0000950170-23-065738 | 10-K | XBRL Viewer

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Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	$ 40,371	$ 2,035
Liabilities measured at fair value		829
Available-for-sale securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	3,933
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	40,371	2,035
Significant Other Observable Inputs (Level 2) [Member] \| Available-for-sale securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	3,933
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities measured at fair value		829
Cash equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	36,255	2,035
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	36,255	2,035
Contingent consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities measured at fair value		829
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		$ 829
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	183
Interest Rate Swap [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	$ 183

Acquisitions

12 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

Acquisitions

13. 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 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 in place during the period. The Company is obligated to pay two installments, each in the amount of $1.8 million, in the fourth quarter of fiscal 2024 and 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 5 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

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

In the year of acquisition, fiscal 2021, we reported zero revenue and $(0.9) million net loss from Vetex in our consolidated statements of operations. In addition, in fiscal 2021, we recognized $1.0 million in acquisition transaction, integration and other costs related to the Vetex acquisition on the consolidated statements of operations.

The pro forma impact of business combinations during fiscal 2021 was not significant, neither individually nor in the aggregate, to the consolidated results of the Company.

Reportable Segment Information - Additional Information (Detail)	12 Months Ended
	Sep. 30, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Revenue - Revenue by Geographic Region (Detail) - Revenue [Member] - Geographic Concentration Risk [Member]	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Domestic [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of revenue	82.00%	74.00%	79.00%
Foreign [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of revenue	18.00%	26.00%	21.00%

Restructuring - (Additional Information) (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring expense	$ 1,282

Debt - Additional Information (Details) - USD ($)		12 Months Ended
Debt - Additional Information (Details) - USD ($)	Oct. 14, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 14, 2020
Line Of Credit Facility [Line Items]
Revolving credit facility, outstanding balance			$ 10,000,000
Secured term loan facilities, proceeds at closing		$ 30,000,000
Secured Overnight Financing Rate [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Description of variable rate basis		one-month secured overnight financing rate (“Term SOFR”) as published by CME Group Benchmark Administration Limited plus 0.10%
Debt instrument, basis spread on variable rate	0.10%
Revolving Credit Facility [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 25,000,000
Percentage of annual collateral management fee	0.50%
Revolving credit facility, minimum borrowing as percentage of availability	20.00%
Percentage of annual minimum balance fee	0.50%
Debt instrument, basis spread on variable rate	3.00%
Revolving credit facility, unused commitment fee rate	0.50%
Revolving Credit Facility [Member] \| Secured Overnight Financing Rate [Member]
Line Of Credit Facility [Line Items]
Description of variable rate basis		Term SOFR + 3.00%
Debt instrument, basis spread on variable rate		3.00%
Revolving Credit Facility [Member] \| Tranche 1 [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Revolving credit facility, proceeds at closing	$ 5,000,000
Revolving Credit Facility [Member] \| Year Three to Maturity [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Prepayment penalty	1.00%
Revolving Credit Facility [Member] \| Year Two [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Prepayment penalty	2.00%
Revolving Credit Facility [Member] \| Minimum [Member] \| Secured Overnight Financing Rate [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Debt instrument, variable rate floor	1.50%
Revolving Credit Facility [Member] \| Bridgewater Loan Agreement [Member]
Line Of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity				$ 25,000,000
Revolving credit facility, outstanding balance			$ 10,000,000
Repayments of lines of credit	$ 10,000,000
Revolving credit facility, interest rate		Interest under the Bridgewater Loan Agreement accrued at a rate per annum equal to the greater of (i) 3.25%, and (ii) the 90-day interest rate yield for U.S. Government Treasury Securities plus 2.75%.
Debt instrument, 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			6.10%
Revolving Credit Facility [Member] \| Bridgewater Loan Agreement [Member] \| Minimum [Member]
Line Of Credit Facility [Line Items]
Revolving credit facility, interest rate		3.25
Term Loans [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Secured term loan facilities, borrowing capacity	$ 75,000,000
MidCap Credit Agreement, exit fee	2.50%
Debt instrument, basis spread on variable rate	5.75%
Term Loans [Member] \| Tranche 1 [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Secured term loan facilities, borrowing capacity	$ 25,000,000
Secured term loan facilities, proceeds at closing	25,000,000
Repayments of lines of credit	10,000,000
Term Loans [Member] \| Tranche 1 [Member] \| Secured Overnight Financing Rate [Member]
Line Of Credit Facility [Line Items]
Description of variable rate basis		Term SOFR +5.75%
Debt instrument, basis spread on variable rate		5.75%
Term Loans [Member] \| Tranche 2 [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Secured term loan facilities, borrowing capacity	$ 50,000,000
Term Loans [Member] \| Year Three to Maturity [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Prepayment penalty	1.00%
Term Loans [Member] \| Year Two [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Prepayment penalty	2.00%
Term Loans [Member] \| Minimum [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Secured term loan facilities, borrowing capacity	$ 10,000,000
Term Loans [Member] \| Minimum [Member] \| Secured Overnight Financing Rate [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Debt instrument, variable rate floor	1.50%
Term Loans [Member] \| Maximum [Member] \| Additional Tranche [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Secured term loan facilities, borrowing capacity	$ 25,000,000
Term Loans [Member] \| Rolling-four-quarter Core Net Revenue [Member] \| Minimum [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
MidCap Credit Agreement, minimum rolling-four-quarter core net revenue	60,000,000
Term Loans [Member] \| Rolling-four-quarter Core Net Revenue [Member] \| Minimum [Member] \| Tranche 2 [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Secured term loan facilities, borrowing capacity	$ 25,000,000
Term Loans [Member] \| Midcap Revolving Credit Facility [Member] \| MidCap Event of Default [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
MidCap Credit Agreement, interest rate premium upon event of default	2.00%

Fair Value Measurements

12 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

In determining the fair value of financial assets and liabilities, we utilize market data or other assumptions that we believe market participants would use in pricing the asset or liability in the principal or most advantageous market and adjust for non-performance and/or other risk associated with the company as well as counterparties, as appropriate. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

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

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

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

The hierarchy gives the highest priority to Level 1, as this level provides the most reliable measure of fair value, while giving the lowest priority to Level 3.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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


	September 30, 2023
(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)	$	—	$	36,255	$	—	$	36,255
Available-for-sale securities (1)		—		3,933		—		3,933
Interest rate swap (2)		—		183		—		183
Total assets	$	—	$	40,371	$	—	$	40,371


	September 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)	$	—	$	2,035	$	—	$	2,035
Total assets	$	—	$	2,035	$	—	$	2,035

Liabilities
Contingent consideration (3)	$	—	$	—	$	829	$	829
Total liabilities	$	—	$	—	$	829	$	829

(1)

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

(2)

Fair value of interest rate swap was based on forward-looking, one-month term secured overnight financing rate (“Term SOFR”) spot rates and interest rate curves (Note 7).

(3)

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 were considered significant unobservable inputs.

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 (gain) expense on the 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		12
Foreign currency translation		—
Contingent consideration liability at September 30, 2022		829
Additions		—
Fair value adjustments		(835	)
Settlements		—
Interest accretion		6
Foreign currency translation		—
Contingent consideration liability at September 30, 2023	$	—

Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

We measure certain assets at fair value on a non-recurring basis, primarily goodwill, intangible assets, and long-lived assets. These assets were initially measured and recognized at amounts equal to the fair value determined as of the date of acquisition or purchase and are subject to changes in value only for foreign currency translation and impairment. See Note 2 for additional information on impairment assessments and related Level 3 inputs for goodwill, indefinite-lived intangible assets and long-lived assets.

Assets and Liabilities Not Measured at Fair Value

Certain financial instruments are not measured at fair value but are recorded at carrying amounts approximating fair value based on their short-term nature. The carrying value of cash, accounts receivable, accounts payable and accrued liabilities approximated fair value as of September 30, 2023 and 2022.

- 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

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Components of Inventories, net (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 8,063	$ 6,102
Work-in process	2,607	1,595
Finished products	4,169	4,122
Inventories, net	$ 14,839	$ 11,819

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Schedule of Debt [Line Items]
Short-term borrowings		$ 10,000
Long-term debt, gross	$ 30,000
Less: Unamortized debt issuance costs	(595)
Long-term debt, net	29,405
Revolving Credit Facility [Member] \| Term SOFR [Member]
Schedule of Debt [Line Items]
Long-term debt, gross	5,000
Secured Term Loan Facilities [Member] \| Term SOFR [Member] \| Tranche 1 [Member]
Schedule of Debt [Line Items]
Long-term debt, gross	$ 25,000

Stock-based Compensation Plans - Stock-based Compensation Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 7,605	$ 7,057	$ 5,863
Product costs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	279	234	122
Research and development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,417	1,424	1,298
Selling, general and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 5,909	$ 5,399	$ 4,443

Collaborative Arrangement

12 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaborative Arrangement

4. Collaborative Arrangement

On February 26, 2018, we entered into the Abbott Agreement under which Abbott has exclusive worldwide commercialization rights for Surmodics' SurVeil DCB to treat the superficial femoral artery. In June 2023, we received premarket approval (“PMA”) for the SurVeil DCB from the U.S. Food and Drug Administration (“FDA”), and the product may now be marketed and sold in the U.S. by Abbott. Under the Abbott Agreement, Abbott has the right to purchase commercial units of the SurVeil DCB from us. Upon shipment of SurVeil DCB units to Abbott, Surmodics will realize product revenue, which will include (i) an agreed-upon transfer price, and (ii) a share of net profits resulting from product sales by Abbott to third parties. As of September 30, 2023, Surmodics had not yet recognized any such SurVeil DCB product revenue on the consolidated statements of operations. Timing of commercialization in the U.S. is at the discretion of Abbott.

Under the Abbott Agreement, Surmodics is responsible for conducting all necessary clinical trials, including completion of the ongoing, five-year, 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.

As of September 30, 2023, Surmodics had received payments totaling $87.8 million under the Abbott Agreement, which consisted of the following: (i) $25 million upfront fee in fiscal 2018, (ii) $10 million milestone payment in fiscal 2019 upon completion of enrollment in the TRANSCEND clinical trial, (iii) $10.8 million milestone payment in fiscal 2020 upon receipt of Conformité Européenne Mark (“CE Mark”) approval prerequisite for commercialization of the SurVeil DCB in the European Union, (iv) $15 million milestone payment in fiscal 2021 upon receipt by Abbott of the clinical study report and related materials from the TRANSCEND pivotal trial that demonstrated the primary safety and primary clinical endpoints were non-inferior to the control device, and (v) final milestone payment of $27 million in fiscal 2023 upon receipt of PMA for the SurVeil DCB from the FDA.

Refer to Note 3 for SurVeil DCB license fee revenue recognized in fiscal 2023, 2022 and 2021. As of September 30, 2023, the Company had recognized total SurVeil DCB license fee revenue of $81.2 million on the total $87.8 million in upfront and milestone payments received under the Abbott Agreement. As of September 30, 2023 and 2022, deferred revenue of $6.6 million and $9.2 million, respectively, was recorded on the consolidated balance sheets from the upfront and milestone payments received under the Abbott Agreement. Revenue recognized from the Abbott Agreement, which was included in the respective beginning of fiscal year balances of deferred revenue on the consolidated balance sheets, totaled $4.6 million, $5.7 million and $4.7 million for fiscal 2023, 2022 and 2021, respectively.

As of September 30, 2023, the estimated revenue expected to be recognized in future periods totaled approximately $6.6 million related to performance obligations that are unsatisfied for executed contracts with an original duration of one year or more. These remaining performance obligations related to the Abbott Agreement and are expected to be recognized over the next two years as the services, which are primarily comprised of the R&D and Clinical Activities performance obligation in the Abbott Agreement, are completed. As of September 30, 2023, we expected to recognize approximately $4.2 million of these remaining performance obligations as revenue within one year, with the remaining $2.4 million over the subsequent, final year of the TRANSCEND trial follow-up and clinical reporting period.

See Note 2 for further information regarding SurVeil DCB license fee revenue recognition.

Derivative Financial Instruments - Additional Information (Detail) - Term Loans [Member] $ in Millions	12 Months Ended
	Sep. 30, 2023 USD ($)
Derivative [Line Items]
Notional amount	$ 25
Fixed interest	10.205%
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount	$ 25
Expiry date	Oct. 01, 2027
Fixed interest	4.455%

- Definition

Date derivative contract ends, in YYYY-MM-DD format.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column D))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column F))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column C))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column D))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Operating Activities:
Net (loss) income	$ (1,536)	$ (27,274)	$ 4,237
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	8,522	9,142	8,017
Stock-based compensation	7,605	7,057	5,863
Noncash lease expense	652	529	308
Amortization of debt issuance costs	365	46	46
Provision for credit losses	37	5	(11)
Contingent consideration (gain) expense	(829)	12	3
Deferred taxes	(181)	5,268	1,651
Other	115	268	132
Change in operating assets and liabilities
Accounts receivable and contract assets	(977)	(1,522)	(2,480)
Inventories	(3,020)	(5,060)	(818)
Prepaids and other		(665)	(2,391)
Accounts payable	(183)	1,608	264
Accrued liabilities	(1,024)	132	1,406
Income taxes	3,438	(1,069)	210
Deferred revenue	(2,470)	(5,700)	(1,048)
Net cash provided by (used in) operating activities	10,514	(17,223)	15,389
Investing Activities:
Purchases of property and equipment	(2,918)	(3,370)	(5,279)
Payment for acquisition of intangible assets			(1,000)
Purchases of available-for-sale securities	(3,904)		(22,723)
Maturities of available-for-sale securities		9,600	43,317
Purchase of business, net of acquired cash			(39,553)
Net cash (used in) provided by investing activities	(6,822)	6,230	(25,238)
Financing Activities:
Proceeds from short-term borrowings			10,000
Payments on short-term borrowings	(10,000)
Proceeds from issuance of long-term debt	29,664
Payment of debt issuance costs	(614)
Issuance of common stock	1,252	1,246	3,128
Payments for taxes related to net share settlement of equity awards	(918)	(1,121)	(2,751)
Payments for acquisition of in-process research and development	(978)	(500)	(150)
Net cash provided by (used in) financing activities	18,406	(375)	10,227
Effect of exchange rate changes on cash	323	(787)	(10)
Net change in cash and cash equivalents	22,421	(12,155)	368
Cash and Cash Equivalents:
Beginning of year	18,998	31,153	30,785
End of year	41,419	18,998	31,153
Supplemental Information:
Cash paid for income taxes	2,851	416	160
Cash paid for interest	2,919	415	74
Noncash financing and investing activities:
Acquisition of property and equipment, net of refundable credits in other current assets and liabilities	$ 116	70	211
Right-of-use assets obtained in exchange for new operating lease liabilities		$ 1,725	234
Deferred and contingent consideration assumed in business acquisition			$ 4,071

Stock-based Compensation Plans

12 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Plans

8. Stock-based Compensation Plans

The Company has stock-based compensation plans under which it grants stock options, restricted stock awards, restricted stock units and deferred stock units. Stock-based compensation expense was reported as follows on the consolidated statements of operations:


	Fiscal Year
(In thousands)	2023		2022		2021
Product costs	$	279	$	234	$	122
Research and development		1,417		1,424		1,298
Selling, general and administrative		5,909		5,399		4,443
Total stock-based compensation expense	$	7,605	$	7,057	$	5,863

As of September 30, 2023, approximately $10.7 million of total unrecognized compensation costs related to non-vested awards is expected to be recognized over a weighted average period of approximately 2.2 years.

As of September 30, 2023, under the amended 2019 Equity Incentive Plan (“2019 Plan”), the Company is authorized to issue 2,340,000 shares, plus the number of shares pursuant to any awards granted under the 2009 Equity Incentive Plan (“2009 Plan”) that were outstanding on the effective date of the 2019 Plan that expire, are cancelled or forfeited, or are settled for cash. As of September 30, 2023, there were approximately 912,000 shares available for future equity awards under the 2019 Plan, including stock options, restricted stock, restricted stock units and deferred stock units.

Stock Option Awards

The Company grants non-qualified stock options at fair market value on the grant date to certain key employees and members of the Board. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options as of the date of each grant. Weighted average stock option fair value assumptions and the weighted average grant date fair value of stock options granted were as follows:


	Fiscal Year
	2023			2022			2021
Stock option fair value assumptions:
Risk-free interest rate		3.76	%		1.49	%		0.40	%
Expected life (years)	4.7			4.6			4.6
Expected volatility		45	%		43	%		43	%
Dividend yield		—	%		—	%		—	%
Weighted average grant date fair value of stock options granted	$	15.03		$	15.96		$	14.71

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

With respect to members of the Board, non-qualified stock options generally become exercisable on a monthly pro-rata basis within the one-year period following the date of grant. With respect to employees, non-qualified stock options generally become exercisable at a 25% rate on each of the first four anniversaries following the grant date. Non-qualified stock options generally expire in seven years or upon, or shortly after, termination of employment or service as a Board member. The stock-based compensation expense table above includes stock option expenses recognized related to these awards, which totaled $3.7 million, $3.4 million and $2.8 million in fiscal 2023, 2022 and 2021, respectively.

As of September 30, 2023, the aggregate intrinsic value of the option shares outstanding was $0.8 million, and the aggregate intrinsic value of option shares exercisable was $0.6 million. As of September 30, 2023, the weighted average remaining contractual life of options outstanding and options exercisable was 4.0 years and 2.9 years, respectively. The total pre-tax intrinsic value of options exercised was $0.3 million, $1.0 million and $7.1 million in fiscal 2023, 2022 and 2021, respectively. The intrinsic value represents the difference between the exercise price and the fair market value of the Company’s common stock on the last day of the respective fiscal year end.

Stock option activity was as follows:


(In thousands, except per share data)	Number of Shares			Weighted Average Exercise Price
Options outstanding at September 30, 2020		940		$	35.18
Granted		274			40.95
Exercised		(248	)		24.22
Forfeited and expired		(44	)		44.58
Options outstanding at September 30, 2021		922			39.39
Granted		342			42.10
Exercised		(45	)		21.24
Forfeited and expired		(58	)		43.99
Options outstanding at September 30, 2022		1,161			40.66
Granted		311			34.73
Exercised		(20	)		21.50
Forfeited and expired		(90	)		41.77
Options outstanding at September 30, 2023		1,362			39.52
Options vested and exercisable at September 30, 2023		724		$	40.47

Restricted Stock Awards

The Company has entered into restricted stock agreements with certain key employees covering the issuance of common stock (“Restricted Stock”). Restricted Stock generally vests at a 33% rate on each of the first three anniversaries following the grant date. Restricted Stock is released to employees if they are employed by the Company at the end of the vesting period. Restricted Stock is valued based on the market value of the shares as of the date of grant with the value allocated to expense evenly over the vesting period. The stock-based compensation expense table above includes Restricted Stock expenses recognized related to these awards, which totaled $3.1 million, $2.7 million and $2.2 million in fiscal 2023, 2022 and 2021, respectively.

Restricted Stock activity was as follows:


(In thousands, except per share data)	Number of Shares			Weighted Average Grant Date Fair Value
Unvested restricted stock awards at September 30, 2020		100		$	44.16
Granted		71			38.83
Vested		(48	)		44.07
Forfeited		(4	)		40.45
Unvested restricted stock awards at September 30, 2021		119			41.14
Granted		99			42.35
Vested		(55	)		42.98
Forfeited		(5	)		41.83
Unvested restricted stock awards at September 30, 2022		158			41.24
Granted		103			35.75
Vested		(69	)		40.96
Forfeited		(19	)		39.31
Unvested restricted stock awards at September 30, 2023		173		$	38.30

Restricted Stock Units and Deferred Stock Units

The Company has entered into restricted stock unit agreements with certain key employees in foreign jurisdictions and members of the Board, covering the issuance of common stock (“RSUs”). With respect to employees, RSUs generally vest at a 33% rate on each of the first three anniversaries following the grant date, and RSUs are settled in shares and issued to the employees if they are employed by the Company at the end of the vesting period. With respect to members of the Board, RSUs vest on a monthly pro-rata basis within the one-year period following the date of grant, and RSUs are settled in shares and generally issued upon termination of service as a Board member. RSUs are valued based on the market value of the shares as of the date of grant with the value allocated to expense evenly over the vesting period. The Company awarded approximately 16,000, 14,000 and 17,000 RSUs in fiscal 2023, 2022 and 2021, respectively. As of September 30, 2023 and 2022, outstanding RSUs (including unvested units and vested units not yet settled) totaled approximately 74,000 and 65,000 units, respectively, with a weighted average grant date fair value per unit of $32.18 and $33.14, respectively. The stock-based compensation table above includes RSU expenses recognized related to these awards, which totaled $0.5 million in each of fiscal 2023, 2022 and 2021.

Directors may elect to receive their annual fees for services to the Board in deferred stock units (“DSUs”). DSUs are fully vested and expensed upon grant at the market value of the shares on the grant date. DSUs are settled in shares and issued to the Director upon termination of service as a Board member. As of September 30, 2023 and 2022, outstanding, fully vested DSUs totaled approximately 38,000 and 36,000 units, respectively, with a weighted average grant date fair value per unit of $30.86 and $30.97, respectively. The stock-based compensation expense table above includes DSU expenses recognized related to these awards, which totaled $0.1 million per year in each of fiscal 2023, 2022 and 2021.

1999 Employee Stock Purchase Plan

Under the amended 1999 Employee Stock Purchase Plan (“ESPP”), the Company is authorized to issue up to 600,000 shares of common stock. All full-time and part-time U.S. employees can elect to have up to 10% of their annual compensation withheld, with an annual limit of $25,000, to purchase the Company’s common stock at purchase prices defined within the provisions of the ESPP. ESPP share awards are valued based on the value of the discount feature plus the fair value of the optional features as of the date of grant using the Black-Scholes valuation model. The value of these share awards is allocated to expense evenly over each six-month purchase period. Employee contributions to the ESPP included in accrued compensation on the consolidated balance sheets totaled $0.1 million as of each of September 30, 2023 and 2022. The stock-based compensation expense table above includes expenses recognized related to the ESPP, which totaled $0.3 million, $0.3 million and $0.2 million for fiscal 2023, 2022 and 2021, respectively.

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Taxes

Income taxes on the consolidated statements of operations consisted of the following:


	Fiscal Year
(In thousands)	2023			2022			2021
Current expense (benefit):
U.S. Federal	$	3,363		$	(510	)	$	263
U.S. State		591			(143	)		108
International		250			166			87
Total current expense (benefit)		4,204			(487	)		458
Deferred (benefit) expense:
U.S. Federal		—			5,200			1,851
U.S. State		—			515			(62	)
International		(181	)		(447	)		(138	)
Total deferred (benefit) expense		(181	)		5,268			1,651
Total income tax expense	$	4,023		$	4,781		$	2,109

Schedule of Reconciliation Difference of Income Taxes

The difference between amounts calculated at the statutory U.S. federal income tax rate of 21% and the Company’s effective tax rate was as follows:


	Fiscal Year
(In thousands)	2023			2022			2021
Amount at statutory U.S. federal income tax rate	$	522		$	(4,724	)	$	1,333
Change because of the following items:
State income taxes, net of federal benefit		(632	)		(897	)		(273	)
Foreign and state rate differential		495			628			596
U.S. federal and foreign R&D credits		(1,544	)		(1,511	)		(920	)
Valuation allowance change (1)		4,083			10,978			1,059
Stock-based compensation (2)		1,003			481			(544	)
U.S. Federal and state rate change		(152	)		—			(35	)
Tax reserve change		734			(123	)		(150	)
Foreign-derived income deduction		(403	)		—			—
Contingent consideration		(164	)		13			3
Impact of CARES Act (3)		—			—			735
Acquisition-related transaction costs		—			—			187
Other		81			(64	)		118
Income tax expense	$	4,023		$	4,781		$	2,109

(1)

In fiscal 2023, the valuation allowance increased primarily as a result of the incremental deferred tax assets recorded during fiscal 2023 related to capitalized U.S. R&D expenses and Ireland net operating losses (“NOLs”). In fiscal 2022, the valuation allowance increased primarily as a result of the establishment of a full valuation allowance against U.S. net deferred tax assets as of September 30, 2022. In fiscal 2021, the valuation allowance increased primarily as a result of the incremental deferred tax assets recorded during fiscal 2021 related to U.S. state R&D tax credit carryforwards and Ireland NOLs.

(2)

Includes non-deductible stock-based compensation.

(3)

Related to the remeasurement of deferred tax assets and liabilities associated with the CARES Act. Under the temporary provisions of CARES Act, NOL carryforwards and carrybacks could offset 100% of taxable income for taxable years beginning before 2021. In addition, NOLs arising in 2018, 2019 and 2020 taxable years could be carried back to each of the preceding five years to generate a refund.

Schedule of Deferred Income Taxes, Net

The components of deferred income taxes, net, consisted of the following and resulted from differences in the recognition of transactions for income tax and financial reporting purposes:


	September 30,
(In thousands)	2023			2022
Depreciable assets	$	(3,802	)	$	(3,995	)
Deferred revenue		1,082			2,103
Accruals and reserves		2,052			1,615
Stock-based compensation		2,665			2,443
Impaired strategic investments		1,829			1,787
NOL carryforwards (1)		4,578			6,379
U.S. Federal and state R&D credits (2)		2,973			4,465
Capitalized R&D expenses		7,976			—
Other		648			848
Valuation allowance		(22,005	)		(17,672	)
Deferred taxes, net	$	(2,004	)	$	(2,027	)

(1)

As of September 30, 2023, NOL carryforwards consisted of U.S. state NOL carryforwards of $0.3 million and Ireland NOL carryforwards of $4.2 million. U.S. state NOL carryforwards begin to expire in fiscal 2028. Ireland NOL carryforwards have an unlimited carryforward period.

(2)

As of September 30, 2023, U.S. federal and state R&D credits begin to expire in fiscal 2028.

Summary of Reconciliation of Changes in Unrecognized Tax Benefits

Unrecognized tax benefits are the differences between a tax position taken, or expected to be taken in a tax return, and the benefit recognized for accounting purposes pursuant to accounting guidance. The following is a reconciliation of the changes in unrecognized tax benefits, excluding interest and penalties:


	Fiscal Year
(In thousands)	2023			2022			2021
Unrecognized tax benefits, beginning balance	$	2,793		$	2,887		$	2,871
Increases in tax positions for prior years		—			53			15
Decreases in tax positions for prior years		(4	)		(35	)		(8	)
Increases in tax positions for current year		836			519			458
Lapse of the statute of limitations		(182	)		(631	)		(449	)
Unrecognized tax benefits, ending balance	$	3,443		$	2,793		$	2,887

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information

12 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information

2. Summary of Significant Accounting Policies and Supplemental Balance Sheet Information

Cash and Cash Equivalents

Cash and cash equivalents consist of financial instruments with maturities of three months or less at the Company’s acquisition date of the security. Cash is stated at cost, which approximates fair value. Cash equivalents are stated at fair value. Cash and cash equivalents may include money market instruments, certificates of deposit, repurchase agreements and commercial paper instruments.

Investments — Available-for-sale Securities

As of September 30, 2023 and 2022, investments in available-for-sale debt securities totaled $3.9 million and $0.0 million, respectively, on the consolidated balance sheets. As of September 30, 2023, investments consisted of commercial paper and corporate bond securities, were classified as available-for-sale, and were reported at fair value. Interest earned on debt securities, including amortization of premiums and accretion of discounts, is included in investment income, net within other expense. Realized gains and losses from the sales of debt securities, which are included in investment income, net, are determined using the specific identification method. Investment purchases are accounted for on the date the trade is executed, which may not be the same as the date the transaction is cash settled. Unrealized gains and losses, net of tax, are excluded from the consolidated statements of operations and reported on the consolidated statements of comprehensive income (loss) and also as a separate component of stockholders’ equity on the consolidated balance sheets. For investments in an unrealized loss position, we make the following assessments. If it is more likely than not we will sell the investment before recovery of its amortized cost basis, we write down the security’s amortized cost basis to fair value and reclassify the net unrealized loss from accumulated other comprehensive (loss) income to investment income, net on the consolidated statements of operations. If the decline in fair value is deemed to be due to a credit loss, we recognize an allowance for the expected credit loss to reduce the cost basis to fair value, with a corresponding adjustment to investment income, net.

As of September 30, 2023, the amortized cost, unrealized holding gains and losses, and fair value of available-for-sale securities were as follows. There were no available-for-sale securities as of September 30, 2022.


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Commercial paper and corporate bonds	$	3,936	$	—	$	(3	)	$	3,933
Available-for-sale securities	$	3,936	$	—	$	(3	)	$	3,933

There were no held-to-maturity debt securities as of September 30, 2023 and 2022. There were no realized gains or losses on sales of available-for-sale securities for fiscal 2023, 2022 or 2021.

Accounts Receivable

We grant credit to customers in the normal course of business and maintain an allowance for credit losses. The allowance for credit losses reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable. We consider various factors in establishing, monitoring and adjusting the allowance for credit losses including the aging of accounts and aging trends, the historical level of charge-offs, and specific exposures related to particular customers. We base our estimates of credit loss reserves on historical experience and adjust, as necessary, to reflect current conditions using reasonable and supportable forecasts not already reflected in the historical loss information.

Inventories

Inventories are principally stated at the lower of cost or net realizable value using the specific identification method and include direct labor, materials and overhead, with cost of product sales determined on a first-in, first-out basis. Inventories, net of reserves of $1.8 million and $1.1 million as of September 30, 2023 and 2022, respectively, consisted of the following components:


	September 30,
(In thousands)	2023		2022
Raw materials	$	8,063	$	6,102
Work-in process		2,607		1,595
Finished products		4,169		4,122
Inventories, net	$	14,839	$	11,819

We regularly review inventory quantities, and when appropriate, record reserves for excess and obsolete inventory to reduce the balance of inventories, net on the consolidated balance sheets, with corresponding charges to product costs on the consolidated statements of operations. We write down inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value, and inventory in excess of expected requirements based on future demand and as compared to remaining shelf life. The estimate of excess quantities is subjective and primarily dependent on our estimates of future demand for a particular product.

Prepaids and Other Assets, Current

Prepaids and other current assets consisted of the following:


	September 30,
(In thousands)	2023		2022
Prepaid expenses	$	2,600	$	2,570
Irish research and development credits receivable		1,322		753
CARES Act employee retention credit receivable (1)		3,441		3,441
Prepaids and other	$	7,363	$	6,764

(1)

Receivable consisted of anticipated reimbursement of personnel expenses incurred in fiscal periods prior to fiscal 2022 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”).

Property and Equipment

Property and equipment are stated at cost, less any impairment, and are depreciated using the straight-line method over the estimated useful lives of the assets. The Company recorded depreciation expense of $4.7 million, $4.7 million and $4.9 million in fiscal 2023, 2022 and 2021, respectively.

The September 30, 2023 and 2022 balances in construction-in-progress include the cost of equipment and building improvements not yet placed in service. As assets are placed in service, construction-in-progress is transferred to the specific property and equipment categories and depreciated over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the term of the lease or the estimated useful life of the asset. Expenditures for maintenance and repairs and minor renewals and betterments that do not extend or improve the life of the respective assets are expensed as incurred.

Property and equipment consisted of the following components:


	Useful Life	September 30,
(Dollars in thousands)	(Years)	2023			2022
Land	N/A	$	4,413		$	4,409
Laboratory fixtures and equipment	3 to 10		33,120			28,810
Buildings and improvements	3 to 20		26,964			26,373
Leasehold improvements	5 to 10		6,499			6,499
Office furniture and equipment	3 to 10		9,561			9,205
Construction-in-progress			1,936			3,175
Less: Accumulated depreciation			(56,467	)		(51,323	)
Property and equipment, net		$	26,026		$	27,148

Intangible Assets

Intangible assets consisted of the following:


	September 30, 2023
(Dollars in thousands)	Weighted Average Original Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships	9.3	$	11,260	$	(9,435	)	$	1,825
Developed technology	11.9		33,929		(11,048	)		22,881
Patents and other	14.9		2,338		(1,418	)		920
Total definite-lived intangible assets			47,527		(21,901	)		25,626
Unamortized intangible assets:
Trademarks and trade names			580		—			580
Intangible assets, net		$	48,107	$	(21,901	)	$	26,206


	September 30, 2022
(Dollars in thousands)	Weighted Average Original Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships	9.3	$	10,454	$	(7,927	)	$	2,527
Developed technology	11.9		31,943		(7,994	)		23,949
Patents and other	14.9		2,338		(1,249	)		1,089
Total definite-lived intangible assets			44,735		(17,170	)		27,565
Unamortized intangible assets:
Trademarks and trade names			580		—			580
Intangible assets, net		$	45,315	$	(17,170	)	$	28,145

The Company recorded amortization expense of $3.8 million, $4.4 million and $3.1 million in fiscal 2023, 2022 and 2021, respectively.

Based on the intangible assets in service as of September 30, 2023, estimated amortization expense for future fiscal years is as follows:


(In thousands)
2024	$	3,691
2025		3,656
2026		2,780
2027		2,534
2028		2,524
Thereafter		10,441
Definite-lived intangible assets	$	25,626

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 exchange rates or other factors.

The Company defines in-process research and development (“IPR&D”) as the value of technology acquired for which the related projects have substance and are incomplete. IPR&D acquired in a business combination is recognized at fair value and is capitalized as an indefinite-lived intangible asset until completion or abandonment of the IPR&D project. Upon completion of the development project (generally when regulatory approval to market the product is obtained), an impairment assessment is performed prior to amortizing the asset over its estimated useful life. In cases where the IPR&D projects are abandoned, the related IPR&D assets are written off.

The Company performs its annual assessment of indefinite-lived assets for impairment annually as of July 1st of each fiscal year and whenever an event occurs or circumstances change that would indicate that the carrying amount may be impaired. Similar to the goodwill impairment assessment, the indefinite-lived assets impairment assessment requires the Company to make several estimates about fair value, most of which are based on projected future cash flows. No impairment charges were recorded in fiscal 2023, 2022 and 2021.

Goodwill

Goodwill in the Medical Device reporting unit represents the gross value from the fiscal 2021 acquisition of Vetex Medical Limited (“Vetex”) and the fiscal 2016 acquisitions of Creagh Medical, Ltd. (“Creagh Medical”) and NorMedix, Inc. (“NorMedix”). Goodwill in the In Vitro Diagnostics reporting unit represents the gross value from the acquisition of BioFX Laboratories, Inc. in 2007. Refer to Note 13 Acquisitions for further disclosures for Vetex.

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
Foreign currency translation adjustment		—		(5,173	)		(5,173	)
Measurement period adjustments (1)		—		277			277
Goodwill as of September 30, 2022		8,010		32,700			40,710
Foreign currency translation adjustment		—		2,236			2,236
Goodwill as of September 30, 2023	$	8,010	$	34,936		$	42,946

(1)

In fiscal 2022, measurement period adjustments were recorded to finalize the allocation of purchase consideration for the fiscal 2021 Vetex acquisition (Note 13).

Goodwill represents the excess of the purchase price of an acquired business over the fair value assigned to the assets purchased and liabilities assumed. Goodwill is not amortized but is subject, at a minimum, to annual tests for impairment. The carrying amount of goodwill is evaluated annually, and between annual evaluations if events occur or circumstances change indicating that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

The Company’s reporting units are the Medical Device and In Vitro Diagnostics reportable segments. Inherent in the determination of fair value of the reporting units are certain estimates and judgments, including the interpretation of current economic indicators and market valuations, as well as the Company’s strategic plans with regard to its operations. When utilizing a quantitative assessment, the Company determines fair value at the reporting unit level based on a combination of an income approach and market approach. The income approach is based on estimated future cash flows, discounted at a rate that approximates the cost of capital of a market participant, while the market approach is based on sales and/or earnings multiples of similar companies. These approaches use significant estimates and assumptions, including projected future cash flows and the timing of those cash flows, discount rates reflecting risks inherent in future cash flows, perpetual growth rates, and determination of appropriate market comparables.

The Company performs its assessment of goodwill for impairment as of July 1st of each fiscal year. Goodwill was not impaired in either reporting unit based on the outcome of the fiscal 2023 annual impairment test, which utilized a quantitative assessment. No goodwill impairment charges were recorded in fiscal 2023, 2022 and 2021.

Other Assets, Noncurrent

Other noncurrent assets consisted of the following:


	September 30,
(In thousands)	2023		2022
Operating lease right-of-use assets	$	2,987	$	3,633
Other		877		1,136
Other assets, noncurrent	$	3,864	$	4,769

Valuation of Long-lived Assets

The Company periodically evaluates whether events and circumstances have occurred that may affect the estimated useful life or the recoverability of the remaining balance of long-lived assets, such as property and equipment, right-of-use assets, and definite-lived intangible assets. If such events or circumstances were to indicate that the carrying amount of these assets may not be recoverable, the Company would estimate the future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) were less than the carrying amount of the assets, the Company would recognize an impairment charge to reduce such assets to their fair value. In fiscal 2023, 2022 and 2021, no impairment charges were recorded related to the Company’s long-lived assets.

Accrued Other Liabilities

Accrued other liabilities consisted of the following:


	September 30,
(In thousands)	2023		2022
Accrued professional fees	$	178	$	279
Accrued clinical study expense		1,056		1,425
Accrued purchases		1,142		1,655
Deferred consideration (1)		2,661		981
Operating lease liability, current portion		872		963
Other		535		551
Accrued other liabilities	$	6,444	$	5,854

(1)

Deferred consideration consisted of the present value of guaranteed payments to be made in connection with the fiscal 2021 Vetex acquisition (Note 13) and with an asset acquisition in fiscal 2019 (Note 11).

Other Long-term Liabilities

Other long-term liabilities consisted of the following:


	September 30,
(In thousands)	2023		2022
Deferred consideration (1)	$	1,754	$	4,260
Contingent consideration (2)		—		829
Unrecognized tax benefits (3)		3,332		1,841
Operating lease liabilities (4)		2,974		3,843
Other long-term liabilities	$	8,060	$	10,773

(1)

Deferred consideration consisted of the present value of a guaranteed payment to be made in connection with the fiscal 2021 Vetex acquisition (Note 13).

(2)

Contingent consideration consisted of the fair value of contingent consideration liabilities associated with the fiscal 2021 Vetex acquisition (Note 5 and Note 13).

(3)

Unrecognized tax benefits (Note 9) included accrued interest and penalties, if applicable.

(4)

Operating lease liabilities consisted 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.

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to receive in exchange for those goods or services. The Company primarily sells or licenses its products, technologies and services to other medical device and diagnostics companies. Revenue is recorded net of taxes collected from customers, and taxes collected are recorded as current liabilities until remitted to the relevant government authority. The amount of foreign taxes imposed on specific revenue producing transactions that is the responsibility of the Company is expensed as incurred and reported in income tax expense on the consolidated statements of operations. For contracts that have an original duration of one year or less, the Company uses the practical expedient applicable to such contracts and does not adjust the transaction price for the time value of money.

Performance Obligations

We derive our revenue from three primary sources:


Product Sales	Royalties and License Fees	Research, Development and Other
IVD chemical and biological components, including protein stabilizers, substrates, surface coatings and antigens to the diagnostic and biomedical research markets (IVD segment)	Performance coating royalties and license fees from licensing of our proprietary performance coating technologies to medical device manufacturers (Medical Device segment)	Contract coating services and commercial development feasibility services (Medical Device segment)
Performance coating reagents, the chemicals used in performance coatings by licensees (Medical Device segment)	SurVeil™ DCB license fees associated with the Abbott Agreement (Medical Device segment)	Commercial development services (IVD segment)
Vascular intervention medical devices and related products to original equipment manufacturer suppliers and distributors, as well as directly to healthcare providers (Medical Device segment)

The Company recognizes revenue when control is transferred to the customer. The transfer of control varies by revenue classification and is described below. If a contract contains more than one distinct performance obligation, the transaction price is allocated to each performance obligation based on relative standalone selling price.

Product Sales. Revenue from product sales is recognized at the point in time control of the products is transferred, generally upon shipment based upon the standard contract terms. Shipping and handling activities are considered to be fulfillment activities rather than promised services and are not, therefore, considered to be separate performance obligations. The amount of revenue recognized is based on the transaction price, which generally represents the invoiced amount, net of administrative fees where applicable. The Company’s sales terms provide no right of return outside of a standard warranty policy, and returns are generally not significant. Payment terms for product sales are generally set at 30-45 days after shipment.

Royalties. Royalties revenue consists of sales-based and recurring minimum royalties earned under licenses of our performance coating technologies. Performance obligations under these licenses, which consist of the right to use the Company’s proprietary technology, are satisfied at a point in time corresponding with delivery of the underlying technology rights to the customer, which is generally upon transfer of the licensed technology to the customer. Sales-based royalties revenue represents variable consideration under the license agreements and is recognized in the period a customer sells products incorporating the Company’s licensed technologies. Our customers generally report sales subject to royalties to us in the quarter after those sales occur. The Company estimates sales-based royalties revenue earned but unpaid at each reporting period using the expected value method based on historical sales information, adjusted for known changes such as product launches and patent expirations. The Company also considers macroeconomic factors affecting the medical device market. The Company's license arrangements also often provide for recurring fees (minimum royalties), which the Company recognizes at the later of the satisfaction of the underlying performance obligation or upon renewal of the contract, which generally occurs on a quarterly basis. Sales-based and minimum royalties are generally due within 45 days after the end of each quarter.

License Fees. For distinct license performance obligations, upfront license fees are recognized when the Company satisfies the underlying performance obligation. This generally occurs upon transfer of the right to use the Company’s licensed technology to the customer, with the exception of the license of the Company’s SurVeil drug-coated balloon (the “SurVeil DCB”) disclosed below. Certain license arrangements include contingent milestone payments, which are due following achievement by our customers of specified sales or regulatory milestones. Contingent milestone payment terms vary by contract. The Company has generally fulfilled its performance obligation prior to achievement of these milestones. However, because of the uncertainty of the milestone achievement, and/or the dependence on sales of our customers, variable consideration for contingent milestones is fully constrained and excluded from the contract price until the milestone is achieved by our customer, to the extent collectability is reasonably certain.

The Company has a collaborative arrangement contract with Abbott Vascular, Inc. (“Abbott”) disclosed in Note 4 Collaborative Arrangement (the “Abbott Agreement”). As of September 30, 2023, the Company has received payments totaling $87.8 million under the Abbott Agreement, and there are no remaining contingent milestone payments under the Abbott Agreement.

The performance obligation identified in the Abbott Agreement includes delivery of our licensed technology and completion of research and development activities, primarily clinical trial activities (together, “R&D and Clinical Activities”). These promises are not distinct performance obligations because the product necessary for completion of the R&D and Clinical Activities is currently only able to be manufactured by the Company due to the exclusive proprietary know-how and certain regulatory requirements associated with the manufacture of the product. The customer, Abbott, simultaneously receives and consumes the benefits of the R&D and Clinical Activities as study data are generated to support regulatory approval submissions. Control is effectively transferred over time as we complete the TRANSCEND clinical study of the SurVeil DCB and related regulatory activities. License fee revenue related to this contract is recognized using the cost-to-cost method which measures progress based on costs incurred to date relative to the expected total cost of the services, as the Company believes this represents a faithful depiction of the satisfaction of its performance obligation. Use of the cost-to-cost method requires significant estimates, including the total cost of the TRANSCEND study, which is expected to be completed over the next two years. Revenue is recorded based on the cost-to-cost completion estimate relative to the transaction price, which is equal to the total upfront fee plus the expected value of the clinical and regulatory milestones.

Revenue from the upfront fee and contingent clinical and regulatory milestone payments, once the underlying contingencies are achieved, is recognized within royalties and license fees on the consolidated statements of operations as the clinical and regulatory activities are performed on a proportional performance basis. Performance is measured based on actual costs incurred relative to the expected total cost of the underlying activities, most notably the completion of the TRANSCEND clinical trial. A significant component of the cost of this trial is the cost of the Company’s outsourced clinical trial clinical research organization (“CRO”) consultants, which is estimated based on executed statements of work, project budgets, and patient enrollment timing, among other factors. A significant change to the Company’s estimate of the costs to complete the TRANSCEND clinical trial could have a material effect on the Company’s results of operations. Significant judgment is used to estimate total revenue and cost at completion for this contract.

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. See Note 4 Collaborative Arrangement for further disclosures related to the Abbott Agreement.

Research and Development. The Company performs research and development (“R&D”) activities as a service to customers, which are typically charged to customers on a time-and-materials basis. Generally, revenue for R&D services is recorded over time as the services are provided to the customer in the amount to which the Company has the right to invoice. These services are generally charged to the customer as they are provided. Payment terms for R&D services are generally set at 30-45 days.

Contract Assets, Deferred Revenue and Remaining Performance Obligations

Contract assets are generally short in duration given the nature of products produced and services provided by the Company. Contract assets consist of sales-based and minimum royalties revenue earned for which unconditional right to payment does not exist as of the balance sheet date. These assets are comprised of estimated sales-based royalties earned, but not yet reported by the Company’s customers, minimum royalties on non-cancellable contracts, and contingent milestones earned, but not yet billable based on the terms of the contract. See Note 3 Revenue for further contract asset disclosures.

The Company records a contract liability, or deferred revenue, when there is an obligation to provide a product or service to the customer, and payment is received or due in advance of performance, or when payment is received for a period outside the contract term. See Note 4 Collaborative Arrangement for further deferred revenue disclosures.

Remaining performance obligations include deferred revenue and amounts the Company expects to receive for goods and services that have not yet been delivered or provided under existing, noncancellable contracts. For contracts that have an original duration of one year or less, the Company has elected the practical expedient applicable to such contracts and does not disclose the transaction price for remaining performance obligations at the end of each reporting period or the expecting timing of recognition of related revenue. See Note 4 Collaborative Arrangement for further performance obligation disclosures.

Product Costs

Product costs consist primarily of the cost of raw materials, components, direct labor and manufacturing overhead. Overhead costs include the cost of quality assurance and control, materials procurement, inventory control, facilities, and manufacturing supervision and management, including stock-based compensation. Product costs also includes depreciation expense for production equipment and facilities, charges for excess and obsolete inventory, and certain direct costs such as shipping and handling costs.

Leases

The Company leases facilities for research, office, manufacturing and warehousing. The Company determines whether a contract is a lease or contains a lease at inception date. Upon commencement, the Company recognizes a right-of-use asset and lease liability based on the net present value of the future minimum lease payments over the lease term at the commencement date. The net present value of future minimum lease payments recorded upon lease commencement is reduced by the discounted value of any leasehold improvement incentives payable to the Company considered to be in-substance fixed payments. The unamortized balance of leasehold improvement incentives in the form of tenant allowances represents the primary difference between the balance of the right-of-use assets and operating lease liabilities. As the Company’s leases typically do not provide an implicit rate, the Company’s lease liabilities are measured on a discounted basis using the Company's incremental borrowing rate. Lease terms used in the recognition of right-of-use assets and lease liabilities include only options to extend the lease that are reasonably certain to be exercised. The consolidated balance sheets do not include recognized assets or liabilities for leases that, at the commencement date, have a term of twelve months or less and do not include an option to purchase the underlying asset that is reasonably certain to be exercised. The Company recognizes such leases on the consolidated statements of operations on a straight-line basis over the lease term.

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

As of September 30, 2023, operating lease maturities were as follows:


(In thousands)
2024	$	1,217
2025		1,214
2026		1,132
2027		1,135
2028		574
Total expected operating lease payments		5,272
Less: Imputed interest		(1,426	)
Total operating lease liabilities	$	3,846

Operating lease cost was $1.4 million, $1.1 million and $0.8 million for fiscal 2023, 2022 and 2021, respectively. Cash paid for operating lease liabilities approximated operating lease cost for fiscal 2023, 2022 and 2021. As of September 30, 2023, the weighted average remaining lease term for operating leases was 4.4 years, and the weighted average discount rate used to determine operating lease liabilities was 3.9%.

Stock-based Compensation

We measure the cost of employee services received in exchange for the award of equity instruments based on the fair value of the award at the date of grant. Share-based payments are expensed based on their grant-date fair values on a straight-line basis over the requisite service period of the total award, less estimated forfeitures based on historical experience. Shares awarded under the Company’s stock-based compensation plans, with the exception of restricted stock awards, are not considered issued or outstanding common stock of the Company until they vest and the shares are released. New awards and forfeitures of unvested restricted stock result in an increase (decrease), respectively, in common stock issued and outstanding.

Research and Development

R&D expenses include costs associated with the design, development, testing, enhancement and regulatory approval of the Company’s products. R&D expenses include employee compensation (including stock-based compensation), internal and external costs associated with our regulatory compliance and quality assurance functions, the costs of product used in development and clinical trials, consulting expenses, and facilities overhead. The Company also incurs significant R&D expenses to operate clinical trials. R&D costs are expensed as incurred.

Certain R&D costs are related to customer contracts, and the related revenue is recognized as described in “Revenue Recognition” in this Note 2. Costs associated with customer-related R&D include specific project direct labor and materials expenses, as well as an allocation of overhead costs based on direct labor costs.

Clinical Trial Costs. The Company sponsors clinical trials intended to obtain the necessary clinical data required to obtain approval from various regulatory agencies to market medical devices developed by the Company. Costs associated with clinical trials include trial design and management expenses, clinical site reimbursements and third-party fees, among other costs. The Company’s clinical trials may be administered by third-party CROs. These CROs generally bill monthly for certain services performed, as well as upon achievement of certain milestones. The Company monitors patient enrollment, the progress of clinical studies, and related activities through internal reviews of data reported to the Company by the CROs and correspondence with the CROs. We periodically evaluate our estimates to determine if adjustments are necessary or appropriate based on information received. These estimates often require significant judgment on the part of the Company’s management.

Derivative Financial Instruments

We periodically enter into interest rate swaps with major financial institutions of high credit quality to mitigate exposure to changes in interest rates on our floating-rate indebtedness. Since the fair value of these interest rate swaps is derived from current market rates, they are classified as derivative financial instruments. We do not use derivatives for speculative or trading purposes.

When the Company has multiple derivative financial instruments with the same counterparty subject to a master netting arrangement, we have elected to offset (i) amounts recorded as assets and liabilities, and (ii) amounts recognized for the right to reclaim cash collateral we have deposited with the counterparty (i.e., cash collateral receivable). Such offset amounts are presented as either a net asset or liability by counterparty on the consolidated balance sheets. See Note 7 Derivative Financial Instruments for further disclosures.

Litigation

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

Income Taxes

We record a tax (expense) benefit for the anticipated tax consequences of the reported results of operations. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income (loss) in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date of such change.

Deferred tax assets represent amounts available to reduce income taxes payable on taxable income in future years. Such assets arise from net operating losses and tax credits and are primarily a result of temporary differences between the financial reporting and tax bases of assets and liabilities. We evaluate the recoverability of deferred tax assets by assessing all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is needed. A valuation allowance is established if it is more likely than not (defined as a likelihood of more than 50%) that all or a portion of deferred tax assets will not be realized. The determination of whether a valuation allowance should be established, as well as the amount of such allowance, requires significant judgment and estimates, including estimates of future earnings.

In evaluating the realizability of our net deferred tax assets, we perform an assessment each reporting period of both positive and negative evidence, including (i) the existence of three-year cumulative U.S. pre-tax income (losses) adjusted for permanent adjustments, (ii) our forecast of future earnings, and (iii) future reversal of taxable temporary differences and carryforwards. We apply judgment to consider the relative impact of negative and positive evidence, and the weight given to negative and positive evidence is commensurate with the extent to which such evidence can be objectively verified. Objective historical evidence, such as cumulative three-year pre-tax income (losses) adjusted for permanent adjustments, is given greater weight than subjective positive evidence such as forecasts of future earnings. The more objective negative evidence that exists limits our ability to consider other, potentially positive, subjective evidence, such as our future earnings projections. Due to significant estimates used to establish the valuation allowance and the potential for changes in facts and circumstances, it is reasonably possible that we will be required to record adjustments to the valuation allowance in future reporting periods that could have a material effect on our results of operations.

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.

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


	Fiscal Year
(In thousands)	2023		2022		2021
Basic weighted average shares outstanding		14,031		13,916		13,765
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units		—		—		224
Diluted weighted average shares outstanding		14,031		13,916		13,989

The calculation of diluted (loss) income per share excluded 0.1 million, 0.1 million and less than 0.1 million in weighted-average shares for fiscal 2023, 2022 and 2021, respectively, as their effect was anti-dilutive.

Repurchase of Common Stock

Shares are repurchased from time to time to support the Company’s stock-based compensation programs and to return capital to stockholders, and depend upon many factors, including the Company’s results of operations, financial condition, capital requirements and contractual restrictions. The Company accounts for repurchases of common stock using the par value method.

On November 6, 2015, and on November 5, 2014, the Company’s Board of Directors authorized the repurchase of up to $20.0 million and $30.0 million, respectively, of the Company’s outstanding common stock in open-market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, tender offers or by any combination of such methods. The authorizations have no fixed expiration date. As of September 30, 2023, $25.3 million remained available to the Company for the purchase of its common stock under outstanding authorizations. However, our credit agreement in effect at September 30, 2023 restricts us from repurchasing outstanding shares of the Company’s common stock.

Business Combinations

For acquisitions accounted for as business combinations, we record assets and liabilities acquired at their respective fair values as of the acquisition date. Contingent consideration is recognized at fair value as of the acquisition date, and changes in fair value are recognized in earnings until settlement. Acquisition-related transaction costs are expensed as incurred.

Currency Translation

The Company’s reporting currency is the U.S. dollar. Assets and liabilities of non-U.S. dollar functional currency subsidiaries are translated into U.S. dollars at the period-end exchange rates, and revenue and expenses are translated at the average quarterly exchange rates during the period. The net effect of these translation adjustments on the consolidated financial statements is recorded as a foreign currency translation adjustment, a component of accumulated other comprehensive loss on the consolidated balance sheets. Realized foreign currency transaction gains and losses are included in other expense, net on the consolidated statements of operations.

New Accounting Pronouncements

As of September 30, 2023, there were no new accounting pronouncements, pending adoption or recently adopted, that have had, or are expected to have, a material impact on the Company’s consolidated financial statements.

Derivative Financial Instruments - Schedule of Pre-tax Amounts Recognized in AOCL on Interest Rate Swap (Detail) $ in Thousands	12 Months Ended
	Sep. 30, 2023 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) recognized in other comprehensive income (loss)	$ 260
Reclassification of net (gain) loss to interest expense	$ (77)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, after Tax
Ending unrealized net gain (loss) in AOCL	$ 183

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [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		13,672,000
Net income (loss)	4,237				4,237
Other comprehensive income (loss)	(1,447)			(1,447)
Issuance of common stock	619	$ 5	614
Issuance of common stock, shares		100,000
Common stock options exercised, net	$ 2,509	$ 7	2,502
Common stock options exercised, net, shares	248,000	146,000
Purchase of common stock to pay employee taxes	$ (2,751)	$ (1)	(2,750)
Purchase of common stock to pay employee taxes, shares		(19,000)
Stock-based compensation	5,863		5,863
Ending balance at Sep. 30, 2021	140,085	$ 695	21,598	1,727	116,065
Ending balance, shares at Sep. 30, 2021		13,899,000
Net income (loss)	(27,274)				(27,274)
Other comprehensive income (loss)	(11,601)			(11,601)
Issuance of common stock	832	$ 6	826
Issuance of common stock, shares		124,000
Common stock options exercised, net	$ 414	$ 1	413
Common stock options exercised, net, shares	45,000	27,000
Purchase of common stock to pay employee taxes	$ (1,121)	$ (1)	(1,120)
Purchase of common stock to pay employee taxes, shares		(21,000)
Stock-based compensation	7,057		7,057
Ending balance at Sep. 30, 2022	108,392	$ 701	28,774	(9,874)	88,791
Ending balance, shares at Sep. 30, 2022		14,029,000
Net income (loss)	(1,536)				(1,536)
Other comprehensive income (loss)	5,115			5,115
Issuance of common stock	850	$ 7	843
Issuance of common stock, shares		133,000
Common stock options exercised, net	$ 402	$ 1	401
Common stock options exercised, net, shares	20,000	19,000
Purchase of common stock to pay employee taxes	$ (918)	$ (1)	(917)
Purchase of common stock to pay employee taxes, shares		(26,000)
Stock-based compensation	7,605		7,605
Ending balance at Sep. 30, 2023	$ 119,910	$ 708	$ 36,706	$ (4,759)	$ 87,255
Ending balance, shares at Sep. 30, 2023		14,155,000

Reportable Segment Information - Segment Revenue, Operating (Loss) Income and Depreciation and Amortization (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 132,584	$ 99,951	$ 105,136
Operating income (loss)	5,150	(22,097)	6,703
Depreciation and amortization	8,522	9,142	8,017
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue	132,584	99,951	105,136
Operating income (loss)	17,721	(9,850)	18,453
Operating Segments [Member] \| Medical Device [Member]
Segment Reporting Information [Line Items]
Revenue	105,783	72,389	78,253
Operating income (loss)	5,084	(22,923)	4,683
Depreciation and amortization	7,874	8,368	7,224
Operating Segments [Member] \| In Vitro Diagnostics [Member]
Segment Reporting Information [Line Items]
Revenue	26,801	27,562	26,883
Operating income (loss)	12,637	13,073	13,770
Depreciation and amortization	321	355	395
Corporate [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	(12,571)	(12,247)	(11,750)
Depreciation and amortization	$ 327	$ 419	$ 398

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Schedule of Valuation and Qualifying Accounts

12 Months Ended

Sep. 30, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts

Surmodics, Inc.

Schedule II – Valuation and Qualifying Accounts


(In thousands)	Balance at Beginning of Fiscal Year		Additions: Charges to Income			Deductions: Other Changes (Debit) Credit				Balance at End of Fiscal Year
Allowance for credit losses:
Fiscal year ended September 30, 2021	$	130		(11	)		—		(a)	$	119
Fiscal year ended September 30, 2022		119		5			(43	)	(a)		81
Fiscal year ended September 30, 2023		81		37			(38	)	(a)		80

(a)

Primarily consists of uncollectible accounts written off, less recoveries.

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Schedule of Operating Lease Maturities (Detail) $ in Thousands	Sep. 30, 2023 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 1,217
2025	1,214
2026	1,132
2027	1,135
2028	574
Total expected operating lease payments	5,272
Less: Imputed interest	(1,426)
Total operating lease liabilities	$ 3,846

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,536)	$ (27,274)	$ 4,237

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
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-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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+ Details

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Amortized Cost, Unrealized Holding Gains and (Losses) and Fair Value of Available-for-sale Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 3,936
Unrealized Losses	(3)
Fair Value	3,933	$ 0
Commercial paper and corporate bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	3,936
Unrealized Losses	(3)
Fair Value	$ 3,933

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Intangible Assets [Line Items]
Definite-lived intangible assets, Accumulated Amortization	$ (21,901)	$ (17,170)
Definite-lived intangible assets, Net	25,626
Intangible assets, Gross Carrying Amount	48,107	45,315
Intangible assets, Net	$ 26,206	$ 28,145
Customer Lists and Relationships [Member]
Intangible Assets [Line Items]
Definite-lived intangible assets, Weighted Average Original Life (Years)	9 years 3 months 18 days	9 years 3 months 18 days
Definite-lived intangible assets, Gross Carrying Amount	$ 11,260	$ 10,454
Definite-lived intangible assets, Accumulated Amortization	9,435	7,927
Definite-lived intangible assets, Net	$ 1,825	$ 2,527
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	$ 33,929	$ 31,943
Definite-lived intangible assets, Accumulated Amortization	(11,048)	(7,994)
Definite-lived intangible assets, Net	$ 22,881	$ 23,949
Patents and Other [Member]
Intangible Assets [Line Items]
Definite-lived intangible assets, Weighted Average Original Life (Years)	14 years 10 months 24 days	14 years 10 months 24 days
Definite-lived intangible assets, Gross Carrying Amount	$ 2,338	$ 2,338
Definite-lived intangible assets, Accumulated Amortization	1,418	1,249
Definite-lived intangible assets, Net	920	1,089
Definite-Lived Intangible Assets [Member]
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross Carrying Amount	47,527	44,735
Definite-lived intangible assets, Accumulated Amortization	(21,901)	(17,170)
Definite-lived intangible assets, Net	25,626	27,565
Trademarks and Trade Names [Member]
Intangible Assets [Line Items]
Indefinite-lived intangible assets, Net	$ 580	$ 580

Derivative Financial Instruments

12 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

7. Derivative Financial Instruments

Cash Flow Hedge — Interest Rate Swap

On October 14, 2022, we entered into a floating-to-fixed interest rate swap agreement to mitigate exposure to interest rate increases related to our Term Loans. See Note 6 Debt for further information on our financing arrangements. The total notional amount of the interest rate swap was $25 million as of September 30, 2023. The interest rate swap agreement expires October 1, 2027. As a result of this agreement, every month we pay fixed interest at 4.455% in exchange for interest received at Term SOFR, and the fixed interest rate per annum on the first $25 million of notional value of the Term Loans will be 10.205% through its maturity. The interest rate swap agreement requires the Company to make deposits of cash collateral, which may increase or be refunded commensurate with fluctuations in current and forecasted interest rates. We have the contractual right to reclaim this cash collateral receivable.

The interest rate swap has been designated as a cash flow hedge. Consequently, changes in the fair value of the interest rate swap are recorded in accumulated other comprehensive loss ("AOCL") within stockholders' equity on the consolidated balance sheets. The unrealized gains (losses) on the interest rate swap associated with the interest payments on the Term Loans that are still forecasted to occur are included in AOCL. These gains (losses) will be reclassified into interest expense on the consolidated statements of operations over the life of the swap agreement as the hedged interest payments occur. Upon termination of the derivative instrument or a change in the hedged item, any remaining fair value recorded on the consolidated balance sheets will be recorded as interest expense consistent with the cash flows associated with the underlying hedged item. Cash flows associated with the interest rate swap are included in cash flows from operating activities on the consolidated statements of cash flows.

The net fair value of designated hedge derivatives subject to master netting arrangements reported on the consolidated balance sheets was as follows:


	Asset (Liability)
(In thousands)	Gross Recognized Amount		Gross Offset Amount		Net Amount Presented		Cash Collateral Receivable		Net Amount Reported		Balance Sheet Location
September 30, 2023
Interest rate swap	$	183	$	—	$	183	$	—	$	183	Other long-term assets
September 30, 2022
—	$	—	$	—	$	—	$	—	$	—	—

The pre-tax amounts recognized in AOCL on the interest rate swap were as follows:


	Fiscal Year
(In thousands)	2023			2022		2021
Beginning unrealized net gain (loss) in AOCL	$	—		$	—	$	—
Net gain (loss) recognized in other comprehensive income (loss)		260			—		—
Reclassification of net (gain) loss to interest expense		(77	)		—		—
Ending unrealized net gain (loss) in AOCL	$	183		$	—	$	—

Income Taxes - Schedule of Deferred Income Taxes, Net (Parenthetical) (Details) $ in Millions	12 Months Ended
	Sep. 30, 2023 USD ($)
Income Tax Disclosure [Line Items]
NOL carryforwards, U.S. state	$ 0.3
NOL carryforwards, Ireland	$ 4.2
State [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards, beginning of expiration year	Jan. 01, 2028
R&D Credit Carryforwards [Member] \| Federal and State [Member] \| 2028 [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards, beginning of expiration year	Jan. 01, 2029

Collaborative Arrangement - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenue	$ 132,584	$ 99,951	$ 105,136
Abbott Agreement [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaborative arrangement payment received	87,800
Total revenue	87,800
Upfront and milestone fee payment included in deferred revenue	6,600	9,200
Collaboration revenue recognized included in balance at beginning of period	4,600	$ 5,700	4,700
Abbott Agreement [Member] \| Contract Life to Date [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenue	81,200
Abbott Agreement [Member] \| Upfront Payment [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaborative arrangement payment received						$ 25,000
Abbott Agreement [Member] \| Milestone Payment [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaborative arrangement payment received	$ 27,000		$ 15,000	$ 10,800	$ 10,000

- Definition

+ References

+ Details

Reportable Segment Information - Geographic Revenue and Long-lived Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
U.S. [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	$ 23,525	$ 24,788
Ireland [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	$ 28,707	$ 30,505
Revenue [Member] \| Geographic Concentration Risk [Member] \| Domestic [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of consolidated revenue	82.00%	74.00%	79.00%
Revenue [Member] \| Geographic Concentration Risk [Member] \| Foreign [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of consolidated revenue	18.00%	26.00%	21.00%

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Schedule of Other Long-term Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Other Liabilities Disclosure [Abstract]
Deferred consideration	$ 1,754	$ 4,260
Contingent consideration		829
Unrecognized tax benefits	3,332	1,841
Operating lease liabilities	$ 2,974	$ 3,843
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Other long-term liabilities	$ 8,060	$ 10,773

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

Income Taxes - Schedule of Reconciliation Difference of Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Amount at statutory U.S. federal income tax rate	$ 522	$ (4,724)	$ 1,333
Change because of the following items:
State income taxes, net of federal benefit	(632)	(897)	(273)
Foreign and state rate differential	495	628	596
U.S. federal and foreign R&D credits	(1,544)	(1,511)	(920)
Valuation allowance change	4,083	10,978	1,059
Stock-based compensation	1,003	481	(544)
U.S. Federal and state rate change	(152)		(35)
Tax reserve change	734	(123)	(150)
Foreign-derived income deduction	(403)
Contingent consideration	(164)	13	3
Impact of CARES Act			735
Acquisition-related transaction costs			187
Other	81	(64)	118
Total income tax expense	$ 4,023	$ 4,781	$ 2,109

Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

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


	September 30, 2023
(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)	$	—	$	36,255	$	—	$	36,255
Available-for-sale securities (1)		—		3,933		—		3,933
Interest rate swap (2)		—		183		—		183
Total assets	$	—	$	40,371	$	—	$	40,371


	September 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)	$	—	$	2,035	$	—	$	2,035
Total assets	$	—	$	2,035	$	—	$	2,035

Liabilities
Contingent consideration (3)	$	—	$	—	$	829	$	829
Total liabilities	$	—	$	—	$	829	$	829

(1)

(2)

Fair value of interest rate swap was based on forward-looking, one-month term secured overnight financing rate (“Term SOFR”) spot rates and interest rate curves (Note 7).

(3)

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		12
Foreign currency translation		—
Contingent consideration liability at September 30, 2022		829
Additions		—
Fair value adjustments		(835	)
Settlements		—
Interest accretion		6
Foreign currency translation		—
Contingent consideration liability at September 30, 2023	$	—

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (1,536)	$ (27,274)	$ 4,237
Derivative instruments:
Unrealized net gain	260
Net gain reclassified to earnings	(77)
Net changes related to available-for-sale securities, net of tax	(6)	(1)	1
Foreign currency translation adjustments	4,938	(11,600)	(1,448)
Other comprehensive income (loss)	5,115	(11,601)	(1,447)
Comprehensive income (loss)	$ 3,579	$ (38,875)	$ 2,790

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Revenue - Summary of Disaggregation of Revenue Within Reportable Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Total revenue	$ 132,584	$ 99,951	$ 105,136
Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	60,614	54,621	46,478
Royalties & License Fees - Performance Coatings [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	62,398	36,248	47,056
Research, Development and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	9,572	9,082	11,602
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	132,584	99,951	105,136
Operating Segments [Member] \| Medical Device [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	105,783	72,389	78,253
Operating Segments [Member] \| Medical Device [Member] \| Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	34,126	27,930	21,777
Operating Segments [Member] \| Medical Device [Member] \| Royalties & License Fees - Performance Coatings [Member] \| Performance Coatings [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	32,812	30,547	31,007
Operating Segments [Member] \| Medical Device [Member] \| License Fees - SurVeil DCB [Member] \| SurVeil DCB - Abbott Agreement [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	29,586	5,701	16,049
Operating Segments [Member] \| Medical Device [Member] \| Research, Development and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	9,259	8,211	9,420
Operating Segments [Member] \| In Vitro Diagnostics [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	26,801	27,562	26,883
Operating Segments [Member] \| In Vitro Diagnostics [Member] \| Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	26,488	26,691	24,701
Operating Segments [Member] \| In Vitro Diagnostics [Member] \| Research, Development and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 313	$ 871	$ 2,182

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Current Assets:
Cash and cash equivalents	$ 41,419	$ 18,998
Available-for-sale securities	3,933
Accounts receivable, net of allowances of $80 and $81 as of September 30, 2023 and 2022, respectively	10,850	10,452
Contract assets — royalties and license fees	7,796	7,116
Inventories, net	14,839	11,819
Income tax receivable	491	2,438
Prepaids and other	7,363	6,764
Total Current Assets	86,691	57,587
Property and equipment, net	26,026	27,148
Intangible assets, net	26,206	28,145
Goodwill	42,946	40,710
Other assets	3,864	4,769
Total Assets	185,733	158,359
Current Liabilities:
Accounts payable	2,993	3,136
Accrued liabilities:
Compensation	10,139	8,929
Accrued other	6,444	5,854
Short-term borrowings		10,000
Deferred revenue	4,378	4,160
Total Current Liabilities	23,954	32,079
Long-term debt, net	29,405
Deferred revenue, less current portion	2,400	5,088
Deferred income taxes	2,004	2,027
Other long-term liabilities	8,060	10,773
Total Liabilities	65,823	49,967
Commitments and Contingencies (Note 11)
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; 14,155 and 14,029 shares issued and outstanding, as of September 30, 2023 and 2022, respectively	708	701
Additional paid-in capital	36,706	28,774
Accumulated other comprehensive loss	(4,759)	(9,874)
Retained earnings	87,255	88,791
Total Stockholders’ Equity	119,910	108,392
Total Liabilities and Stockholders’ Equity	$ 185,733	$ 158,359

Reportable Segment Information (Tables)

12 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

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

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


	Fiscal Year
(In thousands)	2023			2022			2021
Revenue:
Medical Device	$	105,783		$	72,389		$	78,253
In Vitro Diagnostics		26,801			27,562			26,883
Total revenue	$	132,584		$	99,951		$	105,136

Operating income (loss):
Medical Device	$	5,084		$	(22,923	)	$	4,683
In Vitro Diagnostics		12,637			13,073			13,770
Total segment operating income (loss)		17,721			(9,850	)		18,453
Corporate		(12,571	)		(12,247	)		(11,750	)
Total operating income (loss)	$	5,150		$	(22,097	)	$	6,703

Depreciation and amortization:
Medical Device	$	7,874		$	8,368		$	7,224
In Vitro Diagnostics		321			355			395
Corporate		327			419			398
Total depreciation and amortization	$	8,522		$	9,142		$	8,017

Geographic Revenue and Long-lived Assets

Long-lived assets by country, including property and equipment and intangible assets net of accumulated depreciation and amortization, respectively, were as follows:


	September 30,
(In thousands)	2023		2022
U.S.	$	23,525	$	24,788
Ireland		28,707		30,505

Collaborative Arrangement - Additional Information (Detail 1) - Abbott Agreement [Member] $ in Millions	12 Months Ended
	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Remaining performance obligation, amount	$ 4.2
Remaining performance obligation, satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01 \| Licence Fees [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Remaining performance obligation, amount	$ 6.6
Remaining performance obligation, expected timing of satisfaction, period	two years
Remaining performance obligation, satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Remaining performance obligation, amount	$ 2.4
Remaining performance obligation, satisfaction period	1 year

Debt - Schedule of Debt (Parenthetical) (Details) - Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	12 Months Ended
	Sep. 30, 2023
Revolving Credit Facility [Member]
Schedule of Debt [Line Items]
Description of variable rate basis	Term SOFR + 3.00%
Debt instrument, basis spread on variable rate	3.00%
Maturity date	Oct. 01, 2027
Secured Term Loan Facilities [Member] \| Tranche 1 [Member]
Schedule of Debt [Line Items]
Description of variable rate basis	Term SOFR +5.75%
Debt instrument, basis spread on variable rate	5.75%
Maturity date	Oct. 01, 2027

Stock-based Compensation Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Stock-Based Compensation Activity [Line Items]
Unrecognized compensation costs, nonvested awards, amount	$ 10,700,000
Unrecognized compensation costs, nonvested awards, weighted average recognition period	2 years 2 months 12 days
Vesting period	3 years
Stock-based compensation expense	$ 7,605,000	$ 7,057,000	$ 5,863,000
Dividend yield	0.00%
Nonqualified Stock Options [Member]
Stock-Based Compensation Activity [Line Items]
Expiration period	7 years
Stock-based compensation expense	$ 3,700,000	3,400,000	2,800,000
Aggregate intrinsic value, outstanding options	800,000
Aggregate intrinsic value, exercisable options	$ 600,000
Weighted average remaining contractual life, options outstanding	4 years
Weighted average remaining contractual remaining, options exercisable	2 years 10 months 24 days
Intrinsic value, options exercised	$ 300,000	1,000,000	7,100,000
Nonqualified Stock Options [Member] \| Employee [Member]
Stock-Based Compensation Activity [Line Items]
Vesting period	4 years
Nonqualified Stock Options [Member] \| Maximum [Member] \| Director [Member]
Stock-Based Compensation Activity [Line Items]
Vesting period	1 year
Restricted Stock Awards [Member]
Stock-Based Compensation Activity [Line Items]
Stock-based compensation expense	$ 3,100,000	$ 2,700,000	$ 2,200,000
Units granted	103,000	99,000	71,000
Units outstanding	173,000	158,000	119,000	100,000
Weighted average grant date fair value	$ 40.96	$ 42.98	$ 44.07
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation Activity [Line Items]
Vesting period	3 years
Stock-based compensation expense	$ 500,000	$ 500,000	$ 500,000
Units granted	16,000	14,000	17,000
Units outstanding	74,000	65,000
Weighted average grant date fair value	$ 32.18	$ 33.14
Deferred Stock Units [Member] \| Director [Member]
Stock-Based Compensation Activity [Line Items]
Stock-based compensation expense	$ 100,000	$ 100,000	$ 100,000
Units outstanding	38,000	36,000
Weighted average grant date fair value	$ 30.86	$ 30.97
1999 Employee Stock Purchase Plan [Member]
Stock-Based Compensation Activity [Line Items]
Stock-based compensation expense	$ 300,000	$ 300,000	$ 200,000
Annual compensation withheld, maximum limit	25,000
Employee contributions in accrued compensation at period end	$ 100,000	$ 100,000
1999 Employee Stock Purchase Plan [Member] \| Maximum [Member]
Stock-Based Compensation Activity [Line Items]
Common stock authorized, original authorization	600,000
Annual compensation withheld	10.00%
Vesting Anniversary [Member] \| Nonqualified Stock Options [Member] \| Employee [Member]
Stock-Based Compensation Activity [Line Items]
Vesting percentage	25.00%
Vesting Anniversary [Member] \| Restricted Stock Awards [Member]
Stock-Based Compensation Activity [Line Items]
Vesting percentage	33.00%
Vesting Anniversary [Member] \| Restricted Stock Units (RSUs) [Member] \| Employee [Member]
Stock-Based Compensation Activity [Line Items]
Vesting percentage	33.00%
2019 Equity Incentive Plan [Member]
Stock-Based Compensation Activity [Line Items]
Common stock authorized, original authorization	2,340,000
Common stock authorized, shares remaining	912,000

Defined Contribution Plans - Additional Information (Detail) - USD ($) $ in Millions		12 Months Ended
	Dec. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Defined Contribution Plan Disclosure [Line Items]
Contributions to defined contribution plans		$ 1.9	$ 1.7	$ 1.1
U.S. [Member] \| 401 (K) Retirement and Savings Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of employee contributions, eligible for employer match	6.00%
Percentage of employee contributions	3.00%	4.00%
Ireland [Member] \| Defined Contribution PRSA Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of employee contributions, eligible for employer match		6.00%
Percentage of employee contributions		8.00%

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Denominator for Computation of Diluted Weighted Average Shares Outstanding (Detail) - shares shares in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Basic weighted average shares outstanding	14,031	13,916	13,765
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units			224
Diluted weighted average shares outstanding	14,031	13,916	13,989

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes - Summary of Reconciliation of Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, beginning balance	$ 2,793	$ 2,887	$ 2,871
Increases in tax positions for prior years		53	15
Decreases in tax positions for prior years	(4)	(35)	(8)
Increases in tax positions for current year	836	519	458
Lapse of the statute of limitations	(182)	(631)	(449)
Unrecognized tax benefits, ending balance	$ 3,443	$ 2,793	$ 2,887

Revenue - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract assets — royalties and license fees	$ 7,796	$ 7,116

Revenue

12 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

The following is a disaggregation of revenue within each reportable segment:


	Fiscal Year
(In thousands)	2023		2022		2021
Medical Device
Product sales	$	34,126	$	27,930	$	21,777
Royalties & license fees – performance coatings		32,812		30,547		31,007
License fees – SurVeil DCB		29,586		5,701		16,049
Research, development and other		9,259		8,211		9,420
Medical Device revenue		105,783		72,389		78,253
In Vitro Diagnostics
Product sales		26,488		26,691		24,701
Research, development and other		313		871		2,182
In Vitro Diagnostics revenue		26,801		27,562		26,883
Total Revenue	$	132,584	$	99,951	$	105,136

Contract assets totaled $7.8 million and $7.1 million as of September 30, 2023 and 2022, respectively, on the 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 4 Collaborative Arrangement.

Revenue from customers that equaled or exceeded 10% of total revenue was as follows:


	Fiscal Year
	2023			2022			2021
Abbott		27	%		11	%		21	%
Medtronic		10	%		13	%		13	%

Revenue by geographic region was as follows:


	Fiscal Year
	2023			2022			2021
Domestic		82	%		74	%		79	%
Foreign		18	%		26	%		21	%

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Derivative Financial Instruments (Tables)

12 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Net Fair Value of Designated Hedge Derivatives Subject to Master Netting Arrangements Reported on Consolidated Balance Sheets

The net fair value of designated hedge derivatives subject to master netting arrangements reported on the consolidated balance sheets was as follows:


	Asset (Liability)
(In thousands)	Gross Recognized Amount		Gross Offset Amount		Net Amount Presented		Cash Collateral Receivable		Net Amount Reported		Balance Sheet Location
September 30, 2023
Interest rate swap	$	183	$	—	$	183	$	—	$	183	Other long-term assets
September 30, 2022
—	$	—	$	—	$	—	$	—	$	—	—

Schedule of Pre-tax Amounts Recognized in AOCL on Interest Rate Swap

The pre-tax amounts recognized in AOCL on the interest rate swap were as follows:


	Fiscal Year
(In thousands)	2023			2022		2021
Beginning unrealized net gain (loss) in AOCL	$	—		$	—	$	—
Net gain (loss) recognized in other comprehensive income (loss)		260			—		—
Reclassification of net (gain) loss to interest expense		(77	)		—		—
Ending unrealized net gain (loss) in AOCL	$	183		$	—	$	—

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Schedule of Carrying Amount of Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Goodwill [Line Items]
Goodwill as of September 30, 2020	$ 40,710	$ 45,606
Foreign currency translation adjustment	2,236	(5,173)
Measurement period adjustments		277
Goodwill as of September 30, 2021	42,946	40,710
In Vitro Diagnostics [Member]
Goodwill [Line Items]
Goodwill as of September 30, 2020	8,010	8,010
Goodwill as of September 30, 2021	8,010	8,010
Medical Device [Member]
Goodwill [Line Items]
Goodwill as of September 30, 2020	32,700	37,596
Foreign currency translation adjustment	2,236	(5,173)
Measurement period adjustments		277
Goodwill as of September 30, 2021	$ 34,936	$ 32,700

- 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Income Taxes

12 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

Income taxes on the consolidated statements of operations consisted of the following:


	Fiscal Year
(In thousands)	2023			2022			2021
Current expense (benefit):
U.S. Federal	$	3,363		$	(510	)	$	263
U.S. State		591			(143	)		108
International		250			166			87
Total current expense (benefit)		4,204			(487	)		458
Deferred (benefit) expense:
U.S. Federal		—			5,200			1,851
U.S. State		—			515			(62	)
International		(181	)		(447	)		(138	)
Total deferred (benefit) expense		(181	)		5,268			1,651
Total income tax expense	$	4,023		$	4,781		$	2,109

The difference between amounts calculated at the statutory U.S. federal income tax rate of 21% and the Company’s effective tax rate was as follows:


	Fiscal Year
(In thousands)	2023			2022			2021
Amount at statutory U.S. federal income tax rate	$	522		$	(4,724	)	$	1,333
Change because of the following items:
State income taxes, net of federal benefit		(632	)		(897	)		(273	)
Foreign and state rate differential		495			628			596
U.S. federal and foreign R&D credits		(1,544	)		(1,511	)		(920	)
Valuation allowance change (1)		4,083			10,978			1,059
Stock-based compensation (2)		1,003			481			(544	)
U.S. Federal and state rate change		(152	)		—			(35	)
Tax reserve change		734			(123	)		(150	)
Foreign-derived income deduction		(403	)		—			—
Contingent consideration		(164	)		13			3
Impact of CARES Act (3)		—			—			735
Acquisition-related transaction costs		—			—			187
Other		81			(64	)		118
Income tax expense	$	4,023		$	4,781		$	2,109

(1)

(2)

Includes non-deductible stock-based compensation.

(3)

Excess tax benefits related to stock-based compensation expense are recorded within income tax expense on the consolidated statements of operations and totaled less than $0.1 million, $0.2 million and $0.9 million for fiscal 2023, 2022 and 2021, respectively.

The components of deferred income taxes, net, consisted of the following and resulted from differences in the recognition of transactions for income tax and financial reporting purposes:


	September 30,
(In thousands)	2023			2022
Depreciable assets	$	(3,802	)	$	(3,995	)
Deferred revenue		1,082			2,103
Accruals and reserves		2,052			1,615
Stock-based compensation		2,665			2,443
Impaired strategic investments		1,829			1,787
NOL carryforwards (1)		4,578			6,379
U.S. Federal and state R&D credits (2)		2,973			4,465
Capitalized R&D expenses		7,976			—
Other		648			848
Valuation allowance		(22,005	)		(17,672	)
Deferred taxes, net	$	(2,004	)	$	(2,027	)

(1)

(2)

As of September 30, 2023, U.S. federal and state R&D credits begin to expire in fiscal 2028.

As of September 30, 2023 and 2022, valuation allowances against deferred tax assets, net, totaled $22.0 million and $17.7 million, respectively. Deferred tax assets represent amounts available to reduce income taxes payable on taxable income in future years. Such assets arise from NOLs and tax credits and are primarily a result of temporary differences between the financial reporting and tax bases of assets and liabilities. We evaluate the recoverability of deferred tax assets by assessing all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is needed. A valuation allowance is established if it is more likely than not (defined as a likelihood of more than 50%) that all or a portion of deferred tax assets will not be realized. The determination of whether a valuation allowance should be established, as well as the amount of such allowance, requires significant judgment and estimates, including estimates of future earnings.

In evaluating the realizability of our net deferred tax assets, we perform an assessment each reporting period of both positive and negative evidence.

•

As of September 30, 2023, we identified negative evidence that included the existence of forecasted, short-term future losses. Additionally, we identified positive evidence that included (i) the existence of three-year cumulative U.S. pre-tax income adjusted for permanent adjustments, though this was primarily driven by revenue recognized on the final milestone payment received under the Abbott Agreement; (ii) our forecast of long-term future earnings; and (iii) future reversal of taxable temporary differences and carryforwards, though these did not provide sufficient evidence to support realization of the deferred tax assets.

•

As of September 30, 2022, we identified negative evidence that included the existence of three-year cumulative U.S. pre-tax losses adjusted for permanent adjustments and short-term future losses. Additionally, we identified positive evidence that included (i) our forecast of long-term future earnings, and (ii) future reversal of taxable temporary differences and carryforwards, though these did not provide sufficient evidence to support realization of the deferred tax assets.

We apply judgment to consider the relative impact of negative and positive evidence, and the weight given to negative and positive evidence is commensurate with the extent to which such evidence can be objectively verified. Objective historical evidence, such as cumulative three-year pre-tax income (losses) adjusted for permanent adjustments, is given greater weight than subjective positive evidence, such as forecasts of future earnings. The more objective negative evidence that exists limits our ability to consider other, potentially positive, subjective evidence, such as our future earnings projections. Based on our evaluation of all available positive and negative evidence, and by placing greater weight on the objectively verifiable evidence, we determined, as of September 30, 2023 and 2022, that it is more likely than not that our net U.S. deferred tax assets will not be realized. Accordingly, in fiscal 2022, we recorded a full valuation allowance against our net U.S. deferred tax assets as of September 30, 2022, resulting in a non-cash charge to income tax expense of $10.2 million in the fourth quarter of fiscal 2022. In fiscal 2023, we maintained the full valuation allowance against our net U.S. deferred tax assets. Due to significant estimates used to establish the valuation allowance and the potential for changes in facts and circumstances, it is reasonably possible that we will be required to record additional adjustments to the valuation allowance in future reporting periods that could have a material effect on our results of operations.


	Fiscal Year
(In thousands)	2023			2022			2021
Unrecognized tax benefits, beginning balance	$	2,793		$	2,887		$	2,871
Increases in tax positions for prior years		—			53			15
Decreases in tax positions for prior years		(4	)		(35	)		(8	)
Increases in tax positions for current year		836			519			458
Lapse of the statute of limitations		(182	)		(631	)		(449	)
Unrecognized tax benefits, ending balance	$	3,443		$	2,793		$	2,887

The total amount of unrecognized tax benefits excluding interest and penalties that, if recognized, would affect the effective tax rate was $3.1 million and $2.5 million as of September 30, 2023 and 2022, respectively. As of September 30, 2023, the Company does not expect the liability for unrecognized tax benefits to change significantly in the next 12 months and has classified the above balances on the consolidated balance sheets in other noncurrent liabilities. Interest and penalties related to unrecognized tax benefits are recorded in income tax expense on the consolidated statements of operations. As of September 30, 2023 and 2022, the gross amount accrued for interest and penalties on unrecognized tax benefits was $0.5 million and $0.3 million, respectively.

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 during fiscal 2022; the examination has not been completed. U.S. federal income tax returns for years prior to fiscal 2019 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 2013. For tax returns for non-U.S. jurisdictions, the Company is no longer subject to income tax examination for years prior to 2019. 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. As of September 30, 2023 and 2022, there were no undistributed earnings in foreign subsidiaries.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Stock-based Compensation Plans (Tables)

12 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Expenses

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


	Fiscal Year
(In thousands)	2023		2022		2021
Product costs	$	279	$	234	$	122
Research and development		1,417		1,424		1,298
Selling, general and administrative		5,909		5,399		4,443
Total stock-based compensation expense	$	7,605	$	7,057	$	5,863

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

stock option fair value assumptions and the weighted average grant date fair value of stock options granted were as follows:


	Fiscal Year
	2023			2022			2021
Stock option fair value assumptions:
Risk-free interest rate		3.76	%		1.49	%		0.40	%
Expected life (years)	4.7			4.6			4.6
Expected volatility		45	%		43	%		43	%
Dividend yield		—	%		—	%		—	%
Weighted average grant date fair value of stock options granted	$	15.03		$	15.96		$	14.71

Schedule of Stock Option Activity

Stock option activity was as follows:


(In thousands, except per share data)	Number of Shares			Weighted Average Exercise Price
Options outstanding at September 30, 2020		940		$	35.18
Granted		274			40.95
Exercised		(248	)		24.22
Forfeited and expired		(44	)		44.58
Options outstanding at September 30, 2021		922			39.39
Granted		342			42.10
Exercised		(45	)		21.24
Forfeited and expired		(58	)		43.99
Options outstanding at September 30, 2022		1,161			40.66
Granted		311			34.73
Exercised		(20	)		21.50
Forfeited and expired		(90	)		41.77
Options outstanding at September 30, 2023		1,362			39.52
Options vested and exercisable at September 30, 2023		724		$	40.47

Schedule of Restricted Stock Activity

Restricted Stock activity was as follows:


(In thousands, except per share data)	Number of Shares			Weighted Average Grant Date Fair Value
Unvested restricted stock awards at September 30, 2020		100		$	44.16
Granted		71			38.83
Vested		(48	)		44.07
Forfeited		(4	)		40.45
Unvested restricted stock awards at September 30, 2021		119			41.14
Granted		99			42.35
Vested		(55	)		42.98
Forfeited		(5	)		41.83
Unvested restricted stock awards at September 30, 2022		158			41.24
Granted		103			35.75
Vested		(69	)		40.96
Forfeited		(19	)		39.31
Unvested restricted stock awards at September 30, 2023		173		$	38.30

Revenue (Tables)

12 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenue Within Reportable Segment

The following is a disaggregation of revenue within each reportable segment:


	Fiscal Year
(In thousands)	2023		2022		2021
Medical Device
Product sales	$	34,126	$	27,930	$	21,777
Royalties & license fees – performance coatings		32,812		30,547		31,007
License fees – SurVeil DCB		29,586		5,701		16,049
Research, development and other		9,259		8,211		9,420
Medical Device revenue		105,783		72,389		78,253
In Vitro Diagnostics
Product sales		26,488		26,691		24,701
Research, development and other		313		871		2,182
In Vitro Diagnostics revenue		26,801		27,562		26,883
Total Revenue	$	132,584	$	99,951	$	105,136

Revenue from Customers

Revenue from customers that equaled or exceeded 10% of total revenue was as follows:


	Fiscal Year
	2023			2022			2021
Abbott		27	%		11	%		21	%
Medtronic		10	%		13	%		13	%

Revenue by Geographic Region

Revenue by geographic region was as follows:


	Fiscal Year
	2023			2022			2021
Domestic		82	%		74	%		79	%
Foreign		18	%		26	%		21	%

Acquisitions - Additional Information (Detail)		3 Months Ended		12 Months Ended
Acquisitions - Additional Information (Detail)	Jul. 02, 2021 USD ($) Installment	Sep. 30, 2027 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Business Acquisition [Line Items]
Measurement period adjustment					$ 277,000
Revenue				$ 132,584,000	99,951,000	$ 105,136,000
Net income (loss)				$ (1,536,000)	(27,274,000)	4,237,000
Vetex Medical Limited [Member]
Business Acquisition [Line Items]
Cash paid	$ 39,900,000
Deferred consideration payment, number of installment \| Installment	2
Contingency period ending year	2027
Measurement period adjustment					$ 300,000
Revenue						0
Net income (loss)						(900,000)
Acquisition transaction, integration and other costs						$ 1,000,000.0
Vetex Medical Limited [Member] \| Forecast [Member]
Business Acquisition [Line Items]
Deferred consideration, contractual value		$ 1,800,000	$ 1,800,000
Vetex Medical Limited [Member] \| Developed Technology [Member]
Business Acquisition [Line Items]
Acquired intangible assets amortized on straight-line basis, estimated useful life				12 years
Vetex Medical Limited [Member] \| Secured Revolving Credit Facility [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred, liabilities incurred	$ 10,000,000.0

Acquisitions (Tables)

12 Months Ended

Sep. 30, 2023

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

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Statement of Financial Position [Abstract]
Allowances (accounts receivable)	$ 80	$ 81
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	14,155,000	14,029,000
Common stock, shares outstanding	14,155,000	14,029,000

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information (Policies)

12 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

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.

Cash and Cash Equivalents

Investments - Available-for-sale Securities

Investments — Available-for-sale Securities


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Commercial paper and corporate bonds	$	3,936	$	—	$	(3	)	$	3,933
Available-for-sale securities	$	3,936	$	—	$	(3	)	$	3,933

There were no held-to-maturity debt securities as of September 30, 2023 and 2022. There were no realized gains or losses on sales of available-for-sale securities for fiscal 2023, 2022 or 2021.

Accounts Receivable

Inventories


	September 30,
(In thousands)	2023		2022
Raw materials	$	8,063	$	6,102
Work-in process		2,607		1,595
Finished products		4,169		4,122
Inventories, net	$	14,839	$	11,819

Prepaids and Other Current Assets, Current

Prepaids and Other Assets, Current

Prepaids and other current assets consisted of the following:


	September 30,
(In thousands)	2023		2022
Prepaid expenses	$	2,600	$	2,570
Irish research and development credits receivable		1,322		753
CARES Act employee retention credit receivable (1)		3,441		3,441
Prepaids and other	$	7,363	$	6,764

(1)

Property and Equipment

Property and equipment consisted of the following components:


	Useful Life	September 30,
(Dollars in thousands)	(Years)	2023			2022
Land	N/A	$	4,413		$	4,409
Laboratory fixtures and equipment	3 to 10		33,120			28,810
Buildings and improvements	3 to 20		26,964			26,373
Leasehold improvements	5 to 10		6,499			6,499
Office furniture and equipment	3 to 10		9,561			9,205
Construction-in-progress			1,936			3,175
Less: Accumulated depreciation			(56,467	)		(51,323	)
Property and equipment, net		$	26,026		$	27,148

Intangible Assets

Intangible assets consisted of the following:


	September 30, 2023
(Dollars in thousands)	Weighted Average Original Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships	9.3	$	11,260	$	(9,435	)	$	1,825
Developed technology	11.9		33,929		(11,048	)		22,881
Patents and other	14.9		2,338		(1,418	)		920
Total definite-lived intangible assets			47,527		(21,901	)		25,626
Unamortized intangible assets:
Trademarks and trade names			580		—			580
Intangible assets, net		$	48,107	$	(21,901	)	$	26,206


	September 30, 2022
(Dollars in thousands)	Weighted Average Original Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships	9.3	$	10,454	$	(7,927	)	$	2,527
Developed technology	11.9		31,943		(7,994	)		23,949
Patents and other	14.9		2,338		(1,249	)		1,089
Total definite-lived intangible assets			44,735		(17,170	)		27,565
Unamortized intangible assets:
Trademarks and trade names			580		—			580
Intangible assets, net		$	45,315	$	(17,170	)	$	28,145

The Company recorded amortization expense of $3.8 million, $4.4 million and $3.1 million in fiscal 2023, 2022 and 2021, respectively.

Based on the intangible assets in service as of September 30, 2023, estimated amortization expense for future fiscal years is as follows:


(In thousands)
2024	$	3,691
2025		3,656
2026		2,780
2027		2,534
2028		2,524
Thereafter		10,441
Definite-lived intangible assets	$	25,626

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
Foreign currency translation adjustment		—		(5,173	)		(5,173	)
Measurement period adjustments (1)		—		277			277
Goodwill as of September 30, 2022		8,010		32,700			40,710
Foreign currency translation adjustment		—		2,236			2,236
Goodwill as of September 30, 2023	$	8,010	$	34,936		$	42,946

(1)

In fiscal 2022, measurement period adjustments were recorded to finalize the allocation of purchase consideration for the fiscal 2021 Vetex acquisition (Note 13).

Other Assets, Noncurrent

Other noncurrent assets consisted of the following:


	September 30,
(In thousands)	2023		2022
Operating lease right-of-use assets	$	2,987	$	3,633
Other		877		1,136
Other assets, noncurrent	$	3,864	$	4,769

Valuation of Long-lived Assets

Accrued Other Liabilities

Accrued other liabilities consisted of the following:


	September 30,
(In thousands)	2023		2022
Accrued professional fees	$	178	$	279
Accrued clinical study expense		1,056		1,425
Accrued purchases		1,142		1,655
Deferred consideration (1)		2,661		981
Operating lease liability, current portion		872		963
Other		535		551
Accrued other liabilities	$	6,444	$	5,854

(1)

Other Long-term Liabilities

Other long-term liabilities consisted of the following:


	September 30,
(In thousands)	2023		2022
Deferred consideration (1)	$	1,754	$	4,260
Contingent consideration (2)		—		829
Unrecognized tax benefits (3)		3,332		1,841
Operating lease liabilities (4)		2,974		3,843
Other long-term liabilities	$	8,060	$	10,773

(1)

Deferred consideration consisted of the present value of a guaranteed payment to be made in connection with the fiscal 2021 Vetex acquisition (Note 13).

(2)

Contingent consideration consisted of the fair value of contingent consideration liabilities associated with the fiscal 2021 Vetex acquisition (Note 5 and Note 13).

(3)

Unrecognized tax benefits (Note 9) included accrued interest and penalties, if applicable.

(4)

Revenue Recognition

Performance Obligations

We derive our revenue from three primary sources:


Product Sales	Royalties and License Fees	Research, Development and Other
IVD chemical and biological components, including protein stabilizers, substrates, surface coatings and antigens to the diagnostic and biomedical research markets (IVD segment)	Performance coating royalties and license fees from licensing of our proprietary performance coating technologies to medical device manufacturers (Medical Device segment)	Contract coating services and commercial development feasibility services (Medical Device segment)
Performance coating reagents, the chemicals used in performance coatings by licensees (Medical Device segment)	SurVeil™ DCB license fees associated with the Abbott Agreement (Medical Device segment)	Commercial development services (IVD segment)
Vascular intervention medical devices and related products to original equipment manufacturer suppliers and distributors, as well as directly to healthcare providers (Medical Device segment)

Contract Assets, Deferred Revenue and Remaining Performance Obligations

Product Costs

Leases

As of September 30, 2023, operating lease maturities were as follows:


(In thousands)
2024	$	1,217
2025		1,214
2026		1,132
2027		1,135
2028		574
Total expected operating lease payments		5,272
Less: Imputed interest		(1,426	)
Total operating lease liabilities	$	3,846

Stock-based Compensation

Research and Development

Derivative Financial Instruments

Litigation

Income Taxes

Net (Loss) Income Per Share Data

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


	Fiscal Year
(In thousands)	2023		2022		2021
Basic weighted average shares outstanding		14,031		13,916		13,765
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units		—		—		224
Diluted weighted average shares outstanding		14,031		13,916		13,989

Repurchase of Common Stock

Business Combinations

Currency Translation

New Accounting Pronouncements

Reportable Segment Information

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

Stock-based Compensation Plans - Schedule of Stock Option Activity (Detail) - $ / shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Number of Options Outstanding, Beginning balance	1,161,000	922,000	940,000
Number of Options, Granted	311,000	342,000	274,000
Number of Options, Exercised	(20,000)	(45,000)	(248,000)
Number of Options, Forfeited and expired	(90,000)	(58,000)	(44,000)
Number of Options Outstanding, Ending balance	1,362,000	1,161,000	922,000
Number of Options, vested and exercisable	724,000
Weighted Average Exercise Price, Beginning Balance	$ 40.66	$ 39.39	$ 35.18
Weighted Average Exercise Price, Granted	34.73	42.10	40.95
Weighted Average Exercise Price, Exercised	21.50	21.24	24.22
Weighted Average Exercise Price, Forfeited and expired	41.77	43.99	44.58
Weighted Average Exercise Price, Ending balance	39.52	$ 40.66	$ 39.39
Weighted Average Exercise Price, vested and exercisable	$ 40.47

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Additional Information (Detail) - USD ($) shares in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Nov. 06, 2015	Nov. 05, 2014
Summary Of Significant Accounting Policies [Line Items]
Available-for-sale debt securities	$ 3,933,000	$ 0
Held-to-maturity debt securities	0	0
Realized gains or losses on sales of available-for-sale securities	0	0	$ 0
Inventories, net of reserves	1,800,000	1,100,000
CARES Act employee retention credit receivable	3,441,000	3,441,000
Depreciation expense	4,700,000	4,700,000	4,900,000
Amortization expense	3,800,000	4,400,000	3,100,000
Impairment loss	0	0	0
Goodwill impairment charges	0	0	0
Impairment charges relating to long-lived assets	$ 0	$ 0	$ 0
Antidilutive options excluded from computation of EPS	0.1	0.1	0.1
ASC Topic 842 adoption, lease liability	$ 3,846,000
Remaining amount available for repurchases of shares	25,300,000
Accelerated Share Repurchase Program [Member]
Summary Of Significant Accounting Policies [Line Items]
Maximum payments for repurchase of common stock				$ 20,000,000	$ 30,000,000
Abbott Agreement [Member]
Summary Of Significant Accounting Policies [Line Items]
Collaborative arrangement payment received	87,800,000
Remaining contingent milestone payments	$ 0
Abbott Agreement [Member] \| TRANSCEND Clinical Trial [Member]
Summary Of Significant Accounting Policies [Line Items]
Clinical study completion period	2 years
Revenue [Member]
Summary Of Significant Accounting Policies [Line Items]
Performance obligations, payment terms, royalties	45 days
Minimum [Member] \| Revenue [Member]
Summary Of Significant Accounting Policies [Line Items]
Performance obligations, payment terms, product sales	30 days
Performance obligations, payment terms, R&D services	30 days
Maximum [Member] \| Revenue [Member]
Summary Of Significant Accounting Policies [Line Items]
Performance obligations, payment terms, product sales	45 days
Performance obligations, payment terms, R&D services	45 days
Leases [Member]
Summary Of Significant Accounting Policies [Line Items]
Lease description	The Company leases facilities for research, office, manufacturing and warehousing.
Lease, existence of option to extend	true
Lease, option to extend	The Company’s leases include one or more options to renew and extend the lease term at the Company’s discretion. These renewal options are not included in right-of-use assets and lease liabilities as they are not reasonably certain of exercise.
Operating lease cost	$ 1,400,000	$ 1,100,000	$ 800,000
Weighted average remaining lease term for operating leases	4 years 4 months 24 days
Weighted average discount rate used to determine operating lease liabilities	3.90%

Restructuring

12 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring

12. Restructuring

In the second quarter of fiscal 2023, we initiated a spending reduction plan intended to preserve capital and more closely align our capital allocation priorities with our strategic objectives, which included a workforce restructuring in our Medical Device segment. As a result, in fiscal 2023, we recorded $1.3 million in severance and related charges in restructuring expense on our consolidated statements of operations. All associated expenses have been paid as of September 30, 2023.

Commitments and Contingencies - Additional Information (Detail) - USD ($)	12 Months Ended					24 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2018	Sep. 30, 2024
Commitments And Contingencies [Line Items]
Other long-term liabilities	$ 8,060,000	$ 10,773,000
Other accrued liabilities current	535,000	551,000
Embolitech LLC [Member]
Commitments And Contingencies [Line Items]
Contingent payments upon achievement of regulatory milestones	$ 1,000,000
Installment payment period	2024
CRO [Member]
Commitments And Contingencies [Line Items]
Contractual obligation remaining to be paid	$ 2,000,000
CRO [Member] \| Minimum [Member]
Commitments And Contingencies [Line Items]
Gross contractual obligation	39,000,000
CRO [Member] \| Maximum [Member]
Commitments And Contingencies [Line Items]
Gross contractual obligation	41,000,000
CRO [Member] \| Maximum [Member] \| CRO Pass-through Expenses [Member]
Commitments And Contingencies [Line Items]
Gross contractual obligation	27,000,000
In-Process Research and Development [Member] \| Embolitech LLC [Member]
Commitments And Contingencies [Line Items]
Payments to acquire in-process research and development	$ 1,000,000	$ 500,000	$ 1,000,000.0	$ 1,000,000.0	$ 5,000,000.0
Contingency period ending year	2033
In-Process Research and Development [Member] \| Embolitech LLC [Member] \| Forecast [Member]
Commitments And Contingencies [Line Items]
Contractual obligation payable in fiscal 2022 through fiscal 2024						$ 900,000

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Summary of Other Noncurrent Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Schedule of Investments [Line Items]
Other assets, net	$ 3,864	$ 4,769
Operating Lease Right-of-Use Assets [Member]
Schedule of Investments [Line Items]
Other assets, net	2,987	3,633
Other [Member]
Schedule of Investments [Line Items]
Other assets, net	$ 877	$ 1,136

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
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Reference 50: http://www.xbrl.org/2003/role/disclosureRef
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Reference 52: http://www.xbrl.org/2003/role/disclosureRef
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Reference 53: http://www.xbrl.org/2003/role/disclosureRef
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Reference 54: http://www.xbrl.org/2003/role/disclosureRef
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Reference 55: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information (Tables)

12 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

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


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Commercial paper and corporate bonds	$	3,936	$	—	$	(3	)	$	3,933
Available-for-sale securities	$	3,936	$	—	$	(3	)	$	3,933

Components of Inventories, net

Inventories, net of reserves of $1.8 million and $1.1 million as of September 30, 2023 and 2022, respectively, consisted of the following components:


	September 30,
(In thousands)	2023		2022
Raw materials	$	8,063	$	6,102
Work-in process		2,607		1,595
Finished products		4,169		4,122
Inventories, net	$	14,839	$	11,819

Summary of Prepaids and Other Current Assets

Prepaids and other current assets consisted of the following:


	September 30,
(In thousands)	2023		2022
Prepaid expenses	$	2,600	$	2,570
Irish research and development credits receivable		1,322		753
CARES Act employee retention credit receivable (1)		3,441		3,441
Prepaids and other	$	7,363	$	6,764

(1)

Schedule of Property, Plant and Equipment

Property and equipment consisted of the following components:


	Useful Life	September 30,
(Dollars in thousands)	(Years)	2023			2022
Land	N/A	$	4,413		$	4,409
Laboratory fixtures and equipment	3 to 10		33,120			28,810
Buildings and improvements	3 to 20		26,964			26,373
Leasehold improvements	5 to 10		6,499			6,499
Office furniture and equipment	3 to 10		9,561			9,205
Construction-in-progress			1,936			3,175
Less: Accumulated depreciation			(56,467	)		(51,323	)
Property and equipment, net		$	26,026		$	27,148

Schedule of Intangible Assets

Intangible assets consisted of the following:


	September 30, 2023
(Dollars in thousands)	Weighted Average Original Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships	9.3	$	11,260	$	(9,435	)	$	1,825
Developed technology	11.9		33,929		(11,048	)		22,881
Patents and other	14.9		2,338		(1,418	)		920
Total definite-lived intangible assets			47,527		(21,901	)		25,626
Unamortized intangible assets:
Trademarks and trade names			580		—			580
Intangible assets, net		$	48,107	$	(21,901	)	$	26,206


	September 30, 2022
(Dollars in thousands)	Weighted Average Original Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships	9.3	$	10,454	$	(7,927	)	$	2,527
Developed technology	11.9		31,943		(7,994	)		23,949
Patents and other	14.9		2,338		(1,249	)		1,089
Total definite-lived intangible assets			44,735		(17,170	)		27,565
Unamortized intangible assets:
Trademarks and trade names			580		—			580
Intangible assets, net		$	45,315	$	(17,170	)	$	28,145

Estimated Amortization Expense

Based on the intangible assets in service as of September 30, 2023, estimated amortization expense for future fiscal years is as follows:


(In thousands)
2024	$	3,691
2025		3,656
2026		2,780
2027		2,534
2028		2,524
Thereafter		10,441
Definite-lived intangible assets	$	25,626

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
Foreign currency translation adjustment		—		(5,173	)		(5,173	)
Measurement period adjustments (1)		—		277			277
Goodwill as of September 30, 2022		8,010		32,700			40,710
Foreign currency translation adjustment		—		2,236			2,236
Goodwill as of September 30, 2023	$	8,010	$	34,936		$	42,946

(1)

In fiscal 2022, measurement period adjustments were recorded to finalize the allocation of purchase consideration for the fiscal 2021 Vetex acquisition (Note 13).

Summary of Other Noncurrent Assets

Other noncurrent assets consisted of the following:


	September 30,
(In thousands)	2023		2022
Operating lease right-of-use assets	$	2,987	$	3,633
Other		877		1,136
Other assets, noncurrent	$	3,864	$	4,769

Schedule of Accrued Other Liabilities

Accrued other liabilities consisted of the following:


	September 30,
(In thousands)	2023		2022
Accrued professional fees	$	178	$	279
Accrued clinical study expense		1,056		1,425
Accrued purchases		1,142		1,655
Deferred consideration (1)		2,661		981
Operating lease liability, current portion		872		963
Other		535		551
Accrued other liabilities	$	6,444	$	5,854

(1)

Schedule of Other Long-term Liabilities

Other long-term liabilities consisted of the following:


	September 30,
(In thousands)	2023		2022
Deferred consideration (1)	$	1,754	$	4,260
Contingent consideration (2)		—		829
Unrecognized tax benefits (3)		3,332		1,841
Operating lease liabilities (4)		2,974		3,843
Other long-term liabilities	$	8,060	$	10,773

(1)

Deferred consideration consisted of the present value of a guaranteed payment to be made in connection with the fiscal 2021 Vetex acquisition (Note 13).

(2)

Contingent consideration consisted of the fair value of contingent consideration liabilities associated with the fiscal 2021 Vetex acquisition (Note 5 and Note 13).

(3)

Unrecognized tax benefits (Note 9) included accrued interest and penalties, if applicable.

(4)

Schedule of Operating Lease Maturities

As of September 30, 2023, operating lease maturities were as follows:


(In thousands)
2024	$	1,217
2025		1,214
2026		1,132
2027		1,135
2028		574
Total expected operating lease payments		5,272
Less: Imputed interest		(1,426	)
Total operating lease liabilities	$	3,846

Denominator for Computation of Diluted Weighted Average Shares Outstanding

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


	Fiscal Year
(In thousands)	2023		2022		2021
Basic weighted average shares outstanding		14,031		13,916		13,765
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units		—		—		224
Diluted weighted average shares outstanding		14,031		13,916		13,989

Income Taxes - Schedule of Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Current expense (benefit):
U.S. Federal	$ 3,363	$ (510)	$ 263
U.S. State	591	(143)	108
International	250	166	87
Total current expense (benefit)	4,204	(487)	458
Deferred (benefit) expense:
U.S. Federal		5,200	1,851
U.S. State		515	(62)
International	(181)	(447)	(138)
Total deferred (benefit) expense	(181)	5,268	1,651
Total income tax expense	$ 4,023	$ 4,781	$ 2,109

Debt

12 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

6. Debt

Debt consisted of the following:


	September 30,
(In thousands)	2023			2022
Short-term borrowings	$	—		$	10,000

Revolving Credit Facility, Term SOFR + 3.00%, maturing October 1, 2027	$	5,000		$	—
Tranche 1 Term Loans, Term SOFR +5.75%, maturing October 1, 2027		25,000			—
Long-term debt, gross		30,000			—
Less: Unamortized debt issuance costs		(595	)		—
Long-term debt, net	$	29,405		$	—

MidCap Revolving Credit Facility and Term Loans

On October 14, 2022, the Company entered into a secured revolving credit facility and secured term loan facilities pursuant to a Credit, Security and Guaranty Agreement (the “MidCap Credit Agreement”) with Mid Cap Funding IV Trust, as agent, and MidCap Financial Trust, as term loan servicer and the lenders from time to time party thereto. The MidCap Credit Agreement provides for availability under a secured revolving line of credit of up to $25.0 million (the “Revolving Credit Facility”). Availability under the Revolving Credit Facility is subject to a borrowing base.

The MidCap Credit Agreement also provides for up to $75.0 million in term loans (the “Term Loans”), consisting of a $25.0 million Tranche 1 (“Tranche 1”) and a $50.0 million Tranche 2 (“Tranche 2”), which may be drawn in increments of at least $10.0 million. In addition, after the closing and prior to December 31, 2024, the Term Loan lenders may, in their sole discretion, fund an additional tranche of Term Loans of up to $25.0 million upon the written request of the Company. Upon closing, the Company borrowed $25.0 million of Tranche 1, borrowed $5.0 million on the Revolving Credit Facility, and used approximately $10.0 million of the proceeds to repay borrowings under a preexisting revolving credit facility with Bridgewater Bank. The Company used the remaining proceeds to fund working capital needs and for other general corporate purposes, as permitted under the MidCap Credit Agreement. Until December 31, 2024, the Company will be eligible to borrow Tranche 2 at the Company’s option upon meeting certain conditions set forth in the MidCap Credit Agreement, including having no less than $60.0 million of rolling-four-quarter core net revenue as of the end of the prior fiscal quarter. Core net revenue is defined in the MidCap Credit Agreement as the sum of revenue from our In Vitro Diagnostics segment and revenues from performance coating technologies in our Medical Device segment.

Pursuant to the MidCap Credit Agreement, the Company provided a first priority security interest in all existing and future acquired assets, including intellectual property and real estate, owned by the Company. The MidCap Credit Agreement contains certain covenants that limit the Company’s ability to engage in certain transactions. Subject to certain limited exceptions, these covenants limit the Company’s ability to, among other things:

•

create, incur, assume or permit to exist any additional indebtedness, or create, incur, allow or permit to exist any additional liens;

•

enter into any amendment or other modification of certain agreements;

•

effect certain changes in the Company’s business, fiscal year, management, entity name or business locations;

•

liquidate or dissolve, merge with or into, or consolidate with, any other company;

•

pay cash dividends on, make any other distributions in respect of, or redeem, retire or repurchase, any shares of the Company’s capital stock;

•

make certain investments, other than limited permitted acquisitions; and

•

enter into transactions with the Company’s affiliates.

The MidCap Credit Agreement also contains customary indemnification obligations and customary events of default, including, among other things, (i) non-payment, (ii) breach of warranty, (iii) non-performance of covenants and obligations, (iv) default on other indebtedness, (v) judgments, (vi) change of control, (vii) bankruptcy and insolvency, (viii) impairment of security, (ix) termination of a pension plan, (x) regulatory matters, and (xi) material adverse effect.

In addition, the Company must maintain minimum core net revenue levels tested quarterly to the extent that Term Loans advanced under the MidCap Credit Agreement exceed $25.0 million. In the event of default under the MidCap Credit Agreement, the Company would be required to pay interest on principal and all other due and unpaid obligations at the current rate in effect plus 2%.

Borrowings under the MidCap Credit Agreement bear interest at the forward-looking, one-month secured overnight financing rate (“Term SOFR”) as published by CME Group Benchmark Administration Limited plus 0.10% (“Adjusted Term SOFR”). The Revolving Credit Facility bears interest at an annual rate equal to 3.00% plus the greater of Adjusted Term SOFR or 1.50%, and the Term Loans bear interest at an annual rate equal to 5.75% plus the greater of Adjusted Term SOFR or 1.50%. The Company is required to make monthly interest payments on the Revolving Credit Facility with the entire principal payment due at maturity. The Company is required to make 48 monthly interest payments on the Term Loans beginning on November 1, 2022 (the “Interest-Only Period”). If the Company is in covenant compliance at the end of the Interest-Only Period, the Company will have the option to extend the Interest-Only Period through maturity with the entire principal payment due at maturity. If the Company is not in covenant compliance at the end of the Interest-Only Period, the Company is required to make 12 months of straight-line amortization payments with the entire principal amount due at maturity.

Subject to certain limitations, the Term Loans have a prepayment fee for payments made prior to the maturity date equal to 2.0% of the prepaid principal amount for the second year following the closing date and 1.0% of the prepaid principal amount for the third year following the closing date and thereafter. In addition, if the Revolving Credit Facility is terminated in whole or in part prior to the maturity date, the Company must pay a prepayment fee equal to 2.0% of the terminated commitment amount for the second year following the closing date of the MidCap Credit Agreement and 1.0% of the terminated commitment amount for the third year following the closing date and thereafter. The Company is also required to pay a full exit fee at the time of maturity or full prepayment event equal to 2.5% of the aggregate principal amount of the Term Loans made pursuant to the MidCap Credit Agreement and a partial exit fee at the time of any partial prepayment event equal to 2.5% of the amount prepaid. This exit fee is accreted over the remaining term of the Term Loans. The Company also is obligated to pay customary origination fees at the time of each funding of the Term Loans and a customary annual administrative fee based on the amount borrowed under the Term Loan, due on an annual basis. The customary fees on the Revolving Credit Facility include (i) an origination fee based on the commitment amount, which was paid on the closing date; (ii) an annual collateral management fee of 0.50% per annum based on the outstanding balance of the Revolving Credit Facility, payable monthly in arrears; and (iii) an unused line fee of 0.50% per annum based on the average unused portion of the Revolving Credit Facility, payable monthly in arrears. The Company must also maintain a minimum balance of no less than 20% of availability under the Revolving Credit Facility or a minimum balance fee applies of 0.50% per annum. Expenses recognized for fees for the Revolving Credit Facility and Term Loans are reported in interest expense, net on the consolidated statements of operations.

Bridgewater Revolving Credit Facility (Short-term Borrowings)

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 "Bridgewater Loan Agreement") with Bridgewater Bank. The Bridgewater Loan Agreement provided for availability under a secured revolving line of credit of up to $25 million (the "Bridgewater Revolving Credit Facility"). As of September 30, 2022, the outstanding balance on the Bridgewater Revolving Credit Facility of $10.0 million was reported in short-term borrowings on the consolidated balance sheets. As described above, on October 14, 2022, in connection with the Company’s entry into the MidCap Credit Agreement, the Company paid the $10.0 million outstanding balance under the Bridgewater Loan Agreement and terminated the Bridgewater Loan Agreement.

The Company's obligations under the Bridgewater Loan Agreement were 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 also pledged the stock of certain of its subsidiaries to secure such obligations. Interest under the Bridgewater Loan Agreement accrued at a rate per annum equal to the greater of (i) 3.25%, and (ii) the 90-day interest rate yield for U.S. Government Treasury Securities plus 2.75%. A facility fee was payable on unused commitments at a rate of 0.075% quarterly. As of September 30, 2022, the weighted average interest rate on outstanding borrowings on the Bridgewater Revolving Credit Facility was 6.1%.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Commitments and Contingencies

12 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

Clinical Trials. The Company has engaged 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 $27 million in the aggregate. As of September 30, 2023, an estimated $2 million remains to be paid on one of 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 $39 million to $41 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 fiscal 2021, $0.5 million in fiscal 2022 and $1.0 million in fiscal 2023. The Company is obligated to pay an additional installment of $0.9 million in fiscal 2024, which may be accelerated upon the occurrence of certain sales and regulatory milestones. An additional $1.0 million payment is contingent upon the achievement of a certain regulatory milestone within a contingency period ending in 2033.

Business Combinations. See Note 13 Acquisitions for disclosure of the fiscal 2021 acquisition of Vetex and associated deferred and contingent consideration liabilities.

Derivative Financial Instruments - Schedule of Net Fair Value of Designated Hedge Derivatives Subject to Master Netting Arrangements Reported on Consolidated Balance Sheets (Detail) - Interest Rate Swap [Member] $ in Thousands	Sep. 30, 2023 USD ($)
Offsetting Assets [Line Items]
Gross Recognized Amount	$ 183
Net Amount Presented	183
Net Amount Reported	$ 183
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Schedule of Accrued Other Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Accrued Liabilities, Current [Abstract]
Accrued professional fees	$ 178	$ 279
Accrued clinical study expense	1,056	1,425
Accrued purchases	1,142	1,655
Deferred consideration	2,661	981
Operating lease liability, current portion	$ 872	$ 963
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued other liabilities	Accrued other liabilities
Other	$ 535	$ 551
Accrued other liabilities	$ 6,444	$ 5,854

Organization

12 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Organization

1. Organization

Description of Business

Surmodics, Inc. and subsidiaries (referred to as “Surmodics,” the “Company,” “we,” “us,” “our” and other like terms) is a leading provider of performance coating technologies for intravascular medical devices and chemical and biological components for in vitro diagnostic (“IVD”) immunoassay tests and microarrays. Surmodics develops and commercializes highly differentiated vascular intervention 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 modification and drug-delivery coating technologies, along with its device design, development and manufacturing capabilities. The Company’s mission is to improve the detection and treatment of disease. Surmodics is headquartered in Eden Prairie, Minnesota.

Basis of Presentation and Principles of Consolidation

The 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.

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

Use of Estimates

Schedule of Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Detail) - Allowance for doubtful accounts [Member] - USD ($)
$ in Thousands

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Valuation And Qualifying Accounts Disclosure [Line Items]

Balance at Beginning of Period

$ 81

$ 119

$ 130

Additions: Charges to Income

(11)

Deductions: Other Changes (Debit) Credit

^[1]

(38)

(43)

Balance at End of Period

$ 80

$ 81

$ 119

[1]	Primarily consists of uncollectible accounts written off, less recoveries.

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Summary of Prepaids and Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 2,600	$ 2,570
Irish research and development credits receivable	1,322	753
CARES Act employee retention credit receivable	3,441	3,441
Prepaids and other	$ 7,363	$ 6,764

Fair Value Measurements - Schedule of Contingent Consideration Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Contingent Consideration Expense Gain
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	$ 829	$ 817
Fair value adjustments	(835)
Interest accretion	$ 6	12
Contingent consideration liability, ending balance		$ 829

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Sep. 30, 2023	Nov. 17, 2023	Mar. 31, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
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 Annual Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		14,156,000
Entity Public Float			$ 310
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Minneapolis, Minnesota
Auditor Firm ID	34
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement for the Registrant’s 2024 Annual Meeting of Shareholders are incorporated by reference into Part III.

Stock-based Compensation Plans - Schedule of Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Beginning balance	158,000	119,000	100,000
Number of Units, Granted	103,000	99,000	71,000
Number of Units, Vested	(69,000)	(55,000)	(48,000)
Number of Units, Forfeited	(19,000)	(5,000)	(4,000)
Number of Units, Ending balance	173,000	158,000	119,000
Weighted Average Grant Date Fair Value, Beginning balance	$ 41.24	$ 41.14	$ 44.16
Weighted Average Grant Date Fair Value, Granted	35.75	42.35	38.83
Weighted Average Grant Date Fair Value, Vested	40.96	42.98	44.07
Weighted Average Grant Date Fair Value, Forfeited	39.31	41.83	40.45
Weighted Average Grant Date Fair Value, Ending balance	$ 38.30	$ 41.24	$ 41.14

Debt (Tables)

12 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following:


	September 30,
(In thousands)	2023			2022
Short-term borrowings	$	—		$	10,000

Revolving Credit Facility, Term SOFR + 3.00%, maturing October 1, 2027	$	5,000		$	—
Tranche 1 Term Loans, Term SOFR +5.75%, maturing October 1, 2027		25,000			—
Long-term debt, gross		30,000			—
Less: Unamortized debt issuance costs		(595	)		—
Long-term debt, net	$	29,405		$	—

Acquisitions - Summary of Final Allocation of Purchase Consideration as of Acquisition Date (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Jul. 02, 2021
Business Acquisition [Line Items]
Goodwill	$ 42,946	$ 40,710	$ 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

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (56,467)	$ (51,323)
Property and equipment, net	26,026	27,148
Land [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	4,413	4,409
Laboratory Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	$ 33,120	28,810
Laboratory Fixtures and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Useful Life	3 years
Laboratory Fixtures and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Useful Life	10 years
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	$ 26,964	26,373
Building and Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Useful Life	3 years
Building and Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Useful Life	20 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	$ 6,499	6,499
Leasehold Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Useful Life	5 years
Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Useful Life	10 years
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	$ 9,561	9,205
Office Furniture and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Useful Life	3 years
Office Furniture and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Useful Life	10 years
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	$ 1,936	$ 3,175

Defined Contribution Plans

12 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Defined Contribution Plans

10. Defined Contribution Plans

The Company has a 401(k) retirement and savings plan for the benefit of qualifying U.S. employees, as well as a defined contribution Personal Retirement Savings Account plan for the benefit of qualifying Ireland employees. For eligible U.S. employees, effective January 1, 2022, the Company makes matching contributions of up to 4% of eligible compensation; prior to January 1, 2022, the Company made matching contributions of up to 3% of eligible compensation on employee contributions of up to 6% of eligible compensation. For eligible Ireland employees, the Company makes contributions of up to 8% of eligible compensation on employee contributions of up to 6% of eligible compensation. Expense recognized for Company contributions to defined contribution plans totaled $1.9 million, $1.7 million and $1.1 million in fiscal 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Income Taxes - Schedule of Deferred Income Taxes, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Depreciable assets	$ (3,802)	$ (3,995)
Deferred revenue	1,082	2,103
Accruals and reserves	2,052	1,615
Stock-based compensation	2,665	2,443
Impaired strategic investments	1,829	1,787
NOL carryforwards	4,578	6,379
U.S. Federal and state R&D credits	2,973	4,465
Capitalized R&D expenses	7,976
Other	648	848
Valuation allowance	(22,005)	(17,672)
Deferred taxes liabilities, net	$ (2,004)	$ (2,027)

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Line Items]
U.S. federal statutory tax rate			21.00%
Excess tax benefits related to stock based compensation expense		$ 100,000	$ 200,000	$ 900,000
Deferred tax asset valuation allowance	$ 17,672,000	22,005,000	17,672,000
Valuation allowance change	10,200,000
Unrecognized tax benefits excluding interest and penalties that would impact effective tax rate	2,500,000	3,100,000	2,500,000
Accrued interest and penalties on unrecognized tax benefits	300,000	500,000	300,000
Undistributed earnings in foreign subsidiaries	$ 0	$ 0	$ 0

Reportable Segment Information

12 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Reportable Segment Information

14. Reportable Segment Information

•

Medical Device: Manufacture of performance coatings, including surface modification coating technologies to improve access, deliverability and predictable deployment of medical devices and drug-delivery coating technologies to provide site-specific drug-delivery from the surface of a medical device, with end markets that include neurovascular, peripheral, coronary, and structural heart, among others; and the manufacture of vascular intervention medical devices, including drug-coated balloons, mechanical thrombectomy devices, and radial access balloon catheters and guide sheaths.

•

In Vitro Diagnostics: Manufacture of chemical and biological components used in in vitro diagnostic immunoassay and molecular tests within the diagnostic and biomedical research markets. Component products include protein stabilizers, substrates, surface coatings and antigens.

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


	Fiscal Year
(In thousands)	2023			2022			2021
Revenue:
Medical Device	$	105,783		$	72,389		$	78,253
In Vitro Diagnostics		26,801			27,562			26,883
Total revenue	$	132,584		$	99,951		$	105,136

Operating income (loss):
Medical Device	$	5,084		$	(22,923	)	$	4,683
In Vitro Diagnostics		12,637			13,073			13,770
Total segment operating income (loss)		17,721			(9,850	)		18,453
Corporate		(12,571	)		(12,247	)		(11,750	)
Total operating income (loss)	$	5,150		$	(22,097	)	$	6,703

Depreciation and amortization:
Medical Device	$	7,874		$	8,368		$	7,224
In Vitro Diagnostics		321			355			395
Corporate		327			419			398
Total depreciation and amortization	$	8,522		$	9,142		$	8,017

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.

Long-lived assets by country, including property and equipment and intangible assets net of accumulated depreciation and amortization, respectively, were as follows:


	September 30,
(In thousands)	2023		2022
U.S.	$	23,525	$	24,788
Ireland		28,707		30,505

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Estimated Amortization Expense (Detail) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 3,691
2025	3,656
2026	2,780
2027	2,534
2028	2,524
Thereafter	10,441
Definite-lived intangible assets, Net	$ 25,626

Revenue - Revenue from Customers (Detail) - Revenue [Member] - Customer Concentration Risk [Member]	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Abbott [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	27.00%	11.00%	21.00%
Medtronic [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	10.00%	13.00%	13.00%

Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Nov. 06, 2015	Nov. 05, 2014
Stockholders Equity [Line Items]
Remaining amount available for repurchases of shares	$ 25.3
Accelerated Share Repurchase Program [Member]
Stockholders Equity [Line Items]
Maximum payments for repurchase of common stock		$ 20.0	$ 30.0

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Total revenue	$ 132,584	$ 99,951	$ 105,136
Operating costs and expenses:
Cost, Product and Service [Extensible Enumeration]	Product Sales [Member]	Product Sales [Member]	Product Sales [Member]
Product costs	$ 24,965	$ 20,342	$ 17,177
Research and development	46,595	50,609	46,734
Selling, general and administrative	51,884	46,935	30,677
Acquired intangible asset amortization	3,537	4,150	2,793
Restructuring expense	1,282
Contingent consideration (gain) expense	(829)	12	3
Acquisition transaction, integration and other costs			1,049
Total operating costs and expenses	127,434	122,048	98,433
Operating income (loss)	5,150	(22,097)	6,703
Other expense:
Interest expense, net	(3,489)	(598)	(310)
Foreign exchange (loss) gain	(251)	103	(170)
Investment income, net	1,077	99	123
Other expense, net	(2,663)	(396)	(357)
Income (loss) before income taxes	2,487	(22,493)	6,346
Income tax expense	(4,023)	(4,781)	(2,109)
Net (loss) income	$ (1,536)	$ (27,274)	$ 4,237
Basic net (loss) income per share	$ (0.11)	$ (1.96)	$ 0.31
Diluted net (loss) income per share	$ (0.11)	$ (1.96)	$ 0.30
Weighted average number of shares outstanding:
Basic	14,031	13,916	13,765
Diluted	14,031	13,916	13,989
Product Sales [Member]
Revenue:
Total revenue	$ 60,614	$ 54,621	$ 46,478
Royalties and License Fees [Member]
Revenue:
Total revenue	62,398	36,248	47,056
Research, Development and Other [Member]
Revenue:
Total revenue	$ 9,572	$ 9,082	$ 11,602

Stock-based Compensation Plans - Stock Option Fair Value Assumptions and Weighted Average Fair Value of Stock Options Granted (Detail) - $ / shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Stock option fair value assumptions:
Risk-free interest rate	3.76%	1.49%	0.40%
Expected life (years)	4 years 8 months 12 days	4 years 7 months 6 days	4 years 7 months 6 days
Expected volatility	45.00%	43.00%	43.00%
Dividend yield	0.00%
Weighted average grant date fair value of stock options granted	$ 15.03	$ 15.96	$ 14.71