Cardiovascular Systems (CSII) 10-Q 3 Nov 22 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity File Number	000-52082
Entity Registrant Name	CARDIOVASCULAR SYSTEMS, INC.
Entity Incorporation, State or Country Code	DE
Entity Central Index Key	0001180145
Current Fiscal Year End Date	--06-30
Entity Tax Identification Number	41-1698056
Entity Address, Address Line One	1225 Old Highway 8 Northwest
Entity Address, City or Town	St. Paul
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55112-6416
City Area Code	651
Local Phone Number	259-1600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, One-tenth of One Cent ($0.001) Par Value Per Share
Trading Symbol	CSII
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		41,882,246

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Current assets
Cash and cash equivalents	$ 62,850	$ 66,424
Marketable securities	80,898	93,409
Accounts receivable, net	40,259	39,678
Inventories	37,944	34,567
Prepaid expenses and other current assets	9,125	7,768
Total current assets	231,076	241,846
Property and equipment, net	28,959	29,035
Intangible assets, net	15,388	15,734
Strategic investments	34,027	33,425
Other assets	2,588	2,637
Total assets	312,038	322,677
Current liabilities
Accounts payable	16,757	14,383
Accrued expenses	19,704	23,464
Deferred revenue	694	2,107
Total current liabilities	37,155	39,954
Long-term liabilities
Financing obligation	20,208	20,298
Other liabilities	12,522	12,945
Total liabilities	69,885	73,197
Commitments and contingencies (see Note 9)
Common stock, $0.001 par value; authorized 100,000,000 common shares; issued and outstanding 41,892,615 at September 30, 2022 and 40,965,202 at June 30, 2022, respectively	40	40
Additional paid in capital	677,886	673,388
Accumulated other comprehensive income	(271)	(268)
Accumulated deficit	(435,502)	(423,680)
Total stockholders’ equity	242,153	249,480
Total liabilities and stockholders’ equity	$ 312,038	$ 322,677

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Jun. 30, 2022
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	41,892,615	40,965,202
Common stock, shares outstanding	41,892,615	40,965,202

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net revenues	$ 59,673	$ 58,370
Cost of goods sold	16,698	14,308
Gross profit	42,975	44,062
Expenses:
Selling, general and administrative	44,475	41,851
Research and development	9,056	10,022
Amortization of intangible assets	346	304
Total expenses	53,877	52,177
Loss from operations	(10,902)	(8,115)
Interest expense	406	410
Interest income and other, net	(658)	(43)
Total other (income) expense, net	(252)	367
Loss before income taxes	(10,650)	(8,482)
(Benefit) provision for income taxes	(19)	136
Net loss	$ (10,631)	$ (8,618)
Basic earnings per share	$ (0.27)	$ (0.22)
Diluted earnings per share	$ (0.27)	$ (0.22)
Basic weighted average shares outstanding	39,607,022	39,087,472
Diluted weighted average shares outstanding	39,607,022	39,087,472

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (10,631)	$ (8,618)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale debt securities	3	(17)
Foreign currency translation adjustments	(6)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ (10,634)	$ (8,635)

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, 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 gain (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, 2022	249,480	40	673,388	(268)	(423,680)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation related to restricted stock awards, net	4,324	0	4,324	0	0
Shares withheld for payroll taxes	(1,191)	0	0	0	(1,191)
Employee stock purchase plan activity	174	0	174	0	0
Unrealized gain (loss) on available-for-sale debt securities	3	0	0	3	0
Foreign currency translation adjustments	(6)	0	0	(6)	0
Net loss	(10,631)	0	0	0	(10,631)
Ending balance, value at Sep. 30, 2022	$ 242,153	$ 40	$ 677,886	$ (271)	$ (435,502)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net loss	$ (10,631)	$ (8,618)
Adjustments to reconcile net loss to net cash from operating activities
Depreciation of property and equipment	874	954
Amortization of intangible assets	346	304
Stock-based compensation	4,438	5,672
Amortization of premium (accretion of discount) on marketable securities	184	(380)
Other	(27)	5
Changes in assets and liabilities
Accounts receivable	(587)	3,584
Inventories	(3,377)	(814)
Prepaid expenses and other assets	(1,127)	28
Accounts payable	2,264	(895)
Accrued expenses and other liabilities	(4,228)	(10,846)
Deferred revenue	(1,413)	(538)
Net cash used in operating activities	(13,652)	(10,784)
Cash flows from investing activities
Purchases of property and equipment	(688)	(1,103)
Acquisitions		(1,700)
Investments in strategic ventures	(575)	(50)
Purchases of marketable securities	(31,763)	(38,462)
Sales of marketable securities	11,989	6,721
Maturities of marketable securities	32,375	46,200
Net cash provided by investing activities	11,338	11,606
Cash flows from financing activities
Payments of employee taxes related to vested restricted stock	(1,191)	(4,990)
Exercise of stock options		12
Principal payments made on financing obligation	(69)	(50)
Net cash used in financing activities	(1,260)	(5,028)
Net change in cash and cash equivalents	(3,574)	(4,206)
Cash and cash equivalents
Beginning of period	66,424	71,070
End of period	$ 62,850	$ 66,864

Basis of Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation Cardiovascular Systems, Inc. (the “Company”), based in St. Paul, Minnesota, is a medical device company focused on developing and commercializing innovative solutions for treating vascular and coronary disease. The Company’s Orbital Atherectomy Systems (“OAS”) treat calcified and fibrotic plaque in arterial vessels throughout the leg and heart in a few minutes of treatment time, and address many of the limitations associated with existing surgical, catheter and pharmacological treatment alternatives. The Company prepared the unaudited interim consolidated financial statements and related unaudited financial information in the footnotes in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. The year-end consolidated balance sheet was derived from the Company’s audited consolidated financial statements, but does not include all disclosures as required by GAAP. These interim consolidated financial statements reflect all adjustments consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the Company’s consolidated financial position, the results of its operations, its changes in stockholders’ equity, and its cash flows for the interim periods. These interim consolidated financial statements should be read in conjunction with the consolidated annual financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2022. 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	3 Months Ended
	Sep. 30, 2022
Quarterly Financial Information Disclosure [Abstract]
Selected Consolidated Financial Statement Information	2. Selected Consolidated Financial Statement Information Accounts Receivable, Net Accounts receivable consists of the following: September 30, June 30, 2022 2022 Accounts receivable $ 41,561 $ 40,974 Less: Allowance for doubtful accounts (1,302) (1,296) Accounts receivable, net $ 40,259 $ 39,678 Inventories Inventories consist of the following: September 30, June 30, 2022 2022 Raw materials $ 14,274 $ 13,780 Work in process 3,832 2,785 Finished goods 19,838 18,002 Inventories $ 37,944 $ 34,567 The total inventory reserve at September 30, 2022 and June 30, 2022 was $3,761 and $4,128, respectively. Property and Equipment, Net Property and equipment consists of the following: September 30, June 30, 2022 2022 Land $ 572 $ 572 Building 22,420 22,420 Equipment 24,741 24,340 Furniture 3,376 3,376 Leasehold improvements 812 812 Construction in progress 3,067 2,670 54,988 54,190 Less: Accumulated depreciation (26,029) (25,155) Property and equipment, net $ 28,959 $ 29,035 Accrued Expenses Accrued expenses consist of the following: September 30, June 30, 2022 2022 Salaries and bonus 6,197 8,082 Commissions 5,797 8,104 Accrued vacation 2,280 2,345 Accrued excise, sales and other taxes 967 953 Clinical studies 902 1,082 Other 3,561 2,898 Accrued expenses $ 19,704 $ 23,464 Other Liabilities 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 its common stock. The Company reviewed this liability in response to the voluntary recall of the WIRION system and determined that it remains probable and appropriately recorded in other liabilities as of September 30, 2022, although this payment will be made at a later date than originally anticipated due to the recall.

Revenue

Revenue	3 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	3. Revenue The following table disaggregates the Company’s net revenues by product category and geography for the following periods: Three Months Ended September 30, Product Category 2022 2021 Peripheral $ 38,784 $ 39,009 Coronary 20,889 19,361 Total net revenues $ 59,673 $ 58,370 Geography United States $ 55,027 $ 55,042 International 4,646 3,328 Total net revenues $ 59,673 $ 58,370 Revenue of $1,413 was recognized in the three months ended September 30, 2022 that was deferred as of June 30, 2022. As of September 30, 2022 and June 30, 2022, the Company had a liability of $1,499 and $1,315, respectively, related to estimates of variable consideration which are recorded within accounts payable on the consolidated balance sheet.

Intangible Assets

Intangible Assets	3 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	4. 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 years to 15 years. Patent costs are amortized beginning at the time of patent approval over a useful life not exceeding 20 years. The components of intangible assets, net are as follows: September 30, 2022 June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Developed technology $ 17,324 $ (3,468) $ 13,856 $ 17,324 $ (3,165) $ 14,159 Patents 1,866 (933) 933 1,866 (903) 963 Trade name 760 (161) 599 760 (148) 612 Total intangible assets, net $ 19,950 $ (4,562) $ 15,388 $ 19,950 $ (4,216) $ 15,734 Amortization expense expected for the next five years and thereafter is as follows: Remainder of fiscal 2023 $ 1,035 Fiscal 2024 1,377 Fiscal 2025 1,374 Fiscal 2026 1,373 Fiscal 2027 1,371 Thereafter 8,858 $ 15,388

Debt

Debt	3 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	5. 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”). In March 2022, the Company entered into the Second Amendment to the Loan Agreement (the "Second Amendment"). The Second Amendment extended the maturity date of the Loan Agreement by one year, to March 31, 2023. 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 1.5% of the Maximum Dollar Amount upon termination of the Loan Agreement, as amended by the Second Amendment (the "Amended Loan Agreement"), or the Revolver for any reason prior to the date that is fifteen days prior to the maturity date, unless refinanced with SVB. The Company’s obligations under the Amended Loan Agreement are secured by certain of the Company’s assets, including, among other things, accounts receivable, deposit accounts, inventory, equipment, general intangibles and records pertaining to the foregoing. The collateral does not include the Company’s intellectual property, but the Company has agreed not to encumber its intellectual property without the consent of SVB. The Amended Loan Agreement contains customary covenants limiting the Company’s ability to, among other things, incur debt or liens, make certain investments and loans, enter into transactions with affiliates, undergo certain fundamental changes, dispose of assets, or change the nature of its business. In addition, the Amended Loan Agreement contains financial covenants requiring the Company to maintain, at all times when any amounts are outstanding under the Revolver, either (i) minimum unrestricted cash at SVB and unused availability on the Revolver of at least $10,000 or (ii) minimum trailing three-month Adjusted EBITDA of $1,000. If the Company does not comply with the various covenants under the Amended Loan Agreement or an event of default under the Amended Loan Agreement occurs, such as a material adverse change, the interest rate on outstanding amounts will increase by 5% and SVB may, subject to various customary cure rights and the other terms and conditions of the Amended Loan Agreement, decline to provide additional advances under the Revolver, require the immediate payment of all amounts outstanding under the Revolver, and foreclose on all collateral. The Company is required to pay a fee equal to 0.15% per annum on the unused portion of the Revolver, payable quarterly in arrears. The Company is not obligated to draw any funds under the Revolver and has not done so under the Revolver since entering into the Loan Agreement. No amounts are outstanding as of September 30, 2022. Financing Obligation In connection with the sale of the Company’s headquarters facility in St. Paul, Minnesota (the “Facility”), the Company entered into a Lease Agreement to lease the Facility. The Lease Agreement has an initial term of 15 years, with four consecutive renewal options of 5 years each at the Company’s option, with a base annual rent in the first year of $1,638 and annual escalations of 3% thereafter. Rent during subsequent renewal terms will be at the then fair market rental rate. As the lease terms resulted in a capital lease classification, the Company accounted for the sale and leaseback of the Facility as a financing transaction where the assets remain on the Company’s balance sheet and a financing obligation was recorded for $20,944. As lease payments are made, they will be allocated between interest expense and a reduction of the financing obligation, resulting in a value of the financing obligation that is equivalent to the net book value of the assets at the end of the lease term. The effective interest rate is 7.89%. At the end of the lease (including any renewal option terms), the Company will remove the assets and financing obligation from its balance sheet. Payments under the initial term of the Lease Agreement as of September 30, 2022 are as follows: Remainder of fiscal 2023 $ 1,438 Fiscal 2024 1,970 Fiscal 2025 2,029 Fiscal 2026 2,090 Fiscal 2027 2,153 Thereafter 11,133 $ 20,813

Marketable Securities & Fair Va

Marketable Securities & Fair Value Measurements	3 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Marketable Securities & Fair Value Measurements	6. Marketable Securities & Fair Value Measurements The Company’s marketable securities are classified on the consolidated balance sheet as follows: September 30, June 30, 2022 2022 Short-term available-for-sale debt securities $ 78,361 $ 88,375 Long-term available-for-sale debt securities 2,318 4,810 Available-for-sale debt securities 80,679 93,185 Mutual funds 219 224 Total marketable securities $ 80,898 $ 93,409 Available-for-sale debt securities are invested in the following financial instruments: As of September 30, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 33,575 $ — $ — $ 33,575 U.S. government securities 24,058 3 (75) 23,986 Corporate debt 18,539 — (162) 18,377 Asset backed securities 4,771 — (30) 4,741 Total available-for-sale debt securities $ 80,943 $ 3 $ (267) $ 80,679 As of June 30, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 36,800 $ — $ — $ 36,800 U.S. government securities 14,994 — (67) 14,927 Corporate debt 27,193 — (142) 27,051 Asset backed securities 14,465 — (58) 14,407 Total available-for-sale debt securities $ 93,452 $ — $ (267) $ 93,185 The following table provides information by level for the Company’s marketable securities that were measured at fair value on a recurring basis: Fair Value Measurements as of September 30, 2022 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 33,575 $ — $ 33,575 $ — U.S. government securities 23,986 — 23,986 — Corporate debt 18,377 — 18,377 — Asset backed securities 4,741 — 4,741 — Mutual funds 219 103 116 — Total marketable securities $ 80,898 $ 103 $ 80,795 $ — Fair Value Measurements as of June 30, 2022 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 36,800 $ — $ 36,800 $ — U.S. government securities 14,927 — 14,927 — Corporate debt 27,051 — 27,051 — Asset backed securities 14,407 — 14,407 — Mutual funds 224 108 116 — Total marketable securities $ 93,409 $ 108 $ 93,301 $ — The Company’s marketable securities classified within Level 1 are valued using real-time quotes for transactions in active exchange markets. Marketable securities within Level 2 are valued using readily available pricing sources. There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during the three months ended September 30, 2022. 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 September 30, 2022 and June 30, 2022, the carrying value of these investments was $12,312 and $12,333, respectively. During the three months ended September 30, 2022, 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 $21,715 and $21,092 as of September 30, 2022 and June 30, 2022, 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 to the Company's other strategic investments and no impairment indicators were noted during the three months ended September 30, 2022.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement, Disclosure [Abstract]
Stock-Based Compensation	7. 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 (the "Amended 2017 Plan"). On August 19, 2021, the Company's Board of Directors adopted a further amendment to the Amended 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 Amended 2017 Plan by 1,700,000 shares. As amended, the 2017 Plan allows for the granting of up to 3,607,523 shares of common stock as approved by the Board of Directors or committees thereof in the form of nonqualified or incentive stock options, restricted stock awards, restricted stock unit awards, performance share awards, performance unit awards or stock appreciation rights to officers, directors, consultants and employees of the Company. As of September 30, 2022, there were 1,065,622 shares available for grant under the 2017 Plan. Equity awards classified as restricted stock and performance-based restricted stock are treated as issued shares when granted; however, these shares are not included in the computation of basic weighted average shares outstanding. When shares vest, unless the holder elects to pay the payroll tax liability in cash or through a sale of shares, the Company withholds the appropriate amount of shares to settle the payroll tax liability, on behalf of the individual receiving the shares, as an adjustment to accumulated deficit. Restricted Stock The value of each restricted stock award is equal to the fair market value of the Company’s common stock at the date of grant. Vesting of time-based restricted stock awards ranges from one year to three years. The estimated fair value of restricted stock awards, including the effect of estimated forfeitures, is recognized on a straight-line basis over the restricted stock’s vesting period. Restricted stock award activity for the three months ended September 30, 2022 is as follows: Number of Weighted Outstanding at June 30, 2022 678,899 $ 28.88 Granted 648,605 $ 16.55 Forfeited (38,966) $ 25.01 Vested (189,683) $ 36.23 Outstanding at September 30, 2022 1,098,855 $ 20.47 The Company also grants performance-based restricted stock awards to certain executives and other management, as summarized below. Performance-Based Restricted Stock - Total Shareholder Return In August 2022, the Company granted an aggregate maximum of 303,272 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, 2022 compared to the closing prices of the stock of the Company and the peer group members for the 90 trading days preceding July 1, 2025. 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, 2025 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 $2,800, 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 2022 and 2021 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, 2021 and July 1, 2020, 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, 2024 and July 1, 2023, respectively. Performance-Based Restricted Stock - Revenue In August 2022, the Company granted an aggregate maximum of 303,244 shares that vest based on the Company’s average annual revenue growth during the performance period. Annual revenue growth is measured as the percentage increase in the revenue reported in the Form 10-K for each of the fiscal years ending June 30, 2023, 2024 and 2025, compared to the revenue reported in the Form 10-K for each preceding fiscal year. 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, 2025 is filed. The Company recognizes expense for awards with performance conditions when it concludes that it is probable that the performance condition will be achieved. Probability is assessed at each reporting period and expense is adjusted for such changes accordingly with a cumulative catch up adjustment. Performance-based restricted stock award activity for the three months ended September 30, 2022 is as follows: Number of Weighted Outstanding at June 30, 2022 744,215 $ 19.89 Granted 606,516 $ 16.55 Forfeited (218,625) $ 29.34 Vested — $ — Outstanding at September 30, 2022 1,132,106 $ 16.27 Unrecognized stock compensation related to unvested stock awards outstanding as of September 30, 2022 was $25,252.

Leases

Leases	3 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	8. 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 December 2026. As discussed in Note 5, 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 $135 and $128 for the three months ended September 30, 2022 and 2021, respectively. Cash paid for operating lease liabilities approximated operating lease cost for the three months ended September 30, 2022. There were $24 and $54 of operating lease right-of-use assets obtained in exchange for new lease liabilities during the three months ended September 30, 2022 and 2021, respectively. September 30, June 30, 2022 2022 Right-of-use assets Other assets $ 1,753 $ 1,852 Operating lease liabilities Accrued expenses 530 526 Other liabilities 1,224 1,326 Total operating lease liabilities $ 1,754 $ 1,852 Future minimum lease payments under the agreements as of September 30, 2022 are as follows: Remainder of fiscal 2023 $ 405 Fiscal 2024 513 Fiscal 2025 501 Fiscal 2026 413 Fiscal 2027 3 Total lease payments 1,835 Less imputed interest (81) Total operating lease liabilities $ 1,754 As of September 30, 2022, the weighted average remaining lease term for operating leases was 3.5 years and the weighted average discount rate used to determine operating lease liabilities was 2.55%.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitment and Contingencies	9. 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 September 30, 2022 that are probable or estimable, for which the outcome could have a material adverse impact on its consolidated balance sheets or statements of operations.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	10. Earnings Per Share The following table presents a reconciliation of the numerators and denominators used in the basic and diluted earnings per common share computations (in thousands except share and per share amounts): Three Months Ended September 30, 2022 2021 Numerator Net loss $ (10,631) $ (8,618) Income allocated to participating securities — — Net loss available to common stockholders $ (10,631) $ (8,618) Denominator Weighted average common shares outstanding – basic 39,607,022 39,087,472 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 39,607,022 39,087,472 Earnings per common share – basic and diluted $ (0.27) $ (0.22) (1) At September 30, 2022 and 2021, 69,493 and 83,834 stock options, respectively, were outstanding. The effect of the shares that would be issued upon exercise of these options has been excluded from the calculation of diluted loss per share for all periods presented because those shares are anti-dilutive. (2) At September 30, 2022 and 2021, 279,657 and 313,275 additional shares of common stock, respectively, were issuable upon the settlement of outstanding restricted stock units. The effect of the shares that would be issued upon settlement of these restricted stock units has been excluded from the calculation of diluted loss per share for all periods presented because those shares are anti-dilutive. (3) At September 30, 2022 and 2021, 1,132,106 and 846,899 performance-based restricted stock awards, respectively, were outstanding. The effect of the potential vesting of these awards has been excluded from the calculation of diluted loss per share for all periods presented because those shares are anti-dilutive.

Selected Consolidated Financi_2

Selected Consolidated Financial Statement Information (Tables)	3 Months Ended
	Sep. 30, 2022
Quarterly Financial Information Disclosure [Abstract]
Schedule of Accounts Receivable	September 30, June 30, 2022 2022 Accounts receivable $ 41,561 $ 40,974 Less: Allowance for doubtful accounts (1,302) (1,296) Accounts receivable, net $ 40,259 $ 39,678
Schedule of Inventory	September 30, June 30, 2022 2022 Raw materials $ 14,274 $ 13,780 Work in process 3,832 2,785 Finished goods 19,838 18,002 Inventories $ 37,944 $ 34,567
Schedule of Property and Equipment	September 30, June 30, 2022 2022 Land $ 572 $ 572 Building 22,420 22,420 Equipment 24,741 24,340 Furniture 3,376 3,376 Leasehold improvements 812 812 Construction in progress 3,067 2,670 54,988 54,190 Less: Accumulated depreciation (26,029) (25,155) Property and equipment, net $ 28,959 $ 29,035
Schedule of Accrued Expenses	September 30, June 30, 2022 2022 Salaries and bonus 6,197 8,082 Commissions 5,797 8,104 Accrued vacation 2,280 2,345 Accrued excise, sales and other taxes 967 953 Clinical studies 902 1,082 Other 3,561 2,898 Accrued expenses $ 19,704 $ 23,464

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Three Months Ended September 30, Product Category 2022 2021 Peripheral $ 38,784 $ 39,009 Coronary 20,889 19,361 Total net revenues $ 59,673 $ 58,370 Geography United States $ 55,027 $ 55,042 International 4,646 3,328 Total net revenues $ 59,673 $ 58,370

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	September 30, 2022 June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Developed technology $ 17,324 $ (3,468) $ 13,856 $ 17,324 $ (3,165) $ 14,159 Patents 1,866 (933) 933 1,866 (903) 963 Trade name 760 (161) 599 760 (148) 612 Total intangible assets, net $ 19,950 $ (4,562) $ 15,388 $ 19,950 $ (4,216) $ 15,734
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Remainder of fiscal 2023 $ 1,035 Fiscal 2024 1,377 Fiscal 2025 1,374 Fiscal 2026 1,373 Fiscal 2027 1,371 Thereafter 8,858 $ 15,388

Debt (Tables)

Debt (Tables)	3 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of future minimum lease payments	Remainder of fiscal 2023 $ 1,438 Fiscal 2024 1,970 Fiscal 2025 2,029 Fiscal 2026 2,090 Fiscal 2027 2,153 Thereafter 11,133 $ 20,813

Marketable Securities & Fair _2

Marketable Securities & Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Marketable Securities	September 30, June 30, 2022 2022 Short-term available-for-sale debt securities $ 78,361 $ 88,375 Long-term available-for-sale debt securities 2,318 4,810 Available-for-sale debt securities 80,679 93,185 Mutual funds 219 224 Total marketable securities $ 80,898 $ 93,409
Schedule of Available-for-sale Securities Reconciliation	As of September 30, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 33,575 $ — $ — $ 33,575 U.S. government securities 24,058 3 (75) 23,986 Corporate debt 18,539 — (162) 18,377 Asset backed securities 4,771 — (30) 4,741 Total available-for-sale debt securities $ 80,943 $ 3 $ (267) $ 80,679 As of June 30, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 36,800 $ — $ — $ 36,800 U.S. government securities 14,994 — (67) 14,927 Corporate debt 27,193 — (142) 27,051 Asset backed securities 14,465 — (58) 14,407 Total available-for-sale debt securities $ 93,452 $ — $ (267) $ 93,185
Fair Value, Assets Measured on Recurring Basis	Fair Value Measurements as of September 30, 2022 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 33,575 $ — $ 33,575 $ — U.S. government securities 23,986 — 23,986 — Corporate debt 18,377 — 18,377 — Asset backed securities 4,741 — 4,741 — Mutual funds 219 103 116 — Total marketable securities $ 80,898 $ 103 $ 80,795 $ — Fair Value Measurements as of June 30, 2022 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 36,800 $ — $ 36,800 $ — U.S. government securities 14,927 — 14,927 — Corporate debt 27,051 — 27,051 — Asset backed securities 14,407 — 14,407 — Mutual funds 224 108 116 — Total marketable securities $ 93,409 $ 108 $ 93,301 $ —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement, Disclosure [Abstract]
Restricted Stock Award Activity	Number of Weighted Outstanding at June 30, 2022 678,899 $ 28.88 Granted 648,605 $ 16.55 Forfeited (38,966) $ 25.01 Vested (189,683) $ 36.23 Outstanding at September 30, 2022 1,098,855 $ 20.47
Performance Based RSA Activity	Number of Weighted Outstanding at June 30, 2022 744,215 $ 19.89 Granted 606,516 $ 16.55 Forfeited (218,625) $ 29.34 Vested — $ — Outstanding at September 30, 2022 1,132,106 $ 16.27

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Lease, Cost	September 30, June 30, 2022 2022 Right-of-use assets Other assets $ 1,753 $ 1,852 Operating lease liabilities Accrued expenses 530 526 Other liabilities 1,224 1,326 Total operating lease liabilities $ 1,754 $ 1,852
Lessee, Operating Lease, Liability, Maturity	Remainder of fiscal 2023 $ 405 Fiscal 2024 513 Fiscal 2025 501 Fiscal 2026 413 Fiscal 2027 3 Total lease payments 1,835 Less imputed interest (81) Total operating lease liabilities $ 1,754

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Reconciliation of Numerators and Denominators Used in Basic and Diluted Earnings Per Common Share Computations	Three Months Ended September 30, 2022 2021 Numerator Net loss $ (10,631) $ (8,618) Income allocated to participating securities — — Net loss available to common stockholders $ (10,631) $ (8,618) Denominator Weighted average common shares outstanding – basic 39,607,022 39,087,472 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 39,607,022 39,087,472 Earnings per common share – basic and diluted $ (0.27) $ (0.22) (1) At September 30, 2022 and 2021, 69,493 and 83,834 stock options, respectively, were outstanding. The effect of the shares that would be issued upon exercise of these options has been excluded from the calculation of diluted loss per share for all periods presented because those shares are anti-dilutive. (2) At September 30, 2022 and 2021, 279,657 and 313,275 additional shares of common stock, respectively, were issuable upon the settlement of outstanding restricted stock units. The effect of the shares that would be issued upon settlement of these restricted stock units has been excluded from the calculation of diluted loss per share for all periods presented because those shares are anti-dilutive. (3) At September 30, 2022 and 2021, 1,132,106 and 846,899 performance-based restricted stock awards, respectively, were outstanding. The effect of the potential vesting of these awards has been excluded from the calculation of diluted loss per share for all periods presented because those shares are anti-dilutive.

Selected Consolidated Financi_3

Selected Consolidated Financial Statement Information - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Accounts Receivable
Accounts receivable	$ 41,561	$ 40,974
Less: Allowance for doubtful accounts	(1,302)	(1,296)
Accounts receivable, net	$ 40,259	$ 39,678

Selected Consolidated Financi_4

Selected Consolidated Financial Statement Information - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Inventories
Raw materials	$ 14,274	$ 13,780
Work in process	3,832	2,785
Finished goods	19,838	18,002
Inventories	37,944	34,567
Inventory Reserve disclosure
Total inventory reserve	$ 3,761	$ 4,128

Selected Consolidated Financi_5

Selected Consolidated Financial Statement Information - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Property and Equipment
Land	$ 572	$ 572
Building	22,420	22,420
Equipment	24,741	24,340
Furniture	3,376	3,376
Leasehold improvements	812	812
Construction in progress	3,067	2,670
Property and equipment, gross	54,988	54,190
Less: Accumulated depreciation	(26,029)	(25,155)
Property and equipment, net	$ 28,959	$ 29,035

Selected Consolidated Financi_6

Selected Consolidated Financial Statement Information - Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Accrued Expenses
Accrued Sales Commission, Current	$ 5,797	$ 8,104
Accrued Salaries and Bonus	6,197	8,082
Accrued Vacation, Current	2,280	2,345
Accrued Clinical Studies	902	1,082
Accrued Taxes	967	953
Other Accrued Liabilities, Current	3,561	2,898
Accrued Liabilities, Current, Total	19,704	$ 23,464
Other Liabilities [Abstract]
Accrued Acquisition Consideration	$ 10,000

Revenue - Disaggregate (Details

Revenue - Disaggregate (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Net revenues	$ 59,673	$ 58,370
United States
Disaggregation of Revenue [Line Items]
Net revenues	55,027	55,042
International
Disaggregation of Revenue [Line Items]
Net revenues	4,646	3,328
Peripheral
Disaggregation of Revenue [Line Items]
Net revenues	38,784	39,009
Coronary
Disaggregation of Revenue [Line Items]
Net revenues	$ 20,889	$ 19,361

Revenue - Narratives (Details)

Revenue - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized previously deferred	$ 1,413
Volume-based rebates, discounts and incentives, current	$ 1,499	$ 1,315

Intangible Assets - Finite-Live

Intangible Assets - Finite-Lived (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 19,950	$ 19,950
Finite-Lived Intangible Assets, Accumulated Amortization	(4,562)	(4,216)
Finite-Lived Intangible Assets, Net, Total	$ 15,388	15,734
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	17,324
Finite-Lived Intangible Assets, Accumulated Amortization	(3,468)	(3,165)
Finite-Lived Intangible Assets, Net, Total	$ 13,856	14,159
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	(933)	(903)
Finite-Lived Intangible Assets, Net, Total	933	963
Trade Names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	760	760
Finite-Lived Intangible Assets, Accumulated Amortization	(161)	(148)
Finite-Lived Intangible Assets, Net, Total	$ 599	$ 612

Intangible Assets - Amortizatio

Intangible Assets - Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of fiscal 2023	$ 1,035
Fiscal 2024	1,377
Fiscal 2025	1,374
Fiscal 2026	1,373
Fiscal 2027	1,371
Thereafter	8,858
Finite-Lived Intangible Assets, Net, Total	$ 15,388	$ 15,734

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - Revolving Credit Facility - Silicon Valley Bank - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2022	Mar. 31, 2020	Mar. 31, 2017	Sep. 30, 2022	Sep. 30, 2020
Line of Credit Facility [Line Items]
Percent Reduction to Prime Interest Rate			0.75%
Amendment One [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 50,000
Line of Credit Facility, Expiration Date		Mar. 31, 2022
Covenant, Unused Availability			$ 10,000
Covenant, Adjusted EBITDA			$ 1,000
Interest Rate Increase For Noncompliance			5%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.15%
Line of Credit Facility, Fair Value of Amount Outstanding				$ 0
Amendment Two [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Expiration Date	Mar. 31, 2023
Early Termination Fee				1.50%

Debt - Financing Obligation (De

Debt - Financing Obligation (Details) - Headquarter Facility $ in Thousands	1 Months Ended
	Mar. 31, 2017 renewalOptions	Sep. 30, 2022 USD ($)	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Lessee, Finance Lease, Term of Contract			15 years
Lessee, Finance Lease, Number Options To Renew | renewalOptions	4
Lessee, Finance Lease, Renewal Term			5 years
Base Annual Rent Under Facility Lease			$ 1,638
Annual Rent Escalation			3%
Financing Obligation			$ 20,944
Effective Interest Rate			7.89%
Remainder of fiscal 2023		$ 1,438
Fiscal 2024		1,970
Fiscal 2025		2,029
Fiscal 2026		2,090
Fiscal 2027		2,153
Fiscal 2027		11,133
Payments under lease agreement		$ 20,813

Marketable Securities & Fair _3

Marketable Securities & Fair Value Measurements - Available-for-sale Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Marketable Securities [Abstract]
Short-term available-for-sale debt securities	$ 78,361	$ 88,375
Long-term available-for-sale debt securities	2,318	4,810
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	80,943	93,452
Unrealized Gains	3	0
Unrealized Losses	(267)	(267)
Fair Value	80,679	93,185
Marketable Securities [Abstract]
Total marketable securities	80,898	93,409
Recurring | Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	33,575	36,800
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	33,575	36,800
Marketable Securities [Abstract]
Total marketable securities	33,575	36,800
Recurring | Corporate Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	18,539	27,193
Unrealized Gains	0	0
Unrealized Losses	(162)	(142)
Fair Value	18,377	27,051
Marketable Securities [Abstract]
Total marketable securities	18,377	27,051
Recurring | Asset-backed Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	4,771	14,465
Unrealized Gains	0	0
Unrealized Losses	(30)	(58)
Fair Value	4,741	14,407
Marketable Securities [Abstract]
Total marketable securities	4,741	14,407
Recurring | Equity Funds
Marketable Securities [Abstract]
Total marketable securities	219	224
Recurring | U.S. government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	24,058	14,994
Unrealized Gains	3	0
Unrealized Losses	(75)	(67)
Fair Value	23,986	14,927
Marketable Securities [Abstract]
Total marketable securities	$ 23,986	$ 14,927

Marketable Securities & Fair _4

Marketable Securities & Fair Value Measurements - Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	$ 80,898	$ 93,409
Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	33,575	36,800
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	23,986	14,927
Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	18,377	27,051
Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	4,741	14,407
Equity Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	219	224
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	103	108
Level 1 | Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Level 1 | U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Level 1 | Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Level 1 | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Level 1 | Equity Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	103	108
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	80,795	93,301
Level 2 | Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	33,575	36,800
Level 2 | U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	23,986	14,927
Level 2 | Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	18,377	27,051
Level 2 | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	4,741	14,407
Level 2 | Equity Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	116	116
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Level 3 | Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Level 3 | U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Level 3 | Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Level 3 | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Level 3 | Equity Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	$ 0	$ 0

Marketable Securities & Fair _5

Marketable Securities & Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer of assets between level 1 and 2	$ 0
Equity Securities without Readily Determinable Fair Value, Amount	12,312,000		$ 12,333,000
Future payments to acquire long-term investments	1,410,000
Payments to Acquire Debt Securities, Available-for-sale	31,763,000	$ 38,462,000
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	$ 21,715,000		$ 21,092,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended
	Nov. 11, 2021	Aug. 31, 2022	Aug. 31, 2021	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 25,252
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized	1,700,000
Number of shares authorized	3,607,523
Shares available for grant				1,065,622
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 total shareholder return				90 days
Grant Date Fair Value of Restricted Stock Awards, Quarterly Market Conditions Total Shareholder Return			$ 2,800
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares based on thresholds measuring total shareholder return		303,272
Aggregate shares based on thresholds measuring average annual revenue		303,244

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Award Activity (Details)	3 Months Ended
	Sep. 30, 2022 $ / shares shares
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	678,899
Awards granted (in shares) | shares	648,605
Awards forfeited (in shares) | shares	(38,966)
Awards vested (in shares) | shares	(189,683)
Awards outstanding, balance at end of period (in shares) | shares	1,098,855
Weighted Average Fair Value
Awards outstanding, balance at beginning of period (per share)	$ 28.88
Awards granted (per share)	16.55
Awards forfeited (per share)	25.01
Awards vested (per share)	36.23
Awards outstanding, balance at end of period (per share)	$ 20.47
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	744,215
Awards granted (in shares) | shares	606,516
Awards forfeited (in shares) | shares	(218,625)
Awards outstanding, balance at end of period (in shares) | shares	1,132,106
Weighted Average Fair Value
Awards outstanding, balance at beginning of period (per share)	$ 19.89
Awards granted (per share)	16.55
Awards forfeited (per share)	29.34
Awards vested (per share)	0
Awards outstanding, balance at end of period (per share)	$ 16.27

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease, cost	$ 135	$ 128
Right-of-use asset obtained in exchange for operating lease liability	$ 24	$ 54
Operating lease, weighted average remaining lease term	3 years 6 months
Operating lease, weighted average discount rate, percent	2.55%

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Leases [Abstract]
Other assets	$ 1,753	$ 1,852
Accrued expenses	530	526
Other liabilities	1,224	1,326
Total operating lease liabilities	$ 1,754	$ 1,852

Leases, Assets and Liabilities

Leases, Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Lessee, Operating Lease, Liability, Payment, Due
Remainder of fiscal 2023	$ 405
Fiscal 2024	513
Fiscal 2025	501
Fiscal 2026	413
Fiscal 2027	3
Total lease payments	1,835
Less imputed interest	(81)
Total operating lease liabilities	$ 1,754	$ 1,852

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Numerator
Net loss	$ (10,631)	$ (8,618)
Income allocated to participating securities	0	0
Net loss available to common stockholders	$ (10,631)	$ (8,618)
Denominator
Basic weighted average shares outstanding	39,607,022	39,087,472
Weighted average common shares outstanding – diluted	39,607,022	39,087,472
Earnings per share, basic and diluted
Basic earnings per share	$ (0.27)	$ (0.22)
Diluted earnings per share	$ (0.27)	$ (0.22)
Common stock, shares outstanding	41,892,615		40,965,202
Stock Options
Denominator
Effect of dilutive share-based payment arrangements (in shares)	0	0
Earnings per share, basic and diluted
Common stock, shares outstanding	69,493	83,834
Restricted Stock Units (RSUs)
Denominator
Effect of dilutive share-based payment arrangements (in shares)	0	0
Earnings per share, basic and diluted
Common stock, shares outstanding	279,657	313,275
Performance Shares
Denominator
Effect of dilutive share-based payment arrangements (in shares)	0	0
Earnings per share, basic and diluted
Common stock, shares outstanding	1,132,106	846,899