0001564590-20-036908 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Trading Symbol	SRDX
Security Exchange Name	NASDAQ
Entity Registrant Name	Surmodics, Inc.
Entity Central Index Key	0000924717
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.05 par value
Entity File Number	0-23837
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1356149
Entity Address, Address Line One	9924 West 74th Street
Entity Address, City or Town	Eden Prairie
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55344
City Area Code	952
Local Phone Number	500-7000
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		13,650,235

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Sep. 30, 2019
Current Assets:
Cash and cash equivalents	$ 36,386	$ 30,361
Available-for-sale securities	24,178	24,931
Accounts receivable, net of allowance for doubtful accounts of $133 and $200 as of June 30, 2020 and September 30, 2019, respectively	8,657	8,993
Contract assets — royalties and license fees	4,248	8,210
Inventories, net	5,872	4,501
Income tax receivable	4,867	558
Prepaids and other	3,594	3,866
Total Current Assets	87,802	81,420
Property and equipment, net	28,939	29,748
Deferred income taxes	5,585	6,176
Intangible assets, net	12,585	14,226
Goodwill	26,563	26,171
Other assets	5,024	2,124
Total Assets	166,498	159,865
Current Liabilities:
Accounts payable	1,375	2,085
Accrued liabilities:
Compensation	4,320	4,581
Accrued other	4,703	4,790
Deferred revenue	5,229	5,553
Contingent consideration		3,200
Total Current Liabilities	15,627	20,209
Deferred revenue, less current portion	12,423	11,628
Other long-term liabilities	7,865	5,512
Total Liabilities	35,915	37,349
Commitments and Contingencies (Note 16)
Stockholders’ Equity:
Series A Preferred stock — $.05 par value, 450,000 shares authorized; no shares issued and outstanding
Common stock — $.05 par value, 45,000,000 shares authorized; 13,645,174 and 13,504,102 shares issued and outstanding as of June 30, 2020 and September 30, 2019, respectively	682	675
Additional paid-in capital	13,658	10,740
Accumulated other comprehensive income	1,469	396
Retained earnings	114,774	110,705
Total Stockholders’ Equity	130,583	122,516
Total Liabilities and Stockholders’ Equity	$ 166,498	$ 159,865

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Sep. 30, 2019
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 133	$ 200
Series A Preferred stock, par value	$ 0.05	$ 0.05
Series A Preferred stock, shares authorized	450,000	450,000
Series A Preferred stock, shares issued	0	0
Series A Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.05	$ 0.05
Common stock, shares authorized	45,000,000	45,000,000
Common stock, shares issued	13,645,174	13,504,102
Common stock, shares outstanding	13,645,174	13,504,102

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue:
Total revenue	$ 26,883	$ 24,344	$ 72,321	$ 69,261
Operating costs and expenses:
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Product costs	$ 4,443	$ 3,364	$ 11,415	$ 9,980
Research and development	13,324	13,321	37,401	38,362
Selling, general and administrative	7,416	5,939	21,092	16,764
Acquired intangible asset amortization	536	599	1,671	1,809
Contingent consideration expense (gain)		104		(248)
Total operating costs and expenses	25,719	23,327	71,579	66,667
Operating income	1,164	1,017	742	2,594
Other income (expense):
Investment income, net	124	269	584	850
Interest expense	(29)	(38)	(99)	(112)
Foreign exchange (loss) gain	(48)	(42)	(125)	99
Impairment loss on strategic investment			(479)
Other			1	9
Other income (expense)	47	189	(118)	846
Income before income taxes	1,211	1,206	624	3,440
Income tax benefit	1,248	260	3,445	598
Net income	$ 2,459	$ 1,466	$ 4,069	$ 4,038
Basic net income per share	$ 0.18	$ 0.11	$ 0.30	$ 0.30
Diluted net income per share	$ 0.18	$ 0.11	$ 0.30	$ 0.29
Weighted average number of shares outstanding:
Basic	13,601	13,394	13,577	13,384
Diluted	13,786	13,726	13,775	13,776
Product Sales [Member]
Revenue:
Total revenue	$ 11,987	$ 9,870	$ 33,731	$ 29,508
Royalties and License Fees [Member]
Revenue:
Total revenue	12,398	11,624	30,767	31,652
Research, Development and Other [Member]
Revenue:
Total revenue	$ 2,498	$ 2,850	$ 7,823	$ 8,101

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 2,459	$ 1,466	$ 4,069	$ 4,038
Other comprehensive income (loss):
Unrealized holding gains on available-for- sale securities, net of tax	185	13	6	57
Foreign currency translation adjustments	794	520	1,067	(798)
Other comprehensive income (loss)	979	533	1,073	(741)
Comprehensive income	$ 3,438	$ 1,999	$ 5,142	$ 3,297

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Revision of Prior Period Change in Accounting Principle Adjustment [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]	Retained Earnings [Member] Revision of Prior Period Change in Accounting Principle Adjustment [Member]
Beginning balance at Sep. 30, 2018	$ 108,610	$ 5,498	$ 670	$ 7,607	$ 2,718	$ 97,615	$ 5,498
Beginning balance, shares at Sep. 30, 2018			13,398
Net income	4,038					4,038
Other comprehensive income (loss), net of tax	(741)				(741)
Issuance of common stock	210		$ 7	203
Issuance of common stock, shares			135
Common stock options exercised, net	67			67
Common stock options exercised, net, shares			3
Purchase of common stock to pay employee taxes	(2,559)		$ (2)	(2,557)
Purchase of common stock to pay employee taxes, shares			(46)
Stock-based compensation	3,509			3,509
Ending balance at Jun. 30, 2019	118,632		$ 675	8,829	1,977	107,151
Ending balance, shares at Jun. 30, 2019			13,490
Beginning balance at Mar. 31, 2019	115,313		$ 674	7,510	1,444	105,685
Beginning balance, shares at Mar. 31, 2019			13,489
Net income	1,466					1,466
Other comprehensive income (loss), net of tax	533				533
Issuance of common stock	1		$ 1
Issuance of common stock, shares			1
Common stock options exercised, net	12			12
Common stock options exercised, net, shares			1
Purchase of common stock to pay employee taxes	(12)			(12)
Purchase of common stock to pay employee taxes, shares			(1)
Stock-based compensation	1,319			1,319
Ending balance at Jun. 30, 2019	118,632		$ 675	8,829	1,977	107,151
Ending balance, shares at Jun. 30, 2019			13,490
Beginning balance at Sep. 30, 2019	122,516		$ 675	10,740	396	110,705
Beginning balance, shares at Sep. 30, 2019			13,504
Net income	4,069					4,069
Other comprehensive income (loss), net of tax	1,073				1,073
Issuance of common stock	218		$ 7	211
Issuance of common stock, shares			133
Common stock options exercised, net	951		$ 2	949
Common stock options exercised, net, shares			53
Purchase of common stock to pay employee taxes	(2,281)		$ (2)	(2,279)
Purchase of common stock to pay employee taxes, shares			(45)
Stock-based compensation	4,037			4,037
Ending balance at Jun. 30, 2020	130,583		$ 682	13,658	1,469	114,774
Ending balance, shares at Jun. 30, 2020			13,645
Beginning balance at Mar. 31, 2020	124,966		$ 680	11,481	490	112,315
Beginning balance, shares at Mar. 31, 2020			13,609
Net income	2,459					2,459
Other comprehensive income (loss), net of tax	979				979
Issuance of common stock, shares			3
Common stock options exercised, net	851		$ 2	849
Common stock options exercised, net, shares			33
Purchase of common stock to pay employee taxes	(12)			(12)
Stock-based compensation	1,340			1,340
Ending balance at Jun. 30, 2020	$ 130,583		$ 682	$ 13,658	$ 1,469	$ 114,774
Ending balance, shares at Jun. 30, 2020			13,645

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities:
Net income	$ 4,069	$ 4,038
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	5,390	5,462
Stock-based compensation	4,037	3,509
Payment of contingent consideration obligations in excess of acquisition-date value	(608)	(2,041)
Contingent consideration gain		(248)
Deferred taxes	592	(979)
Losses (gains) on strategic investments	479	(7)
Provision for bad debts	30	142
Other	176	(11)
Change in operating assets and liabilities:
Accounts receivable and contract asset	4,303	(1,009)
Inventories	(1,333)	(148)
Prepaids and other	(432)	(2,184)
Accounts payable	(489)	(219)
Accrued liabilities	116	(5,143)
Income taxes	(4,105)	196
Deferred revenue	471	(5,840)
Net cash provided by (used in) operating activities	12,696	(4,482)
Investing Activities:
Purchases of property and equipment	(2,627)	(4,135)
Purchases of available-for-sale securities	(45,766)	(26,117)
Maturities of available-for-sale securities	46,522	51,458
Cash proceeds from sales of property and equipment		10
Cash received from sale of strategic investment		7
Net cash (used in) provided by investing activities	(1,871)	21,223
Financing Activities:
Issuance of common stock	1,169	277
Payments for taxes related to net share settlement of equity awards	(2,385)	(2,688)
Payment of contingent consideration obligations	(2,592)	(9,064)
Payments for acquisition of in process research and development	(1,000)
Net cash used in financing activities	(4,808)	(11,475)
Effect of exchange rate changes on cash and cash equivalents	8	(18)
Net change in cash and cash equivalents	6,025	5,248
Cash and Cash Equivalents:
Beginning of period	30,361	23,668
End of period	36,386	28,916
Supplemental Information:
Cash paid for income taxes	9	155
Noncash transactions from investing and financing activities:
Acquisition of property and equipment, net of refundable credits in other current assets and liabilities	395	$ 180
Right of use assets obtained in exchange for new operating lease liabilities	$ 1,012

Basis of Presentation

9 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Basis of Presentation

1. Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.”) (“GAAP”) and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, needed to fairly present the financial results of Surmodics, Inc. and subsidiaries (referred to as “Surmodics”, the “Company”, “we,” “us,” “our” and other like terms) for the periods presented. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), the Company has omitted footnote disclosures that would substantially duplicate the disclosures contained in the audited consolidated financial statements of the Company. These unaudited condensed consolidated financial statements should be read together with the audited consolidated financial statements for the fiscal year ended September 30, 2019, and footnotes thereto included in the Company’s Annual Report on Form 10-K as filed with the SEC on December 3, 2019.

These financial statements include amounts that are based on management’s best estimates and judgments. These estimates may be adjusted as more information becomes available, and any adjustment could be significant. The impact of any change in estimates is included in the determination of net income in the period in which the change in estimate is identified. The results of operations for the three and nine months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the entire 2020 fiscal year.

Risks and Uncertainties

We are subject to risks and uncertainties as a result of the COVID-19 pandemic caused by a novel strain of coronavirus first identified in Wuhan, China in December 2019. On March 18, 2020, the Centers for Medicare & Medicaid Services (“CMS”) released guidance for U.S. healthcare providers to limit non-emergent elective medical procedures other than high acuity treatments in order to conserve personal protective equipment and limit exposure to COVID-19. On April 16, 2020, the White House issued “Guidelines for Opening Up America Again” (the “White House Guidelines”) that described a phased resumption of economic activities with gating conditions for a region or state to move from one phase to another. On June 9, 2020, CMS issued recommendations for regions and states in Phase II of the White House Guidelines that non-emergent, non-COVID-19 care should be offered to patients, as clinically appropriate, in localities or facilities that have the resources to provide such care, as well as the ability to quickly respond to a surge in COVID-19 cases, if necessary.

Since the White House Guidelines and related CMS recommendations were issued, rates of COVID-19 have vacillated by region and state, in some cases surging. Accordingly, consistent with the CMS recommendations, the degree to which elective medical procedures have been offered varies by region, state, and even between healthcare systems within a state. Where elective procedures have been offered, and even for emergency procedures, some people appear to have avoided healthcare facilities, presumably out of concern for contracting COVID-19. In addition, hospitals and other healthcare providers vary in the degree to which they are permitting access to their facilities during the pandemic. Further, the COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and healthcare delivery, led to social distancing recommendations, and created significant volatility in financial markets.

Many of our customers use our licensed technology and purchased materials to manufacture products used in elective procedures. In addition, our customers and business partners need access to healthcare providers and facilities to effectively market, distribute and sell products incorporating our coating and device technologies, as well as our whole-product solutions. Likewise, we and our business partners need access to healthcare providers and facilities to conduct clinical trials and other activities required to achieve regulatory clearing for our products under development.

We believe differences in the rates of delivery and utilization of elective procedures in response to CMS recommendations and the pandemic have had, and will continue to have, an adverse impact, which may be material, on the Company's financial condition, liquidity and results of operations. The severity of the impact of the COVID-19 pandemic on our business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on our customers, all of which are uncertain and cannot be predicted. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity or results of operations is uncertain. For further information, refer to “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q.

New Accounting Pronouncements

Recently Adopted

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2016-02, Leases (“ASC Topic 842”). The update maintains two classifications of leases: finance leases, which replace capital leases, and operating leases. Lessees recognize a right-of-use asset and a lease liability on the consolidated balance sheets for those leases previously classified as operating leases under the previous guidance. The liability is equal to the present value of lease payments, while the asset is based on the liability, subject to adjustment, such as for direct costs.

Effective October 1, 2019, the Company adopted the new lease accounting standard using the optional transition method which allowed us to continue to apply the guidance under the lease standard in effect at the time in the comparative periods presented. In addition, the Company elected the package of practical expedients, including opting not to reassess whether any existing contracts contain a lease, historical lease classification as operating or finance leases, or initial direct costs. The Company has also elected the practical expedient to not separate the lease and non-lease components for all classes of underlying assets. The Company elected the short-term lease recognition exemption for all leases that qualified and has accordingly excluded short-term leases from the recognition of right-of-use assets and lease liabilities.

As a result of adoption of ASC Topic 842, we recorded operating lease right-of-use assets and corresponding operating lease liabilities of approximately $1.7 million and $2.9 million, respectively, as of October 1, 2019 with no impact on retained earnings. In addition, deferred rent liabilities related to escalating rent payments and tenant incentives totaling approximately $1.2 million were eliminated upon adoption, as these items are netted against right-of-use assets. The condensed consolidated balance sheets for reporting periods beginning on or after October 1, 2019 are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported in accordance with previous guidance.

Not Yet Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses, Measurement of Credit Losses on Financial Statements. This ASU requires a financial asset (or a group of financial assets) measured at an amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The accounting standard will be effective for the Company beginning in the first quarter of fiscal 2021 (October 1, 2020), using a modified retrospective approach. We have evaluated the impact of this standard on the Company’s results of operations, cash flows and financial position, including accounting policies, processes and systems. We continue to monitor economic implications of the COVID-19 pandemic; however, based on current market conditions, we do not expect the impact to be material upon adoption.

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intraperiod tax allocation and to the methodology for calculating taxes during the quarters, as well as clarifies the accounting for enacted changes in tax laws. The accounting standard will be adopted by the Company in the first quarter of fiscal 2021 (October 1, 2020) using a prospective approach. We have evaluated the impact of this standard on the Company’s results of operations, cash flows and financial position, and we do not expect the impact to be material upon adoption.

No other new accounting pronouncement issued or effective has had, or is expected to have, a material impact on the Company’s condensed consolidated financial statements.

Revenue

9 Months Ended

Jun. 30, 2020

Revenue From Contract With Customer [Abstract]

Revenue

2. Revenue

The following table presents the Company’s revenues disaggregated by product classification and by operating segment, excluding sales taxes collected and remitted to governmental authorities.

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
(Dollars in thousands)	2020		2019		2020		2019
Medical Device
Product sales	$	5,763	$	4,500	$	16,240	$	13,836
Royalties		4,752		9,605		20,365		25,603
Research, development and other		2,353		2,821		7,215		8,016
License fees		7,646		2,019		10,402		6,049
Total Revenue — Medical Device		20,514		18,945		54,222		53,504
In Vitro Diagnostics
Product sales		6,224		5,370		17,491		15,672
Other		145		29		608		85
Total Revenue — In Vitro Diagnostics		6,369		5,399		18,099		15,757
Total Revenue	$	26,883	$	24,344	$	72,321	$	69,261

Contract Assets, Deferred Revenue and Remaining Performance Obligations

Contract asset balances consist of estimated sales-based royalties earned but not collected at each balance sheet date and are subject to timing fluctuations at the end of a given period. The Company’s deferred revenue, or contract liability, is primarily related to the upfront and milestone payments received pursuant to the collaborative license and commercialization agreement (the “Abbott Agreement”) with Abbott Vascular, Inc. (“Abbott”) for the Company’s SurVeil™ drug-coated balloon product (“SurVeil DCB”) discussed in Note 3.

As of June 30, 2020, the estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied for executed contracts with an original duration of one year or more totaled approximately $17.5 million. These remaining performance obligations relate to the Abbott Agreement (Note 3), exclude contingent milestone payments under the Abbott Agreement, and are expected to be recognized over the next five years through fiscal 2025 as services, principally the TRANSCEND clinical trial, are completed.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Collaborative Arrangement

9 Months Ended

Jun. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Collaborative Arrangement

3. Collaborative Arrangement

Under the Abbott Agreement, Abbott will have exclusive worldwide commercialization rights for the SurVeil DCB to treat the superficial femoral artery, which is currently being evaluated in a U.S. pivotal clinical trial. Separately, Abbott also received options to negotiate agreements for Surmodics' below-the-knee and arteriovenous (“AV”) fistula drug-coated balloon (“DCB”) products. The below-the-knee DCB, our Sundance^TM DCB, is currently in pre-clinical development. A first-in-human clinical study has been completed for the AV fistula DCB, our Avess^TM DCB, and Abbott has informed the Company that it has elected not to negotiate for distribution rights for this product. Surmodics is responsible for conducting all necessary clinical trials and other activities required to achieve U.S. and European Union regulatory clearances for the SurVeil DCB, including completion of the ongoing TRANSCEND pivotal clinical trial. Abbott and Surmodics participate on a joint development committee charged with providing guidance on the Company’s clinical and regulatory activities with regard to the SurVeil DCB product.

To account for the Abbott Agreement, the Company applied the guidance in ASC Topic 808 (Collaborative Arrangements) as the parties are active participants and are exposed to significant risks and rewards dependent on commercial success of the collaborative activity.

Under the Abbott Agreement, the Company has received payments totaling $45.8 million which consisted of the following: $25 million upfront fee in fiscal 2018, $10.0 million milestone payment in the fourth quarter of fiscal 2019, and $10.8 million milestone payment in the third quarter of fiscal 2020. The Company may receive up to $45 million of additional payments under the Abbott Agreement upon achievement of certain clinical and regulatory milestones. Revenue recognized from the Abbott agreement totaled $7.6 million and $2.0 million in the three months ended June 30, 2020 and 2019, respectively, and $10.4 million and $5.9 million in the nine months ended June 30, 2020 and 2019, respectively. Revenue recognized from the Abbott Agreement, which was included in the respective beginning of fiscal year balances of deferred revenue in the consolidated balance sheets, totaled $3.7 million and $5.9 million for the nine months ended June 30, 2020 and 2019, respectively. As of June 30, 2020 and September 30, 2019, deferred

revenue from the upfront and milestone payments received of $17.5 million and $17.1 million, respectively, was recorded in the condensed consolidated balance sheets. Upon the commercialization of the SurVeil DCB, Surmodics will be responsible for the manufacture and supply of clinical and commercial quantities of the product. Revenue from these product sales, including a per-unit transfer price and a share of net profits resulting from third-party sales by Abbott, will be recognized when these products are shipped and control is transferred to the customer.

Fair Value Measurements

9 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The accounting guidance on fair value measurements defines fair value, establishes a framework for measuring fair value under GAAP, and expands disclosures about fair value measurements. The guidance is applicable for all financial assets and financial liabilities and for all nonfinancial assets and nonfinancial liabilities recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Fair value is defined as the exchange price that would be received from selling an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and also considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of nonperformance.

Fair Value Hierarchy

Accounting guidance on fair value measurements requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:

Level 1 — Quoted (unadjusted) prices in active markets for identical assets or liabilities.

The Company did not have any Level 1 assets as of June 30, 2020 and September 30, 2019.

Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

The Company’s Level 2 assets as of June 30, 2020 and September 30, 2019 consisted of money market funds, commercial paper instruments and corporate bonds.

Level 3 — Unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation. In valuing Level 3 assets and liabilities, the Company is required to maximize the use of quoted market prices and minimize the use of unobservable inputs.

The Company’s Level 3 liability as of September 30, 2019 consisted of contingent consideration obligations related to the fiscal 2016 acquisition of NorMedix, Inc. (“NorMedix”).

Assets and Liabilities Measured at Fair Value on a Recurring Basis

In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.

Assets and liabilities measured at fair value on a recurring basis by level of the fair value hierarchy were as follows:

	June 30, 2020
(Dollars in thousands)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets
Cash equivalents	$	—	$	29,714	$	—	$	29,714
Available-for-sale securities		—		24,178		—		24,178
Total assets	$	—	$	53,892	$	—	$	53,892

	September 30, 2019
(Dollars in thousands)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets
Cash equivalents	$	—	$	24,375	$	—		$	24,375
Available-for-sale securities		—		24,931		—		$	24,931
Total assets	$	—	$	49,306	$	—		$	49,306

Liabilities
Contingent consideration	$	—	$	—	$	(3,200	)	$	(3,200	)
Total liabilities	$	—	$	—	$	(3,200	)	$	(3,200	)

Changes in the contingent consideration liabilities measured at fair value using Level 3 inputs were as follows:

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
(Dollars in thousands)	2020		2019		2020			2019
Beginning balance	$	—	$	3,009	$	3,200		$	14,466
Additions		—		—		—			—
Fair value adjustments		—		57		—			(454	)
Settlements		—		—		(3,200	)		(10,979	)
Interest accretion		—		47		—			206
Foreign currency translation loss (gain)		—		—		—			(126	)
Ending balance	$	—	$	3,113	$	—		$	3,113

Settlements of contingent consideration liabilities consisted of payments to the sellers of NorMedix for revenue and value-creating milestones achieved. For the nine months ended June 30, 2020, acquisition-related contingent consideration payments totaling $3.2 million were classified as $0.6 million and $2.6 million in cash flows used in operating and financing activities, respectively, in the condensed consolidated statements of cash flows. For the nine months ended June 30, 2019, acquisition-related contingent consideration payments totaling $11.0 million were classified as $2.0 million and $9.0 million in cash flows used in operating and financing activities, respectively, in the condensed consolidated statements of cash flows.

There were no transfers of assets or liabilities between amounts measured using Level 1, Level 2, or Level 3 fair value measurements in fiscal 2020 and fiscal 2019.

Valuation Techniques

The valuation techniques used to measure the fair value of assets are as follows:

Cash equivalents — These assets are classified as Level 2 and are carried at historical cost, which is a reasonable estimate of fair value because of the relatively short time between origination of the instrument and its expected realization.

Available-for-sale securities — Fair market values for these assets are based on quoted vendor prices and broker pricing in active markets underlying the securities where all significant inputs are observable. To ensure the accuracy of quoted vendor prices and broker pricing, the Company performs regular reviews of investment returns to industry benchmarks and sample tests of individual securities to validate quoted vendor prices with other available market data.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investments

9 Months Ended

Jun. 30, 2020

Investments Debt And Equity Securities [Abstract]

Investments

5. Investments

Investments consisted principally of commercial paper and corporate bond securities and are classified as available-for-sale as of June 30, 2020 and September 30, 2019. These available-for-sale securities are reported at fair value with unrealized gains and losses, net of tax, excluded from the condensed consolidated statements of operations and reported in the condensed consolidated statements of comprehensive income as well as a separate component of stockholders’ equity in the condensed consolidated balance sheets, except for other-than-temporary impairments, which are reported as a charge to current earnings as they occur. A loss would be recognized when there is an other-than-temporary impairment in the fair value of any individual security classified as available-for-sale, with the associated net unrealized loss reclassified out of accumulated other comprehensive income with a corresponding adjustment to other income. This adjustment would result in a new cost basis for the investment. Interest earned on debt securities, including amortization of premiums and accretion of discounts, is included in investment income, net within other income. Realized gains and losses from the sales of debt securities, which are included in other income, are determined using the specific identification method. Investment purchases are accounted for on the date the trade is executed, which may not be the same as the date the transaction is cash settled.

The amortized cost, unrealized holding gains and losses, and fair value of available-for-sale securities were as follows:

	June 30, 2020
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper and corporate bonds	$	24,161	$	17	$	—	$	24,178
Total	$	24,161	$	17	$	—	$	24,178

	September 30, 2019
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper and corporate bonds	$	24,918	$	13	$	—	$	24,931
Total	$	24,918	$	13	$	—	$	24,931

Inventories

9 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Inventories

6. Inventories

Inventories are principally stated at the lower of cost or market using the specific identification method and include direct labor, materials and overhead, with cost of product sales determined on a first-in, first-out basis. Inventories consisted of the following components:

	June 30,		September 30,
(Dollars in thousands)	2020		2019
Raw materials	$	3,394	$	2,034
Work-in process		1,057		892
Finished products		1,421		1,575
Total	$	5,872	$	4,501

Other Assets

9 Months Ended

Jun. 30, 2020

Investments All Other Investments [Abstract]

Other Assets

7. Other Assets

Other assets consisted of the following:

	June 30,		September 30,
(Dollars in thousands)	2020		2019
ViaCyte, Inc.	$	—	$	479
Operating lease right-of-use assets		2,580		—
Other noncurrent assets		2,444		1,645
Other assets	$	5,024	$	2,124

The Company invested a total of $5.3 million in ViaCyte, Inc. (“ViaCyte”), a privately-held California-based biotechnology firm that is developing a unique treatment for diabetes using coated islet cells, the cells that produce insulin in the human body. As of September 30, 2019, the balance of the investment of $0.5 million, which was net of previously recorded other-than-temporary impairments of $4.8 million, was accounted for under the cost method and represented less than a 1% ownership interest. The Company does not exert significant influence over ViaCyte’s operating or financial activities.

The carrying value of each cost method investment is reviewed quarterly for changes in circumstances or the occurrence of events that suggest the Company’s investment may not be recoverable. The fair value of cost method investments is not adjusted if there are no identified events or changes in circumstances that may have a material effect on the fair value of the investment. In the nine months ended June 30, 2020, the Company recorded a $0.5 million other-than-temporary impairment loss based on a current financing round and market valuations to reduce the carrying value of the investment in ViaCyte to zero.

Operating lease right-of-use assets as of June 30, 2020 are recorded in accordance with ASC Topic 842, which we adopted as of October 1, 2019. Other noncurrent assets include prepaid expenses related to our ongoing clinical trials and a receivable related to refundable Irish research and development tax credits.

Intangible Assets

9 Months Ended

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

8. Intangible Assets

Intangible assets consist principally of acquired patents and technology, customer lists and relationships, licenses, and trademarks. Intangible asset amortization expense was $0.6 million and $0.7 million for the three months ended June 30, 2020 and 2019, respectively, and $1.8 million and $2.0 million for the nine months ended June 30, 2020 and 2019, respectively.

Intangible assets consisted of the following:

	June 30, 2020
(Dollars in thousands)	Weighted Average Original Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships		8.9	$	17,698	$	(11,847	)	$	5,851
Developed technology		11.5		9,565		(3,904	)		5,661
Non-compete		5.0		230		(230	)		—
Patents and other		16.5		2,321		(1,828	)		493
Total definite-lived intangible assets				29,814		(17,809	)		12,005
Unamortized intangible assets:
Trademarks and trade names				580		—			580
Total intangible assets			$	30,394	$	(17,809	)	$	12,585

	September 30, 2019
(Dollars in thousands)	Weighted Average Original Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships		8.9	$	17,374	$	(10,661	)	$	6,713
Developed technology		11.5		9,490		(3,196	)		6,294
Non-compete		5.0		230		(196	)		34
Patents and other		16.5		2,321		(1,716	)		605
Total definite-lived intangible assets				29,415		(15,769	)		13,646
Unamortized intangible assets:
Trademarks and trade names				580		—			580
Total intangible assets			$	29,995	$	(15,769	)	$	14,226

Based on the intangible assets in service as of June 30, 2020, estimated amortization expense for the remainder of fiscal 2020 and each of the next five fiscal years is as follows (in thousands):

Remainder of 2020	$	591
2021		2,321
2022		2,281
2023		1,701
2024		1,612
2025		1,575

Future amortization amounts presented above are estimates. Actual future amortization expense may be different as a result of future acquisitions, impairments, changes in amortization periods, foreign currency translation rates, or other factors.

Goodwill

9 Months Ended

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

9. Goodwill

Goodwill represents the excess of the cost of an acquired entity over the fair value assigned to the assets purchased and liabilities assumed in connection with a business acquisition. Goodwill is not amortized but is subject, at a minimum, to annual tests for impairment in accordance with accounting guidance for goodwill. The carrying amount of goodwill is evaluated annually, and between annual evaluations if events occur or circumstances change and indicate that the carrying amount of goodwill may be impaired.

Goodwill in the Medical Device reporting unit represents the gross value from the fiscal 2016 acquisitions of Creagh Medical Limited (“Creagh Medical”) and NorMedix. Goodwill in the In Vitro Diagnostics reporting unit represents the gross value from the acquisition of BioFX Laboratories, Inc. (“BioFX”) in fiscal 2007.

Goodwill was not impaired in either reporting unit based on the outcome of the fiscal 2019 annual impairment test which utilized a quantitative assessment. The carrying amount of goodwill was evaluated as of June 30, 2020 with consideration of macroeconomic, industry and Company-specific events and circumstances. As of and for the nine months ended June 30, 2020, there have been no events or circumstances that have occurred to indicate it is more likely than not that goodwill was impaired for either of the Company's reporting units.

Changes in the carrying amount of goodwill by segment were as follows:

(Dollars in thousands)	In Vitro Diagnostics		Medical Device		Total
Balance as of September 30, 2019	$	8,010	$	18,161	$	26,171
Currency translation adjustment		—		392		392
Balance as of June 30, 2020	$	8,010	$	18,553	$	26,563

Accrued Other Liabilities

9 Months Ended

Jun. 30, 2020

Payables And Accruals [Abstract]

Accrued Other Liabilities

10. Accrued Other Liabilities

Accrued other liabilities consisted of the following:

	June 30,		September 30,
(Dollars in thousands)	2020		2019
Accrued professional fees	$	232	$	434
Accrued clinical study expense		2,588		2,163
Accrued purchases		686		679
Acquisition of in process research and development		146		989
Due to customers		438		19
Operating lease liability, current portion		397		—
Deferred rent, current portion		—		130
Other		216		376
Accrued other liabilities	$	4,703	$	4,790

Stock-based Compensation

9 Months Ended

Jun. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

11. Stock-based Compensation

The Company has stock-based compensation plans under which it grants stock options, restricted stock awards, performance share awards, restricted stock units and deferred stock units. The Company recognizes share-based payments as an operating expense, based on their fair values, over the requisite service period.

Stock-based compensation expense was reported as follows in the condensed consolidated statements of operations:

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
(Dollars in thousands)	2020		2019		2020		2019
Product costs	$	34	$	34	$	82	$	98
Research and development		189		225		619		617
Selling, general and administrative		1,117		1,060		3,336		2,794
Total	$	1,340	$	1,319	$	4,037	$	3,509

As of June 30, 2020, approximately $8.5 million of total unrecognized compensation costs related to non-vested awards is expected to be recognized over a weighted average period of approximately 2.3 years.

Stock Option Awards

The Company uses the Black-Scholes option pricing model to determine the weighted average grant date fair value of stock options granted. Stock option fair value assumptions and the weighted average fair value of stock options granted were as follows:

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Stock option fair value assumptions:
Risk-free interest rates		0.3	%		2.2	%		1.5	%		2.8	%
Expected life (years)		4.7			4.6			4.6			4.5
Expected volatility		42.5	%		36.0	%		38.4	%		33.6	%
Dividend yield		—	%		—	%		—	%		—	%
Weighted average grant date fair value of stock options granted	$	13.00		$	13.38		$	14.13		$	17.91

The risk-free interest rate assumption was based on the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the awards. The expected life of options granted was determined based on the Company’s experience. Expected volatility was based on the Company’s stock price movement over a period approximating the expected term. Based on management’s judgment, dividend yields were expected to be zero for the expected life of the options. The Company also estimated forfeitures of options granted, which were based on historical experience.

Non-qualified stock options are granted at fair market value on the date of grant. Non-qualified stock options expire in seven years, or upon termination of employment or service as a Board member. With respect to members of our Board, non-qualified stock options generally become exercisable on a monthly pro-rata basis within the one-year period following the date of grant. With respect to our employees, non-qualified stock options generally become exercisable with respect to 25% of the shares on each of the first four anniversaries following the grant date. The stock-based compensation expense table above includes stock option expenses recognized related to these awards, which totaled $0.6 million for each of the three months ended June 30, 2020 and 2019 and $1.8 million and $1.6 million for the nine months ended June 30, 2020 and 2019, respectively.

The total pre-tax intrinsic value of options exercised was $0.4 million and less than $0.1 million for the three months ended June 30, 2020 and 2019, respectively, and $1.5 million and $0.1 million for the nine months ended June 30, 2020 and 2019, respectively. Intrinsic value represents the difference between the Company’s common stock fair market value on the date of exercise and the option’s exercise price.

Restricted Stock Awards

The Company has entered into restricted stock agreements with certain key employees, covering the issuance of common stock (“Restricted Stock”). Under accounting guidance, these shares are considered to be non-vested shares. The Restricted Stock is

released to the key employees if they are employed by the Company at the end of the vesting period. Restricted Stock vesting periods range from one to three years. During the nine months ended June 30, 2020 and 2019, the Company awarded 64,390 and 45,049 Restricted Stock shares, respectively, to certain key employees and officers. Forfeiture of 14,289 and 800 Restricted Stock shares occurred during the nine months ended June 30, 2020 and 2019, respectively. As of June 30, 2020 and September 30, 2019, 97,473 and 90,409 Restricted Stock shares were outstanding, respectively. Compensation expense has been recognized for the estimated fair value of the common shares, net of estimated forfeitures, and is being charged to operating expenses over the vesting term. The stock-based compensation expense table includes Restricted Stock expenses recognized related to these awards, which totaled $0.5 million for each of the three months ended June 30, 2020 and 2019 and $1.5 million and $1.3 million for the nine months ended June 30, 2020 and 2019, respectively.

Performance Share Awards

In fiscal 2017, the Company entered into performance share agreements with certain key employees covering the issuance of common stock (“Performance Shares”). The Organization and Compensation Committee of the Board of Directors (the “Committee”) established cumulative revenue and cumulative earnings before interest, income taxes, depreciation and amortization (“EBITDA”) for the three-year performance period as the performance objectives for the fiscal 2017 awards. The fiscal 2017 awards also included performance objectives related to achievement of the Company’s strategic initiatives. Awards granted in fiscal 2017 were finalized in the first quarter of fiscal 2020 and resulted in the issuance of 67,653 shares, with a value of $2.8 million, based on the performance objectives relative to actual results achieved during the performance period. The per share compensation cost for each award was fixed on the grant date. The stock-based compensation expense table includes Performance Shares expense recognized related to these awards, which totaled $0.1 million for both the three and nine months ended June 30, 2019. Performance Shares expense recognized in the three and nine months ended June 30, 2020 was insignificant as all Performances Shares were vested as of September 30, 2019.

The fair values of the Performance Shares, at target, were $1.2 million for awards granted in fiscal 2017. There have been no Performance Share awards granted subsequent to fiscal 2017.

Restricted Stock Units and Deferred Stock Units

During the nine months ended June 30, 2020 and 2019, the Company awarded 18,376 and 11,871 restricted stock units (“RSUs”), respectively, to non-employee directors and certain key employees in foreign jurisdictions. RSU awards are not considered issued or outstanding common stock of the Company until they vest. As of June 30, 2020 and September 30, 2019, outstanding, unvested RSUs totaled 69,320 and 62,242, respectively. Compensation expense has been recognized for the estimated fair value of the common shares and is being charged to operating expenses over the vesting term. The estimated fair value of the RSUs was calculated based on the closing market price of Surmodics’ common stock on the grant date. The stock-based compensation expense table includes RSU expenses recognized related to these awards, which totaled $0.1 million for each of the three months ended June 30, 2020 and 2019 and $0.4 million for each of the nine months ended June 30, 2020 and 2019.

Directors may elect to receive their annual fees for services to the Board in deferred stock units (“DSUs”). Directors may elect this option annually. During the nine months ended June 30, 2020 and 2019, 2,634 and 2,099 units, respectively, were issued with a total fair value of $0.1 million and less than $0.1 million in each respective period. Outstanding, fully vested DSUs totaled 32,363 and 29,729 as of June 30, 2020 and September 30, 2019, respectively. Stock-based compensation expense related to DSU awards totaled less than $0.1 million for each of the three months ended June 30, 2020 and 2019 and $0.1 million for each of the nine months ended June 30, 2020 and 2019.

1999 Employee Stock Purchase Plan

Under the amended 1999 Employee Stock Purchase Plan (“Employee Stock Purchase Plan”), the Company is authorized to issue up to 600,000 shares of common stock. All full-time and part-time U.S. employees can choose to contribute up to 10% of their annual compensation, with a limit of $25,000, to purchase the Company’s common stock at purchase prices defined within the provisions of the Employee Stock Purchase Plan. Employee contributions to the Employee Stock Purchase Plan included in accrued liabilities in the condensed consolidated balance sheets totaled $0.2 million and less than $0.1 million as of June 30, 2020 and September 30, 2019, respectively. Stock-based compensation expense recognized related to the Employee Stock Purchase Plan totaled less than $0.1 million for each of the three months ended June 30, 2020 and 2019 and $0.1 million and less than $0.1 million for the nine months ended June 30, 2020 and 2019, respectively. The stock-based compensation expense table includes the Employee Stock Purchase Plan expenses.

Net Income Per Share Data

9 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Net Income Per Share Data

12. Net Income Per Share Data

Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number of common and dilutive common equivalent shares outstanding during the period. The Company’s potentially dilutive common shares are those that result from dilutive common stock options, non-vested stock relating to restricted stock awards, restricted stock units, and deferred stock units, as well as performance shares in years prior to fiscal 2020. Options to purchase shares of common stock as well as unvested restricted stock and performance stock units are considered to be potentially dilutive common shares.

The calculation of weighted average diluted shares outstanding excludes outstanding stock options associated with the right to purchase less than 0.1 million and 0.2 million shares of common stock for the three months ended June 30, 2020 and 2019, respectively, and less than 0.1 million and 0.1 million shares of common stock for the nine months ended June 30, 2020 and 2019, respectively, as their inclusion would have had an antidilutive effect on diluted net income per share for those periods.

The following table sets forth the denominator for the computation of basic and diluted net income per share (in thousands):

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Net income available to common shareholders	$	2,459	$	1,466	$	4,069	$	4,038
Basic weighted average shares outstanding		13,601		13,394		13,577		13,384
Dilutive effect of outstanding stock options, non-vested restricted stock, restricted stock units, deferred stock units and performance shares		185		332		198		392
Diluted weighted average shares outstanding		13,786		13,726		13,775		13,776

The Company’s Board of Directors has authorized the repurchase of up to $25.3 million of the Company’s outstanding common stock. This authorization does not have an expiration date.

Income Taxes

9 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The Company recorded an income tax benefit of $1.2 million and $0.3 million for the three months ended June 30, 2020 and 2019, respectively, and $3.4 million and $0.6 million for the nine months ended June 30, 2020 and 2019, respectively. In the nine months ended June 30, 2020, the income tax benefit includes a discrete tax benefit of $1.8 million as result of our ability under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) to carry back NOLs incurred to periods when the statutory tax rate was 35% versus our current tax rate of 21%.

The CARES Act was enacted on March 27, 2020 and includes significant business tax provisions. In particular, the CARES Act modified the rules associated with net operating losses (“NOLs”) and made technical corrections to tax depreciation methods for qualified improvement property. Under the temporary provisions of CARES Act, NOL carryforwards and carrybacks may offset 100% of taxable income for taxable years beginning before 2021. In addition, NOLs arising in 2018, 2019 and 2020 taxable years may be carried back to each of the preceding five years to generate a refund.

The effective income tax rate for the three and nine months ended June 30, 2020 and 2019 differs from the U.S. federal statutory tax rate of 21% primarily due to the discrete tax benefits recognized under the CARES Act for the nine-month period, favorable impacts of the U.S. federal research and development tax credits in both periods, stock award activity in the nine-month period, and operating results of our Irish subsidiary, where tax benefit is offset by a valuation allowance. The Company recognized discrete tax benefits related to stock-based compensation awards vested, expired, cancelled and exercised of less than $0.1 million in each of three months ended June 30, 2020 and 2019 and $0.3 million and $0.5 million in the nine months ended June 30, 2020 and 2019, respectively.

The total amount of unrecognized tax benefits, excluding interest and penalties that, if recognized, would affect the effective tax rate was $2.8 million and $2.1 million as of June 30, 2020 and September 30, 2019, respectively. Interest and penalties related to unrecognized tax benefits are recorded in the income tax benefit.

For interim income tax reporting, the Company estimates its annual effective tax rate and applies it to year-to-date pretax income, excluding unusual or infrequently occurring discrete items. Tax jurisdictions with losses for which tax benefits cannot be realized are

excluded. The Company files income tax returns, including returns for its subsidiaries, in the U.S. federal jurisdiction and in various state jurisdictions as well as several non-U.S. jurisdictions. Uncertain tax positions are related to tax years that remain subject to examination. U.S. income tax returns for years prior to fiscal 2017 are no longer subject to examination by federal tax authorities. For tax returns for state and local jurisdictions, the Company is no longer subject to examination for tax years generally before fiscal 2009. For tax returns for non-U.S. jurisdictions, the Company is no longer subject to income tax examination for years prior to 2014. Additionally, the Company has been indemnified of liability for any taxes relating to Creagh Medical and NorMedix for periods prior to their respective acquisition dates, pursuant to the terms of the related share purchase agreements. There were no undistributed earnings in foreign subsidiaries as of June 30, 2020 and September 30, 2019.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Segment Information

9 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information

14. Segment Information

The Company’s management evaluates performance and allocates resources based on reported results for two reportable segments, as follows: (1) the Medical Device unit, which designs, develops and manufactures interventional medical devices, primarily for the peripheral vascular market; surface modification coating technologies to improve access, deliverability, and predictable deployment of medical devices; as well as drug-delivery coating technologies to provide site-specific drug-delivery from the surface of a medical device, with end markets that include coronary, peripheral, neuro-vascular and urology, among others, and (2) the In Vitro Diagnostics unit, which consists of component products and technologies for diagnostic test kits and biomedical research applications, with products that include protein stabilization reagents, substrates, antigens and surface coatings.

Segment revenue, operating income, and depreciation and amortization were as follows:

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(Dollars in thousands)	2020			2019			2020			2019
Revenue:
Medical Device	$	20,514		$	18,945		$	54,222		$	53,504
In Vitro Diagnostics		6,369			5,399			18,099			15,757
Total revenue	$	26,883		$	24,344		$	72,321		$	69,261

Operating income:
Medical Device	$	532		$	753		$	(1,344	)	$	1,087
In Vitro Diagnostics		3,254			2,475			9,315			7,845
Total segment operating income		3,786			3,228			7,971			8,932
Corporate		(2,622	)		(2,211	)		(7,229	)		(6,338	)
Total operating income	$	1,164		$	1,017		$	742		$	2,594

Depreciation and amortization:
Medical Device	$	1,424		$	1,481		$	4,318		$	4,315
In Vitro Diagnostics		112			120			331			353
Corporate		254			286			741			794
Total depreciation and amortization	$	1,790		$	1,887		$	5,390		$	5,462

The Corporate category includes expenses that are not fully allocated to Medical Device and In Vitro Diagnostics segments. These Corporate costs are related to functions, such as executive management, corporate accounting, legal, human resources and Board of Directors. Corporate may also include expenses which are not specific to a segment and thus not allocated to the operating segments.

Asset information by operating segment is not presented because the Company does not provide its chief operating decision maker assets by operating segment, as the data is not readily available or significant to the decision-making process.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Leases

9 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

15. Leases

The Company leases facilities for research, office, manufacturing and warehousing. The Company determines whether a contract is a lease or contains a lease at inception date. Upon commencement, the Company recognizes a right-of-use asset and lease liability based on the net present value of the future minimum lease payments over the lease term at the commencement date. The net present value of future minimum lease payments recorded upon lease commencement is reduced by the discounted value of any leasehold improvement incentives payable to the Company considered to be in-substance fixed payments. The unamortized balance

of leasehold improvement incentives in the form of tenant allowances represents the primary difference between the balance of the right-of-use assets and operating lease liabilities. As the Company’s leases typically do not provide an implicit rate, the Company’s lease liabilities are measured on a discounted basis using the Company's incremental borrowing rate. Lease terms used in the recognition of right-of-use assets and lease liabilities include only options to extend the lease that are reasonably certain to be exercised. The condensed consolidated balance sheets do not include recognized assets or liabilities for leases that, at the commencement date, have a term of twelve months or less and do not include an option to purchase the underlying asset that is reasonably certain to be exercised. The Company recognizes such leases in the condensed consolidated statements of income on a straight-line basis over the lease term.

The Company’s leases include one or more options to renew and extend the lease term at the Company’s discretion. These renewal options are not included in right-of-use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates renewal options, and when they are reasonably certain to be exercised, the renewal period is included in the lease term.

Operating lease cost was $0.2 million and $0.5 million for the three and nine months ended June 30, 2020, respectively. Cash paid for operating lease liabilities approximated operating lease cost for the three and nine months ended June 30, 2020.

Operating lease right-of-use assets and lease liabilities were as follows:

	June 30,
(Dollars in thousands)	2020
Right-of-use assets:
Other assets	$	2,580

Operating lease liabilities:
Other accrued liabilities	$	397
Other long-term liabilities		3,286
Total operating lease liabilities	$	3,683

As of June 30, 2020, operating lease maturities for the remainder of fiscal 2020 and each of the next five fiscal years are as follows (in thousands):

Remainder of 2020	$	114
2021		586
2022		612
2023		625
2024		638
2025		651
Thereafter		1,521
Total expected operating lease payments		4,747
Less: Imputed interest		(1,064	)
Total operating lease liabilities	$	3,683

As of June 30, 2020, the weighted average remaining lease term for operating leases was 7.6 years and the weighted average discount rate used to determine operating lease liabilities was 4.0%.

Commitments and Contingencies

9 Months Ended

Jun. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. Commitments and Contingencies

Litigation. From time to time, the Company may become involved in various legal actions involving its operations, products and technologies, including intellectual property and employment disputes. The outcomes of these legal actions are not within the Company’s complete control and may not be known for prolonged periods of time. In some actions, the claimants seek damages as well as other relief, including injunctions barring the sale of products that are the subject of the lawsuit, which if granted, could require significant expenditures or result in lost revenue. The Company records a liability in the condensed consolidated financial statements for these actions when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate, the minimum amount of the range is accrued.

If a loss is possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed. In most cases, significant judgment is required to estimate the amount and timing of a loss to be recorded.

InnoCore Technologies BV. In fiscal 2006, the Company entered into a license agreement whereby the Company obtained an exclusive license to a drug delivery coating for licensed products within the vascular field which included peripheral, coronary and neurovascular biodurable stent products. The license requires the Company to make an annual minimum payment of 200,000 euros (equivalent to $225,000 using a euro to US dollar exchange rate of $1.1228 to the Euro as of June 30, 2020) until the last patent expires, which is currently estimated to be September 2027. The total minimum future payments associated with this license are approximately $1.7 million as of June 30, 2020. The license is currently utilized by one of the Company’s drug delivery customers.

Clinical Trials. The Company has engaged clinical trial clinical research organization (“CRO”) consultants to assist with the administration of its ongoing clinical trials. The Company has executed separate contracts with two CROs for services rendered in connection with the TRANSCEND pivotal clinical trial for the SurVeil DCB, including pass-through expenses paid by the CROs, of up to approximately $26 million in the aggregate. As of June 30, 2020, an estimated $10 million remains to be paid by the Company on these contracts, which may vary depending on actual pass-through expenses incurred to execute the trial. The Company estimates that the total cost of the TRANSCEND clinical trial will be in the range of $35 million to $40 million from inception to completion. In the event the Company were to terminate any trial, it may incur certain financial penalties which would become payable to the CRO for costs to wind down the terminated trial.

Asset Acquisitions. In the fourth quarter of fiscal 2019, the Company acquired certain intellectual property assets supporting ongoing development of the Company’s medical device pipeline and paid the sellers $0.8 million. In addition, the Company is obligated to pay up to $1.3 million of additional consideration upon achievement of certain strategic milestones within a contingency period ending in 2022, of which $0.2 million is guaranteed to be paid in fiscal 2021.

In fiscal 2018, the Company acquired certain intellectual property assets of Embolitech, LLC (the “Embolitech Transaction”). As part of the Embolitech Transaction, the Company paid the sellers $5.0 million in fiscal 2018 and $1.0 million in the second quarter of fiscal 2020. The Company is obligated to pay additional installments totaling $2.5 million in fiscal 2022 through fiscal 2024. These payments may be accelerated upon the occurrence of certain sales and regulatory milestones. An additional $2.0 million payment is contingent upon the achievement of certain regulatory milestones within a contingency period ending in 2033.

As of June 30, 2020, $0.1 million and $2.2 million related to these asset acquisitions is included in other accrued liabilities and other long-term liabilities, respectively, on the condensed consolidated balance sheets. As of September 30, 2019, $1.0 million and $2.1 million related to these asset acquisitions is included in other accrued liabilities and other long-term liabilities, respectively, on the consolidated balance sheets.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2016-02, Leases (“ASC Topic 842”). The update maintains two classifications of leases: finance leases, which replace capital leases, and operating leases. Lessees recognize a right-of-use asset and a lease liability on the consolidated balance sheets for those leases previously classified as operating leases under the previous guidance. The liability is equal to the present value of lease payments, while the asset is based on the liability, subject to adjustment, such as for direct costs. Effective October 1, 2019, the Company adopted the new lease accounting standard using the optional transition method which allowed us to continue to apply the guidance under the lease standard in effect at the time in the comparative periods presented. In addition, the Company elected the package of practical expedients, including opting not to reassess whether any existing contracts contain a lease, historical lease classification as operating or finance leases, or initial direct costs. The Company has also elected the practical expedient to not separate the lease and non-lease components for all classes of underlying assets. The Company elected the short-term lease recognition exemption for all leases that qualified and has accordingly excluded short-term leases from the recognition of right-of-use assets and lease liabilities. As a result of adoption of ASC Topic 842, we recorded operating lease right-of-use assets and corresponding operating lease liabilities of approximately $1.7 million and $2.9 million, respectively, as of October 1, 2019 with no impact on retained earnings. In addition, deferred rent liabilities related to escalating rent payments and tenant incentives totaling approximately $1.2 million were eliminated upon adoption, as these items are netted against right-of-use assets. The condensed consolidated balance sheets for reporting periods beginning on or after October 1, 2019 are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported in accordance with previous guidance. Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses, Measurement of Credit Losses on Financial Statements. This ASU requires a financial asset (or a group of financial assets) measured at an amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The accounting standard will be effective for the Company beginning in the first quarter of fiscal 2021 (October 1, 2020), using a modified retrospective approach. We have evaluated the impact of this standard on the Company’s results of operations, cash flows and financial position, including accounting policies, processes and systems. We continue to monitor economic implications of the COVID-19 pandemic; however, based on current market conditions, we do not expect the impact to be material upon adoption. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intraperiod tax allocation and to the methodology for calculating taxes during the quarters, as well as clarifies the accounting for enacted changes in tax laws. The accounting standard will be adopted by the Company in the first quarter of fiscal 2021 (October 1, 2020) using a prospective approach. We have evaluated the impact of this standard on the Company’s results of operations, cash flows and financial position, and we do not expect the impact to be material upon adoption. No other new accounting pronouncement issued or effective has had, or is expected to have, a material impact on the Company’s condensed consolidated financial statements.
Leases	The Company leases facilities for research, office, manufacturing and warehousing. The Company determines whether a contract is a lease or contains a lease at inception date. Upon commencement, the Company recognizes a right-of-use asset and lease liability based on the net present value of the future minimum lease payments over the lease term at the commencement date. The net present value of future minimum lease payments recorded upon lease commencement is reduced by the discounted value of any leasehold improvement incentives payable to the Company considered to be in-substance fixed payments. The unamortized balance of leasehold improvement incentives in the form of tenant allowances represents the primary difference between the balance of the right-of-use assets and operating lease liabilities. As the Company’s leases typically do not provide an implicit rate, the Company’s lease liabilities are measured on a discounted basis using the Company's incremental borrowing rate. Lease terms used in the recognition of right-of-use assets and lease liabilities include only options to extend the lease that are reasonably certain to be exercised. The condensed consolidated balance sheets do not include recognized assets or liabilities for leases that, at the commencement date, have a term of twelve months or less and do not include an option to purchase the underlying asset that is reasonably certain to be exercised. The Company recognizes such leases in the condensed consolidated statements of income on a straight-line basis over the lease term. The Company’s leases include one or more options to renew and extend the lease term at the Company’s discretion. These renewal options are not included in right-of-use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates renewal options, and when they are reasonably certain to be exercised, the renewal period is included in the lease term.

Revenue (Tables)

9 Months Ended

Jun. 30, 2020

Revenue From Contract With Customer [Abstract]

Summary of Revenues Disaggregated by Product Classification and Operating Segment

The following table presents the Company’s revenues disaggregated by product classification and by operating segment, excluding sales taxes collected and remitted to governmental authorities.

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
(Dollars in thousands)	2020		2019		2020		2019
Medical Device
Product sales	$	5,763	$	4,500	$	16,240	$	13,836
Royalties		4,752		9,605		20,365		25,603
Research, development and other		2,353		2,821		7,215		8,016
License fees		7,646		2,019		10,402		6,049
Total Revenue — Medical Device		20,514		18,945		54,222		53,504
In Vitro Diagnostics
Product sales		6,224		5,370		17,491		15,672
Other		145		29		608		85
Total Revenue — In Vitro Diagnostics		6,369		5,399		18,099		15,757
Total Revenue	$	26,883	$	24,344	$	72,321	$	69,261

Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis by level of the fair value hierarchy were as follows:

	June 30, 2020
(Dollars in thousands)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets
Cash equivalents	$	—	$	29,714	$	—	$	29,714
Available-for-sale securities		—		24,178		—		24,178
Total assets	$	—	$	53,892	$	—	$	53,892

	September 30, 2019
(Dollars in thousands)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets
Cash equivalents	$	—	$	24,375	$	—		$	24,375
Available-for-sale securities		—		24,931		—		$	24,931
Total assets	$	—	$	49,306	$	—		$	49,306

Liabilities
Contingent consideration	$	—	$	—	$	(3,200	)	$	(3,200	)
Total liabilities	$	—	$	—	$	(3,200	)	$	(3,200	)

Schedule of Contingent Consideration Liabilities Measured at Fair Value

Changes in the contingent consideration liabilities measured at fair value using Level 3 inputs were as follows:

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
(Dollars in thousands)	2020		2019		2020			2019
Beginning balance	$	—	$	3,009	$	3,200		$	14,466
Additions		—		—		—			—
Fair value adjustments		—		57		—			(454	)
Settlements		—		—		(3,200	)		(10,979	)
Interest accretion		—		47		—			206
Foreign currency translation loss (gain)		—		—		—			(126	)
Ending balance	$	—	$	3,113	$	—		$	3,113

Investments (Tables)

9 Months Ended

Jun. 30, 2020

Investments Debt And Equity Securities [Abstract]

Amortized Cost, Unrealized Holding Gains and (Losses) and Fair Value of Available-for-sale Securities

The amortized cost, unrealized holding gains and losses, and fair value of available-for-sale securities were as follows:

	June 30, 2020
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper and corporate bonds	$	24,161	$	17	$	—	$	24,178
Total	$	24,161	$	17	$	—	$	24,178

	September 30, 2019
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper and corporate bonds	$	24,918	$	13	$	—	$	24,931
Total	$	24,918	$	13	$	—	$	24,931

Inventories (Tables)

9 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Components of Inventories

Inventories consisted of the following components:

	June 30,		September 30,
(Dollars in thousands)	2020		2019
Raw materials	$	3,394	$	2,034
Work-in process		1,057		892
Finished products		1,421		1,575
Total	$	5,872	$	4,501

Other Assets (Tables)

9 Months Ended

Jun. 30, 2020

Investments All Other Investments [Abstract]

Summary of Other Assets

Other assets consisted of the following:

	June 30,		September 30,
(Dollars in thousands)	2020		2019
ViaCyte, Inc.	$	—	$	479
Operating lease right-of-use assets		2,580		—
Other noncurrent assets		2,444		1,645
Other assets	$	5,024	$	2,124

Intangible Assets (Tables)

9 Months Ended

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of the following:

	June 30, 2020
(Dollars in thousands)	Weighted Average Original Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships		8.9	$	17,698	$	(11,847	)	$	5,851
Developed technology		11.5		9,565		(3,904	)		5,661
Non-compete		5.0		230		(230	)		—
Patents and other		16.5		2,321		(1,828	)		493
Total definite-lived intangible assets				29,814		(17,809	)		12,005
Unamortized intangible assets:
Trademarks and trade names				580		—			580
Total intangible assets			$	30,394	$	(17,809	)	$	12,585

	September 30, 2019
(Dollars in thousands)	Weighted Average Original Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships		8.9	$	17,374	$	(10,661	)	$	6,713
Developed technology		11.5		9,490		(3,196	)		6,294
Non-compete		5.0		230		(196	)		34
Patents and other		16.5		2,321		(1,716	)		605
Total definite-lived intangible assets				29,415		(15,769	)		13,646
Unamortized intangible assets:
Trademarks and trade names				580		—			580
Total intangible assets			$	29,995	$	(15,769	)	$	14,226

Estimated Amortization Expense

Based on the intangible assets in service as of June 30, 2020, estimated amortization expense for the remainder of fiscal 2020 and each of the next five fiscal years is as follows (in thousands):

Remainder of 2020	$	591
2021		2,321
2022		2,281
2023		1,701
2024		1,612
2025		1,575

Goodwill (Tables)

9 Months Ended

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill By Segment

Changes in the carrying amount of goodwill by segment were as follows:

(Dollars in thousands)	In Vitro Diagnostics		Medical Device		Total
Balance as of September 30, 2019	$	8,010	$	18,161	$	26,171
Currency translation adjustment		—		392		392
Balance as of June 30, 2020	$	8,010	$	18,553	$	26,563

Accrued Other Liabilities (Tables)

9 Months Ended

Jun. 30, 2020

Payables And Accruals [Abstract]

Schedule of Accrued Other Liabilities

Accrued other liabilities consisted of the following:

	June 30,		September 30,
(Dollars in thousands)	2020		2019
Accrued professional fees	$	232	$	434
Accrued clinical study expense		2,588		2,163
Accrued purchases		686		679
Acquisition of in process research and development		146		989
Due to customers		438		19
Operating lease liability, current portion		397		—
Deferred rent, current portion		—		130
Other		216		376
Accrued other liabilities	$	4,703	$	4,790

Stock-based Compensation (Tables)

9 Months Ended

Jun. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation Expenses

Stock-based compensation expense was reported as follows in the condensed consolidated statements of operations:

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
(Dollars in thousands)	2020		2019		2020		2019
Product costs	$	34	$	34	$	82	$	98
Research and development		189		225		619		617
Selling, general and administrative		1,117		1,060		3,336		2,794
Total	$	1,340	$	1,319	$	4,037	$	3,509

Stock Option Fair Value Assumptions and Weighted Average Fair Value of Stock Options Granted

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Stock option fair value assumptions:
Risk-free interest rates		0.3	%		2.2	%		1.5	%		2.8	%
Expected life (years)		4.7			4.6			4.6			4.5
Expected volatility		42.5	%		36.0	%		38.4	%		33.6	%
Dividend yield		—	%		—	%		—	%		—	%
Weighted average grant date fair value of stock options granted	$	13.00		$	13.38		$	14.13		$	17.91

Net Income Per Share Data (Tables)

9 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Denominator for Computation of Basic and Diluted Net Income Per Share

The following table sets forth the denominator for the computation of basic and diluted net income per share (in thousands):

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Net income available to common shareholders	$	2,459	$	1,466	$	4,069	$	4,038
Basic weighted average shares outstanding		13,601		13,394		13,577		13,384
Dilutive effect of outstanding stock options, non-vested restricted stock, restricted stock units, deferred stock units and performance shares		185		332		198		392
Diluted weighted average shares outstanding		13,786		13,726		13,775		13,776

Segment Information (Tables)

9 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Revenue, Operating Income and Depreciation and Amortization

Segment revenue, operating income, and depreciation and amortization were as follows:

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(Dollars in thousands)	2020			2019			2020			2019
Revenue:
Medical Device	$	20,514		$	18,945		$	54,222		$	53,504
In Vitro Diagnostics		6,369			5,399			18,099			15,757
Total revenue	$	26,883		$	24,344		$	72,321		$	69,261

Operating income:
Medical Device	$	532		$	753		$	(1,344	)	$	1,087
In Vitro Diagnostics		3,254			2,475			9,315			7,845
Total segment operating income		3,786			3,228			7,971			8,932
Corporate		(2,622	)		(2,211	)		(7,229	)		(6,338	)
Total operating income	$	1,164		$	1,017		$	742		$	2,594

Depreciation and amortization:
Medical Device	$	1,424		$	1,481		$	4,318		$	4,315
In Vitro Diagnostics		112			120			331			353
Corporate		254			286			741			794
Total depreciation and amortization	$	1,790		$	1,887		$	5,390		$	5,462

Leases (Tables)

9 Months Ended

Jun. 30, 2020

Leases [Abstract]

Balance Sheet Classification and Amounts of Right-of-Use Assets and Lease Liabilities

Operating lease right-of-use assets and lease liabilities were as follows:

	June 30,
(Dollars in thousands)	2020
Right-of-use assets:
Other assets	$	2,580

Operating lease liabilities:
Other accrued liabilities	$	397
Other long-term liabilities		3,286
Total operating lease liabilities	$	3,683

Schedule of Operating Lease Maturities

As of June 30, 2020, operating lease maturities for the remainder of fiscal 2020 and each of the next five fiscal years are as follows (in thousands):

Remainder of 2020	$	114
2021		586
2022		612
2023		625
2024		638
2025		651
Thereafter		1,521
Total expected operating lease payments		4,747
Less: Imputed interest		(1,064	)
Total operating lease liabilities	$	3,683

Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Oct. 01, 2019
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Operating lease right-of-use assets	$ 2,580	$ 1,700
Operating lease liabilities	$ 3,683	2,900
Deferred rent liabilities		$ 1,200

Revenue - Summary of Revenues Disaggregated by Product Classification and Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation Of Revenue [Line Items]
Total revenue	$ 26,883	$ 24,344	$ 72,321	$ 69,261
Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	11,987	9,870	33,731	29,508
Royalties [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	12,398	11,624	30,767	31,652
Research, Development and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	2,498	2,850	7,823	8,101
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	26,883	24,344	72,321	69,261
Operating Segments [Member] \| Medical Device [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	20,514	18,945	54,222	53,504
Operating Segments [Member] \| Medical Device [Member] \| Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	5,763	4,500	16,240	13,836
Operating Segments [Member] \| Medical Device [Member] \| Royalties [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	4,752	9,605	20,365	25,603
Operating Segments [Member] \| Medical Device [Member] \| Research, Development and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	2,353	2,821	7,215	8,016
Operating Segments [Member] \| Medical Device [Member] \| License Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	7,646	2,019	10,402	6,049
Operating Segments [Member] \| In Vitro Diagnostics [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	6,369	5,399	18,099	15,757
Operating Segments [Member] \| In Vitro Diagnostics [Member] \| Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	6,224	5,370	17,491	15,672
Operating Segments [Member] \| In Vitro Diagnostics [Member] \| Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 145	$ 29	$ 608	$ 85

Revenue - Additional Information (Detail) - Abbott [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01 $ in Millions	Jun. 30, 2020 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Estimated revenue to be recognized in future	$ 17.5
Expected period to recognize the remaining revenue	5 years

Collaborative Arrangement - Additional Information (Detail) - Abbott [Member] - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2018
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront fee received				$ 45,800,000		$ 25,000,000
Collaborative arrangement milestone payment received	$ 10,800,000	$ 10,000,000.0
Collaboration revenue recognized	7,600,000		$ 2,000,000.0	10,400,000	$ 5,900,000
Upfront and milestone fee payment included in deferred revenue	17,500,000	$ 17,100,000		17,500,000
Collaboration revenue recognized included in balance at beginning of period				3,700,000	$ 5,900,000
Maximum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaborative arrangement additional potential milestone payments receivable	$ 45,000,000			$ 45,000,000

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Member] - USD ($) $ in Thousands	Jun. 30, 2020	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	$ 53,892	$ 49,306
Liabilities measured at fair value		(3,200)
Available-for-sale securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	24,178	24,931
Cash equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	29,714	24,375
Contingent consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities measured at fair value		(3,200)
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	53,892	49,306
Significant Other Observable Inputs (Level 2) [Member] \| Available-for-sale securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	24,178	24,931
Significant Other Observable Inputs (Level 2) [Member] \| Cash equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	$ 29,714	24,375
Level 3 Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities measured at fair value		(3,200)
Level 3 Liabilities [Member] \| Contingent consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities measured at fair value		$ (3,200)

Fair Value Measurements - Schedule of Contingent Consideration Liabilities Measured at Fair Value (Detail) - Contingent Consideration [Member] - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 3,009	$ 3,200	$ 14,466
Fair value adjustments	57		(454)
Settlements		$ (3,200)	(10,979)
Interest accretion	47		206
Foreign currency translation loss (gain)			(126)
Ending balance	$ 3,113		$ 3,113

Fair Value Measurements - Additional Information (Detail) - USD ($)	9 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Payment for contingent consideration liability, operating activities	$ 608,000	$ 2,041,000
Payment for contingent consideration liability, financing activities	2,592,000	9,064,000
Transfers in or out Level 3, Assets	0		$ 0
Transfers in or out Level 3, Liabilities	0		0
Transfers out of Level 1 to Level 2, Assets	0		0
Transfers into Level 1 out of Level 2, Assets	0		0
Transfers out of Level 1 to Level 2, Liabilities	0		0
Transfers into Level 1 out of Level 2, Liabilities	0		$ 0
NorMedix [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration liability	3,200,000	11,000,000.0
Payment for contingent consideration liability, operating activities	600,000	2,000,000.0
Payment for contingent consideration liability, financing activities	$ 2,600,000	$ 9,000,000.0

Investments - Amortized Cost, Unrealized Holding Gains and (Losses) and Fair Value of Available-for-sale Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Sep. 30, 2019
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 24,161	$ 24,918
Unrealized Gains	17	13
Fair Value	24,178	24,931
Commercial paper and corporate bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	24,161	24,918
Unrealized Gains	17	13
Fair Value	$ 24,178	$ 24,931

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Sep. 30, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 3,394	$ 2,034
Work-in process	1,057	892
Finished products	1,421	1,575
Total	$ 5,872	$ 4,501

Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Sep. 30, 2019
Schedule of Investments [Line Items]
Other assets	$ 5,024	$ 2,124
ViaCyte, Inc. [Member]
Schedule of Investments [Line Items]
Other assets		479
Operating Lease Right-of-Use Assets [Member]
Schedule of Investments [Line Items]
Other assets	2,580
Other Noncurrent Assets [Member]
Schedule of Investments [Line Items]
Other assets	$ 2,444	$ 1,645

Other Assets - Additional Information (Detail) - ViaCyte, Inc. [Member] - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Jun. 30, 2020	Sep. 30, 2019
Schedule of Investments [Line Items]
Original cost of investment	$ 5.3
Other-than-temporary impairment loss on investment	0.5	$ 4.8
Carrying amount of investment	$ 0.0	$ 0.5
Maximum [Member]
Schedule of Investments [Line Items]
Company's ownership percentage	1.00%

Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.6	$ 0.7	$ 1.8	$ 2.0

Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2020	Sep. 30, 2019
Intangible Assets [Line Items]
Definite-lived intangible assets, Accumulated Amortization	$ (17,809)	$ (15,769)
Intangible assets, Gross Carrying Amount	30,394	29,995
Intangible assets, Net	$ 12,585	$ 14,226
Customer Lists and Relationships [Member]
Intangible Assets [Line Items]
Definite-lived intangible assets, Weighted Average Original Life (Years)	8 years 10 months 24 days	8 years 10 months 24 days
Definite-lived intangible assets, Gross Carrying Amount	$ 17,698	$ 17,374
Definite-lived intangible assets, Accumulated Amortization	(11,847)	(10,661)
Definite-lived intangible assets, Net	$ 5,851	$ 6,713
Developed Technology [Member]
Intangible Assets [Line Items]
Definite-lived intangible assets, Weighted Average Original Life (Years)	11 years 6 months	11 years 6 months
Definite-lived intangible assets, Gross Carrying Amount	$ 9,565	$ 9,490
Definite-lived intangible assets, Accumulated Amortization	(3,904)	(3,196)
Definite-lived intangible assets, Net	$ 5,661	$ 6,294
Non-compete [Member]
Intangible Assets [Line Items]
Definite-lived intangible assets, Weighted Average Original Life (Years)	5 years	5 years
Definite-lived intangible assets, Gross Carrying Amount	$ 230	$ 230
Definite-lived intangible assets, Accumulated Amortization	$ (230)	(196)
Definite-lived intangible assets, Net		$ 34
Patents and Other [Member]
Intangible Assets [Line Items]
Definite-lived intangible assets, Weighted Average Original Life (Years)	16 years 6 months	16 years 6 months
Definite-lived intangible assets, Gross Carrying Amount	$ 2,321	$ 2,321
Definite-lived intangible assets, Accumulated Amortization	(1,828)	(1,716)
Definite-lived intangible assets, Net	493	605
Definite-Lived Intangible Assets [Member]
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross Carrying Amount	29,814	29,415
Definite-lived intangible assets, Accumulated Amortization	(17,809)	(15,769)
Definite-lived intangible assets, Net	12,005	13,646
Trademarks and Trade Names [Member]
Intangible Assets [Line Items]
Indefinite-lived intangible assets, Net	$ 580	$ 580

Intangible Assets - Estimated Amortization Expense (Detail) $ in Thousands	Jun. 30, 2020 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2020	$ 591
2021	2,321
2022	2,281
2023	1,701
2024	1,612
2025	$ 1,575

Goodwill - Schedule of Carrying Amount of Goodwill by Segment (Detail) $ in Thousands	9 Months Ended
	Jun. 30, 2020 USD ($)
Goodwill [Line Items]
Balance as of September 30, 2019	$ 26,171
Currency translation adjustment	392
Balance as of June 30, 2020	26,563
In Vitro Diagnostics [Member]
Goodwill [Line Items]
Balance as of September 30, 2019	8,010
Balance as of June 30, 2020	8,010
Medical Device [Member]
Goodwill [Line Items]
Balance as of September 30, 2019	18,161
Currency translation adjustment	392
Balance as of June 30, 2020	$ 18,553

Accrued Other Liabilities - Schedule of Accrued Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Sep. 30, 2019
Accrued Liabilities Current [Abstract]
Accrued professional fees	$ 232	$ 434
Accrued clinical study expense	2,588	2,163
Accrued purchases	686	679
Acquisition of in process research and development	146	989
Due to customers	438	19
Operating lease liability, current portion	397
Deferred rent, current portion		130
Other	216	376
Accrued other liabilities	$ 4,703	$ 4,790

Stock-based Compensation - Stock-based Compensation Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,340	$ 1,319	$ 4,037	$ 3,509
Product costs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	34	34	82	98
Research and development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	189	225	619	617
Selling, general and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,117	$ 1,060	$ 3,336	$ 2,794

Stock-based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2017	Sep. 30, 2019
Stock-Based Compensation Activity [Line Items]
Unrecognized compensation costs related to non-vested awards	$ 8,500,000			$ 8,500,000
Weighted average period for recognition of compensation costs related to non-vested awards				2 years 3 months 18 days
Dividend yield				0.00%
Stock-based compensation	1,340,000		$ 1,319,000	$ 4,037,000	$ 3,509,000
Total pre-tax intrinsic value of options exercised	400,000		100,000	1,500,000	100,000
Issuance of common stock			1,000	218,000	210,000
Nonqualified Stock Options [Member]
Stock-Based Compensation Activity [Line Items]
Stock-based compensation	600,000		600,000	$ 1,800,000	1,600,000
Nonqualified Stock Options [Member] \| Employee [Member]
Stock-Based Compensation Activity [Line Items]
Vesting period				4 years
Nonqualified Stock Options [Member] \| Minimum [Member] \| Board of Director [Member]
Stock-Based Compensation Activity [Line Items]
Stock option expiration term upon expiration of employment or service				7 years
Nonqualified Stock Options [Member] \| Maximum [Member] \| Board of Director [Member]
Stock-Based Compensation Activity [Line Items]
Vesting period				1 year
Restricted Stock Awards [Member]
Stock-Based Compensation Activity [Line Items]
Stock-based compensation	$ 500,000		500,000	$ 1,500,000	$ 1,300,000
Number of stock units awarded				64,390	45,049
Number of stock units forfeited				14,289	800
Number of stock units outstanding	97,473			97,473			90,409
Restricted Stock Awards [Member] \| Minimum [Member]
Stock-Based Compensation Activity [Line Items]
Vesting period				1 year
Restricted Stock Awards [Member] \| Maximum [Member]
Stock-Based Compensation Activity [Line Items]
Vesting period				3 years
Performance Shares [Member]
Stock-Based Compensation Activity [Line Items]
Vesting period						3 years
Stock-based compensation			100,000		$ 100,000
Issuance of common stock, shares		67,653
Issuance of common stock		$ 2,800,000
Performance Shares [Member] \| Fiscal 2017 (2017 - 2019) [Member]
Stock-Based Compensation Activity [Line Items]
Fair value of stock units granted						$ 1,200,000
Restricted Stock Units (RSUs) [Member] \| 2009 Equity Incentive Plan [Member]
Stock-Based Compensation Activity [Line Items]
Stock-based compensation	$ 100,000		100,000	$ 400,000	$ 400,000
Number of stock units awarded				18,376	11,871
Number of stock units outstanding	69,320			69,320			62,242
Deferred Stock Units [Member] \| 2009 Equity Incentive Plan [Member] \| Director [Member]
Stock-Based Compensation Activity [Line Items]
Stock-based compensation	$ 100,000		100,000	$ 100,000	$ 100,000
Number of stock units awarded				2,634	2,099
Number of stock units outstanding	32,363			32,363			29,729
Fair value of stock units granted				$ 100,000
Deferred Stock Units [Member] \| Maximum [Member] \| 2009 Equity Incentive Plan [Member] \| Director [Member]
Stock-Based Compensation Activity [Line Items]
Fair value of stock units granted					$ 100,000
1999 Employee Stock Purchase Plan [Member]
Stock-Based Compensation Activity [Line Items]
Stock-based compensation				100,000
Annual compensation withheld, maximum limit				25,000
Employee contributions	$ 200,000			$ 200,000
1999 Employee Stock Purchase Plan [Member] \| Maximum [Member]
Stock-Based Compensation Activity [Line Items]
Stock-based compensation	$ 100,000		$ 100,000		$ 100,000
Common stock authorized, shares	600,000			600,000
Annual compensation withheld				10.00%
Employee contributions							$ 100,000
Vesting Anniversary [Member] \| Nonqualified Stock Options [Member] \| Employee [Member]
Stock-Based Compensation Activity [Line Items]
Vesting percentage				25.00%

Stock-based Compensation - Stock Option Fair Value Assumptions and Weighted Average Fair Value of Stock Options Granted (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock option fair value assumptions:
Risk-free interest rates	0.30%	2.20%	1.50%	2.80%
Expected life (years)	4 years 8 months 12 days	4 years 7 months 6 days	4 years 7 months 6 days	4 years 6 months
Expected volatility	42.50%	36.00%	38.40%	33.60%
Dividend yield			0.00%
Weighted average grant date fair value of stock options granted	$ 13.00	$ 13.38	$ 14.13	$ 17.91

Net Income Per Share Data - Additional Information (Detail) - USD ($) shares in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Nov. 05, 2014
Earnings Loss Per Share [Line Items]
Anti-dilutive outstanding stock options	0.1	0.2	0.1	0.1
Accelerated Share Repurchase Program [Member]
Earnings Loss Per Share [Line Items]
Maximum payments for repurchase of common stock					$ 25,300,000

Net Income Per Share Data - Denominator for Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income available to common shareholders	$ 2,459	$ 1,466	$ 4,069	$ 4,038
Basic weighted average shares outstanding	13,601	13,394	13,577	13,384
Dilutive effect of outstanding stock options, non-vested restricted stock, restricted stock units, deferred stock units and performance shares	185	332	198	392
Diluted weighted average shares outstanding	13,786	13,726	13,775	13,776

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2017	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax benefit	$ (1,248,000)	$ (260,000)		$ (3,445,000)	$ (598,000)
Discrete tax benefit under CARES Act				$ 1,800,000
U.S. federal statutory tax rate	21.00%	21.00%	35.00%	21.00%	21.00%
Discrete tax benefits related to stock-based compensation awards	$ 100,000	$ 100,000		$ 300,000	$ 500,000
Unrecognized tax benefits excluding interest and penalties that would impact effective tax rate	2,800,000			2,800,000		$ 2,100,000
Undistributed earnings in foreign subsidiaries	$ 0			$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Jun. 30, 2020 Segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Information - Segment Revenue, Operating Income and Depreciation and Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Revenue	$ 26,883	$ 24,344	$ 72,321	$ 69,261
Operating income	1,164	1,017	742	2,594
Depreciation and amortization	1,790	1,887	5,390	5,462
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue	26,883	24,344	72,321	69,261
Operating income	3,786	3,228	7,971	8,932
Operating Segments [Member] \| Medical Device [Member]
Segment Reporting Information [Line Items]
Revenue	20,514	18,945	54,222	53,504
Operating income	532	753	(1,344)	1,087
Depreciation and amortization	1,424	1,481	4,318	4,315
Operating Segments [Member] \| In Vitro Diagnostics [Member]
Segment Reporting Information [Line Items]
Revenue	6,369	5,399	18,099	15,757
Operating income	3,254	2,475	9,315	7,845
Depreciation and amortization	112	120	331	353
Corporate [Member]
Segment Reporting Information [Line Items]
Operating income	(2,622)	(2,211)	(7,229)	(6,338)
Depreciation and amortization	$ 254	$ 286	$ 741	$ 794

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Leases - Additional Information (Detail) $ in Millions	3 Months Ended	9 Months Ended
Leases - Additional Information (Detail) $ in Millions	Jun. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)
Leases [Abstract]
Lease description		The Company leases facilities for research, office, manufacturing and warehousing.
Lease, existence of option to extend		true
Lease, option to extend		The Company’s leases include one or more options to renew and extend the lease term at the Company’s discretion. These renewal options are not included in right-of-use assets and lease liabilities as they are not reasonably certain of exercise.
Operating lease cost	$ 0.2	$ 0.5
Weighted average remaining lease term for operating leases	7 years 7 months 6 days	7 years 7 months 6 days
Weighted average discount rate used to determine operating lease liabilities	4.00%	4.00%

Leases - Balance Sheet Classification and Amounts of Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Oct. 01, 2019
Right-of-use assets:
Other assets	$ 2,580	$ 1,700
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent
Operating lease liabilities:
Other accrued liabilities	$ 397
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherAccruedLiabilitiesCurrent
Other long-term liabilities	$ 3,286
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Total operating lease liabilities	$ 3,683	$ 2,900

Leases - Schedule of Operating Lease Maturities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Oct. 01, 2019
Operating Lease Liabilities Payments Due [Abstract]
Remainder of 2020	$ 114
2021	586
2022	612
2023	625
2024	638
2025	651
Thereafter	1,521
Total expected operating lease payments	4,747
Less: Imputed interest	(1,064)
Total operating lease liabilities	$ 3,683	$ 2,900

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended	60 Months Ended
	Mar. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($) € / $	Jun. 30, 2020 EUR (€)	Sep. 30, 2018 USD ($)	Sep. 30, 2024 USD ($)
Commitments And Contingencies [Line Items]
Additional payments for acquisition of in-process research and development				$ 1,000,000
Other long-term liabilities		$ 5,512,000		7,865,000
Embolitech LLC [Member]
Commitments And Contingencies [Line Items]
Contingent payments upon achievement of regulatory milestones			$ 2,000,000.0
Installment payment beginning period			2022
Installment payment ending period			2024
CRO [Member]
Commitments And Contingencies [Line Items]
Contractual obligation remaining to be paid				10,000,000
CRO [Member] \| Minimum [Member]
Commitments And Contingencies [Line Items]
Gross contractual obligation				35,000,000
CRO [Member] \| Maximum [Member]
Commitments And Contingencies [Line Items]
Gross contractual obligation				40,000,000
CRO [Member] \| CRO Pass-through Expenses [Member]
Commitments And Contingencies [Line Items]
Gross contractual obligation				26,000,000
Intellectual Property [Member] \| Medical Device [Member]
Commitments And Contingencies [Line Items]
Payments to acquire intellectual property assets		800,000
Contingent payments upon achievement of regulatory milestones		$ 1,300,000
Contingency period ending year		2022
Estimated additional payment to acquire intellectual property assets		$ 200,000
Intellectual Property [Member] \| Embolitech LLC [Member]
Commitments And Contingencies [Line Items]
Contingency period ending year			2033
Additional payments for acquisition of in-process research and development	$ 1,000,000.0
Payments upon initial acquisition of in-process research and development						$ 5,000,000.0
Contractual obligation payable in fiscal 2022 through fiscal 2024							$ 2,500,000
Other accrued liabilities noncurrent		1,000,000.0		100,000
Other long-term liabilities		$ 2,100,000		$ 2,200,000
Intellectual Property [Member] \| InnoCore Technologies BV [Member]
Commitments And Contingencies [Line Items]
License agreement commencement year				2006	2006
Annual minimum payments for licenses				$ 225,000	€ 200,000
Exchange rate relating to license payment \| € / $				1.1228
Patent expiry date				2027-09	2027-09
Future minimum payments associated with license				$ 1,700,000