Quarterly Financial Data (Unaudited)

12 Months Ended

Sep. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

13. Quarterly Financial Data (Unaudited)

The following is a summary of the unaudited quarterly results:

(In thousands, except per share data)	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
Fiscal Year 2020
Total revenue	$	22,616		$	22,822		$	26,883	$	22,543
Operating (loss) income		(266	)		(156	)		1,164		(1,993	)
Net income (loss)		148			1,462			2,459		(2,946	)
Basic net income (loss) per share (1):		0.01			0.11			0.18		(0.22	)
Diluted net income (loss) per share (1):		0.01			0.11			0.18		(0.22	)
Fiscal Year 2019
Total revenue	$	22,241		$	22,676		$	24,344	$	30,816
Operating income		712			865			1,017		3,875
Net income		1,310			1,262			1,466		3,554
Basic net income per share (1):		0.10			0.09			0.11		0.27
Diluted net income per share (1):		0.09			0.09			0.11		0.26

(1)

The sum of the quarterly net income (loss) per share amounts may not equal the annual income per share total because of changes in the weighted average number of shares outstanding that occurred during the year.

In the second quarter of fiscal 2020, the Company recorded an impairment charge of $0.5 million to reduce the value of its strategic investment in ViaCyte to zero.

In the second quarter of fiscal 2020, the Company recorded a $1.8 million discrete tax benefit as a result of our ability under the CARES Act, which was enacted in March 2020, to carry back NOLs incurred to prior periods when the statutory rate was 35% versus the current tax rate of 21%.

In the third quarter of fiscal 2020, the Company achieved a regulatory milestone related to its agreement with Abbott, which resulted in the receipt of a $10.8 million payment, of which $6.7 million was recognized as revenue for the quarter.

In the third quarter of fiscal 2019, the Company recorded royalties revenue from the extension of a customer license agreement totaling $1.0 million.

In the fourth quarter of fiscal 2019, the Company acquired certain technology assets resulting in a $0.9 million charge.

In the fourth quarter of fiscal 2019, the Company achieved a clinical milestone related to its agreement with Abbott, which resulted in the receipt of a $10.0 million payment, of which $5.1 million was recognized as revenue for the quarter.