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 |