0000950170-24-129020 | 10-K | XBRL Viewer

Debt

12 Months Ended

Sep. 30, 2024

6. Debt

Debt consisted of the following:


	September 30,
(In thousands)	2024			2023
Revolving Credit Facility, Term SOFR + 3.00%, maturing October 1, 2027	$	5,000		$	5,000
Tranche 1 Term Loans, Term SOFR +5.75%, maturing October 1, 2027		25,000			25,000
Long-term debt, gross		30,000			30,000
Less: Unamortized debt issuance costs		(446	)		(595	)
Long-term debt, net	$	29,554		$	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 1.0% of the prepaid principal amount. 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 1.0% of the terminated commitment amount. 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.

- 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

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Schedule of Valuation and Qualifying Accounts

12 Months Ended

Sep. 30, 2024

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, 2022	$	119		5		(43	)	(a)	$	81
Fiscal year ended September 30, 2023		81		37		(38	)	(a)		80
Fiscal year ended September 30, 2024		80		64		—		(a)		144

(a)

Primarily consists of uncollectible accounts written off, less recoveries.

Collaborative Arrangement - Additional Information (Detail 1)	Sep. 30, 2024
Abbott Agreement [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01 \| Licence Fees [Member] \| Maximum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Remaining performance obligation, satisfaction period	1 year

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] - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Offsetting Assets [Line Items]
Gross Recognized Amount	$ (673)
Gross Recognized Amount		$ 183
Net Amount Presented	(673)
Net Amount Presented		183
Cash Collateral Receivable	625
Net Amount Reported	$ (48)
Net Amount Reported		$ 183
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Assets, Noncurrent

Acquisitions - Summary of Acquisition Date Fair Value of Purchase Consideration (Detail) $ in Millions	12 Months Ended
	Sep. 30, 2021 USD ($)
Vetex Medical Limited [Member]
Business Acquisition [Line Items]
Consideration paid at closing	$ 39.9

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, 2021	$ 140,085	$ 695	$ 21,598	$ 1,727	$ 116,065
Beginning balance, shares at Sep. 30, 2021		13,899,000
Net 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 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
Net loss	(11,542)				(11,542)
Other comprehensive income (loss)	2,633			2,633
Issuance of common stock	860	$ 8	852
Issuance of common stock, shares		165,000
Common stock options exercised, net	$ 356	$ 2	354
Common stock options exercised, net, shares	195,000	36,000
Purchase of common stock to pay employee taxes	$ (1,537)	$ (2)	(1,535)
Purchase of common stock to pay employee taxes, shares		(31,000)
Stock-based compensation	8,217		8,217
Ending balance at Sep. 30, 2024	$ 118,897	$ 716	$ 44,594	$ (2,126)	$ 75,713
Ending balance, shares at Sep. 30, 2024		14,325,000

Restructuring

12 Months Ended

Sep. 30, 2024

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 were paid as of September 30, 2023.

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, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	$ 33,331	$ 40,371
Liabilities measured at fair value	673
Available-for-sale securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	3,997	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	33,331	40,371
Liabilities measured at fair value	673
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	3,997	3,933
Cash equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	29,334	36,255
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	29,334	36,255
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value		183
Liabilities measured at fair value	673
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
Liabilities measured at fair value	$ 673

Organization - Additional Information (Detail)	May 28, 2024 $ / shares
BCE Parent LLC and BCE Merger Sub Inc [Member] \| GTCR Merger Agreement [Member]
Summary Of Significant Accounting Policies [Line Items]
Share acquired price per share in cash	$ 43

Income Taxes - Schedule of Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Current expense (benefit):
U.S. Federal	$ 3,478	$ 3,363	$ (510)
U.S. State	663	591	(143)
International	215	250	166
Total current expense (benefit)	4,356	4,204	(487)
Deferred (benefit) expense:
U.S. Federal			5,200
U.S. State			515
International	(320)	(181)	(447)
Total deferred (benefit) expense	(320)	(181)	5,268
Total income tax expense	$ 4,036	$ 4,023	$ 4,781

Stock-based Compensation Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Stock-Based Compensation Activity [Line Items]
Unrecognized compensation costs, nonvested awards, amount	$ 11,100,000
Unrecognized compensation costs, nonvested awards, weighted average recognition period	2 years 2 months 12 days
Vesting period	3 years
Stock-based compensation expense	$ 8,217,000	$ 7,605,000	$ 7,057,000
Dividend yield		0.00%
Nonqualified Stock Options [Member]
Stock-Based Compensation Activity [Line Items]
Expiration period	7 years
Stock-based compensation expense	$ 4,000,000.0	$ 3,700,000	3,400,000
Aggregate intrinsic value, outstanding options	3,300,000
Aggregate intrinsic value, exercisable options	$ 1,000,000
Weighted average remaining contractual life, options outstanding	4 years
Weighted average remaining contractual remaining, options exercisable	3 years
Intrinsic value, options exercised	$ 1,500,000	300,000	1,000,000
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	$ 3,400,000	$ 3,100,000	$ 2,700,000
Units granted	107,000	103,000	99,000
Units outstanding	195,000	173,000	158,000	119,000
Weighted average grant date fair value	$ 38.80	$ 40.96	$ 42.98
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	14,000	16,000	14,000
Units outstanding	69,000	74,000
Weighted average grant date fair value	$ 31.86	$ 32.18
Deferred Stock Units [Member] \| Director [Member]
Stock-Based Compensation Activity [Line Items]
Stock-based compensation expense	$ 0.0	$ 100,000	$ 100,000
Units outstanding	24,000	38,000
Weighted average grant date fair value	$ 28.53	$ 30.86
1999 Employee Stock Purchase Plan [Member]
Stock-Based Compensation Activity [Line Items]
Stock-based compensation expense	$ 300,000	$ 300,000	$ 300,000
Annual compensation withheld, maximum limit	25,000
Employee contributions in accrued compensation at period end	$ 0.0	$ 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	481,000

Income Taxes

12 Months Ended

Sep. 30, 2024

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)	2024			2023			2022
Current expense (benefit):
U.S. Federal	$	3,478		$	3,363		$	(510	)
U.S. State		663			591			(143	)
International		215			250			166
Total current expense (benefit)		4,356			4,204			(487	)
Deferred (benefit) expense:
U.S. Federal		—			—			5,200
U.S. State		—			—			515
International		(320	)		(181	)		(447	)
Total deferred (benefit) expense		(320	)		(181	)		5,268
Total income tax expense	$	4,036		$	4,023		$	4,781

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)	2024			2023			2022
Amount at statutory U.S. federal income tax rate	$	(1,576	)	$	522		$	(4,724	)
Change because of the following items:
State income taxes, net of federal benefit		(449	)		(632	)		(897	)
Foreign and state rate differential		257			495			628
U.S. federal and foreign R&D credits		(732	)		(1,544	)		(1,511	)
Valuation allowance change (1)		4,983			4,083			10,978
Stock-based compensation (2)		900			1,003			481
U.S. Federal and state rate change		169			(152	)		—
Tax reserve change		(130	)		734			(123	)
Foreign-derived income deduction		(347	)		(403	)		—
Contingent consideration		9			(164	)		13
Merger-related transaction costs		734			—			—
Other		218			81			(64	)
Income tax expense	$	4,036		$	4,023		$	4,781

(1)

In fiscal 2024 and 2023, the valuation allowance increased primarily as a result of the incremental deferred tax assets recorded during each respective period 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.

(2)

Includes non-deductible stock-based compensation.

Excess tax benefits related to stock-based compensation expense are recorded within income tax expense on the consolidated statements of operations and totaled $0.3 million, less than $0.1 million and $0.2 million for fiscal 2024, 2023 and 2022, 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)	2024			2023
Depreciable assets	$	(3,327	)	$	(3,802	)
Deferred revenue		366			1,082
Accruals and reserves		2,305			2,052
Stock-based compensation		2,850			2,665
Impaired strategic investments		1,809			1,829
NOL carryforwards (1)		4,774			4,578
U.S. Federal and state R&D credits (2)		3,277			2,973
Capitalized R&D expenses		12,757			7,976
Other		604			648
Valuation allowance		(27,200	)		(22,005	)
Deferred taxes, net	$	(1,785	)	$	(2,004	)

(1)

As of September 30, 2024, NOL carryforwards consisted of U.S. state NOL carryforwards of $0.4 million and Ireland NOL carryforwards of $4.4 million. U.S. state NOL carryforwards begin to expire in fiscal 2029. Ireland NOL carryforwards have an unlimited carryforward period.

(2)

As of September 30, 2024, U.S. federal and state R&D credits begin to expire in fiscal 2029.

As of September 30, 2024 and 2023, valuation allowances against deferred tax assets, net, totaled $27.2 million and $22.0 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, 2024, 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.

•

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.

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 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, 2024, 2023 and 2022, that it is more likely than not that our net U.S. deferred tax assets will not be realized. 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 2024 and 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.

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)	2024			2023			2022
Unrecognized tax benefits, beginning balance	$	3,443		$	2,793		$	2,887
Increases in tax positions for prior years		13			—			53
Decreases in tax positions for prior years		(28	)		(4	)		(35	)
Increases in tax positions for current year		587			836			519
Lapse of the statute of limitations		(802	)		(182	)		(631	)
Unrecognized tax benefits, ending balance	$	3,213		$	3,443		$	2,793

The total amount of unrecognized tax benefits excluding interest and penalties that, if recognized, would affect the effective tax rate was $2.8 million and $3.1 million as of September 30, 2024 and 2023, respectively. As of September 30, 2024, 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. The gross amount accrued for interest and penalties on unrecognized tax benefits was $0.5 million as of each of September 30, 2024 and 2023.

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 been completed. U.S. federal income tax returns for years prior to fiscal 2021 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 2014. For tax returns for non-U.S. jurisdictions, the Company is no longer subject to income tax examination for years prior to 2020. 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, 2024 and 2023, there were no undistributed earnings in foreign subsidiaries.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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

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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

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-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Estimated Amortization Expense (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 3,820
2026	2,903
2027	2,648
2028	2,637
2029	2,637
Thereafter	8,344
Definite-lived intangible assets	$ 22,989

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, 2024	Sep. 30, 2023	Sep. 30, 2022
Stock option fair value assumptions:
Risk-free interest rate	4.10%	3.76%	1.49%
Expected life (years)	4 years 9 months 18 days	4 years 8 months 12 days	4 years 7 months 6 days
Expected volatility	49.00%	45.00%	43.00%
Dividend yield		0.00%
Weighted average grant date fair value of stock options granted	$ 15.69	$ 15.03	$ 15.96

Fair Value Measurements

12 Months Ended

Sep. 30, 2024

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, 2024
(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)	$	—	$	29,334	$	—	$	29,334
Available-for-sale securities (1)		—		3,997		—		3,997
Total assets	$	—	$	33,331	$	—	$	33,331

Liabilities
Interest rate swap (2)	$	—	$	673			$	673
Total liabilities	$	—	$	673	$	—	$	673


	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

(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).

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, 2024 and 2023.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Collaborative Arrangement - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue, total	$ 1.6	$ 6.8
Abbott Agreement [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaborative arrangement payment received	87.8
Deferred revenue, total	$ 1.5
Abbott Agreement [Member] \| Upfront Payment [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaborative arrangement payment received						$ 25.0
Abbott Agreement [Member] \| Milestone Payment [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaborative arrangement payment received		$ 27.0	$ 15.0	$ 10.8	$ 10.0

Derivative Financial Instruments (Tables)

12 Months Ended

Sep. 30, 2024

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, 2024
Interest rate swap	$	(673	)	$	—	$	(673	)	$	625	$	(48	)	Other long-term liabilities
September 30, 2023
Interest rate swap	$	183		$	—	$	183		$	—	$	183		Other assets, noncurrent

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)	2024			2023			2022
Beginning unrealized net gain in AOCL	$	183		$	—		$	—
Net (loss) gain recognized in other comprehensive income (loss)		(611	)		260			—
Reclassification of net gain to interest expense		(245	)		(77	)		—
Ending unrealized net (loss) gain in AOCL	$	(673	)	$	183		$	—

Revenue (Tables)

12 Months Ended

Sep. 30, 2024

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)	2024		2023		2022
Medical Device
Product sales	$	45,620	$	34,126	$	27,930
Royalties & license fees – performance coatings		37,408		32,812		30,547
License fees – SurVeil DCB		5,080		29,586		5,701
Research, development and other		9,400		9,259		8,211
Medical Device revenue		97,508		105,783		72,389
In Vitro Diagnostics
Product sales		27,970		26,488		26,691
Research, development and other		600		313		871
In Vitro Diagnostics revenue		28,570		26,801		27,562
Total Revenue	$	126,078	$	132,584	$	99,951

Summary of Contract Assets Reported in Contract Assets, Current and Other Assets

Contract assets reported in contract assets, current and other assets, noncurrent on the consolidated balance sheets consisted of the following:


	September 30,
(In thousands)	2024		2023
Contract assets:
Performance coating royalties and license fees	$	8,534	$	7,796
SurVeil DCB profit-sharing		1,338		—
Contract assets, current		9,872		7,796
SurVeil DCB profit-sharing, noncurrent		689		—
Total contract assets	$	10,561	$	7,796

Revenue from Customers

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


	Fiscal Year
	2024			2023			2022
Abbott		16	%		27	%		11	%
Medtronic		12	%		10	%		13	%

Revenue by Geographic Region

Revenue by geographic region was as follows:


	Fiscal Year
	2024			2023			2022
Domestic		83	%		82	%		74	%
Foreign		17	%		18	%		26	%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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
Rule 10b5-1 Arr Modified [Flag]	false
Non Rule 10b5-1 Arr Modified [Flag]	false

Reportable Segment Information - Additional Information (Detail)	12 Months Ended
	Sep. 30, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Schedule of Accrued Other Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Accrued Liabilities, Current [Abstract]
Accrued professional fees	$ 563	$ 178
Accrued clinical study expense	499	1,056
Accrued purchases	1,023	1,142
Operating lease liability, current portion	$ 1,040	$ 872
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued other liabilities	Accrued other liabilities
Deferred consideration		$ 2,661
Other	$ 670	535
Accrued other liabilities	$ 3,795	$ 6,444

Derivative Financial Instruments - Schedule of Pre-tax Amounts Recognized in AOCL on Interest Rate Swap (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Beginning unrealized net gain in AOCL	$ 183
Net (loss) gain recognized in other comprehensive income (loss)	(611)	$ 260
Reclassification of net gain to interest expense	$ (245)	$ (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	Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, after Tax
Ending unrealized net (loss) gain in AOCL	$ (673)	$ 183

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Additional Information (Detail) - USD ($) shares in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Nov. 06, 2015	Nov. 05, 2014
Summary Of Significant Accounting Policies [Line Items]
Available-for-sale debt securities	$ 3,997,000	$ 3,933,000
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	2,600,000	1,800,000
CARES Act employee retention credit receivable		3,441,000
Depreciation expense	4,900,000	4,700,000	4,700,000
Amortization expense	3,800,000	3,800,000	4,400,000
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	$ 3,688,000
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	$ 1,600,000	$ 1,400,000	$ 1,100,000
Weighted average remaining lease term for operating leases	4 months 24 days
Weighted average discount rate used to determine operating lease liabilities	3.90%

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, 2024	Sep. 30, 2023
Goodwill [Line Items]
Goodwill, Beginning balance	$ 42,946	$ 40,710
Foreign currency translation adjustment	1,694	2,236
Goodwill, Ending balance	44,640	42,946
In Vitro Diagnostics [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	8,010	8,010
Goodwill, Ending balance	8,010	8,010
Medical Device [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	34,936	32,700
Foreign currency translation adjustment	1,694	2,236
Goodwill, Ending balance	$ 36,630	$ 34,936

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 49
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-SubTopic 210
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-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ 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/exampleRef
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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2024

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, 2024
(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)	$	—	$	29,334	$	—	$	29,334
Available-for-sale securities (1)		—		3,997		—		3,997
Total assets	$	—	$	33,331	$	—	$	33,331

Liabilities
Interest rate swap (2)	$	—	$	673			$	673
Total liabilities	$	—	$	673	$	—	$	673


	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

(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).

Revenue

12 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

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


	Fiscal Year
(In thousands)	2024		2023		2022
Medical Device
Product sales	$	45,620	$	34,126	$	27,930
Royalties & license fees – performance coatings		37,408		32,812		30,547
License fees – SurVeil DCB		5,080		29,586		5,701
Research, development and other		9,400		9,259		8,211
Medical Device revenue		97,508		105,783		72,389
In Vitro Diagnostics
Product sales		27,970		26,488		26,691
Research, development and other		600		313		871
In Vitro Diagnostics revenue		28,570		26,801		27,562
Total Revenue	$	126,078	$	132,584	$	99,951

Contract assets reported in contract assets, current and other assets, noncurrent on the consolidated balance sheets consisted of the following:


	September 30,
(In thousands)	2024		2023
Contract assets:
Performance coating royalties and license fees	$	8,534	$	7,796
SurVeil DCB profit-sharing		1,338		—
Contract assets, current		9,872		7,796
SurVeil DCB profit-sharing, noncurrent		689		—
Total contract assets	$	10,561	$	7,796

Fluctuations in the balance of contract assets result primarily from (i) fluctuations in the sales volume of performance coating royalties and license fees earned, but not collected, at each balance sheet date due to payment timing and contractual changes in the normal course of business; and (ii) starting in fiscal 2024, sales-based profit-sharing earned, but not collected, related to a collaborative arrangement for our SurVeil DCB products (Note 4).

Deferred revenue totaled $1.6 million and $6.8 million as of September 30, 2024 and 2023, respectively, on the consolidated balance sheets and was primarily related to a collaborative arrangement (Note 4). For fiscal 2024, 2023 and 2022, the total amount of revenue recognized that was included in the respective beginning of fiscal year balances of deferred revenue on the consolidated balance sheets totaled $5.3 million, $4.6 million and $5.7 million, respectively.

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


	Fiscal Year
	2024			2023			2022
Abbott		16	%		27	%		11	%
Medtronic		12	%		10	%		13	%

Revenue by geographic region was as follows:


	Fiscal Year
	2024			2023			2022
Domestic		83	%		82	%		74	%
Foreign		17	%		18	%		26	%

- 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

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stock-based Compensation Plans (Tables)

12 Months Ended

Sep. 30, 2024

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)	2024		2023		2022
Product costs	$	282	$	279	$	234
Research and development		1,517		1,417		1,424
Selling, general and administrative		6,418		5,909		5,399
Total stock-based compensation expense	$	8,217	$	7,605	$	7,057

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

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


	Fiscal Year
	2024			2023			2022
Stock option fair value assumptions:
Risk-free interest rate		4.10	%		3.76	%		1.49	%
Expected life (years)	4.8			4.7			4.6
Expected volatility		49	%		45	%		43	%
Dividend yield		—	%		—	%		—	%
Weighted average grant date fair value of stock options granted	$	15.69		$	15.03		$	15.96

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, 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
Granted		283			33.39
Exercised		(195	)		30.56
Forfeited and expired		(26	)		38.75
Options outstanding at September 30, 2024		1,424			39.54
Options vested and exercisable at September 30, 2024		770		$	42.33

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, 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
Granted		107			33.84
Vested		(80	)		38.80
Forfeited		(5	)		36.77
Unvested restricted stock awards at September 30, 2024		195		$	35.68

Revenue - Summary of Disaggregation of Revenue Within Reportable Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Total revenue	$ 126,078	$ 132,584	$ 99,951
Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	73,590	60,614	54,621
Royalties [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	42,488	62,398	36,248
Research, Development and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	10,000	9,572	9,082
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	126,078	132,584	99,951
Operating Segments [Member] \| Medical Device [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	97,508	105,783	72,389
Operating Segments [Member] \| Medical Device [Member] \| Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	45,620	34,126	27,930
Operating Segments [Member] \| Medical Device [Member] \| Royalties [Member] \| Performance Coatings [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	37,408	32,812	30,547
Operating Segments [Member] \| Medical Device [Member] \| License Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	5,080	29,586	5,701
Operating Segments [Member] \| Medical Device [Member] \| Research, Development and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	9,400	9,259	8,211
Operating Segments [Member] \| In Vitro Diagnostics [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	28,570	26,801	27,562
Operating Segments [Member] \| In Vitro Diagnostics [Member] \| Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	27,970	26,488	26,691
Operating Segments [Member] \| In Vitro Diagnostics [Member] \| Research, Development and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 600	$ 313	$ 871

Derivative Financial Instruments - Additional Information (Detail) - Term Loans [Member] $ in Millions	12 Months Ended
	Sep. 30, 2024 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
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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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-Topic 946
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

+ Details

Merger Agreement

12 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Merger Agreement

13. Merger Agreement

On May 28, 2024, Surmodics entered into the Merger Agreement with Parent and Merger Sub (Note 1). Pursuant to the Merger Agreement, and subject to the terms and conditions thereof, Merger Sub will merge (the “Merger”) with and into the Company, with the Company as the surviving corporation and a wholly owned subsidiary of Parent. At the effective time of the Merger (the “Effective Time”), each share of common stock of the Company then outstanding (other than (1) those shares owned by Merger Sub, Parent, the Company, or any direct or indirect wholly owned subsidiary of Parent or the Company (which will be cancelled without any consideration), (2) any shares outstanding immediately prior to the Effective Time and held of record or beneficially by a Person who has not voted in favor of approval of this Agreement and who is entitled to demand and properly demands and perfects such holder’s dissenter’s rights with respect to such shares, and (3) any shares that have been issued as a restricted stock award pursuant to any of the Stock Incentive Plans (as defined in the Merger Agreement) and that remains unvested and subject to forfeiture thereunder (“Restricted Shares”) (which will be treated as described below)) will be converted into the right to receive $43.00 in cash, without interest (the “Merger Consideration”). The Merger is not subject to a financing condition. If the Merger is consummated, shares of our common stock will be delisted from The Nasdaq Stock Market and deregistered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

During fiscal 2024, we incurred a total of $3.7 million in Merger-related charges, which we reported within selling, general and administrative expenses on the consolidated statements of operations.

Merger Consideration

The Merger Agreement provides that, at the Effective Time, each of the Company’s then outstanding equity awards will be treated as follows: (1) each restricted stock unit or deferred stock unit that has been issued pursuant to any of the Stock Incentive Plans will be cancelled in exchange for an amount in cash equal to the Merger Consideration net of any taxes withheld pursuant to the Merger Agreement; (2) each Restricted Share will be cancelled in exchange for an amount in cash equal to the Merger Consideration, net of any taxes withheld pursuant to the Merger Agreement; and (3) each unexercised option to acquire Company common stock will be (i) if the Merger Consideration for such option is equal to or greater than the exercise price per share of Company common stock subject to such option, cancelled in exchange for an amount in cash equal to the excess, if any, of the Merger Consideration over the exercise price per share of Company common stock subject to such option multiplied by the number of shares of Company common stock subject to such option, and (ii) if the Merger Consideration for such option is less than the exercise price per share of Company common stock subject to such option, cancelled for no consideration.

Conditions

The obligations of the parties to consummate the Merger are subject to the satisfaction or waiver of closing conditions set forth in the Merger Agreement, including (1) the approval of the Company’s shareholders, (2) the expiration or termination of any waiting period applicable under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), (3) the absence of a “Company Material Adverse Effect” (as defined in the Merger Agreement) with respect to the Company and (4) other customary closing conditions.

The Merger was approved by Surmodics’ shareholders at a special meeting on August 13, 2024. On the same date, the Company announced that it and an affiliate of Parent each received a request for additional information and documentary materials (a “Second Request”) from the U.S. Federal Trade Commission (“FTC”) in connection with the Merger. As of September 30, 2024, the Merger remained subject to the expiration or termination of the waiting period under the HSR Act, as well as other customary closing conditions.

Termination Rights & Fees

The Merger Agreement may be terminated with the mutual written consent of Parent and the Company and also contains termination rights for each of Parent and the Company, including, among others, (1) if the Merger has not been consummated by February 28, 2025 (which date may be extended one or more times, for up to nine additional months in total, under specified circumstances), (2) if a final and non-appealable judgment or law makes consummation of the Merger illegal or prevents the consummation of the Merger, (3) if the required approval of the Company’s shareholders is not obtained, or (4) in the case of a material uncured breach by the other party, in each case as further described in, and subject to the terms and conditions of, the Merger Agreement. Parent may terminate the Merger Agreement in certain circumstances generally related to an adverse change in the Company’s board of directors’ recommendation in favor of the Merger and, as further described below, the Company may terminate the Merger Agreement to accept a Superior Proposal, as further described in, and subject to the terms and conditions of, the Merger Agreement.

Upon termination of the Merger Agreement under specified circumstances, generally relating to alternative acquisition proposals or an adverse change in the Company’s board of directors’ recommendation in favor of the Merger, the Company would be required to pay Parent a termination fee of $20.4 million. Upon termination of the Merger Agreement under specified circumstances, generally relating to a failure of the Merger to be completed due to certain regulatory impediments, Parent would be required to pay the Company a reverse termination fee of $50.2 million. In certain other circumstances, generally related to a failure by Parent to consummate the Merger when required to do so pursuant to the terms of the Merger Agreement, Parent would be required to pay the Company a reverse termination fee of $47.0 million. The Merger Agreement also contains restrictions on the Company’s ability to seek specific performance of Parent’s obligation to consummate the Merger and generally limits the aggregate liability of Parent for a breach of the Merger Agreement to the amount of the termination fee payable by Parent to the Company.

The foregoing description of the Merger and the Merger Agreement does not purport to be and is not complete and is subject to and qualified in its entirety by reference to the full text of the Merger Agreement, a copy of which is included as Exhibit 2.5 to this Annual Report on Form 10-K.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Allowances (accounts receivable)	$ 144	$ 80
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	14,325,000	14,155,000
Common stock, shares outstanding	14,325,000	14,155,000

Revenue - Revenue from Customers (Detail) - Revenue [Member] - Customer Concentration Risk [Member]	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Abbott [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	16.00%	27.00%	11.00%
Medtronic [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	12.00%	10.00%	13.00%

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Total revenue	$ 126,078	$ 132,584	$ 99,951
Operating costs and expenses:
Cost, Product and Service [Extensible Enumeration]	Product Sales [Member]	Product Sales [Member]	Product Sales [Member]
Product costs	$ 33,026	$ 24,965	$ 20,342
Research and development	38,360	46,595	50,609
Selling, general and administrative	56,836	51,884	46,935
Acquired intangible asset amortization	3,501	3,537	4,150
Restructuring expense		1,282
Contingent consideration (gain) expense		(829)	12
Total operating costs and expenses	131,723	127,434	122,048
Operating (loss) income	(5,645)	5,150	(22,097)
Other expense:
Interest expense, net	(3,540)	(3,489)	(598)
Foreign exchange (loss) gain	(243)	(251)	103
Investment income, net	1,922	1,077	99
Other expense, net	(1,861)	(2,663)	(396)
(Loss) income before income taxes	(7,506)	2,487	(22,493)
Income tax expense	(4,036)	(4,023)	(4,781)
Net loss	$ (11,542)	$ (1,536)	$ (27,274)
Basic net loss per share	$ (0.82)	$ (0.11)	$ (1.96)
Diluted net loss per share	$ (0.82)	$ (0.11)	$ (1.96)
Weighted average number of shares outstanding:
Basic	14,153	14,031	13,916
Diluted	14,153	14,031	13,916
Product Sales [Member]
Revenue:
Total revenue	$ 73,590	$ 60,614	$ 54,621
Royalties and License Fees [Member]
Revenue:
Total revenue	42,488	62,398	36,248
Research, Development and Other [Member]
Revenue:
Total revenue	$ 10,000	$ 9,572	$ 9,082

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, 2024	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Basic weighted average shares outstanding	14,153	14,031	13,916
Diluted weighted average shares outstanding	14,153	14,031	13,916

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Taxes

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


	Fiscal Year
(In thousands)	2024			2023			2022
Current expense (benefit):
U.S. Federal	$	3,478		$	3,363		$	(510	)
U.S. State		663			591			(143	)
International		215			250			166
Total current expense (benefit)		4,356			4,204			(487	)
Deferred (benefit) expense:
U.S. Federal		—			—			5,200
U.S. State		—			—			515
International		(320	)		(181	)		(447	)
Total deferred (benefit) expense		(320	)		(181	)		5,268
Total income tax expense	$	4,036		$	4,023		$	4,781

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)	2024			2023			2022
Amount at statutory U.S. federal income tax rate	$	(1,576	)	$	522		$	(4,724	)
Change because of the following items:
State income taxes, net of federal benefit		(449	)		(632	)		(897	)
Foreign and state rate differential		257			495			628
U.S. federal and foreign R&D credits		(732	)		(1,544	)		(1,511	)
Valuation allowance change (1)		4,983			4,083			10,978
Stock-based compensation (2)		900			1,003			481
U.S. Federal and state rate change		169			(152	)		—
Tax reserve change		(130	)		734			(123	)
Foreign-derived income deduction		(347	)		(403	)		—
Contingent consideration		9			(164	)		13
Merger-related transaction costs		734			—			—
Other		218			81			(64	)
Income tax expense	$	4,036		$	4,023		$	4,781

(1)

(2)

Includes non-deductible stock-based compensation.

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)	2024			2023
Depreciable assets	$	(3,327	)	$	(3,802	)
Deferred revenue		366			1,082
Accruals and reserves		2,305			2,052
Stock-based compensation		2,850			2,665
Impaired strategic investments		1,809			1,829
NOL carryforwards (1)		4,774			4,578
U.S. Federal and state R&D credits (2)		3,277			2,973
Capitalized R&D expenses		12,757			7,976
Other		604			648
Valuation allowance		(27,200	)		(22,005	)
Deferred taxes, net	$	(1,785	)	$	(2,004	)

(1)

(2)

As of September 30, 2024, U.S. federal and state R&D credits begin to expire in fiscal 2029.

Summary of Reconciliation of Changes in Unrecognized Tax Benefits


	Fiscal Year
(In thousands)	2024			2023			2022
Unrecognized tax benefits, beginning balance	$	3,443		$	2,793		$	2,887
Increases in tax positions for prior years		13			—			53
Decreases in tax positions for prior years		(28	)		(4	)		(35	)
Increases in tax positions for current year		587			836			519
Lapse of the statute of limitations		(802	)		(182	)		(631	)
Unrecognized tax benefits, ending balance	$	3,213		$	3,443		$	2,793

Stock-based Compensation Plans - Stock-based Compensation Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 8,217	$ 7,605	$ 7,057
Product costs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	282	279	234
Research and development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,517	1,417	1,424
Selling, general and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 6,418	$ 5,909	$ 5,399

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Components of Inventories, net (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 8,505	$ 8,063
Work-in process	2,476	2,607
Finished products	4,187	4,169
Inventories	$ 15,168	$ 14,839

Income Taxes - Schedule of Reconciliation Difference of Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Amount at statutory U.S. federal income tax rate	$ (1,576)	$ 522	$ (4,724)
Change because of the following items:
State income taxes, net of federal benefit	(449)	(632)	(897)
Foreign and state rate differential	257	495	628
U.S. federal and foreign R&D credits	(732)	(1,544)	(1,511)
Valuation allowance change	4,983	4,083	10,978
Stock-based compensation	900	1,003	481
U.S. Federal and state rate change	169	(152)
Tax reserve change	(130)	734	(123)
Foreign-derived income deduction	(347)	(403)
Contingent consideration	9	(164)	13
Merger-related transaction costs	734
Other	218	81	(64)
Total income tax expense	$ 4,036	$ 4,023	$ 4,781

Defined Contribution Plans - Additional Information (Detail) - USD ($) $ in Millions		12 Months Ended
	Dec. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Defined Contribution Plan Disclosure [Line Items]
Contributions to defined contribution plans		$ 1.9	$ 1.9	$ 1.7
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%

Revenue - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Total contract assets	$ 10,561	$ 7,796
Deferred revenue, total	1,600	6,800
Revenue recognized included in deferred revenue balance at beginning of period	$ 5,300	$ 4,600	$ 5,700

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Sep. 30, 2024	Nov. 15, 2024	Mar. 31, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
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		14,326,000
Entity Public Float			$ 401
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 2025 Annual Meeting of Shareholders may be incorporated by reference into Part III of this Annual Report on Form 10-K. If the Registrant determines to not file a Proxy Statement as a result of the pendency of the proposed merger with BCE Parent, LLC, the Company will file an amendment to this Annual Report on Form 10-K that includes such Part III information.

Commitments and Contingencies

12 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

Vetex Acquisition. In fiscal 2021, Surmodics acquired all of the outstanding shares of Vetex with an upfront cash payment of $39.9 million. The Company paid the sellers $1.8 million in fiscal 2024. The Company is obligated to pay an additional installment of $1.8 million in fiscal 2027. 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.

Asset Acquisition. 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, $1.0 million in fiscal 2023, and $0.9 million in fiscal 2024. An additional $1.0 million payment is contingent upon the achievement of a certain regulatory milestone within a contingency period ending in 2033.

Income Taxes - Schedule of Deferred Income Taxes, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Depreciable assets	$ (3,327)	$ (3,802)
Deferred revenue	366	1,082
Accruals and reserves	2,305	2,052
Stock-based compensation	2,850	2,665
Impaired strategic investments	1,809	1,829
NOL carryforwards	4,774	4,578
U.S. Federal and state R&D credits	3,277	2,973
Capitalized R&D expenses	12,757	7,976
Other	604	648
Valuation allowance	(27,200)	(22,005)
Deferred taxes liabilities, net	$ (1,785)	$ (2,004)

Derivative Financial Instruments

12 Months Ended

Sep. 30, 2024

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, 2024. 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, 2024
Interest rate swap	$	(673	)	$	—	$	(673	)	$	625	$	(48	)	Other long-term liabilities
September 30, 2023
Interest rate swap	$	183		$	—	$	183		$	—	$	183		Other assets, noncurrent

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


	Fiscal Year
(In thousands)	2024			2023			2022
Beginning unrealized net gain in AOCL	$	183		$	—		$	—
Net (loss) gain recognized in other comprehensive income (loss)		(611	)		260			—
Reclassification of net gain to interest expense		(245	)		(77	)		—
Ending unrealized net (loss) gain in AOCL	$	(673	)	$	183		$	—

Reportable Segment Information

12 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Reportable Segment Information

14. 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. We operate two reportable segments:

•

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, surface coatings, substrates and antigens.

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


	Fiscal Year
(In thousands)	2024			2023			2022
Revenue:
Medical Device	$	97,508		$	105,783		$	72,389
In Vitro Diagnostics		28,570			26,801			27,562
Total revenue	$	126,078		$	132,584		$	99,951

Operating (loss) income:
Medical Device	$	(2,239	)	$	5,084		$	(22,923	)
In Vitro Diagnostics		13,101			12,637			13,073
Total segment operating income (loss)		10,862			17,721			(9,850	)
Corporate		(16,507	)		(12,571	)		(12,247	)
Total operating (loss) income	$	(5,645	)	$	5,150		$	(22,097	)

Depreciation and amortization:
Medical Device	$	7,901		$	7,874		$	8,368
In Vitro Diagnostics		377			321			355
Corporate		416			327			419
Total depreciation and amortization	$	8,694		$	8,522		$	9,142

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 litigation and merger-and-acquisition-related costs, 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)	2024		2023
U.S.	$	22,348	$	23,525
Ireland		26,177		28,707

- 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.

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+ Details

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2027	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Revenue		$ 126,078	$ 132,584	$ 99,951
Net loss		$ (11,542)	$ (1,536)	$ (27,274)
Vetex Medical Limited [Member]
Business Acquisition [Line Items]
Contingent consideration, contractual value					$ 3,500
Contingency period ending year					2027
Vetex Medical Limited [Member] \| Forecast [Member]
Business Acquisition [Line Items]
Deferred consideration, contractual value	$ 1,800

- Definition

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

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+ Details

- Definition

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

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+ Details

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Schedule of Debt [Line Items]
Long-term debt, gross	$ 30,000	$ 30,000
Less: Unamortized debt issuance costs	(446)	(595)
Long-term debt, net	29,554	29,405
Revolving Credit Facility [Member] \| Term SOFR [Member]
Schedule of Debt [Line Items]
Long-term debt, gross	5,000	5,000
Secured Term Loan Facilities [Member] \| Term SOFR [Member] \| Tranche 1 [Member]
Schedule of Debt [Line Items]
Long-term debt, gross	$ 25,000	$ 25,000

Stock-based Compensation Plans - Schedule of Stock Option Activity (Detail) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Number of Options Outstanding, Beginning balance	1,362,000	1,161,000	922,000
Number of Options, Granted	283,000	311,000	342,000
Number of Options, Exercised	(195,000)	(20,000)	(45,000)
Number of Options, Forfeited and expired	(26,000)	(90,000)	(58,000)
Number of Options Outstanding, Ending balance	1,424,000	1,362,000	1,161,000
Number of Options, vested and exercisable	770,000
Weighted Average Exercise Price, Beginning Balance	$ 39.52	$ 40.66	$ 39.39
Weighted Average Exercise Price, Granted	33.39	34.73	42.10
Weighted Average Exercise Price, Exercised	30.56	21.50	21.24
Weighted Average Exercise Price, Forfeited and expired	38.75	41.77	43.99
Weighted Average Exercise Price, Ending balance	39.54	$ 39.52	$ 40.66
Weighted Average Exercise Price, vested and exercisable	$ 42.33

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Operating Activities:
Net loss	$ (11,542)	$ (1,536)	$ (27,274)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	8,694	8,522	9,142
Stock-based compensation	8,217	7,605	7,057
Noncash lease expense	804	652	529
Amortization of debt issuance costs	303	365	46
Provision for credit losses	64	37	5
Contingent consideration (gain) expense		(829)	12
Deferred taxes	(320)	(181)	5,268
Other	(613)	115	268
Change in operating assets and liabilities:
Accounts receivable and contract assets	(5,236)	(977)	(1,522)
Inventories	(328)	(3,020)	(5,060)
Prepaids and other	4,902		(665)
Accounts payable	(232)	(183)	1,608
Accrued liabilities	(885)	(1,024)	132
Income taxes	1,579	3,438	(1,069)
Deferred revenue	(5,159)	(2,470)	(5,700)
Net cash provided by (used in) operating activities	248	10,514	(17,223)
Investing Activities:
Purchases of property and equipment	(3,492)	(2,918)	(3,370)
Purchases of available-for-sale securities	(25,445)	(3,904)
Maturities of available-for-sale securities	26,000		9,600
Net cash (used in) provided by investing activities	(2,937)	(6,822)	6,230
Financing Activities:
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	1,216	1,252	1,246
Payments for taxes related to net share settlement of equity awards	(1,537)	(918)	(1,121)
Payments for acquisition of in-process research and development	(931)	(978)	(500)
Payments for acquisition-related deferred consideration	(1,698)
Net cash (used in) provided by financing activities	(2,950)	18,406	(375)
Effect of exchange rate changes on cash	335	323	(787)
Net change in cash and cash equivalents	(5,304)	22,421	(12,155)
Cash and Cash Equivalents:
Beginning of year	41,419	18,998	31,153
End of year	36,115	41,419	18,998
Supplemental Information:
Cash paid for income taxes	2,568	2,851	416
Cash paid for interest	3,045	2,919	415
Noncash financing and investing activities:
Acquisition of property and equipment funded through accounts payable and accrued liabilities	94	$ 116	70
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 845		$ 1,725

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

Revenue - Summary of Contract Assets Reported in Contract Assets, Current and Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Change in Contract with Customer, Asset [Abstract]
Performance coating royalties and license fees	$ 8,534	$ 7,796
SurVeil DCB profit-sharing	1,338
Contract assets, current	9,872	7,796
SurVeil DCB profit-sharing, noncurrent	689
Total contract assets	$ 10,561	$ 7,796

Debt - Schedule of Debt (Parenthetical) (Details) - Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	12 Months Ended
	Sep. 30, 2024
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

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Schedule of Other Long-term Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Unrecognized tax benefits	$ 3,176	$ 3,332
Operating lease liabilities, less current portion	$ 2,648	$ 2,974
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Deferred consideration	$ 1,661	$ 1,629
Other	298	125
Other long-term liabilities	$ 7,783	$ 8,060

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, 2024	Sep. 30, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 3,997	$ 3,936
Unrealized Losses		(3)
Fair Value	3,997	3,933
Commercial paper and corporate bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	3,997	3,936
Unrealized Losses		(3)
Fair Value	$ 3,997	$ 3,933

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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- 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.

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+ Details

Reportable Segment Information (Tables)

12 Months Ended

Sep. 30, 2024

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)	2024			2023			2022
Revenue:
Medical Device	$	97,508		$	105,783		$	72,389
In Vitro Diagnostics		28,570			26,801			27,562
Total revenue	$	126,078		$	132,584		$	99,951

Operating (loss) income:
Medical Device	$	(2,239	)	$	5,084		$	(22,923	)
In Vitro Diagnostics		13,101			12,637			13,073
Total segment operating income (loss)		10,862			17,721			(9,850	)
Corporate		(16,507	)		(12,571	)		(12,247	)
Total operating (loss) income	$	(5,645	)	$	5,150		$	(22,097	)

Depreciation and amortization:
Medical Device	$	7,901		$	7,874		$	8,368
In Vitro Diagnostics		377			321			355
Corporate		416			327			419
Total depreciation and amortization	$	8,694		$	8,522		$	9,142

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)	2024		2023
U.S.	$	22,348	$	23,525
Ireland		26,177		28,707

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Current Assets:
Cash and cash equivalents	$ 36,115	$ 41,419
Available-for-sale securities	3,997	3,933
Accounts receivable, net of allowances of $144 and $80 as of September 30, 2024 and 2023, respectively	13,292	10,850
Contract assets	9,872	7,796
Inventories	15,168	14,839
Income tax receivable		491
Prepaids and other	2,860	7,363
Total Current Assets	81,304	86,691
Property and equipment, net	24,956	26,026
Intangible assets, net	23,569	26,206
Goodwill	44,640	42,946
Other assets	4,093	3,864
Total Assets	178,562	185,733
Current Liabilities:
Accounts payable	2,786	2,993
Accrued liabilities:
Compensation	11,099	10,139
Accrued other	3,795	6,444
Deferred revenue	1,619	4,378
Income tax payable	1,244
Total Current Liabilities	20,543	23,954
Long-term debt, net	29,554	29,405
Deferred revenue, less current portion		2,400
Deferred income taxes	1,785	2,004
Other long-term liabilities	7,783	8,060
Total Liabilities	59,665	65,823
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; 14,325 and 14,155 shares issued and outstanding, September 30, 2024 and 2023, respectively	716	708
Additional paid-in capital	44,594	36,706
Accumulated other comprehensive loss	(2,126)	(4,759)
Retained earnings	75,713	87,255
Total Stockholders’ Equity	118,897	119,910
Total Liabilities and Stockholders’ Equity	$ 178,562	$ 185,733

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Summary of Other Noncurrent Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Schedule of Investments [Line Items]
Other assets, net	$ 4,093	$ 3,864
Contract asset	689
Operating Lease Right-of-Use Assets [Member]
Schedule of Investments [Line Items]
Other assets, net	3,028	2,987
Other [Member]
Schedule of Investments [Line Items]
Other assets, net	$ 376	$ 877

- 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.

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+ Details

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Summary of Prepaids and Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 2,752	$ 2,600
Irish research and development credits receivable	108	1,322
CARES Act employee retention credit receivable		3,441
Prepaids and other	$ 2,860	$ 7,363

Acquisitions - Summary of Final Allocation of Purchase Consideration as of Acquisition Date (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Goodwill	$ 44,640	$ 42,946	$ 40,710

- Definition

+ References

+ Details

Stock-based Compensation Plans - Schedule of Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Beginning balance	173,000	158,000	119,000
Number of Units, Granted	107,000	103,000	99,000
Number of Units, Vested	(80,000)	(69,000)	(55,000)
Number of Units, Forfeited	(5,000)	(19,000)	(5,000)
Number of Units, Ending balance	195,000	173,000	158,000
Weighted Average Grant Date Fair Value, Beginning balance	$ 38.30	$ 41.24	$ 41.14
Weighted Average Grant Date Fair Value, Granted	33.84	35.75	42.35
Weighted Average Grant Date Fair Value, Vested	38.80	40.96	42.98
Weighted Average Grant Date Fair Value, Forfeited	36.77	39.31	41.83
Weighted Average Grant Date Fair Value, Ending balance	$ 35.68	$ 38.30	$ 41.24

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Schedule of Operating Lease Maturities (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 1,214
2026	1,132
2027	1,135
2028	574
Total expected operating lease payments	4,055
Less: Imputed interest	(367)
Total operating lease liabilities	$ 3,688

Collaborative Arrangement

12 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaborative Arrangement

4. Collaborative Arrangement

On February 26, 2018, the Company entered into the Abbott Agreement with respect to one of the device products in our Medical Device reportable segment, the SurVeil DCB, for treatment of the superficial femoral artery. In June 2023, the SurVeil DCB received PMA from the FDA and may now be marketed and sold in the U.S. by Abbott.

SurVeil DCB License Fees

Under the Abbott Agreement, Surmodics is responsible for conducting all necessary clinical trials, including completion of the ongoing, five-year TRANSCEND pivotal clinical trial of the SurVeil DCB. The Company has received payments totaling $87.8 million for achievement of clinical and regulatory milestones under the Abbott Agreement, which consisted of the following: (i) a $25 million upfront fee in fiscal 2018, (ii) a $10 million milestone payment in fiscal 2019, (iii) a $10.8 million milestone payment in fiscal 2020, (iv) a $15 million milestone payment in fiscal 2021, and (v) a $27 million milestone payment in fiscal 2023 upon receipt of PMA for the SurVeil DCB from the FDA. There are no remaining contingent or other milestone payments under the Abbott Agreement.

License fee revenue on milestone payments received under the Abbott Agreement is recognized using the cost-to-cost method based on total costs incurred to date relative to total expected costs for the TRANSCEND pivotal clinical trial, which is expected to be competed fiscal 2025. See Note 3 Revenue for SurVeil DCB license fee revenue recognized in our Medical Device reportable segment.

As of September 30, 2024, deferred revenue on the consolidated balance sheets included $1.5 million from upfront and milestone payments received under the Abbott Agreement. This represented the Company’s remaining performance obligations and is expected to be recognized as revenue over less than the next one year as services, principally the TRANSCEND clinical trial, are completed.

SurVeil DCB Product Sales

Under the Abbott Agreement, we supply commercial units of the SurVeil DCB to Abbott, and Abbott has exclusive worldwide distribution rights. During the first quarter of fiscal 2024, we commenced shipment of commercial units of the SurVeil DCB to Abbott. We recognize revenue from the sale of commercial units of the SurVeil DCB to Abbott at the time of shipment in product sales on the consolidated statements of operations. The amount of SurVeil DCB product sales revenue recognized includes (i) the contractual transfer price per unit and (ii) an estimate of Surmodics’ share of net profits resulting from product sales by Abbott to third parties pursuant to the Abbott Agreement (“estimated SurVeil DCB profit-sharing”).

See Note 2 for further information regarding SurVeil DCB license fee revenue recognition and estimated SurVeil DCB profit-sharing revenue recognition.

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

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Valuation And Qualifying Accounts Disclosure [Line Items]

Balance at Beginning of Period

$ 80

$ 81

$ 119

Additions: Charges to Income

Deductions: Other Changes (Debit) Credit

^[1]

(38)

(43)

Balance at End of Period

$ 144

$ 80

$ 81

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

- 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
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column E
-Publisher SEC

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-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column D
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column C
-Subparagraph (1)
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
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-Subparagraph (2)
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
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-Paragraph Column B
-Publisher SEC

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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column C)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

+ Details

Reportable Segment Information - Geographic Revenue and Long-lived Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
U.S. [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	$ 22,348	$ 23,525
Ireland [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	$ 26,177	$ 28,707

Revenue - Revenue by Geographic Region (Detail) - Revenue [Member] - Geographic Concentration Risk [Member]	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Domestic [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of revenue	83.00%	82.00%	74.00%
Foreign [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of revenue	17.00%	18.00%	26.00%

Debt - Additional Information (Details) - USD ($)		12 Months Ended
Debt - Additional Information (Details) - USD ($)	Oct. 14, 2022	Sep. 30, 2024	Sep. 30, 2023
Line Of Credit Facility [Line Items]
Secured term loan facilities, proceeds at closing		$ 30,000,000	$ 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 Two [Member] \| MidCap Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Prepayment penalty	1.00%
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%
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] \| 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%

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

12 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

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

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


	September 30, 2024
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper and corporate bonds	$	3,997	$	—	$	—	$	3,997
Available-for-sale securities	$	3,997	$	—	$	—	$	3,997


	September 30, 2023
(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 $2.6 million and $1.8 million as of September 30, 2024 and 2023, respectively, consisted of the following components:


	September 30,
(In thousands)	2024		2023
Raw materials	$	8,505	$	8,063
Work-in process		2,476		2,607
Finished products		4,187		4,169
Inventories	$	15,168	$	14,839

Summary of Prepaids and Other Current Assets

Prepaids and other current assets consisted of the following:


	September 30,
(In thousands)	2024		2023
Prepaid expenses	$	2,752	$	2,600
Irish research and development credits receivable		108		1,322
CARES Act employee retention credit receivable (1)		—		3,441
Prepaids and other	$	2,860	$	7,363

(1)

As of September 30, 2023, this receivable consisted of anticipated reimbursement of personnel expenses, which were incurred in fiscal 2021 and fiscal 2020, as the result of our eligibility for the employee retention credit under the provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). During fiscal 2024, we received payment for this receivable.

Schedule of Property, Plant and Equipment

Property and equipment consisted of the following components:


	Useful Life	September 30,
(Dollars in thousands)	(Years)	2024			2023
Land	N/A	$	4,416		$	4,413
Laboratory fixtures and equipment	3 to 10		34,670			33,120
Buildings and improvements	3 to 20		29,490			26,964
Leasehold improvements	5 to 10		6,499			6,499
Office furniture and equipment	3 to 10		10,207			9,561
Construction-in-progress			1,478			1,936
Less: Accumulated depreciation			(61,804	)		(56,467	)
Property and equipment, net		$	24,956		$	26,026

Schedule of Intangible Assets

Intangible assets consisted of the following:


	September 30, 2024
(Dollars in thousands)	Weighted Average Original Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships	9.3	$	11,870	$	(10,844	)	$	1,026
Developed technology	11.9		35,433		(14,222	)		21,211
Patents and other	14.9		2,338		(1,586	)		752
Total definite-lived intangible assets			49,641		(26,652	)		22,989
Unamortized intangible assets:
Trademarks and trade names			580		—			580
Intangible assets, net		$	50,221	$	(26,652	)	$	23,569


	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

Estimated Amortization Expense

Based on the intangible assets in service as of September 30, 2024, estimated amortization expense for future fiscal years is as follows:


(In thousands)
2025	$	3,820
2026		2,903
2027		2,648
2028		2,637
2029		2,637
Thereafter		8,344
Definite-lived intangible assets	$	22,989

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, 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
Foreign currency translation adjustment		—		1,694		1,694
Goodwill as of September 30, 2024	$	8,010	$	36,630	$	44,640

Summary of Other Noncurrent Assets

Other noncurrent assets consisted of the following:


	September 30,
(In thousands)	2024		2023
Operating lease right-of-use assets	$	3,028	$	2,987
Contract asset (1)		689		—
Other		376		877
Other assets, noncurrent	$	4,093	$	3,864

(1)

As of September 30, 2024, consisted of the noncurrent portion of the contract asset associated with estimated SurVeil™ DCB profit-sharing. See Revenue Recognition within this Note 2 for further disclosure.

Schedule of Accrued Other Liabilities

Accrued other liabilities consisted of the following:


	September 30,
(In thousands)	2024		2023
Accrued professional fees	$	563	$	178
Accrued clinical study expense		499		1,056
Accrued purchases		1,023		1,142
Operating lease liability, current portion		1,040		872
Deferred consideration (1)		—		2,661
Other		670		535
Accrued other liabilities	$	3,795	$	6,444

(1)

As of September 30, 2023, deferred consideration consisted of the present value of guaranteed payments to be made in connection with the fiscal 2021 Vetex acquisition and with an asset acquisition in fiscal 2019 (Note 11).

Schedule of Other Long-term Liabilities

Other long-term liabilities consisted of the following:


	September 30,
(In thousands)	2024		2023
Unrecognized tax benefits (1)	$	3,176	$	3,332
Operating lease liabilities, less current portion (2)		2,648		2,974
Deferred consideration (3)		1,661		1,629
Other		298		125
Other long-term liabilities	$	7,783	$	8,060

(1)

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

(2)

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.

(3)

Deferred consideration consisted of the present value of a guaranteed payment to be made in connection with the fiscal 2021 Vetex acquisition (Note 11).

Schedule of Operating Lease Maturities

As of September 30, 2024, operating lease maturities were as follows:


(In thousands)
2025	$	1,214
2026		1,132
2027		1,135
2028		574
2029		—
Total expected operating lease payments		4,055
Less: Imputed interest		(367	)
Total operating lease liabilities	$	3,688

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)	2024		2023		2022
Basic weighted average shares outstanding		14,153		14,031		13,916
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units		—		—		—
Diluted weighted average shares outstanding		14,153		14,031		13,916

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (61,804)	$ (56,467)
Property and equipment, net	24,956	26,026
Land [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	4,416	4,413
Laboratory Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	$ 34,670	33,120
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	$ 29,490	26,964
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	$ 10,207	9,561
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	$ 1,478	$ 1,936

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Intangible Assets [Line Items]
Definite-lived intangible assets, Accumulated Amortization	$ (26,652)	$ (21,901)
Definite-lived intangible assets	22,989
Intangible assets, Gross Carrying Amount	50,221	48,107
Intangible assets, Net	$ 23,569	$ 26,206
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	$ 11,870	$ 11,260
Definite-lived intangible assets, Accumulated Amortization	(10,844)	(9,435)
Definite-lived intangible assets	$ 1,026	$ 1,825
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	$ 35,433	$ 33,929
Definite-lived intangible assets, Accumulated Amortization	(14,222)	(11,048)
Definite-lived intangible assets	$ 21,211	$ 22,881
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	(1,586)	(1,418)
Definite-lived intangible assets	752	920
Definite-Lived Intangible Assets [Member]
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross Carrying Amount	49,641	47,527
Definite-lived intangible assets, Accumulated Amortization	(26,652)	(21,901)
Definite-lived intangible assets	22,989	25,626
Trademarks and Trade Names [Member]
Intangible Assets [Line Items]
Indefinite-lived intangible assets, Net	$ 580	$ 580

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (11,542)	$ (1,536)	$ (27,274)

- Definition

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

+ References

+ Details

Income Taxes - Schedule of Deferred Income Taxes, Net (Parenthetical) (Details) $ in Millions	12 Months Ended
	Sep. 30, 2024 USD ($)
Income Tax Disclosure [Line Items]
NOL carryforwards, U.S. state	$ 0.4
NOL carryforwards, Ireland	$ 4.4
State [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards, beginning of expiration year	Jan. 01, 2029
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

Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2024	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

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended							24 Months Ended
	Sep. 30, 2027	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2018	Sep. 30, 2024
Commitments And Contingencies [Line Items]
Payments to acquire in-process research and development		$ 1,698
Other long-term liabilities		7,783	$ 8,060					$ 7,783
Other accrued liabilities current		670	535					670
Vetex Medical Limited [Member]
Commitments And Contingencies [Line Items]
Payments to acquire in-process research and development		1,800
Consideration paid at closing					$ 39,900
Contingent consideration, contractual value					$ 3,500
Contingency period ending year					2027
Forecast [Member] \| Vetex Medical Limited [Member]
Commitments And Contingencies [Line Items]
Deferred consideration, contractual value	$ 1,800
Embolitech LLC [Member]
Commitments And Contingencies [Line Items]
Contingent payments upon achievement of regulatory milestones		$ 1,000
Installment payment period		2024
In-Process Research and Development [Member] \| Embolitech LLC [Member]
Commitments And Contingencies [Line Items]
Payments to acquire in-process research and development			$ 1,000	$ 500	$ 1,000	$ 1,000	$ 5,000
Contingency period ending year		2033
Contractual obligation payable in fiscal 2022 through fiscal 2024								$ 900

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Line Items]
U.S. federal statutory tax rate		21.00%
Excess tax benefits related to stock based compensation expense		$ 300,000	$ 100,000	$ 200,000
Deferred tax asset valuation allowance		27,200,000	22,005,000
Valuation allowance change	$ 10,200,000
Unrecognized tax benefits excluding interest and penalties that would impact effective tax rate		2,800,000	3,100,000
Accrued interest and penalties on unrecognized tax benefits		500,000	500,000
Undistributed earnings in foreign subsidiaries		$ 0	$ 0

Reportable Segment Information - Segment Revenue, Operating (Loss) Income and Depreciation and Amortization (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 126,078	$ 132,584	$ 99,951
Operating (loss) income	(5,645)	5,150	(22,097)
Depreciation and amortization	8,694	8,522	9,142
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue	126,078	132,584	99,951
Operating (loss) income	10,862	17,721	(9,850)
Operating Segments [Member] \| Medical Device [Member]
Segment Reporting Information [Line Items]
Revenue	97,508	105,783	72,389
Operating (loss) income	(2,239)	5,084	(22,923)
Depreciation and amortization	7,901	7,874	8,368
Operating Segments [Member] \| In Vitro Diagnostics [Member]
Segment Reporting Information [Line Items]
Revenue	28,570	26,801	27,562
Operating (loss) income	13,101	12,637	13,073
Depreciation and amortization	377	321	355
Corporate [Member]
Segment Reporting Information [Line Items]
Operating (loss) income	(16,507)	(12,571)	(12,247)
Depreciation and amortization	$ 416	$ 327	$ 419

- Definition

+ References

+ Details

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

12 Months Ended

Sep. 30, 2024

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

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

Investments — Available-for-sale Securities

As of September 30, 2024 and 2023, investments in available-for-sale debt securities totaled $4.0 million and $3.9 million, respectively, on the consolidated balance sheets. As of September 30, 2024 and 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 (loss) income 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 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.

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


	September 30, 2024
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper and corporate bonds	$	3,997	$	—	$	—	$	3,997
Available-for-sale securities	$	3,997	$	—	$	—	$	3,997


	September 30, 2023
(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, 2024 and 2023. There were no realized gains or losses on sales of available-for-sale securities for fiscal 2024, 2023 or 2022.

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 $2.6 million and $1.8 million as of September 30, 2024 and 2023, respectively, consisted of the following components:


	September 30,
(In thousands)	2024		2023
Raw materials	$	8,505	$	8,063
Work-in process		2,476		2,607
Finished products		4,187		4,169
Inventories	$	15,168	$	14,839

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)	2024		2023
Prepaid expenses	$	2,752	$	2,600
Irish research and development credits receivable		108		1,322
CARES Act employee retention credit receivable (1)		—		3,441
Prepaids and other	$	2,860	$	7,363

(1)

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 $4.9 million, $4.7 million and $4.7 million in fiscal 2024, 2023 and 2022, respectively.

The September 30, 2024 and 2023 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)	2024			2023
Land	N/A	$	4,416		$	4,413
Laboratory fixtures and equipment	3 to 10		34,670			33,120
Buildings and improvements	3 to 20		29,490			26,964
Leasehold improvements	5 to 10		6,499			6,499
Office furniture and equipment	3 to 10		10,207			9,561
Construction-in-progress			1,478			1,936
Less: Accumulated depreciation			(61,804	)		(56,467	)
Property and equipment, net		$	24,956		$	26,026

Intangible Assets

Intangible assets consisted of the following:


	September 30, 2024
(Dollars in thousands)	Weighted Average Original Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships	9.3	$	11,870	$	(10,844	)	$	1,026
Developed technology	11.9		35,433		(14,222	)		21,211
Patents and other	14.9		2,338		(1,586	)		752
Total definite-lived intangible assets			49,641		(26,652	)		22,989
Unamortized intangible assets:
Trademarks and trade names			580		—			580
Intangible assets, net		$	50,221	$	(26,652	)	$	23,569


	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

The Company recorded amortization expense of $3.8 million, $3.8 million and $4.4 million in fiscal 2024, 2023 and 2022, respectively.

Based on the intangible assets in service as of September 30, 2024, estimated amortization expense for future fiscal years is as follows:


(In thousands)
2025	$	3,820
2026		2,903
2027		2,648
2028		2,637
2029		2,637
Thereafter		8,344
Definite-lived intangible assets	$	22,989

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. We test indefinite-lived intangible assets for impairment annually, or more frequently if events or changes in circumstances indicate that the assets may be impaired. Our annual impairment test may be completed through a qualitative assessment to determine if the fair value of the indefinite-lived intangible assets is more likely than not greater than the carrying amount. If we elect to bypass the qualitative assessment, or if a qualitative assessment indicates it is more likely than not that the estimated carrying value exceeds the fair value, we test for impairment using a quantitative process. 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. For the annual impairment test of our indefinite-lived intangible assets in the fourth quarter of 2024, we elected to perform a qualitative assessment. This qualitative assessment indicated the fair value of our indefinite-lived intangible assets was more likely than not greater than the carrying amount. No impairment charges were recorded in fiscal 2024, 2023 and 2022.

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.

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, 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
Foreign currency translation adjustment		—		1,694		1,694
Goodwill as of September 30, 2024	$	8,010	$	36,630	$	44,640

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. To determine if goodwill is potentially impaired, we have the option to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If we elect not to conduct the qualitative assessment or if indications of a potential impairment exist, the determination of whether an impairment has occurred requires the fair value of each reporting unit to be assessed by performing a quantitative assessment. 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.

Under the qualitative assessment, we consider several factors, including the business enterprise value of the reporting unit from the last quantitative test and the excess of fair value over carrying value from this test, macroeconomic conditions, industry and market considerations, the recent and projected financial performance of the reporting unit, as well as other factors.

Under the quantitative assessment, we determine 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 2024 annual impairment test, which utilized a qualitative assessment. No goodwill impairment charges were recorded in fiscal 2024, 2023 and 2022.

Other Assets, Noncurrent

Other noncurrent assets consisted of the following:


	September 30,
(In thousands)	2024		2023
Operating lease right-of-use assets	$	3,028	$	2,987
Contract asset (1)		689		—
Other		376		877
Other assets, noncurrent	$	4,093	$	3,864

(1)

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 2024, 2023 and 2022, 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)	2024		2023
Accrued professional fees	$	563	$	178
Accrued clinical study expense		499		1,056
Accrued purchases		1,023		1,142
Operating lease liability, current portion		1,040		872
Deferred consideration (1)		—		2,661
Other		670		535
Accrued other liabilities	$	3,795	$	6,444

(1)

Other Long-term Liabilities

Other long-term liabilities consisted of the following:


	September 30,
(In thousands)	2024		2023
Unrecognized tax benefits (1)	$	3,176	$	3,332
Operating lease liabilities, less current portion (2)		2,648		2,974
Deferred consideration (3)		1,661		1,629
Other		298		125
Other long-term liabilities	$	7,783	$	8,060

(1)

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

(2)

(3)

Deferred consideration consisted of the present value of a guaranteed payment to be made in connection with the fiscal 2021 Vetex acquisition (Note 11).

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, surface coatings, substrates 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)	Commercial development feasibility services and contract coating services (Medical Device 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)	SurVeil™ DCB license fees associated with the Abbott Agreement (Medical Device segment)	Commercial development services (IVD segment)
Performance coating reagents, the chemicals used in performance coatings by licensees (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.

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.

SurVeil DCB Revenue Recognition

On February 26, 2018, the Company entered into an agreement with Abbott Vascular, Inc. (“Abbott”) with respect to one of the device products in our Medical Device reportable segment, the SurVeil DCB for treatment of the superficial femoral artery (the “Abbott Agreement”). In June 2023, the SurVeil DCB received U.S. Food and Drug Administration (“FDA”) premarket approval (“PMA”) and may now be marketed and sold in the U.S. by Abbott. To account for the Abbott Agreement, the Company applied the guidance in ASC Topic 808 (Collaborative Arrangements) as the parties are active participants and are exposed to significant risks and rewards dependent on commercial success of the collaborative activity. The performance obligations and corresponding revenue recognized under the Abbott Agreement included (i) SurVeil DCB license fee revenue recognized in fiscal 2024, 2023 and 2022 within royalties and license fees on the consolidated statements of operations; and (ii) beginning in fiscal 2024, product sales associated with shipment of commercial units of the SurVeil DCB to Abbott.

SurVeil DCB License Fee Revenue. As of September 30, 2024, the Company has received upfront and milestone payments totaling $87.8 million under the Abbott Agreement, and there are no remaining contingent milestone payments under the Abbott Agreement. The associated 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 and 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.

SurVeil DCB Product Sales. Under the Abbott Agreement, we supply commercial units of the SurVeil DCB to Abbott, and Abbott has exclusive worldwide distribution rights. During the first quarter of fiscal 2024, we commenced shipment of commercial units of the SurVeil DCB to Abbott. We recognize revenue from the sale of commercial units of the SurVeil DCB to Abbott at the time of shipment in product sales on the consolidated statements of operations. The amount of SurVeil DCB product sales revenue recognized includes (i) the contractual transfer price per unit and (ii) an estimate of Surmodics’ share of net profits resulting from product sales by Abbott to third parties pursuant to the Abbott Agreement (“estimated SurVeil DCB profit-sharing”). On a quarterly basis, Abbott (i) reports to us its third-party sales of the SurVeil DCB the quarter after those sales occur, which may occur within two years following shipment based on the product’s current shelf life; and (ii) reports to us and pays the actual amount of profit-sharing. Estimated SurVeil DCB profit-sharing represents variable consideration and is recorded in contract assets, current and other assets, noncurrent on the consolidated balance sheets. We estimate variable consideration as the most-likely amount to which we expect to be entitled, and we include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved. Significant judgment is required in estimating the amount of variable consideration to recognize when assessing factors outside of Surmodics’ influence, such as limited availability of third-party information, expected duration of time until resolution, and limited relevant past experience.

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

Contract Assets, Deferred Revenue and Remaining Performance Obligations

Contract assets consist of (i) sales-based and minimum performance coating royalties revenue earned for which unconditional right to payment does not exist as of the balance sheet date and (ii) sales-based profit-sharing earned, but not collected, related to a collaborative arrangement as discussed above under “SurVeil DCB Product Sales.” Contract assets associated with performance coating royalties and license fees consist 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 3 Revenue 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, 2024, operating lease maturities were as follows:


(In thousands)
2025	$	1,214
2026		1,132
2027		1,135
2028		574
2029		—
Total expected operating lease payments		4,055
Less: Imputed interest		(367	)
Total operating lease liabilities	$	3,688

Operating lease cost was $1.6 million, $1.4 million and $1.1 million for fiscal 2024, 2023 and 2022, respectively. Cash paid for operating lease liabilities approximated operating lease cost for fiscal 2024, 2023 and 2022. As of September 30, 2024, the weighted average remaining lease term for operating leases was 3.4 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.

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 (loss) income 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 (losses) income 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 Per Share Data

Basic net loss (income) per common share is calculated by dividing net loss 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)	2024		2023		2022
Basic weighted average shares outstanding		14,153		14,031		13,916
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units		—		—		—
Diluted weighted average shares outstanding		14,153		14,031		13,916

The calculation of diluted loss per share excluded 0.1 million in weighted-average shares for each of fiscal 2024, 2023 and 2022, 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 shareholders, 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, 2024, $25.3 million remained available to the Company for the purchase of its common stock under outstanding authorizations. However, both the Merger Agreement and our credit agreement in effect at September 30, 2024 restrict 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

Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. This guidance requires disclosure of incremental segment information on an annual and interim basis. This amendment is effective for our fiscal year ending September 30, 2025 and interim periods within our fiscal year ending September 30, 2026. We are currently assessing the impact of this guidance on our disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures. This guidance requires consistent categories and greater disaggregation of information in the rate reconciliation and disclosures of income taxes paid by jurisdiction. This amendment is effective for our fiscal year ending September 30, 2026 and interim periods within our fiscal year ending September 30, 2027. We are currently assessing the impact of this guidance on our disclosures.

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

Reportable Segment Information

Income Taxes - Summary of Reconciliation of Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, beginning balance	$ 3,443	$ 2,793	$ 2,887
Increases in tax positions for prior years	13		53
Decreases in tax positions for prior years	(28)	(4)	(35)
Increases in tax positions for current year	587	836	519
Lapse of the statute of limitations	(802)	(182)	(631)
Unrecognized tax benefits, ending balance	$ 3,213	$ 3,443	$ 2,793

Merger Agreement - Additional Information (Detail) - GTCR Merger Agreement [Member] - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	May 28, 2024	Sep. 30, 2024
Business Combinations [Line Items]
Merger consideration	$ 43
Merger related charges		$ 3.7
Termination fee payable	$ 20.4
Minimum [Member]
Business Combinations [Line Items]
Reverse termination fee under specified circumstances	50.2
Maximum [Member]
Business Combinations [Line Items]
Reverse termination fee under other circumstances	$ 47.0

Defined Contribution Plans

12 Months Ended

Sep. 30, 2024

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, $1.9 million and $1.7 million in fiscal 2024, 2023 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
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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 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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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (r)(1)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Debt (Tables)

12 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following:


	September 30,
(In thousands)	2024			2023
Revolving Credit Facility, Term SOFR + 3.00%, maturing October 1, 2027	$	5,000		$	5,000
Tranche 1 Term Loans, Term SOFR +5.75%, maturing October 1, 2027		25,000			25,000
Long-term debt, gross		30,000			30,000
Less: Unamortized debt issuance costs		(446	)		(595	)
Long-term debt, net	$	29,554		$	29,405

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (11,542)	$ (1,536)	$ (27,274)
Derivative instruments:
Unrealized net (loss) gain	(611)	260
Net gain reclassified to earnings	(245)	(77)
Net changes related to available-for-sale securities, net of tax	6	(6)	(1)
Foreign currency translation adjustments	3,483	4,938	(11,600)
Other comprehensive income (loss)	2,633	5,115	(11,601)
Comprehensive (loss) income	$ (8,909)	$ 3,579	$ (38,875)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

Organization

12 Months Ended

Sep. 30, 2024

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.

On May 28, 2024, Surmodics entered into a Merger Agreement (the “Merger Agreement”) with BCE Parent, LLC, a Delaware limited liability company (“Parent”), and BCE Merger Sub, Inc., a Minnesota corporation and a wholly owned Subsidiary of Parent (“Merger Sub”), pursuant to which Surmodics will, subject to the terms and conditions thereof, be acquired by Parent for $43.00 per share in cash through the merger of Merger Sub with and into the Company, with the Company as the surviving corporation and a wholly owned subsidiary of Parent. See Note 13 Merger Agreement for additional information.

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.

Use of Estimates

Stock-based Compensation Plans

12 Months Ended

Sep. 30, 2024

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)	2024		2023		2022
Product costs	$	282	$	279	$	234
Research and development		1,517		1,417		1,424
Selling, general and administrative		6,418		5,909		5,399
Total stock-based compensation expense	$	8,217	$	7,605	$	7,057

As of September 30, 2024, approximately $11.1 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, 2024, 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, 2024, there were approximately 481,000 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
	2024			2023			2022
Stock option fair value assumptions:
Risk-free interest rate		4.10	%		3.76	%		1.49	%
Expected life (years)	4.8			4.7			4.6
Expected volatility		49	%		45	%		43	%
Dividend yield		—	%		—	%		—	%
Weighted average grant date fair value of stock options granted	$	15.69		$	15.03		$	15.96

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 $4.0 million, $3.7 million and $3.4 million in fiscal 2024, 2023 and 2022, respectively.

As of September 30, 2024, the aggregate intrinsic value of the option shares outstanding was $3.3 million, and the aggregate intrinsic value of option shares exercisable was $1.0 million. As of September 30, 2024, the weighted average remaining contractual life of options outstanding and options exercisable was 4.0 years and 3.0 years, respectively. The total pre-tax intrinsic value of options exercised was $1.5 million, $0.3 million and $1.0 million in fiscal 2024, 2023 and 2022, 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, 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
Granted		283			33.39
Exercised		(195	)		30.56
Forfeited and expired		(26	)		38.75
Options outstanding at September 30, 2024		1,424			39.54
Options vested and exercisable at September 30, 2024		770		$	42.33

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 $3.4 million, $3.1 million and $2.7 million in fiscal 2024, 2023 and 2022, 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, 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
Granted		107			33.84
Vested		(80	)		38.80
Forfeited		(5	)		36.77
Unvested restricted stock awards at September 30, 2024		195		$	35.68

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 14,000, 16,000 and 14,000 RSUs in fiscal 2024, 2023 and 2022, respectively. As of September 30, 2024 and 2023, outstanding RSUs (including unvested units and vested units not yet settled) totaled approximately 69,000 and 74,000 units, respectively, with a weighted average grant date fair value per unit of $31.86 and $32.18, respectively. The stock-based compensation table above includes RSU expenses recognized related to these awards, which totaled $0.5 million in each of fiscal 2024, 2023 and 2022.

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, 2024 and 2023, outstanding, fully vested DSUs totaled approximately 24,000 and 38,000 units, respectively, with a weighted average grant date fair value per unit of $28.53 and $30.86, respectively. The stock-based compensation expense table above includes DSU expenses recognized related to these awards, which totaled $0.0 million, $0.1 million and $0.1 million in fiscal 2024, 2023 and 2022, respectively.

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 $0.0 million and $0.1 million as of September 30, 2024 and 2023, respectively. The stock-based compensation expense table above includes expenses recognized related to the ESPP, which totaled $0.3 million in each of fiscal 2024, 2023 and 2022.

Summary of Significant Accounting Policies and Supplemental Balance Sheet Information

12 Months Ended

Sep. 30, 2024

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

Investments — Available-for-sale Securities

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


	September 30, 2024
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper and corporate bonds	$	3,997	$	—	$	—	$	3,997
Available-for-sale securities	$	3,997	$	—	$	—	$	3,997


	September 30, 2023
(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, 2024 and 2023. There were no realized gains or losses on sales of available-for-sale securities for fiscal 2024, 2023 or 2022.

Accounts Receivable

Inventories


	September 30,
(In thousands)	2024		2023
Raw materials	$	8,505	$	8,063
Work-in process		2,476		2,607
Finished products		4,187		4,169
Inventories	$	15,168	$	14,839

Prepaids and Other Assets, Current

Prepaids and other current assets consisted of the following:


	September 30,
(In thousands)	2024		2023
Prepaid expenses	$	2,752	$	2,600
Irish research and development credits receivable		108		1,322
CARES Act employee retention credit receivable (1)		—		3,441
Prepaids and other	$	2,860	$	7,363

(1)

Property and Equipment

Property and equipment consisted of the following components:


	Useful Life	September 30,
(Dollars in thousands)	(Years)	2024			2023
Land	N/A	$	4,416		$	4,413
Laboratory fixtures and equipment	3 to 10		34,670			33,120
Buildings and improvements	3 to 20		29,490			26,964
Leasehold improvements	5 to 10		6,499			6,499
Office furniture and equipment	3 to 10		10,207			9,561
Construction-in-progress			1,478			1,936
Less: Accumulated depreciation			(61,804	)		(56,467	)
Property and equipment, net		$	24,956		$	26,026

Intangible Assets

Intangible assets consisted of the following:


	September 30, 2024
(Dollars in thousands)	Weighted Average Original Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships	9.3	$	11,870	$	(10,844	)	$	1,026
Developed technology	11.9		35,433		(14,222	)		21,211
Patents and other	14.9		2,338		(1,586	)		752
Total definite-lived intangible assets			49,641		(26,652	)		22,989
Unamortized intangible assets:
Trademarks and trade names			580		—			580
Intangible assets, net		$	50,221	$	(26,652	)	$	23,569


	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

The Company recorded amortization expense of $3.8 million, $3.8 million and $4.4 million in fiscal 2024, 2023 and 2022, respectively.

Based on the intangible assets in service as of September 30, 2024, estimated amortization expense for future fiscal years is as follows:


(In thousands)
2025	$	3,820
2026		2,903
2027		2,648
2028		2,637
2029		2,637
Thereafter		8,344
Definite-lived intangible assets	$	22,989

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, 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
Foreign currency translation adjustment		—		1,694		1,694
Goodwill as of September 30, 2024	$	8,010	$	36,630	$	44,640

Other Assets, Noncurrent

Other noncurrent assets consisted of the following:


	September 30,
(In thousands)	2024		2023
Operating lease right-of-use assets	$	3,028	$	2,987
Contract asset (1)		689		—
Other		376		877
Other assets, noncurrent	$	4,093	$	3,864

(1)

Valuation of Long-lived Assets

Accrued Other Liabilities

Accrued other liabilities consisted of the following:


	September 30,
(In thousands)	2024		2023
Accrued professional fees	$	563	$	178
Accrued clinical study expense		499		1,056
Accrued purchases		1,023		1,142
Operating lease liability, current portion		1,040		872
Deferred consideration (1)		—		2,661
Other		670		535
Accrued other liabilities	$	3,795	$	6,444

(1)

Other Long-term Liabilities

Other long-term liabilities consisted of the following:


	September 30,
(In thousands)	2024		2023
Unrecognized tax benefits (1)	$	3,176	$	3,332
Operating lease liabilities, less current portion (2)		2,648		2,974
Deferred consideration (3)		1,661		1,629
Other		298		125
Other long-term liabilities	$	7,783	$	8,060

(1)

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

(2)

(3)

Deferred consideration consisted of the present value of a guaranteed payment to be made in connection with the fiscal 2021 Vetex acquisition (Note 11).

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, surface coatings, substrates 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)	Commercial development feasibility services and contract coating services (Medical Device 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)	SurVeil™ DCB license fees associated with the Abbott Agreement (Medical Device segment)	Commercial development services (IVD segment)
Performance coating reagents, the chemicals used in performance coatings by licensees (Medical Device segment)

SurVeil DCB Revenue Recognition

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

Contract Assets, Deferred Revenue and Remaining Performance Obligations

Product Costs

Leases

As of September 30, 2024, operating lease maturities were as follows:


(In thousands)
2025	$	1,214
2026		1,132
2027		1,135
2028		574
2029		—
Total expected operating lease payments		4,055
Less: Imputed interest		(367	)
Total operating lease liabilities	$	3,688

Stock-based Compensation

Research and Development

Derivative Financial Instruments

Litigation

Income Taxes

Net Loss Per Share Data

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


	Fiscal Year
(In thousands)	2024		2023		2022
Basic weighted average shares outstanding		14,153		14,031		13,916
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units		—		—		—
Diluted weighted average shares outstanding		14,153		14,031		13,916

The calculation of diluted loss per share excluded 0.1 million in weighted-average shares for each of fiscal 2024, 2023 and 2022, as their effect was anti-dilutive.

Repurchase of Common Stock

Business Combinations

Currency Translation

New Accounting Pronouncements

Not Yet Adopted

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