Cardiovascular Systems (CSII) 10-Q 3 Nov 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2017	Oct. 27, 2017
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	CSII
Entity Registrant Name	CARDIOVASCULAR SYSTEMS INC
Entity Central Index Key	1,180,145
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		34,121,513

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Current assets
Cash and cash equivalents	$ 104,747	$ 107,912
Accounts receivable, net	27,316	28,472
Inventories	17,035	16,897
Marketable securities	668	704
Prepaid expenses and other current assets	6,031	5,074
Total current assets	155,797	159,059
Property and equipment, net	29,164	29,696
Patents, net	5,278	5,056
Other assets	118	129
Total assets	190,357	193,940
Current liabilities
Accounts payable	10,674	10,736
Accrued expenses	25,584	30,236
Total current liabilities	36,258	40,972
Long-term liabilities
Financing Obligation, Long Term	21,094	21,100
Deferred revenue	10,000	10,000
Other liabilities	2,902	3,479
Total liabilities	70,254	75,551
Commitments and contingencies (see Note 7)	0	0
Common stock, $0.001 par value; authorized 100,000,000 common shares at September 30, 2017 and June 30, 2017; issued and outstanding 34,136,218 at September 30, 2017 and 32,849,563 at June 30, 2017, respectively	33	33
Additional paid in capital	451,246	447,559
Accumulated other comprehensive income	104	100
Accumulated deficit	(331,280)	(329,303)
Total stockholders’ equity	120,103	118,389
Total liabilities and stockholders’ equity	$ 190,357	$ 193,940

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2017	Jun. 30, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	34,136,218	32,849,563
Common stock, shares outstanding	34,136,218	32,849,563

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Net revenues	$ 49,676	$ 49,800
Cost of goods sold	9,202	9,466
Gross profit	40,474	40,334
Expenses:
Selling, general and administrative	35,918	36,866
Research and development	6,308	5,335
Total expenses	42,226	42,201
Loss from operations	(1,752)	(1,867)
Interest Expense	432	0
Interest Income	(240)	(33)
Total other (income) expense, net	(192)	33
Loss before income taxes	(1,944)	(1,834)
Provision for income taxes	33	24
Net loss	$ (1,977)	$ (1,858)
Basic and diluted earnings per share
Income (loss) per common share, basic and diluted	$ (0.06)	$ (0.06)
Basic and diluted weighted average shares outstanding
Weighted Average Number of Shares Outstanding, Basic and Diluted	32,968,712	32,985,081

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
Net loss	$ (1,977)	$ (1,858)
Adjustments to reconcile net loss to net cash used in operations
Depreciation of property and equipment	994	957
Amortization and write-off of patents	49	807
Provision for doubtful accounts	100	150
Stock-based compensation	3,070	3,450
Changes in assets and liabilities
Accounts receivable	1,056	(1,330)
Inventories	(138)	553
Prepaid expenses and other assets	(643)	1,314
Accounts payable	229	257
Accrued expenses and other liabilities	(5,240)	(6,376)
Net cash used in operating activities	(2,500)	(2,076)
Cash flows from investing activities
Purchases of property and equipment	(569)	(282)
Sales of marketable securities	47	0
Costs incurred in connection with patents	(455)	(170)
Net cash used in investing activities	(977)	(452)
Cash flows from financing activities
Exercise of stock options	306	84
Proceeds from (Payments for) Other Financing Activities	6	0
Net cash provided by financing activities	312	84
Net change in cash and cash equivalents	(3,165)	(2,444)
Cash and cash equivalents
Beginning of period	107,912	60,638
End of period	$ 104,747	$ 58,194

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,977)	$ (1,858)
Other comprehensive income:
Unrealized gain on available for sale securities	12	21
Adjustment for net gain realized and included in other (income) expense, net	(8)	0
Comprehensive loss	$ (1,973)	$ (1,837)

Business Overview

Business Overview	3 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview	1. Business Overview Company Description Cardiovascular Systems, Inc. (the “Company”) develops, manufactures and markets devices for the treatment of vascular diseases. The Company’s peripheral arterial disease (“PAD”) products, the Diamondback 360 ® Peripheral Orbital Atherectomy System (“OAS”) and the Stealth 360° ® Peripheral OAS, 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 these products address many of the limitations associated with other surgical, catheter and pharmacological treatment alternatives. These devices use smaller access sheaths that can provide procedural benefits and allow physicians to treat PAD patients in a variety of vessel sizes, including the small and tortuous vessels located below the knee, and facilitate access through alternative sites in the ankle, foot and wrist, as well as in the groin. In October 2013, the Company received premarket approval from the United States Food and Drug Administration (“FDA”) to market the Diamondback 360 Coronary OAS as a treatment for severely calcified coronary arteries. In March 2017, the Company received approval from the FDA to market the Diamondback 360 Coronary OAS Micro Crown. The Coronary OAS Micro Crown is the only atherectomy device designed to both pilot tight, calcific lesions and treat 2.5 to 4 mm vessels with a single device. The Company is currently selling only in the United States. In November 2016, the Company signed an exclusive distribution agreement with Medikit Co., Ltd. (“Medikit”) to sell its Diamondback 360 Coronary and Peripheral OAS in Japan. In March 2017, the Company received approval from Japan’s Ministry of Health, Labor and Welfare for its Diamondback 360 Coronary OAS Micro Crown. Pending reimbursement approval, Japan would become the first international market for any of the Company’s products. The Company is currently evaluating options for additional international markets to expand the coronary and peripheral opportunities.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. 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 for a fair statement of 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 Annual Report on Form 10-K filed by the Company with the SEC on August 24, 2017. 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 has stock-based compensation plans, which include 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 service conditions is determined by the closing market price of the Company’s stock on the date of grant. Stock-based compensation expense is recognized ratably over the requisite service period for the awards expected to vest. 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. Revenue recognition may occur upon shipment or upon delivery to the customer site, based on the contract terms. 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 amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for the transfer of 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. The Company is working through an adoption plan, which will include reviewing customer contracts, applying the five-step model of the new standard to the customer contracts and comparing the results to the Company’s current accounting. As part of this, the Company is evaluating the method of adoption and assessing changes that might be necessary to information technology systems, processes, and internal controls to capture new data and address changes in financial reporting. Effective July 1, 2018, the Company will be revising its revenue recognition accounting policy and expanding revenue disclosures to reflect the requirements of the amended revenue recognition guidance. Because of the nature of the work that remains, at this time the Company is unable to reasonably estimate the impact of adoption on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases.” The guidance requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, and should be applied using a modified retrospective approach. Early adoption is permitted. The guidance is effective for the Company on July 1, 2019. The Company is currently evaluating the timing, method of adoption and impact of the new lease guidance on its financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments,” which revises guidance for the accounting for credit losses on financial instruments within its scope. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance-sheet credit exposures. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted and should be applied as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The guidance is effective for the Company on July 1, 2020. The Company does not anticipate a material impact on its financial statements upon adoption. In May 2017, the FASB issued ASU 2017-09, “Scope of Modification Accounting,” which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The new guidance will reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. ASU 2017-09 will be applied prospectively to awards modified on or after the adoption date. The guidance is effective for annual periods, and interim periods within those annual periods beginning after December 15, 2017, with early adoption permitted. The Company does not anticipate a material impact on its financial statements upon adoption.

Selected Consolidated Financial

Selected Consolidated Financial Statement Information	3 Months Ended
	Sep. 30, 2017
Quarterly Financial Information Disclosure [Abstract]
Selected Consolidated Financial Statement Information	3. Selected Consolidated Financial Statement Information Accounts Receivable, Net Accounts receivable consists of the following: September 30, June 30, 2017 2017 Accounts receivable $ 28,273 $ 29,336 Less: Allowance for doubtful accounts (957 ) (864 ) Accounts receivable, net $ 27,316 $ 28,472 Inventories Inventories consist of the following: September 30, June 30, 2017 2017 Raw materials $ 8,292 $ 7,898 Work in process 1,143 1,221 Finished goods 7,600 7,778 Inventories $ 17,035 $ 16,897 Property and Equipment, Net Property and equipment consists of the following: September 30, June 30, 2017 2017 Land $ 500 $ 500 Building 22,420 22,420 Equipment 16,681 16,502 Furniture 2,709 2,709 Leasehold improvements 438 86 Construction in progress 352 421 43,100 42,638 Less: Accumulated depreciation (13,936 ) (12,942 ) Property and equipment, net $ 29,164 $ 29,696 In December, 2016, the Company entered into a Purchase and Sale Agreement, as subsequently amended (collectively, the “Sale Agreement”), with Krishna Holdings, LLC (the “Buyer”), providing for the sale to Buyer of the Company’s headquarters facility in St. Paul, Minnesota (the “Facility”) for a cash purchase price of $21,500 . On March 30, 2017, the sale of the Facility under the Sale Agreement closed. The Company received proceeds of approximately $ 20,944 ($21,500, less $556 of transaction expenses). The net proceeds are to be used for working capital and general corporate purposes. Under the Sale Agreement, the Company entered into a Lease Agreement (the “Lease Agreement”) with Krishna Holdings, LLC, Apex Holdings, LLC, Kashi Associates, LLC, Keva Holdings, LLC, S&V Ventures, LLC, Polo Group LLC, SPAV Holdings LLC, Star Associates LLC, and The Global Villa, LLC. As the lease terms resulted in a capital lease classification, the Company accounted for the sale and leaseback of the Facility as a financing transaction where the assets remain on the Company’s balance sheet. See Note 4 for further discussion of future payment obligations under the Lease Agreement. Accrued Expenses Accrued expenses consist of the following: September 30, June 30, 2017 2017 Salaries and bonus $ 3,197 $ 8,247 Commissions 5,928 8,217 Accrued vacation 3,326 3,436 Accrued excise, sales and other taxes 3,438 3,497 Accrued legal 5,000 2,600 Legal settlement 1,823 1,814 Clinical studies 816 657 Other accrued expenses 2,056 1,768 Accrued expenses $ 25,584 $ 30,236 Legal Settlement On June 28, 2016, the Company entered into a Settlement Agreement (the “Settlement Agreement”) with the United States of America, acting through the Department of Justice (the “DOJ”) and on behalf of the Office of Inspector General of the Department of Health and Human Services, and Travis Thams, to resolve the previously disclosed DOJ investigation and the qui tam complaint filed by Thams pursuant to the False Claims Act. Under the Settlement Agreement, the Company agreed to pay $8,000 (the “Settlement Amount”), as follows: an initial payment of $3,000 , paid on July 1, 2016, with the remaining $5,000 , which bears interest at 1.8% per annum, payable in 11 equal quarterly installments, beginning January 1, 2017. The amount payable within the next twelve months is included in accrued expenses (as noted in the table above) with the long-term portion included in other liabilities (as noted in the table below). Under the Settlement Agreement, if the Company makes a single payment in excess of $2,000 , which payment is not covered by an insurance policy, in settlement of any claims before paying the full Settlement Amount, the remaining unpaid balance of the Settlement Amount will become immediately due and payable, with interest accruing on the unpaid principal portion at an interest rate of 1.8% per annum. Other Liabilities Other non-current liabilities consist of the following: September 30, June 30, 2017 2017 Legal settlement 1,855 2,314 Deferred compensation 479 519 Deferred grant incentive 470 473 Other non-current liabilities 98 173 Other liabilities $ 2,902 $ 3,479 Deferred Revenue In November 2016, the Company signed an exclusive distribution agreement with Medikit to sell its Diamondback 360 ® Coronary and Peripheral OAS in Japan. To secure exclusive distribution rights, Medikit made an upfront payment of $10,000 to the Company, which is refundable based on the occurrence of certain events during the term of the agreement. The Company has classified the upfront payment as long-term based on its expectation of when revenue will be recognized. The classification will be re-evaluated on a quarterly basis.

Debt Debt

Debt Debt	3 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	4. Debt Revolving Credit Facility In March, 2017, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Silicon Valley Bank (“SVB”). The Loan Agreement provides for a senior, secured revolving credit facility (the “Revolver”) of $40,000 (the “Maximum Dollar Amount”). Advances under the Revolver may be made from time to time up to the Maximum Dollar Amount, subject to certain borrowing limitations. The Revolver has a maturity date of March 31, 2020 and bears interest at a floating per annum rate equal to the Wall Street Journal prime rate, less 0.25% . Interest on borrowings is due monthly and the principal balance is due at maturity. Borrowings up to $10,000 are available on a non-formula basis. Borrowings above $10,000 are based on (i) 85% of eligible domestic accounts receivable, and (ii) the lesser of 50% of eligible inventory or $5,000 , subject to adjustment as defined in Loan Agreement. Upon the Revolver’s maturity, any outstanding principal balance, unpaid accrued interest, and all other obligations under the Revolver will be due and payable. The Company will incur a fee equal to 1% of the Maximum Dollar Amount upon termination of the Loan Agreement or the Revolver for any reason prior to the maturity date, unless refinanced with SVB. The Company’s obligations under the Loan Agreement are secured by certain of the Company’s assets, including, among other things, accounts receivable, deposit accounts, inventory, equipment, general intangibles and records pertaining to the foregoing. The collateral does not include the Company’s intellectual property, but the Company has agreed not to encumber its intellectual property without the consent of SVB. The Loan Agreement contains customary covenants limiting the Company’s ability to, among other things, incur debt or liens, make certain investments and loans, enter into transactions with affiliates, undergo certain fundamental changes, dispose of assets, or change the nature of its business. In addition, the Loan Agreement contains financial covenants requiring the Company to maintain, at all times when any amounts are outstanding under the Revolver, either (i) minimum unrestricted cash at SVB and unused availability on the Revolver of at least $10,000 or (ii) minimum trailing three-month Adjusted EBITDA of $1,000 . If the Company does not comply with the various covenants under the Loan Agreement, the interest rate on outstanding amounts will increase by 5% and SVB may, subject to various customary cure rights, decline to provide additional advances under the Revolver, require the immediate payment of all amounts outstanding under the Revolver, and foreclose on all collateral. Under the Loan Agreement, the Company paid SVB a non-refundable commitment fee of $80 , which will be amortized to interest expense over the term of the Loan Agreement. The Company is required to pay a fee equal to 0.35% per annum on the unused portion of the Revolver, payable quarterly in arrears. SVB’s obligations to advance funds under the Revolver are subject to an initial collateral examination to be completed within 90 days of the effective date of the Loan Agreement. The Company is not obligated to draw any funds under the Revolver and no amounts are outstanding as of September 30, 2017 . Financing Obligation In connection with the sale of the Facility, the Company entered into an agreement to lease the Facility. The Lease Agreement has an initial term of fifteen years, with four consecutive renewal options of five years each at the Company’s option, with a base annual rent in the first year of $1,638 and annual escalations of 3% thereafter. Rent during subsequent renewal terms will be at the then fair market rental rate. As the lease terms resulted in a capital lease classification, the Company accounted for the sale and leaseback of the Facility as a financing transaction where the assets remain on the Company’s balance sheet and a financing obligation was recorded for $20,944 . As lease payments are made, they will be allocated between interest expense and a reduction of the financing obligation, resulting in a value of the financing obligation that is equivalent to the net book value of the assets at the end of the lease term. The effective interest rate is 7.89% . At the end of the lease (including any renewal option terms), the Company will remove the assets and financing obligation from its balance sheet. Payments under the initial term of the Lease Agreement as of September 30, 2017 are as follows: Nine months ended June 30, 2018 $ 1,240 Fiscal 2019 1,699 Fiscal 2020 1,750 Fiscal 2021 1,803 Fiscal 2022 1,857 Thereafter 21,288 $ 29,637

Deferred Compensation Plan

Deferred Compensation Plan	3 Months Ended
	Sep. 30, 2017
Retirement Benefits [Abstract]
Deferred Compensation Plan	5. 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 Human Resources and Compensation Committee. 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. As of September 30, 2017 , $189 of the amount payable is included in accrued liabilities and $479 is included in other liabilities on the consolidated balance sheet. The available-for-sale marketable securities are comprised of individual mutual funds which invest in fixed income and equity securities and consist of the following: As of September 30, 2017 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Mutual funds $ 564 $ 104 $ — $ 668 Total short-term investments $ 564 $ 104 $ — $ 668 As of June 30, 2017 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Mutual funds $ 604 $ 100 $ — $ 704 Total short-term investments $ 604 $ 100 $ — $ 704 During the three months ended September 30, 2017 and 2016 , there were no purchases of available-for-sale securities or other-than-temporary impairments. There was $47 and $0 of available-for-sale securities that were sold during the three months ended September 30, 2017 and 2016 , respectively. During the three months ended September 30, 2017 and 2016, there was a realized gain of $8 and $0 , respectively, that was recorded within interest and other, net on the consolidated statement of operations. The following table provides information by level for the Company’s available-for-sale marketable securities that were measured at fair value on a recurring basis: Fair Value Measurements as of September 30, 2017 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Mutual funds $ 668 $ 264 $ 404 $ — Total short-term investments $ 668 $ 264 $ 404 $ — Fair Value Measurements as of June 30, 2017 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Mutual funds $ 704 $ 281 $ 423 $ — Total short-term investments $ 704 $ 281 $ 423 $ — The Company’s marketable securities classified within Level 1 are valued using real-time quotes for transactions in active exchange markets. Marketable securities within Level 2 are valued using readily available pricing sources. There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during the three months ended September 30, 2017 . Any transfers between levels would be recognized on the date of the event or when a change in circumstances causes a transfer.

Stock Options and Restricted St

Stock Options and Restricted Stock Awards	3 Months Ended
	Sep. 30, 2017
Share-based Arrangements with Employees and Nonemployees [Abstract]
Stock Options and Restricted Stock Awards	6. Stock Options and Restricted Stock Awards The Company maintains the 2014 Equity Incentive Plan (the “2014 Plan”) for the purpose of granting equity awards to employees, directors and consultants. The 2014 Plan was approved by the Company’s stockholders and became effective in November 2014 and was subsequently amended in May 2015. The 2014 Plan replaced the 2007 Equity Incentive Plan (the “2007 Plan”), and no further equity awards may be granted under the 2007 Plan (the 2014 Plan and the 2007 Plan are collectively referred to as the “Plans”). In addition, the Company has granted nonqualified stock options to a director outside of 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. An employee’s vested options must be exercised at or within 90 days of termination to avoid forfeiture. As of September 30, 2017 , all outstanding options were fully vested. Stock option activity for the three months ended September 30, 2017 is as follows: Number of Options (a) Weighted Average Exercise Price Options outstanding at June 30, 2017 78,201 $ 9.07 Options exercised (38,820 ) $ 7.90 Options outstanding at September 30, 2017 39,381 $ 10.22 (a) Includes the effect of options granted, exercised, forfeited or expired from the 2007 Plan. Restricted Stock The 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 time-based 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. Restricted stock award activity for the three months ended September 30, 2017 is as follows: Number of Shares Weighted Average Fair Value Outstanding at June 30, 2017 486,584 $ 21.26 Granted 173,442 $ 30.89 Forfeited (16,431 ) $ 20.92 Vested (154,894 ) $ 23.91 Outstanding at September 30, 2017 488,701 $ 23.85 Performance-Based Restricted Stock The Company also grants performance-based restricted stock awards to certain executives and other management. In August 2017, the Company granted an aggregate maximum 251,479 shares that vest based on the Company’s total shareholder return relative to total shareholder return of the Company’s peer group (a market condition), as measured by the closing prices of the stock of the Company and the peer group members for the 90 trading days preceding July 1, 2017 compared to the closing prices of the stock of the Company and the peer group members for the 90 trading days preceding July 1, 2020. Vesting of these awards will be determined on the date that the Company’s Annual Report on Form 10-K for the fiscal year ending June 30, 2020 is filed. To calculate the estimated fair value of these restricted stock awards with market conditions, the Company uses a Monte Carlo simulation, which uses the expected average stock prices to estimate the expected number of shares that will vest. The Monte Carlo simulation resulted in a fair value of approximately $3,587 , which the Company will recognize as expense using the straight-line method over the period that the awards are expected to vest. Stock-based compensation expense related to an award with a market condition will be recognized regardless of whether the market condition is satisfied, provided that the requisite service has been provided. Fiscal 2017 awards granted in August 2016 that are outstanding vest based on the Company’s total shareholder return relative to total shareholder return of the peer group (a market condition), as measured by the closing prices of the stock of the Company and its peer group for the 90 trading days preceding July 1, 2016 compared to the closing prices for the 90 trading days preceding July 1, 2019. Performance-based restricted stock award activity for the three months ended September 30, 2017 is as follows: Number of Shares Weighted Average Fair Value Outstanding at June 30, 2017 318,584 $ 11.97 Granted 251,479 $ 14.27 Forfeited (7,748 ) $ 12.19 Outstanding at September 30, 2017 562,315 $ 13.00

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitment and Contingencies Operating Leases The Company leases manufacturing space, equipment and apartments under lease agreements that expire at various dates through March 2020 . Rental expenses were $176 and $172 for the three months ended September 30, 2017 and 2016 , respectively. Future minimum lease payments under the agreements as of September 30, 2017 are as follows: Nine months ended June 30, 2018 $ 405 Fiscal 2019 472 Fiscal 2020 354 $ 1,231 Employment Litigation With respect to Steven Babyak v. Cardiovascular Systems, Inc. described in Note 8 of the notes to the consolidated annual financial statements included in the Annual Report on Form 10-K filed by the Company with the SEC on August 24, 2017, following an April 2017 trial, a jury awarded the plaintiff $2,700 in compensatory damages with respect to his claims for whistleblower retaliation and wrongful termination in violation of public policy. The jury also awarded the plaintiff $22,400 in punitive damages with respect to the same claims. The jury did not find any liability with respect to the plaintiff’s other remaining claims or grant the plaintiff any other relief sought. The Company filed post-trial motions for judgment notwithstanding the verdict and a new trial, on the grounds that this case was incorrectly decided as to liability, the compensatory and punitive damages were not appropriate and were excessive, and we were prevented from a fair trial by the improper exclusion of critical evidence. On June 29, 2017, the court partially granted the Company’s motions, reducing the punitive damages award from $22,400 to $2,700 but denied its other motions. The Company filed a Notice of Appeal on July 24, 2017. Effective October 24, 2017, the Company entered into a Settlement Agreement with Mr. Babyak that settles all disputes and releases all claims between the Company and Mr. Babyak. The amounts due under the Settlement Agreement are less than the aggregate damages in the case, as reduced following the court’s reduction of the punitive damages award. As of September 30, 2017, the Company accrued an amount, reflected in accrued expenses on the Company’s consolidated balance sheet, that is consistent with the terms of the Settlement Agreement, and also has recorded a receivable relating to the insurance proceeds to be received by the Company in connection with the Settlement Agreement, which constitutes 70% of the settlement amount and is reflected in prepaid expenses and other current assets on the Company’s consolidated balance sheet. Stockholder Securities Litigation With respect to Shoemaker v. Cardiovascular Systems, Inc. et al. , 0:16-cv-00568 (D. Minn.) described in Note 8 of the notes to the consolidated annual financial statements included in the Annual Report on Form 10-K filed by the Company with the SEC on August 24, 2017, the plaintiffs filed an amended complaint in this action on June 27, 2017. The amended complaint makes similar allegations as the original complaint, namely, that the Company made materially false and misleading statements and failed to disclose material adverse facts about its business, operational and financial performance, in violation of federal securities laws, relating to alleged kickbacks to health care providers. The plaintiffs seek unspecified monetary damages on behalf of the alleged class, interest, and attorney’s fees and costs of litigation. The Company filed a motion to dismiss the amended complaint on August 11, 2017. The Company believes that this lawsuit is without merit and intends to defend itself vigorously. Other Matters In the ordinary conduct of business, the Company is subject to various lawsuits and claims covering a wide range of matters including, but not limited to, employment claims and commercial disputes. While the outcome of these matters is uncertain, the Company does not believe there are any significant matters as of September 30, 2017 that are probable or estimable, for which the outcome could have a material adverse impact on its consolidated balance sheets or statements of operations.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	8. 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 2017 2016 Numerator Net loss $ (1,977 ) $ (1,858 ) Denominator Weighted average common shares outstanding – basic 32,968,712 32,985,081 Effect of dilutive stock options (1) — — Effect of dilutive restricted stock units (2) — — Effect of performance-based restricted stock awards (3) — — Weighted average common shares outstanding – diluted 32,968,712 32,985,081 Earnings per common share – basic and diluted $ (0.06 ) $ (0.06 ) (1) At September 30, 2017 and 2016 , 39,381 and 597,234 stock options, respectively, were outstanding. The effect of the shares that would be issued upon exercise of these options has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. (2) At September 30, 2017 and 2016 , 335,869 and 350,771 additional shares of common stock, respectively, were issuable upon the settlement of outstanding restricted stock units. The effect of the shares that would be issued upon settlement of these restricted stock units has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. (3) At September 30, 2017 , 562,315 performance-based restricted stock awards were outstanding. The effect of the shares that would be issued upon vesting of these awards has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. Unvested time-based restricted stock awards that contain nonforfeitable rights to dividends are participating securities and included in the computation of earnings per share pursuant to the two-class method. Under this method, earnings attributable to the Company are allocated between common stockholders and the participating awards, as if the awards were a second class of stock. During periods of net income, the calculation of earnings per share excludes the income attributable to participating securities in the numerator and the dilutive impact of these securities from the denominator. In the event of a net loss, undistributed earnings are not allocated to participating securities and the denominator excludes the dilutive impact of these securities as they do not share in the losses of the Company. During the three months ended September 30, 2017 and 2016, there were no undistributed earnings allocated to participating securities due to the net losses.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2017
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 for a fair statement of 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 Annual Report on Form 10-K filed by the Company with the SEC on August 24, 2017. 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 has stock-based compensation plans, which include 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 service conditions is determined by the closing market price of the Company’s stock on the date of grant. Stock-based compensation expense is recognized ratably over the requisite service period for the awards expected to vest.
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. Revenue recognition may occur upon shipment or upon delivery to the customer site, based on the contract terms. 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 amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for the transfer of 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. The Company is working through an adoption plan, which will include reviewing customer contracts, applying the five-step model of the new standard to the customer contracts and comparing the results to the Company’s current accounting. As part of this, the Company is evaluating the method of adoption and assessing changes that might be necessary to information technology systems, processes, and internal controls to capture new data and address changes in financial reporting. Effective July 1, 2018, the Company will be revising its revenue recognition accounting policy and expanding revenue disclosures to reflect the requirements of the amended revenue recognition guidance. Because of the nature of the work that remains, at this time the Company is unable to reasonably estimate the impact of adoption on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases.” The guidance requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, and should be applied using a modified retrospective approach. Early adoption is permitted. The guidance is effective for the Company on July 1, 2019. The Company is currently evaluating the timing, method of adoption and impact of the new lease guidance on its financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments,” which revises guidance for the accounting for credit losses on financial instruments within its scope. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance-sheet credit exposures. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted and should be applied as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The guidance is effective for the Company on July 1, 2020. The Company does not anticipate a material impact on its financial statements upon adoption. In May 2017, the FASB issued ASU 2017-09, “Scope of Modification Accounting,” which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The new guidance will reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. ASU 2017-09 will be applied prospectively to awards modified on or after the adoption date. The guidance is effective for annual periods, and interim periods within those annual periods beginning after December 15, 2017, with early adoption permitted. The Company does not anticipate a material impact on its financial statements upon adoption.

Selected Consolidated Financi16

Selected Consolidated Financial Statement Information (Tables)	3 Months Ended
	Sep. 30, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Accounts Receivable	September 30, June 30, 2017 2017 Accounts receivable $ 28,273 $ 29,336 Less: Allowance for doubtful accounts (957 ) (864 ) Accounts receivable, net $ 27,316 $ 28,472
Schedule of Inventory	September 30, June 30, 2017 2017 Raw materials $ 8,292 $ 7,898 Work in process 1,143 1,221 Finished goods 7,600 7,778 Inventories $ 17,035 $ 16,897
Schedule of Property and Equipment	September 30, June 30, 2017 2017 Land $ 500 $ 500 Building 22,420 22,420 Equipment 16,681 16,502 Furniture 2,709 2,709 Leasehold improvements 438 86 Construction in progress 352 421 43,100 42,638 Less: Accumulated depreciation (13,936 ) (12,942 ) Property and equipment, net $ 29,164 $ 29,696
Schedule of Accrued Expenses	September 30, June 30, 2017 2017 Salaries and bonus $ 3,197 $ 8,247 Commissions 5,928 8,217 Accrued vacation 3,326 3,436 Accrued excise, sales and other taxes 3,438 3,497 Accrued legal 5,000 2,600 Legal settlement 1,823 1,814 Clinical studies 816 657 Other accrued expenses 2,056 1,768 Accrued expenses $ 25,584 $ 30,236
Schedule of Other Liabilities	September 30, June 30, 2017 2017 Legal settlement 1,855 2,314 Deferred compensation 479 519 Deferred grant incentive 470 473 Other non-current liabilities 98 173 Other liabilities $ 2,902 $ 3,479

Debt (Tables)

Debt (Tables)	3 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of future minimum lease payments	Payments under the initial term of the Lease Agreement as of September 30, 2017 are as follows: Nine months ended June 30, 2018 $ 1,240 Fiscal 2019 1,699 Fiscal 2020 1,750 Fiscal 2021 1,803 Fiscal 2022 1,857 Thereafter 21,288 $ 29,637

Deferred Compensation Plan (Tab

Deferred Compensation Plan (Tables)	3 Months Ended
	Sep. 30, 2017
Retirement Benefits [Abstract]
Schedule of Investments	As of September 30, 2017 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Mutual funds $ 564 $ 104 $ — $ 668 Total short-term investments $ 564 $ 104 $ — $ 668 As of June 30, 2017 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Mutual funds $ 604 $ 100 $ — $ 704 Total short-term investments $ 604 $ 100 $ — $ 704
Schedule of Available-for-sale Marketable Securities at Fair Value on Recurring Basis	The following table provides information by level for the Company’s available-for-sale marketable securities that were measured at fair value on a recurring basis: Fair Value Measurements as of September 30, 2017 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Mutual funds $ 668 $ 264 $ 404 $ — Total short-term investments $ 668 $ 264 $ 404 $ — Fair Value Measurements as of June 30, 2017 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Mutual funds $ 704 $ 281 $ 423 $ — Total short-term investments $ 704 $ 281 $ 423 $ —

Stock Options and Restricted 19

Stock Options and Restricted Stock Awards (Tables)	3 Months Ended
	Sep. 30, 2017
Share-based Arrangements with Employees and Nonemployees [Abstract]
Stock Option Activity	Number of Options (a) Weighted Average Exercise Price Options outstanding at June 30, 2017 78,201 $ 9.07 Options exercised (38,820 ) $ 7.90 Options outstanding at September 30, 2017 39,381 $ 10.22 (a) Includes the effect of options granted, exercised, forfeited or expired from the 2007 Plan.
Restricted Stock Award Activity	Number of Shares Weighted Average Fair Value Outstanding at June 30, 2017 486,584 $ 21.26 Granted 173,442 $ 30.89 Forfeited (16,431 ) $ 20.92 Vested (154,894 ) $ 23.91 Outstanding at September 30, 2017 488,701 $ 23.85
Performance Based RSA Activity	Number of Shares Weighted Average Fair Value Outstanding at June 30, 2017 318,584 $ 11.97 Granted 251,479 $ 14.27 Forfeited (7,748 ) $ 12.19 Outstanding at September 30, 2017 562,315 $ 13.00

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments for Operating Leases	Nine months ended June 30, 2018 $ 405 Fiscal 2019 472 Fiscal 2020 354 $ 1,231

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Sep. 30, 2017
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 2017 2016 Numerator Net loss $ (1,977 ) $ (1,858 ) Denominator Weighted average common shares outstanding – basic 32,968,712 32,985,081 Effect of dilutive stock options (1) — — Effect of dilutive restricted stock units (2) — — Effect of performance-based restricted stock awards (3) — — Weighted average common shares outstanding – diluted 32,968,712 32,985,081 Earnings per common share – basic and diluted $ (0.06 ) $ (0.06 ) (1) At September 30, 2017 and 2016 , 39,381 and 597,234 stock options, respectively, were outstanding. The effect of the shares that would be issued upon exercise of these options has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. (2) At September 30, 2017 and 2016 , 335,869 and 350,771 additional shares of common stock, respectively, were issuable upon the settlement of outstanding restricted stock units. The effect of the shares that would be issued upon settlement of these restricted stock units has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. (3) At September 30, 2017 , 562,315 performance-based restricted stock awards were outstanding. The effect of the shares that would be issued upon vesting of these awards has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive.

Business Overview (Details)

Business Overview (Details)	Sep. 30, 2017mm
Minimum
Business Overview
Micro Crown treatable vessel length with a single device	2.5
Maximum
Business Overview
Micro Crown treatable vessel length with a single device	4

Selected Consolidated Financi23

Selected Consolidated Financial Statement Information - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Accounts Receivable
Accounts receivable	$ 28,273	$ 29,336
Less: Allowance for doubtful accounts	(957)	(864)
Accounts receivable, net	$ 27,316	$ 28,472

Selected Consolidated Financi24

Selected Consolidated Financial Statement Information - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Inventories
Raw materials	$ 8,292	$ 7,898
Work in process	1,143	1,221
Finished goods	7,600	7,778
Inventories	$ 17,035	$ 16,897

Selected Consolidated Financi25

Selected Consolidated Financial Statement Information - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 30, 2017	Sep. 30, 2017	Jun. 30, 2017
Property and Equipment
Land		$ 500	$ 500
Building		22,420	22,420
Equipment		16,681	16,502
Furniture		2,709	2,709
Leasehold improvements		438	86
Construction in progress		352	421
Property and equipment, gross		43,100	42,638
Less: Accumulated depreciation		(13,936)	(12,942)
Property and equipment, net		$ 29,164	$ 29,696
Facility Purchase Price	$ 21,500
Net Proceeds on Sale of the Facility	20,944
Transaction costs	$ 556

Selected Consolidated Financi26

Selected Consolidated Financial Statement Information - Accrued Expenses (Details) - USD ($) $ in Thousands	Jul. 01, 2016	Jun. 28, 2016	Sep. 30, 2017	Jun. 30, 2017
Accrued Expenses
Salaries and bonus			$ 3,197	$ 8,247
Commissions			5,928	8,217
Accrued vacation			3,326	3,436
Accrued excise, sales and other taxes			3,438	3,497
Accrued legal			5,000	2,600
Legal settlement			1,823	1,814
Clinical studies			816	657
Other accrued expenses			2,056	1,768
Accrued expenses			$ 25,584	$ 30,236
Litigation Settlement, Amount Awarded to Other Party		$ 8,000
Payments for Legal Settlements	$ 3,000
Settlement Payable in Installments	$ 5,000
Litigation Settlement Interest, Percentage			1.80%
Litigation Settlement, Number of Quarterly Installment Payment			11
Department Of Justice Non Insurance Settlement Maximum Payment Amount			$ 2,000

Selected Consolidated Financi27

Selected Consolidated Financial Statement Information - Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Other Liabilities
Legal settlement	$ 1,855	$ 2,314
Deferred compensation	479	519
Deferred Grant Incentive	470	473
Other non-current liabilities	98	173
Other liabilities	$ 2,902	$ 3,479

Selected Consolidated Financi28

Selected Consolidated Financial Statement Information - Deferred Revenue (Details) $ in Thousands	Sep. 30, 2017USD ($)
Other Liabilities Disclosure [Abstract]
Deferred Revenue	$ 10,000

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - Silicon Valley Bank [Member] - Revolving Credit Facility [Member]	3 Months Ended
	Sep. 30, 2017USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 40,000,000
Line of Credit Facility, Expiration Date	Mar. 31, 2020
Percent Reduction to Prime Interest Rate	0.25%
Borrowings Available On A NonFormula Basis	$ 10,000,000
Percentage of Eligible Accounts Receivable	85.00%
Percent of Eligible Inventory	50.00%
Maximum Eligible Inventory Value	$ 5,000,000
Early Termination Fee	1.00%
Covenant, Unused Availability	$ 10,000,000
Covenant, Adjusted EBITDA	$ 1,000,000
Interest Rate Increase For Noncompliance	5.00%
Line of Credit Facility, Commitment Fee Amount	$ 80,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.35%
Number of Days for Collateral Examination	90 days
Line of Credit Facility, Fair Value of Amount Outstanding	$ 0

Debt - Financing Obligation (De

Debt - Financing Obligation (Details) - Capital Lease Obligations [Member] $ in Thousands	Sep. 30, 2017USD ($)
Debt Instrument [Line Items]
Base Annual Rent Under Facility Lease	$ 1,638
Annual Rent Escalation	3.00%
Financing Obligation	$ 20,944
Effective Interest Rate	7.89%
Capital Leases, Future Minimum Payments, Remainder of Fiscal Year	$ 1,240
Capital Leases, Future Minimum Payments Due in Two Years	1,699
Capital Leases, Future Minimum Payments Due in Three Years	1,750
Capital Leases, Future Minimum Payments Due in Four Years	1,803
Capital Leases, Future Minimum Payments Due in Five Years	1,857
Capital Leases, Future Minimum Payments Due Thereafter	21,288
Capital Leases, Future Minimum Payments Due	$ 29,637

Deferred Compensation Plan - In

Deferred Compensation Plan - Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 564	$ 604
Unrealized Gains	104	100
Unrealized Losses	0	0
Fair Value	668	704
Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	564	604
Unrealized Gains	104	100
Unrealized Losses	0	0
Fair Value	$ 668	$ 704

Deferred Compensation Plan - Av

Deferred Compensation Plan - Available-for-sale Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term investments	$ 668	$ 704
Mutual funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term investments	668	704
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term investments	668	704
Recurring | Mutual funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term investments	668	704
Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term investments	264	281
Recurring | Level 1 | Mutual funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term investments	264	281
Recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term investments	404	423
Recurring | Level 2 | Mutual funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term investments	404	423
Recurring | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term investments	0	0
Recurring | Level 3 | Mutual funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term investments	$ 0	$ 0

Deferred Compensation Plan - Na

Deferred Compensation Plan - Narrative (Details) - USD ($)	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017
Deferred Compensation Arrangements [Abstract]
Deferred Compensation Liability, Current	$ 189,000
Deferred compensation	479,000		$ 519,000
Purchases of available-for-sale securities	0	$ 0
Sale of available-for-sale securities	47,000	0
Realized Gain (Loss) on Marketable Securities and Cost Method Investments, Excluding Other than Temporary Impairments, and Other Investments	8,000	0
Other-than-temporary impairments	0	$ 0
Transfers of assets between Level 1 and Level 2	$ 0
Maximum
Deferred Compensation Arrangements [Abstract]
Deferred compensation plan, maximum percentage of employees' base salary	100.00%

Stock Options and Restricted 34

Stock Options and Restricted Stock Awards - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 31, 2017	Sep. 30, 2017
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]
Grant Date Fair Value of Restricted Stock Awards, Market Conditions	$ 3,587
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares based on thresholds measuring total shareholder return	251,479

Stock Options and Restricted 35

Stock Options and Restricted Stock Awards - Stock Option Activity (Details)	3 Months Ended
	Sep. 30, 2017$ / sharesshares
Number of Options
Options outstanding, balance at beginning of period (in shares) | shares	78,201
Options exercised (in shares) | shares	(38,820)
Options outstanding, balance at end of period (in shares) | shares	39,381
Weighted Average Exercise Price
Options outstanding at beginning of period (per share) | $ / shares	$ 9.07
Options exercised (per share) | $ / shares	7.90
Options outstanding at end of period (per share) | $ / shares	$ 10.22

Stock Options and Restricted 36

Stock Options and Restricted Stock Awards - Restricted Stock Award Activity (Details)	3 Months Ended
	Sep. 30, 2017$ / sharesshares
Restricted Stock
Number of Shares
Awards outstanding, balance at beginning of period (in shares) | shares	486,584
Awards granted (in shares) | shares	173,442
Awards forfeited (in shares) | shares	(16,431)
Awards vested (in shares) | shares	(154,894)
Awards outstanding, balance at end of period (in shares) | shares	488,701
Weighted Average Fair Value
Awards outstanding, balance at beginning of period (per share) | $ / shares	$ 21.26
Awards granted (per share) | $ / shares	30.89
Awards forfeited (per share) | $ / shares	20.92
Awards vested (per share) | $ / shares	23.91
Awards outstanding, balance at end of period (per share) | $ / shares	$ 23.85
Performance Shares
Number of Shares
Awards outstanding, balance at beginning of period (in shares) | shares	318,584
Awards granted (in shares) | shares	251,479
Awards forfeited (in shares) | shares	(7,748)
Awards outstanding, balance at end of period (in shares) | shares	562,315
Weighted Average Fair Value
Awards outstanding, balance at beginning of period (per share) | $ / shares	$ 11.97
Awards granted (per share) | $ / shares	14.27
Awards forfeited (per share) | $ / shares	12.19
Awards outstanding, balance at end of period (per share) | $ / shares	$ 13

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Rental expense	$ 176	$ 172
Future Minimum Lease Payments:
Nine months ended June 30, 2018	405
Fiscal 2,019	472
Fiscal 2,020	354
Future minimum lease payments	$ 1,231

Commitment and Contingencies -

Commitment and Contingencies - Litigation (Details) - USD ($) $ in Thousands	Aug. 24, 2017	Jun. 29, 2017	Sep. 30, 2017
Loss Contingencies [Line Items]
Insurance receivable percent of settlement amount			70.00%
Babyak Action [Member]
Loss Contingencies [Line Items]
Compensatory damages awarded	$ 2,700
Punitive damages awarded	$ 22,400	$ 2,700

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Numerator
Net loss	$ (1,977)	$ (1,858)
Denominator
Weighted Average Number of Shares Outstanding, Basic and Diluted	32,968,712	32,985,081
Weighted average common shares outstanding – diluted	32,968,712	32,985,081
Income (loss) per common share, basic and diluted	$ (0.06)	$ (0.06)
Stock Options
Denominator
Effect of dilutive share-based payment arrangements (in shares)	0	0
Restricted Stock Units
Denominator
Effect of dilutive share-based payment arrangements (in shares)	0	0
Performance Shares
Denominator
Effect of dilutive share-based payment arrangements (in shares)	0	0

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic	$ 0	$ 0
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation (in shares)	39,381	597,234
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation (in shares)	335,869	350,771
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation (in shares)	562,315