0001564590-22-026649 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Jul. 25, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
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	Large 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		14,005,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Current Assets:
Cash and cash equivalents	$ 20,074	$ 31,153
Available-for-sale securities	2,012	7,717
Accounts receivable, net of allowances of $84 and $119 as of June 30, 2022 and September 30, 2021, respectively	9,382	9,169
Contract assets — royalties and license fees	7,584	7,091
Inventories, net	10,926	6,760
Income tax receivable	2,409	1,912
Prepaids and other	7,648	6,453
Total Current Assets	60,035	70,255
Property and equipment, net	28,289	30,090
Available-for-sale securities		2,002
Deferred income taxes	8,479	5,867
Intangible assets, net	30,752	37,054
Goodwill	42,590	45,606
Other assets	5,507	3,718
Total Assets	175,652	194,592
Current Liabilities:
Accounts payable	1,928	1,783
Accrued liabilities:
Compensation	7,595	8,480
Accrued other	5,857	4,905
Short-term borrowings	10,000	10,000
Deferred revenue	4,007	4,647
Total Current Liabilities	29,387	29,815
Deferred revenue, less current portion	7,402	10,301
Deferred income taxes	2,227	2,742
Other long-term liabilities	11,524	11,649
Total Liabilities	50,540	54,507
Commitments and Contingencies (Note 10)
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; 13,999 and 13,899 shares issued and outstanding as of June 30, 2022 and September 30, 2021, respectively	700	695
Additional paid-in capital	26,612	21,598
Accumulated other comprehensive (loss) income	(5,719)	1,727
Retained earnings	103,519	116,065
Total Stockholders’ Equity	125,112	140,085
Total Liabilities and Stockholders’ Equity	$ 175,652	$ 194,592

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Statement Of Financial Position [Abstract]
Allowances (accounts receivable)	$ 84	$ 119
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	13,999,000	13,899,000
Common stock, shares outstanding	13,999,000	13,899,000

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Total revenue	$ 24,854	$ 23,873	$ 73,963	$ 81,165
Operating costs and expenses:
Cost, Product and Service [Extensible Enumeration]	Product Sales [Member]	Product Sales [Member]	Product Sales [Member]	Product Sales [Member]
Product costs	$ 5,141	$ 5,105	$ 14,745	$ 13,018
Research and development	12,975	12,246	38,350	36,003
Selling, general and administrative	12,854	7,885	33,159	22,815
Acquired intangible asset amortization	1,024	560	3,184	1,676
Acquisition transaction, integration and other costs		461		461
Contingent consideration expense	3		9
Total operating costs and expenses	31,997	26,257	89,447	73,973
Operating (loss) income	(7,143)	(2,384)	(15,484)	7,192
Other expense:
Investment income, net	22	26	73	95
Interest expense	(145)	(59)	(410)	(178)
Foreign exchange gain (loss)	85	(94)	120	(201)
Other expense	(38)	(127)	(217)	(284)
(Loss) income before income taxes	(7,181)	(2,511)	(15,701)	6,908
Income tax benefit (provision)	1,530	(776)	3,155	(2,382)
Net (loss) income	$ (5,651)	$ (3,287)	$ (12,546)	$ 4,526
Basic net loss (income) per share	$ (0.41)	$ (0.24)	$ (0.90)	$ 0.33
Diluted net loss (income) per share	$ (0.41)	$ (0.24)	$ (0.90)	$ 0.32
Weighted average number of shares outstanding:
Basic	13,929	13,837	13,907	13,740
Diluted	13,929	13,837	13,907	13,959
Product Sales [Member]
Revenue:
Total revenue	$ 13,919	$ 12,084	$ 40,227	$ 33,969
Royalties and License Fees [Member]
Revenue:
Total revenue	8,795	8,796	26,738	38,182
Research, Development and Other [Member]
Revenue:
Total revenue	$ 2,140	$ 2,993	$ 6,998	$ 9,014

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (5,651)	$ (3,287)	$ (12,546)	$ 4,526
Other comprehensive (loss) income:
Net changes related to available-for-sale securities, net of tax	4	4	(7)	(3)
Foreign currency translation adjustments	(4,289)	524	(7,439)	588
Other comprehensive (loss) income	(4,285)	528	(7,446)	585
Comprehensive (loss) income	$ (9,936)	$ (2,759)	$ (19,992)	$ 5,111

- Definition

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

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- Definition

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

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Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive (Loss)Income [Member]	Retained Earnings [Member]
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 (loss), 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 option exercise ,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 (loss), 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 option exercise ,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
Beginning balance at Sep. 30, 2021	140,085	$ 695	21,598	1,727	116,065
Beginning balance, shares at Sep. 30, 2021		13,899
Net (loss) income	(12,546)				(12,546)
Other comprehensive income (loss), net of tax	(7,446)			(7,446)
Issuance of common stock	372	$ 5	367
Issuance of common stock ,shares		100
Common stock options exercised, net	391	$ 1	390
Common stock option exercise ,shares		21
Purchase of common stock to pay employee taxes	(942)	$ (1)	(941)
Purchase of common stock to pay employee taxes ,shares		(21)
Stock-based compensation	5,198		5,198
Ending balance at Jun. 30, 2022	125,112	$ 700	26,612	(5,719)	103,519
Ending balance ,shares at Jun. 30, 2022		13,999
Beginning balance at Mar. 31, 2022	133,263	$ 700	24,827	(1,434)	109,170
Beginning balance, shares at Mar. 31, 2022		13,990
Net (loss) income	(5,651)				(5,651)
Other comprehensive income (loss), net of tax	(4,285)			(4,285)
Issuance of common stock ,shares		9
Common stock options exercised, net	22		22
Common stock option exercise ,shares		1
Purchase of common stock to pay employee taxes	(36)		(36)
Purchase of common stock to pay employee taxes ,shares		(1)
Stock-based compensation	1,799		1,799
Ending balance at Jun. 30, 2022	$ 125,112	$ 700	$ 26,612	$ (5,719)	$ 103,519
Ending balance ,shares at Jun. 30, 2022		13,999

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating Activities:
Net (loss) income	$ (12,546)	$ 4,526
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	6,902	5,610
Stock-based compensation	5,198	4,318
Noncash lease expense	371	223
Provision for credit losses	8	(11)
Deferred taxes	(2,996)	947
Other	257	37
Change in operating assets and liabilities:
Accounts receivable and contract assets	(847)	(1,809)
Inventories	(4,167)	(338)
Prepaids and other	(1,998)	(59)
Accounts payable	349	(27)
Accrued liabilities	(1,039)	(435)
Income taxes	(676)	1,327
Deferred revenue	(3,539)	191
Net cash (used in) provided by operating activities	(14,723)	14,500
Investing Activities:
Purchases of property and equipment	(2,798)	(2,874)
Payment for acquisition of intangible assets		(1,000)
Purchases of available-for-sale securities		(22,799)
Maturities of available-for-sale securities	7,600	43,317
Net cash provided by investing activities	4,802	16,644
Financing Activities:
Issuance of common stock	763	2,627
Payments for taxes related to net share settlement of equity awards	(936)	(2,279)
Payments for acquisition of in-process research and development	(500)	(150)
Net cash (used in) provided by financing activities	(673)	198
Effect of exchange rate changes on cash	(485)	50
Net change in cash and cash equivalents	(11,079)	31,392
Cash and Cash Equivalents:
Beginning of period	31,153	30,785
End of period	20,074	62,177
Supplemental Information:
Cash paid for income taxes	395	35
Cash paid for interest	256
Noncash investing and financing activities:
Acquisition of property and equipment, net of refundable credits in other current assets and liabilities	90	345
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 1,732	$ 234

Basis of Presentation

9 Months Ended

Jun. 30, 2022

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, 2021, 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 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, 2022 are not necessarily indicative of the results that may be expected for the entire 2022 fiscal year.

Certain reclassifications have been made to the prior year's consolidated financial statements to conform to the current year presentation.

New Accounting Pronouncements

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

Revenue

9 Months Ended

Jun. 30, 2022

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 June 30,				Nine Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Medical Device
Product sales	$	6,741	$	5,493	$	19,970	$	15,464
Royalties		7,771		7,752		23,015		23,135
License fees		1,024		1,044		3,723		15,047
Research, development and other		1,992		2,466		6,181		7,212
Medical Device Revenue		17,528		16,755		52,889		60,858
In Vitro Diagnostics
Product sales		7,178		6,591		20,257		18,505
Research, development and other		148		527		817		1,802
In Vitro Diagnostics Revenue		7,326		7,118		21,074		20,307
Total Revenue	$	24,854	$	23,873	$	73,963	$	81,165

Contract assets totaled $7.6 million and $7.1 million as of June 30, 2022 and September 30, 2021, respectively, on the condensed consolidated balance sheets. 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 Arrangement.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 13
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Collaborative Arrangement

9 Months Ended

Jun. 30, 2022

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”) to treat the superficial femoral artery (the “Abbott Agreement”). A premarket approval (“PMA”) application for the SurVeil DCB was being evaluated by the U.S. Food and Drug Administration (“FDA”) as of June 30, 2022.

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 our 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, 2022, the Company has received payments totaling $60.8 million under the Abbott Agreement, which consist of the following: (i) $25 million upfront fee in fiscal 2018, (ii) $10 million milestone payment in fiscal 2019, (iii) $10.8 million milestone payment in fiscal 2020, and (iv) $15 million milestone payment in the second quarter of fiscal 2021. As of June 30, 2022, the Company may receive an additional contingent milestone payment upon PMA of our SurVeil DCB of $30 million (if PMA is received prior to December 31, 2022) or $27 million (if PMA is received after December 31, 2022), pursuant to the terms of the Abbott Agreement. As of June 30, 2022, consideration from this potential regulatory milestone was excluded from the contract price (i.e., deemed fully constrained), due to the high level of uncertainty of achievement as of June 30, 2022.

Revenue recognized from the Abbott agreement totaled $1.0 million for both the three months ended June 30, 2022 and 2021 and $3.6 million and $14.8 million for the nine months ended June 30, 2022 and 2021, 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 $3.6 million and $3.8 million for the nine months ended June 30, 2022 and 2021, respectively.

As of June 30, 2022 and September 30, 2021, deferred revenue on the condensed consolidated balance sheets included $11.3 million and $14.9 million, respectively, related to payments received under the Abbott Agreement. The $11.3 deferred revenue as of June 30, 2022, which represents the Company’s performance obligations that are unsatisfied for executed contracts with an original duration of one year, is expected to be recognized as revenue over the next four years through fiscal 2025 as services, principally the TRANSCEND clinical trial, are completed.

Fair Value Measurements

9 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

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

	June 30, 2022
(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 (1)	$	—	$	16	$	—	$	16
Available-for-sale securities (1)		—		2,012		—		2,012
Total assets	$	—	$	2,028	$	—	$	2,028

Liabilities
Contingent consideration (2)	$	—	$	—	$	826	$	826
Total liabilities	$	—	$	—	$	826	$	826

	September 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 (1)	$	—	$	5,308	$	—	$	5,308
Available-for-sale investments (1)		—		9,719		—		9,719
Total assets	$	—	$	15,027	$	—	$	15,027

Liabilities
Contingent consideration (2)	$	—	$	—	$	817	$	817
Total liabilities	$	—	$	—	$	817	$	817

(1)

Fair value of cash equivalents (money market funds) and available-for-sale investments (commercial paper and corporate bond securities) is based on quoted vendor prices and broker pricing where all significant inputs are observable.

(2)

Fair value of contingent consideration liabilities was determined based on discounted cash flow analyses that included probability and timing of development and regulatory milestone achievements and a discount rate, which are considered significant unobservable inputs as of the acquisition date and as of both June 30, 2022 and September 30, 2021.

Contingent consideration liabilities are remeasured to fair value each reporting period using discount rates, probabilities of payment and projected payment dates. Increases or decreases in the fair value of the contingent consideration liability can result from changes in the timing or likelihood of achieving milestones and changes in discount periods and rates. Projected contingent payment amounts are discounted back to the current period using a discount cash flow model. Interest accretion and fair value adjustments associated with contingent consideration liabilities are reported in contingent consideration expense (gain) on the condensed consolidated statements of operations.

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

(In thousands)
Contingent consideration liability at September 30, 2021	$	817
Additions		—
Fair value adjustments		—
Settlements		—
Interest accretion		9
Foreign currency translation		—
Contingent consideration liability at June 30, 2022	$	826

Contingent consideration liabilities were associated with the fiscal 2021 acquisition of Vetex Medical Limited and were included in other long-term liabilities on the condensed consolidated balance sheets; see Note 11 Acquisitions for further disclosures.

- 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

Supplemental Balance Sheet Information

9 Months Ended

Jun. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Supplemental Balance Sheet Information

5. Supplemental Balance Sheet Information

Investments

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

	June 30, 2022
	Valuation									Balance Sheet Classification
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value		Current Assets		Noncurrent Assets
Commercial paper and corporate bonds	$	2,018	$	—	$	(6	)	$	2,012	$	2,012	$	—
Total	$	2,018	$	—	$	(6	)	$	2,012	$	2,012	$	—

	September 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	$	9,718	$	2	$	(1	)	$	9,719	$	7,717	$	2,002
Total	$	9,718	$	2	$	(1	)	$	9,719	$	7,717	$	2,002

Inventories

Inventories consisted of the following components:

	June 30,		September 30,
(In thousands)	2022		2021
Raw materials	$	6,252	$	4,165
Work-in process		1,943		1,295
Finished products		2,731		1,300
Total	$	10,926	$	6,760

Prepaids and Other Assets, Current

Prepaids and other current assets consisted of the following:

	June 30,		September 30,
(In thousands)	2022		2021
Prepaid expenses	$	3,208	$	1,712
Irish research and development credits receivable		1,006		1,164
CARES Act employee retention credit receivable		3,434		3,577
Prepaids and other	$	7,648	$	6,453

In the fourth quarter of fiscal 2021, a benefit of $3.6 million was recorded to reduce operating costs and expenses as a result of our eligibility for the employee retention credit under the provisions of the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act") enacted in March 2020. This benefit and corresponding receivable reflected anticipated reimbursement of personnel expenses we incurred in fiscal 2021 and 2020.

Intangible Assets

Intangible assets consisted of the following:

	June 30, 2022
(In thousands)	Weighted Average Original Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships		8.9	$	12,032	$	(9,039	)	$	2,993
Developed technology		11.9		33,613		(7,565	)		26,048
Patents and other		14.1		3,551		(2,420	)		1,131
Total definite-lived intangible assets				49,196		(19,024	)		30,172
Unamortized intangible assets:
Trademarks and trade names				580		—			580
Total intangible assets			$	49,776	$	(19,024	)	$	30,752

	September 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	$	13,216	$	(8,878	)	$	4,338
Developed technology		11.9		36,531		(5,652	)		30,879
Patents and other		14.1		3,551		(2,294	)		1,257
Total definite-lived intangible assets				53,298		(16,824	)		36,474
Unamortized intangible assets:
Trademarks and trade names				580		—			580
Total intangible assets			$	53,878	$	(16,824	)	$	37,054

Intangible asset amortization expense was $1.1 million and $0.6 million for the three months ended June 30, 2022 and 2021, respectively, and $3.4 million and $1.9 million for the nine months ended June 30, 2022 and 2021, respectively. Based on the intangible assets in service as of June 30, 2022, estimated amortization expense for future fiscal years is as follows:

(In thousands)
Remainder of 2022	$	1,063
2023		3,739
2024		3,656
2025		3,622
2026		2,754
2027		2,510
Thereafter		12,828
Definite-lived intangible assets	$	30,172

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

Goodwill

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, 2021	$	8,010	$	37,596		$	45,606
Currency translation adjustment		—		(3,293	)		(3,293	)
Measurement period adjustment (1)		—		277			277
Goodwill as of June 30, 2022	$	8,010	$	34,580		$	42,590

(1)

During the third quarter of fiscal 2022, measurement period adjustments were recorded to finalize the allocation of purchase consideration for the fiscal 2021 Vetex acquisition (Note 11).

Other Assets, Noncurrent

Other noncurrent assets consisted of the following:

	June 30,		September 30,
(In thousands)	2022		2021
Operating lease right-of-use assets	$	3,796	$	2,435
Other		1,711		1,283
Other assets	$	5,507	$	3,718

Other noncurrent assets include prepaid expenses and receivables related to refundable Irish research and development tax credits.

Accrued Other Liabilities

Accrued other liabilities consisted of the following:

	June 30,		September 30,
(In thousands)	2022		2021
Accrued professional fees	$	370	$	489
Accrued clinical study expense		1,876		1,667
Accrued purchases		1,198		1,195
Acquisition of in-process research and development (1)		975		494
Operating lease liability, current portion		897		518
Other		541		542
Total accrued other liabilities	$	5,857	$	4,905

(1)

Acquisition of in-process research and development consists of the present value of guaranteed payments to be made (current portion) in connection with an asset acquisition in fiscal 2018 (Note 10).

Other Long-term Liabilities

Other long-term liabilities consisted of the following:

	June 30,		September 30,
(In thousands)	2022		2021
Deferred consideration (1)	$	4,235	$	5,106
Contingent consideration (2)		826		817
Unrecognized tax benefits (3)		2,359		2,538
Operating lease liabilities (4)		4,104		3,188
Other long-term liabilities	$	11,524	$	11,649

(1)

Deferred consideration consists of the present value of guaranteed payments to be made (noncurrent portion) in connection with the fiscal 2021 Vetex acquisition (Note 11) and with an asset acquisition in fiscal 2018 (Note 10).

(2)

Contingent consideration consists of the fair value of contingent consideration liabilities associated with the fiscal 2021 Vetex acquisition (Note 11).

(3)

Balance of unrecognized tax benefits (Note 9) includes accrued interest and penalties, if applicable.

(4)

Operating lease liabilities consist of the non-current portion of the net present value of future minimum lease payments, reduced by the discounted value of leasehold improvement incentives paid or payable to the Company.

Debt

9 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

6. Debt

On September 14, 2020, the Company entered into a secured revolving credit facility pursuant to a Loan and Security Agreement, which was amended by a First Amendment on July 2, 2021 and by a Second Amendment on March 7, 2022 (as amended, 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 Credit Facility"). The outstanding balance on the Revolving Credit Facility was $10.0 million as of both June 30, 2022 and September 30, 2021.

The Revolving Credit Facility was scheduled to mature on September 14, 2021, but the Company extended the maturity to September 14, 2022, as permitted under the Loan Agreement. The maturity date may be extended by the Company for up to one additional extension period 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. As of June 30, 2022 and September 30, 2021, the weighted average interest rate on outstanding borrowings on the Revolving Credit Facility was 4.5% and 3.3%, respectively. Unused commitment fees, reported within interest expense on the condensed consolidated statements of operations, totaled zero and less than $0.1 million for the nine months ended June 30, 2022 and 2021, respectively.

The Loan Agreement contains affirmative and negative covenants customary for a facility 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 quarterly revenue, 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 Bridgewater to terminate its commitment and accelerate the Revolving Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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+ Details

Stock-based Compensation Plans

9 Months Ended

Jun. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation Plans

7. 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)	2022		2021		2022		2021
Product costs	$	62	$	23	$	170	$	92
Research and development		355		329		1,086		918
Selling, general and administrative		1,382		1,104		3,942		3,308
Total	$	1,799	$	1,456	$	5,198	$	4,318

As of June 30, 2022, unrecognized compensation costs related to non-vested awards totaled approximately $11.7 million, which is expected to be recognized over a weighted average period of approximately 2.4 years.

Stock Option Awards

The Company awards stock options to officers, directors and key employees and uses the Black-Scholes option pricing model to determine the fair value of stock options as of the date of each grant. Stock option grant activity was as follows:

	Nine Months Ended June 30,
	2022		2021
Stock option grant activity:
Stock options granted		312,000		244,000
Weighted average grant date fair value	$	16.11	$	14.08
Weighted average exercise price	$	42.78	$	39.24

Restricted Stock Awards

During the nine months ended June 30, 2022 and 2021, the Company awarded 90,000 and 68,000 restricted stock shares, respectively, to certain key employees and officers with a weighted average grant date fair value per share of $43.02 and $38.06, respectively. Restricted Stock is valued based on the market value of the shares as of the date of grant.

Restricted Stock Unit Awards

During the nine months ended June 30, 2022 and 2021, the Company awarded 14,000 and 12,000 restricted stock units, respectively, (“RSUs”) to directors and to key employees in foreign jurisdictions with a weighted average grant date fair value per unit of $42.79 and $45.13, respectively. RSUs are valued based on the market value of the shares as of the date of grant.

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. During the nine months ended June 30, 2022 and 2021, 10,000 and 8,000 shares were issued under the ESPP, respectively.

Net (Loss) Income Per Share Data

9 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net (Loss) Income Per Share Data

8. 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 and nine months ended June 30, 2022 and for the three months ended June 20, 2021 as their effect was anti-dilutive as a result of the net loss incurred for those periods. 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 and nine months ended June 30, 2022 and for the three months ended June 30, 2021.

The following table presents the denominator for the computation of diluted weighted average shares outstanding:

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
(In thousands)	2022		2021		2022		2021
Basic weighted average shares outstanding		13,929		13,837		13,907		13,740
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units		—		—		—		219
Diluted weighted average shares outstanding		13,929		13,837		13,907		13,959

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 nine months ended June 30, 2021, as their inclusion would have had an antidilutive effect on diluted net income per share for those periods.

Income Taxes

9 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

9. 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 benefit of $1.5 million and income tax expense of $(0.8) million for the three months ended June 30, 2022 and 2021, respectively, and income tax benefit of $3.2 million and income tax expense of $(2.4) million for the nine months ended June 30, 2022 and 2021, respectively.

The effective income tax rate for the three and nine months ended June 30, 2022 and 2021 differs from the U.S. federal statutory tax rate of 21% primarily due to favorable impacts of the U.S. federal research and development tax credits, operating results of one of our Irish subsidiaries for which tax benefit is offset by a valuation allowance, and the effects of equity compensation. The Company recognized discrete tax benefits related to stock-based compensation awards vested, expired, cancelled and exercised of less than $0.1 million for both the three months ended June 30, 2022 and 2021 and $0.1 million and $0.7 million for the nine months ended June 30, 2022 and 2021, respectively.

The total amount of unrecognized tax benefits, excluding interest and penalties that, if recognized, would affect the effective tax rate was $3.0 million and $2.7 million as of June 30, 2022 and September 30, 2021, respectively. Interest and penalties related to unrecognized tax benefits are recorded in the income tax benefit (provision).

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. The Internal Revenue Service commenced an examination of the Company’s fiscal 2019 U.S. federal tax return in the second quarter of fiscal 2022; the examination has not been completed. U.S. federal income tax returns for years prior to fiscal 2018 are no longer subject to examination by federal tax authorities. For tax returns for U.S. state and local jurisdictions, the Company is no longer subject to examination for tax years generally before fiscal 2011. For tax returns for non-U.S. jurisdictions, the Company is no longer subject to income tax examination for years prior to 2017. Additionally, the Company has been indemnified of liability for any taxes relating to Creagh Medical, NorMedix and Vetex for periods prior to the 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, 2022 and September 30, 2021.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingencies

9 Months Ended

Jun. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

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 $30 million in the aggregate. As of June 30, 2022, 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 $37 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 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 fiscal 2020, $1.0 million in the first quarter of fiscal 2021, and $0.5 million in the second quarter of fiscal 2022. The Company is obligated to pay additional installments totaling $2.0 million in fiscal 2023 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.

Business Combinations. See Note 11 Acquisitions for disclosure of the fiscal 2021 acquisition of Vetex Medical Limited and associated deferred and contingent consideration liabilities.

Acquisitions

9 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Acquisitions

11. Acquisitions

Vetex Medical Limited

On July 2, 2021, Surmodics acquired all of the 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 expanded Surmodics’ thrombectomy portfolio with a second FDA 510(k)-cleared device, a mechanical venous thrombectomy device. The acquisition was accounted for as a business combination. The acquired assets, liabilities and operating results of Vetex have been included on our condensed consolidated financial statements within the Medical Device segment from the date of acquisition.

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 acquisition date fair value of purchase consideration was as follows:

(In thousands)
Consideration paid at closing	$	39,985
Deferred consideration		3,257
Contingent consideration		814
Total purchase consideration		44,056
Less: Cash acquired		(432	)
Total purchase consideration, net of cash acquired	$	43,624

The fair value of contingent consideration was derived using a discounted cash flow approach based on Level 3 inputs. See Note 4 Fair Value Measurements for additional disclosures regarding contingent consideration.

The final allocation of purchase consideration as of the acquisition date was as follows:

(In thousands)
Asset (Liability)
Current assets	$	18
Property and equipment		37
Intangible assets		27,600
Other non-current assets		37
Accrued compensation		(236	)
Other accrued liabilities		(111	)
Deferred income taxes		(3,087	)
Net assets acquired		24,258
Goodwill		19,366
Total purchase consideration, net of cash acquired	$	43,624

During the third quarter of fiscal 2022, the Company recorded measurement adjustments to provisional amounts previously recognized, which resulted in a $0.3 increase in goodwill and a corresponding decrease in net identifiable assets acquired. The Company finalized the accounting for the Vetex acquisition in the third quarter of fiscal 2022.

Acquired intangible assets consist of developed technology. We used the income approach, specifically the discounted cash flow method and the incremental cash flow approach using Level 3 inputs, to derive the fair value of the developed technology. The developed technology is amortized on a straight-line basis over its estimated useful life of 12 years. The amortization of the acquired intangible assets is tax deductible.

The goodwill 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.

Segment Information

9 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

12. Segment Information

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

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(In thousands)	2022			2021			2022			2021
Revenue:
Medical Device	$	17,528		$	16,755		$	52,889		$	60,858
In Vitro Diagnostics		7,326			7,118			21,074			20,307
Total revenue	$	24,854		$	23,873		$	73,963		$	81,165

Operating (loss) income:
Medical Device	$	(7,308	)	$	(2,491	)	$	(16,712	)	$	5,480
In Vitro Diagnostics		3,387			3,378			10,262			10,407
Total segment operating (loss) income		(3,921	)		887			(6,450	)		15,887
Corporate		(3,222	)		(3,271	)		(9,034	)		(8,695	)
Total operating (loss) income	$	(7,143	)	$	(2,384	)	$	(15,484	)	$	7,192

Depreciation and amortization:
Medical Device	$	2,020		$	1,631		$	6,347		$	5,004
In Vitro Diagnostics		88			121			260			314
Corporate		98			92			295			292
Total depreciation and amortization	$	2,206		$	1,844		$	6,902		$	5,610

The Corporate category includes expenses that are not fully allocated to the Medical Device and In Vitro Diagnostics segments. These Corporate costs are related to administrative corporate functions, such as executive management, corporate accounting, information technology, legal, human resources and Board of Directors. Corporate may also include expenses, such as acquisition-related costs and litigation, which are not specific to a segment and thus not allocated to the reportable 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2022
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 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, 2022 are not necessarily indicative of the results that may be expected for the entire 2022 fiscal year. Certain reclassifications have been made to the prior year's consolidated financial statements to conform to the current year presentation.
New Accounting Pronouncements	New Accounting Pronouncements No 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.
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 and nine months ended June 30, 2022 and for the three months ended June 20, 2021 as their effect was anti-dilutive as a result of the net loss incurred for those periods. 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 and nine months ended June 30, 2022 and for the three months ended June 30, 2021.
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. The Internal Revenue Service commenced an examination of the Company’s fiscal 2019 U.S. federal tax return in the second quarter of fiscal 2022; the examination has not been completed. U.S. federal income tax returns for years prior to fiscal 2018 are no longer subject to examination by federal tax authorities. For tax returns for U.S. state and local jurisdictions, the Company is no longer subject to examination for tax years generally before fiscal 2011. For tax returns for non-U.S. jurisdictions, the Company is no longer subject to income tax examination for years prior to 2017. Additionally, the Company has been indemnified of liability for any taxes relating to Creagh Medical, NorMedix and Vetex for periods prior to the respective acquisition dates, pursuant to the terms of the related share purchase agreements.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Revenue (Tables)

9 Months Ended

Jun. 30, 2022

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 June 30,				Nine Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Medical Device
Product sales	$	6,741	$	5,493	$	19,970	$	15,464
Royalties		7,771		7,752		23,015		23,135
License fees		1,024		1,044		3,723		15,047
Research, development and other		1,992		2,466		6,181		7,212
Medical Device Revenue		17,528		16,755		52,889		60,858
In Vitro Diagnostics
Product sales		7,178		6,591		20,257		18,505
Research, development and other		148		527		817		1,802
In Vitro Diagnostics Revenue		7,326		7,118		21,074		20,307
Total Revenue	$	24,854	$	23,873	$	73,963	$	81,165

Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2022

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, 2022
(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 (1)	$	—	$	16	$	—	$	16
Available-for-sale securities (1)		—		2,012		—		2,012
Total assets	$	—	$	2,028	$	—	$	2,028

Liabilities
Contingent consideration (2)	$	—	$	—	$	826	$	826
Total liabilities	$	—	$	—	$	826	$	826

	September 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 (1)	$	—	$	5,308	$	—	$	5,308
Available-for-sale investments (1)		—		9,719		—		9,719
Total assets	$	—	$	15,027	$	—	$	15,027

Liabilities
Contingent consideration (2)	$	—	$	—	$	817	$	817
Total liabilities	$	—	$	—	$	817	$	817

(1)

(2)

Schedule of Contingent Consideration Liabilities Measured at Fair Value

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

(In thousands)
Contingent consideration liability at September 30, 2021	$	817
Additions		—
Fair value adjustments		—
Settlements		—
Interest accretion		9
Foreign currency translation		—
Contingent consideration liability at June 30, 2022	$	826

Supplemental Balance Sheet Information (Tables)

9 Months Ended

Jun. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Amortized Cost, Unrealized Holding Gains (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, 2022
	Valuation									Balance Sheet Classification
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value		Current Assets		Noncurrent Assets
Commercial paper and corporate bonds	$	2,018	$	—	$	(6	)	$	2,012	$	2,012	$	—
Total	$	2,018	$	—	$	(6	)	$	2,012	$	2,012	$	—

	September 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	$	9,718	$	2	$	(1	)	$	9,719	$	7,717	$	2,002
Total	$	9,718	$	2	$	(1	)	$	9,719	$	7,717	$	2,002

Components of Inventories

Inventories consisted of the following components:

	June 30,		September 30,
(In thousands)	2022		2021
Raw materials	$	6,252	$	4,165
Work-in process		1,943		1,295
Finished products		2,731		1,300
Total	$	10,926	$	6,760

Summary of Prepaids and Other Current Assets

Prepaids and other current assets consisted of the following:

	June 30,		September 30,
(In thousands)	2022		2021
Prepaid expenses	$	3,208	$	1,712
Irish research and development credits receivable		1,006		1,164
CARES Act employee retention credit receivable		3,434		3,577
Prepaids and other	$	7,648	$	6,453

Schedule of Intangible Assets

Intangible assets consisted of the following:

	June 30, 2022
(In thousands)	Weighted Average Original Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships		8.9	$	12,032	$	(9,039	)	$	2,993
Developed technology		11.9		33,613		(7,565	)		26,048
Patents and other		14.1		3,551		(2,420	)		1,131
Total definite-lived intangible assets				49,196		(19,024	)		30,172
Unamortized intangible assets:
Trademarks and trade names				580		—			580
Total intangible assets			$	49,776	$	(19,024	)	$	30,752

	September 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	$	13,216	$	(8,878	)	$	4,338
Developed technology		11.9		36,531		(5,652	)		30,879
Patents and other		14.1		3,551		(2,294	)		1,257
Total definite-lived intangible assets				53,298		(16,824	)		36,474
Unamortized intangible assets:
Trademarks and trade names				580		—			580
Total intangible assets			$	53,878	$	(16,824	)	$	37,054

Estimated Amortization Expense

Based on the intangible assets in service as of June 30, 2022, estimated amortization expense for future fiscal years is as follows:

(In thousands)
Remainder of 2022	$	1,063
2023		3,739
2024		3,656
2025		3,622
2026		2,754
2027		2,510
Thereafter		12,828
Definite-lived intangible assets	$	30,172

Schedule of Carrying Amount of Goodwill By Reportable 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, 2021	$	8,010	$	37,596		$	45,606
Currency translation adjustment		—		(3,293	)		(3,293	)
Measurement period adjustment (1)		—		277			277
Goodwill as of June 30, 2022	$	8,010	$	34,580		$	42,590

(1)

During the third quarter of fiscal 2022, measurement period adjustments were recorded to finalize the allocation of purchase consideration for the fiscal 2021 Vetex acquisition (Note 11).

Summary of Other Noncurrent Assets

Other noncurrent assets consisted of the following:

	June 30,		September 30,
(In thousands)	2022		2021
Operating lease right-of-use assets	$	3,796	$	2,435
Other		1,711		1,283
Other assets	$	5,507	$	3,718

Schedule of Accrued Other Liabilities

Accrued other liabilities consisted of the following:

	June 30,		September 30,
(In thousands)	2022		2021
Accrued professional fees	$	370	$	489
Accrued clinical study expense		1,876		1,667
Accrued purchases		1,198		1,195
Acquisition of in-process research and development (1)		975		494
Operating lease liability, current portion		897		518
Other		541		542
Total accrued other liabilities	$	5,857	$	4,905

(1)

Acquisition of in-process research and development consists of the present value of guaranteed payments to be made (current portion) in connection with an asset acquisition in fiscal 2018 (Note 10).

Schedule of Other Long-term Liabilities

Other long-term liabilities consisted of the following:

	June 30,		September 30,
(In thousands)	2022		2021
Deferred consideration (1)	$	4,235	$	5,106
Contingent consideration (2)		826		817
Unrecognized tax benefits (3)		2,359		2,538
Operating lease liabilities (4)		4,104		3,188
Other long-term liabilities	$	11,524	$	11,649

(1)

(2)

Contingent consideration consists of the fair value of contingent consideration liabilities associated with the fiscal 2021 Vetex acquisition (Note 11).

(3)

Balance of unrecognized tax benefits (Note 9) includes accrued interest and penalties, if applicable.

(4)

Stock-based Compensation Plans (Tables)

9 Months Ended

Jun. 30, 2022

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)	2022		2021		2022		2021
Product costs	$	62	$	23	$	170	$	92
Research and development		355		329		1,086		918
Selling, general and administrative		1,382		1,104		3,942		3,308
Total	$	1,799	$	1,456	$	5,198	$	4,318

Summary of Stock Option Grant Activity

Stock option grant activity was as follows:

	Nine Months Ended June 30,
	2022		2021
Stock option grant activity:
Stock options granted		312,000		244,000
Weighted average grant date fair value	$	16.11	$	14.08
Weighted average exercise price	$	42.78	$	39.24

Net (Loss) Income Per Share Data (Tables)

9 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Denominator for Computation of Diluted Weighted Average Shares Outstanding

The following table presents the denominator for the computation of diluted weighted average shares outstanding:

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
(In thousands)	2022		2021		2022		2021
Basic weighted average shares outstanding		13,929		13,837		13,907		13,740
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units		—		—		—		219
Diluted weighted average shares outstanding		13,929		13,837		13,907		13,959

Acquisitions (Tables)

9 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Schedule of Acquisition Date Fair Value of Purchase Consideration

The acquisition date fair value of purchase consideration was as follows:

(In thousands)
Consideration paid at closing	$	39,985
Deferred consideration		3,257
Contingent consideration		814
Total purchase consideration		44,056
Less: Cash acquired		(432	)
Total purchase consideration, net of cash acquired	$	43,624

Summary of Final Allocation of Purchase Consideration as of Acquisition Date

The final allocation of purchase consideration as of the acquisition date was as follows:

(In thousands)
Asset (Liability)
Current assets	$	18
Property and equipment		37
Intangible assets		27,600
Other non-current assets		37
Accrued compensation		(236	)
Other accrued liabilities		(111	)
Deferred income taxes		(3,087	)
Net assets acquired		24,258
Goodwill		19,366
Total purchase consideration, net of cash acquired	$	43,624

Segment Information (Tables)

9 Months Ended

Jun. 30, 2022

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)	2022			2021			2022			2021
Revenue:
Medical Device	$	17,528		$	16,755		$	52,889		$	60,858
In Vitro Diagnostics		7,326			7,118			21,074			20,307
Total revenue	$	24,854		$	23,873		$	73,963		$	81,165

Operating (loss) income:
Medical Device	$	(7,308	)	$	(2,491	)	$	(16,712	)	$	5,480
In Vitro Diagnostics		3,387			3,378			10,262			10,407
Total segment operating (loss) income		(3,921	)		887			(6,450	)		15,887
Corporate		(3,222	)		(3,271	)		(9,034	)		(8,695	)
Total operating (loss) income	$	(7,143	)	$	(2,384	)	$	(15,484	)	$	7,192

Depreciation and amortization:
Medical Device	$	2,020		$	1,631		$	6,347		$	5,004
In Vitro Diagnostics		88			121			260			314
Corporate		98			92			295			292
Total depreciation and amortization	$	2,206		$	1,844		$	6,902		$	5,610

Revenue - Summary of Revenues Disaggregated by Product Classification and Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Total revenue	$ 24,854	$ 23,873	$ 73,963	$ 81,165
Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	13,919	12,084	40,227	33,969
Royalties [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	8,795	8,796	26,738	38,182
Research, Development and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	2,140	2,993	6,998	9,014
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	24,854	23,873	73,963	81,165
Operating Segments [Member] \| Medical Device [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	17,528	16,755	52,889	60,858
Operating Segments [Member] \| Medical Device [Member] \| Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	6,741	5,493	19,970	15,464
Operating Segments [Member] \| Medical Device [Member] \| Royalties [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	7,771	7,752	23,015	23,135
Operating Segments [Member] \| Medical Device [Member] \| License Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	1,024	1,044	3,723	15,047
Operating Segments [Member] \| Medical Device [Member] \| Research, Development and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	1,992	2,466	6,181	7,212
Operating Segments [Member] \| In Vitro Diagnostics [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	7,326	7,118	21,074	20,307
Operating Segments [Member] \| In Vitro Diagnostics [Member] \| Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	7,178	6,591	20,257	18,505
Operating Segments [Member] \| In Vitro Diagnostics [Member] \| Research, Development and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 148	$ 527	$ 817	$ 1,802

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Contract assets — royalties and license fees	$ 7,584	$ 7,091

Collaborative Arrangement - Additional Information (Detail 1) - Abbott Agreement [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 $ in Millions	Jun. 30, 2022 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Remaining performance obligation, amount	$ 11.3
Remaining performance obligation, satisfaction period	4 years

Collaborative Arrangement - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenue	$ 24,854,000	$ 23,873,000		$ 73,963,000	$ 81,165,000
Abbott Agreement [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaborative arrangement payment received				60,800,000
Total revenue	1,000,000.0	$ 1,000,000.0		3,600,000	14,800,000
Collaboration revenue recognized included in balance at beginning of period				3,600,000	$ 3,800,000
Deferred revenue	11,300,000			11,300,000					$ 14,900,000
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] \| PMA Received Prior to December 31, 2022 [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
Abbott Agreement [Member] \| PMA Received After December 31, 2022 [Member] \| TRANSCEND Clinical Trial [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaborative arrangement additional potential milestone payments receivable	$ 27,000,000			$ 27,000,000

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, 2022	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	$ 2,028	$ 15,027
Liabilities measured at fair value	826	817
Available-for-sale securities/investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	2,012	9,719
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	2,028	15,027
Significant Other Observable Inputs (Level 2) [Member] \| Available-for-sale securities/investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	2,012	9,719
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities measured at fair value	826	817
Cash equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	16	5,308
Cash equivalents [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	16	5,308
Contingent consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities measured at fair value	826	817
Contingent consideration [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities measured at fair value	$ 826	$ 817

Fair Value Measurements - Schedule of Contingent Consideration Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Contingent consideration expense	$ 3	$ 9
Contingent Consideration [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Contingent consideration liability, beginning balance		817
Contingent consideration expense		9
Contingent consideration liability, ending balance	$ 826	$ 826

Supplemental Balance Sheet Information - Amortized Cost, Unrealized Holding Gains and (Losses) and Fair Value of Available-for-sale Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 2,018	$ 9,718
Unrealized Gains		2
Unrealized Losses	(6)	(1)
Fair Value	2,012	9,719
Current Assets	2,012	7,717
Noncurrent Assets		2,002
Commercial paper and corporate bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,018	9,718
Unrealized Gains		2
Unrealized Losses	(6)	(1)
Fair Value	2,012	9,719
Current Assets	$ 2,012	7,717
Noncurrent Assets		$ 2,002

Supplemental Balance Sheet Information - Components of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 6,252	$ 4,165
Work-in process	1,943	1,295
Finished products	2,731	1,300
Total	$ 10,926	$ 6,760

Supplemental Balance Sheet Information - Summary of Prepaids and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Prepaid Expense And Other Assets Current [Abstract]
Prepaid expenses	$ 3,208	$ 1,712
Irish research and development credits receivable	1,006	1,164
CARES Act employee retention credit receivable	3,434	3,577
Prepaids and other	$ 7,648	$ 6,453

Supplemental Balance Sheet Information - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Balance Sheet Related Disclosures [Abstract]
CARES Act employee retention credit, benefit to operating costs and expenses		$ 3.6
Amortization expense	$ 1.1		$ 0.6	$ 3.4	$ 1.9

Supplemental Balance Sheet Information - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2021
Intangible Assets [Line Items]
Definite-lived intangible assets, Accumulated Amortization	$ (19,024)	$ (16,824)
Definite-lived intangible assets, Net	30,172
Intangible assets, Gross Carrying Amount	49,776	53,878
Intangible assets, Net	$ 30,752	$ 37,054
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	$ 12,032	$ 13,216
Definite-lived intangible assets, Accumulated Amortization	(9,039)	(8,878)
Definite-lived intangible assets, Net	$ 2,993	$ 4,338
Developed Technology [Member]
Intangible Assets [Line Items]
Definite-lived intangible assets, Weighted Average Original Life (Years)	11 years 10 months 24 days	11 years 10 months 24 days
Definite-lived intangible assets, Gross Carrying Amount	$ 33,613	$ 36,531
Definite-lived intangible assets, Accumulated Amortization	(7,565)	(5,652)
Definite-lived intangible assets, Net	$ 26,048	$ 30,879
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	(2,420)	(2,294)
Definite-lived intangible assets, Net	1,131	1,257
Definite-Lived Intangible Assets [Member]
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross Carrying Amount	49,196	53,298
Definite-lived intangible assets, Accumulated Amortization	(19,024)	(16,824)
Definite-lived intangible assets, Net	30,172	36,474
Trademarks and Trade Names [Member]
Intangible Assets [Line Items]
Indefinite-lived intangible assets, Net	$ 580	$ 580

Supplemental Balance Sheet Information - Estimated Amortization Expense (Detail) $ in Thousands	Jun. 30, 2022 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 1,063
2023	3,739
2024	3,656
2025	3,622
2026	2,754
2027	2,510
Thereafter	12,828
Definite-lived intangible assets, Net	$ 30,172

Supplemental Balance Sheet Information - Schedule of Carrying Amount of Goodwill by Segment (Detail) $ in Thousands	9 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Line Items]
Goodwill as of September 30, 2021	$ 45,606
Currency translation adjustment	(3,293)
Measurement period adjustment	277
Goodwill as of June 30, 2022	42,590
In Vitro Diagnostics [Member]
Goodwill [Line Items]
Goodwill as of September 30, 2021	8,010
Goodwill as of June 30, 2022	8,010
Medical Device [Member]
Goodwill [Line Items]
Goodwill as of September 30, 2021	37,596
Currency translation adjustment	(3,293)
Measurement period adjustment	277
Goodwill as of June 30, 2022	$ 34,580

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Supplemental Balance Sheet Information - Summary of Other Noncurrent Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Schedule Of Investments [Line Items]
Other assets	$ 5,507	$ 3,718
Operating Lease Right-of-Use Assets [Member]
Schedule Of Investments [Line Items]
Other assets	3,796	2,435
Other [Member]
Schedule Of Investments [Line Items]
Other assets	$ 1,711	$ 1,283

Supplemental Balance Sheet Information - Schedule of Accrued Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Accrued Liabilities Current [Abstract]
Accrued professional fees	$ 370	$ 489
Accrued clinical study expense	1,876	1,667
Accrued purchases	1,198	1,195
Acquisition of in-process research and development	975	494
Operating lease liability, current portion	897	518
Other	541	542
Total accrued other liabilities	$ 5,857	$ 4,905

Supplemental Balance Sheet Information - Schedule of Other Long-term Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Other Liabilities Disclosure [Abstract]
Deferred consideration	$ 4,235	$ 5,106
Contingent consideration	826	817
Unrecognized tax benefits	2,359	2,538
Operating lease liabilities	4,104	3,188
Other long-term liabilities	$ 11,524	$ 11,649

Debt - Additional Information (Details) - Secured Revolving Credit Facility [Member] - Loan and Security Agreement [Member] - USD ($)	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021	Sep. 14, 2020
Line Of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity				$ 25,000,000
Revolving credit facility, outstanding balance	$ 10,000,000.0		$ 10,000,000.0
Revolving credit facility, maturity date	Sep. 14, 2021
Debt instrument, maturity date, description	The maturity date may be extended by the Company for up to one additional extension period 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
Debt weighted average interest rate on the revolving credit facility	4.50%		3.30%
Minimum [Member]
Line Of Credit Facility [Line Items]
Revolving credit facility, interest rate	3.25
Interest Expense [Member]
Line Of Credit Facility [Line Items]
Revolving credit facility, unused commitment fee	$ 0
Interest Expense [Member] \| Maximum [Member]
Line Of Credit Facility [Line Items]
Revolving credit facility, unused commitment fee		$ 100,000

Stock-based Compensation Plans - Stock-based Compensation Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,799	$ 1,456	$ 5,198	$ 4,318
Product costs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	62	23	170	92
Research and development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	355	329	1,086	918
Selling, general and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,382	$ 1,104	$ 3,942	$ 3,308

Stock-based Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stock-Based Compensation Activity [Line Items]
Unrecognized compensation costs, nonvested awards, amount	$ 11.7
Unrecognized compensation costs, nonvested awards, weighted average recognition period	2 years 4 months 24 days
Restricted Stock Awards [Member]
Stock-Based Compensation Activity [Line Items]
Units granted	90,000	68,000
Weighted average grant date fair value	$ 43.02	$ 38.06
Restricted Stock Unit Awards [Member]
Stock-Based Compensation Activity [Line Items]
Units granted	14,000	12,000
Weighted average grant date fair value	$ 42.79	$ 45.13
Employee Stock Purchase Plan [Member]
Stock-Based Compensation Activity [Line Items]
Shares issued	10,000	8,000

Stock-based Compensation Plans - Summary of Stock Option Grant Activity (Detail) - Stock Option Awards [Member] - $ / shares	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock options granted	312,000	244,000
Weighted average grant date fair value	$ 16.11	$ 14.08
Weighted average exercise price	$ 42.78	$ 39.24

Net (Loss) Income Per Share Data - Denominator for Computation of Diluted Weighted Average Shares Outstanding (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Basic weighted average shares outstanding	13,929	13,837	13,907	13,740
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units				219
Diluted weighted average shares outstanding	13,929	13,837	13,907	13,959

Net (Loss) Income Per Share Data - Additional Information (Detail) shares in Millions	9 Months Ended
	Jun. 30, 2021 shares
Earnings Per Share [Abstract]
Antidilutive options excluded from computation of EPS	0.1

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021
Income Tax Disclosure [Line Items]
Income tax benefit (expense)	$ 1,530,000	$ (776,000)	$ 3,155,000	$ (2,382,000)
U.S. federal statutory tax rate	21.00%	21.00%	21.00%	21.00%
Discrete tax benefits related to stock-based compensation awards			$ 100,000	$ 700,000
Unrecognized tax benefits excluding interest and penalties that would impact effective tax rate	$ 3,000,000.0		3,000,000.0		$ 2,700,000
Undistributed earnings in foreign subsidiaries	0		$ 0		$ 0
Maximum [Member]
Income Tax Disclosure [Line Items]
Discrete tax benefits related to stock-based compensation awards	$ 100,000	$ 100,000

- Definition

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

+ References + Details

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended	12 Months Ended		36 Months Ended
	Mar. 31, 2022	Dec. 31, 2020	Jun. 30, 2022	Sep. 30, 2020	Sep. 30, 2018	Sep. 30, 2024
Embolitech LLC [Member]
Commitments And Contingencies [Line Items]
Contingent payments upon achievement of regulatory milestones			$ 1,000,000.0
Installment payment beginning period			2023
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			37,000,000
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			$ 30,000,000
In Process Research and Development \| Embolitech LLC [Member]
Commitments And Contingencies [Line Items]
Contingency period ending year			2033
Payments to acquire in-process research and development	$ 500,000	$ 1,000,000.0		$ 1,000,000.0	$ 5,000,000.0
In Process Research and Development \| Embolitech LLC [Member] \| Forecast [Member]
Commitments And Contingencies [Line Items]
Contractual obligation payable in fiscal 2022 through fiscal 2024						$ 2,000,000.0

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Jul. 02, 2021	Jun. 30, 2022	Jun. 30, 2022
Business Acquisition [Line Items]
Measurement period adjustments, increase in goodwill			$ 277
Vetex Medical Limited [Member]
Business Acquisition [Line Items]
Cash paid	$ 39,900
Deferred consideration, contractual value	$ 3,500
Installment payment beginning period	2024
Installment payment ending period	2027
Contingent consideration, contractual value	$ 3,500
Contingency period ending year	2027
Measurement period adjustments, increase in goodwill		$ 300
Vetex Medical Limited [Member] \| Developed Technology Rights [Member]
Business Acquisition [Line Items]
Acquired intangible assets amortized on straight-line basis, estimated useful life			12 years
Revolving Credit Facility [Member] \| Vetex Medical Limited [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred, liabilities incurred	$ 10,000

Acquisitions - Summary of Acquisition Date Fair Value of Purchase Consideration (Detail) - Vetex Medical Limited [Member] $ in Thousands	Jul. 02, 2021 USD ($)
Business Acquisition [Line Items]
Consideration paid at closing	$ 39,985
Deferred consideration	3,257
Contingent consideration	814
Total purchase consideration	44,056
Less: Cash acquired	(432)
Total purchase consideration, net of cash acquired	$ 43,624

Acquisitions - Summary of Final Allocation of Purchase Consideration as of Acquisition Date (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021	Jul. 02, 2021
Business Acquisition [Line Items]
Goodwill	$ 42,590	$ 45,606
Vetex Medical Limited [Member]
Business Acquisition [Line Items]
Current assets			$ 18
Property and equipment			37
Intangible assets			27,600
Other non-current assets			37
Accrued compensation			(236)
Other accrued liabilities			(111)
Deferred income taxes			(3,087)
Net assets acquired			24,258
Goodwill			19,366
Total purchase consideration, net of cash acquired			$ 43,624

Segment Information - Segment Revenue, Operating (Loss) Income and Depreciation and Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 24,854	$ 23,873	$ 73,963	$ 81,165
Operating (loss) income	(7,143)	(2,384)	(15,484)	7,192
Depreciation and amortization	2,206	1,844	6,902	5,610
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue	24,854	23,873	73,963	81,165
Operating (loss) income	(3,921)	887	(6,450)	15,887
Operating Segments [Member] \| Medical Device [Member]
Segment Reporting Information [Line Items]
Revenue	17,528	16,755	52,889	60,858
Operating (loss) income	(7,308)	(2,491)	(16,712)	5,480
Depreciation and amortization	2,020	1,631	6,347	5,004
Operating Segments [Member] \| In Vitro Diagnostics [Member]
Segment Reporting Information [Line Items]
Revenue	7,326	7,118	21,074	20,307
Operating (loss) income	3,387	3,378	10,262	10,407
Depreciation and amortization	88	121	260	314
Corporate Non Segment [Member]
Segment Reporting Information [Line Items]
Operating (loss) income	(3,222)	(3,271)	(9,034)	(8,695)
Depreciation and amortization	$ 98	$ 92	$ 295	$ 292

- Definition

+ References

+ Details