Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Aug. 22, 2014 | Dec. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Cardiovascular Systems Inc | ' | ' |
Entity Central Index Key | '0001180145 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $936,507,412 |
Entity Common Stock, Shares Outstanding | ' | 31,524,663 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $126,592 | $67,897 |
Accounts receivable, net | 21,383 | 14,730 |
Inventories | 12,890 | 6,243 |
Prepaid expenses and other current assets | 1,846 | 959 |
Total current assets | 162,711 | 89,829 |
Property and equipment, net | 15,297 | 2,999 |
Patents, net | 3,823 | 3,219 |
Debt conversion option and other assets | 70 | 850 |
Total assets | 181,901 | 96,897 |
Current liabilities | ' | ' |
Current maturities of long-term debt | 2,400 | 5,095 |
Accounts payable | 12,699 | 7,230 |
Accrued expenses | 14,630 | 10,088 |
Total current liabilities | 29,729 | 22,413 |
Long-term liabilities | ' | ' |
Long-term debt, net of current maturities | 0 | 7,472 |
Other liabilities | 117 | 180 |
Total long-term liabilities | 117 | 7,652 |
Total liabilities | 29,846 | 30,065 |
Commitments and contingencies | ' | ' |
Common stock, $0.001 par value at June 30, 2014 and 2013; authorized 100,000,000 common shares at June 30, 2014 and 2013; issued and outstanding 31,084,742 at June 30, 2014 and 24,382,025 at June 30, 2013 | 31 | 24 |
Additional paid in capital | 390,589 | 261,722 |
Common stock warrants | 0 | 8,361 |
Accumulated deficit | -238,565 | -203,275 |
Total stockholders’ equity | 152,055 | 66,832 |
Total liabilities and stockholders’ equity | $181,901 | $96,897 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
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 | 31,084,742 | 24,382,025 |
Common stock, shares outstanding | 31,084,742 | 24,382,025 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||
Income Statement [Abstract] | ' | ' | ' | ||
Revenues | $136,612 | $103,897 | $82,490 | ||
Cost of goods sold | 31,041 | 24,382 | 19,216 | ||
Gross profit | 105,571 | 79,515 | 63,274 | ||
Expenses: | ' | ' | ' | ||
Selling, general and administrative | 117,994 | 86,718 | 66,366 | ||
Research and development | 21,066 | 15,216 | 11,374 | ||
Total expenses | 139,060 | 101,934 | 77,740 | ||
Loss from operations | -33,489 | -22,419 | -14,466 | ||
Interest and other, net | -1,801 | -1,618 | -2,324 | ||
Net loss | ($35,290) | ($24,037) | ($16,790) | ||
Net loss per common share: | ' | ' | ' | ||
Basic and diluted (in usd per share) | ($1.25) | [1] | ($1.11) | [1] | ($0.93) |
Weighted average common shares used in computation: | ' | ' | ' | ||
Basic and diluted (in shares) | 28,295,758 | 21,685,932 | 18,035,635 | ||
[1] | The summation of quarterly per share data may not equate to the calculation for the full fiscal year as quarterly calculations are performed on a discrete basis. |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity and Comprehensive Loss (USD $) | Total | Common Stock | Additional Paid In Capital | Warrants | Accumulated Deficit | Comprehensive Loss |
In Thousands, except Share data | ||||||
Beginning Balance at Jun. 30, 2011 | $21,635 | $17 | $174,157 | $9,909 | ($162,448) | ($11,125) |
Beginning Balance, Shares at Jun. 30, 2011 | ' | 16,987,068 | ' | ' | ' | ' |
Stock-based compensation related to restricted stock awards, net, Shares | ' | 564,068 | ' | ' | ' | ' |
Stock-based compensation related to restricted stock awards, net | 4,755 | 1 | 4,754 | ' | ' | ' |
Exercise of stock options and warrants, Shares | ' | 548,097 | ' | ' | ' | ' |
Exercise of stock options and warrants | 4,485 | 0 | 5,261 | -776 | ' | ' |
Issuance/expiration of common stock warrants | 497 | ' | 16 | 481 | ' | ' |
Employee Stock Purchase Plan Activity, Shares | ' | 170,000 | ' | ' | ' | ' |
Employee Stock Purchase Plan Activity | 2,118 | ' | 2,118 | ' | ' | ' |
Conversion of convertible debt, Shares | ' | 40,323 | ' | ' | ' | ' |
Conversion of convertible debt | 600 | ' | 600 | ' | ' | ' |
Sale of common stock net of issuance costs, Shares | ' | 1,780,000 | ' | ' | ' | ' |
Sale of common stock net of issuance costs | 14,889 | 2 | 14,887 | ' | ' | ' |
Net loss and comprehensive loss | -16,790 | ' | ' | ' | -16,790 | -16,790 |
Ending Balance at Jun. 30, 2012 | 32,189 | 20 | 201,793 | 9,614 | -179,238 | -16,790 |
Ending Balance, Shares at Jun. 30, 2012 | ' | 20,089,556 | ' | ' | ' | ' |
Stock-based compensation related to restricted stock awards, net, Shares | ' | 799,465 | ' | ' | ' | ' |
Stock-based compensation related to restricted stock awards, net | 7,241 | 1 | 7,240 | ' | ' | ' |
Exercise of stock options and warrants, Shares | ' | 681,889 | ' | ' | ' | ' |
Exercise of stock options and warrants | 5,927 | 1 | 7,179 | -1,253 | ' | ' |
Employee Stock Purchase Plan Activity, Shares | ' | 180,000 | ' | ' | ' | ' |
Employee Stock Purchase Plan Activity | 2,403 | ' | 2,403 | ' | ' | ' |
Conversion of convertible debt, Shares | ' | 331,115 | ' | ' | ' | ' |
Conversion of convertible debt | 4,900 | ' | 4,900 | ' | ' | ' |
Sale of common stock net of issuance costs, Shares | ' | 2,300,000 | ' | ' | ' | ' |
Sale of common stock net of issuance costs | 38,209 | 2 | 38,207 | ' | ' | ' |
Net loss and comprehensive loss | -24,037 | ' | ' | ' | -24,037 | -24,037 |
Ending Balance at Jun. 30, 2013 | 66,832 | 24 | 261,722 | 8,361 | -203,275 | -24,037 |
Ending Balance, Shares at Jun. 30, 2013 | ' | 24,382,025 | ' | ' | ' | ' |
Stock-based compensation related to restricted stock awards, net, Shares | ' | 695,968 | ' | ' | ' | ' |
Stock-based compensation related to restricted stock awards, net | 10,084 | 1 | 10,083 | ' | ' | ' |
Exercise of stock options and warrants, Shares | ' | 2,535,813 | ' | ' | ' | ' |
Exercise of stock options and warrants | 16,262 | 3 | 24,528 | -8,269 | ' | ' |
Expiration of common stock warrants | ' | ' | 92 | -92 | ' | ' |
Employee Stock Purchase Plan Activity, Shares | ' | 149,839 | ' | ' | ' | ' |
Employee Stock Purchase Plan Activity | 4,546 | ' | 4,546 | ' | ' | ' |
Conversion of convertible debt, Shares | ' | 321,097 | ' | ' | ' | ' |
Conversion of convertible debt | 5,252 | ' | 5,252 | ' | ' | ' |
Sale of common stock net of issuance costs, Shares | ' | 3,000,000 | ' | ' | ' | ' |
Sale of common stock net of issuance costs | 84,369 | 3 | 84,366 | ' | ' | ' |
Net loss and comprehensive loss | -35,290 | ' | ' | ' | -35,290 | -35,290 |
Ending Balance at Jun. 30, 2014 | $152,055 | $31 | $390,589 | $0 | ($238,565) | ($35,290) |
Ending Balance, Shares at Jun. 30, 2014 | ' | 31,084,742 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity and Comprehensive Loss (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Lower range of exercise of stock options and warrants (in usd per share) | $5.01 | $7.90 | $7.90 |
Upper range of exercise of stock options and warrants (in usd per share) | $18.55 | $13.98 | $12.15 |
Issuance costs | $5,631 | $2,125 | $1,131 |
Common Stock | ' | ' | ' |
Lower range of exercise of stock options and warrants (in usd per share) | $5.01 | $7.90 | $7.90 |
Upper range of exercise of stock options and warrants (in usd per share) | $18.55 | $13.98 | $12.15 |
Issuance costs | 5,631 | 2,125 | 1,131 |
Additional Paid In Capital | ' | ' | ' |
Lower range of exercise of stock options and warrants (in usd per share) | $5.01 | $7.90 | $7.90 |
Upper range of exercise of stock options and warrants (in usd per share) | $18.55 | $13.98 | $12.15 |
Issuance costs | $5,631 | $2,125 | $1,131 |
Warrants | ' | ' | ' |
Lower range of exercise of stock options and warrants (in usd per share) | $5.01 | $7.90 | $7.90 |
Upper range of exercise of stock options and warrants (in usd per share) | $18.55 | $13.98 | $12.15 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cash flows from operating activities | ' | ' | ' |
Net loss | ($35,290) | ($24,037) | ($16,790) |
Adjustments to reconcile net loss to net cash used in operations | ' | ' | ' |
Depreciation of property and equipment | 1,243 | 903 | 817 |
Provision for doubtful accounts | 65 | 195 | 60 |
Amortization of patents | 124 | 70 | 55 |
Write-off of patent costs | 64 | 130 | 162 |
Amortization of (premium) discount on debt, net | 137 | -59 | -68 |
Debt conversion and valuation of conversion options, net | 716 | 181 | 736 |
Stock-based compensation | 10,928 | 7,442 | 5,165 |
Other | 0 | 0 | 260 |
Changes in assets and liabilities | ' | ' | ' |
Accounts receivable | -6,718 | -1,281 | -391 |
Inventories | -6,647 | 818 | -1,243 |
Prepaid expenses and other assets | -564 | 925 | -379 |
Accounts payable | 4,624 | 1,484 | 269 |
Accrued expenses and other liabilities | 4,480 | 2,464 | 7 |
Net cash used in operations | -26,838 | -10,765 | -11,340 |
Cash flows from investing activities | ' | ' | ' |
Expenditures for property and equipment | -12,717 | -1,672 | -437 |
Patent acquisition costs | -702 | -783 | -538 |
Net cash used in investing activities | -13,419 | -2,455 | -975 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from the employee stock purchase plan | 3,371 | 1,752 | 1,418 |
Exercise of stock options and warrants | 16,262 | 5,927 | 4,428 |
Proceeds from borrowings | 4,800 | 4,500 | 7,885 |
Payments on borrowings | -9,850 | -4,800 | -1,935 |
Proceeds from sale of common stock, net of issuance costs | 84,369 | 38,209 | 14,889 |
Net cash provided by financing activities | 98,952 | 45,588 | 26,685 |
Net change in cash and cash equivalents | 58,695 | 32,368 | 14,370 |
Cash and cash equivalents | ' | ' | ' |
Beginning of period | 67,897 | 35,529 | 21,159 |
End of period | 126,592 | 67,897 | 35,529 |
Noncash investing and financing activities | ' | ' | ' |
Issuance and expiration of common stock warrants | 92 | 0 | 497 |
Beneficial conversion feature on convertible debt | 0 | 108 | 28 |
Equipment included in accounts payable | 825 | 66 | 160 |
Patent costs included in accounts payable | 90 | 43 | 0 |
Conversion of convertible debt | 5,252 | 4,900 | 600 |
Net exercise of common stock warrants | 4,322 | 1,130 | 335 |
Premium on convertible debt | 0 | 304 | 267 |
Supplemental cash flow information | ' | ' | ' |
Interest paid | $534 | $1,132 | $1,383 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Summary of Significant Accounting Policies | ' | |||
Summary of Significant Accounting Policies | ||||
Company Description | ||||
Cardiovascular Systems, Inc. (the "Company") was incorporated as Replidyne, Inc. ("Replidyne") in Delaware in 2000. On February 25, 2009, Replidyne completed its reverse merger with Cardiovascular Systems, Inc., a Minnesota corporation incorporated in 1989 (“CSI-MN”), in accordance with the terms of the Agreement and Plan of Merger and Reorganization, dated as of November 3, 2008 (the “Merger Agreement”). Pursuant to the Merger Agreement, CSI-MN continued after the merger as the surviving corporation and a wholly-owned subsidiary of Replidyne. At the effective time of the merger, Replidyne changed its name to Cardiovascular Systems, Inc. (“CSI”) and CSI-MN merged with and into CSI, with CSI continuing after the merger as the surviving corporation. These transactions are referred to herein as the “merger.” | ||||
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, the Diamondback 360® PAD System, and the 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. | ||||
Principles of Consolidation | ||||
The consolidated balance sheets, statements of operations, changes in stockholders’ equity and comprehensive loss, and cash flows include the accounts of the Company and its wholly-owned subsidiary, after elimination of all intercompany transactions and accounts. | ||||
Cash and Cash Equivalents | ||||
The Company considers all money market funds and other investments purchased with an original maturity of three months or less to be cash and cash equivalents. | ||||
Accounts Receivable and Allowance for Doubtful Accounts | ||||
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Customer credit terms are established prior to shipment with the general standard being net 30 days. Collateral or any other security to support payment of these receivables generally is not required. The Company maintains an allowance for doubtful accounts. This allowance is an estimate and is regularly evaluated by the Company for adequacy by taking into consideration factors such as past experience, credit quality of the customer base, age of the receivable balances, both individually and in the aggregate, and current economic conditions that may affect a customer’s ability to pay. Provisions for the allowance for doubtful accounts attributed to bad debt are recorded in general and administrative expenses. The following table shows the allowance for doubtful accounts activity (in thousands): | ||||
Amount | ||||
Balances at June 30, 2012 | $ | 392 | ||
Provision for doubtful accounts | 195 | |||
Write-offs | (129 | ) | ||
Balances at June 30, 2013 | 458 | |||
Provision for doubtful accounts | 65 | |||
Write-offs | (72 | ) | ||
Balances at June 30, 2014 | $ | 451 | ||
Inventories | ||||
Inventories are stated at the lower of cost or market with cost determined on a first-in, first-out (“FIFO”) method of valuation. The establishment of inventory allowances for excess and obsolete inventories is based on estimated exposure on specific inventory items. | ||||
Property and Equipment | ||||
Property and equipment is carried at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over estimated useful lives of five years for production equipment and furniture and fixtures; three years for computer equipment and software; and the shorter of their estimated useful lives or the lease term for leasehold improvements. Expenditures for maintenance and repairs and minor renewals and betterments which do not extend or improve the life of the respective assets are expensed as incurred. All other expenditures for renewals and betterments are capitalized. The assets and related depreciation accounts are adjusted for property retirements and disposals with the resulting gains or losses included in the consolidated statement of operations. | ||||
Patents | ||||
The capitalized costs incurred to obtain patents are amortized using the straight-line method over their remaining estimated lives. Patent amortization begins at the time of patent application approval, and does not exceed 20 years. The recoverability of capitalized patent costs is dependent upon the Company’s ability to derive revenue-producing products from such patents or the ultimate sale or licensing of such patent rights. Patents that are abandoned are written off at the time of abandonment. | ||||
Long-Lived Assets | ||||
The Company regularly evaluates the carrying value of long-lived assets for events or changes in circumstances that indicate that the carrying amount may not be recoverable or that the remaining estimated useful life should be changed. An impairment loss is recognized when the carrying amount of an asset exceeds the anticipated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded, if any, is calculated by the excess of the asset’s carrying value over its fair value. | ||||
Operating Leases | ||||
The Company leases manufacturing and office space under operating lease agreements. One lease contains rent escalation clauses for which the lease expense is recognized on a straight-line basis over the lease term. Rent expense that is recognized but not yet paid is included in other liabilities on the consolidated balance sheets. | ||||
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. | ||||
Costs related to products delivered are recognized in the period the revenue is recognized. Cost of goods sold consists primarily of raw materials, direct labor, and manufacturing overhead. | ||||
Warranty Costs | ||||
The Company provides its customers with the right to receive a replacement if a product is determined to be defective at the time of shipment. Warranty reserve provisions are estimated based on Company experience, volume, and expected warranty claims. Warranty reserve, provisions and claims were as follows (in thousands): | ||||
Amount | ||||
Balances at June 30, 2012 | $ | 103 | ||
Provision | 327 | |||
Claims | (314 | ) | ||
Balances at June 30, 2013 | 116 | |||
Provision | 308 | |||
Claims | (308 | ) | ||
Balances at June 30, 2014 | $ | 116 | ||
Income Taxes | ||||
Deferred income taxes are recorded to reflect the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts based on enacted tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | ||||
Developing a provision for income taxes, including the effective tax rate and the analysis of potential tax exposure items, if any, requires significant judgment and expertise in federal and state income tax laws, regulations and strategies, including the determination of deferred tax assets. The Company’s judgment and tax strategies are subject to audit by various taxing authorities. | ||||
Accounting guidance requires that accounting for uncertainty in income taxes is recognized in the financial statements. The guidance provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. The guidance also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | ||||
Research and Development Expenses | ||||
Research and development expenses include costs associated with the design, development, testing, enhancement and regulatory approval of the Company’s products. Research and development expenses include employee compensation (including stock-based compensation), supplies and materials, consulting expenses, patent amortization, travel and facilities overhead. The Company also incurs significant expenses to operate clinical trials, including trial design, third-party fees, clinical site reimbursement, data management and travel expenses. Research and development expenses are expensed as incurred. Approved patent applications are capitalized and amortized using the straight-line method over their remaining estimated lives. Patent amortization begins at the time of patent application approval, and does not exceed 20 years. | ||||
Concentration of Credit Risk | ||||
Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash balances primarily with one financial institution. These balances exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in cash and cash equivalents. | ||||
Fair Value of Financial Instruments | ||||
Under the authoritative guidance for fair value measurements, 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. The authoritative guidance 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 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 developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three levels defined as follows: | ||||
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 (in thousands): | ||||
Debt Conversion | ||||
Option | ||||
Balance at June 30, 2012 | $ | 484 | ||
Issuance of convertible notes | 413 | |||
Conversion of convertible notes | (551 | ) | ||
Change in conversion option valuation | 370 | |||
Balance at June 30, 2013 | 716 | |||
Conversion of convertible notes | (655 | ) | ||
Change in conversion option valuation | (61 | ) | ||
Balance at June 30, 2014 | $ | — | ||
The fair value of the debt conversion option is related to the loan and security agreement with Partners for Growth III. L.P. ("PFG") (described in Note 3) and is included as a component of debt conversion option and other assets on the balance sheet. 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 PFG 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 have resulted in a significantly higher (lower) fair value measurement. As of June 30, 2014, there was no balance for the debt conversion option asset as all of the associated convertible debt had been converted. | ||||
As of June 30, 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 accounting principles generally accepted in the United States of America 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 has stock-based compensation plans, which includes stock options, nonvested share awards, and an employee stock purchase plan. Fair value of option awards is determined using option-pricing models, fair value of nonvested share awards with market conditions is determined using the Monte Carlo simulation, and fair value of nonvested share awards that vest based upon performance or time conditions is determined by the closing market price of the Company's stock on the date of grant, as determined by management and the board of directors. Stock-based compensation expense is recognized ratably over the requisite service period for the awards expected to vest. | ||||
Recent Accounting Pronouncements | ||||
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in ASU 2013-11 require companies to present an unrecognized tax benefit, or a portion thereof, as a reduction to a deferred tax asset for a net operating loss ("NOL") carryforward or a similar tax loss or tax credit carryforward, unless the uncertain tax position is not available to reduce, or would not be used to reduce, the NOL or carryforward under the tax law in the same jurisdiction; otherwise, the unrecognized tax benefit should be presented as a gross liability and should not net the unrecognized tax benefit with a deferred tax asset. ASU 2013-11 is effective for annual periods beginning after December 15, 2013 and should be applied to all unrecognized tax benefits that exist as of the effective date. Companies may choose to apply this guidance retrospectively to each prior reporting period presented. The Company does not anticipate a material impact on its consolidated financial statements upon adoption. | ||||
In May 2014, the FASB issued ASU 2014-09, “Revenue From Customers With Contracts.” The guidance requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period, using one of two prescribed retrospective methods. Early adoption is not permitted. The Company is evaluating the impact of the amended revenue recognition guidance on its consolidated financial statements. | ||||
In June 2014, the FASB issued ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award | ||||
Provide That a Performance Target Could Be Achieved after the Requisite Service Period". The guidance requires that a | ||||
performance target that affects vesting and that could be achieved after the requisite service period should be treated as a | ||||
performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the | ||||
award. ASU 2014-12 is effective for annual and interim periods within the annual period beginning after December 15, 2015. The Company does not currently have share-based payment awards that fall within the scope of this standard therefore does not anticipate an impact on our consolidated financial statements upon adoption. |
Selected_Consolidated_Financia
Selected Consolidated Financial Statement Information | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||
Selected Consolidated Financial Statement Information | ' | |||||||
Selected Consolidated Financial Statement Information | ||||||||
Accounts Receivable | ||||||||
Accounts receivable consists of the following (in thousands): | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Accounts receivable | $ | 21,834 | $ | 15,188 | ||||
Less: Allowance for doubtful accounts | (451 | ) | (458 | ) | ||||
Total Accounts receivable | $ | 21,383 | $ | 14,730 | ||||
Inventories | ||||||||
Inventories consist of the following (in thousands): | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 5,879 | $ | 2,477 | ||||
Work in process | 855 | 688 | ||||||
Finished goods | 6,156 | 3,078 | ||||||
Total Inventories | $ | 12,890 | $ | 6,243 | ||||
Property and Equipment | ||||||||
Property and equipment consists of the following (in thousands): | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Land | $ | 500 | $ | — | ||||
Equipment | 6,436 | 5,783 | ||||||
Furniture | 626 | 490 | ||||||
Leasehold improvements | 233 | 217 | ||||||
Construction in progress | 11,499 | 131 | ||||||
19,294 | 6,621 | |||||||
Less: Accumulated depreciation and amortization | (3,997 | ) | (3,622 | ) | ||||
Total Property and equipment, net | $ | 15,297 | $ | 2,999 | ||||
In June 2014, the Company announced plans to build a new corporate headquarters in New Brighton, Minnesota. The 125,000-square-foot, two-story building will have space for more than 500 employees and contain dedicated research and development, training and education, and manufacturing facilities. Construction on the new facility is targeted to be completed in March 2015 and will replace the two current St. Paul, Minnesota leased facilities. Construction in progress primarily consists of costs associated with the new headquarters, including $9,128 required to be held in an escrow account which will be used to fund the final construction payments. See Note 10 for additional details. | ||||||||
Patents, net | ||||||||
Patents, net consist of the following (in thousands): | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Patents | $ | 4,529 | $ | 3,801 | ||||
Less: Accumulated amortization | (706 | ) | (582 | ) | ||||
Total Patents, net | $ | 3,823 | $ | 3,219 | ||||
As of June 30, 2014, future estimated amortization of patents and patent licenses is as follows (in thousands): | ||||||||
2015 | $ | 155 | ||||||
2016 | 149 | |||||||
2017 | 143 | |||||||
2018 | 139 | |||||||
2019 | 131 | |||||||
Thereafter | 3,106 | |||||||
$ | 3,823 | |||||||
This future amortization expense is an estimate. Actual amounts may vary from these estimated amounts due to additional intangible asset acquisitions, approval of patents-in-process, potential impairment, accelerated amortization or other events. | ||||||||
Accrued Expenses | ||||||||
Accrued expenses consist of the following (in thousands): | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Accrued expenses | ||||||||
Salaries and bonus | $ | 5,244 | $ | 2,038 | ||||
Commissions | 6,069 | 4,956 | ||||||
Accrued vacation | 2,843 | 2,151 | ||||||
Other | 474 | 943 | ||||||
Total Accrued expenses | $ | 14,630 | $ | 10,088 | ||||
Debt
Debt | 12 Months Ended | ||||||
Jun. 30, 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 ("SVB"). The agreement was amended on December 27, 2011 to increase outstanding borrowings, amended on June 29, 2012 to modify financial covenants and reduce the interest rate and other fees, amended on May 10, 2013 to modify financial covenants and amended on June 26, 2014 to extend the line of credit to September 30, 2014 and reduce the interest rate. 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 had an initial interest rate of 8.0%, which could have been reduced to 7.0% based on the achievement of positive EBITDA for the trailing six month period. The term loan had a maturity of 36 months, with repayment terms that included 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 included an acceleration provision that required 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 June 30, 2014 and 2013 was $0 and $7,017, respectively, net of the unamortized discount associated with warrants issued to SVB in connection with the loan. The unamortized discount associated with warrants and other fees paid to the lender were amortized over the 36 months maturity period. See Note 6 for additional information. The term loan expired on June 30, 2014. | ||||||
• | The $15,000 line of credit expires on September 30, 2014 and has a floating interest rate equal to the Wall Street Journal's prime rate. 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 SVB. The line of credit is subject to non-use fees, annual fees, and cancellation fees. During the quarter ended December 31, 2013, the Company paid the remaining balance on the term loan with funds from the line of credit. The balance outstanding on the line of credit at June 30, 2014 and 2013 was $2,400 and $0, respectively. | ||||||
Borrowings from SVB 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. The Company was in compliance with all financial covenants as of June 30, 2014. Any non-compliance by the Company under the terms of debt arrangements could result in an event of default under the SVB loan, which, if not cured, could result in the acceleration of this debt. | |||||||
Loan and Security Agreement with Partners for Growth | |||||||
On April 14, 2010, the Company entered into a loan and security agreement with 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 SVB'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 June 30, 2014, PFG had converted all outstanding loans. | |||||||
At any time prior to the maturity date, PFG may at its option convert any of the outstanding loans into shares of the Company's common stock at the applicable conversion price, which in each case equaled 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) benefit of $(61) and $370 for the years ended June 30, 2014 and 2013 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. The balance outstanding under the loan and security agreement at June 30, 2014 and 2013 was $0 and $5,000, respectively, including the net unamortized premium. The 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. | |||||||
During the years ended June 30, 2014 and 2013, PFG converted various loans, in accordance with the conversion terms set forth in the agreement. The non-cash conversion activity was as follows (in thousands, except share amounts): | |||||||
Date of Conversion | Amount Converted | Shares Issued Upon Conversion | |||||
1-Feb-13 | $ | 1,000 | 74,516 | ||||
7-Feb-13 | $ | 500 | 36,657 | ||||
11-Feb-13 | $ | 1,000 | 73,314 | ||||
20-Feb-13 | $ | 1,000 | 73,314 | ||||
21-Feb-13 | $ | 500 | 36,657 | ||||
26-Feb-13 | $ | 500 | 36,657 | ||||
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 of $252 and $400 of premiums related to the loans during the years ended June 30, 2014 and 2013, respectively. 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 June 30, 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. |
Interest_and_Other_Net
Interest and Other, Net | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Interest and Other, Net | ' | |||||||||||
Interest and Other, Net | ||||||||||||
Interest and other, net, includes the following (in thousands): | ||||||||||||
Year Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest expense, net of premium amortization | $ | (1,034 | ) | $ | (1,345 | ) | $ | (1,356 | ) | |||
Change in fair value of conversion options | (61 | ) | 370 | (554 | ) | |||||||
Net write-offs upon conversion (option and unamortized premium) | (655 | ) | (551 | ) | (182 | ) | ||||||
Other | (51 | ) | (92 | ) | (232 | ) | ||||||
Total Interest and other, net | $ | (1,801 | ) | $ | (1,618 | ) | $ | (2,324 | ) |
Equity_Offerings
Equity Offerings | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Equity Offerings | ' | ||||||||||
Equity Offerings | |||||||||||
The Company had the following registered underwritten public offerings: | |||||||||||
Offering Date | Shares Sold | Sale Price | Net Proceeds(1) | ||||||||
26-Nov-13 | 3,000,000 | $ | 30 | $ | 84,369 | ||||||
25-Mar-13 | 2,300,000 | $ | 17.6 | $ | 38,209 | ||||||
22-May-12 | 1,780,000 | $ | 9 | $ | 14,889 | ||||||
(1) Proceeds after deducting underwriting discounts, commissions and expenses (in thousands). |
Common_Stock_Warrants
Common Stock Warrants | 12 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Equity [Abstract] | ' | ||||||
Common Stock Warrants | ' | ||||||
Common Stock Warrants | |||||||
The following summarizes common stock warrant activity: | |||||||
Warrants | Price Range | ||||||
Outstanding | per Share | ||||||
Warrants outstanding at June 30, 2011 | 2,690,424 | $ | 8.78 - 61.30 | ||||
Issued | 82,856 | $ | 9.33 - 9.80 | ||||
Exercised | (313,239 | ) | $ | 8.78 - 8.83 | |||
Expired | (2,608 | ) | $ | 8.79 - 8.83 | |||
Warrants outstanding at June 30, 2012 | 2,457,433 | $ | 8.78 - 61.30 | ||||
Exercised | (362,861 | ) | $ | 8.83 - 9.80 | |||
Expired | (2,854 | ) | $ | — | |||
Warrants outstanding at June 30, 2013 | 2,091,718 | $ | 8.78 - 61.30 | ||||
Exercised | (2,063,904 | ) | $ | 8.78 - 9.33 | |||
Expired | (27,814 | ) | $ | 8.83 - 61.30 | |||
Warrants outstanding at June 30, 2014 | — | $ | — | ||||
There were no warrants issued during the years ended June 30, 2014 and 2013. The weighted average fair value per share of warrants issued during the year ended June 30, 2012 was $6.00. | |||||||
The aggregate intrinsic value of a warrant is the amount by which the market value of the underlying stock exceeds the exercise price of the warrant. The aggregate intrinsic value for warrants at June 30, 2013 and 2012 was $25,697, and $2,167, respectively. |
Stock_Options_and_Restricted_S
Stock Options and Restricted Stock Awards | 12 Months Ended | |||||||||||||||
Jun. 30, 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”), which was assumed from CSI-MN, 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; and also in connection with the merger the Company assumed options and restricted stock awards granted by CSI-MN under its 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 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 will be 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, 2014, the number of shares available for grant was increased by 834,134 under the 2007 Plan renewal provision, which was 2.7% of shares outstanding at June 30, 2014. | ||||||||||||||||
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. | ||||||||||||||||
Stock Options | ||||||||||||||||
Stock option activity is as follows: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Options(a) | Exercise Price | |||||||||||||||
Options outstanding at June 30, 2011 | 3,070,999 | $ | 10.54 | |||||||||||||
Exercised | (311,814 | ) | $ | 9.12 | ||||||||||||
Forfeited or expired | (387,987 | ) | $ | 13.11 | ||||||||||||
Options outstanding at June 30, 2012 | 2,371,198 | $ | 10.31 | |||||||||||||
Exercised | (533,954 | ) | $ | 11.59 | ||||||||||||
Forfeited or expired | (97,581 | ) | $ | 12.49 | ||||||||||||
Options outstanding at June 30, 2013 | 1,739,663 | $ | 9.79 | |||||||||||||
Exercised | (816,854 | ) | $ | 9.38 | ||||||||||||
Forfeited or expired | — | $ | — | |||||||||||||
Options outstanding at June 30, 2014 | 922,809 | $ | 10.16 | |||||||||||||
(a) Includes the effect of options granted, exercised, forfeited or expired from the 1991 Plan, 2003 Plan, 2007 Plan, 2006 Plan and options granted outside the stock option plans described above. | ||||||||||||||||
As of June 30, 2014, all options were fully vested. An employee’s vested options must be exercised at or within 90 days of termination to avoid forfeiture. The Company determined the fair value of options using the Black-Scholes option pricing model. The estimated fair value of options, including the effect of estimated forfeitures, was recognized as expense on a straight-line basis over the options’ vesting periods. There were no options granted during the years ended June 30, 2014, 2013 or 2012. | ||||||||||||||||
The aggregate intrinsic value of a stock option award is the amount by which the market value of the underlying stock exceeds the exercise price of the award. The aggregate intrinsic value for vested and outstanding options at June 30, 2014, 2013 and 2012, was $19,377, $19,842 and $1,624, respectively. The total aggregate intrinsic value of options exercised during the years ended June 30, 2014, 2013 and 2012, was $16,848, $1,712, and $770, respectively. Cash received from option exercises was $7,664, $5,691 and $2,845 for the years ended June 30, 2014, 2013 and 2012, respectively. Shares supporting option exercises are sourced from new share issuances. | ||||||||||||||||
Restricted Stock Awards | ||||||||||||||||
The fair value of each restricted stock award was equal to the fair market value of the Company’s common stock at the date of grant. Vesting of restricted stock awards range 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. | ||||||||||||||||
In August 2012, the Company granted performance based restricted stock awards to certain executives. The awards included grants of an aggregate of a maximum of 67,854 shares that vested based upon achievement of certain thresholds measuring total shareholder return during periods within fiscal 2013 compared to a pre-determined peer group of companies, and grants of an aggregate of a maximum of 67,854 shares that vested based upon achievement of certain thresholds measuring annual revenue growth during fiscal 2013 compared to a pre-determined peer group of companies. Both the total shareholder return and revenue growth performance measures exceeded the established thresholds for fiscal 2013. | ||||||||||||||||
In September 2013, the Company granted performance based restricted stock awards to certain executives. The awards included grants of an aggregate of a maximum 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 a maximum 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. The total shareholder return performance exceeded threshold for fiscal 2014 and we expect the revenue growth to exceed the threshold for fiscal 2014 as well. | ||||||||||||||||
Restricted stock award activity, including performance based awards, is as follows: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Shares | Grant Date | |||||||||||||||
Fair Value | ||||||||||||||||
Restricted stock awards outstanding at June 30, 2011 | 1,198,207 | $ | 6.39 | |||||||||||||
Granted | 817,878 | $ | 11.32 | |||||||||||||
Forfeited | (253,810 | ) | $ | 7.8 | ||||||||||||
Vested | (517,445 | ) | $ | 12.88 | ||||||||||||
Restricted stock awards outstanding at June 30, 2012 | 1,244,830 | $ | 9.08 | |||||||||||||
Granted | 880,282 | $ | 11.46 | |||||||||||||
Forfeited | (123,494 | ) | $ | 9.31 | ||||||||||||
Vested | (571,488 | ) | $ | 8.76 | ||||||||||||
Restricted stock awards outstanding at June 30, 2013 | 1,430,130 | $ | 10.78 | |||||||||||||
Granted | 741,039 | $ | 21.28 | |||||||||||||
Forfeited | (106,742 | ) | $ | 14.04 | ||||||||||||
Vested | (788,024 | ) | $ | 10.47 | ||||||||||||
Restricted stock awards outstanding at June 30, 2014 | 1,276,403 | $ | 17.37 | |||||||||||||
Total fair value of restricted stock that vested during fiscal 2014, 2013 and 2012 was $8,252, $5,006, and $3,625, respectively. Estimated pre-vesting forfeitures are considered in determining stock-based compensation expense. As of June 30, 2014, 2013 and 2012, the Company estimated its weighted average forfeiture rate at 17.5%, 11.5% and 11.6%, respectively. As of June 30, 2014, there was approximately $13,956 of total unrecognized compensation expense, net of the effect of estimated forfeitures, related to nonvested restricted stock awards which is expected to be recognized over a weighted-average period of 2.04 years. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
The Company grants restricted stock units to members of the Board of Directors. Restricted stock units represent the right to receive payment in the form of shares of the Company’s common stock or in cash at the Company’s option. Restricted stock unit payments would occur within 30 days following the six month anniversary of the date that the director ceases to serve on the Board. The estimated fair value of restricted stock awards is recognized on a straight-line basis over the vesting period. | ||||||||||||||||
Restricted stock unit activity is as follows: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Shares | Grant Date | |||||||||||||||
Fair Value | ||||||||||||||||
Restricted stock units outstanding at June 30, 2011 | 237,719 | $ | 6.51 | |||||||||||||
Granted | 50,344 | $ | 13.91 | |||||||||||||
Forfeited | (3,596 | ) | $ | 13.91 | ||||||||||||
Restricted stock units outstanding at June 30, 2012 | 284,467 | $ | 7.67 | |||||||||||||
Granted | 70,883 | $ | 9.41 | |||||||||||||
Converted to common stock | (42,677 | ) | $ | 7.03 | ||||||||||||
Restricted stock units outstanding at June 30, 2013 | 312,673 | $ | 8.15 | |||||||||||||
Granted | 45,228 | $ | 21.87 | |||||||||||||
Converted to common stock | (61,770 | ) | $ | 8.9 | ||||||||||||
Restricted stock units outstanding at June 30, 2014 | 296,131 | $ | 10.09 | |||||||||||||
Stock-Based Compensation Expense | ||||||||||||||||
The following amounts were recognized as stock-based compensation expense in the consolidated statements of operations for the year ended June 30, 2014: | ||||||||||||||||
Restricted | Employee Stock Purchase Plan | Restricted | Total | |||||||||||||
Stock | Stock | |||||||||||||||
Awards | Units | |||||||||||||||
Cost of goods sold | $ | 576 | $ | 91 | $ | — | $ | 667 | ||||||||
Selling, general and administrative | 7,403 | 998 | 770 | 9,171 | ||||||||||||
Research and development | 1,003 | 87 | — | 1,090 | ||||||||||||
Total | $ | 8,982 | $ | 1,176 | $ | 770 | $ | 10,928 | ||||||||
The following amounts were recognized as stock-based compensation expense in the consolidated statements of operations for the year ended June 30, 2013: | ||||||||||||||||
Restricted | Employee Stock Purchase Plan | Restricted | Total | |||||||||||||
Stock | Stock | |||||||||||||||
Awards | Units | |||||||||||||||
Cost of goods sold | $ | 392 | $ | 35 | $ | — | $ | 427 | ||||||||
Selling, general and administrative | 4,954 | 596 | 667 | 6,217 | ||||||||||||
Research and development | 780 | 18 | — | 798 | ||||||||||||
Total | $ | 6,126 | $ | 649 | $ | 667 | $ | 7,442 | ||||||||
The following amounts were recognized as stock-based compensation expense in the consolidated statements of operations for the year ended June 30, 2012: | ||||||||||||||||
Restricted Stock Awards | Employee Stock Purchase Plan | Restricted | Total | |||||||||||||
Stock | ||||||||||||||||
Units | ||||||||||||||||
Cost of goods sold | $ | 256 | $ | 40 | $ | — | $ | 296 | ||||||||
Selling, general and administrative | 3,105 | 621 | 669 | 4,395 | ||||||||||||
Research and development | 439 | 35 | — | 474 | ||||||||||||
Total | $ | 3,800 | $ | 696 | $ | 669 | $ | 5,165 | ||||||||
Shares Available for Grant | ||||||||||||||||
The following summarizes shares available for grant under the Company’s 2007 Plan: | ||||||||||||||||
Shares available for grant at June 30, 2011(a) | 50,723 | |||||||||||||||
Reserved | 849,353 | |||||||||||||||
Granted | (868,222 | ) | ||||||||||||||
Forfeited, expired or cancelled | 581,447 | |||||||||||||||
Shares available for grant at June 30, 2012(a) | 613,301 | |||||||||||||||
Reserved | 450,000 | |||||||||||||||
Granted | (951,165 | ) | ||||||||||||||
Forfeited, expired or cancelled | 211,155 | |||||||||||||||
Shares available for grant at June 30, 2013(a) | 323,291 | |||||||||||||||
Reserved | 475,000 | |||||||||||||||
Granted | (786,267 | ) | ||||||||||||||
Forfeited, expired or cancelled | 106,742 | |||||||||||||||
Shares available for grant at June 30, 2014(a) | 118,766 | |||||||||||||||
(a) | Excludes the effect of shares granted, exercised, forfeited or expired related to activity from shares granted outside the stock option plans described above. Excludes share forfeitures from grants not under the 2007 Plan. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
Income Taxes | ||||||||
The components of the Company’s overall deferred tax assets and liabilities are as follows (in thousands): | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Deferred tax assets | ||||||||
Stock-based compensation | $ | 4,135 | $ | 5,202 | ||||
Accrued expenses | 1,779 | 1,403 | ||||||
Inventories | 639 | 825 | ||||||
Depreciation and amortization | 266 | 221 | ||||||
Other | 238 | 301 | ||||||
Research and development credit carryforwards | 3,825 | 3,299 | ||||||
Net operating loss carryforwards | 57,817 | 53,560 | ||||||
Total deferred tax assets | 68,699 | 64,811 | ||||||
Valuation allowance | (68,699 | ) | (64,811 | ) | ||||
Net deferred tax assets | $ | — | $ | — | ||||
The Company has established valuation allowances to fully offset its deferred tax assets due to the uncertainty about the Company’s ability to generate the future taxable income necessary to realize these deferred assets, particularly in light of the Company’s historical losses. The future use of net operating loss carryforwards is dependent on the Company attaining profitable operations, and may be limited in any one year under Internal Revenue Code Section 382 due to significant ownership changes, as defined under such Section, as a result of the Company’s equity financings. A summary of the valuation allowances are as follows (in thousands): | ||||||||
Balance at June 30, 2012 | $ | 56,465 | ||||||
Additions | 8,346 | |||||||
Balance at June 30, 2013 | 64,811 | |||||||
Additions | 3,888 | |||||||
Balance at June 30, 2014 | $ | 68,699 | ||||||
As of June 30, 2014 and 2013, the Company had federal tax NOL carryforwards of approximately $159,237 and $150,381, respectively. These NOL carryforwards are available to offset taxable income through 2034 and begin to expire in 2018. The Company also had various state NOL carryforwards available to offset future state taxable income. These state NOL carryforwards typically have the same expirations as the Company’s federal tax NOL carryforwards. | ||||||||
Our federal net operating losses at June 30, 2014 do not include $26,983 of income tax deductions in excess of previously recorded tax benefits related to stock compensation. These additional tax deductions are not included in the net operating losses referenced above since the related tax benefit will not be recognized until the deductions reduce our income tax payable. The tax benefit of these excess deductions will be reflected as a credit to additional paid in capital when recognized. Accordingly, our deferred tax assets are reported net of the excess tax deductions for stock compensation. | ||||||||
As of June 30, 2014 and 2013, the Company had approximately $3,624 and $3,171 of federal research and development credit carryforwards, respectively. As of June 30, 2014 and 2013, the Company had approximately $949 and $749 of state research and development credit carryforwards. The federal and state research and development credit carryforwards will begin to expire in 2026. | ||||||||
As required by FASB ASC Topic 740, “Income Taxes,” the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recorded a liability relating to unrecognized tax benefits of $458 and $392 at June 30, 2014 and 2013, respectively. Due to the Company having a full valuation allowance, this liability has been netted against the deferred tax asset. The Company recognizes interest and penalties related to uncertain tax provisions as part of the provision for income taxes. The Company has not currently reserved for any interest or penalties for such reserves due to the Company being in an NOL position. The Company does not expect to recognize any benefits from the unrecognized tax benefits within the next twelve months. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | ||||||||
Balance at July 1, 2012 | $ | 381 | ||||||
Increases related to prior year tax positions | 3 | |||||||
Increases related to current year tax positions | 8 | |||||||
Balance at June 30, 2013 | 392 | |||||||
Increases related to prior year tax positions | 28 | |||||||
Increases related to current year tax positions | 38 | |||||||
Balance at June 30, 2014 | $ | 458 | ||||||
The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Company is potentially subject to income tax examinations by tax authorities for the tax years ended June 30, 2014, 2013, 2012, 2011, and 2010. The Company is not currently under examination by any taxing jurisdiction. |
Commitment_and_Contingencies
Commitment and Contingencies | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitment 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 $1,404, $1,350, and $1,200, for the years ended June 30, 2014, 2013, and 2012, respectively. | ||||
Future minimum lease payments under the agreements as of June 30, 2014 are as follows (in thousands): | ||||
2015 | $ | 1,141 | ||
2016 | 760 | |||
2017 | 467 | |||
2018 | 460 | |||
2019 | 460 | |||
Thereafter | 345 | |||
$ | 3,633 | |||
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 12 for additional information. | ||||
Construction of New Headquarters | ||||
On June 11, 2014, the Company entered into a Redevelopment Agreement, a Design-Build Contract, and a Development Services Agreement (as defined below) as well as various ancillary agreements related to the acquisition of real property located in New Brighton, Minnesota and the development of such property into the Company’s new corporate headquarters. | ||||
Pursuant to that certain Contract for Private Redevelopment by and among the City of New Brighton (the “City”), Ryan Companies US, Inc. (“Ryan”), and the Company, dated June 11, 2014 (the “Redevelopment Agreement”), the Company purchased approximately ten acres of real property from the City for a purchase price of $500. The City also granted the Company the option to purchase an additional 3.6 acres prior to May 31, 2021 pursuant to certain terms set forth in the Redevelopment Agreement. | ||||
Pursuant to that certain Design-Build Cost Plus Construction Contract by and between Ryan and the Company, dated June 11, 2014, the Company has contracted with Ryan to furnish all services, labor, materials, equipment, procurement services, project management and other duties and services necessary for construction of the Company’s new headquarters on the land purchased from the City. The Company and Ryan expect to have construction substantially completed by March 1, 2015, and, pursuant to the Redevelopment Agreement discussed above, Ryan and the Company have agreed to complete construction by December 31, 2015. The Company will pay Ryan a fee of 3.85% of the cost of the work. | ||||
The Company also entered into a Development Services Agreement with Ryan, dated June 11, 2014, pursuant to which Ryan will perform certain development services to facilitate development of the project, including coordination with the City and overall coordinate of development strategy. The Company will pay Ryan a fee for the development services, which includes a sum equal to 3.25% of the adjusted total project costs, payable at certain points in the construction process and a sum equal to 5% of the adjusted total project costs, payable upon substantial completion of the project, as well as reimbursement of certain expenses incurred by Ryan. | ||||
In connection with the agreements above, the Company was required to hold approximately $9,128 in an escrow account which will be used to fund the final construction payments. The escrow is classified as construction in progress in property and equipment, net, on the consolidated balance sheet. |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefits | ' |
Employee Benefits | |
The Company offers a 401(k) plan to its employees. Eligible employees may authorize up to $18 of their annual compensation as a contribution to the plan, subject to Internal Revenue Service limitations. The plan also allows eligible employees over 50 years old to contribute an additional $6 subject to Internal Revenue Service limitations. All employees must be at least 21 years of age to participate in the plan. The Company did not provide any employer matching contributions for the years ended June 30, 2014, 2013, and 2012. |
Texas_Production_Facility
Texas Production Facility | 12 Months Ended |
Jun. 30, 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 employee at the facility on or 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; however, the Company did not achieve this 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 June 30, 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 June 30, 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 reimbursed the State of Texas $46 during fiscal 2014 as it did not meet the target of hiring 75 employees at the facility by December 31, 2013. | |
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 June 30, 2014, the deferred grant incentive liabilities have been reduced by $3,659 in cumulative expenses, resulting in a remaining current liability of $59. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Jun. 30, 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 (in thousands except share and per share amounts): | ||||||||||||
Year Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator | ||||||||||||
Net loss | $ | (35,290 | ) | $ | (24,037 | ) | $ | (16,790 | ) | |||
Denominator | ||||||||||||
Weighted average common shares — basic | 28,295,758 | 21,685,932 | 18,035,635 | |||||||||
Effect of dilutive stock options and warrants(a)(b)(c) | — | — | — | |||||||||
Weighted average common shares outstanding — diluted | 28,295,758 | 21,685,932 | 18,035,635 | |||||||||
Net loss per common share — basic and diluted | $ | (1.25 | ) | $ | (1.11 | ) | $ | (0.93 | ) | |||
(a) | At June 30, 2014, 2013, and 2012; 0, 2,091,718, and 2,457,433, 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 June 30, 2014, 2013, and 2012; 922,809, 1,739,663, and 2,371,198 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 June 30, 2014, 2013, and 2012; 0, 321,099 and 363,794 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. |
Quarterly_Data_Unaudited
Quarterly Data (Unaudited) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Quarterly Data (Unaudited) | ' | |||||||||||||||||||
Quarterly Data (Unaudited) | ||||||||||||||||||||
The following table sets forth the Company's unaudited quarterly summary consolidated statements of operations in each of the quarters for the years ended June 30, 2014 and 2013. The information for each of these quarters is unaudited and has been prepared on the same basis as the consolidated financial statements. This data should be read in conjunction with the consolidated financial statements and related notes. These operating results may not be indicative of results to be expected for any future period (amounts in thousands, except per share data). | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Revenue | $ | 29,766 | $ | 32,337 | $ | 34,945 | $ | 39,564 | $ | 136,612 | ||||||||||
Gross profit | $ | 22,902 | $ | 25,024 | $ | 27,196 | $ | 30,449 | $ | 105,571 | ||||||||||
Net loss | $ | (7,292 | ) | $ | (8,658 | ) | $ | (9,712 | ) | $ | (9,628 | ) | $ | (35,290 | ) | |||||
Net loss per common share (basic & diluted)(1) | $ | (0.29 | ) | $ | (0.32 | ) | $ | (0.32 | ) | $ | (0.31 | ) | $ | (1.25 | ) | |||||
2013 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Revenue | $ | 23,293 | $ | 25,309 | $ | 26,474 | $ | 28,821 | $ | 103,897 | ||||||||||
Gross profit | $ | 18,039 | $ | 19,351 | $ | 20,233 | $ | 21,892 | $ | 79,515 | ||||||||||
Net loss | $ | (5,210 | ) | $ | (5,767 | ) | $ | (6,219 | ) | $ | (6,841 | ) | $ | (24,037 | ) | |||||
Net loss per common share (basic & diluted)(1) | $ | (0.26 | ) | $ | (0.28 | ) | $ | (0.29 | ) | $ | (0.28 | ) | $ | (1.11 | ) | |||||
(1) The summation of quarterly per share data may not equate to the calculation for the full fiscal year as quarterly calculations are performed on a discrete basis. |
Employee_Stock_Purchase_Plan
Employee Stock Purchase Plan | 12 Months Ended |
Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Employee Stock Purchase Plan | ' |
Employee Stock Purchase Plan | |
The Company maintains an employee stock purchase plan ("ESPP"). The plan provides eligible employees the opportunity to acquire common stock in accordance with Section 423 of the Internal Revenue Code of 1986. Stock can be purchased each 6-month period per year (twice per year). The purchase price is equal to 85% of the lower of the price at the beginning or the end of the respective period. Employees purchased 149,839 shares at an average price of $22.50 per share during the year ended June 30, 2014. Shares reserved under the plan at June 30, 2014 totaled 30,870. The ESPP allows for an annual increase in reserved shares on each July 1 equal to the lesser of (i) 1% percent of the common shares outstanding, or (ii) 180,000 shares, provided that the Board of Directors may designate a smaller amount of shares to be reserved. On July 1, 2014, 90,000 shares were added to the ESPP. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Company Description | ' | |||
Company Description | ||||
Cardiovascular Systems, Inc. (the "Company") was incorporated as Replidyne, Inc. ("Replidyne") in Delaware in 2000. On February 25, 2009, Replidyne completed its reverse merger with Cardiovascular Systems, Inc., a Minnesota corporation incorporated in 1989 (“CSI-MN”), in accordance with the terms of the Agreement and Plan of Merger and Reorganization, dated as of November 3, 2008 (the “Merger Agreement”). Pursuant to the Merger Agreement, CSI-MN continued after the merger as the surviving corporation and a wholly-owned subsidiary of Replidyne. At the effective time of the merger, Replidyne changed its name to Cardiovascular Systems, Inc. (“CSI”) and CSI-MN merged with and into CSI, with CSI continuing after the merger as the surviving corporation. These transactions are referred to herein as the “merger.” | ||||
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, the Diamondback 360® PAD System, and the 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. | ||||
Principles of Consolidation | ' | |||
Principles of Consolidation | ||||
The consolidated balance sheets, statements of operations, changes in stockholders’ equity and comprehensive loss, and cash flows include the accounts of the Company and its wholly-owned subsidiary, after elimination of all intercompany transactions and accounts. | ||||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents | ||||
The Company considers all money market funds and other investments purchased with an original maturity of three months or less to be cash and cash equivalents. | ||||
Accounts Receivable and Allowance for Doubtful Accounts | ' | |||
Accounts Receivable and Allowance for Doubtful Accounts | ||||
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Customer credit terms are established prior to shipment with the general standard being net 30 days. Collateral or any other security to support payment of these receivables generally is not required. The Company maintains an allowance for doubtful accounts. This allowance is an estimate and is regularly evaluated by the Company for adequacy by taking into consideration factors such as past experience, credit quality of the customer base, age of the receivable balances, both individually and in the aggregate, and current economic conditions that may affect a customer’s ability to pay. Provisions for the allowance for doubtful accounts attributed to bad debt are recorded in general and administrative expenses. The following table shows the allowance for doubtful accounts activity (in thousands): | ||||
Amount | ||||
Balances at June 30, 2012 | $ | 392 | ||
Provision for doubtful accounts | 195 | |||
Write-offs | (129 | ) | ||
Balances at June 30, 2013 | 458 | |||
Provision for doubtful accounts | 65 | |||
Write-offs | (72 | ) | ||
Balances at June 30, 2014 | $ | 451 | ||
Inventories | ' | |||
Inventories | ||||
Inventories are stated at the lower of cost or market with cost determined on a first-in, first-out (“FIFO”) method of valuation. The establishment of inventory allowances for excess and obsolete inventories is based on estimated exposure on specific inventory items. | ||||
Property and Equipment | ' | |||
Property and Equipment | ||||
Property and equipment is carried at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over estimated useful lives of five years for production equipment and furniture and fixtures; three years for computer equipment and software; and the shorter of their estimated useful lives or the lease term for leasehold improvements. Expenditures for maintenance and repairs and minor renewals and betterments which do not extend or improve the life of the respective assets are expensed as incurred. All other expenditures for renewals and betterments are capitalized. The assets and related depreciation accounts are adjusted for property retirements and disposals with the resulting gains or losses included in the consolidated statement of operations. | ||||
Patents | ' | |||
Patents | ||||
The capitalized costs incurred to obtain patents are amortized using the straight-line method over their remaining estimated lives. Patent amortization begins at the time of patent application approval, and does not exceed 20 years. The recoverability of capitalized patent costs is dependent upon the Company’s ability to derive revenue-producing products from such patents or the ultimate sale or licensing of such patent rights. Patents that are abandoned are written off at the time of abandonment. | ||||
Long-Lived Assets | ' | |||
Long-Lived Assets | ||||
The Company regularly evaluates the carrying value of long-lived assets for events or changes in circumstances that indicate that the carrying amount may not be recoverable or that the remaining estimated useful life should be changed. An impairment loss is recognized when the carrying amount of an asset exceeds the anticipated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded, if any, is calculated by the excess of the asset’s carrying value over its fair value. | ||||
Operating Leases | ' | |||
Operating Leases | ||||
The Company leases manufacturing and office space under operating lease agreements. One lease contains rent escalation clauses for which the lease expense is recognized on a straight-line basis over the lease term. Rent expense that is recognized but not yet paid is included in other liabilities on the consolidated balance sheets. | ||||
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. | ||||
Costs related to products delivered are recognized in the period the revenue is recognized. Cost of goods sold consists primarily of raw materials, direct labor, and manufacturing overhead. | ||||
Warranty Costs | ' | |||
Warranty Costs | ||||
The Company provides its customers with the right to receive a replacement if a product is determined to be defective at the time of shipment. Warranty reserve provisions are estimated based on Company experience, volume, and expected warranty claims. Warranty reserve, provisions and claims were as follows (in thousands): | ||||
Amount | ||||
Balances at June 30, 2012 | $ | 103 | ||
Provision | 327 | |||
Claims | (314 | ) | ||
Balances at June 30, 2013 | 116 | |||
Provision | 308 | |||
Claims | (308 | ) | ||
Balances at June 30, 2014 | $ | 116 | ||
Income Taxes | ' | |||
Income Taxes | ||||
Deferred income taxes are recorded to reflect the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts based on enacted tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | ||||
Developing a provision for income taxes, including the effective tax rate and the analysis of potential tax exposure items, if any, requires significant judgment and expertise in federal and state income tax laws, regulations and strategies, including the determination of deferred tax assets. The Company’s judgment and tax strategies are subject to audit by various taxing authorities. | ||||
Accounting guidance requires that accounting for uncertainty in income taxes is recognized in the financial statements. The guidance provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. The guidance also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | ||||
Research and Development Expenses | ' | |||
Research and Development Expenses | ||||
Research and development expenses include costs associated with the design, development, testing, enhancement and regulatory approval of the Company’s products. Research and development expenses include employee compensation (including stock-based compensation), supplies and materials, consulting expenses, patent amortization, travel and facilities overhead. The Company also incurs significant expenses to operate clinical trials, including trial design, third-party fees, clinical site reimbursement, data management and travel expenses. Research and development expenses are expensed as incurred. Approved patent applications are capitalized and amortized using the straight-line method over their remaining estimated lives. Patent amortization begins at the time of patent application approval, and does not exceed 20 years. | ||||
Concentration of Credit Risk | ' | |||
Concentration of Credit Risk | ||||
Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash balances primarily with one financial institution. These balances exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in cash and cash equivalents. | ||||
Fair Value of Financial Instruments | ' | |||
Fair Value of Financial Instruments | ||||
Under the authoritative guidance for fair value measurements, 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. The authoritative guidance 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 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 developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three levels defined as follows: | ||||
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 (in thousands): | ||||
Debt Conversion | ||||
Option | ||||
Balance at June 30, 2012 | $ | 484 | ||
Issuance of convertible notes | 413 | |||
Conversion of convertible notes | (551 | ) | ||
Change in conversion option valuation | 370 | |||
Balance at June 30, 2013 | 716 | |||
Conversion of convertible notes | (655 | ) | ||
Change in conversion option valuation | (61 | ) | ||
Balance at June 30, 2014 | $ | — | ||
The fair value of the debt conversion option is related to the loan and security agreement with Partners for Growth III. L.P. ("PFG") (described in Note 3) and is included as a component of debt conversion option and other assets on the balance sheet. 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 PFG 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 have resulted in a significantly higher (lower) fair value measurement. As of June 30, 2014, there was no balance for the debt conversion option asset as all of the associated convertible debt had been converted. | ||||
As of June 30, 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 accounting principles generally accepted in the United States of America 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 has stock-based compensation plans, which includes stock options, nonvested share awards, and an employee stock purchase plan. Fair value of option awards is determined using option-pricing models, fair value of nonvested share awards with market conditions is determined using the Monte Carlo simulation, and fair value of nonvested share awards that vest based upon performance or time conditions is determined by the closing market price of the Company's stock on the date of grant, as determined by management and the board of directors. Stock-based compensation expense is recognized ratably over the requisite service period for the awards expected to vest. | ||||
Recent Accounting Pronouncements | ' | |||
Recent Accounting Pronouncements | ||||
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in ASU 2013-11 require companies to present an unrecognized tax benefit, or a portion thereof, as a reduction to a deferred tax asset for a net operating loss ("NOL") carryforward or a similar tax loss or tax credit carryforward, unless the uncertain tax position is not available to reduce, or would not be used to reduce, the NOL or carryforward under the tax law in the same jurisdiction; otherwise, the unrecognized tax benefit should be presented as a gross liability and should not net the unrecognized tax benefit with a deferred tax asset. ASU 2013-11 is effective for annual periods beginning after December 15, 2013 and should be applied to all unrecognized tax benefits that exist as of the effective date. Companies may choose to apply this guidance retrospectively to each prior reporting period presented. The Company does not anticipate a material impact on its consolidated financial statements upon adoption. | ||||
In May 2014, the FASB issued ASU 2014-09, “Revenue From Customers With Contracts.” The guidance requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period, using one of two prescribed retrospective methods. Early adoption is not permitted. The Company is evaluating the impact of the amended revenue recognition guidance on its consolidated financial statements. | ||||
In June 2014, the FASB issued ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award | ||||
Provide That a Performance Target Could Be Achieved after the Requisite Service Period". The guidance requires that a | ||||
performance target that affects vesting and that could be achieved after the requisite service period should be treated as a | ||||
performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the | ||||
award. ASU 2014-12 is effective for annual and interim periods within the annual period beginning after December 15, 2015. The Company does not currently have share-based payment awards that fall within the scope of this standard therefore does not anticipate an impact on our consolidated financial statements upon adoption. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Allowance for doubtful accounts activity | ' | |||
The following table shows the allowance for doubtful accounts activity (in thousands): | ||||
Amount | ||||
Balances at June 30, 2012 | $ | 392 | ||
Provision for doubtful accounts | 195 | |||
Write-offs | (129 | ) | ||
Balances at June 30, 2013 | 458 | |||
Provision for doubtful accounts | 65 | |||
Write-offs | (72 | ) | ||
Balances at June 30, 2014 | $ | 451 | ||
Warranty reserve, provisions and claims | ' | |||
Warranty reserve, provisions and claims were as follows (in thousands): | ||||
Amount | ||||
Balances at June 30, 2012 | $ | 103 | ||
Provision | 327 | |||
Claims | (314 | ) | ||
Balances at June 30, 2013 | 116 | |||
Provision | 308 | |||
Claims | (308 | ) | ||
Balances at June 30, 2014 | $ | 116 | ||
Assets are 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 (in thousands): | ||||
Debt Conversion | ||||
Option | ||||
Balance at June 30, 2012 | $ | 484 | ||
Issuance of convertible notes | 413 | |||
Conversion of convertible notes | (551 | ) | ||
Change in conversion option valuation | 370 | |||
Balance at June 30, 2013 | 716 | |||
Conversion of convertible notes | (655 | ) | ||
Change in conversion option valuation | (61 | ) | ||
Balance at June 30, 2014 | $ | — | ||
Selected_Consolidated_Financia1
Selected Consolidated Financial Statement Information (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||
Accounts receivable | ' | |||||||
Accounts receivable consists of the following (in thousands): | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Accounts receivable | $ | 21,834 | $ | 15,188 | ||||
Less: Allowance for doubtful accounts | (451 | ) | (458 | ) | ||||
Total Accounts receivable | $ | 21,383 | $ | 14,730 | ||||
Inventories | ' | |||||||
Inventories consist of the following (in thousands): | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 5,879 | $ | 2,477 | ||||
Work in process | 855 | 688 | ||||||
Finished goods | 6,156 | 3,078 | ||||||
Total Inventories | $ | 12,890 | $ | 6,243 | ||||
Property and equipment | ' | |||||||
Property and equipment consists of the following (in thousands): | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Land | $ | 500 | $ | — | ||||
Equipment | 6,436 | 5,783 | ||||||
Furniture | 626 | 490 | ||||||
Leasehold improvements | 233 | 217 | ||||||
Construction in progress | 11,499 | 131 | ||||||
19,294 | 6,621 | |||||||
Less: Accumulated depreciation and amortization | (3,997 | ) | (3,622 | ) | ||||
Total Property and equipment, net | $ | 15,297 | $ | 2,999 | ||||
Patents | ' | |||||||
Patents, net consist of the following (in thousands): | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Patents | $ | 4,529 | $ | 3,801 | ||||
Less: Accumulated amortization | (706 | ) | (582 | ) | ||||
Total Patents, net | $ | 3,823 | $ | 3,219 | ||||
Estimated amortization of patents and patent licenses | ' | |||||||
As of June 30, 2014, future estimated amortization of patents and patent licenses is as follows (in thousands): | ||||||||
2015 | $ | 155 | ||||||
2016 | 149 | |||||||
2017 | 143 | |||||||
2018 | 139 | |||||||
2019 | 131 | |||||||
Thereafter | 3,106 | |||||||
$ | 3,823 | |||||||
Accrued expenses | ' | |||||||
Accrued expenses consist of the following (in thousands): | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Accrued expenses | ||||||||
Salaries and bonus | $ | 5,244 | $ | 2,038 | ||||
Commissions | 6,069 | 4,956 | ||||||
Accrued vacation | 2,843 | 2,151 | ||||||
Other | 474 | 943 | ||||||
Total Accrued expenses | $ | 14,630 | $ | 10,088 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Summary of loans converted | ' | ||||||
During the years ended June 30, 2014 and 2013, PFG converted various loans, in accordance with the conversion terms set forth in the agreement. The non-cash conversion activity was as follows (in thousands, except share amounts): | |||||||
Date of Conversion | Amount Converted | Shares Issued Upon Conversion | |||||
1-Feb-13 | $ | 1,000 | 74,516 | ||||
7-Feb-13 | $ | 500 | 36,657 | ||||
11-Feb-13 | $ | 1,000 | 73,314 | ||||
20-Feb-13 | $ | 1,000 | 73,314 | ||||
21-Feb-13 | $ | 500 | 36,657 | ||||
26-Feb-13 | $ | 500 | 36,657 | ||||
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) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Interest and other, net | ' | |||||||||||
Interest and other, net, includes the following (in thousands): | ||||||||||||
Year Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest expense, net of premium amortization | $ | (1,034 | ) | $ | (1,345 | ) | $ | (1,356 | ) | |||
Change in fair value of conversion options | (61 | ) | 370 | (554 | ) | |||||||
Net write-offs upon conversion (option and unamortized premium) | (655 | ) | (551 | ) | (182 | ) | ||||||
Other | (51 | ) | (92 | ) | (232 | ) | ||||||
Total Interest and other, net | $ | (1,801 | ) | $ | (1,618 | ) | $ | (2,324 | ) |
Equity_Offerings_Tables
Equity Offerings (Tables) | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Schedule of equity offerings | ' | ||||||||||
The Company had the following registered underwritten public offerings: | |||||||||||
Offering Date | Shares Sold | Sale Price | Net Proceeds(1) | ||||||||
26-Nov-13 | 3,000,000 | $ | 30 | $ | 84,369 | ||||||
25-Mar-13 | 2,300,000 | $ | 17.6 | $ | 38,209 | ||||||
22-May-12 | 1,780,000 | $ | 9 | $ | 14,889 | ||||||
(1) Proceeds after deducting underwriting discounts, commissions and expenses (in thousands). |
Common_Stock_Warrants_Tables
Common Stock Warrants (Tables) | 12 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Equity [Abstract] | ' | ||||||
Common stock warrant activity | ' | ||||||
The following summarizes common stock warrant activity: | |||||||
Warrants | Price Range | ||||||
Outstanding | per Share | ||||||
Warrants outstanding at June 30, 2011 | 2,690,424 | $ | 8.78 - 61.30 | ||||
Issued | 82,856 | $ | 9.33 - 9.80 | ||||
Exercised | (313,239 | ) | $ | 8.78 - 8.83 | |||
Expired | (2,608 | ) | $ | 8.79 - 8.83 | |||
Warrants outstanding at June 30, 2012 | 2,457,433 | $ | 8.78 - 61.30 | ||||
Exercised | (362,861 | ) | $ | 8.83 - 9.80 | |||
Expired | (2,854 | ) | $ | — | |||
Warrants outstanding at June 30, 2013 | 2,091,718 | $ | 8.78 - 61.30 | ||||
Exercised | (2,063,904 | ) | $ | 8.78 - 9.33 | |||
Expired | (27,814 | ) | $ | 8.83 - 61.30 | |||
Warrants outstanding at June 30, 2014 | — | $ | — | ||||
Stock_Options_and_Restricted_S1
Stock Options and Restricted Stock Awards (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock option activity | ' | |||||||||||||||
Stock option activity is as follows: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Options(a) | Exercise Price | |||||||||||||||
Options outstanding at June 30, 2011 | 3,070,999 | $ | 10.54 | |||||||||||||
Exercised | (311,814 | ) | $ | 9.12 | ||||||||||||
Forfeited or expired | (387,987 | ) | $ | 13.11 | ||||||||||||
Options outstanding at June 30, 2012 | 2,371,198 | $ | 10.31 | |||||||||||||
Exercised | (533,954 | ) | $ | 11.59 | ||||||||||||
Forfeited or expired | (97,581 | ) | $ | 12.49 | ||||||||||||
Options outstanding at June 30, 2013 | 1,739,663 | $ | 9.79 | |||||||||||||
Exercised | (816,854 | ) | $ | 9.38 | ||||||||||||
Forfeited or expired | — | $ | — | |||||||||||||
Options outstanding at June 30, 2014 | 922,809 | $ | 10.16 | |||||||||||||
(a) Includes the effect of options granted, exercised, forfeited or expired from the 1991 Plan, 2003 Plan, 2007 Plan, 2006 Plan and options granted outside the stock option plans described above. | ||||||||||||||||
Restricted stock award activity | ' | |||||||||||||||
Restricted stock award activity, including performance based awards, is as follows: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Shares | Grant Date | |||||||||||||||
Fair Value | ||||||||||||||||
Restricted stock awards outstanding at June 30, 2011 | 1,198,207 | $ | 6.39 | |||||||||||||
Granted | 817,878 | $ | 11.32 | |||||||||||||
Forfeited | (253,810 | ) | $ | 7.8 | ||||||||||||
Vested | (517,445 | ) | $ | 12.88 | ||||||||||||
Restricted stock awards outstanding at June 30, 2012 | 1,244,830 | $ | 9.08 | |||||||||||||
Granted | 880,282 | $ | 11.46 | |||||||||||||
Forfeited | (123,494 | ) | $ | 9.31 | ||||||||||||
Vested | (571,488 | ) | $ | 8.76 | ||||||||||||
Restricted stock awards outstanding at June 30, 2013 | 1,430,130 | $ | 10.78 | |||||||||||||
Granted | 741,039 | $ | 21.28 | |||||||||||||
Forfeited | (106,742 | ) | $ | 14.04 | ||||||||||||
Vested | (788,024 | ) | $ | 10.47 | ||||||||||||
Restricted stock awards outstanding at June 30, 2014 | 1,276,403 | $ | 17.37 | |||||||||||||
Restricted stock unit activity | ' | |||||||||||||||
Restricted stock unit activity is as follows: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Shares | Grant Date | |||||||||||||||
Fair Value | ||||||||||||||||
Restricted stock units outstanding at June 30, 2011 | 237,719 | $ | 6.51 | |||||||||||||
Granted | 50,344 | $ | 13.91 | |||||||||||||
Forfeited | (3,596 | ) | $ | 13.91 | ||||||||||||
Restricted stock units outstanding at June 30, 2012 | 284,467 | $ | 7.67 | |||||||||||||
Granted | 70,883 | $ | 9.41 | |||||||||||||
Converted to common stock | (42,677 | ) | $ | 7.03 | ||||||||||||
Restricted stock units outstanding at June 30, 2013 | 312,673 | $ | 8.15 | |||||||||||||
Granted | 45,228 | $ | 21.87 | |||||||||||||
Converted to common stock | (61,770 | ) | $ | 8.9 | ||||||||||||
Restricted stock units outstanding at June 30, 2014 | 296,131 | $ | 10.09 | |||||||||||||
Stock-based compensation expense | ' | |||||||||||||||
The following amounts were recognized as stock-based compensation expense in the consolidated statements of operations for the year ended June 30, 2014: | ||||||||||||||||
Restricted | Employee Stock Purchase Plan | Restricted | Total | |||||||||||||
Stock | Stock | |||||||||||||||
Awards | Units | |||||||||||||||
Cost of goods sold | $ | 576 | $ | 91 | $ | — | $ | 667 | ||||||||
Selling, general and administrative | 7,403 | 998 | 770 | 9,171 | ||||||||||||
Research and development | 1,003 | 87 | — | 1,090 | ||||||||||||
Total | $ | 8,982 | $ | 1,176 | $ | 770 | $ | 10,928 | ||||||||
The following amounts were recognized as stock-based compensation expense in the consolidated statements of operations for the year ended June 30, 2013: | ||||||||||||||||
Restricted | Employee Stock Purchase Plan | Restricted | Total | |||||||||||||
Stock | Stock | |||||||||||||||
Awards | Units | |||||||||||||||
Cost of goods sold | $ | 392 | $ | 35 | $ | — | $ | 427 | ||||||||
Selling, general and administrative | 4,954 | 596 | 667 | 6,217 | ||||||||||||
Research and development | 780 | 18 | — | 798 | ||||||||||||
Total | $ | 6,126 | $ | 649 | $ | 667 | $ | 7,442 | ||||||||
The following amounts were recognized as stock-based compensation expense in the consolidated statements of operations for the year ended June 30, 2012: | ||||||||||||||||
Restricted Stock Awards | Employee Stock Purchase Plan | Restricted | Total | |||||||||||||
Stock | ||||||||||||||||
Units | ||||||||||||||||
Cost of goods sold | $ | 256 | $ | 40 | $ | — | $ | 296 | ||||||||
Selling, general and administrative | 3,105 | 621 | 669 | 4,395 | ||||||||||||
Research and development | 439 | 35 | — | 474 | ||||||||||||
Total | $ | 3,800 | $ | 696 | $ | 669 | $ | 5,165 | ||||||||
Shares available for grant | ' | |||||||||||||||
The following summarizes shares available for grant under the Company’s 2007 Plan: | ||||||||||||||||
Shares available for grant at June 30, 2011(a) | 50,723 | |||||||||||||||
Reserved | 849,353 | |||||||||||||||
Granted | (868,222 | ) | ||||||||||||||
Forfeited, expired or cancelled | 581,447 | |||||||||||||||
Shares available for grant at June 30, 2012(a) | 613,301 | |||||||||||||||
Reserved | 450,000 | |||||||||||||||
Granted | (951,165 | ) | ||||||||||||||
Forfeited, expired or cancelled | 211,155 | |||||||||||||||
Shares available for grant at June 30, 2013(a) | 323,291 | |||||||||||||||
Reserved | 475,000 | |||||||||||||||
Granted | (786,267 | ) | ||||||||||||||
Forfeited, expired or cancelled | 106,742 | |||||||||||||||
Shares available for grant at June 30, 2014(a) | 118,766 | |||||||||||||||
(a) | Excludes the effect of shares granted, exercised, forfeited or expired related to activity from shares granted outside the stock option plans described above. Excludes share forfeitures from grants not under the 2007 Plan. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Deferred tax assets and liabilities | ' | |||||||
The components of the Company’s overall deferred tax assets and liabilities are as follows (in thousands): | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Deferred tax assets | ||||||||
Stock-based compensation | $ | 4,135 | $ | 5,202 | ||||
Accrued expenses | 1,779 | 1,403 | ||||||
Inventories | 639 | 825 | ||||||
Depreciation and amortization | 266 | 221 | ||||||
Other | 238 | 301 | ||||||
Research and development credit carryforwards | 3,825 | 3,299 | ||||||
Net operating loss carryforwards | 57,817 | 53,560 | ||||||
Total deferred tax assets | 68,699 | 64,811 | ||||||
Valuation allowance | (68,699 | ) | (64,811 | ) | ||||
Net deferred tax assets | $ | — | $ | — | ||||
Summary of valuation allowances | ' | |||||||
A summary of the valuation allowances are as follows (in thousands): | ||||||||
Balance at June 30, 2012 | $ | 56,465 | ||||||
Additions | 8,346 | |||||||
Balance at June 30, 2013 | 64,811 | |||||||
Additions | 3,888 | |||||||
Balance at June 30, 2014 | $ | 68,699 | ||||||
Reconciliation of beginning and ending amount of unrecognized tax benefits | ' | |||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | ||||||||
Balance at July 1, 2012 | $ | 381 | ||||||
Increases related to prior year tax positions | 3 | |||||||
Increases related to current year tax positions | 8 | |||||||
Balance at June 30, 2013 | 392 | |||||||
Increases related to prior year tax positions | 28 | |||||||
Increases related to current year tax positions | 38 | |||||||
Balance at June 30, 2014 | $ | 458 | ||||||
Commitment_and_Contingencies_T
Commitment and Contingencies (Tables) | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future minimum lease payments | ' | |||
Future minimum lease payments under the agreements as of June 30, 2014 are as follows (in thousands): | ||||
2015 | $ | 1,141 | ||
2016 | 760 | |||
2017 | 467 | |||
2018 | 460 | |||
2019 | 460 | |||
Thereafter | 345 | |||
$ | 3,633 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Reconciliation of the numerators and denominators used in the 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 (in thousands except share and per share amounts): | ||||||||||||
Year Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator | ||||||||||||
Net loss | $ | (35,290 | ) | $ | (24,037 | ) | $ | (16,790 | ) | |||
Denominator | ||||||||||||
Weighted average common shares — basic | 28,295,758 | 21,685,932 | 18,035,635 | |||||||||
Effect of dilutive stock options and warrants(a)(b)(c) | — | — | — | |||||||||
Weighted average common shares outstanding — diluted | 28,295,758 | 21,685,932 | 18,035,635 | |||||||||
Net loss per common share — basic and diluted | $ | (1.25 | ) | $ | (1.11 | ) | $ | (0.93 | ) | |||
(a) | At June 30, 2014, 2013, and 2012; 0, 2,091,718, and 2,457,433, 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 June 30, 2014, 2013, and 2012; 922,809, 1,739,663, and 2,371,198 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 June 30, 2014, 2013, and 2012; 0, 321,099 and 363,794 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. |
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of quarterly financial information | ' | |||||||||||||||||||
These operating results may not be indicative of results to be expected for any future period (amounts in thousands, except per share data). | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Revenue | $ | 29,766 | $ | 32,337 | $ | 34,945 | $ | 39,564 | $ | 136,612 | ||||||||||
Gross profit | $ | 22,902 | $ | 25,024 | $ | 27,196 | $ | 30,449 | $ | 105,571 | ||||||||||
Net loss | $ | (7,292 | ) | $ | (8,658 | ) | $ | (9,712 | ) | $ | (9,628 | ) | $ | (35,290 | ) | |||||
Net loss per common share (basic & diluted)(1) | $ | (0.29 | ) | $ | (0.32 | ) | $ | (0.32 | ) | $ | (0.31 | ) | $ | (1.25 | ) | |||||
2013 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Revenue | $ | 23,293 | $ | 25,309 | $ | 26,474 | $ | 28,821 | $ | 103,897 | ||||||||||
Gross profit | $ | 18,039 | $ | 19,351 | $ | 20,233 | $ | 21,892 | $ | 79,515 | ||||||||||
Net loss | $ | (5,210 | ) | $ | (5,767 | ) | $ | (6,219 | ) | $ | (6,841 | ) | $ | (24,037 | ) | |||||
Net loss per common share (basic & diluted)(1) | $ | (0.26 | ) | $ | (0.28 | ) | $ | (0.29 | ) | $ | (0.28 | ) | $ | (1.11 | ) | |||||
(1) The summation of quarterly per share data may not equate to the calculation for the full fiscal year as quarterly calculations are performed on a discrete basis. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Allowance for doubtful accounts activity | ' | ' | ' |
Beginning balance | $458 | $392 | ' |
Provision for doubtful accounts | 65 | 195 | 60 |
Write-offs | -72 | -129 | ' |
Ending balance | $451 | $458 | $392 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Warranty reserve, provisions and claims | ' | ' |
Beginning balance | $116 | $103 |
Provision | 308 | 327 |
Claims | -308 | -314 |
Ending balance | $116 | $116 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Assets are measured on a recurring basis | ' | ' |
Beginning balance | $716 | $484 |
Issuance of convertible notes | ' | 413 |
Conversion of convertible notes | -655 | -551 |
Change in conversion option valuation | -61 | 370 |
Ending balance | $0 | $716 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended |
Jun. 30, 2014 | |
lease | |
financial_institution | |
Summary of Significant Accounting Policies (Textual) | ' |
Entity incorporation, state country name | 'Delaware |
Entity incorporation year of incorporation | '2000 |
Accounts receivable credit period | '30 days |
Number of operating lease containing rent escalation clauses | 1 |
Number of financial institutions the company maintains its cash balances | 1 |
Production Equipment | ' |
Property and Equipment and Patents [Line Items] | ' |
Property and equipment, estimated useful life | '5 years |
Computer Equipment | ' |
Property and Equipment and Patents [Line Items] | ' |
Property and equipment, estimated useful life | '3 years |
Maximum | ' |
Property and Equipment and Patents [Line Items] | ' |
Patent amortization tenure | '20 years |
Selected_Consolidated_Financia2
Selected Consolidated Financial Statement Information (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable | ' | ' |
Accounts receivable | $21,834 | $15,188 |
Less: Allowance for doubtful accounts | -451 | -458 |
Total Accounts receivable | 21,383 | 14,730 |
Inventories | ' | ' |
Raw materials | 5,879 | 2,477 |
Work in process | 855 | 688 |
Finished goods | 6,156 | 3,078 |
Total Inventories | 12,890 | 6,243 |
Property and equipment | ' | ' |
Land | 500 | 0 |
Equipment | 6,436 | 5,783 |
Furniture | 626 | 490 |
Leasehold improvements | 233 | 217 |
Construction in progress | 11,499 | 131 |
Total Property and equipment | 19,294 | 6,621 |
Less: Accumulated depreciation and amortization | -3,997 | -3,622 |
Total Property and equipment, net | 15,297 | 2,999 |
Patents | ' | ' |
Patents | 4,529 | 3,801 |
Less: Accumulated amortization | -706 | -582 |
Total Patents | $3,823 | $3,219 |
Selected_Consolidated_Financia3
Selected Consolidated Financial Statement Information (Details 1) (New Brighton, Minnesota, USD $) | Jun. 11, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | acre | Building |
Employee | ||
sqft | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Area of building space (in square foot) | 10 | 125,000 |
Number of employees | ' | 500 |
Building escrow | ' | $9,128 |
Selected_Consolidated_Financia4
Selected Consolidated Financial Statement Information (Details 2) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Estimated amortization of patents and patent licenses | ' | ' |
2015 | $155 | ' |
2016 | 149 | ' |
2017 | 143 | ' |
2018 | 139 | ' |
2019 | 131 | ' |
Thereafter | 3,106 | ' |
Total Patents | $3,823 | $3,219 |
Selected_Consolidated_Financia5
Selected Consolidated Financial Statement Information (Details 3) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accrued expenses | ' | ' |
Salaries and bonus | $5,244 | $2,038 |
Commissions | 6,069 | 4,956 |
Accrued vacation | 2,843 | 2,151 |
Other | 474 | 943 |
Total Accrued expenses | $14,630 | $10,088 |
Debt_Additional_Information_De
Debt (Additional Information) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Mar. 29, 2010 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 29, 2010 | Mar. 29, 2010 | Mar. 29, 2010 | Apr. 14, 2010 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 23, 2011 | Apr. 14, 2010 | |
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 | Partners for Growth | Partners for Growth | Partners for Growth | ||||
Term Loan from Bank | Term Loan from Bank | Term Loan from Bank | Line of Credit | Line of Credit | Line of Credit | Maximum | Minimum | Interest and Other, Net | Interest and Other, Net | Maximum | Minimum | |||||||
Installment | Term Loan from Bank | Term Loan from Bank | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings line of credit | ' | ' | ' | $12,000,000 | ' | ' | ' | ' | $15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity time of term loan | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest only payment period | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of principal payments | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final payment of debt | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Penalty on debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Outstanding balance including net unamortized premium | ' | ' | ' | ' | 0 | 7,017,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings line of credit eligible accounts | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | ' | 2,400,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan and security agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' |
Floating interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 7.00% | 2.75% | ' | ' | ' | ' | ' | ' |
Number of days for determination of price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 days | ' | ' | ' | ' | ' | ' |
Reduction in conversion price that represents discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | 15.00% |
Change in fair value of conversion option | -61,000 | 370,000 | -554,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -61,000 | 370,000 | ' | ' |
Outstanding balance under the loan and security agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5,000,000 | ' | ' | ' | ' |
Noncash write-off of loan premiums | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $252,000 | $400,000 | ' | ' | ' | ' |
Debt_Summary_of_Loans_Converte
Debt (Summary of Loans Converted) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Amount Converted | $5,252 | $4,900 | $600 |
Partners for Growth | February 1, 2013 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amount Converted | 1,000 | ' | ' |
Shares Issued Upon Conversion | 74,516 | ' | ' |
Partners for Growth | February 7, 2013 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amount Converted | 500 | ' | ' |
Shares Issued Upon Conversion | 36,657 | ' | ' |
Partners for Growth | February 11, 2013 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amount Converted | 1,000 | ' | ' |
Shares Issued Upon Conversion | 73,314 | ' | ' |
Partners for Growth | February 20, 2013 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amount Converted | 1,000 | ' | ' |
Shares Issued Upon Conversion | 73,314 | ' | ' |
Partners for Growth | February 21, 2013 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amount Converted | 500 | ' | ' |
Shares Issued Upon Conversion | 36,657 | ' | ' |
Partners for Growth | February 26, 2013 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amount Converted | 500 | ' | ' |
Shares Issued Upon Conversion | 36,657 | ' | ' |
Partners for Growth | August 14, 2013 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amount Converted | 500 | ' | ' |
Shares Issued Upon Conversion | 32,679 | ' | ' |
Partners for Growth | October 15, 2013 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amount Converted | 1,000 | ' | ' |
Shares Issued Upon Conversion | 65,530 | ' | ' |
Partners for Growth | October 23, 2013 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amount Converted | 1,500 | ' | ' |
Shares Issued Upon Conversion | 96,586 | ' | ' |
Partners for Growth | November 13, 2013 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amount Converted | 1,150 | ' | ' |
Shares Issued Upon Conversion | 72,784 | ' | ' |
Partners for Growth | December 3, 2013 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amount Converted | $850 | ' | ' |
Shares Issued Upon Conversion | 53,518 | ' | ' |
Interest_and_Other_Net_Details
Interest and Other, Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Interest and other, net | ' | ' | ' |
Interest expense, including premium and discount amortization | ($1,034) | ($1,345) | ($1,356) |
Change in fair value of conversion option | -61 | 370 | -554 |
Net write-offs upon conversion (option and unamortized premium) | -655 | -551 | -182 |
Other | -51 | -92 | -232 |
Total | ($1,801) | ($1,618) | ($2,324) |
Equity_Offering_Details
Equity Offering (Details) (USD $) | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Nov. 26, 2013 | Mar. 25, 2013 | 22-May-12 | |||
Equity [Abstract] | ' | ' | ' | |||
Shares Sold | 3,000,000 | 2,300,000 | 1,780,000 | |||
Sale Price | $30 | $17.60 | $9 | |||
Net Proceeds | $84,369 | [1] | $38,209 | [1] | $14,889 | [1] |
[1] | Proceeds after deducting underwriting discounts, commissions and expenses (in thousands). |
Common_Stock_Warrants_Details
Common Stock Warrants (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Common stock warrant activity | ' | ' | ' |
Warrants outstanding, Beginning balance (in shares) | 2,091,718 | 2,457,433 | 2,690,424 |
Issued (in shares) | 0 | 0 | 82,856 |
Exercised (in shares) | -2,063,904 | -362,861 | -313,239 |
Expired (in shares) | -27,814 | -2,854 | -2,608 |
Warrants outstanding, Ending balance (in shares) | 0 | 2,091,718 | 2,457,433 |
Expired, Price range (in usd per share) | $8.83 | ' | ' |
Minimum | ' | ' | ' |
Common stock warrant activity | ' | ' | ' |
Warrants outstanding, Price range, Beginning balance (in usd per share) | 8.78 | 8.78 | 8.78 |
Issued, price range (in usd per share) | ' | ' | 9.33 |
Exercised, Price range (in usd per share) | $8.78 | 8.83 | 8.78 |
Expired, Price range (in usd per share) | ' | 0 | 8.79 |
Warrants outstanding, Price range, Ending balance (in usd per share) | 0 | 8.78 | 8.78 |
Maximum | ' | ' | ' |
Common stock warrant activity | ' | ' | ' |
Warrants outstanding, Price range, Beginning balance (in usd per share) | 61.3 | 61.3 | 61.3 |
Issued, price range (in usd per share) | ' | ' | 9.8 |
Exercised, Price range (in usd per share) | $9.33 | 9.8 | 8.83 |
Expired, Price range (in usd per share) | $61.30 | ' | 8.83 |
Warrants outstanding, Price range, Ending balance (in usd per share) | 0 | 61.3 | 61.3 |
Common_Stock_Warrants_Details_
Common Stock Warrants (Details Textual) (USD $) | 12 Months Ended | |
Jun. 30, 2012 | Jun. 30, 2013 | |
Common stock warrants (Textual) | ' | ' |
Weighted average fair value of warrants (in usd per share) | $6 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $2,167,000 | $25,697,000 |
Stock_Options_and_Restricted_S2
Stock Options and Restricted Stock Awards (Details) (Stock Options, USD $) | 12 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||
Stock Options | ' | ' | ' | |||
Number of Options | ' | ' | ' | |||
Beginning balance (in shares) | 1,739,663 | [1] | 2,371,198 | [1] | 3,070,999 | [1] |
Exercised (in shares) | -816,854 | [1] | -533,954 | [1] | -311,814 | [1] |
Forfeited or expired (in shares) | 0 | [1] | -97,581 | [1] | -387,987 | [1] |
Ending balance (in shares) | 922,809 | [1] | 1,739,663 | [1] | 2,371,198 | [1] |
Weighted Average Exercise Price | ' | ' | ' | |||
Beginning balance (in usd per share) | $9.79 | $10.31 | $10.54 | |||
Exercised (in usd per share) | $9.38 | $11.59 | $9.12 | |||
Forfeited or expired (in usd per share) | $0 | $12.49 | $13.11 | |||
Ending balance (in usd per share) | $10.16 | $9.79 | $10.31 | |||
[1] | Includes the effect of options granted, exercised, forfeited or expired from the 1991 Plan, 2003 Plan, 2007 Plan, 2006 Plan and options granted outside the stock option plans described above. |
Stock_Options_and_Restricted_S3
Stock Options and Restricted Stock Awards (Details 1) (Restricted Stock Awards, USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Restricted Stock Awards | ' | ' | ' |
Restricted stock award activity, Number of Shares and Weighted Average Grant Date Fair Value | ' | ' | ' |
Number of Shares, Beginning Balance | 1,430,130 | 1,244,830 | 1,198,207 |
Number of Shares, Granted | 741,039 | 880,282 | 817,878 |
Number of Shares, Forfeited | -106,742 | -123,494 | -253,810 |
Number of Shares, Vested | -788,024 | -571,488 | -517,445 |
Number of Shares, Ending Balance | 1,276,403 | 1,430,130 | 1,244,830 |
Weighted Average Grant Date Fair Value, Beginning Balance (in usd per share) | $10.78 | $9.08 | $6.39 |
Weighted Average Grant Date Fair Value, Granted (in usd per share) | $21.28 | $11.46 | $11.32 |
Weighted Average Grant Date Fair Value, Forfeited (in usd per share) | $14.04 | $9.31 | $7.80 |
Weighted Average Grant Date Fair Value, Vested (in usd per share) | $10.47 | $8.76 | $12.88 |
Weighted Average Grant Date Fair Value, Ending Balance (in usd per share) | $17.37 | $10.78 | $9.08 |
Stock_Options_and_Restricted_S4
Stock Options and Restricted Stock Awards (Details 2) (Restricted Stock Units, USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Restricted Stock Units | ' | ' | ' |
Restricted stock unit activity, Number of Shares and Weighted Average Grant Date Fair Value | ' | ' | ' |
Number of Shares, Beginning Balance | 312,673 | 284,467 | 237,719 |
Number of Shares, Granted | 45,228 | 70,883 | 50,344 |
Number of Shares, Forfeited | ' | ' | -3,596 |
Number of Shares, Converted to common stock | -61,770 | -42,677 | ' |
Number of Shares, Ending Balance | 296,131 | 312,673 | 284,467 |
Weighted Average Grant Date Fair Value, Beginning Balance (in usd per share) | $8.15 | $7.67 | $6.51 |
Weighted Average Grant Date Fair Value, Granted (in usd per share) | $21.87 | $9.41 | $13.91 |
Weighted Average Grant Date Fair Value, Converted to common stock (in usd per share) | $8.90 | $7.03 | ' |
Weighted Average Grant Date Fair Value, Forfeited (in usd per share) | ' | ' | $13.91 |
Weighted Average Grant Date Fair Value, Ending Balance (in usd per share) | $10.09 | $8.15 | $7.67 |
Stock_Options_and_Restricted_S5
Stock Options and Restricted Stock Awards (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | $10,928 | $7,442 | $5,165 |
Restricted Stock Awards | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | 8,982 | 6,126 | 3,800 |
Employee Stock Purchase Plan | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | 1,176 | 649 | 696 |
Restricted Stock Units | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | 770 | 667 | 669 |
Cost of Goods Sold | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | 667 | 427 | 296 |
Cost of Goods Sold | Restricted Stock Awards | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | 576 | 392 | 256 |
Cost of Goods Sold | Employee Stock Purchase Plan | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | 91 | 35 | 40 |
Cost of Goods Sold | Restricted Stock Units | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | 0 | 0 | 0 |
Selling, General and Administrative | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | 9,171 | 6,217 | 4,395 |
Selling, General and Administrative | Restricted Stock Awards | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | 7,403 | 4,954 | 3,105 |
Selling, General and Administrative | Employee Stock Purchase Plan | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | 998 | 596 | 621 |
Selling, General and Administrative | Restricted Stock Units | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | 770 | 667 | 669 |
Research and Development | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | 1,090 | 798 | 474 |
Research and Development | Restricted Stock Awards | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | 1,003 | 780 | 439 |
Research and Development | Employee Stock Purchase Plan | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | 87 | 18 | 35 |
Research and Development | Restricted Stock Units | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' |
Stock-based compensation expense | $0 | $0 | $0 |
Stock_Options_and_Restricted_S6
Stock Options and Restricted Stock Awards (Details 4) | 12 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||
Shares available for grant | ' | ' | ' | |||
Shares available for grant, Beginning Balance | 323,291 | [1] | 613,301 | [1] | 50,723 | [1] |
Shares reserved | 475,000 | 450,000 | 849,353 | |||
Shares granted | -786,267 | -951,165 | -868,222 | |||
Shares forfeited, expired or cancelled | 106,742 | 211,155 | 581,447 | |||
Shares available for grant, Ending Balance | 118,766 | [1] | 323,291 | [1] | 613,301 | [1] |
[1] | Excludes the effect of shares granted, exercised, forfeited or expired related to activity from shares granted outside the stock option plans described above. Excludes share forfeitures from grants not under the 2007 Plan. |
Stock_Options_and_Restricted_S7
Stock Options and Restricted Stock Awards (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Aug. 13, 2012 | Sep. 30, 2013 | Aug. 13, 2012 | Sep. 30, 2013 | Jun. 30, 1991 | Jun. 30, 2003 | Feb. 28, 2009 | Jun. 30, 2007 | Jun. 30, 2014 |
Restricted Stock Awards | Restricted Stock Awards | Restricted Stock Awards | Restricted Stock Awards | Restricted Stock Awards | Performance Shares | Performance Shares | Performance Shares | Performance Shares | 1991 Stock Option Plan | 2003 Stock Option Plan | 2007 Equity Incentive Plan | 2007 Equity Incentive Plan | 2007 Equity Incentive Plan | ||||
Minimum | Maximum | Executives | Executives | Executives | Executives | ||||||||||||
Total Shareholder Return | Total Shareholder Return | Annual Revenue Growth | Annual Revenue Growth | ||||||||||||||
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, Vested in Period, Fair Value | ' | ' | ' | $8,252 | $5,006 | $3,625 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options and restricted stock awards (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock approved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 485,250 | 2,458,600 | 2,509,969 | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 834,134 |
Percentage of outstanding shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.70% |
Vested options granted to employees after termination | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value for vested and outstanding options | 19,377 | 19,842 | 1,624 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total aggregate intrinsic value of options exercised | 16,848 | 1,712 | 770 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from option exercises | 7,664 | 5,691 | 2,845 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maximum number of shares granted | ' | ' | ' | 741,039 | 880,282 | 817,878 | ' | ' | 67,854 | 53,566 | 67,854 | 53,566 | ' | ' | ' | ' | ' |
Forfeiture rate | 17.50% | 11.50% | 11.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total compensation cost for non-vested awards not yet recognized | $13,956 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period of compensation cost | '2 years 15 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum period for payment on Restricted stock unit following the six month anniversary date | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax assets | ' | ' | ' |
Stock-based compensation | $4,135 | $5,202 | ' |
Accrued expenses | 1,779 | 1,403 | ' |
Inventories | 639 | 825 | ' |
Depreciation and amortization | 266 | 221 | ' |
Other | 238 | 301 | ' |
Research and development credit carryforwards | 3,825 | 3,299 | ' |
Net operating loss carryforwards | 57,817 | 53,560 | ' |
Total deferred tax assets | 68,699 | 64,811 | ' |
Valuation allowance | -68,699 | -64,811 | -56,465 |
Net deferred tax assets | $0 | $0 | ' |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Summary of valuation allowances | ' | ' |
Beginning balance | $64,811 | $56,465 |
Additions | 3,888 | 8,346 |
Ending balance | $68,699 | $64,811 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Reconciliation of beginning and ending amount of unrecognized tax benefits | ' | ' |
Beginning balance | $392 | $381 |
Increases related to prior year tax positions | 28 | 3 |
Increases related to current year tax positions | 38 | 8 |
Ending balance | $458 | $392 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Income Tax (Textual) | ' | ' | ' |
Liability relating to unrecognized tax benefits | $458 | $392 | $381 |
Domestic Tax Authority | ' | ' | ' |
Income Tax (Additional Textual) | ' | ' | ' |
Tax NOL carryforwards | 159,237 | 150,381 | ' |
Income tax deductions in excess of tax benefits related to stock compensation | 26,983 | ' | ' |
Research and development credit carryforwards | 3,624 | 3,171 | ' |
State and Local Jurisdiction | ' | ' | ' |
Income Tax (Additional Textual) | ' | ' | ' |
Research and development credit carryforwards | $949 | $749 | ' |
Commitment_and_Contingencies_D
Commitment and Contingencies (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 11, 2014 | Jun. 11, 2014 | Jun. 30, 2014 | Jun. 11, 2014 | Jun. 11, 2014 |
Ryan [Member] | New Brighton, Minnesota | New Brighton, Minnesota | Payable at Certain Point in the Construction Process [Member] | Payable Upon Completion of the Project [Member] | ||||
acre | Building | Ryan [Member] | Ryan [Member] | |||||
sqft | ||||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Area of real property (in acres) | ' | ' | ' | ' | 10 | 125,000 | ' | ' |
Purchase price of real property acquired | ' | ' | ' | ' | $500 | ' | ' | ' |
Option to purchase additional property (in acres) | ' | ' | ' | ' | 3.6 | ' | ' | ' |
Fees to be paid as a percent of cost of work | ' | ' | ' | 3.85% | ' | ' | ' | ' |
Development costs, fees to be paid as a percentage of adjusted total project costs | ' | ' | ' | ' | ' | ' | 3.25% | 5.00% |
Construction in progress | 11,499 | 131 | ' | ' | ' | ' | ' | ' |
Building escrow | ' | ' | ' | ' | ' | 9,128 | ' | ' |
Commitment and Contingencies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expiration date | 31-Mar-20 | ' | ' | ' | ' | ' | ' | ' |
Rental expenses | $1,404 | $1,350 | $1,200 | ' | ' | ' | ' | ' |
Commitment_and_Contingencies_D1
Commitment and Contingencies (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Future minimum lease payments | ' |
2015 | $1,141 |
2016 | 760 |
2017 | 467 |
2018 | 460 |
2019 | 460 |
Thereafter | 345 |
Total | $3,633 |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Employee Benefits (Additional Textual) [Abstract] | ' | ' | ' |
Minimum age for qualifying in 401(a) plan | '21 years | ' | ' |
Employer matching contributions | $0 | $0 | $0 |
Internal Revenue Service Limitations | Employees over 50 years | ' | ' | ' |
Employee Benefits (Textual) [Abstract] | ' | ' | ' |
Contribution by employee in plan | 6 | ' | ' |
Maximum | Internal Revenue Service Limitations | ' | ' | ' |
Employee Benefits (Textual) [Abstract] | ' | ' | ' |
Contribution by employee in plan | $18 | ' | ' |
Minimum | ' | ' | ' |
Employee Benefits (Textual) [Abstract] | ' | ' | ' |
Age of eligible employees for contribute additional amount | '50 years | ' | ' |
Texas_Production_Facility_Deta
Texas Production Facility (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 02, 2012 | Jun. 17, 2009 | Jun. 30, 2014 | Sep. 09, 2009 |
Job | Employee | sqft | ||
Employee | ||||
Texas Production Facility (Textual) [Abstract] | ' | ' | ' | ' |
Agreement lease with PEDC (in square foot) | ' | ' | ' | 46,000 |
Corporate job creation agreement date | ' | 17-Jun-09 | ' | ' |
Corporate job creation agreement amended date | 2-Jul-12 | ' | ' | ' |
Net cash incentive funds | $2,975 | ' | ' | ' |
Cash incentive funds upon the hiring of the 125th full-time employee at the facility on or before June 30, 2015, and | 425 | ' | ' | ' |
Number of employees to be maintained for grant of Second cash incentive fund | 125 | ' | ' | ' |
Cash incentive funds upon the hiring of the 75th full-time employee at the facility on or before March 31, 2014, and | 425 | ' | ' | ' |
Number of employees to be maintained for grant of first cash incentive fund | 75 | ' | 75 | ' |
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 | ' |
Reimbursement of award related to job creation agreement | ' | ' | 46 | ' |
Cumulative expenses | ' | ' | 3,659 | ' |
Deferred grant incentive current liability | ' | ' | $59 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||||||||||
Numerator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net loss | ($9,628) | ($9,712) | ($8,658) | ($7,292) | ($6,841) | ($6,219) | ($5,767) | ($5,210) | ($35,290) | ($24,037) | ($16,790) | |||||||||||
Denominator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Weighted average common shares - basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 28,295,758 | 21,685,932 | 18,035,635 | |||||||||||
Effect of dilutive stock options and warrants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1],[2],[3] | 0 | [1],[2],[3] | 0 | [1],[2],[3] | ||||||||
Weighted average common shares outstanding - diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 28,295,758 | 21,685,932 | 18,035,635 | |||||||||||
Net loss per common share - basic and diluted (in usd per share) | ($0.31) | [4] | ($0.32) | [4] | ($0.32) | [4] | ($0.29) | [4] | ($0.28) | [4] | ($0.29) | [4] | ($0.28) | [4] | ($0.26) | [4] | ($1.25) | [4] | ($1.11) | [4] | ($0.93) | |
[1] | At June 30, 2014, 2013, and 2012; 0, 2,091,718, and 2,457,433, 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. | |||||||||||||||||||||
[2] | At June 30, 2014, 2013, and 2012; 922,809, 1,739,663, and 2,371,198 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 June 30, 2014, 2013, and 2012; 0, 321,099 and 363,794 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. | |||||||||||||||||||||
[4] | The summation of quarterly per share data may not equate to the calculation for the full fiscal year as quarterly calculations are performed on a discrete basis. |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Earnings Per Share (Textual) [Abstract] | ' | ' | ' | ' |
Warrants outstanding (in shares) | 0 | 2,091,718 | 2,457,433 | 2,690,424 |
Common stock, shares outstanding | 31,084,742 | 24,382,025 | ' | ' |
Warrants | ' | ' | ' | ' |
Earnings Per Share (Textual) [Abstract] | ' | ' | ' | ' |
Warrants outstanding (in shares) | 0 | 2,091,718 | 2,457,433 | ' |
Stock Options | ' | ' | ' | ' |
Earnings Per Share (Textual) [Abstract] | ' | ' | ' | ' |
Common stock, shares outstanding | 922,809 | 1,739,663 | 2,371,198 | ' |
Convertible Debt Securities | ' | ' | ' | ' |
Earnings Per Share (Textual) [Abstract] | ' | ' | ' | ' |
Common stock, shares outstanding | 0 | 321,099 | 363,794 | ' |
Quarterly_Data_Unaudited_Detai
Quarterly Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Revenues | $39,564 | $34,945 | $32,337 | $29,766 | $28,821 | $26,474 | $25,309 | $23,293 | $136,612 | $103,897 | $82,490 | ||||||||||
Gross profit | 30,449 | 27,196 | 25,024 | 22,902 | 21,892 | 20,233 | 19,351 | 18,039 | 105,571 | 79,515 | 63,274 | ||||||||||
Net loss | ($9,628) | ($9,712) | ($8,658) | ($7,292) | ($6,841) | ($6,219) | ($5,767) | ($5,210) | ($35,290) | ($24,037) | ($16,790) | ||||||||||
Net loss per common share - basic and diluted (in usd per share) | ($0.31) | [1] | ($0.32) | [1] | ($0.32) | [1] | ($0.29) | [1] | ($0.28) | [1] | ($0.29) | [1] | ($0.28) | [1] | ($0.26) | [1] | ($1.25) | [1] | ($1.11) | [1] | ($0.93) |
[1] | The summation of quarterly per share data may not equate to the calculation for the full fiscal year as quarterly calculations are performed on a discrete basis. |
Employee_Stock_Purchase_Plan_D
Employee Stock Purchase Plan (Details) (Employee Stock Purchase Plan, USD $) | 12 Months Ended | 0 Months Ended |
Jun. 30, 2014 | Jul. 01, 2014 | |
Subsequent Event | ||
Schedule of Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ' | ' |
Stock purchased period | '6 months | ' |
Purchase price of stock in percentage | 85.00% | ' |
Number of shares purchased by employee | 149,839 | ' |
Average price of share purchased by employee | $22.50 | ' |
Shares of common stock granted | 30,870 | ' |
Percentage of common shares increased | 1.00% | ' |
Increase in number of shares | 180,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | ' | 90,000 |