Cardiovascular Systems (CSII) 10-Q 9 Feb 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2022	Feb. 07, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Amendment Flag	false
Document Fiscal Year Focus	2023
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		41,958,938

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Current assets
Cash and cash equivalents	$ 59,843	$ 66,424
Marketable securities	72,159	93,409
Accounts receivable, net	40,232	39,678
Inventories	41,191	34,567
Prepaid expenses and other current assets	8,535	7,768
Total current assets	221,960	241,846
Property and equipment, net	30,002	29,035
Intangible assets, net	15,043	15,734
Strategic investments	42,034	33,425
Other assets	2,467	2,637
Total assets	311,506	322,677
Current liabilities
Accounts payable	17,087	14,383
Accrued expenses	19,149	23,464
Deferred revenue	525	2,107
Total current liabilities	36,761	39,954
Long-term liabilities
Financing obligation	20,117	20,298
Deferred revenue	3,365	0
Other liabilities	11,874	12,945
Total liabilities	72,117	73,197
Commitments and contingencies (see Note 9)
Common stock, $0.001 par value; authorized 100,000,000 common shares; issued and outstanding 41,965,948 at December 31, 2022 and 40,965,202 at June 30, 2022, respectively	40	40
Additional paid in capital	682,932	673,388
Accumulated other comprehensive income	(170)	(268)
Accumulated deficit	(443,413)	(423,680)
Total stockholders’ equity	239,389	249,480
Total liabilities and stockholders’ equity	$ 311,506	$ 322,677

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 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	41,965,948	40,965,202
Common stock, shares outstanding	41,965,948	40,965,202

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net revenues	$ 61,453	$ 59,135	$ 121,126	$ 117,505
Cost of goods sold	18,461	18,073	35,159	32,381
Gross profit	42,992	41,062	85,967	85,124
Expenses:
Selling, general and administrative	41,642	40,402	86,117	82,253
Research and development	9,533	8,873	18,589	18,895
Amortization of intangible assets	345	346	691	650
Total expenses	51,520	49,621	105,397	101,798
Loss from operations	(8,528)	(8,559)	(19,430)	(16,674)
Interest expense	404	409	810	819
Interest income and other, net	(1,093)	(64)	(1,751)	(107)
Total other (income) expense, net	(689)	345	(941)	712
Loss before income taxes	(7,839)	(8,904)	(18,489)	(17,386)
Provision for income taxes	49	63	30	199
Net loss	$ (7,888)	$ (8,967)	$ (18,519)	$ (17,585)
Basic earnings per share	$ (0.20)	$ (0.23)	$ (0.47)	$ (0.45)
Diluted earnings per share	$ (0.20)	$ (0.23)	$ (0.47)	$ (0.45)
Basic weighted average shares outstanding	39,663,565	39,199,593	39,635,293	39,143,533
Diluted weighted average shares outstanding	39,663,565	39,199,593	39,635,293	39,143,533

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (7,888)	$ (8,967)	$ (18,519)	$ (17,585)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale debt securities	103	(52)	106	(69)
Foreign currency translation adjustments	(2)		(8)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ (7,787)	$ (9,019)	$ (18,421)	$ (17,654)

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, 2021	270,958	39	652,288	11	(381,380)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (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	0
Unrealized gain (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)
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)
Beginning balance, value at Jun. 30, 2022	249,480	40	673,388	(268)	(423,680)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on available-for-sale debt securities	106
Foreign currency translation adjustments	(8)
Net loss	(18,519)
Ending balance, value at Dec. 31, 2022	239,389	40	682,932	(170)	(443,413)
Beginning balance, value at Sep. 30, 2022	242,153	40	677,886	(271)	(435,502)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation related to restricted stock awards, net	3,547	0	3,547	0	0
Shares withheld for payroll taxes	(23)	0	0	0	(23)
Employee stock purchase plan activity	1,499	0	1,499		0
Unrealized gain (loss) on available-for-sale debt securities	103	0	0	103	0
Foreign currency translation adjustments	(2)	0	0	(2)	0
Net loss	(7,888)	0	0	0	(7,888)
Ending balance, value at Dec. 31, 2022	$ 239,389	$ 40	$ 682,932	$ (170)	$ (443,413)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (18,519)	$ (17,585)
Adjustments to reconcile net loss to net cash from operating activities
Depreciation of property and equipment	1,797	1,895
Amortization of intangible assets	691	650
Stock-based compensation	7,985	9,912
Provision for doubtful accounts	50
Amortization of premium (accretion of discount) on marketable securities	615	(800)
Other	(69)	(26)
Changes in assets and liabilities
Accounts receivable	(612)	5,089
Inventories	(6,624)	642
Prepaid expenses and other assets	(278)	950
Accounts payable	2,667	(1,525)
Accrued expenses and other liabilities	(5,456)	(11,996)
Deferred revenue	1,783	(1,121)
Net cash used in operating activities	(17,200)	(12,315)
Cash flows from investing activities
Purchases of property and equipment	(2,727)	(2,426)
Acquisitions		(1,700)
Investments in strategic ventures	(8,540)	(8,999)
Purchases of marketable securities	(52,523)	(50,844)
Sales of marketable securities	14,389	6,817
Maturities of marketable securities	59,875	68,261
Net cash provided by investing activities	10,474	11,109
Cash flows from financing activities
Proceeds from employee stock purchase plan	1,499	1,242
Payments of employee taxes related to vested restricted stock	(1,214)	(5,151)
Exercise of stock options		12
Principal payments made on financing obligation	(140)	(102)
Net cash provided by (used in) financing activities	145	(3,999)
Net change in cash and cash equivalents	(6,581)	(5,205)
Cash and cash equivalents
Beginning of period	66,424	71,070
End of period	$ 59,843	$ 65,865

Basis of Presentation

Basis of Presentation	6 Months Ended
	Dec. 31, 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	6 Months Ended
	Dec. 31, 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: December 31, June 30, 2022 2022 Accounts receivable $ 41,504 $ 40,974 Less: Allowance for doubtful accounts (1,272) (1,296) Accounts receivable, net $ 40,232 $ 39,678 Inventories Inventories consist of the following: December 31, June 30, 2022 2022 Raw materials $ 16,340 $ 13,780 Work in process 2,404 2,785 Finished goods 22,447 18,002 Inventories $ 41,191 $ 34,567 The total inventory reserve at December 31, 2022 and June 30, 2022 was $3,313 and $4,128, respectively. Property and Equipment, Net Property and equipment consists of the following: December 31, June 30, 2022 2022 Land $ 572 $ 572 Building 22,420 22,420 Equipment 25,400 24,340 Furniture 3,376 3,376 Leasehold improvements 812 812 Construction in progress 4,376 2,670 56,956 54,190 Less: Accumulated depreciation (26,954) (25,155) Property and equipment, net $ 30,002 $ 29,035 Accrued Expenses Accrued expenses consist of the following: December 31, June 30, 2022 2022 Commissions 6,513 8,104 Salaries and bonus 5,675 8,082 Accrued vacation 2,336 2,345 Accrued excise, sales and other taxes 847 953 Clinical studies 1,009 1,082 Other 2,769 2,898 Accrued expenses $ 19,149 $ 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 December 31, 2022, although this payment will be made at a later date than originally anticipated due to the recall.

Revenue

Revenue	6 Months Ended
	Dec. 31, 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 Six Months Ended December 31, December 31, Product Category 2022 2021 2022 2021 Peripheral $ 38,452 $ 38,903 $ 77,236 $ 77,912 Coronary 23,001 20,232 43,890 39,593 Total net revenues $ 61,453 $ 59,135 $ 121,126 $ 117,505 Geography United States $ 56,329 $ 55,471 $ 111,356 $ 110,513 International 5,124 3,664 9,770 6,992 Total net revenues $ 61,453 $ 59,135 $ 121,126 $ 117,505 Revenue of $2,107 was recognized in the six months ended December 31, 2022 that was deferred as of June 30, 2022. On December 13, 2022, we signed a distribution agreement with Otsuka Medical Devices Co., Ltd. ("Otsuka"). Effective February 1, 2023 upon expiration of Medikit's distribution agreement, Otsuka became our exclusive Japan distributor. The Company received a $4,000 upfront payment which the Company has recorded as deferred revenue and classified as current and long-term based on its expectation of when revenue will be recognized. Revenue of $110 was recognized in the three months ended December 31, 2022 related to this upfront payment. As of December 31, 2022 and June 30, 2022, the Company had a liability of $991 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	6 Months Ended
	Dec. 31, 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: December 31, 2022 June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Developed technology $ 17,324 $ (3,771) $ 13,553 $ 17,324 $ (3,165) $ 14,159 Patents 1,866 (963) 903 1,866 (903) 963 Trade name 760 (173) 587 760 (148) 612 Total intangible assets, net $ 19,950 $ (4,907) $ 15,043 $ 19,950 $ (4,216) $ 15,734 Amortization expense expected for the next five years and thereafter is as follows: Remainder of fiscal 2023 $ 690 Fiscal 2024 1,377 Fiscal 2025 1,374 Fiscal 2026 1,373 Fiscal 2027 1,371 Thereafter 8,858 $ 15,043

Debt

Debt	6 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 2022 are as follows: Remainder of fiscal 2023 $ 963 Fiscal 2024 1,970 Fiscal 2025 2,029 Fiscal 2026 2,090 Fiscal 2027 2,153 Thereafter 11,133 $ 20,338

Marketable Securities & Fair Va

Marketable Securities & Fair Value Measurements	6 Months Ended
	Dec. 31, 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: December 31, June 30, 2022 2022 Short-term available-for-sale debt securities $ 69,688 $ 88,375 Long-term available-for-sale debt securities 2,331 4,810 Available-for-sale debt securities 72,019 93,185 Mutual funds 140 224 Total marketable securities $ 72,159 $ 93,409 Available-for-sale debt securities are invested in the following financial instruments: As of December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 34,221 $ — $ — $ 34,221 U.S. government securities 17,004 1 (40) 16,965 Corporate debt 18,601 — (99) 18,502 Asset backed securities 2,354 — (23) 2,331 Total available-for-sale debt securities $ 72,180 $ 1 $ (162) $ 72,019 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 December 31, 2022 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 34,221 $ — $ 34,221 $ — U.S. government securities 16,965 — 16,965 — Corporate debt 18,502 — 18,502 — Asset backed securities 2,331 — 2,331 — Mutual funds 140 81 59 — Total marketable securities $ 72,159 $ 81 $ 72,078 $ — 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 six months ended December 31, 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 December 31, 2022 and June 30, 2022, the carrying value of these investments was $12,503 and $12,333, respectively. During the six months ended December 31, 2022, no impairment indicators were noted. The Company is committed to funding an additional $1,200 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 $29,531 and $21,092 as of December 31, 2022 and June 30, 2022, respectively. On December 30, 2022, the Company entered into a Loan Agreement (the “CVT Loan Agreement”) with Chansu Vascular Technologies, LLC (“CVT”) pursuant to which the Company agreed to loan to CVT up to the principal amount of $49,653, of which the principal amount of $19,653 was outstanding as of the date of such agreement. In January 2023, the Company advanced an additional $15,000 to CVT pursuant to the terms of the CVT Loan Agreement and is obligated to make additional advances of $5,000 on or after July 1, 2023 and $10,000 after CVT’s achievement of a development milestone related to its medical device candidate. The principal amounts outstanding pursuant to the CVT Loan Agreement accrue interest at the rate of 4.35% per annum and all principal and accrued and unpaid interest are due and payable on June 30, 2024. CVT’s obligations under the CVT Loan Agreement are secured by its assets. 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 six months ended December 31, 2022.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 31, 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 “Original 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 amended and restated the Original 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 (as amended, 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. As amended to date, 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 December 31, 2022, there were 1,120,174 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 six months ended December 31, 2022 is as follows: Number of Weighted Outstanding at June 30, 2022 678,899 $ 28.88 Granted 669,890 $ 16.48 Forfeited (90,695) $ 23.14 Vested (194,830) $ 36.23 Outstanding at December 31, 2022 1,063,264 $ 20.21 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 six months ended December 31, 2022 is as follows: Number of Weighted Outstanding at June 30, 2022 744,215 $ 19.89 Granted 606,516 $ 12.73 Forfeited (242,733) $ 27.79 Vested — $ — Outstanding at December 31, 2022 1,107,998 $ 14.24 Unrecognized stock compensation related to unvested stock awards outstanding as of December 31, 2022 was $20,982.

Leases

Leases	6 Months Ended
	Dec. 31, 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 $269 and $258 for the six months ended December 31, 2022 and 2021, respectively. Cash paid for operating lease liabilities approximated operating lease cost for the six months ended December 31, 2022. There were $29 and $54 of operating lease right-of-use assets obtained in exchange for new lease liabilities during the six months ended December 31, 2022 and 2021, respectively. December 31, June 30, 2022 2022 Right-of-use assets Other assets $ 1,636 $ 1,852 Operating lease liabilities Accrued expenses 522 526 Other liabilities 1,114 1,326 Total operating lease liabilities $ 1,636 $ 1,852 Future minimum lease payments under the agreements as of December 31, 2022 are as follows: Remainder of fiscal 2023 $ 270 Fiscal 2024 514 Fiscal 2025 503 Fiscal 2026 416 Fiscal 2027 4 Total lease payments 1,707 Less imputed interest (71) Total operating lease liabilities $ 1,636 As of December 31, 2022, the weighted average remaining lease term for operating leases was 3.3 years and the weighted average discount rate used to determine operating lease liabilities was 2.55%.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Dec. 31, 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 December 31, 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	6 Months Ended
	Dec. 31, 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 Six Months Ended December 31, December 31, 2022 2021 2022 2021 Numerator Net loss $ (7,888) $ (8,967) $ (18,519) $ (17,585) Income allocated to participating securities — — — — Net loss available to common stockholders $ (7,888) $ (8,967) $ (18,519) $ (17,585) Denominator Weighted average common shares outstanding – basic 39,663,565 39,199,593 39,635,293 39,143,533 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 39,663,565 39,199,593 39,635,293 39,143,533 Earnings per common share – basic and diluted $ (0.20) $ (0.23) $ (0.47) $ (0.45) (1) At December 31, 2022 and 2021, 67,938 and 79,188 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, 2022 and 2021, 279,657 and 310,415 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, 2022 and 2021, 1,107,998 and 820,586 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 8, 2023, the Company entered into an Agreement and Plan of Merger (the “Abbott Merger Agreement”) with Abbott Laboratories, an Illinois corporation (“Abbott”), and Cobra Acquisition Co., a Delaware corporation and a direct, wholly-owned subsidiary of Abbott (“Merger Sub”). The Abbott Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Abbott Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and as a wholly-owned subsidiary of Abbott (the “Abbott Transaction”). At the effective time of the Abbott Transaction, each share of the Company’s common stock issued and outstanding immediately prior to the effective time, subject to certain exceptions set forth in the Abbott Merger Agreement, will automatically convert into and be exchangeable for the right to receive $20.00 per share in cash, without interest. The boards of directors of both the Company and Abbott have unanimously approved the Abbott Merger Agreement and the Abbott Transaction. The Company’s board of directors unanimously recommended that the Company’s stockholders vote to adopt the Abbott Merger Agreement and approve the transactions contemplated thereby, including the Abbott Transaction, and directed that the adoption of the Abbott Merger Agreement be submitted to a vote of the stockholders. The closing of the Abbott Transaction is subject to the affirmative vote of the holders of a majority of the outstanding shares of the Company’s common stock to adopt the Abbott Merger Agreement, the expiration or termination of any waiting period (and extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and various other closing conditions. The Abbott Merger Agreement includes certain termination provisions for both the Company and Abbott and provides that (i) in connection with the termination of the Abbott Merger Agreement under certain specified circumstances related to a change in the recommendation of the Company, the entry into an agreement for a superior proposal or the breach of certain of the Company’s covenants under the Abbott Merger Agreement, the Company may be required to pay Abbott a termination fee of $26,500,000, and (ii) in connection with the termination of the Abbott Merger Agreement after November 8, 2023 (or as such date might be extended under the Abbott Merger Agreement) under certain specified circumstances related to antitrust laws or due to the consummation of the Abbott Transaction being permanently enjoined under antitrust laws, Abbott may be required to pay the Company a termination fee of $26,500,000. Additional information about the Abbott Merger Agreement and the Abbott Transaction will be set forth in the Company’s preliminary and definitive proxy statements relating to the transaction that will be filed with the SEC.

Selected Consolidated Financi_2

Selected Consolidated Financial Statement Information (Tables)	6 Months Ended
	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Schedule of Accounts Receivable	December 31, June 30, 2022 2022 Accounts receivable $ 41,504 $ 40,974 Less: Allowance for doubtful accounts (1,272) (1,296) Accounts receivable, net $ 40,232 $ 39,678
Schedule of Inventory	December 31, June 30, 2022 2022 Raw materials $ 16,340 $ 13,780 Work in process 2,404 2,785 Finished goods 22,447 18,002 Inventories $ 41,191 $ 34,567
Schedule of Property and Equipment	December 31, June 30, 2022 2022 Land $ 572 $ 572 Building 22,420 22,420 Equipment 25,400 24,340 Furniture 3,376 3,376 Leasehold improvements 812 812 Construction in progress 4,376 2,670 56,956 54,190 Less: Accumulated depreciation (26,954) (25,155) Property and equipment, net $ 30,002 $ 29,035
Schedule of Accrued Expenses	December 31, June 30, 2022 2022 Commissions 6,513 8,104 Salaries and bonus 5,675 8,082 Accrued vacation 2,336 2,345 Accrued excise, sales and other taxes 847 953 Clinical studies 1,009 1,082 Other 2,769 2,898 Accrued expenses $ 19,149 $ 23,464

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Three Months Ended Six Months Ended December 31, December 31, Product Category 2022 2021 2022 2021 Peripheral $ 38,452 $ 38,903 $ 77,236 $ 77,912 Coronary 23,001 20,232 43,890 39,593 Total net revenues $ 61,453 $ 59,135 $ 121,126 $ 117,505 Geography United States $ 56,329 $ 55,471 $ 111,356 $ 110,513 International 5,124 3,664 9,770 6,992 Total net revenues $ 61,453 $ 59,135 $ 121,126 $ 117,505

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	December 31, 2022 June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Developed technology $ 17,324 $ (3,771) $ 13,553 $ 17,324 $ (3,165) $ 14,159 Patents 1,866 (963) 903 1,866 (903) 963 Trade name 760 (173) 587 760 (148) 612 Total intangible assets, net $ 19,950 $ (4,907) $ 15,043 $ 19,950 $ (4,216) $ 15,734
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Remainder of fiscal 2023 $ 690 Fiscal 2024 1,377 Fiscal 2025 1,374 Fiscal 2026 1,373 Fiscal 2027 1,371 Thereafter 8,858 $ 15,043

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of future minimum lease payments	Remainder of fiscal 2023 $ 963 Fiscal 2024 1,970 Fiscal 2025 2,029 Fiscal 2026 2,090 Fiscal 2027 2,153 Thereafter 11,133 $ 20,338

Marketable Securities & Fair _2

Marketable Securities & Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Marketable Securities	December 31, June 30, 2022 2022 Short-term available-for-sale debt securities $ 69,688 $ 88,375 Long-term available-for-sale debt securities 2,331 4,810 Available-for-sale debt securities 72,019 93,185 Mutual funds 140 224 Total marketable securities $ 72,159 $ 93,409
Schedule of Available-for-sale Securities Reconciliation	As of December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 34,221 $ — $ — $ 34,221 U.S. government securities 17,004 1 (40) 16,965 Corporate debt 18,601 — (99) 18,502 Asset backed securities 2,354 — (23) 2,331 Total available-for-sale debt securities $ 72,180 $ 1 $ (162) $ 72,019 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 December 31, 2022 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper $ 34,221 $ — $ 34,221 $ — U.S. government securities 16,965 — 16,965 — Corporate debt 18,502 — 18,502 — Asset backed securities 2,331 — 2,331 — Mutual funds 140 81 59 — Total marketable securities $ 72,159 $ 81 $ 72,078 $ — 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)	6 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement, Disclosure [Abstract]
Restricted Stock Award Activity	Number of Weighted Outstanding at June 30, 2022 678,899 $ 28.88 Granted 669,890 $ 16.48 Forfeited (90,695) $ 23.14 Vested (194,830) $ 36.23 Outstanding at December 31, 2022 1,063,264 $ 20.21
Performance Based RSA Activity	Number of Weighted Outstanding at June 30, 2022 744,215 $ 19.89 Granted 606,516 $ 12.73 Forfeited (242,733) $ 27.79 Vested — $ — Outstanding at December 31, 2022 1,107,998 $ 14.24

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Lease, Cost	December 31, June 30, 2022 2022 Right-of-use assets Other assets $ 1,636 $ 1,852 Operating lease liabilities Accrued expenses 522 526 Other liabilities 1,114 1,326 Total operating lease liabilities $ 1,636 $ 1,852
Lessee, Operating Lease, Liability, Maturity	Remainder of fiscal 2023 $ 270 Fiscal 2024 514 Fiscal 2025 503 Fiscal 2026 416 Fiscal 2027 4 Total lease payments 1,707 Less imputed interest (71) Total operating lease liabilities $ 1,636

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Dec. 31, 2022
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, 2022 2021 2022 2021 Numerator Net loss $ (7,888) $ (8,967) $ (18,519) $ (17,585) Income allocated to participating securities — — — — Net loss available to common stockholders $ (7,888) $ (8,967) $ (18,519) $ (17,585) Denominator Weighted average common shares outstanding – basic 39,663,565 39,199,593 39,635,293 39,143,533 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 39,663,565 39,199,593 39,635,293 39,143,533 Earnings per common share – basic and diluted $ (0.20) $ (0.23) $ (0.47) $ (0.45) (1) At December 31, 2022 and 2021, 67,938 and 79,188 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, 2022 and 2021, 279,657 and 310,415 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, 2022 and 2021, 1,107,998 and 820,586 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, 2022	Jun. 30, 2022
Accounts Receivable
Accounts receivable	$ 41,504	$ 40,974
Less: Allowance for doubtful accounts	(1,272)	(1,296)
Accounts receivable, net	$ 40,232	$ 39,678

Selected Consolidated Financi_4

Selected Consolidated Financial Statement Information - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Inventories
Raw materials	$ 16,340	$ 13,780
Work in process	2,404	2,785
Finished goods	22,447	18,002
Inventories	41,191	34,567
Inventory Reserve disclosure
Total inventory reserve	$ 3,313	$ 4,128

Selected Consolidated Financi_5

Selected Consolidated Financial Statement Information - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Property and Equipment
Land	$ 572	$ 572
Building	22,420	22,420
Equipment	25,400	24,340
Furniture	3,376	3,376
Leasehold improvements	812	812
Construction in progress	4,376	2,670
Property and equipment, gross	56,956	54,190
Less: Accumulated depreciation	(26,954)	(25,155)
Property and equipment, net	$ 30,002	$ 29,035

Selected Consolidated Financi_6

Selected Consolidated Financial Statement Information - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Accrued Expenses
Accrued Sales Commission, Current	$ 6,513	$ 8,104
Accrued Salaries and Bonus	5,675	8,082
Accrued Vacation, Current	2,336	2,345
Accrued Clinical Studies	1,009	1,082
Accrued Taxes	847	953
Other Accrued Liabilities, Current	2,769	2,898
Accrued Liabilities, Current, Total	19,149	$ 23,464
Other Liabilities [Abstract]
Accrued Acquisition Consideration	$ 10,000

Revenue - Disaggregate (Details

Revenue - Disaggregate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net revenues	$ 61,453	$ 59,135	$ 121,126	$ 117,505
United States
Disaggregation of Revenue [Line Items]
Net revenues	56,329	55,471	111,356	110,513
International
Disaggregation of Revenue [Line Items]
Net revenues	5,124	3,664	9,770	6,992
Peripheral
Disaggregation of Revenue [Line Items]
Net revenues	38,452	38,903	77,236	77,912
Coronary
Disaggregation of Revenue [Line Items]
Net revenues	$ 23,001	$ 20,232	$ 43,890	$ 39,593

Revenue - Narratives (Details)

Revenue - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Deferred Revenue Arrangement [Line Items]
Upfront payment deferred revenue		$ 1,783	$ (1,121)
Volume-based rebates, discounts and incentives, current	$ 991	991		$ 1,315
Medikit Co, Ltd
Deferred Revenue Arrangement [Line Items]
Revenue recognized previously deferred		$ 2,107
Otsuka Medical Devices Co Ltd
Deferred Revenue Arrangement [Line Items]
Upfront payment deferred revenue	4,000
Deferred Revenue, Revenue Recognized	$ 110

Intangible Assets - Finite-Live

Intangible Assets - Finite-Lived (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 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	(4,907)	(4,216)
Finite-Lived Intangible Assets, Net, Total	$ 15,043	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	(3,771)	(3,165)
Finite-Lived Intangible Assets, Net, Total	13,553	14,159
Patents
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	1,866	1,866
Finite-Lived Intangible Assets, Accumulated Amortization	(963)	(903)
Finite-Lived Intangible Assets, Net, Total	$ 903	963
Patents | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Trade Names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 760	760
Finite-Lived Intangible Assets, Accumulated Amortization	(173)	(148)
Finite-Lived Intangible Assets, Net, Total	$ 587	$ 612

Intangible Assets - Amortizatio

Intangible Assets - Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of fiscal 2023	$ 690
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	$ 15,043	$ 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	Dec. 31, 2022
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	Dec. 31, 2022 USD ($)	Mar. 31, 2018 USD ($)
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		$ 963
Fiscal 2024		1,970
Fiscal 2025		2,029
Fiscal 2026		2,090
Fiscal 2027		2,153
Fiscal 2027		11,133
Payments under lease agreement		$ 20,338

Marketable Securities & Fair _3

Marketable Securities & Fair Value Measurements - Available-for-sale Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Marketable Securities [Abstract]
Short-term available-for-sale debt securities	$ 69,688	$ 88,375
Long-term available-for-sale debt securities	2,331	4,810
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	72,180	93,452
Unrealized Gains	1	0
Unrealized Losses	(162)	(267)
Fair Value	72,019	93,185
Marketable Securities [Abstract]
Total marketable securities	72,159	93,409
Recurring | Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	34,221	36,800
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	34,221	36,800
Marketable Securities [Abstract]
Total marketable securities	34,221	36,800
Recurring | Corporate Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	18,601	27,193
Unrealized Gains	0	0
Unrealized Losses	(99)	(142)
Fair Value	18,502	27,051
Marketable Securities [Abstract]
Total marketable securities	18,502	27,051
Recurring | Asset-backed Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	2,354	14,465
Unrealized Gains	0	0
Unrealized Losses	(23)	(58)
Fair Value	2,331	14,407
Marketable Securities [Abstract]
Total marketable securities	2,331	14,407
Recurring | Equity Funds
Marketable Securities [Abstract]
Total marketable securities	140	224
Recurring | U.S. government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	17,004	14,994
Unrealized Gains	1	0
Unrealized Losses	(40)	(67)
Fair Value	16,965	14,927
Marketable Securities [Abstract]
Total marketable securities	$ 16,965	$ 14,927

Marketable Securities & Fair _4

Marketable Securities & Fair Value Measurements - Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	$ 72,159	$ 93,409
Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	34,221	36,800
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	16,965	14,927
Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	18,502	27,051
Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	2,331	14,407
Equity Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	140	224
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	81	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	81	108
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	72,078	93,301
Level 2 | Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	34,221	36,800
Level 2 | U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	16,965	14,927
Level 2 | Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	18,502	27,051
Level 2 | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	2,331	14,407
Level 2 | Equity Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	59	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 ($)	1 Months Ended	6 Months Ended
	Jan. 31, 2023	Dec. 31, 2022	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		12,503,000	$ 12,333,000
Future payments to acquire long-term investments		1,200,000
Other-than-temporary impairments		0
Chansu Vascular Technologies (CVT)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		19,653,000
Debt securities, available-for-sale, face amount		49,653,000
Debt securities, available-for-sale, contingent consideration, future commitment		10,000,000
Debt securities, available-for-sale, loan advance future commitment		$ 5,000,000
Debt securities, available-for-sale, stated interest rate		4.35%
Chansu Vascular Technologies (CVT) | Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase (decrease) in debt securities, available-for-sale	$ 15,000,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		$ 29,531,000	$ 21,092,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended		6 Months Ended
	Nov. 11, 2021	Aug. 31, 2022	Aug. 31, 2021	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 20,982
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				1,120,174
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)	6 Months Ended
	Dec. 31, 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	669,890
Awards forfeited (in shares) | shares	(90,695)
Awards vested (in shares) | shares	(194,830)
Awards outstanding, balance at end of period (in shares) | shares	1,063,264
Weighted Average Fair Value
Awards outstanding, balance at beginning of period (per share)	$ 28.88
Awards granted (per share)	16.48
Awards forfeited (per share)	23.14
Awards vested (per share)	36.23
Awards outstanding, balance at end of period (per share)	$ 20.21
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	(242,733)
Awards outstanding, balance at end of period (in shares) | shares	1,107,998
Weighted Average Fair Value
Awards outstanding, balance at beginning of period (per share)	$ 19.89
Awards granted (per share)	12.73
Awards forfeited (per share)	27.79
Awards vested (per share)	0
Awards outstanding, balance at end of period (per share)	$ 14.24

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease, cost	$ 269	$ 258
Right-of-use asset obtained in exchange for operating lease liability	$ 29	$ 54
Operating lease, weighted average remaining lease term	3 years 3 months 18 days
Operating lease, weighted average discount rate, percent	2.55%

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Leases [Abstract]
Other assets	$ 1,636	$ 1,852
Accrued expenses	522	526
Other liabilities	1,114	1,326
Total operating lease liabilities	$ 1,636	$ 1,852

Leases, Assets and Liabilities

Leases, Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Lessee, Operating Lease, Liability, Payment, Due
Remainder of fiscal 2023	$ 270
Fiscal 2024	514
Fiscal 2025	503
Fiscal 2026	416
Fiscal 2027	4
Total lease payments	1,707
Less imputed interest	(71)
Total operating lease liabilities	$ 1,636	$ 1,852

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Numerator
Net loss	$ (7,888)	$ (10,631)	$ (8,967)	$ (8,618)	$ (18,519)	$ (17,585)
Income allocated to participating securities	0		0		0	0
Net loss available to common stockholders	$ (7,888)		$ (8,967)		$ (18,519)	$ (17,585)
Denominator
Basic weighted average shares outstanding	39,663,565		39,199,593		39,635,293	39,143,533
Weighted average common shares outstanding – diluted	39,663,565		39,199,593		39,635,293	39,143,533
Earnings per share, basic and diluted
Basic earnings per share	$ (0.20)		$ (0.23)		$ (0.47)	$ (0.45)
Diluted earnings per share	$ (0.20)		$ (0.23)		$ (0.47)	$ (0.45)
Common stock, shares outstanding	41,965,948				41,965,948		40,965,202
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	67,938		79,188		67,938	79,188
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	279,657		310,415		279,657	310,415
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	1,107,998		820,586		1,107,998	820,586

Subsequent Events (Details)

Subsequent Events (Details)	Feb. 08, 2023 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Class of warrant or right, exercise price of warrants or rights (in usd per share)	$ 20