Cardiovascular Systems (CSII) 10-Q 3 Feb 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2021	Jan. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2022
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		40,578,962

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Current assets
Cash and cash equivalents	$ 65,865	$ 71,070
Marketable securities	110,675	135,968
Accounts receivable, net	34,944	40,033
Inventories	31,671	32,313
Prepaid expenses and other current assets	4,842	5,285
Total current assets	247,997	284,669
Property and equipment, net	29,397	28,894
Intangible assets, net	16,426	15,376
Strategic investments	29,666	20,657
Other assets	2,914	2,971
Total assets	326,400	352,567
Current liabilities
Accounts payable	12,493	14,061
Accrued expenses	26,666	38,189
Deferred revenue	2,721	2,400
Total current liabilities	41,880	54,650
Long-term liabilities
Financing obligation	20,456	20,596
Deferred revenue	752	2,194
Other liabilities	3,787	4,169
Total liabilities	66,875	81,609
Commitments and contingencies (see Note 10)
Common stock, $0.001 par value; authorized 100,000,000 common shares; issued and outstanding 40,596,206 at December 31, 2021 and 40,215,554 at June 30, 2021, respectively	39	39
Additional paid in capital	663,660	652,288
Accumulated other comprehensive income	(58)	11
Accumulated deficit	(404,116)	(381,380)
Total stockholders’ equity	259,525	270,958
Total liabilities and stockholders’ equity	$ 326,400	$ 352,567

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 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	40,596,206	40,215,554
Common stock, shares outstanding	40,596,206	40,215,554

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net revenues	$ 59,135	$ 64,169	$ 117,505	$ 124,713
Cost of goods sold	18,073	13,920	32,381	26,484
Gross profit	41,062	50,249	85,124	98,229
Expenses:
Selling, general and administrative	40,402	40,061	82,253	80,343
Research and development	8,873	9,601	18,895	18,653
Amortization of intangible assets	346	304	650	608
Total expenses	49,621	49,966	101,798	99,604
(Loss) income from operations	(8,559)	283	(16,674)	(1,375)
Interest expense	409	412	819	911
Interest income and other, net	(64)	(136)	(107)	(280)
Total other (income) expense, net	345	276	712	631
(Loss) income before income taxes	(8,904)	7	(17,386)	(2,006)
Provision for income taxes	63	63	199	126
Net loss	$ (8,967)	$ (56)	$ (17,585)	$ (2,132)
Basic earnings per share	$ (0.23)	$ 0	$ (0.45)	$ (0.06)
Diluted earnings per share	$ (0.23)	$ 0	$ (0.45)	$ (0.06)
Basic weighted average shares outstanding	39,199,593	38,808,980	39,143,533	38,746,410
Diluted weighted average shares outstanding	39,199,593	38,808,980	39,143,533	38,746,410

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (8,967)	$ (56)	$ (17,585)	$ (2,132)
Other comprehensive loss:
Unrealized loss on available-for-sale debt securities	(52)	(85)	(69)	(154)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ (9,019)	$ (141)	$ (17,654)	$ (2,286)

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	0	4,836	0	0
Shares withheld for payroll taxes	(3,410)	0	0	0	3,410
Employee stock purchase plan activity	332	0	332	0	0
Unrealized loss on available-for-sale debt securities	(69)	0	0	(69)	0
Net loss	(2,076)	0	0	0	(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	39	631,559	269	(363,075)
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 related to restricted stock awards, net	3,545	0	3,545	0	0
Shares withheld for payroll taxes	(407)	0	0	0	407
Employee stock purchase plan activity	2,430	0	2,430	0	0
Unrealized loss on available-for-sale debt securities	(85)	0	0	(85)	0
Net loss	(56)	0	0	0	(56)
Ending balance, value at Dec. 31, 2020	273,832	39	642,702	115	(369,024)
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)	0	0	0	(8,618)
Ending balance, value at Sep. 30, 2021	263,192	39	658,147	(6)	(394,988)
Beginning balance, value at Jun. 30, 2021	270,958	39	652,288	11	(381,380)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on available-for-sale debt securities	(69)
Net loss	(17,585)
Ending balance, value at Dec. 31, 2021	259,525	39	663,660	(58)	(404,116)
Beginning balance, value at Sep. 30, 2021	263,192	39	658,147	(6)	(394,988)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation related to restricted stock awards, net	3,659	0	3,659	0	0
Shares withheld for payroll taxes	(161)	0	0	0	(161)
Employee stock purchase plan activity	1,854	0	1,854		0
Unrealized loss on available-for-sale debt securities	(52)	0	0	(52)	0
Net loss	(8,967)	0	0	0	(8,967)
Ending balance, value at Dec. 31, 2021	$ 259,525	$ 39	$ 663,660	$ (58)	$ (404,116)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (17,585)	$ (2,132)
Adjustments to reconcile net loss to net cash from operating activities
Depreciation of property and equipment	1,895	1,479
Amortization of intangible assets	650	608
Stock-based compensation	9,912	8,784
(Gain) loss on disposal of equipment	(15)	138
Amortization of premium (accretion of discount) on marketable securities	(800)	(625)
Other	(11)	0
Changes in assets and liabilities
Accounts receivable	5,089	(7,314)
Inventories	642	(4,800)
Prepaid expenses and other assets	950	(108)
Accounts payable	(1,525)	2,192
Accrued expenses and other liabilities	(11,996)	913
Deferred revenue	(1,121)	(852)
Net cash used in operating activities	(12,315)	(467)
Cash flows from investing activities
Purchases of property and equipment	(2,426)	(1,992)
Acquisitions	(1,700)	0
Investments in strategic ventures	(8,999)	(2,175)
Purchases of marketable securities	(50,844)	(122,193)
Sales of marketable securities	6,817	2,485
Maturities of marketable securities	68,261	14,450
Net cash provided by (used in) investing activities	11,109	(109,425)
Cash flows from financing activities
Proceeds from employee stock purchase plan	1,242	2,098
Payments of employee taxes related to vested restricted stock	(5,151)	(3,817)
Exercise of stock options	12	0
Principal payments made on financing obligation	(102)	(69)
Net cash used in financing activities	(3,999)	(1,788)
Net change in cash and cash equivalents	(5,205)	(111,680)
Cash and cash equivalents
Beginning of period	71,070	185,463
End of period	$ 65,865	$ 73,783

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 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. Certain amounts in the prior years' consolidated financial statements have been reclassified to conform to the current year presentation. 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. 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, 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: December 31, June 30, 2021 2021 Accounts receivable $ 36,375 $ 41,634 Less: Allowance for doubtful accounts (1,431) (1,601) Accounts receivable, net $ 34,944 $ 40,033 Inventories Inventories consist of the following: December 31, June 30, 2021 2021 Raw materials $ 10,962 $ 11,621 Work in process 2,090 3,469 Finished goods 18,619 17,223 Inventories $ 31,671 $ 32,313 WIRION Recall In November 2021, the Company initiated a voluntary recall of unused WIRION embolic protection systems. The Company recorded a reserve for approximately $2,849 during the three months ended December 31, 2021 representing the Company's inventory that has no future intended use. Property and Equipment, Net Property and equipment consists of the following: December 31, June 30, 2021 2021 Land $ 572 $ 572 Building 22,420 22,420 Equipment 22,811 21,203 Furniture 3,376 3,376 Leasehold improvements 804 804 Construction in progress 2,777 2,848 52,760 51,223 Less: Accumulated depreciation (23,363) (22,329) Property and equipment, net $ 29,397 $ 28,894 Accrued Expenses Accrued expenses consist of the following: December 31, June 30, 2021 2021 Acquisition consideration $ 10,000 $ 10,000 Commissions 5,150 7,869 Salaries and bonus 2,998 11,699 Accrued vacation 2,283 3,011 Clinical Studies 1,466 1,478 Accrued excise, sales and other taxes 1,196 1,464 Other accrued expenses 3,573 2,668 Accrued expenses $ 26,666 $ 38,189 WIRION Acquisition Consideration Following the successful completion of the manufacturing transfer of the WIRION system to the Company, the Company has agreed to pay an additional consideration of $10,000, half of which may be paid by the Company through an issuance of shares of common stock. The Company reviewed this liability in response to the voluntary recall of the WIRION system referred to above and determined that it remains probable and appropriately recorded in accrued liabilities as of December 31, 2021, although this payment will be made at a later date than originally anticipated due to the recall.

Revenue

Revenue	6 Months Ended
	Dec. 31, 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 Six Months Ended December 31, December 31, Product Category 2021 2020 2021 2020 Peripheral $ 38,903 $ 43,956 $ 77,912 $ 86,888 Coronary 20,232 20,213 39,593 37,825 Total net revenues $ 59,135 $ 64,169 $ 117,505 $ 124,713 Geography United States $ 55,471 $ 61,907 $ 110,513 $ 120,738 International 3,664 2,262 6,992 3,975 Total net revenues $ 59,135 $ 64,169 $ 117,505 $ 124,713 Revenue of $1,121 was recognized in the six months ended December 31, 2021 that was deferred as of June 30, 2021. As of December 31, 2021 and June 30, 2021, the Company had a liability of $1,129 and $1,985, 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, 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	6 Months Ended
	Dec. 31, 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: December 31, 2021 June 30, 2021 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Developed technology $ 17,324 $ (2,560) $ 14,764 $ 15,624 $ (1,997) $ 13,627 Patents 1,866 (842) 1,024 1,866 (780) 1,086 Trade name 760 (122) 638 760 (97) 663 Total intangible assets, net $ 19,950 $ (3,524) $ 16,426 $ 18,250 $ (2,874) $ 15,376 Amortization expense expected for the next five years and thereafter is as follows: Remainder of fiscal 2022 $ 691 Fiscal 2023 1,381 Fiscal 2024 1,377 Fiscal 2025 1,374 Fiscal 2026 1,373 Thereafter 10,230 $ 16,426

Debt

Debt	6 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 2021 are as follows: Remainder of fiscal 2022 $ 935 Fiscal 2023 1,913 Fiscal 2024 1,970 Fiscal 2025 2,029 Fiscal 2026 2,090 Thereafter 13,286 $ 22,223

Marketable Securities & Fair Va

Marketable Securities & Fair Value Measurements	6 Months Ended
	Dec. 31, 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: December 31, June 30, 2021 2021 Short-term available-for-sale debt securities $ 108,312 $ 129,908 Long-term available-for-sale debt securities 2,121 5,748 Available-for-sale debt securities 110,433 135,656 Mutual funds 242 312 Total marketable securities $ 110,675 $ 135,968 Available-for-sale debt securities are invested in the following financial instruments: As of December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 37,466 $ — $ — $ 37,466 Corporate debt 54,282 — (39) 54,243 Asset backed securities 18,742 1 (19) 18,724 Total available-for-sale debt securities $ 110,490 $ 1 $ (58) $ 110,433 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 December 31, 2021 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 37,466 $ — $ 37,466 $ — Corporate debt 54,243 — 54,243 — Asset backed securities 18,724 — 18,724 — Mutual funds 242 125 117 — Total marketable securities $ 110,675 $ 125 $ 110,550 $ — 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 six months ended December 31, 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. As of December 31, 2021 and June 30, 2021, the carrying value of these investments was $12,005 and $11,706, respectively. During the six months ended December 31, 2021, no impairment indicators were noted. The Company is committed to funding an additional $1,410 into these investments in the future. The Company holds options to acquire all outstanding equity or certain developed technologies with respect to some of these strategic investments. The Company also holds strategic investments accounted for as available-for-sale debt securities, which had carrying values and approximated fair values of $17,661 and $8,951 as of December 31, 2021 and June 30, 2021, respectively. The fair values of these investments are measured using Level 3 inputs and are not included in the tables above. Impairment is assessed similar

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 31, 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. On August 19, 2021, the Company's Board of Directors adopted an amendment to the 2017 Plan, which was approved by the Company's stockholders on November 11, 2021, that increased the number of shares available for issuance under the 2017 Plan by 1,700,000 shares. 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, 2021 is as follows: Number of Weighted Outstanding at June 30, 2021 467,942 $ 35.61 Granted 284,263 $ 37.66 Forfeited (48,900) $ 36.26 Vested (211,857) $ 36.74 Outstanding at December 31, 2021 491,448 $ 36.32 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 six months ended December 31, 2021 is as follows: Number of Weighted Outstanding at June 30, 2021 760,584 $ 20.26 Granted 306,550 $ 19.87 Forfeited (99,565) $ 24.37 Vested (147,001) $ 22.32 Outstanding at December 31, 2021 820,568 $ 19.45 Unrecognized stock compensation related to unvested stock awards outstanding as of December 31, 2021 was $21,066.

Leases

Leases	6 Months Ended
	Dec. 31, 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 $258 and $252 for the six months ended December 31, 2021 and 2020, respectively. Cash paid for operating lease liabilities approximated operating lease cost for the six months ended December 31, 2021. There were $54 and $2,238 of operating lease right-of-use assets obtained in exchange for new lease liabilities during the six months ended December 31, 2021 and 2020, respectively. December 31, June 30, 2021 2021 Right-of-use assets Other assets $ 2,035 $ 2,212 Operating lease liabilities Accrued expenses 510 487 Other liabilities 1,525 1,725 Total operating lease liabilities $ 2,035 $ 2,212 Future minimum lease payments under the agreements as of December 31, 2021 are as follows: Remainder of fiscal 2022 $ 259 Fiscal 2023 514 Fiscal 2024 489 Fiscal 2025 483 Fiscal 2026 403 Thereafter — Total lease payments 2,148 Less imputed interest (113) Total operating lease liabilities $ 2,035

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Dec. 31, 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, commercial disputes and product liability claims. While the outcome of these matters is uncertain, the Company does not believe there are any significant matters as of December 31, 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	6 Months Ended
	Dec. 31, 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 Six Months Ended December 31, December 31, 2021 2020 2021 2020 Numerator Net loss $ (8,967) $ (56) $ (17,585) $ (2,132) Income allocated to participating securities — — — — Net loss available to common stockholders $ (8,967) $ (56) $ (17,585) $ (2,132) Denominator Weighted average common shares outstanding – basic 39,199,593 38,808,980 39,143,533 38,746,410 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 39,199,593 38,808,980 39,143,533 38,746,410 Earnings per common share – basic and diluted $ (0.23) $ — $ (0.45) $ (0.06) (1) At December 31, 2021 and 2020, 79,188 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 December 31, 2021 and 2020, 310,415 and 281,430 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, 2021 and 2020, 820,586 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)	6 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Schedule of Accounts Receivable	December 31, June 30, 2021 2021 Accounts receivable $ 36,375 $ 41,634 Less: Allowance for doubtful accounts (1,431) (1,601) Accounts receivable, net $ 34,944 $ 40,033
Schedule of Inventory	December 31, June 30, 2021 2021 Raw materials $ 10,962 $ 11,621 Work in process 2,090 3,469 Finished goods 18,619 17,223 Inventories $ 31,671 $ 32,313
Schedule of Property and Equipment	December 31, June 30, 2021 2021 Land $ 572 $ 572 Building 22,420 22,420 Equipment 22,811 21,203 Furniture 3,376 3,376 Leasehold improvements 804 804 Construction in progress 2,777 2,848 52,760 51,223 Less: Accumulated depreciation (23,363) (22,329) Property and equipment, net $ 29,397 $ 28,894
Schedule of Accrued Expenses	December 31, June 30, 2021 2021 Acquisition consideration $ 10,000 $ 10,000 Commissions 5,150 7,869 Salaries and bonus 2,998 11,699 Accrued vacation 2,283 3,011 Clinical Studies 1,466 1,478 Accrued excise, sales and other taxes 1,196 1,464 Other accrued expenses 3,573 2,668 Accrued expenses $ 26,666 $ 38,189

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Three Months Ended Six Months Ended December 31, December 31, Product Category 2021 2020 2021 2020 Peripheral $ 38,903 $ 43,956 $ 77,912 $ 86,888 Coronary 20,232 20,213 39,593 37,825 Total net revenues $ 59,135 $ 64,169 $ 117,505 $ 124,713 Geography United States $ 55,471 $ 61,907 $ 110,513 $ 120,738 International 3,664 2,262 6,992 3,975 Total net revenues $ 59,135 $ 64,169 $ 117,505 $ 124,713

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	December 31, 2021 June 30, 2021 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Developed technology $ 17,324 $ (2,560) $ 14,764 $ 15,624 $ (1,997) $ 13,627 Patents 1,866 (842) 1,024 1,866 (780) 1,086 Trade name 760 (122) 638 760 (97) 663 Total intangible assets, net $ 19,950 $ (3,524) $ 16,426 $ 18,250 $ (2,874) $ 15,376
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Remainder of fiscal 2022 $ 691 Fiscal 2023 1,381 Fiscal 2024 1,377 Fiscal 2025 1,374 Fiscal 2026 1,373 Thereafter 10,230 $ 16,426

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of future minimum lease payments	Remainder of fiscal 2022 $ 935 Fiscal 2023 1,913 Fiscal 2024 1,970 Fiscal 2025 2,029 Fiscal 2026 2,090 Thereafter 13,286 $ 22,223

Marketable Securities & Fair _2

Marketable Securities & Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Marketable Securities	December 31, June 30, 2021 2021 Short-term available-for-sale debt securities $ 108,312 $ 129,908 Long-term available-for-sale debt securities 2,121 5,748 Available-for-sale debt securities 110,433 135,656 Mutual funds 242 312 Total marketable securities $ 110,675 $ 135,968
Schedule of Available-for-sale Securities Reconciliation	As of December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 37,466 $ — $ — $ 37,466 Corporate debt 54,282 — (39) 54,243 Asset backed securities 18,742 1 (19) 18,724 Total available-for-sale debt securities $ 110,490 $ 1 $ (58) $ 110,433 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 December 31, 2021 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 37,466 $ — $ 37,466 $ — Corporate debt 54,243 — 54,243 — Asset backed securities 18,724 — 18,724 — Mutual funds 242 125 117 — Total marketable securities $ 110,675 $ 125 $ 110,550 $ — 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)	6 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement, Disclosure [Abstract]
Restricted Stock Award Activity	Number of Weighted Outstanding at June 30, 2021 467,942 $ 35.61 Granted 284,263 $ 37.66 Forfeited (48,900) $ 36.26 Vested (211,857) $ 36.74 Outstanding at December 31, 2021 491,448 $ 36.32
Performance Based RSA Activity	Number of Weighted Outstanding at June 30, 2021 760,584 $ 20.26 Granted 306,550 $ 19.87 Forfeited (99,565) $ 24.37 Vested (147,001) $ 22.32 Outstanding at December 31, 2021 820,568 $ 19.45

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Lease, Cost	December 31, June 30, 2021 2021 Right-of-use assets Other assets $ 2,035 $ 2,212 Operating lease liabilities Accrued expenses 510 487 Other liabilities 1,525 1,725 Total operating lease liabilities $ 2,035 $ 2,212
Lessee, Operating Lease, Liability, Maturity	Remainder of fiscal 2022 $ 259 Fiscal 2023 514 Fiscal 2024 489 Fiscal 2025 483 Fiscal 2026 403 Thereafter — Total lease payments 2,148 Less imputed interest (113) Total operating lease liabilities $ 2,035

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Reconciliation of Numerators and Denominators Used in Basic and Diluted Earnings Per Common Share Computations	Three Months Ended Six Months Ended December 31, December 31, 2021 2020 2021 2020 Numerator Net loss $ (8,967) $ (56) $ (17,585) $ (2,132) Income allocated to participating securities — — — — Net loss available to common stockholders $ (8,967) $ (56) $ (17,585) $ (2,132) Denominator Weighted average common shares outstanding – basic 39,199,593 38,808,980 39,143,533 38,746,410 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 39,199,593 38,808,980 39,143,533 38,746,410 Earnings per common share – basic and diluted $ (0.23) $ — $ (0.45) $ (0.06) (1) At December 31, 2021 and 2020, 79,188 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 December 31, 2021 and 2020, 310,415 and 281,430 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, 2021 and 2020, 820,586 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	Dec. 31, 2021	Jun. 30, 2021
Accounts Receivable
Accounts receivable	$ 36,375	$ 41,634
Less: Allowance for doubtful accounts	(1,431)	(1,601)
Accounts receivable, net	$ 34,944	$ 40,033

Selected Consolidated Financi_4

Selected Consolidated Financial Statement Information - Inventories (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Inventories
Raw materials	$ 10,962	$ 11,621
Work in process	2,090	3,469
Finished goods	18,619	17,223
Inventories	31,671	$ 32,313
Wirion recall disclosures
Wirion recall reserve expense	$ 2,849

Selected Consolidated Financi_5

Selected Consolidated Financial Statement Information - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Property and Equipment
Land	$ 572	$ 572
Building	22,420	22,420
Equipment	22,811	21,203
Furniture	3,376	3,376
Leasehold improvements	804	804
Construction in progress	2,777	2,848
Property and equipment, gross	52,760	51,223
Less: Accumulated depreciation	(23,363)	(22,329)
Property and equipment, net	$ 29,397	$ 28,894

Selected Consolidated Financi_6

Selected Consolidated Financial Statement Information - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Accrued Expenses
Accrued Acquisition Consideration	$ 10,000	$ 10,000
Accrued Sales Commission, Current	5,150	7,869
Accrued Salaries and Bonus	2,998	11,699
Accrued Vacation, Current	2,283	3,011
Accrued Clinical Studies	1,466	1,478
Accrued Taxes	1,196	1,464
Other Accrued Liabilities, Current	3,573	2,668
Accrued Liabilities, Current, Total	$ 26,666	$ 38,189

Revenue - Disaggregate (Details

Revenue - Disaggregate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net revenues	$ 59,135	$ 64,169	$ 117,505	$ 124,713
United States
Disaggregation of Revenue [Line Items]
Net revenues	55,471	61,907	110,513	120,738
International
Disaggregation of Revenue [Line Items]
Net revenues	3,664	2,262	6,992	3,975
Peripheral
Disaggregation of Revenue [Line Items]
Net revenues	38,903	43,956	77,912	86,888
Coronary
Disaggregation of Revenue [Line Items]
Net revenues	$ 20,232	$ 20,213	$ 39,593	$ 37,825

Revenue - Narratives (Details)

Revenue - Narratives (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized previously deferred	$ 1,121
Volume-based rebates, discounts and incentives, current	$ 1,129	$ 1,985

Acquisition (Details)

Acquisition (Details) - WavePoint Peripheral Support Catheters - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021
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	6 Months Ended
	Dec. 31, 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	(3,524)	(2,874)
Finite-Lived Intangible Assets, Net, Total	$ 16,426	15,376
Developed Technology and Trade Names | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years
Developed Technology and Trade Names | Maximum
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	(2,560)	(1,997)
Finite-Lived Intangible Assets, Net, Total	$ 14,764	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	(842)	(780)
Finite-Lived Intangible Assets, Net, Total	1,024	1,086
Trade Names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	760	760
Finite-Lived Intangible Assets, Accumulated Amortization	(122)	(97)
Finite-Lived Intangible Assets, Net, Total	$ 638	$ 663

Intangible Assets - Amortizatio

Intangible Assets - Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of fiscal 2022	$ 691
Fiscal 2023	1,381
Fiscal 2024	1,377
Fiscal 2025	1,374
Fiscal 2026	1,373
Thereafter	10,230
Finite-Lived Intangible Assets, Net, Total	$ 16,426	$ 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	Dec. 31, 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) - Headquarter Facility $ in Thousands	1 Months Ended
	Mar. 31, 2017USD ($)lease_renewal_option	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Lessee, Finance Lease, Term of Contract	15 years
Lessee, Finance Lease, 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%
Remainder of fiscal 2022		$ 935
Fiscal 2023		1,913
Fiscal 2024		1,970
Fiscal 2025		2,029
Fiscal 2026		2,090
Fiscal 2026		13,286
Payments under lease agreement		$ 22,223

Marketable Securities & Fair _3

Marketable Securities & Fair Value Measurements - Available-for-sale Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Marketable Securities [Abstract]
Short-term available-for-sale debt securities	$ 108,312	$ 129,908
Long-term available-for-sale debt securities	2,121	5,748
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	110,490	135,646
Unrealized Gains	1	23
Unrealized Losses	(58)	(13)
Fair Value	110,433	135,656
Marketable Securities [Abstract]
Total marketable securities	110,675	135,968
Recurring | Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	37,466	47,361
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	37,466	47,361
Marketable Securities [Abstract]
Total marketable securities	37,466	47,361
Recurring | Corporate Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	54,282	57,134
Unrealized Gains	0	12
Unrealized Losses	(39)	(12)
Fair Value	54,243	57,134
Marketable Securities [Abstract]
Total marketable securities	54,243	57,134
Recurring | Asset-backed Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	18,742	10,922
Unrealized Gains	1	10
Unrealized Losses	(19)	(1)
Fair Value	18,724	10,931
Marketable Securities [Abstract]
Total marketable securities	18,724	10,931
Recurring | Equity Funds
Marketable Securities [Abstract]
Total marketable securities	$ 242	312
Recurring | U.S. government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost		20,229
Unrealized Gains		1
Unrealized Losses		0
Fair Value		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	Dec. 31, 2021	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	$ 110,675	$ 135,968
Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	37,466	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	54,243	57,134
Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	18,724	10,931
Equity Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	242	312
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	125	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	125	136
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	110,550	135,832
Level 2 | Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	37,466	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	54,243	57,134
Level 2 | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	18,724	10,931
Level 2 | Equity Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	117	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 ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 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	$ 0
Equity Securities without Readily Determinable Fair Value, Amount	12,005,000	12,005,000		$ 11,706,000
Future payments to acquire long-term investments	1,410,000
Payments to Acquire Debt Securities, Available-for-sale		50,844,000	$ 122,193,000
Other-than-temporary impairments		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	$ 17,661,000	$ 17,661,000		$ 8,951,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Aug. 31, 2021	Dec. 31, 2021	Nov. 11, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 21,066
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			1,700,000
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)	6 Months Ended
	Dec. 31, 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) | shares	467,942
Awards granted (in shares) | shares	284,263
Awards forfeited (in shares) | shares	(48,900)
Awards vested (in shares) | shares	(211,857)
Awards outstanding, balance at end of period (in shares) | shares	491,448
Weighted Average Fair Value
Awards outstanding, balance at beginning of period (per share) | $ / shares	$ 35.61
Awards granted (per share) | $ / shares	37.66
Awards forfeited (per share) | $ / shares	36.26
Awards vested (per share) | $ / shares	36.74
Awards outstanding, balance at end of period (per share) | $ / shares	$ 36.32
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) | shares	760,584
Awards granted (in shares) | shares	306,550
Awards forfeited (in shares) | shares	(99,565)
Awards vested (in shares) | shares	(147,001)
Awards outstanding, balance at end of period (in shares) | shares	820,568
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	24.37
Awards vested (per share) | $ / shares	22.32
Awards outstanding, balance at end of period (per share) | $ / shares	$ 19.45

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease, cost	$ 258	$ 252
Right-of-use asset obtained in exchange for operating lease liability	$ 54	$ 2,238
Operating lease, weighted average remaining lease term	4 years 3 months 18 days
Operating lease, weighted average discount rate, percent	2.51%

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Leases [Abstract]
Other assets	$ 2,035	$ 2,212
Accrued expenses	510	487
Other liabilities	1,525	1,725
Total operating lease liabilities	$ 2,035	$ 2,212

Leases, Assets and Liabilities

Leases, Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Lessee, Operating Lease, Liability, Payment, Due
Remainder of fiscal 2022	$ 259
Fiscal 2023	514
Fiscal 2024	489
Fiscal 2025	483
Fiscal 2026	403
Thereafter	0
Total lease payments	2,148
Less imputed interest	(113)
Total operating lease liabilities	$ 2,035	$ 2,212

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Numerator
Net loss	$ (8,967)	$ (8,618)	$ (56)	$ (2,076)	$ (17,585)	$ (2,132)
Income allocated to participating securities	0		0		0	0
Net loss available to common stockholders	$ (8,967)		$ (56)		$ (17,585)	$ (2,132)
Denominator
Basic weighted average shares outstanding	39,199,593		38,808,980		39,143,533	38,746,410
Weighted average common shares outstanding – diluted	39,199,593		38,808,980		39,143,533	38,746,410
Earnings per share, basic and diluted
Basic earnings per share	$ (0.23)		$ 0		$ (0.45)	$ (0.06)
Diluted earnings per share	$ (0.23)		$ 0		$ (0.45)	$ (0.06)
Common stock, shares outstanding	40,596,206				40,596,206		40,215,554
Stock Options
Denominator
Effect of dilutive share-based payment arrangements (in shares)	0		0		0	0
Earnings per share, basic and diluted
Common stock, shares outstanding	79,188		42,528		79,188	42,528
Restricted Stock Units (RSUs)
Denominator
Effect of dilutive share-based payment arrangements (in shares)	0		0		0	0
Earnings per share, basic and diluted
Common stock, shares outstanding	310,415		281,430		310,415	281,430
Performance Shares
Denominator
Effect of dilutive share-based payment arrangements (in shares)	0		0		0	0
Earnings per share, basic and diluted
Common stock, shares outstanding	820,586		761,382		820,586	761,382