Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Dec. 31, 2014 | Jan. 31, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CSII | |
Entity Registrant Name | CARDIOVASCULAR SYSTEMS INC | |
Entity Central Index Key | 1180145 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 31,608,864 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $101,344 | $126,592 |
Accounts receivable, net | 26,064 | 21,383 |
Inventories | 13,957 | 12,890 |
Prepaid expenses and other current assets | 4,084 | 1,846 |
Total current assets | 145,449 | 162,711 |
Property and equipment, net | 30,940 | 15,297 |
Patents, net | 4,150 | 3,823 |
Other assets | 70 | 70 |
Total assets | 180,609 | 181,901 |
Current liabilities | ||
Short-term borrowings | 0 | 2,400 |
Accounts payable | 18,302 | 12,699 |
Accrued expenses | 12,185 | 14,630 |
Total current liabilities | 30,487 | 29,729 |
Long-term liabilities | ||
Other liabilities | 1,967 | 117 |
Total liabilities | 32,454 | 29,846 |
Commitments and contingencies | 0 | 0 |
Common stock, $0.001 par value; authorized 100,000,000 common shares at December 31, 2014 and June 30, 2014; issued and outstanding 31,572,370 at December 31, 2014 and 31,084,742 at June 30, 2014, respectively | 32 | 31 |
Additional paid in capital | 400,185 | 390,589 |
Accumulated deficit | -252,062 | -238,565 |
Total stockholders’ equity | 148,155 | 152,055 |
Total liabilities and stockholders’ equity | $180,609 | $181,901 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
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 | 31,572,370 | 31,084,742 |
Common stock, shares outstanding | 31,572,370 | 31,084,742 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Revenues | $44,732 | $32,337 | $86,086 | $62,103 |
Cost of goods sold | 9,346 | 7,313 | 18,231 | 14,177 |
Gross profit | 35,386 | 25,024 | 67,855 | 47,926 |
Expenses: | ||||
Selling, general and administrative | 32,553 | 27,468 | 66,060 | 52,839 |
Research and development | 8,085 | 5,051 | 15,237 | 9,429 |
Total expenses | 40,638 | 32,519 | 81,297 | 62,268 |
Loss from operations | -5,252 | -7,495 | -13,442 | -14,342 |
Interest and other, net | -21 | -1,163 | -55 | -1,608 |
Net and comprehensive loss | ($5,273) | ($8,658) | ($13,497) | ($15,950) |
Net and comprehensive loss per common share: | ||||
Basic and diluted (in usd per share) | ($0.17) | ($0.32) | ($0.43) | ($0.61) |
Weighted average common shares used in computation: | ||||
Basic and diluted (in shares) | 31,487,358 | 27,177,952 | 31,399,234 | 25,964,660 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities | ||
Net loss | ($13,497) | ($15,950) |
Adjustments to reconcile net loss to net cash used in operations | ||
Depreciation of property and equipment | 751 | 579 |
Amortization and write-off of patents | 82 | 102 |
Provision for doubtful accounts | 846 | 190 |
Amortization of discount on debt, net | 0 | 137 |
Debt conversion and valuation of conversion options, net | 0 | 716 |
Stock-based compensation | 7,083 | 4,855 |
Changes in assets and liabilities | ||
Accounts receivable | -5,527 | -1,378 |
Inventories | -1,067 | -4,040 |
Prepaid expenses and other assets | 287 | -194 |
Accounts payable | 467 | 1,399 |
Accrued expenses and other liabilities | -542 | 1,096 |
Net cash used in operations | -11,117 | -12,488 |
Cash flows from investing activities | ||
Expenditures for property and equipment | -11,258 | -717 |
Purchases of marketable securities | -2,084 | 0 |
Costs incurred in connection with patents | -543 | -385 |
Net cash used in investing activities | -13,885 | -1,102 |
Cash flows from financing activities | ||
Proceeds from employee stock purchase plan | 1,360 | 1,291 |
Proceeds from employee stock purchase plan | 794 | 9,097 |
Proceeds from the issuance of common stock, net of issuance costs | 0 | 84,369 |
Proceeds from line of credit | 0 | 4,800 |
Payments on debt | -2,400 | -7,200 |
Net cash (used in) provided by financing activities | -246 | 92,357 |
Net change in cash and cash equivalents | -25,248 | 78,767 |
Cash and cash equivalents | ||
Beginning of period | 126,592 | 67,897 |
End of period | 101,344 | 146,664 |
Noncash investing activities | ||
Property and equipment included in accounts payable | $5,136 | $18 |
Business_Overview
Business Overview | 6 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Business Overview | Business Overview |
Company Description | |
Cardiovascular Systems, Inc. (the “Company”) develops and commercializes innovative solutions for treating vascular and coronary diseases. The Company’s peripheral arterial disease products, the Stealth 360°® PAD System, Diamondback 360® PAD System, and Predator 360°® PAD System, are catheter-based platforms capable of treating a broad range of plaque types, including calcified plaque, in leg arteries both above and below the knee and address many of the limitations associated with existing surgical, catheter and pharmacological 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. In March 2014, we received approval for the Diamondback 360® 60cm Peripheral OAS access device, which allows physicians to treat PAD patients in the small and tortuous vessels located below the knee through alternative access sites in the ankle or foot. In November 2014, the Company received CE Mark for its Stealth 360° PAD System and is currently evaluating the timing and structure of its plans to commercialize products in Europe. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Interim Financial Statements | |
The Company prepared the unaudited interim consolidated financial statements and related unaudited financial information in the footnotes in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. The year-end consolidated balance sheet was derived from the Company’s audited consolidated financial statements, but does not include all disclosures as required by GAAP. These interim consolidated financial statements reflect all adjustments consisting of normal recurring accruals, which, in the opinion of management, are necessary to state fairly the Company’s consolidated financial position, the results of its operations and its cash flows for the interim periods. These interim consolidated financial statements should be read in conjunction with the consolidated annual financial statements and the notes thereto included in the Form 10-K filed by the Company with the SEC on August 28, 2014. The nature of the Company’s business is such that the results of any interim period may not be indicative of the results to be expected for the entire year. | |
Use of Estimates | |
The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Stock-Based Compensation | |
The Company recognizes stock-based compensation expense in an amount equal to the fair value of share-based payments computed at the date of grant. The fair value of all restricted stock awards are expensed in the consolidated statements of operations ratably over the related vesting period. | |
Revenue Recognition | |
The Company sells the majority of its products via direct shipment to hospitals or clinics. The Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists; delivery has occurred; the sales price is fixed or determinable; and collectability is reasonably assured. The Company records estimated sales returns, discounts and rebates as a reduction of net sales. | |
Costs related to products delivered are recognized in the period revenue is recognized. Cost of goods sold consists primarily of raw materials, direct labor, and manufacturing overhead. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue From Contracts with Customers.” 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 August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.” The guidance requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date of issuance of the entity's financial statements. The entity must also provide certain disclosures if there is substantial doubt about the entity's ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. The Company does not anticipate a material impact on its financial statements upon adoption. |
Selected_Consolidated_Financia
Selected Consolidated Financial Statement Information | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||
Selected Consolidated Financial Statement Information | Selected Consolidated Financial Statement Information | |||||||
Accounts Receivable | ||||||||
Accounts receivable consists of the following: | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Accounts receivable | $ | 27,292 | $ | 21,834 | ||||
Less: Allowance for doubtful accounts | (1,228 | ) | (451 | ) | ||||
Total accounts receivable | $ | 26,064 | $ | 21,383 | ||||
Inventories | ||||||||
Inventories consist of the following: | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Raw materials | $ | 7,034 | $ | 5,879 | ||||
Work in process | 507 | 855 | ||||||
Finished goods | 6,416 | 6,156 | ||||||
Total inventories | $ | 13,957 | $ | 12,890 | ||||
Property and Equipment | ||||||||
Property and equipment consists of the following: | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Land | $ | 500 | $ | 500 | ||||
Equipment | 7,303 | 6,436 | ||||||
Furniture | 626 | 626 | ||||||
Leasehold improvements | 233 | 233 | ||||||
Construction in progress | 27,027 | 11,499 | ||||||
35,689 | 19,294 | |||||||
Less: Accumulated depreciation | (4,749 | ) | (3,997 | ) | ||||
Total property and equipment, net | $ | 30,940 | $ | 15,297 | ||||
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 of 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 held in an escrow account that is required to be used to fund the final construction payments. | ||||||||
Accrued Expenses | ||||||||
Accrued expenses consist of the following: | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Salaries and bonus | $ | 3,648 | $ | 5,244 | ||||
Commissions | 4,716 | 6,069 | ||||||
Accrued vacation | 3,226 | 2,843 | ||||||
Other | 595 | 474 | ||||||
Total accrued expenses | $ | 12,185 | $ | 14,630 | ||||
Deferred_Compensation_Plan
Deferred Compensation Plan | 6 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Deferred Compensation Plan | Deferred Compensation Plan |
The Company offers certain members of management and highly compensated employees the opportunity to defer up to 100% of their base salary (after 401(k), payroll tax and other deductions), performance bonus and discretionary bonus and elect to receive the deferred compensation at a fixed future date of participant’s choosing. Each participant may, at the time of his or her deferral election, choose to allocate the deferred compensation into investment alternatives set by the Compensation Committee at that time. The amount payable to each participant under the plan will change in value based upon the investment selected by that participant and is classified as current or long-term on the Company's balance sheet based on the disbursement elections made by the participants. | |
In August 2014, the Company acquired $2,084 of available-for-sale marketable securities. These available-for-sale marketable securities are primarily comprised of investments with a fixed income and equity investments. The available-for-sale marketable securities are included with prepaid expenses and other current assets on the consolidated balance sheet at December 31, 2014. Unrealized gains and losses as of December 31, 2014 were not significant. The fair value of the awards as of December 31, 2014 is estimated at $2,165, of which $1,251 and $914 is classified as Level 1 and Level 2 investments, respectively. The Company's marketable securities classified within Level 2 are valued using readily available pricing sources. |
Debt
Debt | 6 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Debt | Debt |
Loan and Security Agreement with Silicon Valley Bank | |
On March 29, 2010, the Company entered into an amended and restated loan and security agreement with Silicon Valley Bank. The agreement was amended on December 27, 2011 to increase 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, amended on June 26, 2014 to extend the line of credit's maturity date to September 30, 2014 and reduce the interest rate, and amended on September 29, 2014 to extend the line of credit's maturity date to December 31, 2014. The agreement, as amended, included a $15,000 line of credit. On December 31, 2014, the agreement had matured. | |
The $15,000 line of credit had a floating interest rate equal to the Wall Street Journal’s prime rate. Interest on borrowings were due monthly and the principal balance was due at maturity. Borrowings on the line of credit were based on 85% of eligible accounts. Accounts receivable receipts were deposited into a lockbox account in the name of Silicon Valley Bank. The line of credit was subject to non-use fees, annual fees, and cancellation fees. The balance outstanding on the line of credit at December 31, 2014 and June 30, 2014 was $0 and $2,400, respectively. | |
Borrowings from Silicon Valley Bank were secured by all of the Company’s assets. The borrowings were subject to prepayment penalties and financial covenants, including maintaining certain liquidity and fixed charge coverage ratios. Any non-compliance by the Company under the terms of debt arrangements would have resulted in an event of default under the Silicon Valley Bank loan, which, if not cured, could have resulted in the acceleration of the debt. The Company was in compliance with all financial covenants during the six months ended December 31, 2014. | |
Loan and Security Agreement with Partners for Growth | |
On April 14, 2010, the Company entered into a loan and security agreement with Partners for Growth III, L.P. (“PFG”), as amended on August 23, 2011, December 27, 2011, June 30, 2012, and May 10, 2013. The amended agreement provides that PFG will make loans to the Company up to $5,000. The agreement has a maturity date of April 14, 2015. The loans bear interest at a floating per annum rate equal to 2.75% above Silicon Valley Bank’s prime rate, and such interest is payable monthly. The principal balance of and any accrued and unpaid interest on any notes are due on the maturity date and may not be prepaid by the Company at any time in whole or in part. As of December 31, 2014 and June 30, 2014, there were no loans outstanding. | |
At any time prior to the maturity date, PFG may, at its option, convert any outstanding loan into shares of the Company’s common stock at the applicable conversion price, which in each case equals the ten-day volume weighted average price per share of the Company’s common stock prior to the issuance date of each note. The Company may also effect at any time a mandatory conversion of amounts, subject to certain terms, conditions and limitations provided in the agreement, including a requirement that the ten-day volume weighted average price of the Company’s common stock prior to the date of conversion is at least 15% greater than the conversion price. The Company may reduce the conversion price to a price that represents a 15% discount to the ten-day volume weighted average price of its common stock to satisfy this condition and effect a mandatory conversion. The Company recorded an expense of $0 and $61 for the six months ended December 31, 2014 and 2013, respectively, 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. | |
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 December 31, 2014. If the Company does not comply with the various covenants, PFG may, subject to various customary cure rights, decline to provide additional loans, require amortization of any future loan over its remaining term, or require the immediate payment of all amounts outstanding under any future loan and foreclose on any or all collateral, depending on which financial covenants are not maintained. |
Interest_and_Other_Net
Interest and Other, Net | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||
Interest and Other, Net | Interest and Other, Net | |||||||||||||||
Interest and other, net, includes the following: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest expense, net of premium amortization | $ | (6 | ) | $ | (564 | ) | $ | (22 | ) | $ | (845 | ) | ||||
Change in fair value of conversion options | — | — | — | (61 | ) | |||||||||||
Net write-offs upon conversion (option and premium amortization) | — | (574 | ) | — | (655 | ) | ||||||||||
Other | (15 | ) | (25 | ) | (33 | ) | (47 | ) | ||||||||
Total Interest and other, net | $ | (21 | ) | $ | (1,163 | ) | $ | (55 | ) | $ | (1,608 | ) |
Stock_Options_and_Restricted_S
Stock Options and Restricted Stock Awards | 6 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||||||
Stock Options and Restricted Stock Awards | Stock Options and Restricted Stock Awards | ||||||
On November 12, 2014, the Company's stockholders approved the 2014 Equity Incentive Plan (the “2014 Plan”), under which restricted stock awards have been granted to employees, directors and consultants. Previously, options to purchase common stock and restricted stock awards were granted under the 2007 Equity Incentive Plan (the “2007 Plan”) and the 2003 Stock Option Plan (the “2003 Plan”). The 2014 Plan, the 2007 Plan and the 2003 Plan are collectively referred to as the “Plans.” | |||||||
Stock Options | |||||||
All options granted under the Plans become exercisable over periods established at the date of grant. The option exercise price is generally not less than the estimated fair market value of the Company’s common stock at the date of grant, as determined by the Company’s management and Board of Directors. In addition, the Company has granted nonqualified stock options to a director outside of the Plans. An employee's vested options must be exercised at or within 90 days of termination to avoid forfeiture. As of December 31, 2014, all outstanding options were fully vested. | |||||||
Stock option activity for the six months ended December 31, 2014 is as follows: | |||||||
Number of | Weighted | ||||||
Options(a) | Average | ||||||
Exercise Price | |||||||
Options outstanding at June 30, 2014 | 922,809 | $ | 10.16 | ||||
Options exercised | (87,575 | ) | $ | 9.07 | |||
Options outstanding at December 31, 2014 | 835,234 | $ | 10.28 | ||||
(a) Includes the effect of options granted, exercised, forfeited or expired from the 2003 Plan and 2007 Plan, and options granted outside such plans. | |||||||
Restricted Stock | |||||||
The fair value of each restricted stock award is equal to the fair market value of the Company’s common stock at the date of grant. Vesting of restricted stock awards generally ranges from one to three years. The estimated fair value of restricted stock awards, including the effect of estimated forfeitures, is recognized on a straight-line basis over the restricted stock’s vesting period. | |||||||
On August 11, 2014, the Company granted performance based restricted stock awards to certain executives. The performance based awards included grants of a maximum aggregate of 76,112 shares that vest based upon achievement of certain thresholds measuring total shareholder return during periods within fiscal 2015 compared to a pre-determined peer group of companies, and grants of a maximum aggregate of 76,112 shares that vest based upon achievement of certain thresholds measuring annual revenue growth during fiscal 2015 compared to a pre-determined peer group of companies. Management adjusts expense as required based on expected revenue growth performance for those awards. | |||||||
Restricted stock award activity for the six months ended December 31, 2014 is as follows: | |||||||
Number of | Weighted | ||||||
Shares | Average Fair | ||||||
Value | |||||||
Restricted stock awards outstanding at June 30, 2014 | 1,276,403 | $ | 17.37 | ||||
Restricted stock awards granted (1) | 425,644 | $ | 29.15 | ||||
Restricted stock awards forfeited | (78,747 | ) | $ | 19.84 | |||
Restricted stock awards vested | (483,941 | ) | $ | 17 | |||
Restricted stock awards outstanding at December 31, 2014 | 1,139,359 | $ | 19.89 | ||||
(1) Includes both time-based and performance-based restricted stock awards. | |||||||
Commitment_and_Contingencies
Commitment and Contingencies | 6 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Commitment and Contingencies | |||
Operating Leases | ||||
The Company leases manufacturing and office space and equipment under various lease agreements that expire at various dates through March 2020. Rental expenses were $797 and $720 for the six months ended December 31, 2014 and 2013, respectively. | ||||
Future minimum lease payments under the agreements as of December 31, 2014 are as follows: | ||||
Six months ended June 30, 2015 | $ | 563 | ||
Fiscal 2016 | 763 | |||
Fiscal 2017 | 469 | |||
Fiscal 2018 | 462 | |||
Fiscal 2019 | 462 | |||
Thereafter | 346 | |||
$ | 3,065 | |||
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 9 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 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 the 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 the 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 coordination 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 is required to hold approximately $9,128 in an escrow account that 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. |
Texas_Production_Facility
Texas Production Facility | 6 Months Ended |
Dec. 31, 2014 | |
Production Facility [Abstract] | |
Texas Production Facility | Texas Production Facility |
Effective on September 9, 2009, the Company entered into an agreement with the Pearland Economic Development Corporation (the “PEDC”) for the construction and lease of an approximately 46,000 square foot production facility located in Pearland, Texas. The facility primarily serves as an additional manufacturing location for the Company. | |
The Company and the PEDC entered into a Corporate Job Creation Agreement dated June 17, 2009, which was subsequently amended July 2, 2012. The Job Creation Agreement, as amended, provided the Company with $2,975 in net cash incentive funds. The Company believes it will be able to comply with the conditions specified in the amended agreement. The PEDC will provide the Company with an additional $425 of net cash incentive funds if: (1) the Company hires 125 full-time employees at the facility before June 30, 2015 and (2) maintains 125 employees at the facility through June 30, 2016. The Company had the opportunity to receive an additional $425 of net cash incentive funds upon hiring the 75th employee on or before March 31, 2014; 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 December 31, 2014, the Company was in compliance with all minimum requirements under the amended agreement. The Company believes it will be able to comply with the conditions specified in the amended agreement. | |
The Job Creation Agreement, as amended, also provided the Company with a net $1,020 award, of which $510 was received from the PEDC and the remainder is funded through the Texas Enterprise Fund program associated with the State of Texas. As of December 31, 2014, $340 has been received and the remaining $170 will be provided upon the hiring of the 75th full-time employee at the facility. The grant from the State of Texas is subject to reimbursement if the Company fails to meet certain job creation targets through 2014 and maintain these positions through 2020. The Company 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 December 31, 2014, the deferred grant incentive liabilities have been reduced by $41 in cumulative expenses, resulting in a remaining current liability of $18. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||||||
The following table presents a reconciliation of the numerators and denominators used in the basic and diluted earnings per common share computations (in thousands except share and per share amounts): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator | ||||||||||||||||
Net loss | $ | (5,273 | ) | $ | (8,658 | ) | $ | (13,497 | ) | $ | (15,950 | ) | ||||
Denominator | ||||||||||||||||
Weighted average common shares – basic | 31,487,358 | 27,177,952 | 31,399,234 | 25,964,660 | ||||||||||||
Effect of dilutive stock options and warrants(a)(b) | — | — | — | — | ||||||||||||
Weighted average common shares outstanding – diluted | 31,487,358 | 27,177,952 | 31,399,234 | 25,964,660 | ||||||||||||
Net loss per common share — basic and diluted | $ | (0.17 | ) | $ | (0.32 | ) | $ | (0.43 | ) | $ | (0.61 | ) | ||||
(a) | At December 31, 2014 and 2013, 0 and 984,991 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 December 31, 2014 and 2013, 835,234 and 1,080,456 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. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | Interim Financial Statements |
The Company prepared the unaudited interim consolidated financial statements and related unaudited financial information in the footnotes in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. The year-end consolidated balance sheet was derived from the Company’s audited consolidated financial statements, but does not include all disclosures as required by GAAP. These interim consolidated financial statements reflect all adjustments consisting of normal recurring accruals, which, in the opinion of management, are necessary to state fairly the Company’s consolidated financial position, the results of its operations and its cash flows for the interim periods. These interim consolidated financial statements should be read in conjunction with the consolidated annual financial statements and the notes thereto included in the Form 10-K filed by the Company with the SEC on August 28, 2014. The nature of the Company’s business is such that the results of any interim period may not be indicative of the results to be expected for the entire year. | |
Use of Estimates | Use of Estimates |
The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Stock-Based Compensation | Stock-Based Compensation |
The Company recognizes stock-based compensation expense in an amount equal to the fair value of share-based payments computed at the date of grant. The fair value of all restricted stock awards are expensed in the consolidated statements of operations ratably over the related vesting period. | |
Revenue Recognition | Revenue Recognition |
The Company sells the majority of its products via direct shipment to hospitals or clinics. The Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists; delivery has occurred; the sales price is fixed or determinable; and collectability is reasonably assured. The Company records estimated sales returns, discounts and rebates as a reduction of net sales. | |
Costs related to products delivered are recognized in the period revenue is recognized. Cost of goods sold consists primarily of raw materials, direct labor, and manufacturing overhead. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue From Contracts with Customers.” 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 August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.” The guidance requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date of issuance of the entity's financial statements. The entity must also provide certain disclosures if there is substantial doubt about the entity's ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. The Company does not anticipate a material impact on its financial statements upon adoption. |
Selected_Consolidated_Financia1
Selected Consolidated Financial Statement Information (Tables) | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||
Schedule of Accounts Receivable | Accounts receivable consists of the following: | |||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Accounts receivable | $ | 27,292 | $ | 21,834 | ||||
Less: Allowance for doubtful accounts | (1,228 | ) | (451 | ) | ||||
Total accounts receivable | $ | 26,064 | $ | 21,383 | ||||
Schedule of Inventory | Inventories consist of the following: | |||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Raw materials | $ | 7,034 | $ | 5,879 | ||||
Work in process | 507 | 855 | ||||||
Finished goods | 6,416 | 6,156 | ||||||
Total inventories | $ | 13,957 | $ | 12,890 | ||||
Schedule of Property and Equipment | Property and equipment consists of the following: | |||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Land | $ | 500 | $ | 500 | ||||
Equipment | 7,303 | 6,436 | ||||||
Furniture | 626 | 626 | ||||||
Leasehold improvements | 233 | 233 | ||||||
Construction in progress | 27,027 | 11,499 | ||||||
35,689 | 19,294 | |||||||
Less: Accumulated depreciation | (4,749 | ) | (3,997 | ) | ||||
Total property and equipment, net | $ | 30,940 | $ | 15,297 | ||||
Schedule of Accrued Expenses | Accrued expenses consist of the following: | |||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Salaries and bonus | $ | 3,648 | $ | 5,244 | ||||
Commissions | 4,716 | 6,069 | ||||||
Accrued vacation | 3,226 | 2,843 | ||||||
Other | 595 | 474 | ||||||
Total accrued expenses | $ | 12,185 | $ | 14,630 | ||||
Interest_and_Other_Net_Tables
Interest and Other, Net (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||
Interest and Other, Net | Interest and other, net, includes the following: | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest expense, net of premium amortization | $ | (6 | ) | $ | (564 | ) | $ | (22 | ) | $ | (845 | ) | ||||
Change in fair value of conversion options | — | — | — | (61 | ) | |||||||||||
Net write-offs upon conversion (option and premium amortization) | — | (574 | ) | — | (655 | ) | ||||||||||
Other | (15 | ) | (25 | ) | (33 | ) | (47 | ) | ||||||||
Total Interest and other, net | $ | (21 | ) | $ | (1,163 | ) | $ | (55 | ) | $ | (1,608 | ) |
Stock_Options_and_Restricted_S1
Stock Options and Restricted Stock Awards (Tables) | 6 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||||||
Stock Option Activity | Stock option activity for the six months ended December 31, 2014 is as follows: | ||||||
Number of | Weighted | ||||||
Options(a) | Average | ||||||
Exercise Price | |||||||
Options outstanding at June 30, 2014 | 922,809 | $ | 10.16 | ||||
Options exercised | (87,575 | ) | $ | 9.07 | |||
Options outstanding at December 31, 2014 | 835,234 | $ | 10.28 | ||||
(a) Includes the effect of options granted, exercised, forfeited or expired from the 2003 Plan and 2007 Plan, and options granted outside such plans. | |||||||
Restricted Stock Award Activity | Restricted stock award activity for the six months ended December 31, 2014 is as follows: | ||||||
Number of | Weighted | ||||||
Shares | Average Fair | ||||||
Value | |||||||
Restricted stock awards outstanding at June 30, 2014 | 1,276,403 | $ | 17.37 | ||||
Restricted stock awards granted (1) | 425,644 | $ | 29.15 | ||||
Restricted stock awards forfeited | (78,747 | ) | $ | 19.84 | |||
Restricted stock awards vested | (483,941 | ) | $ | 17 | |||
Restricted stock awards outstanding at December 31, 2014 | 1,139,359 | $ | 19.89 | ||||
(1) Includes both time-based and performance-based restricted stock awards. | |||||||
Commitment_and_Contingencies_T
Commitment and Contingencies (Tables) | 6 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under the agreements as of December 31, 2014 are as follows: | |||
Six months ended June 30, 2015 | $ | 563 | ||
Fiscal 2016 | 763 | |||
Fiscal 2017 | 469 | |||
Fiscal 2018 | 462 | |||
Fiscal 2019 | 462 | |||
Thereafter | 346 | |||
$ | 3,065 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Reconciliation of Numerators and Denominators Used in Basic and Diluted Earnings Per Common Share Computations | The following table presents a reconciliation of the numerators and denominators used in the basic and diluted earnings per common share computations (in thousands except share and per share amounts): | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator | ||||||||||||||||
Net loss | $ | (5,273 | ) | $ | (8,658 | ) | $ | (13,497 | ) | $ | (15,950 | ) | ||||
Denominator | ||||||||||||||||
Weighted average common shares – basic | 31,487,358 | 27,177,952 | 31,399,234 | 25,964,660 | ||||||||||||
Effect of dilutive stock options and warrants(a)(b) | — | — | — | — | ||||||||||||
Weighted average common shares outstanding – diluted | 31,487,358 | 27,177,952 | 31,399,234 | 25,964,660 | ||||||||||||
Net loss per common share — basic and diluted | $ | (0.17 | ) | $ | (0.32 | ) | $ | (0.43 | ) | $ | (0.61 | ) | ||||
(a) | At December 31, 2014 and 2013, 0 and 984,991 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 December 31, 2014 and 2013, 835,234 and 1,080,456 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. |
Selected_Consolidated_Financia2
Selected Consolidated Financial Statement Information (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Receivable | ||
Accounts receivable | $27,292 | $21,834 |
Less: Allowance for doubtful accounts | -1,228 | -451 |
Total accounts receivable | 26,064 | 21,383 |
Inventories | ||
Raw materials | 7,034 | 5,879 |
Work in process | 507 | 855 |
Finished goods | 6,416 | 6,156 |
Total inventories | 13,957 | 12,890 |
Property and Equipment | ||
Land | 500 | 500 |
Equipment | 7,303 | 6,436 |
Furniture | 626 | 626 |
Leasehold improvements | 233 | 233 |
Construction in progress | 27,027 | 11,499 |
Property and equipment, gross | 35,689 | 19,294 |
Less: Accumulated depreciation | -4,749 | -3,997 |
Total property and equipment, net | 30,940 | 15,297 |
Accrued Expenses | ||
Salaries and bonus | 3,648 | 5,244 |
Commissions | 4,716 | 6,069 |
Accrued vacation | 3,226 | 2,843 |
Other | 595 | 474 |
Total accrued expenses | 12,185 | 14,630 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Amount to be held in escrow | $9,128 | |
New Brighton, Minnesota | Building | ||
Property, Plant and Equipment [Line Items] | ||
Area of real estate property (in square feet) | 125,000 | |
Capacity of new building (number of employees) | 500 |
Deferred_Compensation_Plan_Det
Deferred Compensation Plan (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Available-for-sale Securities [Abstract] | |
Payments to acquire investments | $2,084 |
Fair Value, Measurements, Recurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | 2,165 |
Fair Value, Measurements, Recurring [Member] | Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | 1,251 |
Fair Value, Measurements, Recurring [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | $914 |
Maximum | |
Deferred Compensation Arrangements [Abstract] | |
Deferred compensation plan, maximum percentage of employees' base salary | 100.00% |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 29, 2014 | Apr. 14, 2010 | Jun. 30, 2014 | Mar. 29, 2010 | 10-May-13 | |
Debt Instrument [Line Items] | |||||||||
Change in fair value of conversion option | $0 | $0 | $0 | ($61,000) | |||||
Interest and Other, Net | |||||||||
Debt Instrument [Line Items] | |||||||||
Change in fair value of conversion option | 0 | 61,000 | |||||||
Silicon Valley Bank | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit expiration date | 31-Dec-14 | ||||||||
Silicon Valley Bank | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Borrowings line of credit | 15,000,000 | ||||||||
Borrowings line of credit eligible accounts | 85.00% | ||||||||
Line of credit, outstanding balance | 0 | 0 | 2,400,000 | ||||||
Partners For Growth | |||||||||
Debt Instrument [Line Items] | |||||||||
Floating interest rate | 2.75% | ||||||||
PFG Convertible debt | 0 | 0 | 0 | ||||||
Number of days for determination of price per share | 10 days | ||||||||
Reduce in conversion price | 15.00% | ||||||||
Partners For Growth | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan and security agreement | 5,000,000 |
Interest_and_Other_Net_Details
Interest and Other, Net (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Other Income and Expenses [Abstract] | ||||
Interest expense, net of premium amortization | ($6) | ($564) | ($22) | ($845) |
Change in fair value of conversion options | 0 | 0 | 0 | -61 |
Net write-offs upon conversion (option and premium amortization) | 0 | -574 | 0 | -655 |
Other | -15 | -25 | -33 | -47 |
Total Interest and other, net | ($21) | ($1,163) | ($55) | ($1,608) |
Stock_Options_and_Restricted_S2
Stock Options and Restricted Stock Awards (Details) | 6 Months Ended | 0 Months Ended |
Dec. 31, 2014 | Aug. 11, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise period for employee's vested options | 90 days | |
Restricted Stock | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year | |
Restricted Stock | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance Based Shares - Total Shareholder Return | 76,112 | |
Performance Based Shares - Revenue Growth | 76,112 |
Stock_Options_and_Restricted_S3
Stock Options and Restricted Stock Awards - Stock Option Activity (Details) (USD $) | 6 Months Ended | |
Dec. 31, 2014 | ||
Number of Options | ||
Options outstanding, balance at beginning of period (in shares) | 922,809 | [1] |
Options exercised (in shares) | -87,575 | [1] |
Options outstanding, balance at end of period (in shares) | 835,234 | [1] |
Weighted Average Exercise Price | ||
Options outstanding at beginning of period (in usd per share) | $10.16 | |
Options exercised (in usd per share) | $9.07 | |
Options outstanding at end of period (in usd per share) | $10.28 | |
[1] | Includes the effect of options granted, exercised, forfeited or expired from the 2003 Plan and 2007 Plan, and options granted outside such plans.Table 2 Footnote:(1) Includes both time-based and performance-based restricted stock awards. |
Stock_Options_and_Restricted_S4
Stock Options and Restricted Stock Awards - Restricted Stock Award Activity (Details) (Restricted Stock, USD $) | 6 Months Ended | |
Dec. 31, 2014 | ||
Restricted Stock | ||
Number of Shares | ||
Awards outstanding, balance at beginning of period (in shares) | 1,276,403 | |
Awards granted (in shares) | 425,644 | [1] |
Awards forfeited (in shares) | -78,747 | |
Awards vested (in shares) | -483,941 | |
Awards outstanding, balance at end of period (in shares) | 1,139,359 | |
Weighted Average Fair Value | ||
Awards outstanding, balance at beginning of period (in usd per share) | $17.37 | |
Awards granted (in usd per share) | $29.15 | |
Awards forfeited (in usd per share) | $19.84 | |
Awards vested (in usd per share) | $17 | |
Awards outstanding, balance at end of period (in usd per share) | $19.89 | |
[1] | Includes both time-based and performance-based restricted stock awards. |
Commitment_and_Contingencies_D
Commitment and Contingencies (Details) (USD $) | 6 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 11, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease expiration date | 31-Mar-20 | ||
Rental expense | $797 | $720 | |
Future Minimum Lease Payments: | |||
Six months ended June 30, 2015 | 563 | ||
Fiscal 2016 | 763 | ||
Fiscal 2017 | 469 | ||
Fiscal 2018 | 462 | ||
Fiscal 2019 | 462 | ||
Thereafter | 346 | ||
Future minimum lease payments | 3,065 | ||
Ryan Companies | |||
Other Commitments [Line Items] | |||
Construction costs paid to third party, percentage of cost of work | 3.85% | ||
Ryan Companies | Payable at Certain Point in the Construction Process | |||
Other Commitments [Line Items] | |||
Development costs paid to third party, percentage of adjusted total project costs | 3.25% | ||
Ryan Companies | Payable Upon Completion of the Project | |||
Other Commitments [Line Items] | |||
Development costs paid to third party, percentage of adjusted total project costs | 5.00% | ||
Land | |||
Other Commitments [Line Items] | |||
Purchase price of real estate property | 500 | ||
Land | New Brighton, Minnesota | |||
Other Commitments [Line Items] | |||
Area of real estate property (in acres) | 10 | ||
Option to purchase additional property (in acres) | 3.6 | ||
Construction in Progress | |||
Other Commitments [Line Items] | |||
Amount to be held in escrow | 9,128 |
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 | Dec. 31, 2014 | Jul. 02, 2012 | Sep. 09, 2009 |
Job | Employee | Employee | sqft | |||
Employee | ||||||
Production Facility [Abstract] | ||||||
Agreement lease with PEDC, number of square feet | 46,000 | |||||
Corporate job creation agreement date | 17-Jun-09 | |||||
Net cash incentive funds | $2,975 | |||||
Cash incentive funds upon hiring of 125th full time employee at facility | 425 | |||||
Number of employees to be maintained for grant of second cash incentive fund | 125 | |||||
Cash Incentive Funds upon Hiring of Seventy Fifth Full Time Employee at Facility | 425 | |||||
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 | 41 | |||||
Deferred grant incentive current liability | $18 |
Earnings_Per_Share_EPS_Reconci
Earnings Per Share - EPS Reconciliation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Numerator | ||||||||
Net loss | ($5,273) | ($8,658) | ($13,497) | ($15,950) | ||||
Denominator | ||||||||
Weighted average common shares – basic | 31,487,358 | 27,177,952 | 31,399,234 | 25,964,660 | ||||
Effect of dilutive stock options and warrants (in shares) | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] |
Weighted average common shares outstanding – diluted | 31,487,358 | 27,177,952 | 31,399,234 | 25,964,660 | ||||
Net loss per common share — basic and diluted (in usd per share) | ($0.17) | ($0.32) | ($0.43) | ($0.61) | ||||
[1] | At December 31, 2014 and 2013, 0 and 984,991 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 December 31, 2014 and 2013, 835,234 and 1,080,456 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. |
Earnings_Per_Share_EPS_Reconci1
Earnings Per Share - EPS Reconciliation (Additional Information) (Details) | 3 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Anti-dilutive shares excluded from the calculation (in shares) | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] |
Warrant | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Anti-dilutive shares excluded from the calculation (in shares) | 0 | 984,991 | ||||||
Stock Options | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Anti-dilutive shares excluded from the calculation (in shares) | 835,234 | 1,080,456 | ||||||
[1] | At December 31, 2014 and 2013, 0 and 984,991 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 December 31, 2014 and 2013, 835,234 and 1,080,456 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. |