0001564590-21-040516 | 10-Q | XBRL Viewer

Inventories

9 Months Ended

Jun. 30, 2021

6. Inventories

Inventories consisted of the following components:

	June 30,		September 30,
(In thousands)	2021		2020
Raw materials	$	3,812	$	3,758
Work-in process		1,263		817
Finished products		1,241		1,391
Total	$	6,316	$	5,966

Stock-based Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Stock-Based Compensation Activity [Line Items]
Unrecognized compensation costs, nonvested awards, amount	$ 9.0
Unrecognized compensation costs, nonvested awards, weighted average recognition period	2 years 3 months 18 days
Stock Option Awards [Member]
Stock-Based Compensation Activity [Line Items]
Units granted	244,000	291,000
Weighted average grant date fair value per unit	$ 14.08	$ 14.12
Restricted Stock Awards [Member]
Stock-Based Compensation Activity [Line Items]
Units granted	68,000	64,000
Weighted average grant date fair value	$ 38.06	$ 41.50
Restricted Stock Unit Awards [Member]
Stock-Based Compensation Activity [Line Items]
Units granted	12,000	18,000
Weighted average grant date fair value	$ 45.13	$ 40.36
Employee Stock Purchase Plan [Member]
Stock-Based Compensation Activity [Line Items]
Shares issued	8,000	7,000

Leases

9 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

16. Leases

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

	June 30,		September 30,
	2021		2020
Right-of-use assets:
Other assets	$	2,519	$	2,508

Operating lease liabilities:
Other accrued liabilities	$	510	$	436
Other long-term liabilities		3,321		3,340
Total operating lease liabilities	$	3,831	$	3,776

As of June 30, 2021, operating lease maturities for the remainder of fiscal 2021 and each of the next five fiscal years were as follows:

(In thousands)
Remainder of 2021	$	162
2022		657
2023		671
2024		685
2025		699
2026		604
Thereafter		894
Total expected operating lease payments		4,372
Less: Imputed interest		(541	)
Total operating lease liabilities	$	3,831

Operating lease cost was $0.2 million for both the three months ended June 30, 2021 and 2020 and $0.6 million and $0.5 million for the nine months ended June 30, 2021 and 2020, respectively. Cash paid for operating lease liabilities approximated operating lease cost for the three and nine month periods ended June 30, 2021 and 2020.

Commitments and Contingencies	9 Months Ended
Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. Commitments and Contingencies InnoCore Technologies BV. In 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 an annual, minimum payment of approximately $0.2 million (at the Euro to US dollar exchange rate as of June 30, 2021) until the last patent expires, which is currently estimated to be May 2027. The total minimum future payments associated with this license are approximately $1.4 million as of June 30, 2021. 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 $29 million in the aggregate. As of June 30, 2021, an estimated $8 million remains to be paid 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 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 fiscal 2019 and $0.2 million in the first quarter of fiscal 2021. An additional $1.1 million in payments is contingent upon achievement of certain strategic milestones within a contingency period ending in 2022. 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, $1.0 million in the second quarter of fiscal 2020, and $1.0 million in the first quarter of fiscal 2021. 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 $1.0 million payment is contingent upon the achievement of certain regulatory milestones within a contingency period ending in 2033. As of June 30, 2021, $0.5 million and $1.8 million related to these asset acquisitions was recorded in other accrued liabilities and other long-term liabilities, respectively, on the condensed consolidated balance sheets. As of September 30, 2020, $1.1 million and $2.2 million related to these asset acquisitions was reported in other accrued liabilities and other long-term liabilities, respectively, on the condensed consolidated balance sheets.

Commitments and Contingencies

9 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

17. Commitments and Contingencies

InnoCore Technologies BV. In 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 an annual, minimum payment of approximately $0.2 million (at the Euro to US dollar exchange rate as of June 30, 2021) until the last patent expires, which is currently estimated to be May 2027. The total minimum future payments associated with this license are approximately $1.4 million as of June 30, 2021. 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 $29 million in the aggregate. As of June 30, 2021, an estimated $8 million remains to be paid 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 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 fiscal 2019 and $0.2 million in the first quarter of fiscal 2021. An additional $1.1 million in payments is contingent upon achievement of certain strategic milestones within a contingency period ending in 2022.

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, $1.0 million in the second quarter of fiscal 2020, and $1.0 million in the first quarter of fiscal 2021. 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 $1.0 million payment is contingent upon the achievement of certain regulatory milestones within a contingency period ending in 2033.

As of June 30, 2021, $0.5 million and $1.8 million related to these asset acquisitions was recorded in other accrued liabilities and other long-term liabilities, respectively, on the condensed consolidated balance sheets. As of September 30, 2020, $1.1 million and $2.2 million related to these asset acquisitions was reported in other accrued liabilities and other long-term liabilities, respectively, on the condensed consolidated balance sheets.

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]
Beginning balance at Sep. 30, 2019	$ 122,516	$ 675	$ 10,740	$ 396	$ 110,705
Beginning balance, shares at Sep. 30, 2019	13,504
Net (loss) income	$ 4,069				4,069
Other comprehensive income, 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 (loss) income	$ 2,459				2,459
Other comprehensive income, 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
Beginning balance at Sep. 30, 2020	$ 131,055	684	15,369	3,174	111,828
Beginning balance, shares at Sep. 30, 2020	13,672
Net (loss) income	$ 4,526				4,526
Other comprehensive income, net of tax	585			585
Issuance of common stock	$ 297	5	292
Issuance of common stock, shares	91
Common stock options exercised, net	$ 2,330	6	2,324
Common stock options exercised, net, shares	127
Purchase of common stock to pay employee taxes	$ (2,279)	(1)	(2,278)
Purchase of common stock to pay employee taxes, shares	(18)
Stock-based compensation	$ 4,318		4,318
Ending balance at Jun. 30, 2021	$ 140,832	694	20,025	3,759	116,354
Ending balance, shares at Jun. 30, 2021	13,872
Beginning balance at Mar. 31, 2021	$ 142,081	693	18,516	3,231	119,641
Beginning balance, shares at Mar. 31, 2021	13,868
Net (loss) income	$ (3,287)				(3,287)
Other comprehensive income, net of tax	528			528
Issuance of common stock	$ 1	1
Issuance of common stock, shares	2
Common stock options exercised, net	$ 90		90
Common stock options exercised, net, shares	2
Purchase of common stock to pay employee taxes	$ (37)		(37)
Stock-based compensation	1,456		1,456
Ending balance at Jun. 30, 2021	$ 140,832	$ 694	$ 20,025	$ 3,759	$ 116,354
Ending balance, shares at Jun. 30, 2021	13,872

Revenue

9 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue

2. Revenue

The following table presents the Company’s revenues disaggregated by product classification and by reportable segment.

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
(In thousands)	2021		2020		2021		2020
Medical Device
Product sales	$	5,493	$	5,763	$	15,464	$	16,240
Royalties		7,752		4,752		23,135		20,365
Research, development and other		2,466		2,353		7,212		7,215
License fees		1,044		7,646		15,047		10,402
Total Revenue — Medical Device		16,755		20,514		60,858		54,222
In Vitro Diagnostics
Product sales		6,591		6,224		18,505		17,491
Research, development and other		527		145		1,802		608
Total Revenue — In Vitro Diagnostics		7,118		6,369		20,307		18,099
Total Revenue	$	23,873	$	26,883	$	81,165	$	72,321

Contract assets totaled $7.0 million and $6.1 million as of June 30, 2021 and September 30, 2020, respectively. Fluctuations in the balance of contract assets result primarily from changes in sales-based and minimum royalties earned, but not collected at each balance sheet date due to payment timing and contractual changes in the normal course of business. For discussion of contract liability (deferred revenue) balances and remaining performance obligations, see Note 3 Collaborative Arrangements.

- 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
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+ Details

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Jul. 02, 2021	Jun. 30, 2021	Jun. 30, 2021	Sep. 30, 2020
Subsequent Event [Line Items]
Acquisition transaction, integration and other costs		$ 461	$ 461
Goodwill		$ 27,379	$ 27,379	$ 27,185
Vetex Medical Limited [Member]
Subsequent Event [Line Items]
Installment payment beginning period			2024
Installment payment ending period			2027
Contingency period ending year			2027
Vetex Medical Limited [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Cash paid	$ 39,900
Deferred consideration, contractual value	3,500
Contingent consideration, contractual value	3,500
Purchase consideration	45,000
Operating liabilities assumed	1,000
Deferred consideration	3,000
Contingent consideration	1,000
Intangible assets recognized	28,000
Deferred tax liabilities	3,000
Goodwill	19,000
Vetex Medical Limited [Member] \| Subsequent Event [Member] \| Secured Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Business combination, consideration transferred, liabilities incurred	$ 10,000

Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Detail) - Assets Measured at Fair Value on a Recurring Basis [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	$ 15,017	$ 48,947
Available-for-sale securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	9,791	30,313
Cash equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	5,226	18,634
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	15,017	48,947
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	9,791	30,313
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	$ 5,226	$ 18,634

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2020
Statement Of Financial Position [Abstract]
Allowances (accounts receivable)	$ 118	$ 130
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	13,872,000	13,672,000
Common stock, shares outstanding	13,872,000	13,672,000

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Jun. 30, 2021 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Segment Revenue, Operating (Loss) Income and Depreciation and Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 23,873	$ 26,883	$ 81,165	$ 72,321
Operating (loss) income	(2,384)	1,164	7,192	742
Depreciation and amortization	1,844	1,790	5,610	5,390
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue	23,873	26,883	81,165	72,321
Operating (loss) income	887	3,786	15,887	7,971
Operating Segments [Member] \| Medical Device [Member]
Segment Reporting Information [Line Items]
Revenue	16,755	20,514	60,858	54,222
Operating (loss) income	(2,491)	532	5,480	(1,344)
Depreciation and amortization	1,631	1,424	5,004	4,318
Operating Segments [Member] \| In Vitro Diagnostics [Member]
Segment Reporting Information [Line Items]
Revenue	7,118	6,369	20,307	18,099
Operating (loss) income	3,378	3,254	10,407	9,315
Depreciation and amortization	121	112	314	331
Corporate [Member]
Segment Reporting Information [Line Items]
Operating (loss) income	(3,271)	(2,622)	(8,695)	(7,229)
Depreciation and amortization	$ 92	$ 254	$ 292	$ 741

- 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.

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+ Details

Leases - Balance Sheet Classification and Amounts of Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2020
Right-of-use assets:
Other assets	$ 2,519	$ 2,508
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Operating lease liabilities:
Other accrued liabilities	$ 510	$ 436
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherAccruedLiabilitiesCurrent	us-gaap:OtherAccruedLiabilitiesCurrent
Other long-term liabilities	$ 3,321	$ 3,340
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Total operating lease liabilities	$ 3,831	$ 3,776

Investments (Tables)

9 Months Ended

Jun. 30, 2021

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, 2021
	Valuation									Balance Sheet Classification
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value		Current Assets		Noncurrent Assets
Commercial paper and corporate bonds	$	9,794	$	1	$	(4	)	$	9,791	$	5,741	$	4,050
Total	$	9,794	$	1	$	(4	)	$	9,791	$	5,741	$	4,050

	September 30, 2020
	Valuation									Balance Sheet Classification
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value		Current Assets		Noncurrent Assets
Commercial paper and corporate bonds	$	30,313	$	19	$	(19	)	$	30,313	$	30,313	$	—
Total	$	30,313	$	19	$	(19	)	$	30,313	$	30,313	$	—

Accrued Other Liabilities - Schedule of Accrued Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2020
Accrued Liabilities Current [Abstract]
Accrued professional fees	$ 439	$ 239
Accrued clinical study expense	1,393	2,206
Accrued purchases	734	647
Acquisition of in-process research and development and intangible assets	488	1,148
Due to customers	512	321
Construction-in-progress		272
Operating lease liability, current portion	510	436
Other	227	278
Total accrued other liabilities	$ 4,303	$ 5,547

Accrued Other Liabilities (Tables)

9 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Schedule of Accrued Other Liabilities

Accrued other liabilities consisted of the following:

	June 30,		September 30,
(In thousands)	2021		2020
Accrued professional fees	$	439	$	239
Accrued clinical study expense		1,393		2,206
Accrued purchases		734		647
Acquisition of in-process research and development and intangible assets		488		1,148
Due to customers		512		321
Construction-in-progress		—		272
Operating lease liability, current portion		510		436
Other		227		278
Total accrued other liabilities	$	4,303	$	5,547

Income Taxes

9 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

For interim income tax reporting, the Company estimates its annual effective tax rate and applies it to fiscal year-to-date pretax (loss) income, excluding unusual or infrequently occurring discrete items. Tax jurisdictions with losses for which tax benefits cannot be realized are excluded. The Company reported income tax expense of $(0.8) million and income tax benefit of $1.2 million for the three months ended June 30, 2021 and 2020, respectively, and income tax expense of $(2.4) million and income tax benefit of $3.4 million for the nine months ended June 30, 2021 and 2020, respectively. For the nine months ended June 30, 2020, the income tax benefit includes a discrete tax benefit of $1.8 million as a result of our ability under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), enacted in March 2020, to carry back net operating losses (“NOLs”) incurred to periods when the statutory rate was 35% versus the current tax rate of 21%.

The effective income tax rate for the three and nine months ended June 30, 2021 and 2020 differs from the U.S. federal statutory tax rate of 21% primarily due to the discrete tax benefits recognized under the CARES Act in the second quarter of fiscal 2020, favorable impacts of the U.S. federal research and development tax credits in both the three-and nine-month periods, stock award activity in the three-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 both the three months ended June 30, 2021 and 2020 and $0.7 million and $0.3 million in the nine months ended June 30, 2021 and 2020, respectively.

The total amount of unrecognized tax benefits, excluding interest and penalties that, if recognized, would affect the effective tax rate was $3.1 million and $2.7 million as of June 30, 2021 and September 30, 2020, respectively. Interest and penalties related to unrecognized tax benefits are recorded in the income tax benefit.

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 fiscal 2016. 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, 2021 and September 30, 2020.

- 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

Debt

9 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

11. Debt

On September 14, 2020, the Company entered into a secured revolving credit facility pursuant to a Loan and Security Agreement (the "Loan Agreement") with Bridgewater Bank (“Bridgewater”). The Loan Agreement provides for availability under a secured revolving line of credit of up to $25 million (the "Revolving Line of Credit"). The outstanding balance on the Revolving Line of Credit was zero as of June 30, 2021 and September 30, 2020.

Availability under the Revolving Line of Credit is subject to a borrowing base that equals 80% of the margin value of securities collateral that has been pledged to the Bank. The Revolving Line of Credit will initially mature on September 14, 2021, but the maturity date may be extended by the Company for up to two extension periods of twelve months subject to certain conditions set forth in the Loan Agreement. The Company's obligations under the Loan Agreement are secured by substantially all of the Company’s and its material subsidiaries' assets, other than intellectual property, real estate and foreign assets, including equity in foreign subsidiaries. The Company has also pledged the stock of certain of its subsidiaries to secure such obligations. Interest under the Loan Agreement accrues at a rate per annum equal to the greater of (i) 3.25% per annum and (ii) the 90-day interest rate yield for U.S. Government Treasury Securities plus 2.75% per annum. A facility fee is payable on unused commitments at a rate of 0.075% quarterly. For the nine months ended June 30, 2021, unused commitment fees, reported within interest expense on the condensed consolidated statements of operations, totaled less than $0.1 million.

The Loan Agreement contains affirmative and negative covenants customary for a transaction of this type which, among other things, require the Company to meet certain financial tests, including (i) minimum liquidity, (ii) minimum current ratio, (iii) minimum adjusted EBITDA, and (iv) minimum tangible net worth. The Loan Agreement also contains covenants which, among other things, limit the Company's ability to incur additional debt, make certain investments, create or permit certain liens, create or permit restrictions on the ability of subsidiaries to pay dividends or make other distributions, consolidate or merge and engage in other activities customarily restricted in such agreements, in each case subject to exceptions permitted by the Loan Agreement. The Loan Agreement also contains customary events of default, the occurrence of which would permit the Bank to terminate its commitment and accelerate the Revolving Line of Credit.

Fair Value Measurements

9 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

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

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.

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.

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

	June 30, 2021
(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	$	—	$	5,226	$	—	$	5,226
Available-for-sale securities		—		9,791		—		9,791
Total assets	$	—	$	15,017	$	—	$	15,017

	September 30, 2020
(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	$	—	$	18,634	$	—	$	18,634
Available-for-sale securities		—		30,313		—	$	30,313
Total assets	$	—	$	48,947	$	—	$	48,947

There were no transfers of assets between amounts measured using Level 3 fair value measurements during the nine months ended June 30, 2021 and 2020.

- 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

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
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		13,872,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities:
Net income	$ 4,526	$ 4,069
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,610	5,390
Stock-based compensation	4,318	4,037
Payment of contingent consideration obligations in excess of acquisition-date value		(608)
Deferred taxes	947	592
Loss on strategic investment		479
Provision for credit losses	(11)	30
Other	260	176
Change in operating assets and liabilities:
Accounts receivable and contract asset	(1,809)	4,303
Inventories	(338)	(1,333)
Prepaids and other	(59)	(432)
Accounts payable	(27)	(489)
Accrued liabilities	(435)	116
Income taxes	1,327	(4,105)
Deferred revenue	191	471
Net cash provided by operating activities	14,500	12,696
Investing Activities:
Purchases of property and equipment	(2,874)	(2,627)
Payment for acquisition of intangible assets	(1,000)
Purchases of available-for-sale securities	(22,799)	(45,766)
Maturities of available-for-sale securities	43,317	46,522
Net cash provided by (used in) investing activities	16,644	(1,871)
Financing Activities:
Issuance of common stock	2,627	1,169
Payments for taxes related to net share settlement of equity awards	(2,279)	(2,385)
Payment of contingent consideration obligations		(2,592)
Payments for acquisition of in-process research and development	(150)	(1,000)
Net cash provided by (used in) financing activities	198	(4,808)
Effect of exchange rate changes on cash	50	8
Net change in cash and cash equivalents	31,392	6,025
Cash and Cash Equivalents:
Beginning of period	30,785	30,361
End of period	62,177	36,386
Supplemental Information:
Cash paid for income taxes	35	9
Noncash investing and financing activities:
Acquisition of property and equipment, net of refundable credits in other current assets and liabilities	345	395
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 234	$ 1,012

Accrued Other Liabilities

9 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Accrued Other Liabilities

10. Accrued Other Liabilities

Accrued other liabilities consisted of the following:

	June 30,		September 30,
(In thousands)	2021		2020
Accrued professional fees	$	439	$	239
Accrued clinical study expense		1,393		2,206
Accrued purchases		734		647
Acquisition of in-process research and development and intangible assets		488		1,148
Due to customers		512		321
Construction-in-progress		—		272
Operating lease liability, current portion		510		436
Other		227		278
Total accrued other liabilities	$	4,303	$	5,547

Goodwill - Schedule of Carrying Amount of Goodwill by Segment (Detail) $ in Thousands	9 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill [Line Items]
Goodwill as of September 30, 2020	$ 27,185
Currency translation adjustment	194
Goodwill as of June 30, 2021	27,379
In Vitro Diagnostics [Member]
Goodwill [Line Items]
Goodwill as of September 30, 2020	8,010
Goodwill as of June 30, 2021	8,010
Medical Device [Member]
Goodwill [Line Items]
Goodwill as of September 30, 2020	19,175
Currency translation adjustment	194
Goodwill as of June 30, 2021	$ 19,369

Segment Information

9 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

15. Segment Information

Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, who is the Company’s Chief Executive Officer, in deciding how to allocate resources and in assessing performance. We operate two reportable segments:

•

Medical Device: 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, neurovascular, and structural heart, among others; and the design, development, and manufacture of interventional medical devices, primarily balloons and catheters, including drug-coated balloons, for peripheral arterial disease treatment and other applications; and

•	In Vitro Diagnostics (“IVD”): Design, development and manufacture of component products and technologies for diagnostic immunoassay, as well as molecular tests and biomedical research applications, with products that include protein stabilization reagents, substrates, surface coatings and antigens.

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

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(In thousands)	2021			2020			2021			2020
Revenue:
Medical Device	$	16,755		$	20,514		$	60,858		$	54,222
In Vitro Diagnostics		7,118			6,369			20,307			18,099
Total revenue	$	23,873		$	26,883		$	81,165		$	72,321

Operating (loss) income:
Medical Device	$	(2,491	)	$	532		$	5,480		$	(1,344	)
In Vitro Diagnostics		3,378			3,254			10,407			9,315
Total segment operating income		887			3,786			15,887			7,971
Corporate		(3,271	)		(2,622	)		(8,695	)		(7,229	)
Total operating (loss) income	$	(2,384	)	$	1,164		$	7,192		$	742

Depreciation and amortization:
Medical Device	$	1,631		$	1,424		$	5,004		$	4,318
In Vitro Diagnostics		121			112			314			331
Corporate		92			254			292			741
Total depreciation and amortization	$	1,844		$	1,790		$	5,610		$	5,390

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

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

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.6	$ 0.6	$ 1.9	$ 1.8

Goodwill

9 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

9. Goodwill

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

(In thousands)	In Vitro Diagnostics		Medical Device		Total
Goodwill as of September 30, 2020	$	8,010	$	19,175	$	27,185
Currency translation adjustment		—		194		194
Goodwill as of June 30, 2021	$	8,010	$	19,369	$	27,379

Debt - Additional Information (Details) - Secured Revolving Credit Facility [Member] - Loan and Security Agreement [Member] - USD ($)	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2020	Sep. 14, 2020
Line Of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity			$ 25,000,000
Revolving credit facility, outstanding balance	$ 0	$ 0
Revolving credit facility, borrowing base	Availability under the Revolving Line of Credit is subject to a borrowing base that equals 80% of the margin value of securities collateral that has been pledged to the Bank.
Revolving credit facility, maturity date	Sep. 14, 2021
Debt instrument, maturity date, description	maturity date may be extended by the Company for up to two extension periods of twelve months subject to certain conditions set forth in the Loan Agreement.
Revolving credit facility, interest rate	Interest under the Loan Agreement accrues at a rate per annum equal to the greater of (i) 3.25% per annum and (ii) the 90-day interest rate yield for U.S. Government Treasury Securities plus 2.75% per annum.
Revolving credit facility, basis spread on variable rate	2.75%
Revolving credit facility, unused commitment fee rate	0.075%
Revolving credit facility, frequency of payments	quarterly
Interest Expense [Member]
Line Of Credit Facility [Line Items]
Revolving credit facility, unused commitment fee	$ 100,000
Minimum [Member]
Line Of Credit Facility [Line Items]
Revolving credit facility, interest rate	3.25

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended	12 Months Ended		36 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Jun. 30, 2021	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2024	Sep. 30, 2020
Commitments And Contingencies [Line Items]
Payments to acquire intangible assets			$ 1,000,000
Other accrued liabilities current			4,303,000				$ 5,547,000
Other long-term liabilities			7,670,000				8,020,000
Embolitech LLC [Member]
Commitments And Contingencies [Line Items]
Payments to acquire in-process research and development		$ 1,000,000.0			$ 5,000,000.0
Contingent payments upon achievement of regulatory milestones			$ 1,000,000.0
Installment payment beginning period			2022
Installment payment ending period			2024
CRO [Member]
Commitments And Contingencies [Line Items]
Contractual obligation remaining to be paid			$ 8,000,000
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] \| Maximum [Member] \| CRO Pass-through Expenses [Member]
Commitments And Contingencies [Line Items]
Gross contractual obligation			29,000,000
Intellectual Property Assets [Member]
Commitments And Contingencies [Line Items]
Other accrued liabilities current			500,000				1,100,000
Other long-term liabilities			$ 1,800,000				$ 2,200,000
Intellectual Property Assets [Member] \| Embolitech LLC [Member]
Commitments And Contingencies [Line Items]
Contingency period ending year			2033
Payments to acquire intangible assets	$ 1,000,000.0
Intellectual Property Assets [Member] \| Embolitech LLC [Member] \| Forecast [Member]
Commitments And Contingencies [Line Items]
Contractual obligation payable in fiscal 2022 through fiscal 2024						$ 2,500,000
Intellectual Property Assets [Member] \| InnoCore Technologies BV [Member]
Commitments And Contingencies [Line Items]
License agreement commencement year			2006
Annual minimum payments for licenses			$ 200,000
Patent expiry date			2027-05
Future minimum payments associated with license			$ 1,400,000
Intellectual Property Assets [Member] \| Medical Device [Member]
Commitments And Contingencies [Line Items]
Payments to acquire in-process research and development	$ 200,000			$ 800,000
Contingent payments upon achievement of regulatory milestones			$ 1,100,000
Contingency period ending year			2022

Revenue - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Contract assets — royalties and license fees	$ 7,043	$ 6,108

Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2021	Sep. 30, 2020
Intangible Assets [Line Items]
Definite-lived intangible assets, Accumulated Amortization	$ (15,888)	$ (13,889)
Intangible assets, Gross Carrying Amount	27,370	27,172
Intangible assets, Net	$ 11,482	$ 13,283
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	$ 13,516	$ 13,356
Definite-lived intangible assets, Accumulated Amortization	(8,724)	(7,594)
Definite-lived intangible assets, Net	$ 4,792	$ 5,762
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	$ 9,723	$ 9,685
Definite-lived intangible assets, Accumulated Amortization	(4,913)	(4,200)
Definite-lived intangible assets, Net	$ 4,810	$ 5,485
Patents and Other [Member]
Intangible Assets [Line Items]
Definite-lived intangible assets, Weighted Average Original Life (Years)	14 years 1 month 6 days	14 years 1 month 6 days
Definite-lived intangible assets, Gross Carrying Amount	$ 3,551	$ 3,551
Definite-lived intangible assets, Accumulated Amortization	(2,251)	(2,095)
Definite-lived intangible assets, Net	1,300	1,456
Definite-Lived Intangible Assets [Member]
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross Carrying Amount	26,790	26,592
Definite-lived intangible assets, Accumulated Amortization	(15,888)	(13,889)
Definite-lived intangible assets, Net	10,902	12,703
Trademarks and Trade Names [Member]
Intangible Assets [Line Items]
Indefinite-lived intangible assets, Net	$ 580	$ 580

Leases (Tables)

9 Months Ended

Jun. 30, 2021

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,		September 30,
	2021		2020
Right-of-use assets:
Other assets	$	2,519	$	2,508

Operating lease liabilities:
Other accrued liabilities	$	510	$	436
Other long-term liabilities		3,321		3,340
Total operating lease liabilities	$	3,831	$	3,776

Schedule of Operating Lease Maturities

As of June 30, 2021, operating lease maturities for the remainder of fiscal 2021 and each of the next five fiscal years were as follows:

(In thousands)
Remainder of 2021	$	162
2022		657
2023		671
2024		685
2025		699
2026		604
Thereafter		894
Total expected operating lease payments		4,372
Less: Imputed interest		(541	)
Total operating lease liabilities	$	3,831

Inventories (Tables)

9 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Components of Inventories

Inventories consisted of the following components:

	June 30,		September 30,
(In thousands)	2021		2020
Raw materials	$	3,812	$	3,758
Work-in process		1,263		817
Finished products		1,241		1,391
Total	$	6,316	$	5,966

Intangible Assets (Tables)

9 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of the following:

	June 30, 2021
(In thousands)	Weighted Average Original Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships		8.9	$	13,516	$	(8,724	)	$	4,792
Developed technology		11.5		9,723		(4,913	)		4,810
Patents and other		14.1		3,551		(2,251	)		1,300
Total definite-lived intangible assets				26,790		(15,888	)		10,902
Unamortized intangible assets:
Trademarks and trade names				580		—			580
Total intangible assets			$	27,370	$	(15,888	)	$	11,482

	September 30, 2020
(In thousands)	Weighted Average Original Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships		8.9	$	13,356	$	(7,594	)	$	5,762
Developed technology		11.5		9,685		(4,200	)		5,485
Patents and other		14.1		3,551		(2,095	)		1,456
Total definite-lived intangible assets				26,592		(13,889	)		12,703
Unamortized intangible assets:
Trademarks and trade names				580		—			580
Total intangible assets			$	27,172	$	(13,889	)	$	13,283

Estimated Amortization Expense

Based on the intangible assets in service as of June 30, 2021, estimated amortization expense for the remainder of fiscal 2021 and each of the next five fiscal years is as follows:

(In thousands)
Remainder of 2021	$	620
2022		2,471
2023		1,858
2024		1,764
2025		1,725
2026		757

Revenue (Tables)

9 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Summary of Revenues Disaggregated by Product Classification and Reportable Segment

The following table presents the Company’s revenues disaggregated by product classification and by reportable segment.

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
(In thousands)	2021		2020		2021		2020
Medical Device
Product sales	$	5,493	$	5,763	$	15,464	$	16,240
Royalties		7,752		4,752		23,135		20,365
Research, development and other		2,466		2,353		7,212		7,215
License fees		1,044		7,646		15,047		10,402
Total Revenue — Medical Device		16,755		20,514		60,858		54,222
In Vitro Diagnostics
Product sales		6,591		6,224		18,505		17,491
Research, development and other		527		145		1,802		608
Total Revenue — In Vitro Diagnostics		7,118		6,369		20,307		18,099
Total Revenue	$	23,873	$	26,883	$	81,165	$	72,321

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements include all accounts and wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). All intercompany transactions have been eliminated.
Use of Estimates	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from those estimates. The results of operations for the three and nine months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the entire 2021 fiscal year.
New Accounting Pronouncements	New Accounting Pronouncements Recently 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. We adopted this guidance using the modified retrospective method in the first quarter of fiscal 2021. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements. 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. We adopted this guidance using a prospective approach in the first quarter of fiscal 2021. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements. 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.
Collaborative Arrangement	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.
Fair Value Measurements	Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1 — Quoted (unadjusted) prices in active markets for identical assets or liabilities. 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. 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.
Net (Loss) Income Per Share Data	Basic net (loss) income per common share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted net (loss) income per common share is computed by dividing net (loss) income by the weighted average number of common and common equivalent shares outstanding during the period. The Company’s potentially dilutive common shares are those that result from dilutive common stock options and non-vested stock relating to restricted stock awards and restricted stock units. However, these items have been excluded from the calculation of diluted net loss per share for the three months ended June 30, 2021 as their effect was anti-dilutive as a result of the net loss incurred for that period. Therefore, diluted weighted average number of shares outstanding and diluted net loss per share were the same as basic weighted average number of shares outstanding and net loss per share for the three months ended June 30, 2021. The calculation of weighted average diluted shares outstanding excludes outstanding stock options associated with the right to purchase less than 0.1 million shares of common stock for the three months ended June 30, 2020 and less than 0.1 million shares of common stock for both the nine months ended June 30, 2021 and 2020 as their inclusion would have had an anti-dilutive effect on diluted net income per share for the period.
Income Taxes	For interim income tax reporting, the Company estimates its annual effective tax rate and applies it to fiscal year-to-date pretax (loss) income, excluding unusual or infrequently occurring discrete items. Tax jurisdictions with losses for which tax benefits cannot be realized are excluded.
Income Tax Uncertainties	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 fiscal 2016. 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.
Segment Information	Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, who is the Company’s Chief Executive Officer, in deciding how to allocate resources and in assessing performance.

Stock-based Compensation Plans - Stock-based Compensation Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,456	$ 1,340	$ 4,318	$ 4,037
Product costs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	23	34	92	82
Research and development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	329	189	918	619
Selling, general and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,104	$ 1,117	$ 3,308	$ 3,336

Investments - Amortized Cost, Unrealized Holding Gains and (Losses) and Fair Value of Available-for-sale Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 9,794	$ 30,313
Unrealized Gains	1	19
Unrealized Losses	(4)	(19)
Fair Value	9,791	30,313
Current Assets	5,741	30,313
Noncurrent Assets	4,050
Commercial paper and corporate bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	9,794	30,313
Unrealized Gains	1	19
Unrealized Losses	(4)	(19)
Fair Value	9,791	30,313
Current Assets	5,741	$ 30,313
Noncurrent Assets	$ 4,050

Collaborative Arrangement

9 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Collaborative Arrangement

3. Collaborative Arrangement

On February 26, 2018, the Company entered into an agreement with Abbott Vascular, Inc. (“Abbott”) whereby Abbott has exclusive worldwide commercialization rights for Surmodics' SurVeil^TM drug-coated balloon (“DCB”) (the “Abbott Agreement”). Our SurVeil DCB is used to treat peripheral arterial disease in the upper leg (superficial femoral artery) and is currently being evaluated in our TRANSEND pivotal clinical trial. Abbott also received the option to negotiate an agreement for Surmodics' below-the-knee Sundance^TM DCB product, which is currently being evaluated in a first-in-human trial. Surmodics is responsible for conducting all necessary clinical trials and other activities required to achieve U.S. regulatory clearance 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. Upon receipt of regulatory approval for the SurVeil DCB, Abbott will have the right to purchase commercial units from the Company and Surmodics will realize revenue from product sales to Abbott at an agreed-upon transfer price, as well as a share of net profits resulting from third-party product sales by Abbott. 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.

As of June 30, 2021, the Company has received payments totaling $60.8 million under the Abbott Agreement, which consist of the following: $25 million upfront fee in fiscal 2018, $10 million milestone payment in fiscal 2019, $10.8 million milestone payment in the third quarter of fiscal 2020, and $15 million milestone payment in the second quarter of fiscal 2021 upon receipt by Abbott of the clinical study report and related materials from the TRANSCEND pivotal trial that demonstrated the primary safety and primary clinical endpoints are non-inferior to the control device. As of June 30, 2021, the Company may receive an additional contingent milestone payment of up to $30 million, pursuant to the terms of the Abbott Agreement, upon premarket approval (“PMA”) of our SurVeil DCB by the U.S. Food and Drug Administration. As of June 30, 2021, consideration from this potential regulatory milestone was fully constrained and excluded from the contract price, due to the high level of uncertainty of achievement as of June 30, 2021.

Revenue recognized from the Abbott agreement totaled $1.0 million and $7.6 million for the three months ended June 30, 2021 and 2020, respectively, and $14.8 million and $10.4 million for the nine months ended June 30, 2021 and 2020, respectively. The amount of revenue recognized from the Abbott Agreement that was included in the respective beginning of fiscal year balances of deferred revenue on the condensed consolidated balance sheets totaled $3.8 million and $3.7 million for the nine months ended June 30, 2021 and 2020, respectively.

As of June 30, 2021 and September 30, 2020, deferred revenue from the upfront and milestone payments received under the Abbott Agreement of $16.1 million and $15.9 million, respectively, was recorded in the condensed consolidated balance sheets.

As of June 30, 2021, 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 $16.1 million. These remaining performance obligations relate to the Abbott Agreement, exclude the potential contingent milestone payment 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.

Segment Information (Tables)

9 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Revenue, Operating (Loss) Income and Depreciation and Amortization

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

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(In thousands)	2021			2020			2021			2020
Revenue:
Medical Device	$	16,755		$	20,514		$	60,858		$	54,222
In Vitro Diagnostics		7,118			6,369			20,307			18,099
Total revenue	$	23,873		$	26,883		$	81,165		$	72,321

Operating (loss) income:
Medical Device	$	(2,491	)	$	532		$	5,480		$	(1,344	)
In Vitro Diagnostics		3,378			3,254			10,407			9,315
Total segment operating income		887			3,786			15,887			7,971
Corporate		(3,271	)		(2,622	)		(8,695	)		(7,229	)
Total operating (loss) income	$	(2,384	)	$	1,164		$	7,192		$	742

Depreciation and amortization:
Medical Device	$	1,631		$	1,424		$	5,004		$	4,318
In Vitro Diagnostics		121			112			314			331
Corporate		92			254			292			741
Total depreciation and amortization	$	1,844		$	1,790		$	5,610		$	5,390

Other Assets (Tables)

9 Months Ended

Jun. 30, 2021

Investments All Other Investments [Abstract]

Summary of Other Assets

Other assets consisted of the following:

	June 30,		September 30,
(In thousands)	2021		2020
Operating lease right-of-use assets		2,519		2,508
Other noncurrent assets		2,177		1,761
Other assets	$	4,696	$	4,269

Net (Loss) Income Per Share Data - Additional Information (Detail) - shares shares in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Anti-dilutive outstanding stock options	0.1	0.1	0.1

Basis of Presentation

9 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

1. Basis of Presentation

Overview

Surmodics, Inc. and subsidiaries (“Surmodics,” the “Company,” “we,” “us,” “our” and other like terms) is a leading provider of surface modification technologies for intravascular medical devices and chemical components for in vitro diagnostic (“IVD”) immunoassay tests and microarrays. Surmodics is pursuing development and commercialization of highly differentiated medical devices that are designed to address unmet clinical needs and engineered to the most demanding requirements. This key growth strategy leverages the combination of the Company’s expertise in proprietary surface technologies, along with enhanced device design, development, and manufacturing capabilities. The Company mission remains to improve the detection and treatment of disease. Surmodics is headquartered in Eden Prairie, Minnesota.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include all accounts and wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). All intercompany transactions have been eliminated. The Company operates on a fiscal year ending on September 30. 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, 2020, and notes thereto included in our Annual Report on Form 10-K as filed with the SEC.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from those estimates. The results of operations for the three and nine months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the entire 2021 fiscal year.

Risk and Uncertainties

The COVID-19 pandemic is having, and may continue to have, an adverse effect on our business, results of operations, financial condition, and cash flows, and its future impacts remain highly uncertain and unpredictable. The Company has considered the disruptions caused by COVID-19, including lower than forecasted sales and customer demand and macroeconomic factors, that may impact its estimates. The Company has assessed the potential impact of the pandemic on certain accounting matters including, but not limited to, estimated sales-based royalties revenue; allowance for credit losses; inventory reserves; and the valuation of goodwill, intangible assets, other long-lived assets and investments, as of June 30, 2021 and through the date of this Quarterly Report on Form 10-Q. As of the date of issuance of these unaudited 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 our Annual Report on Form 10-K for the fiscal year ended September 30, 2020.

New Accounting Pronouncements

Recently 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. We adopted this guidance using the modified retrospective method in the first quarter of fiscal 2021. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements.

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. We adopted this guidance using a prospective approach in the first quarter of fiscal 2021. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements.

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.

Intangible Assets - Estimated Amortization Expense (Detail) $ in Thousands	Jun. 30, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 620
2022	2,471
2023	1,858
2024	1,764
2025	1,725
2026	$ 757

Other Assets

9 Months Ended

Jun. 30, 2021

Investments All Other Investments [Abstract]

Other Assets

7. Other Assets

Other assets consisted of the following:

	June 30,		September 30,
(In thousands)	2021		2020
Operating lease right-of-use assets		2,519		2,508
Other noncurrent assets		2,177		1,761
Other assets	$	4,696	$	4,269

Other noncurrent assets include prepaid expenses related to our ongoing clinical trials and a receivable related to refundable Irish research and development tax credits.

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 3,812	$ 3,758
Work-in process	1,263	817
Finished products	1,241	1,391
Total	$ 6,316	$ 5,966

Stock-based Compensation Plans

9 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation Plans

12. Stock-based Compensation Plans

The Company has stock-based compensation plans approved by its shareholders under which it grants stock options, restricted stock awards, restricted stock units and deferred stock units to officers, directors and key employees. 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,
(In thousands)	2021		2020		2021		2020
Product costs	$	23	$	34	$	92	$	82
Research and development		329		189		918		619
Selling, general and administrative		1,104		1,117		3,308		3,336
Total	$	1,456	$	1,340	$	4,318	$	4,037

As of June 30, 2021, approximately $9.0 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

During the nine months ended June 30, 2021 and 2020, the Company awarded 244,000 and 291,000 options to officers, directors and key employees with a weighted average grant date fair value per option of $14.08 and $14.12, respectively.

Restricted Stock Awards

During the nine months ended June 30, 2021 and 2020, the Company awarded 68,000 and 64,000 restricted stock shares, respectively, to certain key employees and officers with a weighted average grant date fair value per share of $38.06 and $41.50, respectively.

Restricted Stock Unit Awards

During the nine months ended June 30, 2021 and 2020, the Company awarded 12,000 and 18,000 restricted stock units, respectively, to directors and to key employees in foreign jurisdictions with a weighted average grant date fair value per unit of $45.13 and $40.36, respectively.

Employee Stock Purchase Plan

Our U.S. employees are eligible to participate in the amended 1999 Employee Stock Purchase Plan (“ESPP”) approved by our shareholders. Shares issued under the ESPP totaled 8,000 and 7,000 for the nine months ended June 30, 2021 and 2020, respectively.

Net (Loss) Income Per Share Data (Tables)

9 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Calculation of Diluted Weighted Average Shares Outstanding

The following table sets forth the calculation of diluted weighted average shares outstanding:

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
(In thousands)	2021		2020		2021		2020
Basic weighted average shares outstanding		13,837		13,601		13,740		13,577
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units		—		185		219		198
Diluted weighted average shares outstanding		13,837		13,786		13,959		13,775

Subsequent Events

9 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

18. Subsequent Events

Acquisition of Vetex Medical Limited

On July 2, 2021, Surmodics completed the acquisition of all outstanding shares of Vetex Medical Limited (“Vetex”). Vetex, which was formerly privately held and is based in Galway, Ireland, develops and manufactures medical devices focused on venous clot removal solutions. The transaction expands Surmodics’ thrombectomy portfolio with a second Food and Drug Administration (“FDA”) 510(k)-cleared device, a mechanical thrombectomy device. Surmodics acquired Vetex with an upfront cash payment of $39.9 million funded using cash on hand and $10.0 million from the Revolving Credit Facility. The Company is obligated to pay additional installments totaling $3.5 million in fiscal 2024 through fiscal 2027. These payments may be accelerated upon the occurrence of certain product development and regulatory milestones. An additional $3.5 million in payments is contingent upon the achievement of certain product development and regulatory milestones within a contingency period ending in fiscal 2027. The Company recognized $0.5 million in acquisition transaction, integration and other costs related to the Vetex acquisition in the three and nine months ended June 30, 2021 in the condensed consolidated statements of operations.

The estimated purchase consideration and allocation is preliminary as the acquisition was recently completed. The preliminary estimated total purchase consideration is approximately $45 million, which consisted of $40 million of cash paid at closing, less than $1 million operating liabilities assumed, $3 million deferred consideration, and $1 million contingent consideration. Deferred consideration and contingent consideration are stated at their respective acquisition date estimated fair values. The Company expects to recognize approximately $28 million in intangible assets, approximately $3 million in deferred tax liabilities, and approximately $19 million in goodwill within the Medical Device operating segment. The goodwill to be recorded from the Vetex acquisition is a result of expected synergies from integrating the Vetex business into the Company’s Medical Device segment and from acquiring and retaining the existing Vetex workforce. The goodwill is not deductible for tax purposes.

Amendment to Loan Agreement

On July 2, 2021, the Company entered into a First Amendment to Loan and Security Agreement (the “Amendment”) with Bridgewater amending the Loan Agreement. Among other things, the Amendment modifies certain affirmative and negative covenants, specifically the amount the Company may pay for permitted acquisitions and the terms of the required minimum current ratio. See Note 11 Debt for additional information regarding the Loan Agreement.

Goodwill (Tables)

9 Months Ended

Jun. 30, 2021

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:

(In thousands)	In Vitro Diagnostics		Medical Device		Total
Goodwill as of September 30, 2020	$	8,010	$	19,175	$	27,185
Currency translation adjustment		—		194		194
Goodwill as of June 30, 2021	$	8,010	$	19,369	$	27,379

Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

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

	June 30, 2021
(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	$	—	$	5,226	$	—	$	5,226
Available-for-sale securities		—		9,791		—		9,791
Total assets	$	—	$	15,017	$	—	$	15,017

	September 30, 2020
(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	$	—	$	18,634	$	—	$	18,634
Available-for-sale securities		—		30,313		—	$	30,313
Total assets	$	—	$	48,947	$	—	$	48,947

Net (Loss) Income Per Share Data

9 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net (Loss) Income Per Share Data

13. Net (Loss) Income Per Share Data

Basic net (loss) income per common share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted net (loss) income per common share is computed by dividing net (loss) income by the weighted average number of common and common equivalent shares outstanding during the period. The Company’s potentially dilutive common shares are those that result from dilutive common stock options and non-vested stock relating to restricted stock awards and restricted stock units. However, these items have been excluded from the calculation of diluted net loss per share for the three months ended June 30, 2021 as their effect was anti-dilutive as a result of the net loss incurred for that period. Therefore, diluted weighted average number of shares outstanding and diluted net loss per share were the same as basic weighted average number of shares outstanding and net loss per share for the three months ended June 30, 2021.

The following table sets forth the calculation of diluted weighted average shares outstanding:

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
(In thousands)	2021		2020		2021		2020
Basic weighted average shares outstanding		13,837		13,601		13,740		13,577
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units		—		185		219		198
Diluted weighted average shares outstanding		13,837		13,786		13,959		13,775

The calculation of weighted average diluted shares outstanding excludes outstanding stock options associated with the right to purchase less than 0.1 million shares of common stock for the three months ended June 30, 2020 and less than 0.1 million shares of common stock for both the nine months ended June 30, 2021 and 2020 as their inclusion would have had an anti-dilutive effect on diluted net income per share for the period.

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue:
Total revenue	$ 23,873	$ 26,883	$ 81,165	$ 72,321
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	$ 5,105	$ 4,443	$ 13,018	$ 11,415
Research and development	12,246	13,324	36,003	37,401
Selling, general and administrative	7,885	7,416	22,815	21,092
Acquired intangible asset amortization	560	536	1,676	1,671
Acquisition transaction, integration and other costs	461		461
Total operating costs and expenses	26,257	25,719	73,973	71,579
Operating (loss) income	(2,384)	1,164	7,192	742
Other (expense) income:
Investment income, net	26	124	95	584
Interest expense	(59)	(29)	(178)	(99)
Foreign exchange loss	(94)	(48)	(201)	(125)
Impairment loss on strategic investment and other				(478)
Other (expense) income	(127)	47	(284)	(118)
(Loss) income before income taxes	(2,511)	1,211	6,908	624
Income tax (provision) benefit	(776)	1,248	(2,382)	3,445
Net (loss) income	$ (3,287)	$ 2,459	$ 4,526	$ 4,069
Basic net (loss) income per share	$ (0.24)	$ 0.18	$ 0.33	$ 0.30
Diluted net (loss) income per share	$ (0.24)	$ 0.18	$ 0.32	$ 0.30
Weighted average number of shares outstanding:
Basic	13,837	13,601	13,740	13,577
Diluted	13,837	13,786	13,959	13,775
Product Sales [Member]
Revenue:
Total revenue	$ 12,084	$ 11,987	$ 33,969	$ 33,731
Royalties and License Fees [Member]
Revenue:
Total revenue	8,796	12,398	38,182	30,767
Research, Development and Other [Member]
Revenue:
Total revenue	$ 2,993	$ 2,498	$ 9,014	$ 7,823

Fair Value Measurements - Additional Information (Detail) - USD ($)	9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Transfers in or out Level 3, Assets	$ 0	$ 0

Collaborative Arrangement - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2020
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenue	$ 23,873,000		$ 26,883,000	$ 81,165,000	$ 72,321,000
Abbott Agreement [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaborative arrangement payment received				60,800,000
Total revenue	1,000,000.0		7,600,000	14,800,000	10,400,000
Collaboration revenue recognized included in balance at beginning of period				3,800,000	$ 3,700,000
Upfront and milestone fee payment included in deferred revenue	16,100,000			16,100,000				$ 15,900,000
Abbott Agreement [Member] \| Upfront Payment [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaborative arrangement payment received							$ 25,000,000
Abbott Agreement [Member] \| Milestone Payment [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaborative arrangement payment received		$ 15,000,000	$ 10,800,000			$ 10,000,000
Abbott Agreement [Member] \| Maximum [Member] \| PMA Milestone [Member] \| TRANSCEND Clinical Trial [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaborative arrangement additional potential milestone payments receivable	$ 30,000,000			$ 30,000,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2020
Current Assets:
Cash and cash equivalents	$ 62,177	$ 30,785
Available-for-sale securities	5,741	30,313
Accounts receivable, net of allowances of $118 and $130 as of June 30, 2021 and September 30, 2020, respectively	8,601	7,675
Contract assets — royalties and license fees	7,043	6,108
Inventories, net	6,316	5,966
Income tax receivable	1,136	2,391
Prepaids and other	3,098	3,370
Total Current Assets	94,112	86,608
Property and equipment, net	29,112	30,103
Available-for-sale securities	4,050
Deferred income taxes	6,368	7,315
Intangible assets, net	11,482	13,283
Goodwill	27,379	27,185
Other assets	4,696	4,269
Total Assets	177,199	168,763
Current Liabilities:
Accounts payable	1,519	1,515
Accrued liabilities:
Compensation	6,689	6,630
Accrued other	4,303	5,547
Deferred revenue	5,151	5,200
Total Current Liabilities	17,662	18,892
Deferred revenue, less current portion	11,035	10,796
Other long-term liabilities	7,670	8,020
Total Liabilities	36,367	37,708
Commitments and Contingencies (Note 17)
Stockholders’ Equity:
Series A Preferred stock — $.05 par value, 450 shares authorized; no shares issued and outstanding
Common stock — $.05 par value, 45,000 shares authorized; 13,872 and 13,672 shares issued and outstanding as of June 30, 2021 and September 30, 2020, respectively	694	684
Additional paid-in capital	20,025	15,369
Accumulated other comprehensive income	3,759	3,174
Retained earnings	116,354	111,828
Total Stockholders’ Equity	140,832	131,055
Total Liabilities and Stockholders’ Equity	$ 177,199	$ 168,763

Revenue - Summary of Revenues Disaggregated by Product Classification and Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Total revenue	$ 23,873	$ 26,883	$ 81,165	$ 72,321
Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	12,084	11,987	33,969	33,731
Royalties [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	8,796	12,398	38,182	30,767
Research, Development and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	2,993	2,498	9,014	7,823
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	23,873	26,883	81,165	72,321
Operating Segments [Member] \| Medical Device [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	16,755	20,514	60,858	54,222
Operating Segments [Member] \| Medical Device [Member] \| Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	5,493	5,763	15,464	16,240
Operating Segments [Member] \| Medical Device [Member] \| Royalties [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	7,752	4,752	23,135	20,365
Operating Segments [Member] \| Medical Device [Member] \| Research, Development and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	2,466	2,353	7,212	7,215
Operating Segments [Member] \| Medical Device [Member] \| License Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	1,044	7,646	15,047	10,402
Operating Segments [Member] \| In Vitro Diagnostics [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	7,118	6,369	20,307	18,099
Operating Segments [Member] \| In Vitro Diagnostics [Member] \| Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	6,591	6,224	18,505	17,491
Operating Segments [Member] \| In Vitro Diagnostics [Member] \| Research, Development and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 527	$ 145	$ 1,802	$ 608

- Definition

+ References

+ Details

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (3,287)	$ 2,459	$ 4,526	$ 4,069
Other comprehensive income:
Net changes related to available-for-sale securities, net of tax	4	185	(3)	6
Foreign currency translation adjustments	524	794	588	1,067
Other comprehensive income	528	979	585	1,073
Comprehensive (loss) income	$ (2,759)	$ 3,438	$ 5,111	$ 5,142

- Definition

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

+ References

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+ Details

- Definition

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

+ References

+ Details

Net (Loss) Income Per Share Data - Calculation of Diluted Weighted Average Shares Outstanding (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Basic weighted average shares outstanding	13,837	13,601	13,740	13,577
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units		185	219	198
Diluted weighted average shares outstanding	13,837	13,786	13,959	13,775

Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2020
Schedule of Investments [Line Items]
Other assets	$ 4,696	$ 4,269
Operating Lease Right-of-Use Assets [Member]
Schedule of Investments [Line Items]
Other assets	2,519	2,508
Other Noncurrent Assets [Member]
Schedule of Investments [Line Items]
Other assets	$ 2,177	$ 1,761

Intangible Assets

9 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

8. Intangible Assets

Intangible assets consisted of the following:

	June 30, 2021
(In thousands)	Weighted Average Original Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships		8.9	$	13,516	$	(8,724	)	$	4,792
Developed technology		11.5		9,723		(4,913	)		4,810
Patents and other		14.1		3,551		(2,251	)		1,300
Total definite-lived intangible assets				26,790		(15,888	)		10,902
Unamortized intangible assets:
Trademarks and trade names				580		—			580
Total intangible assets			$	27,370	$	(15,888	)	$	11,482

	September 30, 2020
(In thousands)	Weighted Average Original Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships		8.9	$	13,356	$	(7,594	)	$	5,762
Developed technology		11.5		9,685		(4,200	)		5,485
Patents and other		14.1		3,551		(2,095	)		1,456
Total definite-lived intangible assets				26,592		(13,889	)		12,703
Unamortized intangible assets:
Trademarks and trade names				580		—			580
Total intangible assets			$	27,172	$	(13,889	)	$	13,283

Intangible asset amortization expense was $0.6 million for both the three months ended June 30, 2021 and 2020 and $1.9 million and $1.8 million for the nine months ended June 30, 2021 and 2020, respectively. Based on the intangible assets in service as of June 30, 2021, estimated amortization expense for the remainder of fiscal 2021 and each of the next five fiscal years is as follows:

(In thousands)
Remainder of 2021	$	620
2022		2,471
2023		1,858
2024		1,764
2025		1,725
2026		757

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.

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2017	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax benefit	$ (776,000)	$ 1,248,000		$ (2,382,000)	$ 3,445,000
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		$ 700,000	$ 300,000
Unrecognized tax benefits excluding interest and penalties that would impact effective tax rate	3,100,000			3,100,000		$ 2,700,000
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

Collaborative Arrangement - Additional Information (Detail 1) - Abbott Agreement [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 $ in Millions	Jun. 30, 2021 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Remaining performance obligation, amount	$ 16.1
Remaining performance obligation, satisfaction period	5 years

Stock-based Compensation Plans (Tables)

9 Months Ended

Jun. 30, 2021

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,
(In thousands)	2021		2020		2021		2020
Product costs	$	23	$	34	$	92	$	82
Research and development		329		189		918		619
Selling, general and administrative		1,104		1,117		3,308		3,336
Total	$	1,456	$	1,340	$	4,318	$	4,037

Investments

9 Months Ended

Jun. 30, 2021

Investments Debt And Equity Securities [Abstract]

Investments

5. Investments

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

	June 30, 2021
	Valuation									Balance Sheet Classification
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value		Current Assets		Noncurrent Assets
Commercial paper and corporate bonds	$	9,794	$	1	$	(4	)	$	9,791	$	5,741	$	4,050
Total	$	9,794	$	1	$	(4	)	$	9,791	$	5,741	$	4,050

	September 30, 2020
	Valuation									Balance Sheet Classification
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value		Current Assets		Noncurrent Assets
Commercial paper and corporate bonds	$	30,313	$	19	$	(19	)	$	30,313	$	30,313	$	—
Total	$	30,313	$	19	$	(19	)	$	30,313	$	30,313	$	—

Leases - Schedule of Operating Lease Maturities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2020
Operating Lease Liabilities Payments Due [Abstract]
Remainder of 2021	$ 162
2022	657
2023	671
2024	685
2025	699
2026	604
Thereafter	894
Total expected operating lease payments	4,372
Less: Imputed interest	(541)
Total operating lease liabilities	$ 3,831	$ 3,776

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 0.2	$ 0.2	$ 0.6	$ 0.5