CARDIOVASCULAR SYSTEMS INC, 10-Q filed on 5/3/2019
Quarterly Report
v3.19.1
Document and Entity Information - shares
9 Months Ended
Mar. 31, 2019
Apr. 26, 2019
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2019  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q3  
Trading Symbol CSII  
Entity Registrant Name CARDIOVASCULAR SYSTEMS INC  
Entity Central Index Key 0001180145  
Current Fiscal Year End Date --06-30  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Common Stock, Shares Outstanding   34,826,182
v3.19.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2019
Jun. 30, 2018
Current assets    
Cash and cash equivalents $ 115,280 $ 116,260
Accounts receivable, net 34,970 31,225
Inventories 19,304 16,605
Marketable securities 456 544
Prepaid expenses and other current assets 2,221 2,977
Total current assets 172,231 167,611
Property and equipment, net 27,607 27,744
Patents, net 5,242 5,231
Other assets 6,149 2,766
Total assets 211,229 203,352
Current liabilities    
Accounts payable 12,396 10,441
Accrued expenses 26,489 25,776
Deferred revenue current 1,612 1,243
Total current liabilities 40,497 37,460
Long-term liabilities    
Financing obligation 21,005 21,064
Deferred revenue noncurrent 7,230 8,946
Other liabilities 884 1,412
Total liabilities 69,616 68,882
Commitments and contingencies (see Note 7)
Common stock, $0.001 par value; authorized 100,000,000 common shares; issued and outstanding 34,828,214 at March 31, 2019 and 33,360,032 at June 30, 2018, respectively 34 33
Additional paid in capital 472,501 461,927
Accumulated other comprehensive income 0 101
Accumulated deficit (330,922) (327,591)
Total stockholders’ equity 141,613 134,470
Total liabilities and stockholders’ equity $ 211,229 $ 203,352
v3.19.1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Mar. 31, 2019
Jun. 30, 2018
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 34,828,214 33,360,032
Common stock, shares outstanding 34,828,214 33,360,032
v3.19.1
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Income Statement [Abstract]        
Net revenues $ 63,311 $ 55,587 $ 179,783 $ 157,891
Cost of goods sold 12,166 9,969 34,218 28,670
Gross profit 51,145 45,618 145,565 129,221
Expenses:        
Selling, general and administrative 41,356 37,796 123,705 110,722
Research and development 9,282 7,333 23,937 20,037
Total expenses 50,638 45,129 147,642 130,759
Income (loss) from operations 507 489 (2,077) (1,538)
Interest expense 420 429 1,266 1,291
Interest income and other, net (671) (338) (1,771) (903)
Total other (income) expense, net (251) 91 (505) 388
Income (loss) before income taxes 758 398 (1,572) (1,926)
Provision for income taxes 86 33 152 99
Net income (loss) $ 672 $ 365 $ (1,724) $ (2,025)
Basic earnings per share        
Basic earnings per share $ 0.02 $ 0.01 $ (0.05) $ (0.06)
Diluted earnings per share $ 0.02 $ 0.01 $ (0.05) $ (0.06)
Basic weighted average shares outstanding        
Basic weighted average shares outstanding 33,600,148 33,237,552 33,510,368 33,105,174
Diluted weighted average shares outstanding 34,241,432 33,641,804 33,510,368 33,105,174
v3.19.1
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Statement of Comprehensive Income [Abstract]        
Net loss $ 672 $ 365 $ (1,724) $ (2,025)
Other comprehensive income:        
Unrealized (loss) gain on available for sale securities 0 (1) 0 27
Adjustment for net gain realized and included in interest income and other, net 0 (8) 0 (24)
Total change in unrealized gain on available for sale securities 0 (9) 0 3
Comprehensive income (loss) $ 672 $ 356 $ (1,724) $ (2,022)
v3.19.1
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) Statement - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid In Capital
Accumulated Other Comprehensive Income
Accumulated Deficit
Beginning balance, value at Jun. 30, 2017 $ 118,389 $ 33 $ 447,559 $ 100 $ (329,303)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation related to restricted stock awards, net, value 3,129 0 3,129 0 0
Shares withheld for payroll taxes 251 0 251 0 0
Adjustment for net gain realized and included in interest income and other, net (8) 0 0 (8) 0
Exercise of stock options per share 307 0 307 0 0
Unrealized (loss) gain on available for sale securities 12 0 0 12 0
Net loss (1,977) 0 0 0 (1,977)
Ending balance, value at Sep. 30, 2017 120,103 33 451,246 104 (331,280)
Beginning balance, value at Jun. 30, 2017 118,389 33 447,559 100 (329,303)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Adjustment for net gain realized and included in interest income and other, net (24)        
Unrealized (loss) gain on available for sale securities 27        
Net loss (2,025)        
Ending balance, value at Mar. 31, 2018 126,456 33 457,648 103 (331,328)
Beginning balance, value at Sep. 30, 2017 120,103 33 451,246 104 (331,280)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation related to restricted stock awards, net, value 2,375 0 2,375 0 0
Shares withheld for payroll taxes 1,680 0 1,680 0 0
Adjustment for net gain realized and included in interest income and other, net (8) 0 0 (8) 0
Exercise of stock options per share 207 0 207 0 0
Unrealized (loss) gain on available for sale securities 16 0 0 16 0
Net loss (413) 0 0 0 (413)
Ending balance, value at Dec. 31, 2017 123,960 33 455,508 112 (331,693)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation related to restricted stock awards, net, value 1,880 0 1,880 0 0
Shares withheld for payroll taxes 260 0 260 0 0
Adjustment for net gain realized and included in interest income and other, net (8) 0 0 (8) 0
Unrealized (loss) gain on available for sale securities (1) 0 0 (1) 0
Net loss 365 0 0 0 365
Ending balance, value at Mar. 31, 2018 126,456 33 457,648 103 (331,328)
Retained Earnings (Accumulated Deficit) (327,591)        
Additional Paid in Capital, Common Stock 461,927        
Common Stock, Value, Issued 33        
Accumulated Other Comprehensive Income (Loss), Net of Tax 101        
Beginning balance, value at Jun. 30, 2018 134,470        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation related to restricted stock awards, net, value 3,132 0 3,132 0 0
Adjustments Related to Tax Withholding for Share-based Compensation (1,058) 0 0 0 (1,058)
Shares withheld for payroll taxes 252 0 252 0 0
Exercise of stock options per share 71 0 71 0 0
Net loss (2,888) 0 0 0 (2,888)
Ending balance, value at Sep. 30, 2018 133,979 33 465,382 0 (331,436)
Beginning balance, value at Jun. 30, 2018 134,470        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Adjustment for net gain realized and included in interest income and other, net 0        
Unrealized (loss) gain on available for sale securities 0        
Net loss (1,724)        
Ending balance, value at Mar. 31, 2019 141,613 34 472,501 0 (330,922)
Beginning balance, value at Sep. 30, 2018 133,979 33 465,382 0 (331,436)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation related to restricted stock awards, net, value 2,472 1 2,471 0 0
Adjustments Related to Tax Withholding for Share-based Compensation (319) 0 0 0 (319)
Shares withheld for payroll taxes 1,849 0 1,849 0 0
Exercise of stock options per share 125 0 125 0 0
Net loss 492 0 0 0 492
Ending balance, value at Dec. 31, 2018 138,598 34 469,827 0 (331,263)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation related to restricted stock awards, net, value 2,380 0 2,380 0 0
Adjustments Related to Tax Withholding for Share-based Compensation (331) 0 0 0 (331)
Shares withheld for payroll taxes 294 0 294 0 0
Adjustment for net gain realized and included in interest income and other, net 0        
Unrealized (loss) gain on available for sale securities 0        
Net loss 672 0 0 0 672
Ending balance, value at Mar. 31, 2019 141,613 $ 34 $ 472,501 $ 0 $ (330,922)
Retained Earnings (Accumulated Deficit) (330,922)        
Additional Paid in Capital, Common Stock 472,501        
Common Stock, Value, Issued 34        
Accumulated Other Comprehensive Income (Loss), Net of Tax $ 0        
v3.19.1
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) (Parenthetical) - $ / shares
Dec. 31, 2018
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Beginning of Period [Abstract]        
Stock option exercise price (usd per share) $ 8.75 $ 8.75 $ 12.15 $ 7.90
v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net loss $ (1,724) $ (2,025)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation of property and equipment 2,382 2,927
Amortization of patents 235 153
Write-off of patent costs 500 497
Provision for (recovery of) doubtful accounts (including note receivable) 125  
Provision for (recovery of) doubtful accounts (including note receivable)   (18)
Stock-based compensation 8,600 7,880
Changes in assets and liabilities    
Accounts receivable (3,870) (3,594)
Inventories (2,699) (105)
Prepaid expenses and other assets 647 2,879
Accounts payable 1,915 (544)
Accrued expenses and other liabilities 144 (6,945)
Deferred revenue (1,347) 577
Net cash provided by operating activities 4,908 1,682
Cash flows from investing activities    
Purchases of property and equipment (2,286) (1,614)
Purchase of investment (3,055) 0
Proceeds from convertible note receivable 0 143
Sales of marketable securities 97 144
Costs incurred in connection with patents (665) (880)
Net cash used in investing activities (5,909) (2,207)
Cash flows from financing activities    
Proceeds from employee stock purchase plan 1,551 1,385
Payment of employee taxes related to vested restricted stock (1,708) 0
Exercise of stock options 196 513
Proceeds from (Payments for) Other Financing Activities (18) 20
Net cash provided by financing activities 21 1,918
Net change in cash and cash equivalents (980) 1,393
Cash and cash equivalents    
Beginning of period 116,260 107,912
End of period $ 115,280 $ 109,305
v3.19.1
Basis of Presentation
9 Months Ended
Mar. 31, 2019
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 Annual Report on Form 10-K filed by the Company with the SEC on August 23, 2018. 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. Actual results could differ from those estimates.

Recent Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-02, “Leases.” The guidance requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, and should be applied using a modified retrospective approach. The guidance is effective for the Company on July 1, 2019.

The Company will elect the prospective transition method with the effects of adoption recognized as a cumulative effect adjustment to the opening balance of retained earnings in the Company's fiscal 2020 financial statements, with no restatement of comparative periods. The Company will also elect the package of three practical expedients permitted under the transition guidance within the new standard, which among other things, allows the Company to carry forward the historical lease classification.

The Company is currently assessing the impact of adopting this guidance on its consolidated financial statements and related disclosures. The Company expects to record right of use assets and lease liabilities, which may be material, on its consolidated balance sheet upon adoption of this standard and is still assessing the impact to its results of operations and cash flows.
v3.19.1
Selected Consolidated Financial Statement Information
9 Months Ended
Mar. 31, 2019
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:
 
March 31,
 
June 30,
 
2019
 
2018
Accounts receivable
$
35,649

 
$
32,025

Less: Allowance for doubtful accounts
(679
)
 
(800
)
   Accounts receivable, net
$
34,970

 
$
31,225



Inventories

Inventories consist of the following:
 
March 31,
 
June 30,
 
2019
 
2018
Raw materials
$
6,042

 
$
6,820

Work in process
1,612

 
1,315

Finished goods
11,650

 
8,470

   Inventories
$
19,304

 
$
16,605



Property and Equipment, Net

Property and equipment consists of the following:
 
March 31,
 
June 30,
 
2019
 
2018
Land
$
500

 
$
500

Building
22,420

 
22,420

Equipment
17,869

 
16,510

Furniture
2,900

 
2,709

Leasehold improvements
540

 
438

Construction in progress
1,682

 
1,110

 
45,911

 
43,687

Less: Accumulated depreciation
(18,304
)
 
(15,943
)
Property and equipment, net
$
27,607

 
$
27,744



Accrued Expenses

Accrued expenses consist of the following:
 
March 31,
 
June 30,
 
2019
 
2018
Salaries and bonus
$
7,089

 
$
6,624

Commissions
6,310

 
7,234

Accrued vacation
4,094

 
3,557

Accrued excise, sales and other taxes
3,555

 
3,522

Clinical studies
1,968

 
1,422

Legal settlement
932

 
1,847

Other accrued expenses
2,541

 
1,570

Accrued expenses
$
26,489

 
$
25,776

v3.19.1
Revenue
9 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
Revenue
3. Revenue

Effective July 1, 2018 the Company adopted Accounting Standards Codification (“ASC”) Topic 606 - Revenue from Contracts with Customers using the modified retrospective adoption method. Adoption did not have a material impact on the Company’s financial statements.
The Company sells its peripheral and coronary products to customers through a direct sales force in the United States and through distributors internationally and has no material concentration of credit risk or significant payment terms extended to customers and, therefore, the Company does not adjust the promised amount of consideration for the effects of a significant financing component. Sales, use, value-added, and other excise taxes are not recognized in revenue. The Company has elected to present revenue net of sales taxes and other similar taxes.
The following table disaggregates the Company’s net revenues by product category and geography for the following periods:
 
Three Months Ended 
 March 31,
 
Nine Months Ended 
 March 31,
Product Category
2019
 
2018
 
2019
 
2018
Peripheral
$
45,152

 
$
40,989

 
$
130,620

 
$
118,331

Coronary
18,159

 
14,598

 
49,163

 
39,560

Total net revenues
$
63,311

 
$
55,587

 
$
179,783

 
$
157,891

 
 
 
 
 
 
 
 
Geography
 
 
 
 
 
 
 
United States
$
60,897

 
$
54,736

 
$
174,417

 
$
157,040

International
2,414

 
851

 
5,366

 
851

Total net revenues
$
63,311

 
$
55,587

 
$
179,783

 
$
157,891



Performance Obligations
The majority of the Company’s revenues are from customer arrangements containing a single performance obligation to transfer peripheral and coronary products, and thus revenue is recognized at a point in time when control is transferred. This generally occurs upon shipment or upon delivery to the customer site, based on the contract terms. Shipping and handling activities are considered to be fulfillment activities and are not considered to be a separate performance obligation. The Company does not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The Company did not recognize any material revenue in the current reporting period for performance obligations that were fully satisfied in previous periods.

Significant Judgments

The Company has an exclusive distribution agreement with Medikit to sell the Company’s coronary and peripheral OAS in Japan. To secure exclusive distribution rights, Medikit made an upfront payment of $10,000 to the Company, which is partially refundable based on the occurrence of certain events during the term of the agreement. The Company has classified the payment as current or long-term based on its expectation of when revenue will be recognized and this expectation is re-evaluated on a quarterly basis. Medikit also provides advance payments for orders under the terms of the agreement, and, therefore, deferred revenue is recorded until products are accepted by Medikit. Revenue of $775 was recognized in the nine months ended March 31, 2019 that was deferred as of June 30, 2018.
Revenue is recognized at the transaction price to which the Company expects to be entitled. The Company offers customers certain volume-based rebates, discounts, and incentives. Estimates of variable consideration from these items are taken into account using the most-likely amount method based on contractual provisions, the Company’s historical experience, and forecasted customer buying patterns. These items are recognized as a reduction to revenue in the period the revenue is recognized and recorded as a liability. As of March 31, 2019 and June 30, 2018, the Company had a liability of $1,665 and $1,398, respectively, related to these items and recorded within accounts payable on the consolidated balance sheet.
Return and warranty obligations vary by the specific terms of agreements with customers. The Company generally does not provide customers with a right of return. The Company has a limited warranty provision for goods that are nonconforming or defective at the time of shipment, which is estimated based on historical experience.
Contract Costs
Commissions are earned by the Company’s direct sales force based on sales of the Company’s OAS and other products. The Company applies the practical expedient and recognizes commissions as an expense when incurred because the amortization period of the asset that the Company would have otherwise recognized is one year or less.
v3.19.1
Debt
9 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Debt Disclosure
4. Debt

Revolving Credit Facility

In March 2017, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Silicon Valley Bank (“SVB”). The Loan Agreement provides for a senior, secured revolving credit facility (the “Revolver”) of $40,000 (the “Maximum Dollar Amount”).

Advances under the Revolver may be made from time to time up to the Maximum Dollar Amount, subject to certain borrowing limitations. The Revolver has a maturity date of March 31, 2020 and bears interest at a floating per annum rate equal to the Wall Street Journal prime rate, less 0.25%. Interest on borrowings is due monthly and the principal balance is due at maturity. Borrowings up to $10,000 are available on a non-formula basis. Borrowings above $10,000 are based on (i) 85% of eligible domestic accounts receivable, and (ii) the lesser of 50% of eligible inventory or $5,000, subject to adjustment as defined in the Loan Agreement. 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% of the Maximum Dollar Amount upon termination of the Loan Agreement or the Revolver for any reason prior to the maturity date, unless refinanced with SVB.

The Company’s obligations under the 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 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 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 Loan Agreement, the interest rate on outstanding amounts will increase by 5% and SVB may, subject to various customary cure rights, decline to provide additional advances under the Revolver, require the immediate payment of all amounts outstanding under the Revolver, and foreclose on all collateral.

Under the Loan Agreement, the Company paid SVB a non-refundable commitment fee of $80, which will be amortized to interest expense over the term of the Loan Agreement. The Company is required to pay a fee equal to 0.35% 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 March 31, 2019.

Financing Obligation

In March 2017, in connection with the sale of the Company’s headquarters facility in St. Paul, Minnesota (the “Facility”), the Company entered into a Lease Agreement to lease the Facility. The Lease Agreement has an initial term of fifteen years, with four consecutive renewal options of five 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 March 31, 2019 are as follows:
Three months ending June 30, 2019
$
434

Fiscal 2020
1,750

Fiscal 2021
1,803

Fiscal 2022
1,857

Fiscal 2023
1,913

Thereafter
19,375

 
$
27,132

v3.19.1
Investments
9 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Investments
5. Investments

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 March 31, 2019
Using Inputs Considered as
 
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Mutual funds
 
$
456

 
$
148

 
$
308

 
$

  Total short-term investments
 
$
456

 
$
148

 
$
308

 
$

 
 
 
 
Fair Value Measurements as of June 30, 2018
Using Inputs Considered as
 
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Mutual funds
 
$
544

 
$
199

 
$
345

 
$

  Total short-term investments
 
$
544

 
$
199

 
$
345

 
$



Effective July 1, 2018 the Company adopted the provisions of ASU 2016-01. Unrealized gains and losses of marketable securities previously recognized in other comprehensive income will now be recognized in net income as a component of other income. Upon adoption, the Company recorded a cumulative-effect reclassification adjustment of $101 from accumulated other comprehensive income to the opening balance of retained earnings as of July 1, 2018.

During the three and nine months ended March 31, 2019 and 2018, there were no purchases of marketable securities. There was $0 and $97 of marketable securities that were sold during the three and nine months ended March 31, 2019, respectively. There was $48 and $144 of marketable securities that were sold during the three and nine months ended March 31, 2018, respectively.

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 nine months ended March 31, 2019. Any transfers between levels would be recognized on the date of the event or when a change in circumstances causes a transfer.

The Company holds an equity investment that does not have a readily determined fair value. The Company has elected to measure this investment 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 March 31, 2019 and June 30, 2018, the carrying value of the investment was $5,593 and $2,538, respectively. During the nine months ended March 31, 2019, no impairment indicators were noted. The investment is recorded within other long term assets on the consolidated balance sheet.
v3.19.1
Stock Options and Restricted Stock Awards
9 Months Ended
Mar. 31, 2019
Share-based Arrangements with Employees and Nonemployees [Abstract]  
Stock Options and Restricted Stock Awards
6. Stock Options and Restricted Stock Awards

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. The 2017 Plan replaced the 2014 Equity Incentive Plan (the “2014 Plan”), and no further equity awards may be granted under the 2014 Plan or the 2007 Equity Incentive Plan (the “2007 Plan”) (the 2017 Plan, 2014 Plan and the 2007 Plan are collectively referred to as the “Plans”).

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.

Stock Options

All options granted under the Plans become exercisable over periods established at the date of grant. The option exercise price is generally not less than the estimated fair market value of the Company’s common stock at the date of grant, as determined by the Company’s management and Board of Directors. An employee’s vested options must be exercised at or within 90 days of termination to avoid forfeiture.

Stock option activity for the nine months ended March 31, 2019 is as follows:
 
Number of
Options(a)
 
Weighted
Average
Exercise Price
Options outstanding at June 30, 2018
22,321

 
$
8.75

Options exercised
(22,321
)
 
$
8.75

Options outstanding at March 31, 2019

 
$

(a) Includes the effect of options granted, exercised, forfeited or expired from the 2007 Plan.


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 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 nine months ended March 31, 2019 is as follows:
 
Number of
Shares
 
Weighted
Average  Fair
Value
Outstanding at June 30, 2018
455,216

 
$
24.77

Granted
259,010

 
$
35.46

Forfeited
(20,889
)
 
$
28.39

Vested
(209,142
)
 
$
23.27

Outstanding at March 31, 2019
484,195

 
$
30.76


Performance-Based Restricted Stock

The Company also grants performance-based restricted stock awards to certain executives and other management. In August 2018, the Company granted an aggregate maximum of 210,020 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, 2018 compared to the closing prices of the stock of the Company and the peer group members for the 90 trading days preceding July 1, 2021. 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, 2021 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 $4,734, 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 2017 and 2018 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, 2016 and July 1, 2017, 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, 2019 and July 1, 2020, respectively.

Performance-based restricted stock award activity for the nine months ended March 31, 2019 is as follows:
 
Number of
Shares
 
Weighted
Average  Fair
Value
Outstanding at June 30, 2018
531,178

 
$
12.69

Granted
225,325

 
$
22.33

Forfeited
(2,172
)
 
$
17.94

Outstanding at March 31, 2019
754,331

 
$
15.19

v3.19.1
Commitment and Contingencies
9 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
7. Commitment and Contingencies

Operating Leases

The Company leases manufacturing space and equipment under lease agreements that expire at various dates through March 2020. Rental expenses were $132 and $157 for the three months ended March 31, 2019 and 2018, respectively, and $410 and $496 for the nine months ended March 31, 2019 and 2018, respectively.

Future minimum lease payments under the agreements as of March 31, 2019 are as follows:
Three months ending June 30, 2019
$
127

Fiscal 2020
392

Fiscal 2021
36

Fiscal 2022
8

Fiscal 2023
3

Thereafter
2

 
$
568



Other Matters

In the ordinary conduct of business, the Company is subject to various lawsuits and claims covering a wide range of matters including, but not limited to, employment claims and commercial disputes. While the outcome of these matters is uncertain, the Company does not believe there are any significant matters as of March 31, 2019 that are probable or estimable, for which the outcome could have a material adverse impact on its consolidated balance sheets or statements of operations.
v3.19.1
Earnings Per Share
9 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Share
8. 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 
 March 31,
 
Nine Months Ended 
 March 31,
 
2019
 
2018
 
2019
 
2018
Numerator
 
 
 
 
 
 
 
Net income (loss)
$
672

 
$
365

 
$
(1,724
)
 
$
(2,025
)
Income allocated to participating securities
(3
)
 
(5
)
 

 

Net income (loss) available to common stockholders
$
669

 
$
360

 
$
(1,724
)
 
$
(2,025
)
Denominator
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
33,600,148

 
33,237,552

 
33,510,368

 
33,105,174

Effect of dilutive stock options(1)

 
14,197

 

 

Effect of dilutive restricted stock units(2)
339,929

 
318,122

 

 

Effect of performance-based restricted stock awards(3)
295,048

 
67,918

 

 

Effect of employee stock purchase plan(4)
6,307

 
4,015

 

 

Weighted average common shares outstanding – diluted
34,241,432

 
33,641,804

 
33,510,368

 
33,105,174

 
 
 
 
 
 
 
 
Earnings per common share – basic
$
0.02

 
$
0.01

 
$
(0.05
)
 
$
(0.06
)
Earnings per common share – diluted
$
0.02

 
$
0.01

 
$
(0.05
)
 
$
(0.06
)


(1)
At March 31, 2019 and 2018, 0 and 22,321 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 the nine months ended March 31, 2019 and 2018, because those shares are anti-dilutive.
(2)
At March 31, 2019 and 2018, 354,176 and 335,869 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 the nine months ended March 31, 2019 and 2018, because those shares are anti-dilutive.
(3)
At March 31, 2019 and 2018, 754,331 and 531,178 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 the nine months ended March 31, 2019 and 2018, because those shares are anti-dilutive.
(4)
At March 31, 2019 and 2018, the Company included the number of shares that would be issued under its employee stock purchase plan based on the aggregate expected amount of withholdings and the average unrecognized compensation expense as assumed proceeds. The effect of these shares has been excluded from the calculation of diluted loss per share for the nine months ended March 31, 2019 and 2018, because those shares are anti-dilutive.

Unvested time-based restricted stock awards that contain nonforfeitable rights to dividends are participating securities and included in the computation of earnings per share pursuant to the two-class method. Under this method, earnings attributable to the Company are allocated between common stockholders and the participating awards, as if the awards were a second class of stock. During periods of net income, the calculation of earnings per share excludes the income attributable to participating securities in the numerator and the dilutive impact of these securities from the denominator. In the event of a net loss, undistributed earnings are not allocated to participating securities and the denominator excludes the dilutive impact of these securities as they do not share in the losses of the Company. During the three months ended March 31, 2019 and 2018, undistributed earnings allocated to participating securities were based on 172,839 and 462,387 time-based restricted stock awards, respectively.
v3.19.1
Selected Consolidated Financial Statement Information (Tables)
9 Months Ended
Mar. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Accounts Receivable
 
March 31,
 
June 30,
 
2019
 
2018
Accounts receivable
$
35,649

 
$
32,025

Less: Allowance for doubtful accounts
(679
)
 
(800
)
   Accounts receivable, net
$
34,970

 
$
31,225

Schedule of Inventory
 
March 31,
 
June 30,
 
2019
 
2018
Raw materials
$
6,042

 
$
6,820

Work in process
1,612

 
1,315

Finished goods
11,650

 
8,470

   Inventories
$
19,304

 
$
16,605

Schedule of Property and Equipment
 
March 31,
 
June 30,
 
2019
 
2018
Land
$
500

 
$
500

Building
22,420

 
22,420

Equipment
17,869

 
16,510

Furniture
2,900

 
2,709

Leasehold improvements
540

 
438

Construction in progress
1,682

 
1,110

 
45,911

 
43,687

Less: Accumulated depreciation
(18,304
)
 
(15,943
)
Property and equipment, net
$
27,607

 
$
27,744

Schedule of Accrued Expenses
 
March 31,
 
June 30,
 
2019
 
2018
Salaries and bonus
$
7,089

 
$
6,624

Commissions
6,310

 
7,234

Accrued vacation
4,094

 
3,557

Accrued excise, sales and other taxes
3,555

 
3,522

Clinical studies
1,968

 
1,422

Legal settlement
932

 
1,847

Other accrued expenses
2,541

 
1,570

Accrued expenses
$
26,489

 
$
25,776

v3.19.1
Revenue (Tables)
9 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
 
Three Months Ended 
 March 31,
 
Nine Months Ended 
 March 31,
Product Category
2019
 
2018
 
2019
 
2018
Peripheral
$
45,152

 
$
40,989

 
$
130,620

 
$
118,331

Coronary
18,159

 
14,598

 
49,163

 
39,560

Total net revenues
$
63,311

 
$
55,587

 
$
179,783

 
$
157,891

 
 
 
 
 
 
 
 
Geography
 
 
 
 
 
 
 
United States
$
60,897

 
$
54,736

 
$
174,417

 
$
157,040

International
2,414

 
851

 
5,366

 
851

Total net revenues
$
63,311

 
$
55,587

 
$
179,783

 
$
157,891

v3.19.1
Debt (Tables)
9 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Schedule of future minimum lease payments
Three months ending June 30, 2019
$
434

Fiscal 2020
1,750

Fiscal 2021
1,803

Fiscal 2022
1,857

Fiscal 2023
1,913

Thereafter
19,375

 
$
27,132

v3.19.1
Investments (Tables)
9 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis
 
 
 
 
Fair Value Measurements as of March 31, 2019
Using Inputs Considered as
 
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Mutual funds
 
$
456

 
$
148

 
$
308

 
$

  Total short-term investments
 
$
456

 
$
148

 
$
308

 
$

 
 
 
 
Fair Value Measurements as of June 30, 2018
Using Inputs Considered as
 
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Mutual funds
 
$
544

 
$
199

 
$
345

 
$

  Total short-term investments
 
$
544

 
$
199

 
$
345

 
$

v3.19.1
Stock Options and Restricted Stock Awards (Tables)
9 Months Ended
Mar. 31, 2019
Share-based Arrangements with Employees and Nonemployees [Abstract]  
Stock Option Activity
 
Number of
Options(a)
 
Weighted
Average
Exercise Price
Options outstanding at June 30, 2018
22,321

 
$
8.75

Options exercised
(22,321
)
 
$
8.75

Options outstanding at March 31, 2019

 
$

(a) Includes the effect of options granted, exercised, forfeited or expired from the 2007 Plan.
Restricted Stock Award Activity
 
Number of
Shares
 
Weighted
Average  Fair
Value
Outstanding at June 30, 2018
455,216

 
$
24.77

Granted
259,010

 
$
35.46

Forfeited
(20,889
)
 
$
28.39

Vested
(209,142
)
 
$
23.27

Outstanding at March 31, 2019
484,195

 
$
30.76


Performance Based RSA Activity
 
Number of
Shares
 
Weighted
Average  Fair
Value
Outstanding at June 30, 2018
531,178

 
$
12.69

Granted
225,325

 
$
22.33

Forfeited
(2,172
)
 
$
17.94

Outstanding at March 31, 2019
754,331

 
$
15.19

v3.19.1
Commitment and Contingencies (Tables)
9 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Lease Payments for Operating Leases
Three months ending June 30, 2019
$
127

Fiscal 2020
392

Fiscal 2021
36

Fiscal 2022
8

Fiscal 2023
3

Thereafter
2

 
$
568

v3.19.1
Earnings Per Share (Tables)
9 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Reconciliation of Numerators and Denominators Used in Basic and Diluted Earnings Per Common Share Computations
The following table presents a reconciliation of the numerators and denominators used in the basic and diluted earnings per common share computations (in thousands except share and per share amounts):
 
Three Months Ended 
 March 31,
 
Nine Months Ended 
 March 31,
 
2019
 
2018
 
2019
 
2018
Numerator
 
 
 
 
 
 
 
Net income (loss)
$
672

 
$
365

 
$
(1,724
)
 
$
(2,025
)
Income allocated to participating securities
(3
)
 
(5
)
 

 

Net income (loss) available to common stockholders
$
669

 
$
360

 
$
(1,724
)
 
$
(2,025
)
Denominator
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
33,600,148

 
33,237,552

 
33,510,368

 
33,105,174

Effect of dilutive stock options(1)

 
14,197

 

 

Effect of dilutive restricted stock units(2)
339,929

 
318,122

 

 

Effect of performance-based restricted stock awards(3)
295,048

 
67,918

 

 

Effect of employee stock purchase plan(4)
6,307

 
4,015

 

 

Weighted average common shares outstanding – diluted
34,241,432

 
33,641,804

 
33,510,368

 
33,105,174

 
 
 
 
 
 
 
 
Earnings per common share – basic
$
0.02

 
$
0.01

 
$
(0.05
)
 
$
(0.06
)
Earnings per common share – diluted
$
0.02

 
$
0.01

 
$
(0.05
)
 
$
(0.06
)


(1)
At March 31, 2019 and 2018, 0 and 22,321 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 the nine months ended March 31, 2019 and 2018, because those shares are anti-dilutive.
(2)
At March 31, 2019 and 2018, 354,176 and 335,869 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 the nine months ended March 31, 2019 and 2018, because those shares are anti-dilutive.
(3)
At March 31, 2019 and 2018, 754,331 and 531,178 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 the nine months ended March 31, 2019 and 2018, because those shares are anti-dilutive.
(4)
At March 31, 2019 and 2018, the Company included the number of shares that would be issued under its employee stock purchase plan based on the aggregate expected amount of withholdings and the average unrecognized compensation expense as assumed proceeds. The effect of these shares has been excluded from the calculation of diluted loss per share for the nine months ended March 31, 2019 and 2018, because those shares are anti-dilutive.

v3.19.1
Selected Consolidated Financial Statement Information - Accounts Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Jun. 30, 2018
Accounts Receivable    
Accounts receivable $ 35,649 $ 32,025
Less: Allowance for doubtful accounts (679) (800)
Accounts receivable, net $ 34,970 $ 31,225
v3.19.1
Selected Consolidated Financial Statement Information - Inventories (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Jun. 30, 2018
Inventories    
Raw materials $ 6,042 $ 6,820
Work in process 1,612 1,315
Finished goods 11,650 8,470
Inventories $ 19,304 $ 16,605
v3.19.1
Selected Consolidated Financial Statement Information - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Jun. 30, 2018
Property and Equipment    
Land $ 500 $ 500
Building 22,420 22,420
Equipment 17,869 16,510
Furniture 2,900 2,709
Leasehold improvements 540 438
Construction in progress 1,682 1,110
Property and equipment, gross 45,911 43,687
Less: Accumulated depreciation (18,304) (15,943)
Property and equipment, net $ 27,607 $ 27,744
v3.19.1
Selected Consolidated Financial Statement Information - Accrued Expenses (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Jun. 30, 2018
Accrued Expenses    
Salaries and bonus $ 7,089 $ 6,624
Commissions 6,310 7,234
Accrued vacation 4,094 3,557
Accrued excise, sales and other taxes 3,555 3,522
Clinical studies 932 1,847
Legal settlement 1,968 1,422
Other accrued expenses 2,541 1,570
Accrued expenses $ 26,489 $ 25,776
v3.19.1
Revenue - Dissagregate (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Disaggregation of Revenue [Line Items]        
Net revenues $ 63,311 $ 55,587 $ 179,783 $ 157,891
United States        
Disaggregation of Revenue [Line Items]        
Net revenues 60,897 54,736 174,417 157,040
International        
Disaggregation of Revenue [Line Items]        
Net revenues 2,414 851 5,366 851
Peripheral        
Disaggregation of Revenue [Line Items]        
Net revenues 45,152 40,989 130,620 118,331
Coronary        
Disaggregation of Revenue [Line Items]        
Net revenues $ 18,159 $ 14,598 $ 49,163 $ 39,560
v3.19.1
Revenue - Narratives (Details) - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2019
Jun. 30, 2018
Nov. 30, 2016
Disaggregation of Revenue [Line Items]      
Deferred revenue upfront payment     $ 10,000
Revenue recognized previously deferred $ 775    
Volume-based rebates, discounts and incentives, current $ 1,665 $ 1,398  
v3.19.1
Debt - Revolving Credit Facility (Details) - Silicon Valley Bank [Member] - Revolving Credit Facility [Member] - USD ($)
1 Months Ended 9 Months Ended
Mar. 31, 2017
Mar. 31, 2019
Line of Credit Facility [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity $ 40,000,000  
Line of Credit Facility, Expiration Date Mar. 31, 2020  
Percent Reduction to Prime Interest Rate 0.25%  
Borrowings Available On A NonFormula Basis $ 10,000,000  
Percentage of Eligible Accounts Receivable 85.00%  
Percent of Eligible Inventory 50.00%  
Maximum Eligible Inventory Value $ 5,000,000  
Early Termination Fee 1.00%  
Covenant, Unused Availability $ 10,000,000  
Covenant, Adjusted EBITDA $ 1,000,000  
Interest Rate Increase For Noncompliance 5.00%  
Line of Credit Facility, Commitment Fee Amount $ 80,000  
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage   0.35%
Line of Credit Facility, Fair Value of Amount Outstanding   $ 0
v3.19.1
Debt - Financing Obligation (Details)
$ in Thousands
9 Months Ended
Mar. 31, 2019
USD ($)
lease_renewal_option
Debt Instrument [Line Items]  
Lessee, Finance Lease, Term of Contract 15 years
Lessee Leasing Arrangements Capital Leases Number Options To Renew | lease_renewal_option 4
Lessee, Finance Lease, Renewal Term 5 years
Capital Lease Obligations [Member]  
Debt Instrument [Line Items]  
Base Annual Rent Under Facility Lease $ 1,638
Annual Rent Escalation 3.00%
Financing Obligation $ 20,944
Effective Interest Rate 7.89%
Three months ending June 30, 2019 $ 434
Fiscal 2020 1,750
Fiscal 2021 1,803
Fiscal 2022 1,857
Fiscal 2023 1,913
Thereafter 19,375
Capital Leases, Future Minimum Payments Due $ 27,132
v3.19.1
Investments - Fair Value Measurements (Details) - Recurring - USD ($)
$ in Thousands
Mar. 31, 2019
Jun. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total short-term investments $ 456 $ 544
Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total short-term investments 456 544
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total short-term investments 148 199
Level 1 | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total short-term investments 148 199
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total short-term investments 308 345
Level 2 | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total short-term investments 308 345
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total short-term investments 0 0
Level 3 | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total short-term investments $ 0 $ 0
v3.19.1
Investments - Narrative (Details) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Jul. 01, 2018
Jun. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Impact from adoption of ASU 2016-01         $ 0  
Purchases of available-for-sale securities   $ 0        
Sale of available-for-sale securities $ 0 $ 48,000 $ 97,000 $ 144,000    
Transfers of assets between Level 1 and Level 2 0   0      
Other-than-temporary impairments     0      
Carrying value            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Total short-term investments $ 5,593,000   $ 5,593,000     $ 2,538,000
Accumulated Other Comprehensive Income            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Impact from adoption of ASU 2016-01         (101,000)  
Accumulated Deficit            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Impact from adoption of ASU 2016-01         $ 101,000