Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2020 | Jan. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity File Number | 000-52082 | |
Entity Registrant Name | CARDIOVASCULAR SYSTEMS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Central Index Key | 0001180145 | |
Current Fiscal Year End Date | --06-30 | |
Entity Tax Identification Number | 41-1698056 | |
Entity Address, Address Line One | 1225 Old Highway 8 Northwest | |
Entity Address, City or Town | St. Paul | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55112-6416 | |
City Area Code | 651 | |
Local Phone Number | 259-1600 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, One-tenth of One Cent ($0.001) Par Value Per Share | |
Trading Symbol | CSII | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 40,191,937 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 73,783 | $ 185,463 |
Marketable Securities, Current | 151,272 | 46,691 |
Accounts Receivable, after Allowance for Credit Loss, Current | 32,526 | 25,212 |
Inventory, Net | 32,506 | 27,706 |
Prepaid expenses and other current assets | 2,994 | 2,617 |
Total current assets | 293,081 | 287,689 |
Property and equipment, net | 28,123 | 27,810 |
Intangible assets, net | 15,998 | 16,606 |
Other assets | 11,734 | 7,414 |
Total assets | 348,936 | 339,519 |
Current liabilities | ||
Accounts payable | 13,669 | 11,539 |
Accrued expenses | 32,338 | 31,100 |
Deferred revenue current | 2,078 | 1,867 |
Total current liabilities | 48,085 | 44,506 |
Long-term liabilities | ||
Financing obligation | 20,716 | 20,818 |
Deferred revenue noncurrent | 3,644 | 4,707 |
Other liabilities | 2,659 | 696 |
Total liabilities | 75,104 | 70,727 |
Commitments and contingencies (see Note 10) | ||
Common stock, $0.001 par value; authorized 100,000,000 common shares; issued and outstanding 40,191,609 at December 31, 2020 and 39,675,865 at June 30, 2020, respectively | 39 | 39 |
Additional paid in capital | 642,702 | 631,559 |
Accumulated other comprehensive income | 115 | 269 |
Accumulated deficit | (369,024) | (363,075) |
Total stockholders’ equity | 273,832 | 268,792 |
Total liabilities and stockholders’ equity | $ 348,936 | $ 339,519 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2020 | Jun. 30, 2020 |
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 | 40,191,609 | 39,675,865 |
Common stock, shares outstanding | 40,191,609 | 39,675,865 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||||
Net revenues | $ 64,169 | $ 68,334 | $ 124,713 | $ 132,824 |
Cost of goods sold | 13,920 | 13,718 | 26,484 | 26,390 |
Gross profit | 50,249 | 54,616 | 98,229 | 106,434 |
Expenses: | ||||
Selling, general and administrative | 40,061 | 46,867 | 80,343 | 93,619 |
Research and development | 9,601 | 10,786 | 18,653 | 21,551 |
Amortization of intangible assets | 304 | 337 | 608 | 571 |
Total expenses | 49,966 | 57,990 | 99,604 | 115,741 |
Income (loss) from operations | 283 | (3,374) | (1,375) | (9,307) |
Interest expense | 412 | 500 | 911 | 972 |
Interest income and other, net | (136) | (517) | (280) | (1,180) |
Total other (income) expense, net | 276 | (17) | 631 | (208) |
Income (loss) before income taxes | 7 | (3,357) | (2,006) | (9,099) |
Provision for income taxes | 63 | 44 | 126 | 82 |
Net loss | $ (56) | $ (3,401) | $ (2,132) | $ (9,181) |
Basic and diluted earnings per share | ||||
Earnings Per Share, Basic | $ 0 | $ (0.10) | $ (0.06) | $ (0.27) |
Earnings per common share – basic and diluted | $ 0 | $ (0.10) | $ (0.06) | $ (0.27) |
Basic and diluted weighted average shares outstanding | ||||
Basic weighted average shares outstanding | 38,808,980 | 34,069,412 | 38,746,410 | 33,969,818 |
Diluted weighted average shares outstanding | 38,808,980 | 34,069,412 | 38,746,410 | 33,969,818 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (56) | $ (3,401) | $ (2,132) | $ (9,181) |
Other comprehensive (loss) income: | ||||
Unrealized loss on available-for-sale debt securities | (85) | (9) | (154) | 15 |
Comprehensive loss | $ (141) | $ (3,410) | $ (2,286) | $ (9,166) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) Statement - USD ($) $ in Thousands | Total | Common Stock | Additional Paid In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance, value at Jun. 30, 2019 | $ 147,944 | $ 34 | $ 477,368 | $ 78 | $ (329,536) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Based Compensation Restricted Stock Awards Net | 3,804 | 0 | 3,804 | 0 | 0 |
Shares withheld for payroll taxes | (5,506) | 0 | 0 | 0 | (5,506) |
Stock Issued During Period, Value, Employee Stock Purchase Plan | 242 | 0 | 242 | 0 | 0 |
Unrealized loss on available-for-sale debt securities | 24 | 0 | 0 | 24 | 0 |
Stock issued for acquisitions | 1,346 | 0 | 1,346 | 0 | 0 |
Net loss | (5,780) | (5,780) | |||
Ending balance, value at Sep. 30, 2019 | 142,074 | 34 | 482,760 | 102 | (340,822) |
Beginning balance, value at Jun. 30, 2019 | 147,944 | 34 | 477,368 | 78 | (329,536) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Unrealized loss on available-for-sale debt securities | 15 | ||||
Net loss | (9,181) | ||||
Ending balance, value at Dec. 31, 2019 | 143,305 | 34 | 487,780 | 93 | (344,602) |
Beginning balance, value at Sep. 30, 2019 | 142,074 | 34 | 482,760 | 102 | (340,822) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Based Compensation Restricted Stock Awards Net | 3,091 | 3,091 | |||
Shares withheld for payroll taxes | (379) | 379 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 1,929 | 1,929 | |||
Unrealized loss on available-for-sale debt securities | (9) | 0 | 0 | (9) | 0 |
Net loss | (3,401) | (3,401) | |||
Ending balance, value at Dec. 31, 2019 | 143,305 | 34 | 487,780 | 93 | (344,602) |
Beginning balance, value at Jun. 30, 2020 | 268,792 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Based Compensation Restricted Stock Awards Net | 4,836 | 4,836 | |||
Shares withheld for payroll taxes | (3,410) | 3,410 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 332 | 332 | |||
Unrealized loss on available-for-sale debt securities | (69) | (69) | |||
Net loss | (2,076) | (2,076) | |||
Ending balance, value at Sep. 30, 2020 | 268,405 | 39 | 636,727 | 200 | (368,561) |
Beginning balance, value at Jun. 30, 2020 | 268,792 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Unrealized loss on available-for-sale debt securities | (154) | ||||
Net loss | (2,132) | ||||
Ending balance, value at Dec. 31, 2020 | 273,832 | 39 | 642,702 | 115 | (369,024) |
Beginning balance, value at Sep. 30, 2020 | 268,405 | 39 | 636,727 | 200 | (368,561) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Based Compensation Restricted Stock Awards Net | 3,545 | 3,545 | |||
Shares withheld for payroll taxes | (407) | 407 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 2,430 | 2,430 | |||
Unrealized loss on available-for-sale debt securities | (85) | (85) | |||
Net loss | (56) | (56) | |||
Ending balance, value at Dec. 31, 2020 | $ 273,832 | $ 39 | $ 642,702 | $ 115 | $ (369,024) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (2,132) | $ (9,181) |
Adjustments to reconcile net loss to net cash from operating activities | ||
Depreciation of property and equipment | 1,479 | 1,493 |
Amortization of intangible assets | 608 | 571 |
Write-off of patent costs | 771 | |
Provision for doubtful accounts | 450 | |
Loss on disposal of equipment | 138 | |
Stock-based compensation | 8,784 | 7,196 |
Amortization of premium (accretion of discount) on marketable securities | (625) | 142 |
Changes in assets and liabilities | ||
Accounts receivable | (7,314) | (268) |
Inventories | (4,800) | (3,414) |
Prepaid expenses and other assets | (108) | 886 |
Accounts payable | 2,192 | 5,409 |
Accrued expenses and other liabilities | 913 | (4,642) |
Deferred revenue | (852) | (909) |
Net cash used in operating activities | (467) | (1,780) |
Cash flows from investing activities | ||
Purchases of property and equipment | (1,992) | (1,080) |
Payments To Acquire Intangible Assets Purchased | (5,741) | |
Payments to Acquire Debt Securities, Available-for-sale | (122,193) | (4,844) |
Sales of marketable securities | 2,485 | 85 |
Maturities of marketable securities | 14,450 | 9,400 |
Costs incurred in connection with patents | (573) | |
Payments to Acquire Other Investments | (2,175) | |
Net cash used in investing activities | (109,425) | (2,753) |
Cash flows from financing activities | ||
Proceeds from employee stock purchase plan | 2,098 | 1,687 |
Payments of employee taxes related to vested restricted stock | (3,817) | (5,885) |
Proceeds from (Payments for) Other Financing Activities | (69) | (39) |
Net cash used in financing activities | (1,788) | (4,237) |
Net change in cash and cash equivalents | (111,680) | (8,770) |
Cash and cash equivalents | ||
Beginning of period | 185,463 | 74,237 |
End of period | $ 73,783 | $ 65,467 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Cardiovascular Systems, Inc. (the “Company”), based in St. Paul, Minnesota, is a medical device company focused on developing and commercializing innovative solutions for treating vascular and coronary disease. The Company’s Orbital Atherectomy Systems (“OAS”) treat calcified and fibrotic plaque in arterial vessels throughout the leg and heart in a few minutes of treatment time, and address many of the limitations associated with existing surgical, catheter and pharmacological treatment alternatives. 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, its changes in stockholders’ equity, 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 Company's Annual Report on Form 10-K for the year ended June 30, 2020. 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. 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. The Company has been impacted by the COVID-19 pandemic. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on the Company's customers and markets. The Company has made estimates of the impact of COVID-19 within these consolidated financial statements and there may be changes to those estimates in future periods. Actual results could differ from those estimates. |
Selected Consolidated Financial
Selected Consolidated Financial Statement Information | 6 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Consolidated Financial Statement Information | 2. Selected Consolidated Financial Statement Information Accounts Receivable, Net Accounts receivable consists of the following: December 31, June 30, 2020 2020 Accounts receivable $ 34,184 $ 26,971 Less: Allowance for doubtful accounts (1,658) (1,759) Accounts receivable, net $ 32,526 $ 25,212 Inventories Inventories consist of the following: December 31, June 30, 2020 2020 Raw materials $ 10,690 $ 8,508 Work in process 2,705 2,637 Finished goods 19,111 16,561 Inventories $ 32,506 $ 27,706 Property and Equipment, Net Property and equipment consists of the following: December 31, June 30, 2020 2020 Land $ 572 $ 572 Building 22,420 22,420 Equipment 18,893 18,255 Furniture 3,360 3,326 Leasehold improvements 681 672 Construction in progress 3,729 3,251 49,655 48,496 Less: Accumulated depreciation (21,532) (20,686) Property and equipment, net $ 28,123 $ 27,810 Accrued Expenses Accrued expenses consist of the following: December 31, June 30, 2020 2020 Acquisition consideration $ 10,000 $ 9,914 Commissions 5,965 2,122 Salaries and bonus 5,814 8,476 Accrued vacation 5,381 5,536 Accrued excise, sales and other taxes 1,860 2,145 Clinical studies 1,254 1,420 Other accrued expenses 2,064 1,487 Accrued expenses $ 32,338 $ 31,100 |
Revenue
Revenue | 6 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 3. Revenue The following table disaggregates the Company’s net revenues by product category and geography for the following periods: Three Months Ended Six Months Ended December 31, December 31, Product Category 2020 2019 2020 2019 Peripheral $ 43,956 $ 47,580 $ 86,888 $ 93,109 Coronary 20,213 20,754 37,825 39,715 Total net revenues $ 64,169 $ 68,334 $ 124,713 $ 132,824 Geography United States $ 61,907 $ 65,960 $ 120,738 $ 127,489 International 2,262 2,374 3,975 5,335 Total net revenues $ 64,169 $ 68,334 $ 124,713 $ 132,824 Revenue of $851 was recognized in the six months ended December 31, 2020 that was deferred as of June 30, 2020. As of December 31, 2020 and June 30, 2020, the Company had a liability of $1,515 and $1,719, respectively, related to estimates of variable consideration which are recorded within accounts payable on the consolidated balance sheet. |
Acquisition
Acquisition | 6 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisition | 4. Acquisition On August 5, 2019, the Company acquired the WIRION Embolic Protection System and related assets from Gardia Medical Ltd. ("Gardia"), a wholly owned Israeli subsidiary of Allium Medical Solutions Ltd., for a total purchase price of $16,687. The device, which received CE Mark in June 2015 and FDA clearance in March 2018, is a distal embolic protection filter used to capture debris that can be associated with all types of peripheral vascular intervention procedures. The Company acquired the device to expand its portfolio of products for physicians that treat complex peripheral arterial disease. Upon closing, the Company made an initial $5,600 cash payment, net of transaction expenses, and issued Gardia 31,493 shares of common stock of the Company valued at $1,346. Following the successful completion of the manufacturing transfer of the WIRION system to the Company, the Company has agreed to pay Gardia an additional $10,000, half of which may be paid by the Company through an additional issuance of shares of common stock. The Company has accounted for this transaction as an asset acquisition resulting in developed technology of $15,624 and a trade name of $760, both recognized as a component of intangible assets, net within the Company's consolidated balance sheet. The remainder of the purchase price was recognized in property and equipment. The purchase also includes a performance milestone payment to Gardia equal to $3,000 for each $10,000 in net revenues recognized by the Company from sales of the WIRION system for applications above-the-knee in excess of $30,000 during the 36 month period beginning on the earlier of the first commercial sale of the system by the Company or six months following successful manufacturing transfer. If payment of the performance milestone becomes probable, these additional costs will be added to the carrying value of the acquired assets. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets The Company’s finite-lived intangible assets are stated at cost less accumulated amortization and include developed technology and trade name assets acquired in the asset acquisition discussed in Note 4, as well as costs incurred to obtain patents. Developed technology and trade name assets are amortized over 15 years. Patent costs are amortized beginning at the time of patent approval over a useful life not exceeding 20 years. The components of intangible assets, net are as follows: December 31, 2020 June 30, 2020 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Developed technology $ 15,624 $ (1,475) $ 14,149 $ 15,624 $ (955) $ 14,669 Patents 1,882 (721) 1,161 1,882 (659) 1,223 Trade name 760 (72) 688 760 (46) 714 Total intangible assets, net $ 18,266 $ (2,268) $ 15,998 $ 18,266 $ (1,660) $ 16,606 Amortization expense expected for the next five years and thereafter is as follows: Remainder of fiscal 2021 $ 608 Fiscal 2022 1,216 Fiscal 2023 1,212 Fiscal 2024 1,208 Fiscal 2025 1,205 Thereafter 10,549 $ 15,998 |
Debt
Debt | 6 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | 6. Debt Revolving Credit Facility In March 2017, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Silicon Valley Bank (“SVB”). In March 2020, the Company entered into the First Amendment to the Loan Agreement (the "Amendment"). The Amendment extended the maturity date of the Loan Agreement by two years, to March 31, 2022, and increased the maximum amount available under the senior, secured revolving credit facility (the “Revolver”) to $50,000 (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 bears interest at a floating per annum rate equal to the Wall Street Journal prime rate, less 0.75%. Interest on borrowings is due monthly and the principal balance is due at maturity. 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 3% of the Maximum Dollar Amount upon termination of the Loan Agreement, as amended by the Amendment (the "Amended Loan Agreement"), or the Revolver for any reason prior to the date that is fifteen days prior to the maturity date, unless refinanced with SVB. The Company’s obligations under the Amended 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 Amended 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 Amended 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 Amended Loan Agreement or an event of default under the Amended Loan Agreement occurs, such as a material adverse change, the interest rate on outstanding amounts will increase by 5% and SVB may, subject to various customary cure rights and the other terms and conditions of the Amended Loan Agreement, decline to provide additional advances under the Revolver, require the immediate payment of all amounts outstanding under the Revolver, and foreclose on all collateral. The Company is required to pay a fee equal to 0.15% per annum on the unused portion of the Revolver, payable quarterly in arrears. The Company is not obligated to draw any funds under the Revolver and has not done so under the Revolver since entering into the Loan Agreement. No amounts are outstanding as of December 31, 2020. Financing Obligation In March 2017, in connection with the sale of the Company’s headquarters facility in St. Paul, Minnesota (the “Facility”), the Company entered into a Lease Agreement to lease the Facility. The Lease Agreement has an initial term of 15 years, with four consecutive renewal options of 5 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 December 31, 2020 are as follows: Remainder of fiscal 2021 $ 908 Fiscal 2022 1,857 Fiscal 2023 1,913 Fiscal 2024 1,970 Fiscal 2025 2,029 Thereafter 15,376 $ 24,053 |
Marketable Securities & Fair Va
Marketable Securities & Fair Value Measurements | 6 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Investments | 7. Marketable Securities & Fair Value Measurements The Company’s marketable securities are classified on the consolidated balance sheet as follows: December 31, June 30, 2020 2020 Short-term available-for-sale debt securities $ 140,825 $ 40,088 Long-term available-for-sale debt securities 10,158 6,276 Available-for-sale debt securities 150,983 46,364 Mutual funds 289 327 Total marketable securities $ 151,272 $ 46,691 Available-for-sale debt securities are invested in the following financial instruments: As of December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 42,157 $ — $ — $ 42,157 U.S. government securities 46,559 2 (2) 46,559 Corporate debt 48,827 95 (10) 48,912 Asset backed securities 13,326 29 — 13,355 Total available-for-sale debt securities $ 150,869 $ 126 $ (12) $ 150,983 As of June 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 9,778 $ — $ — $ 9,778 U.S. government securities 6,120 1 — 6,121 Corporate debt 21,267 232 (1) 21,498 Asset backed securities 8,930 37 — 8,967 Total available-for-sale debt securities $ 46,095 $ 270 $ (1) $ 46,364 The following table provides information by level for the Company’s marketable securities that were measured at fair value on a recurring basis: Fair Value Measurements as of December 31, 2020 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 42,157 $ — $ 42,157 $ — U.S. government securities 46,559 — 46,559 — Corporate debt 48,912 — 48,912 — Asset backed securities 13,355 — 13,355 — Mutual funds 289 115 174 — Total marketable securities $ 151,272 $ 115 $ 151,157 $ — Fair Value Measurements as of June 30, 2020 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 9,778 $ — $ 9,778 $ — U.S. government securities 6,121 — 6,121 — Corporate debt 21,498 — 21,498 — Asset backed securities 8,967 — 8,967 — Mutual funds 327 99 228 — Total marketable securities $ 46,691 $ 99 $ 46,592 $ — 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 six months ended December 31, 2020. Any transfers between levels would be recognized on the date of the event or when a change in circumstances causes a transfer. Strategic Investments The Company holds equity investments that do not have readily determined fair values. The Company has elected to measure these investments at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Impairment is reviewed each reporting period by performing a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Disclosure [Abstract] | |
Stock Options and Restricted Stock Awards | 8. Stock-Based Compensation On November 15, 2017, the Company’s stockholders approved the 2017 Equity Incentive Plan (the “2017 Plan”) for the purpose of granting equity awards to employees, directors and consultants. The 2017 Plan replaced the 2014 Equity Incentive Plan (the “2014 Plan”), and no further equity awards may be granted under the 2014 Plan (the 2017 Plan and the 2014 Plan are collectively referred to as the “Plans”). On March 12, 2020, the Company’s Board of Directors approved the Amended and Restated 2017 Equity Incentive Plan, which amends the 2017 Plan. Equity awards classified as restricted stock and performance-based restricted stock are treated as issued shares when granted; however, these shares are not included in the computation of basic weighted average shares outstanding. When shares vest, unless the holder elects to pay the payroll tax liability in cash or through a sale of shares, the Company withholds the appropriate amount of shares to settle the payroll tax liability, on behalf of the individual receiving the shares, as an adjustment to accumulated deficit. 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 ranges from one year 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 six months ended December 31, 2020 is as follows: Number of Weighted Outstanding at June 30, 2020 434,067 $ 38.34 Granted 295,165 $ 31.13 Forfeited (13,914) $ 36.88 Vested (182,018) $ 37.57 Outstanding at December 31, 2020 533,300 $ 34.77 Performance-Based Restricted Stock The Company also grants performance-based restricted stock awards to certain executives and other management. In August 2020, the Company granted an aggregate maximum of 339,395 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, 2020 compared to the closing prices of the stock of the Company and the peer group members for the 90 trading days preceding July 1, 2023. 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, 2023 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 an aggregate fair value of approximately $4,330, 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. Performance-based restricted stock awards granted in fiscal 2019 and 2020 that are outstanding 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, 2018 and July 1, 2019, respectively, compared to the closing prices of the stock of the Company and the peer group members for the 90 trading days preceding July 1, 2021 and July 1, 2022, respectively. Performance-based restricted stock award activity for the six months ended December 31, 2020 is as follows: Number of Weighted Outstanding at June 30, 2020 660,622 $ 21.69 Granted 339,395 $ 12.75 Forfeited (72,549) $ 13.64 Vested (166,086) $ 13.96 Outstanding at December 31, 2020 761,382 $ 20.26 |
Leases
Leases | 6 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessee, Operating Leases | 9. Leases Effective July 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) Topic 842 - Leases using the modified retrospective transition approach and electing the package of practical expedients. This resulted in the recognition of right-of-use assets of $441 and total operating lease liabilities of $463. There was no cumulative-effect adjustment recorded to retained earnings upon adoption. The Company leases its Texas manufacturing facility under an operating lease agreement. During the six months ended December 31, 2020, the Company exercised its option to extend the term of this lease agreement by five years, so that it now expires in April 2026, and entered into an amendment for this extended period. The Company also leases office equipment under lease agreements that expire at various dates through April 2024. As discussed in Note 6, the Company also leases its Minnesota headquarters facility which is accounted for as a financing obligation. Operating lease right-of-use assets and liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement dates. The Company considers fixed or variable payment terms, prepayments, incentives, and options to extend, terminate or purchase. Renewal, termination or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. The Company uses its incremental borrowing rate based on information available at the lease commencement date in determining the present value of lease payments unless the lease provides an implicit interest rate. Operating lease cost is classified within the consolidated statement of operations based on the nature of the leased asset. The Company's operating lease cost was $252 and $241 for the six months ended December 31, 2020 and 2019, respectively. Cash paid for operating lease liabilities approximated operating lease cost for the six months ended December 31, 2020. There were $2,238 and $437 of operating lease right-of-use assets obtained in exchange for new lease liabilities during the six months ended December 31, 2020 and 2019, respectively. December 31, June 30, 2020 2020 Right-of-use assets Other assets $ 2,434 $ 427 Operating lease liabilities Accrued expenses 493 412 Other liabilities 1,941 15 Total operating lease liabilities $ 2,434 $ 427 Future minimum lease payments under the agreements as of December 31, 2020 are as follows: Remainder of fiscal 2021 $ 251 Fiscal 2022 494 Fiscal 2023 486 Fiscal 2024 485 Fiscal 2025 483 Thereafter 403 Total lease payments 2,602 Less imputed interest (168) Total operating lease liabilities $ 2,434 As of December 31, 2020, the weighted average remaining lease term for operating leases was 5.3 years and the weighted average discount rate used to determine operating lease liabilities was 2.54%. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitment and Contingencies 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 December 31, 2020 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 | 6 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 11. 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, 2020 2019 2020 2019 Numerator Net (loss) income $ (56) $ (3,401) $ (2,132) $ (9,181) Income allocated to participating securities — — — — Net (loss) income available to common stockholders $ (56) $ (3,401) $ (2,132) $ (9,181) Denominator Weighted average common shares outstanding – basic (1) 38,808,980 34,069,412 38,746,410 33,969,818 Effect of dilutive restricted stock units (2) — — — — Effect of performance-based restricted stock awards (3) — — — — Weighted average common shares outstanding – diluted 38,808,980 34,069,412 38,746,410 33,969,818 Earnings per common share – basic and diluted $ — $ (0.10) $ (0.06) $ (0.27) (1) The increase in weighted average shares outstanding is primarily from the Company's offering of common stock completed in June 2020. (2) At December 31, 2020 and 2019, 281,430 and 365,818 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 for all periods presented because those shares are anti-dilutive. (3) At December 31, 2020 and 2019, 761,382 and 661,314 performance-based restricted stock awards, respectively, were outstanding. The effect of the potential vesting of these awards has been excluded from the calculation of diluted loss per share for all periods presented 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, |
Selected Consolidated Financi_2
Selected Consolidated Financial Statement Information (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Accounts Receivable | December 31, June 30, 2020 2020 Accounts receivable $ 34,184 $ 26,971 Less: Allowance for doubtful accounts (1,658) (1,759) Accounts receivable, net $ 32,526 $ 25,212 |
Schedule of Inventory | December 31, June 30, 2020 2020 Raw materials $ 10,690 $ 8,508 Work in process 2,705 2,637 Finished goods 19,111 16,561 Inventories $ 32,506 $ 27,706 |
Schedule of Property and Equipment | December 31, June 30, 2020 2020 Land $ 572 $ 572 Building 22,420 22,420 Equipment 18,893 18,255 Furniture 3,360 3,326 Leasehold improvements 681 672 Construction in progress 3,729 3,251 49,655 48,496 Less: Accumulated depreciation (21,532) (20,686) Property and equipment, net $ 28,123 $ 27,810 |
Schedule of Accrued Expenses | December 31, June 30, 2020 2020 Acquisition consideration $ 10,000 $ 9,914 Commissions 5,965 2,122 Salaries and bonus 5,814 8,476 Accrued vacation 5,381 5,536 Accrued excise, sales and other taxes 1,860 2,145 Clinical studies 1,254 1,420 Other accrued expenses 2,064 1,487 Accrued expenses $ 32,338 $ 31,100 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Three Months Ended Six Months Ended December 31, December 31, Product Category 2020 2019 2020 2019 Peripheral $ 43,956 $ 47,580 $ 86,888 $ 93,109 Coronary 20,213 20,754 37,825 39,715 Total net revenues $ 64,169 $ 68,334 $ 124,713 $ 132,824 Geography United States $ 61,907 $ 65,960 $ 120,738 $ 127,489 International 2,262 2,374 3,975 5,335 Total net revenues $ 64,169 $ 68,334 $ 124,713 $ 132,824 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | December 31, 2020 June 30, 2020 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Developed technology $ 15,624 $ (1,475) $ 14,149 $ 15,624 $ (955) $ 14,669 Patents 1,882 (721) 1,161 1,882 (659) 1,223 Trade name 760 (72) 688 760 (46) 714 Total intangible assets, net $ 18,266 $ (2,268) $ 15,998 $ 18,266 $ (1,660) $ 16,606 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Remainder of fiscal 2021 $ 608 Fiscal 2022 1,216 Fiscal 2023 1,212 Fiscal 2024 1,208 Fiscal 2025 1,205 Thereafter 10,549 $ 15,998 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of future minimum lease payments | Remainder of fiscal 2021 $ 908 Fiscal 2022 1,857 Fiscal 2023 1,913 Fiscal 2024 1,970 Fiscal 2025 2,029 Thereafter 15,376 $ 24,053 |
Marketable Securities & Fair _2
Marketable Securities & Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Marketable Securities | December 31, June 30, 2020 2020 Short-term available-for-sale debt securities $ 140,825 $ 40,088 Long-term available-for-sale debt securities 10,158 6,276 Available-for-sale debt securities 150,983 46,364 Mutual funds 289 327 Total marketable securities $ 151,272 $ 46,691 |
Schedule of Available-for-sale Securities Reconciliation | As of December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 42,157 $ — $ — $ 42,157 U.S. government securities 46,559 2 (2) 46,559 Corporate debt 48,827 95 (10) 48,912 Asset backed securities 13,326 29 — 13,355 Total available-for-sale debt securities $ 150,869 $ 126 $ (12) $ 150,983 As of June 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 9,778 $ — $ — $ 9,778 U.S. government securities 6,120 1 — 6,121 Corporate debt 21,267 232 (1) 21,498 Asset backed securities 8,930 37 — 8,967 Total available-for-sale debt securities $ 46,095 $ 270 $ (1) $ 46,364 |
Fair Value, Assets Measured on Recurring Basis | Fair Value Measurements as of December 31, 2020 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 42,157 $ — $ 42,157 $ — U.S. government securities 46,559 — 46,559 — Corporate debt 48,912 — 48,912 — Asset backed securities 13,355 — 13,355 — Mutual funds 289 115 174 — Total marketable securities $ 151,272 $ 115 $ 151,157 $ — Fair Value Measurements as of June 30, 2020 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 9,778 $ — $ 9,778 $ — U.S. government securities 6,121 — 6,121 — Corporate debt 21,498 — 21,498 — Asset backed securities 8,967 — 8,967 — Mutual funds 327 99 228 — Total marketable securities $ 46,691 $ 99 $ 46,592 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Disclosure [Abstract] | |
Restricted Stock Award Activity | Number of Weighted Outstanding at June 30, 2020 434,067 $ 38.34 Granted 295,165 $ 31.13 Forfeited (13,914) $ 36.88 Vested (182,018) $ 37.57 Outstanding at December 31, 2020 533,300 $ 34.77 |
Performance Based RSA Activity | Number of Weighted Outstanding at June 30, 2020 660,622 $ 21.69 Granted 339,395 $ 12.75 Forfeited (72,549) $ 13.64 Vested (166,086) $ 13.96 Outstanding at December 31, 2020 761,382 $ 20.26 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | December 31, June 30, 2020 2020 Right-of-use assets Other assets $ 2,434 $ 427 Operating lease liabilities Accrued expenses 493 412 Other liabilities 1,941 15 Total operating lease liabilities $ 2,434 $ 427 |
Schedule of Future Minimum Lease Payments for Operating Leases | Remainder of fiscal 2021 $ 251 Fiscal 2022 494 Fiscal 2023 486 Fiscal 2024 485 Fiscal 2025 483 Thereafter 403 Total lease payments 2,602 Less imputed interest (168) Total operating lease liabilities $ 2,434 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2020 2019 Numerator Net (loss) income $ (56) $ (3,401) $ (2,132) $ (9,181) Income allocated to participating securities — — — — Net (loss) income available to common stockholders $ (56) $ (3,401) $ (2,132) $ (9,181) Denominator Weighted average common shares outstanding – basic (1) 38,808,980 34,069,412 38,746,410 33,969,818 Effect of dilutive restricted stock units (2) — — — — Effect of performance-based restricted stock awards (3) — — — — Weighted average common shares outstanding – diluted 38,808,980 34,069,412 38,746,410 33,969,818 Earnings per common share – basic and diluted $ — $ (0.10) $ (0.06) $ (0.27) (1) The increase in weighted average shares outstanding is primarily from the Company's offering of common stock completed in June 2020. (2) At December 31, 2020 and 2019, 281,430 and 365,818 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 for all periods presented because those shares are anti-dilutive. (3) At December 31, 2020 and 2019, 761,382 and 661,314 performance-based restricted stock awards, respectively, were outstanding. The effect of the potential vesting of these awards has been excluded from the calculation of diluted loss per share for all periods presented because those shares are anti-dilutive. |
Selected Consolidated Financi_3
Selected Consolidated Financial Statement Information - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts Receivable | ||
Accounts receivable | $ 34,184 | $ 26,971 |
Less: Allowance for doubtful accounts | (1,658) | (1,759) |
Accounts receivable, net | $ 32,526 | $ 25,212 |
Selected Consolidated Financi_4
Selected Consolidated Financial Statement Information - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Inventories | ||
Raw materials | $ 10,690 | $ 8,508 |
Work in process | 2,705 | 2,637 |
Finished goods | 19,111 | 16,561 |
Inventories | $ 32,506 | $ 27,706 |
Selected Consolidated Financi_5
Selected Consolidated Financial Statement Information - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Property and Equipment | ||
Land | $ 572 | $ 572 |
Building | 22,420 | 22,420 |
Equipment | 18,893 | 18,255 |
Furniture | 3,360 | 3,326 |
Leasehold improvements | 681 | 672 |
Construction in progress | 3,729 | 3,251 |
Property and equipment, gross | 49,655 | 48,496 |
Less: Accumulated depreciation | (21,532) | (20,686) |
Property and equipment, net | $ 28,123 | $ 27,810 |
Selected Consolidated Financi_6
Selected Consolidated Financial Statement Information - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Accrued Expenses | ||
Acquisition consideration | $ 10,000 | $ 9,914 |
Commissions | 5,965 | 2,122 |
Salaries and bonus | 5,814 | 8,476 |
Accrued vacation | 5,381 | 5,536 |
Accrued excise, sales and other taxes | 1,860 | 2,145 |
Clinical studies | 1,254 | 1,420 |
Other accrued expenses | 2,064 | 1,487 |
Accrued expenses | $ 32,338 | $ 31,100 |
Revenue - Disaggregate (Details
Revenue - Disaggregate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 64,169 | $ 68,334 | $ 124,713 | $ 132,824 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 61,907 | 65,960 | 120,738 | 127,489 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 2,262 | 2,374 | 3,975 | 5,335 |
Peripheral | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 43,956 | 47,580 | 86,888 | 93,109 |
Coronary | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 20,213 | $ 20,754 | $ 37,825 | $ 39,715 |
Revenue - Narratives (Details)
Revenue - Narratives (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized previously deferred | $ 851 | |
Volume-based rebates, discounts and incentives, current | $ 1,515 | $ 1,719 |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Thousands | Aug. 05, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Business Combination, Consideration Transferred | $ 1,346 | ||||
Payments to Acquire Intangible Assets | $ 573 | ||||
Finite-Lived Intangible Assets, Gross | $ 18,266 | $ 18,266 | |||
Developed Technology Rights | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 15,624 | 15,624 | |||
Trade Names | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 760 | $ 760 | |||
WIRION Embolic Protection System | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Business Combination, Consideration Transferred | $ 16,687 | ||||
Payments to Acquire Intangible Assets | $ 5,600 | ||||
Stock Issued During Period, Shares, New Issues | 31,493 | ||||
Other Significant Noncash Transaction, Value of Consideration Received | $ 1,346 | ||||
Additional Consideration, Pending Disbursement | 10,000 | ||||
Potential milestone payment amount | 3,000 | ||||
Net revenue increment to achieve milestone payments | 10,000 | ||||
Net revenue threshold to exceed before milestone payments can be achieved | 30,000 | ||||
WIRION Embolic Protection System | Developed Technology Rights | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 15,624 | ||||
WIRION Embolic Protection System | Trade Names | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 760 |
Intangible Assets - Finite-Live
Intangible Assets - Finite-Lived (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 18,266 | $ 18,266 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,268) | (1,660) |
Finite-Lived Intangible Assets, Net, Total | $ 15,998 | 16,606 |
Developed Technology and Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Developed Technology Rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 15,624 | 15,624 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,475) | (955) |
Finite-Lived Intangible Assets, Net, Total | $ 14,149 | 14,669 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Finite-Lived Intangible Assets, Gross | $ 1,882 | 1,882 |
Finite-Lived Intangible Assets, Accumulated Amortization | (721) | (659) |
Finite-Lived Intangible Assets, Net, Total | 1,161 | 1,223 |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 760 | 760 |
Finite-Lived Intangible Assets, Accumulated Amortization | (72) | (46) |
Finite-Lived Intangible Assets, Net, Total | $ 688 | $ 714 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of fiscal 2021 | $ 608 | |
Fiscal 2022 | 1,216 | |
Fiscal 2023 | 1,212 | |
Fiscal 2024 | 1,208 | |
Fiscal 2025 | 1,205 | |
Thereafter | 10,549 | |
Finite-Lived Intangible Assets, Net, Total | $ 15,998 | $ 16,606 |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility (Details) - Silicon Valley Bank - Revolving Credit Facility - USD ($) $ in Thousands | 1 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |
Line of Credit Facility, Expiration Date | Mar. 31, 2022 | |
Percent Reduction to Prime Interest Rate | 0.75% | |
Early Termination Fee | 3.00% | |
Covenant, Unused Availability | $ 10,000 | |
Covenant, Adjusted EBITDA | $ 1,000 | |
Interest Rate Increase For Noncompliance | 5.00% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 |
Debt - Financing Obligation (De
Debt - Financing Obligation (Details) - Capital Lease Obligations [Member] $ in Thousands | 6 Months Ended |
Dec. 31, 2020USD ($)lease_renewal_option | |
Debt Instrument [Line Items] | |
Lessee, Finance Lease, Term of Contract | 15 years |
Lessee Leasing Arrangements Capital Leases Number Options To Renew | lease_renewal_option | 4 |
Lessee, Finance Lease, Renewal Term | 5 years |
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 | $ 908 |
Fiscal 2022 | 1,857 |
Fiscal 2023 | 1,913 |
Fiscal 2024 | 1,970 |
Fiscal 2025 | 2,029 |
Thereafter | 15,376 |
Capital Leases, Future Minimum Payments Due | $ 24,053 |
Marketable Securities & Fair _3
Marketable Securities & Fair Value Measurements - Available-for-sale Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Marketable Securities [Abstract] | ||
Available-for-sale Securities, Current | $ 140,825 | $ 40,088 |
Available-for-sale Securities, Noncurrent | 10,158 | 6,276 |
Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 150,869 | 46,095 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 126 | 270 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (12) | (1) |
Debt Securities, Available-for-sale | 150,983 | 46,364 |
Marketable Securities [Abstract] | ||
Total marketable securities | 151,272 | 46,691 |
Recurring | Commercial Paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 42,157 | 9,778 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale | 42,157 | 9,778 |
Marketable Securities [Abstract] | ||
Total marketable securities | 42,157 | 9,778 |
Recurring | Corporate Debt Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 48,827 | 21,267 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 95 | 232 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (10) | (1) |
Debt Securities, Available-for-sale | 48,912 | 21,498 |
Marketable Securities [Abstract] | ||
Total marketable securities | 48,912 | 21,498 |
Recurring | Asset-backed Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 13,326 | 8,930 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 29 | 37 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale | 13,355 | 8,967 |
Marketable Securities [Abstract] | ||
Total marketable securities | 13,355 | 8,967 |
Recurring | Equity Funds | ||
Marketable Securities [Abstract] | ||
Total marketable securities | 289 | 327 |
Recurring | U.S. government securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 46,559 | 6,120 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2 | 1 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (2) | 0 |
Debt Securities, Available-for-sale | 46,559 | 6,121 |
Marketable Securities [Abstract] | ||
Total marketable securities | $ 46,559 | $ 6,121 |
Marketable Securities & Fair _4
Marketable Securities & Fair Value Measurements - Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | $ 151,272 | $ 46,691 |
Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 42,157 | 9,778 |
U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 46,559 | 6,121 |
Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 48,912 | 21,498 |
Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 13,355 | 8,967 |
Equity Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 289 | 327 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 115 | 99 |
Level 1 | Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 0 | 0 |
Level 1 | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 0 | 0 |
Level 1 | Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 0 | 0 |
Level 1 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 0 | 0 |
Level 1 | Equity Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 115 | 99 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 151,157 | 46,592 |
Level 2 | Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 42,157 | 9,778 |
Level 2 | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 46,559 | 6,121 |
Level 2 | Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 48,912 | 21,498 |
Level 2 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 13,355 | 8,967 |
Level 2 | Equity Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 174 | 228 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 0 | 0 |
Level 3 | Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 0 | 0 |
Level 3 | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 0 | 0 |
Level 3 | Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 0 | 0 |
Level 3 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | 0 | 0 |
Level 3 | Equity Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total marketable securities | $ 0 | $ 0 |
Marketable Securities & Fair _5
Marketable Securities & Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers of assets between Level 1 and Level 2 | $ 0 | $ 0 | |||
Equity Securities without Readily Determinable Fair Value, Amount | 6,771 | 6,771 | $ 6,306 | ||
Future payments to acquire long-term investments | 2,750 | ||||
Payments to Acquire Debt Securities, Available-for-sale | 122,193 | $ 4,844 | |||
Other-than-temporary impairments | 0 | ||||
Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale | $ 1,675 | $ 1,675 | |||
Subsequent Event | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Payments to Acquire Debt Securities, Available-for-sale | $ 5,399 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Aug. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2020 | Nov. 15, 2017 | |
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 awards number preceding trading days | 90 days | |||
Grant Date Fair Value of Restricted Stock Awards, Quarterly Market Conditions | $ 4,330 | |||
Performance Shares | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate shares based on thresholds measuring total shareholder return | 339,395 | |||
Two Thousand Fourteen Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of equity awards available to grant under the 2014 and 2007 plans | 0 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Award Activity (Details) | 6 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Awards outstanding, balance at beginning of period (in shares) | 434,067 |
Awards granted (in shares) | 295,165 |
Awards forfeited (in shares) | (13,914) |
Awards vested (in shares) | (182,018) |
Awards outstanding, balance at end of period (in shares) | 533,300 |
Weighted Average Fair Value | |
Awards outstanding, balance at beginning of period (per share) | $ / shares | $ 38.34 |
Awards granted (per share) | $ / shares | 31.13 |
Awards forfeited (per share) | $ / shares | 36.88 |
Awards vested (per share) | $ / shares | 37.57 |
Awards outstanding, balance at end of period (per share) | $ / shares | $ 34.77 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 182,018 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Awards outstanding, balance at beginning of period (in shares) | 660,622 |
Awards granted (in shares) | 339,395 |
Awards forfeited (in shares) | (72,549) |
Awards vested (in shares) | (166,086) |
Awards outstanding, balance at end of period (in shares) | 761,382 |
Weighted Average Fair Value | |
Awards outstanding, balance at beginning of period (per share) | $ / shares | $ 21.69 |
Awards granted (per share) | $ / shares | 12.75 |
Awards forfeited (per share) | $ / shares | 13.64 |
Awards vested (per share) | $ / shares | 13.96 |
Awards outstanding, balance at end of period (per share) | $ / shares | $ 20.26 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 166,086 |
Minimum | Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 1 year |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | Jul. 01, 2019 | |
Leases [Abstract] | |||||
Other assets | $ 2,434 | $ 2,434 | $ 427 | $ 441 | |
Operating lease liability | 2,434 | 2,434 | $ 427 | $ 463 | |
Cumulative effect on retained earnings net of taxes | $ 0 | ||||
Operating lease, cost | 252 | $ 241 | |||
Right-of-use asset obtained in exchange for operating lease liability | $ 2,238 | $ 437 | |||
Operating Lease, Weighted Average Remaining Lease Term | 5 years 3 months 18 days | 5 years 3 months 18 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 2.54% | 2.54% |
Leases - Balance Sheet Informat
Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 | Jul. 01, 2019 |
Leases [Abstract] | |||
Other assets | $ 2,434 | $ 427 | $ 441 |
Accrued expenses | 493 | 412 | |
Other liabilities | 1,941 | 15 | |
Total operating lease liabilities | $ 2,434 | $ 427 | $ 463 |
Leases, Assets and Liabilities
Leases, Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 | Jul. 01, 2019 |
Lessee, Operating Lease, Liability, Payment, Due | |||
Remainder of fiscal 2021 | $ 251 | ||
Fiscal 2022 | 494 | ||
Fiscal 2023 | 486 | ||
Fiscal 2024 | 485 | ||
Fiscal 2025 | 483 | ||
Thereafter | 403 | ||
Lessee, Operating Lease, Liability, Payments, Due, Total | 2,602 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (168) | ||
Operating lease liability | $ 2,434 | $ 427 | $ 463 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Numerator | |||||||
Net loss | $ (56) | $ (2,076) | $ (3,401) | $ (5,780) | $ (2,132) | $ (9,181) | |
Net (loss) income available to common stockholders | $ (56) | $ (3,401) | $ (2,132) | $ (9,181) | |||
Denominator | |||||||
Basic and diluted weighted average shares outstanding | 38,808,980 | 34,069,412 | 38,746,410 | 33,969,818 | |||
Weighted average common shares outstanding – diluted | 38,808,980 | 34,069,412 | 38,746,410 | 33,969,818 | |||
Earnings per share, basic and diluted | |||||||
Earnings per common share – basic and diluted | $ 0 | $ (0.10) | $ (0.06) | $ (0.27) | |||
Common stock, shares outstanding | 40,191,609 | 40,191,609 | 39,675,865 | ||||
Restricted Stock Units (RSUs) | |||||||
Earnings per share, basic and diluted | |||||||
Common stock, shares outstanding | 281,430 | 365,818 | 281,430 | 365,818 | |||
Performance Shares | |||||||
Earnings per share, basic and diluted | |||||||
Common stock, shares outstanding | 761,382 | 661,314 | 761,382 | 661,314 |