Cardiovascular Systems (CSII) 10-Q 9 Nov 21 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2021	Nov. 05, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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		40,550,660

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Current assets
Cash and cash equivalents	$ 66,864	$ 71,070
Marketable securities	120,753	135,968
Accounts receivable, net	36,449	40,033
Inventories	33,127	32,313
Prepaid expenses and other current assets	5,944	5,285
Total current assets	263,137	284,669
Property and equipment, net	28,788	28,894
Intangible assets, net	16,772	15,376
Other assets	23,573	23,628
Total assets	332,270	352,567
Current liabilities
Accounts payable	12,911	14,061
Accrued expenses	27,639	38,189
Deferred revenue	2,488	2,400
Total current liabilities	43,038	54,650
Long-term liabilities
Financing obligation	20,527	20,596
Deferred revenue	1,568	2,194
Other liabilities	3,945	4,169
Total liabilities	69,078	81,609
Commitments and contingencies (see Note 10)
Common stock, $0.001 par value; authorized 100,000,000 common shares; issued and outstanding 40,581,871 at September 30, 2021 and 40,215,554 at June 30, 2021, respectively	39	39
Additional paid in capital	658,147	652,288
Accumulated other comprehensive income	(6)	11
Accumulated deficit	(394,988)	(381,380)
Total stockholders’ equity	263,192	270,958
Total liabilities and stockholders’ equity	$ 332,270	$ 352,567

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Jun. 30, 2021
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	40,581,871	40,215,554
Common stock, shares outstanding	40,581,871	40,215,554

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net revenues	$ 58,370	$ 60,544
Cost of goods sold	14,308	12,564
Gross profit	44,062	47,980
Expenses:
Selling, general and administrative	41,851	40,282
Research and development	10,022	9,052
Amortization of intangible assets	304	304
Total expenses	52,177	49,638
Loss from operations	(8,115)	(1,658)
Interest expense	410	499
Interest income and other, net	(43)	(144)
Total other (income) expense, net	367	355
Loss before income taxes	(8,482)	(2,013)
Provision for income taxes	136	63
Net loss	$ (8,618)	$ (2,076)
Basic and diluted earnings per share
Basic and diluted earnings per share	$ (0.22)	$ (0.05)
Basic and diluted weighted average shares outstanding
Diluted weighted average shares outstanding	39,087,472	38,683,839
Basic and diluted weighted average shares outstanding	39,087,472	38,683,839

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (8,618)	$ (2,076)
Other comprehensive loss:
Unrealized loss on available-for-sale debt securities	(17)	(69)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ (8,635)	$ (2,145)

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, 2020	$ 268,792	$ 39	$ 631,559	$ 269	$ (363,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation related to restricted stock awards, net	4,836		4,836
Shares withheld for payroll taxes	(3,410)				3,410
Employee stock purchase plan activity	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, 2021	270,958	39	652,288	11	(381,380)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation related to restricted stock awards, net	5,523	0	5,523	0	0
Shares withheld for payroll taxes	(4,990)	0	0	0	(4,990)
Employee stock purchase plan activity	324	0	324	0	0
Unrealized loss on available-for-sale debt securities	(17)	0	0	(17)	0
Exercise of stock options	12	0	12	0	0
Net loss	(8,618)				(8,618)
Ending balance, value at Sep. 30, 2021	$ 263,192	$ 39	$ 658,147	$ (6)	$ (394,988)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (8,618)	$ (2,076)
Adjustments to reconcile net loss to net cash from operating activities
Depreciation of property and equipment	954	725
Amortization of intangible assets	304	304
Stock-based compensation	5,672	4,907
Amortization of premium (accretion of discount) on marketable securities	(380)	(215)
Other	5	0
Changes in assets and liabilities
Accounts receivable	3,584	(4,761)
Inventories	(814)	(1,446)
Prepaid expenses and other assets	28	(386)
Accounts payable	(895)	1,865
Accrued expenses and other liabilities	(10,846)	(1,126)
Deferred revenue	(538)	(383)
Net cash used in operating activities	(10,784)	(2,162)
Cash flows from investing activities
Purchases of property and equipment	(1,103)	(1,132)
Acquisitions	(1,700)
Investments in strategic ventures	(50)	(2,175)
Purchases of marketable securities	(38,462)	(88,728)
Sales of marketable securities	6,721	2,400
Maturities of marketable securities	46,200	2,450
Net cash provided by (used in) investing activities	11,606	(87,185)
Cash flows from financing activities
Payments of employee taxes related to vested restricted stock	(4,990)	(3,410)
Exercise of stock options	12
Principal payments made on financing obligation	(50)	(35)
Net cash used in financing activities	(5,028)	(3,445)
Net change in cash and cash equivalents	(4,206)	(92,792)
Cash and cash equivalents
Beginning of period	71,070	185,463
End of period	$ 66,864	$ 92,671

Basis of Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2021
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, 2021. 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.

Selected Consolidated Financial

Selected Consolidated Financial Statement Information	3 Months Ended
	Sep. 30, 2021
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: September 30, June 30, 2021 2021 Accounts receivable $ 37,917 $ 41,634 Less: Allowance for doubtful accounts (1,468) (1,601) Accounts receivable, net $ 36,449 $ 40,033 Inventories Inventories consist of the following: September 30, June 30, 2021 2021 Raw materials $ 10,688 $ 11,621 Work in process 3,682 3,469 Finished goods 18,757 17,223 Inventories $ 33,127 $ 32,313 Property and Equipment, Net Property and equipment consists of the following: September 30, June 30, 2021 2021 Land $ 572 $ 572 Building 22,420 22,420 Equipment 21,966 21,203 Furniture 3,376 3,376 Leasehold improvements 804 804 Construction in progress 2,269 2,848 51,407 51,223 Less: Accumulated depreciation (22,619) (22,329) Property and equipment, net $ 28,788 $ 28,894 Accrued Expenses Accrued expenses consist of the following: September 30, June 30, 2021 2021 Acquisition consideration $ 10,000 $ 10,000 Commissions 4,350 7,869 Salaries and bonus 3,813 11,699 Accrued vacation 2,495 3,011 Clinical Studies 1,511 1,478 Accrued excise, sales and other taxes 1,330 1,464 Other accrued expenses 4,140 2,668 Accrued expenses $ 27,639 $ 38,189

Revenue

Revenue	3 Months Ended
	Sep. 30, 2021
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 September 30, Product Category 2021 2020 Peripheral $ 39,009 $ 42,932 Coronary 19,361 17,612 Total net revenues $ 58,370 $ 60,544 Geography United States $ 55,042 $ 58,831 International 3,328 1,713 Total net revenues $ 58,370 $ 60,544 Revenue of $538 was recognized in the three months ended September 30, 2021 that was deferred as of June 30, 2021. As of September 30, 2021 and June 30, 2021, the Company had a liability of $1,805 and $1,985, respectively, related to estimates of variable consideration which are recorded within accounts payable on the consolidated balance sheet.

Acquisition

Acquisition	3 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisition	4. Acquisitions Peripheral Support Catheters During fiscal 2021, the Company acquired a line of peripheral support catheters from WavePoint Medical, LLC (“WavePoint”) and also engaged WavePoint to develop a portfolio of specialty catheters.

Intangible Assets

Intangible Assets	3 Months Ended
	Sep. 30, 2021
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 asset acquisitions, as well as costs incurred to obtain patents. Developed technology and trade name assets are amortized over 10 to 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: September 30, 2021 June 30, 2021 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Developed technology $ 17,324 $ (2,257) $ 15,067 $ 15,624 $ (1,997) $ 13,627 Patents 1,866 (811) 1,055 1,866 (780) 1,086 Trade name 760 (110) 650 760 (97) 663 Total intangible assets, net $ 19,950 $ (3,178) $ 16,772 $ 18,250 $ (2,874) $ 15,376 Amortization expense expected for the next five years and thereafter is as follows: Remainder of fiscal 2022 $ 1,038 Fiscal 2023 1,381 Fiscal 2024 1,377 Fiscal 2025 1,374 Fiscal 2026 1,373 Thereafter 10,229 $ 16,772

Debt

Debt	3 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	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 September 30, 2021. 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 September 30, 2021 are as follows: Remainder of fiscal 2022 $ 1,396 Fiscal 2023 1,913 Fiscal 2024 1,970 Fiscal 2025 2,029 Fiscal 2026 2,090 Thereafter 13,286 $ 22,684

Marketable Securities & Fair Va

Marketable Securities & Fair Value Measurements	3 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Marketable Securities & Fair Value Measurements	7. Marketable Securities & Fair Value Measurements The Company’s marketable securities are classified on the consolidated balance sheet as follows: September 30, June 30, 2021 2021 Short-term available-for-sale debt securities $ 118,294 $ 129,908 Long-term available-for-sale debt securities 2,132 5,748 Available-for-sale debt securities 120,426 135,656 Mutual funds 327 312 Total marketable securities $ 120,753 $ 135,968 Available-for-sale debt securities are invested in the following financial instruments: As of September 30, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 47,364 $ — $ — $ 47,364 Corporate debt 54,228 2 (9) 54,221 Asset backed securities 18,840 6 (5) 18,841 Total available-for-sale debt securities $ 120,432 $ 8 $ (14) $ 120,426 As of June 30, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 47,361 $ — $ — $ 47,361 U.S. government securities 20,229 1 — 20,230 Corporate debt 57,134 12 (12) 57,134 Asset backed securities 10,922 10 (1) 10,931 Total available-for-sale debt securities $ 135,646 $ 23 $ (13) $ 135,656 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 September 30, 2021 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 47,364 $ — $ 47,364 $ — Corporate debt 54,221 — 54,221 — Asset backed securities 18,841 — 18,841 — Mutual funds 327 150 177 — Total marketable securities $ 120,753 $ 150 $ 120,603 $ — Fair Value Measurements as of June 30, 2021 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 47,361 $ — $ 47,361 $ — U.S. government securities 20,230 — 20,230 — Corporate debt 57,134 — 57,134 — Asset backed securities 10,931 — 10,931 — Mutual funds 312 136 176 — Total marketable securities $ 135,968 $ 136 $ 135,832 $ — 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, 2021. 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	3 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement, Disclosure [Abstract]
Stock-Based Compensation	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. 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 three months ended September 30, 2021 is as follows: Number of Weighted Outstanding at June 30, 2021 467,942 $ 35.61 Granted 274,733 $ 38.02 Forfeited (8,306) $ 35.17 Vested (192,316) $ 36.91 Outstanding at September 30, 2021 542,053 $ 36.37 Performance-Based Restricted Stock The Company also grants performance-based restricted stock awards to certain executives and other management. In August 2021, the Company granted an aggregate maximum of 306,550 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, 2021 compared to the closing prices of the stock of the Company and the peer group members for the 90 trading days preceding July 1, 2024. 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, 2024 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 $6,090, 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 2021 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, 2020 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, 2023 and July 1, 2022, respectively. Performance-based restricted stock award activity for the three months ended September 30, 2021 is as follows: Number of Weighted Outstanding at June 30, 2021 760,584 $ 20.26 Granted 306,550 $ 19.87 Forfeited (73,234) $ 21.99 Vested (147,001) $ 22.33 Outstanding at September 30, 2021 846,899 $ 19.40

Leases

Leases	3 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	9. Leases The Company leases its Texas manufacturing facility under an operating lease agreement which expires in April 2026. 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 $128 and $126 for the three months ended September 30, 2021 and 2020, respectively. Cash paid for operating lease liabilities approximated operating lease cost for the three months ended September 30, 2021. There were $54 and $2,238 of operating lease right-of-use assets obtained in exchange for new lease liabilities during the three months ended September 30, 2021 and 2020, respectively. September 30, June 30, 2021 2020 Right-of-use assets Other assets $ 2,152 $ 2,212 Operating lease liabilities Accrued expenses 511 487 Other liabilities 1,641 1,725 Total operating lease liabilities $ 2,152 $ 2,212 Future minimum lease payments under the agreements as of September 30, 2021 are as follows: Remainder of fiscal 2022 $ 515 Fiscal 2023 514 Fiscal 2024 489 Fiscal 2025 483 Fiscal 2026 403 Thereafter — Total lease payments 2,404 Less imputed interest (252) Total operating lease liabilities $ 2,152 As of September 30, 2021, the weighted average remaining lease term for operating leases was 4.5 years and the weighted average discount rate used to determine operating lease liabilities was 2.51%.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitment 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 September 30, 2021 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, 2021
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 September 30, 2021 2020 Numerator Net loss $ (8,618) $ (2,076) Income allocated to participating securities — — Net loss available to common stockholders $ (8,618) $ (2,076) Denominator Weighted average common shares outstanding – basic 39,087,472 38,683,839 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 39,087,472 38,683,839 Earnings per common share – basic and diluted $ (0.22) $ (0.05) (1) At September 30, 2021 and 2020, 83,834 and 42,528 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 for all periods presented because those shares are anti-dilutive. (2) At September 30, 2021 and 2020, 313,275 and 279,019 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 September 30, 2021 and 2020, 846,899 and 761,382 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_2

Selected Consolidated Financial Statement Information (Tables)	3 Months Ended
	Sep. 30, 2021
Quarterly Financial Information Disclosure [Abstract]
Schedule of Accounts Receivable	September 30, June 30, 2021 2021 Accounts receivable $ 37,917 $ 41,634 Less: Allowance for doubtful accounts (1,468) (1,601) Accounts receivable, net $ 36,449 $ 40,033
Schedule of Inventory	September 30, June 30, 2021 2021 Raw materials $ 10,688 $ 11,621 Work in process 3,682 3,469 Finished goods 18,757 17,223 Inventories $ 33,127 $ 32,313
Schedule of Property and Equipment	September 30, June 30, 2021 2021 Land $ 572 $ 572 Building 22,420 22,420 Equipment 21,966 21,203 Furniture 3,376 3,376 Leasehold improvements 804 804 Construction in progress 2,269 2,848 51,407 51,223 Less: Accumulated depreciation (22,619) (22,329) Property and equipment, net $ 28,788 $ 28,894
Schedule of Accrued Expenses	September 30, June 30, 2021 2021 Acquisition consideration $ 10,000 $ 10,000 Commissions 4,350 7,869 Salaries and bonus 3,813 11,699 Accrued vacation 2,495 3,011 Clinical Studies 1,511 1,478 Accrued excise, sales and other taxes 1,330 1,464 Other accrued expenses 4,140 2,668 Accrued expenses $ 27,639 $ 38,189

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Three Months Ended September 30, Product Category 2021 2020 Peripheral $ 39,009 $ 42,932 Coronary 19,361 17,612 Total net revenues $ 58,370 $ 60,544 Geography United States $ 55,042 $ 58,831 International 3,328 1,713 Total net revenues $ 58,370 $ 60,544

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	September 30, 2021 June 30, 2021 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Developed technology $ 17,324 $ (2,257) $ 15,067 $ 15,624 $ (1,997) $ 13,627 Patents 1,866 (811) 1,055 1,866 (780) 1,086 Trade name 760 (110) 650 760 (97) 663 Total intangible assets, net $ 19,950 $ (3,178) $ 16,772 $ 18,250 $ (2,874) $ 15,376
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Remainder of fiscal 2022 $ 1,038 Fiscal 2023 1,381 Fiscal 2024 1,377 Fiscal 2025 1,374 Fiscal 2026 1,373 Thereafter 10,229 $ 16,772

Debt (Tables)

Debt (Tables)	3 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of future minimum lease payments	Remainder of fiscal 2022 $ 1,396 Fiscal 2023 1,913 Fiscal 2024 1,970 Fiscal 2025 2,029 Fiscal 2026 2,090 Thereafter 13,286 $ 22,684

Marketable Securities & Fair _2

Marketable Securities & Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Marketable Securities	September 30, June 30, 2021 2021 Short-term available-for-sale debt securities $ 118,294 $ 129,908 Long-term available-for-sale debt securities 2,132 5,748 Available-for-sale debt securities 120,426 135,656 Mutual funds 327 312 Total marketable securities $ 120,753 $ 135,968
Schedule of Available-for-sale Securities Reconciliation	As of September 30, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 47,364 $ — $ — $ 47,364 Corporate debt 54,228 2 (9) 54,221 Asset backed securities 18,840 6 (5) 18,841 Total available-for-sale debt securities $ 120,432 $ 8 $ (14) $ 120,426 As of June 30, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 47,361 $ — $ — $ 47,361 U.S. government securities 20,229 1 — 20,230 Corporate debt 57,134 12 (12) 57,134 Asset backed securities 10,922 10 (1) 10,931 Total available-for-sale debt securities $ 135,646 $ 23 $ (13) $ 135,656
Fair Value, Assets Measured on Recurring Basis	Fair Value Measurements as of September 30, 2021 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 47,364 $ — $ 47,364 $ — Corporate debt 54,221 — 54,221 — Asset backed securities 18,841 — 18,841 — Mutual funds 327 150 177 — Total marketable securities $ 120,753 $ 150 $ 120,603 $ — Fair Value Measurements as of June 30, 2021 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 47,361 $ — $ 47,361 $ — U.S. government securities 20,230 — 20,230 — Corporate debt 57,134 — 57,134 — Asset backed securities 10,931 — 10,931 — Mutual funds 312 136 176 — Total marketable securities $ 135,968 $ 136 $ 135,832 $ —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement, Disclosure [Abstract]
Restricted Stock Award Activity	Number of Weighted Outstanding at June 30, 2021 467,942 $ 35.61 Granted 274,733 $ 38.02 Forfeited (8,306) $ 35.17 Vested (192,316) $ 36.91 Outstanding at September 30, 2021 542,053 $ 36.37
Performance Based RSA Activity	Number of Weighted Outstanding at June 30, 2021 760,584 $ 20.26 Granted 306,550 $ 19.87 Forfeited (73,234) $ 21.99 Vested (147,001) $ 22.33 Outstanding at September 30, 2021 846,899 $ 19.40

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity	September 30, June 30, 2021 2020 Right-of-use assets Other assets $ 2,152 $ 2,212 Operating lease liabilities Accrued expenses 511 487 Other liabilities 1,641 1,725 Total operating lease liabilities $ 2,152 $ 2,212
Schedule of Future Minimum Lease Payments for Operating Leases	Remainder of fiscal 2022 $ 515 Fiscal 2023 514 Fiscal 2024 489 Fiscal 2025 483 Fiscal 2026 403 Thereafter — Total lease payments 2,404 Less imputed interest (252) Total operating lease liabilities $ 2,152

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Sep. 30, 2021
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 September 30, 2021 2020 Numerator Net loss $ (8,618) $ (2,076) Income allocated to participating securities — — Net loss available to common stockholders $ (8,618) $ (2,076) Denominator Weighted average common shares outstanding – basic 39,087,472 38,683,839 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 39,087,472 38,683,839 Earnings per common share – basic and diluted $ (0.22) $ (0.05) (1) At September 30, 2021 and 2020, 83,834 and 42,528 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 for all periods presented because those shares are anti-dilutive. (2) At September 30, 2021 and 2020, 313,275 and 279,019 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 September 30, 2021 and 2020, 846,899 and 761,382 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	Sep. 30, 2021	Jun. 30, 2021
Accounts Receivable
Accounts receivable	$ 37,917	$ 41,634
Less: Allowance for doubtful accounts	(1,468)	(1,601)
Accounts receivable, net	$ 36,449	$ 40,033

Selected Consolidated Financi_4

Selected Consolidated Financial Statement Information - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Inventories
Raw materials	$ 10,688	$ 11,621
Work in process	3,682	3,469
Finished goods	18,757	17,223
Inventories	$ 33,127	$ 32,313

Selected Consolidated Financi_5

Selected Consolidated Financial Statement Information - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Property and Equipment
Land	$ 572	$ 572
Building	22,420	22,420
Equipment	21,966	21,203
Furniture	3,376	3,376
Leasehold improvements	804	804
Construction in progress	2,269	2,848
Property and equipment, gross	51,407	51,223
Less: Accumulated depreciation	(22,619)	(22,329)
Property and equipment, net	$ 28,788	$ 28,894

Selected Consolidated Financi_6

Selected Consolidated Financial Statement Information - Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Accrued Expenses
Acquisition consideration	$ 10,000	$ 10,000
Commissions	4,350	7,869
Salaries and bonus	3,813	11,699
Accrued vacation	2,495	3,011
Clinical Studies	1,511	1,478
Accrued excise, sales and other taxes	1,330	1,464
Other accrued expenses	4,140	2,668
Accrued expenses	$ 27,639	$ 38,189

Revenue - Disaggregate (Details

Revenue - Disaggregate (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Net revenues	$ 58,370	$ 60,544
United States
Disaggregation of Revenue [Line Items]
Net revenues	55,042	58,831
International
Disaggregation of Revenue [Line Items]
Net revenues	3,328	1,713
Peripheral
Disaggregation of Revenue [Line Items]
Net revenues	39,009	42,932
Coronary
Disaggregation of Revenue [Line Items]
Net revenues	$ 19,361	$ 17,612

Revenue - Narratives (Details)

Revenue - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized previously deferred	$ 538
Volume-based rebates, discounts and incentives, current	$ 1,805	$ 1,985

Acquisition (Details)

Acquisition (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Consideration Transferred	$ 12
Finite-Lived Intangible Assets, Gross	19,950	$ 18,250
Developed Technology Rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finite-Lived Intangible Assets, Gross	17,324	15,624
Trade Names
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finite-Lived Intangible Assets, Gross	760	$ 760
WavePoint Peripheral Support Catheters
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Research and Development Asset Acquired Other than Through Business Combination, Written-off	3,353
Additional Consideration, Pending Catheter Approval	$ 1,700

Intangible Assets - Finite-Live

Intangible Assets - Finite-Lived (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 19,950	$ 18,250
Finite-Lived Intangible Assets, Accumulated Amortization	(3,178)	(2,874)
Finite-Lived Intangible Assets, Net, Total	$ 16,772	15,376
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	$ 17,324	15,624
Finite-Lived Intangible Assets, Accumulated Amortization	(2,257)	(1,997)
Finite-Lived Intangible Assets, Net, Total	$ 15,067	13,627
Patents
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Finite-Lived Intangible Assets, Gross	$ 1,866	1,866
Finite-Lived Intangible Assets, Accumulated Amortization	(811)	(780)
Finite-Lived Intangible Assets, Net, Total	1,055	1,086
Trade Names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	760	760
Finite-Lived Intangible Assets, Accumulated Amortization	(110)	(97)
Finite-Lived Intangible Assets, Net, Total	$ 650	$ 663

Intangible Assets - Amortizatio

Intangible Assets - Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of fiscal 2022	$ 1,038
Fiscal 2023	1,381
Fiscal 2024	1,377
Fiscal 2025	1,374
Fiscal 2026	1,373
Thereafter	10,229
Finite-Lived Intangible Assets, Net, Total	$ 16,772	$ 15,376

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - Silicon Valley Bank - Revolving Credit Facility - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2020	Sep. 30, 2021
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	3 Months Ended
	Sep. 30, 2021USD ($)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	$ 1,396
Fiscal 2023	1,913
Fiscal 2024	1,970
Fiscal 2025	2,029
Fiscal 2026	2,090
Thereafter	13,286
Capital Leases, Future Minimum Payments Due	$ 22,684

Marketable Securities & Fair _3

Marketable Securities & Fair Value Measurements - Available-for-sale Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Marketable Securities [Abstract]
Available-for-sale Securities, Current	$ 118,294	$ 129,908
Available-for-sale Securities, Noncurrent	2,132	5,748
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	120,432	135,646
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	8	23
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	(14)	(13)
Debt Securities, Available-for-sale	120,426	135,656
Marketable Securities [Abstract]
Total marketable securities	120,753	135,968
Recurring | Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	47,364	47,361
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	47,364	47,361
Marketable Securities [Abstract]
Total marketable securities	47,364	47,361
Recurring | Corporate Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	54,228	57,134
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	2	12
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	(9)	(12)
Debt Securities, Available-for-sale	54,221	57,134
Marketable Securities [Abstract]
Total marketable securities	54,221	57,134
Recurring | Asset-backed Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	18,840	10,922
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	6	10
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	(5)	(1)
Debt Securities, Available-for-sale	18,841	10,931
Marketable Securities [Abstract]
Total marketable securities	18,841	10,931
Recurring | Equity Funds
Marketable Securities [Abstract]
Total marketable securities	$ 327	312
Recurring | U.S. government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Securities, Available-for-sale, Amortized Cost		20,229
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax		1
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax		0
Debt Securities, Available-for-sale		20,230
Marketable Securities [Abstract]
Total marketable securities		$ 20,230

Marketable Securities & Fair _4

Marketable Securities & Fair Value Measurements - Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	$ 120,753	$ 135,968
Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	47,364	47,361
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		20,230
Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	54,221	57,134
Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	18,841	10,931
Equity Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	327	312
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	150	136
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
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	150	136
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	120,603	135,832
Level 2 | Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	47,364	47,361
Level 2 | U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		20,230
Level 2 | Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	54,221	57,134
Level 2 | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	18,841	10,931
Level 2 | Equity Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	177	176
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
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	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets between Level 1 and Level 2	$ 0
Equity Securities without Readily Determinable Fair Value, Amount	12,484		$ 12,458
Future payments to acquire long-term investments	1,710
Payments to Acquire Debt Securities, Available-for-sale	38,462	$ 88,728
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	$ 8,218

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 31, 2018	Sep. 30, 2021
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		$ 6,090
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares based on thresholds measuring total shareholder return	306,550

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Award Activity (Details)	3 Months Ended
	Sep. 30, 2021$ / 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)	467,942
Awards granted (in shares)	274,733
Awards forfeited (in shares)	(8,306)
Awards vested (in shares)	(192,316)
Awards outstanding, balance at end of period (in shares)	542,053
Weighted Average Fair Value
Awards outstanding, balance at beginning of period (per share) | $ / shares	$ 35.61
Awards granted (per share) | $ / shares	38.02
Awards forfeited (per share) | $ / shares	35.17
Awards vested (per share) | $ / shares	36.91
Awards outstanding, balance at end of period (per share) | $ / shares	$ 36.37
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	192,316
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)	760,584
Awards granted (in shares)	306,550
Awards forfeited (in shares)	(73,234)
Awards vested (in shares)	(147,001)
Awards outstanding, balance at end of period (in shares)	846,899
Weighted Average Fair Value
Awards outstanding, balance at beginning of period (per share) | $ / shares	$ 20.26
Awards granted (per share) | $ / shares	19.87
Awards forfeited (per share) | $ / shares	21.99
Awards vested (per share) | $ / shares	22.33
Awards outstanding, balance at end of period (per share) | $ / shares	$ 19.40
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	147,001
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
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Leases [Abstract]
Other assets	$ 2,152		$ 2,212
Operating lease liability	2,152		$ 2,212
Operating lease, cost	128	$ 126
Right-of-use asset obtained in exchange for operating lease liability	$ 54	$ 2,238
Operating Lease, Weighted Average Remaining Lease Term	4 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent	2.51%

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Leases [Abstract]
Other assets	$ 2,152	$ 2,212
Accrued expenses	511	487
Other liabilities	1,641	1,725
Total operating lease liabilities	$ 2,152	$ 2,212

Leases, Assets and Liabilities

Leases, Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Lessee, Operating Lease, Liability, Payment, Due
Remainder of fiscal 2022	$ 515
Fiscal 2023	514
Fiscal 2024	489
Fiscal 2025	483
Fiscal 2026	403
Thereafter	0
Lessee, Operating Lease, Liability, Payments, Due, Total	2,404
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(252)
Operating lease liability	$ 2,152	$ 2,212

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Numerator
Net loss	$ (8,618)	$ (2,076)
Net loss available to common stockholders	$ (8,618)	$ (2,076)
Denominator
Weighted average common shares outstanding – diluted	39,087,472	38,683,839
Earnings per share, basic and diluted
Common stock, shares outstanding	40,581,871		40,215,554
Restricted Stock Units (RSUs)
Earnings per share, basic and diluted
Common stock, shares outstanding	313,275	279,019
Stock Options
Earnings per share, basic and diluted
Common stock, shares outstanding	83,834	42,528
Performance Shares
Earnings per share, basic and diluted
Common stock, shares outstanding	846,899	761,382