job creation targets through 2014 and maintain these positions through 2020. | |
The Company has presented the net cash incentive funds as a current and long-term liability on the balance sheet. The liabilities are reduced through the term of the agreement and recorded as an offset to expenditures incurred using a systematic methodology. As of March 31, 2014, the deferred grant incentive liabilities have been reduced by $3,638 in cumulative expenses, resulting in a remaining current liability of $127. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
The following table presents a reconciliation of the numerators and denominators used in the basic and diluted earnings per common share computations: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator | ||||||||||||||||
Net loss | $ | (9,712 | ) | $ | (6,219 | ) | $ | (25,662 | ) | $ | (17,196 | ) | ||||
Denominator | ||||||||||||||||
Weighted average common shares – basic | 30,368,685 | 21,488,879 | 27,411,237 | 20,857,124 | ||||||||||||
Effect of dilutive stock options, warrants, convertible debt (a)(b)(c) | — | — | — | — | ||||||||||||
Weighted average common shares outstanding – diluted | 30,368,685 | 21,488,879 | 27,411,237 | 20,857,124 | ||||||||||||
Net loss per common share — basic and diluted | $ | (0.32 | ) | $ | (0.29 | ) | $ | (0.94 | ) | $ | (0.82 | ) | ||||
(a) | At March 31, 2014 and 2013, 0 and 2,291,812 warrants, respectively, were outstanding. The effect of the shares that would be issued upon exercise of these warrants has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. | |||||||||||||||
(b) | At March 31, 2014 and 2013, 927,809 and 1,828,332 stock options, respectively, were outstanding. The effect of the shares that would be issued upon exercise of these options has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. | |||||||||||||||
(c) | At March 31, 2014 and 2013, 0 and 321,102 additional shares of common stock were issuable upon the conversion of outstanding convertible debt agreements. The effect of the shares that would be issued upon conversion of these debt agreements has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||
Mar. 31, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Interim Financial Statements | ' | |||
Interim Financial Statements | ||||
The Company prepared the unaudited interim consolidated financial statements and related unaudited financial information in the footnotes in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. The year-end consolidated balance sheet was derived from the Company’s audited consolidated financial statements, but does not include all disclosures as required by GAAP. These interim consolidated financial statements reflect all adjustments consisting of normal recurring accruals, which, in the opinion of management, are necessary to state fairly the Company’s consolidated financial position, the results of its operations and its cash flows for the interim periods. These interim consolidated financial statements should be read in conjunction with the consolidated annual financial statements and the notes thereto included in the Form 10-K filed by the Company with the SEC on September 11, 2013. The nature of the Company’s business is such that the results of any interim period may not be indicative of the results to be expected for the entire year. | ||||
Fair Value of Financial Instruments | ' | |||
Fair Value of Financial Instruments | ||||
Under ASC 820-10 "Fair Value Measurements and Disclosures," fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. ASC 820-10 also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the factors market participants would use in valuing the asset or liability that are developed based upon the best information available in the circumstances | ||||
ASC 820-10 classifies inputs into the following hierarchy: | ||||
• | Level 1 Inputs — quoted prices in active markets for identical assets and liabilities | |||
• | Level 2 Inputs — observable inputs other than quoted prices in active markets for identical assets and liabilities | |||
• | Level 3 Inputs — unobservable inputs | |||
The following table sets forth the fair value of the Company’s financial instruments that were measured on a recurring basis as of March 31, 2014. Assets are measured on a recurring basis if they are remeasured at least annually: | ||||
Level 3 | ||||
Conversion | ||||
Option | ||||
Balance at June 30, 2013 | $ | 716 | ||
Conversion of convertible notes | (655 | ) | ||
Change in conversion option valuation | (61 | ) | ||
Balance at March 31, 2014 | $ | — | ||
The fair value of the debt conversion option is related to the loan and security agreement with Partners for Growth III, L.P. (described in Note 4) and is included as a component of debt conversion option and other assets on the balance sheet as of June 30, 2013. The Monte Carlo option pricing model was used to determine the value of the debt conversion option and included various inputs such as expected volatility, stock price simulations, and assessed behavior of the Company and Partners for Growth based on those simulations. Based upon these inputs, the Company determined the conversion option to be a Level 3 investment. Significant increases (decreases) in any of these inputs in isolation would result in a significantly higher (lower) fair value measurement. As of March 31, 2014, there was no balance for the debt conversion option asset as all of the associated convertible debt was converted. | ||||
As of March 31, 2014, the Company believes that the carrying amounts of its other financial instruments, including accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the short-term maturities of these instruments. | ||||
Use of Estimates | ' | |||
Use of Estimates | ||||
The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||
Stock-Based Compensation | ' | |||
Stock-Based Compensation | ||||
The Company recognizes stock-based compensation expense in an amount equal to the fair value of share-based payments computed at the date of grant. The fair value of all restricted stock awards are expensed in the consolidated statements of operations ratably over the related vesting period. | ||||
Revenue Recognition | ' | |||
Revenue Recognition | ||||
The Company sells the majority of its products via direct shipment to hospitals or clinics. The Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists; delivery has occurred; the sales price is fixed or determinable; and collectability is reasonably assured. The Company records estimated sales returns, discounts and rebates as a reduction of net sales in the same period revenue is recognized. | ||||
Costs related to products delivered are recognized in the period revenue is recognized. Cost of goods sold consists primarily of raw materials, direct labor, and manufacturing overhead. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||
Mar. 31, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Assets Measured on a Recurring Basis | ' | |||
The following table sets forth the fair value of the Company’s financial instruments that were measured on a recurring basis as of March 31, 2014. Assets are measured on a recurring basis if they are remeasured at least annually: | ||||
Level 3 | ||||
Conversion | ||||
Option | ||||
Balance at June 30, 2013 | $ | 716 | ||
Conversion of convertible notes | (655 | ) | ||
Change in conversion option valuation | (61 | ) | ||
Balance at March 31, 2014 | $ | — | ||
Selected_Consolidated_Financia1
Selected Consolidated Financial Statement Information (Tables) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||
Schedule of Accounts Receivable | ' | |||||||
March 31, 2014 | June 30, 2013 | |||||||
Accounts receivable | $ | 20,195 | $ | 15,188 | ||||
Less: Allowance for doubtful accounts | (702 | ) | (458 | ) | ||||
Total accounts receivable | $ | 19,493 | $ | 14,730 | ||||
Schedule of Inventory | ' | |||||||
March 31, 2014 | June 30, 2013 | |||||||
Raw materials | $ | 5,309 | $ | 2,477 | ||||
Work in process | 1,021 | 688 | ||||||
Finished goods | 5,559 | 3,078 | ||||||
Total inventories | $ | 11,889 | $ | 6,243 | ||||
Schedule of Accrued Expenses | ' | |||||||
March 31, 2014 | June 30, 2013 | |||||||
Salaries and bonus | $ | 4,677 | $ | 2,038 | ||||
Commissions | 5,303 | 4,956 | ||||||
Accrued vacation | 2,570 | 2,151 | ||||||
Other | 1,459 | 787 | ||||||
Total accrued expenses | $ | 14,009 | $ | 9,932 | ||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Summary of Loans Converted | ' | ||||||
For the nine months ended March 31, 2014, the noncash PFG loan conversion activity was as follows: | |||||||
Date of Conversion | Amount | Shares Issued | |||||
Converted | Upon Conversion | ||||||
14-Aug-13 | $ | 500 | 32,679 | ||||
15-Oct-13 | $ | 1,000 | 65,530 | ||||
23-Oct-13 | $ | 1,500 | 96,586 | ||||
13-Nov-13 | $ | 1,150 | 72,784 | ||||
3-Dec-13 | $ | 850 | 53,518 | ||||
Interest_and_Other_Net_Tables
Interest and Other, Net (Tables) | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Interest and Other, Net | ' | |||||||||||||||
Interest and other, net, includes the following: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest expense, net of premium amortization | $ | (103 | ) | $ | (327 | ) | $ | (948 | ) | $ | (1,043 | ) | ||||
Interest income | 15 | 4 | 27 | 19 | ||||||||||||
Change in fair value of conversion options | — | 96 | (61 | ) | 208 | |||||||||||
Net write-offs upon conversion (option and premium amortization) | — | (551 | ) | (655 | ) | (551 | ) | |||||||||
Other | (31 | ) | (31 | ) | (90 | ) | (91 | ) | ||||||||
Total interest and other, net | $ | (119 | ) | $ | (809 | ) | $ | (1,727 | ) | $ | (1,458 | ) |
Stock_Options_and_Restricted_S1
Stock Options and Restricted Stock Awards (Tables) | 9 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock Option Activity | ' | ||||||
Stock option activity for the nine months ended March 31, 2014 is as follows: | |||||||
Number of | Weighted | ||||||
Options(a) | Average | ||||||
Exercise Price | |||||||
Options outstanding at June 30, 2013 | 1,739,663 | $ | 9.79 | ||||
Options exercised | (811,854 | ) | $ | 9.38 | |||
Options outstanding at March 31, 2014 | 927,809 | $ | 10.16 | ||||
(a) Includes the effect of options granted, exercised, forfeited or expired from the 1991 Plan, 2003 Plan, 2007 Plan, and options granted outside the stock option plans described above. | |||||||
Restricted Stock Award Activity | ' | ||||||
Restricted stock award activity for the nine months ended March 31, 2014 is as follows: | |||||||
Number of | Weighted | ||||||
Shares | Average Fair | ||||||
Value | |||||||
Restricted stock awards outstanding at June 30, 2013 | 1,430,130 | $ | 10.78 | ||||
Restricted stock awards granted | 669,824 | $ | 20.64 | ||||
Restricted stock awards forfeited | (95,561 | ) | $ | 13.34 | |||
Restricted stock awards vested | (669,998 | ) | $ | 10.18 | |||
Restricted stock awards outstanding at March 31, 2014 | 1,334,395 | $ | 16.4 | ||||
Common_Stock_Warrants_Tables
Common Stock Warrants (Tables) | 9 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Equity [Abstract] | ' | ||||||
Common Stock Warrant Activity | ' | ||||||
Common stock warrant activity for the nine months ended March 31, 2014 is as follows: | |||||||
Number of | Weighted | ||||||
Shares | Average | ||||||
Exercise Price | |||||||
Common stock warrants outstanding at June 30, 2013 | 2,091,718 | $ | 8.96 | ||||
Common stock warrants exercised | (2,063,904 | ) | $ | 8.9 | |||
Common stock warrants forfeited or expired | (27,814 | ) | $ | 13.44 | |||
Common stock warrants outstanding at March 31, 2014 | — | $ | — | ||||
Commitment_and_Contingencies_T
Commitment and Contingencies (Tables) | 9 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
Future minimum lease payments under the agreements as of March 31, 2014 are as follows: | ||||
Three months ended June 30, 2014 | $ | 281 | ||
Fiscal 2015 | 1,138 | |||
Fiscal 2016 | 757 | |||
Fiscal 2017 | 467 | |||
Fiscal 2018 | 460 | |||
Thereafter | 805 | |||
$ | 3,908 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of Numerators and Denominators Used in Basic and Diluted Earnings Per Common Share Computations | ' | |||||||||||||||
The following table presents a reconciliation of the numerators and denominators used in the basic and diluted earnings per common share computations: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator | ||||||||||||||||
Net loss | $ | (9,712 | ) | $ | (6,219 | ) | $ | (25,662 | ) | $ | (17,196 | ) | ||||
Denominator | ||||||||||||||||
Weighted average common shares – basic | 30,368,685 | 21,488,879 | 27,411,237 | 20,857,124 | ||||||||||||
Effect of dilutive stock options, warrants, convertible debt (a)(b)(c) | — | — | — | — | ||||||||||||
Weighted average common shares outstanding – diluted | 30,368,685 | 21,488,879 | 27,411,237 | 20,857,124 | ||||||||||||
Net loss per common share — basic and diluted | $ | (0.32 | ) | $ | (0.29 | ) | $ | (0.94 | ) | $ | (0.82 | ) | ||||
(a) | At March 31, 2014 and 2013, 0 and 2,291,812 warrants, respectively, were outstanding. The effect of the shares that would be issued upon exercise of these warrants has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. | |||||||||||||||
(b) | At March 31, 2014 and 2013, 927,809 and 1,828,332 stock options, respectively, were outstanding. The effect of the shares that would be issued upon exercise of these options has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. | |||||||||||||||
(c) | At March 31, 2014 and 2013, 0 and 321,102 additional shares of common stock were issuable upon the conversion of outstanding convertible debt agreements. The effect of the shares that would be issued upon conversion of these debt agreements has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Assets Measured on Recurring Basis (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Balance at beginning of period | $716 |
Conversion of convertible notes | -655 |
Change in conversion option valuation | -61 |
Balance at end of period | $0 |
Selected_Consolidated_Financia2
Selected Consolidated Financial Statement Information (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable | ' | ' |
Accounts receivable | $20,195 | $15,188 |
Less: Allowance for doubtful accounts | -702 | -458 |
Total accounts receivable | 19,493 | 14,730 |
Inventories | ' | ' |
Raw materials | 5,309 | 2,477 |
Work in process | 1,021 | 688 |
Finished goods | 5,559 | 3,078 |
Total inventories | 11,889 | 6,243 |
Accrued Expenses | ' | ' |
Salaries and bonus | 4,677 | 2,038 |
Commissions | 5,303 | 4,956 |
Accrued vacation | 2,570 | 2,151 |
Other | 1,459 | 787 |
Total accrued expenses | $14,009 | $9,932 |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 29, 2010 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 29, 2012 | Mar. 29, 2010 | Mar. 29, 2010 | Mar. 29, 2010 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 29, 2010 | Apr. 14, 2010 | Mar. 31, 2014 | 10-May-13 | 10-May-13 | Mar. 31, 2014 | |
Silicon Valley Bank | Silicon Valley Bank | Silicon Valley Bank | Silicon Valley Bank | Silicon Valley Bank | Silicon Valley Bank | Silicon Valley Bank | Silicon Valley Bank | Silicon Valley Bank | Silicon Valley Bank | Partners For Growth | Partners For Growth | Partners For Growth | Partners For Growth | Interest and Other, Net [Member] | |||||
Term Loan from Bank | Term Loan from Bank | Term Loan from Bank | Term Loan from Bank | Term Loan from Bank | Term Loan from Bank | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Maximum | Partners For Growth | ||||||||
Installment | Minimum | Minimum | Maximum | Minimum | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings line of credit | ' | ' | ' | ' | $12,000,000 | ' | ' | ' | ' | ' | $15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Interest rate | ' | ' | ' | ' | 8.00% | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity time of term loan | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of principal payments | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final payment of debt | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Penalty on debt | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, outstanding balance | ' | ' | ' | ' | ' | 0 | 7,017,000 | ' | ' | ' | ' | 3,600,000 | 0 | ' | ' | 0 | ' | ' | ' |
Line of credit expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | 4.50% | ' | ' | ' | ' | ' |
Borrowings line of credit eligible accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Loan and security agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' |
Floating interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' |
Number of days for determination of price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 days | ' | ' | ' | ' |
Reduce in conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' |
Change in fair value of conversion option | 0 | 96,000 | -61,000 | 208,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -61,000 |
Debt conversion, noncash write-off of debt premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' |
Debt_Summary_of_Loans_Converte
Debt - Summary of Loans Converted (Details) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
14-Aug-13 | ' |
Debt [Line Items] | ' |
Amount Converted | $500 |
Shares Issued Upon Conversion | 32,679 |
15-Oct-13 | ' |
Debt [Line Items] | ' |
Amount Converted | 1,000 |
Shares Issued Upon Conversion | 65,530 |
23-Oct-13 | ' |
Debt [Line Items] | ' |
Amount Converted | 1,500 |
Shares Issued Upon Conversion | 96,586 |
13-Nov-13 | ' |
Debt [Line Items] | ' |
Amount Converted | 1,150 |
Shares Issued Upon Conversion | 72,784 |
3-Dec-13 | ' |
Debt [Line Items] | ' |
Amount Converted | $850 |
Shares Issued Upon Conversion | 53,518 |
Equity_Offering_Equity_Offerin
Equity Offering Equity Offering (Details) (Public Offering, USD $) | 0 Months Ended |
In Thousands, except Share data, unless otherwise specified | Nov. 26, 2013 |
Public Offering | ' |
Subsidiary, Sale of Stock [Line Items] | ' |
Shares sold from offering | 3,000,000 |
Price per share (in usd per share) | $30 |
Net proceeds from offering | $84,369 |
Interest_and_Other_Net_Details
Interest and Other, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Interest expense, net of premium amortization | ($103) | ($327) | ($948) | ($1,043) |
Interest income | 15 | 4 | 27 | 19 |
Change in fair value of conversion options | 0 | 96 | -61 | 208 |
Net write-offs upon conversion (option and premium amortization) | 0 | -551 | -655 | -551 |
Other | -31 | -31 | -90 | -91 |
Total interest and other, net | ($119) | ($809) | ($1,727) | ($1,458) |
Stock_Options_and_Restricted_S2
Stock Options and Restricted Stock Awards (Details) | 9 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2014 | Sep. 04, 2013 | Jun. 30, 1991 | Jun. 30, 2003 | Feb. 28, 2009 | Jun. 30, 2007 | Jun. 30, 2013 | |
Restricted Stock | Restricted Stock | Performance Shares | 1991 Stock Option Plan | 2003 Stock Option Plan | 2007 Equity Incentive Plan | 2007 Equity Incentive Plan | 2007 Equity Incentive Plan | |
Minimum | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock approved | ' | ' | ' | 485,250 | 2,458,600 | 2,509,969 | ' | ' |
Shares of common stock granted | ' | ' | ' | ' | ' | ' | 1,941,000 | ' |
Expiration period of options or shares | ' | ' | ' | ' | ' | ' | '10 years | ' |
Vesting period | '1 year | '3 years | ' | ' | ' | ' | '3 years | ' |
Increase in number of shares | ' | ' | ' | ' | ' | 970,500 | ' | ' |
Percentage of common shares increased | ' | ' | ' | ' | ' | 5.00% | ' | ' |
Increase in number of shares available for grant | ' | ' | ' | ' | ' | ' | ' | 475,000 |
Percentage of outstanding shares | ' | ' | ' | ' | ' | ' | ' | 1.90% |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period On Basis Of Shareholder Return | ' | ' | 53,566 | ' | ' | ' | ' | ' |
Share based compensation arrangement by share based payment award equity instruments other than options grants in period on basis of annual revenue growth (in shares) | ' | ' | 53,566 | ' | ' | ' | ' | ' |
Stock_Options_and_Restricted_S3
Stock Options and Restricted Stock Awards - Stock Option Activity (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2014 | ||
Number of Options | ' | |
Options outstanding, balance at beginning of period (in shares) | 1,739,663 | [1] |
Options exercised (in shares) | -811,854 | [1] |
Options outstanding, balance at end of period (in shares) | 927,809 | |
Weighted Average Exercise Price | ' | |
Options outstanding at beginning of period (in usd per share) | $9.79 | |
Options exercised (in usd per share) | $9.38 | |
Options outstanding at end of period (in usd per share) | $10.16 | |
[1] | Includes the effect of options granted, exercised, forfeited or expired from the 1991 Plan, 2003 Plan, 2007 Plan, and options granted outside the stock option plans described above. |
Stock_Options_and_Restricted_S4
Stock Options and Restricted Stock Awards - Restricted Stock Award Activity (Details) (USD $) | 9 Months Ended | 0 Months Ended |
Mar. 31, 2014 | Sep. 04, 2013 | |
Restricted Stock | Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period On Basis Of Shareholder Return | ' | 53,566 |
Number of Shares | ' | ' |
Awards outstanding, balance at beginning of period (in shares) | 1,430,130 | ' |
Awards granted (in shares) | 669,824 | ' |
Awards forfeited (in shares) | -95,561 | ' |
Awards vested (in shares) | -669,998 | ' |
Awards outstanding, balance at end of period (in shares) | 1,334,395 | ' |
Weighted Average Fair Value | ' | ' |
Awards outstanding, balance at beginning of period (in usd per share) | $10.78 | ' |
Awards granted (in usd per share) | $20.64 | ' |
Awards forfeited (in usd per share) | $13.34 | ' |
Awards vested (in usd per share) | $10.18 | ' |
Awards outstanding, balance at end of period (in usd per share) | $16.40 | ' |
Share based compensation arrangement by share based payment award equity instruments other than options grants in period on basis of annual revenue growth (in shares) | ' | 53,566 |
Common_Stock_Warrants_Common_S
Common Stock Warrants - Common Stock Warrant Activity (Details) (Common Stock Warrants, USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Common Stock Warrants | ' |
Increase (Decrease) in Common Stock Warrants [Roll Forward] | ' |
Number of Shares, Common stock warrants outstanding, balance at beginning of period | 2,091,718 |
Number of Shares, Common stock warrants exercised | -2,063,904 |
Number of Shares, Common stock warrants forfeited or expired | -27,814 |
Number of Shares, Common stock warrants outstanding, balance at end of period | 0 |
Weighted Average Exercise Price, Common stock warrants outstanding, balance at beginning of period (in usd per share) | $8.96 |
Weighted Average Exercise Price, Common stock warrants exercised (in usd per share) | $8.90 |
Weighted Average Exercise Price, Common stock warrants forfeited or expired (in usd per share) | $13.44 |
Weighted Average Exercise Price, Common stock warrants outstanding, balance at end of period (in usd per share) | $0 |
Common_Stock_Warrants_Details
Common Stock Warrants (Details) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Class of Warrant or Right [Line Items] | ' |
Net Shares Issued Upon Warrant Exercise | 753,640 |
Common Stock Warrants | ' |
Class of Warrant or Right [Line Items] | ' |
Common stock warrants exercised (in shares) | 2,063,904 |
Adjustments to APIC (in shares) | 1,097,837 |
Adjustments to APIC | 4,325 |
Commitment_and_Contingencies_D
Commitment and Contingencies (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Lease expiration date | 31-Mar-20 | ' |
Rental expense | $1,000 | $1,024 |
Future Minimum Lease Payments: | ' | ' |
Three months ended June 30, 2014 | 281 | ' |
Fiscal 2015 | 1,138 | ' |
Fiscal 2016 | 757 | ' |
Fiscal 2017 | 467 | ' |
Fiscal 2018 | 460 | ' |
Thereafter | 805 | ' |
Future minimum lease payments | $3,908 | ' |
Texas_Production_Facility_Deta
Texas Production Facility (Details) (USD $) | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Jul. 02, 2012 | Jun. 17, 2009 | Mar. 31, 2014 | Jun. 30, 2013 | Sep. 09, 2009 |
Job | Employee | sqft | |||
Employee | |||||
Production Facility [Abstract] | ' | ' | ' | ' | ' |
Agreement lease with PEDC, number of square feet | ' | ' | ' | ' | 46,000 |
Corporate job creation agreement date | ' | 17-Jun-09 | ' | ' | ' |
Net cash incentive funds | $2,975 | ' | ' | ' | ' |
Cash incentive funds upon hiring of 125th full time employee at facility | 425 | ' | ' | ' | ' |
Number of employees to be maintained for grant of second cash incentive fund | 125 | ' | ' | ' | ' |
Cash Incentive Funds upon Hiring of Seventy Fifth Full Time Employee at Facility | 425 | ' | ' | ' | ' |
Maximum number of jobs maintained to retain cash incentive | 25 | ' | ' | ' | ' |
Net award related to job creation agreement | 1,020 | ' | ' | ' | ' |
Funded amount grant from state of Texas under Texas enterprise fund program | 510 | ' | ' | ' | ' |
Amount received of Texas enterprise fund program | ' | ' | 340 | ' | ' |
Remaining amount received of Texas enterprise fund program | ' | ' | 170 | ' | ' |
Number of Employees to be Maintained for Grant of First Cash Incentive Fund | 75 | ' | 75 | ' | ' |
Cumulative expenses | ' | ' | 3,638 | ' | ' |
Deferred grant incentive current liability | ' | ' | $127 | $156 | ' |
Earnings_Per_Share_EPS_Reconci
Earnings Per Share - EPS Reconciliation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Numerator | ' | ' | ' | ' | ||||
Net loss | ($9,712) | ($6,219) | ($25,662) | ($17,196) | ||||
Denominator | ' | ' | ' | ' | ||||
Weighted average common shares – basic | 30,368,685 | 21,488,879 | 27,411,237 | 20,857,124 | ||||
Effect of dilutive stock options, warrants, convertible debt (in shares) | 0 | [1],[2],[3] | 0 | [1],[2],[3] | 0 | [1],[2],[3] | 0 | [1],[2],[3] |
Weighted average common shares outstanding – diluted | 30,368,685 | 21,488,879 | 27,411,237 | 20,857,124 | ||||
Net loss per common share — basic and diluted (in usd per share) | ($0.32) | ($0.29) | ($0.94) | ($0.82) | ||||
[1] | At March 31, 2014 and 2013, 927,809 and 1,828,332 stock options, respectively, were outstanding. The effect of the shares that would be issued upon exercise of these options has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. | |||||||
[2] | At March 31, 2014 and 2013, 0 and 2,291,812 warrants, respectively, were outstanding. The effect of the shares that would be issued upon exercise of these warrants has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. | |||||||
[3] | At March 31, 2014 and 2013, 0 and 321,102 additional shares of common stock were issuable upon the conversion of outstanding convertible debt agreements. The effect of the shares that would be issued upon conversion of these debt agreements has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. |
Earnings_Per_Share_EPS_Reconci1
Earnings Per Share - EPS Reconciliation (Parenthetical) (Details) | 3 Months Ended | 9 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | ||||||
Earnings per share | ' | ' | ' | ' | ' | |||||
Number of outstanding stock options (in shares) | 927,809 | ' | 927,809 | ' | 1,739,663 | [1] | ||||
Number of anti-dilutive stock options, warrants and convertible debt (in shares) | 0 | [2],[3],[4] | 0 | [2],[3],[4] | 0 | [2],[3],[4] | 0 | [2],[3],[4] | ' | |
Warrant | ' | ' | ' | ' | ' | |||||
Earnings per share | ' | ' | ' | ' | ' | |||||
Number of outstanding warrants | 0 | 2,291,812 | 0 | 2,291,812 | ' | |||||
Stock Options | ' | ' | ' | ' | ' | |||||
Earnings per share | ' | ' | ' | ' | ' | |||||
Number of outstanding stock options (in shares) | 927,809 | 1,828,332 | 927,809 | 1,828,332 | ' | |||||
Convertible Debt Securities | ' | ' | ' | ' | ' | |||||
Earnings per share | ' | ' | ' | ' | ' | |||||
Number of anti-dilutive stock options, warrants and convertible debt (in shares) | ' | ' | 0 | 321,102 | ' | |||||
[1] | Includes the effect of options granted, exercised, forfeited or expired from the 1991 Plan, 2003 Plan, 2007 Plan, and options granted outside the stock option plans described above. | |||||||||
[2] | At March 31, 2014 and 2013, 927,809 and 1,828,332 stock options, respectively, were outstanding. The effect of the shares that would be issued upon exercise of these options has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. | |||||||||
[3] | At March 31, 2014 and 2013, 0 and 2,291,812 warrants, respectively, were outstanding. The effect of the shares that would be issued upon exercise of these warrants has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. | |||||||||
[4] | At March 31, 2014 and 2013, 0 and 321,102 additional shares of common stock were issuable upon the conversion of outstanding convertible debt agreements. The effect of the shares that would be issued upon conversion of these debt agreements has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. |