Selected Consolidated Financial Statement Information

12 Months Ended

Jun. 30, 2014

Quarterly Financial Information Disclosure [Abstract]

Selected Consolidated Financial Statement Information

Selected Consolidated Financial Statement Information

Accounts Receivable

Accounts receivable consists of the following (in thousands):

	June 30,
	2014			2013
Accounts receivable	$	21,834		$	15,188
Less: Allowance for doubtful accounts	(451		)	(458		)
Total Accounts receivable	$	21,383		$	14,730

Inventories

Inventories consist of the following (in thousands):

	June 30,
	2014		2013
Raw materials	$	5,879	$	2,477
Work in process	855		688
Finished goods	6,156		3,078
Total Inventories	$	12,890	$	6,243

Property and Equipment

Property and equipment consists of the following (in thousands):

	June 30,
	2014			2013
Land	$	500		$	—
Equipment	6,436			5,783
Furniture	626			490
Leasehold improvements	233			217
Construction in progress	11,499			131
	19,294			6,621
Less: Accumulated depreciation and amortization	(3,997		)	(3,622		)
Total Property and equipment, net	$	15,297		$	2,999

In June 2014, the Company announced plans to build a new corporate headquarters in New Brighton, Minnesota. The 125,000-square-foot, two-story building will have space for more than 500 employees and contain dedicated research and development, training and education, and manufacturing facilities. Construction on the new facility is targeted to be completed in March 2015 and will replace the two current St. Paul, Minnesota leased facilities. Construction in progress primarily consists of costs associated with the new headquarters, including $9,128 required to be held in an escrow account which will be used to fund the final construction payments. See Note 10 for additional details.

Patents, net

Patents, net consist of the following (in thousands):

	June 30,
	2014			2013
Patents	$	4,529		$	3,801
Less: Accumulated amortization	(706		)	(582		)
Total Patents, net	$	3,823		$	3,219

As of June 30, 2014, future estimated amortization of patents and patent licenses is as follows (in thousands):

2015	$	155
2016	149
2017	143
2018	139
2019	131
Thereafter	3,106
	$	3,823

This future amortization expense is an estimate. Actual amounts may vary from these estimated amounts due to additional intangible asset acquisitions, approval of patents-in-process, potential impairment, accelerated amortization or other events.

Accrued Expenses

Accrued expenses consist of the following (in thousands):

	June 30,
	2014		2013
Accrued expenses
Salaries and bonus	$	5,244	$	2,038
Commissions	6,069		4,956
Accrued vacation	2,843		2,151
Other	474		943
Total Accrued expenses	$	14,630	$	10,088