View Filing Data

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Nov. 30, 2012	Jan. 02, 2013
Document And Entity Information [Abstract]
Entity Registrant Name	ANGIODYNAMICS INC
Entity Central Index Key	0001275187
Document Type	10-Q
Document Period End Date	Nov. 30, 2012
Amendment Flag	false
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--05-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		34,974,120

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2012	Nov. 30, 2011	Nov. 30, 2012	Nov. 30, 2011
Consolidated Statements of Income [Abstract]
Net sales	$ 87,007	$ 58,099	$ 170,423	$ 112,530
Cost of sales	42,919	24,868	86,877	47,154
Gross profit	44,088	33,231	83,546	65,376
Operating expenses
Research and development	7,014	5,125	14,088	10,715
Sales and marketing	18,671	15,847	37,214	32,156
General and administrative	6,910	4,625	13,808	8,937
Amortization of intangibles	4,107	2,300	7,844	4,594
Acquisition, restructuring and other items, net	2,264	1,408	4,786	2,331
Total operating expenses	38,966	29,305	77,740	58,733
Operating income	5,122	3,926	5,806	6,643
Other income (expenses)
Interest income	21	260	103	495
Interest expense	(1,383)	(111)	(2,715)	(227)
Other expense	(628)	(506)	(1,216)	(1,239)
Total other income (expenses)	(1,990)	(357)	(3,828)	(971)
Income before income tax provision	3,132	3,569	1,978	5,672
Income tax provision	1,163	1,240	730	1,970
Net income	$ 1,969	$ 2,329	$ 1,248	$ 3,702
Earnings per share
Basic	$ 0.06	$ 0.09	$ 0.04	$ 0.15
Diluted	$ 0.06	$ 0.09	$ 0.04	$ 0.15
Basic weighted average shares outstanding	34,827	25,190	34,765	25,107
Diluted weighted average shares outstanding	35,311	25,340	35,279	25,278

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2012	Nov. 30, 2011	Nov. 30, 2012	Nov. 30, 2011
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 1,969	$ 2,329	$ 1,248	$ 3,702
Other comprehensive income (loss), before tax:
Unrealized gain (loss) on marketable securities	151	(214)	184	(276)
Unrealized gain (loss) on interest rate swap	29	2	(1,059)	(57)
Foreign currency translation gain (loss)	82	(113)	123	(113)
Other comprehensive income (loss), before tax	262	(325)	(752)	(446)
Income tax (expense) benefit related to items of other comprehensive income	(67)	78	324	123
Other comprehensive income (loss), net of tax	195	(247)	(428)	(323)
Total comprehensive income, net of tax	$ 2,164	$ 2,082	$ 820	$ 3,379

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Nov. 30, 2012	May 31, 2012
CURRENT ASSETS
Cash and cash equivalents	$ 19,322	$ 23,508
Escrow receivable	2,500	2,500
Marketable securities, at fair value	2,155	14,070
Total cash, cash equivalents, escrow receivable and marketable securities	23,977	40,078
Accounts receivable, net of allowances of $939 and $933, respectively	47,085	48,588
Inventories	62,330	55,823
Deferred income taxes	6,728	4,923
Prepaid expenses and other	11,343	9,826
Total current assets	151,463	159,238
PROPERTY, PLANT AND EQUIPMENT-AT COST, less accumulated depreciation	58,547	55,915
OTHER ASSETS	9,633	10,707
INTANGIBLE ASSETS, less accumulated amortization	212,303	147,266
GOODWILL	337,190	308,912
DEFERRED INCOME TAXES, long term	9,278	39,198
PREPAID ROYALTIES	533	533
TOTAL ASSETS	778,947	721,769
CURRENT LIABILITIES
Accounts payable	20,950	27,120
Accrued liabilities	22,750	20,802
Current portion of long-term debt	7,500	7,500
Current portion of contingent consideration	8,055
Other current liabilities	1,130
Total current liabilities	60,385	55,422
LONG-TERM DEBT, net of current portion	138,750	142,500
CONTINGENT CONSIDERATION, net of current portion	52,444
OTHER LONG TERM LIABILITIES	680	327
Total liabilities	252,259	198,249
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, par value $.01 per share, 5,000,000 shares authorized; no shares issued and outstanding
Common stock, par value $.01 per share, 45,000,000 shares authorized; issued and outstanding 34,974,120 and 34,826,531 shares at November 30, 2012 and May 31, 2012, respectively	349	348
Additional paid-in capital	498,722	496,375
Retained earnings	31,423	30,175
Treasury stock, 142,305 shares, at cost	(2,104)	(2,104)
Accumulated other comprehensive loss	(1,702)	(1,274)
Total stockholders' equity	526,688	523,520
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 778,947	$ 721,769

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2012	May 31, 2012
Consolidated Balance Sheets [Abstract]
Accounts receivable, allowances	$ 939	$ 933
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	45,000,000	45,000,000
Common stock, shares issued	34,974,120	34,826,531
Common stock, shares outstanding	34,974,120	34,826,531
Treasury stock, shares	142,305	142,305

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Nov. 30, 2012	Nov. 30, 2011
Cash flows from operating activities:
Net income	$ 1,248	$ 3,702
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,161	6,273
Amortization of acquired inventory basis step-up	3,445
Stock based compensation	2,375	1,877
Tax effect on exercise of stock options and issuance of performance shares	(504)	(198)
Deferred income taxes	2,175	1,058
Change in fair value of contingent consideration	197
Change in accounts receivable allowances	6	205
Other	(571)	(37)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	1,497	(4,515)
Inventories	(9,952)	(1,546)
Prepaid expenses and other	299	(1,998)
Accounts payable and accrued liabilities	(6,861)	892
Net cash provided by operating activities	5,515	5,713
Cash flows from investing activities:
Additions to property, plant and equipment	(4,787)	(1,058)
Acquisition of business, net of cash acquired	(13,908)
Acquisition of intangible and other assets	(400)	(300)
Proceeds from disposal of intangible and other assets	801	1,000
Purchases of marketable securities	(5,134)	(77,652)
Proceeds from sale or maturity of marketable securities	16,989	69,275
Net cash used in investing activities	(6,439)	(8,735)
Cash flows from financing activities:
Repayment of long-term debt	(3,750)	(135)
Proceeds from exercise of stock options and employee stock purchase plan	476	2,250
Repurchase and retirement of shares		(2,104)
Net cash (used in) provided by financing activities	(3,274)	11
Effect of exchange rate changes on cash and cash equivalents	12	(18)
Decrease in cash and cash equivalents	(4,186)	(3,029)
Cash and cash equivalents at beginning of period	23,508	45,984
Cash and cash equivalents at end of period	19,322	$ 42,955
Supplemental disclosure of non-cash, investing and financing activities:
Contractual obligations in acquisition of fixed assets	2,509
Contractual obligations in acquisition of intangibles and business	$ 60,302

Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Nov. 30, 2012 - USD ($) $ in Thousands	Total	Common Stock	Additional paid in capital	Retained earnings	Accumulated other comprehensive loss	Treasury Stock
Beginning Balance at May. 31, 2012	$ 523,520	$ 348	$ 496,375	$ 30,175	$ (1,274)	$ (2,104)
Beginning Balance, Shares at May. 31, 2012		34,826,531				(142,305)
Net income	1,248			1,248
Exercise of stock options	(103)		(103)
Exercise of stock options, Shares		300
Tax impact of stock option activity	(504)		(504)
Purchase of common stock under ESPP	579		579
Purchase of common stock under ESPP, Shares		59,594
Issuance of performance shares	1	$ 1
Issuance of performance shares, Shares		87,695
Stock based compensation	2,375		2,375
Other comprehensive loss, net of tax	(428)				(428)
Ending Balance at Nov. 30, 2012	$ 526,688	$ 349	$ 498,722	$ 31,423	$ (1,702)	$ (2,104)
Ending Balance, Shares at Nov. 30, 2012		34,974,120				(142,305)

Consolidated Financial Statements

6 Months Ended

Nov. 30, 2012

Consolidated Financial Statements [Abstract]

CONSOLIDATED FINANCIAL STATEMENTS

NOTE A – CONSOLIDATED FINANCIAL STATEMENTS

The consolidated balance sheet as of November 30, 2012, the consolidated statement of stockholders’ equity and the consolidated statement of cash flows for the six months ended November 30, 2012 and the consolidated statements of income and the consolidated statements of comprehensive income for the three and six months ended November 30, 2012 and November 30, 2011 have been prepared by us without audit. The consolidated balance sheet as of May 31, 2012 was derived from audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (which include only normally recurring adjustments) necessary to state fairly the financial position, changes in stockholders’ equity and comprehensive income, results of operations and cash flows as of and for the period ended November 30, 2012 (and for all periods presented) have been made.

Certain information and footnote disclosures, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted. It is suggested that these unaudited interim consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended May 31, 2012, filed by us on August 14, 2012. Our most significant accounting policies are disclosed in Note A to the consolidated financial statements included in the aforementioned Form 10-K for the fiscal year ended May 31, 2012. The results of operations in the fiscal periods ended November 30, 2012 and November 30, 2011 are not necessarily indicative of the operating results for the respective full fiscal years.

The unaudited interim consolidated financial statements for the three and six months ended November 30, 2012 and November 30, 2011 include the accounts of AngioDynamics, Inc. and its wholly owned subsidiaries, RITA Medical Systems, LLC, AngioDynamics UK Limited, AngioDynamics Netherlands B.V., NM Holding Company, Inc. (Navilyst) since May 22, 2012 and Vortex Medical, Inc. since October 15, 2012 (collectively, the “Company”). All intercompany balances and transactions have been eliminated.

Effective June 1, 2012, we consider our business to be a single segment entity – the development, manufacture and sale on a global basis of medical devices for vascular access, surgery, peripheral vascular disease and oncology. Our chief operating decision maker (CEO) evaluates the various global product portfolios on a net sales basis. Executives reporting in to the CEO include those responsible for operations and supply chain management, research and development, sales, franchise marketing and certain corporate functions. The CEO evaluates profitability, investment and cash flow metrics on a consolidated worldwide basis due to shared infrastructure and resources. Prior to fiscal year 2013, our business was organized as two segments: Vascular and Oncology/Surgery, each under the direction of a general manager with direct responsibility for all sales, marketing and product development activities.

We have performed an evaluation of subsequent events through the date the financial statements were issued.

Acquisition of Vortex Medical Inc.

On October 15, 2012, we acquired all the outstanding capital stock of Vortex Medical, Inc., a privately-held company focused on the development and commercialization of medical devices for venous drainage and the removal of thrombus, or blood clots, from occluded blood vessels. Vortex’s principal product is the AngioVac ^® system, which includes the AngioVac Cannula and Circuit. The AngioVac Cannula has a proprietary balloon-actuated, expandable, funnel-shaped distal tip that enhances flow, prevents clogging of the cannula and facilitates en bloc, or whole removal of undesirable intravascular material. Both the AngioVac Cannula and Circuit are FDA-cleared for use during extracorporeal bypass for up to 6 hours. An application for CE Mark approval has been filed.

The total estimated purchase consideration of $75.4 million includes an upfront payment of $15.1 million and the estimated fair value of contingent (Earn out) consideration of $60.3 million. The estimated fair value of contingent consideration is based on projected Angio Vac net sales in the ten year period following the closing. The amount of the Earn out consideration that could be paid on Angio Vac net sales is not limited.

The estimated purchase consideration exceeds the fair value of the acquired net assets by $30.0 million and was recorded as goodwill. Goodwill is not deductible for tax purposes. Core technologies are being amortized over their estimated useful lives of approximately 15 years as revenues are earned from the sales of related products. We incurred acquisition related costs of $325 thousand, which were expensed to “Acquisition, restructuring and other items, net” in the statement of income. We have not finalized the purchase accounting, which may be adjusted as further information about conditions existing at the acquisition date becomes available. See Note B for additional information.

Regulatory Matters

On May 27, 2011, we received a Warning Letter from FDA in connection with its inspection of our Queensbury, NY manufacturing facility. In the Warning Letter, FDA cited deficiencies in the response letter we provided FDA pertaining to the inspection that occurred from January 4 to January 13, 2011. The deficiencies related to our internal procedures for medical device reporting, corrections and removals and complaint handling. We responded to the Warning Letter and completed corrective and preventive actions to address the observations noted.

In December 2011, we initiated a comprehensive Quality Call to Action Program to review and augment our Quality Management Systems at our Queensbury facility. To accelerate implementation of the program, we engaged a team of external regulatory and quality experts and reallocated a significant number of engineering and product development resources to support this corporate initiative. From inception of the Quality Call to Action Program through the second fiscal quarter of 2013, we have incurred $3.1 million in direct costs associated with the program.

On February 10, 2012, we received from FDA a Form 483, List of Investigational Observations, in connection with its inspection of our Queensbury facility from November 14, 2011 to February 10, 2012. The Form 483 contained 12 observations related to, among other things, our CAPA (Corrective and Preventive Action) system, MDR (Medical Device Reporting), complaint investigation, corrections and removals, acceptance criteria and training. Some of the observations contained in the Form 483 were repeat observations from the May 27, 2011 Warning Letter.

On February 13, 2012, we received from FDA a Form 483 in connection with its inspection of our Fremont facility from January 12, 2012 to February 13, 2012. The Form 483 contained six observations related to, among other things, our CAPA system, design controls, risk management and training. We provided responses to FDA within 15 business days of our receipt of the Form 483s.

On September 24, 2012, we received from FDA a Form 483 in connection with its subsequent inspection of our Queensbury, NY facility from September 6 to September 14, and September 19 and September 24. This re-inspection followed our response to the original Form 483 issued by FDA on February 13, 2012. The Form 483 contained 5 observations related to 510(k) decisions, complaint investigations, acceptance criteria, corrective and preventive actions and training. All but one of the observations in the Form 483 related to events that occurred before the date that we had indicated to FDA in our previous responses that our corrective and remediation activities related to our Quality Call to Action would be completed. We provided responses to FDA within 15 business days of our receipt of the Form 483.

On November 28, 2012, FDA completed an inspection of our Manchester, GA facility and no Form 483 observations were issued.

We will continue to work closely with FDA to resolve any outstanding issues. Unless the items raised in the previously disclosed Warning Letters and Form 483s are corrected to FDA’s satisfaction or we come to some other arrangement with FDA finally resolving such matters, we may be subject to additional regulatory or legal action, including the issuance of warning letters, injunction, seizure or recall of products, imposition of fines or penalties or operating restrictions on our facilities. Such actions could significantly disrupt our ongoing business and operations and have a material adverse impact on our financial position and operating results.

In May 2011, we submitted to FDA an application for an Investigational Device Exemption for a clinical trial to study the use of NanoKnife in the treatment of pancreatic cancer. In June 2012, we submitted an amendment to our application to address matters raised by FDA in the course of their review of the application and to propose an expanded and enhanced controlled, randomized trial protocol. In August 2012, we received a disapproval letter from FDA requesting additional information and certain protocol changes. We intend to continue to work with FDA to address the matters raised in the August letter.

Expiration of our Distribution Agreement Amendment for LC Bead

The Supply and Distribution Agreement with Biocompatibles UK Limited, which granted us exclusive distribution rights to LC Beads in the United States, expired on December 31, 2011. LC Bead sales were $9.1 million and $17.1 million in the three and six months ending November 30, 2011, respectively.

Acquisition, restructuring and other items, net

Navilyst Acquisition Costs

Closure of UK facility

During the first fiscal quarter of 2012, we made the decision to close our Cambridge, UK facility and transfer the production of lasers to our Queensbury, NY facility. We subsequently extended the date for closing the UK facility and moving laser manufacturing from December 2011 to December 2012. We estimate the total cost of this project will be approximately $3.4 million. The income statements for the three month periods ending November 30, 2012 and November 30, 2011 include charges of $279 thousand and $587 thousand, respectively, for costs incurred associated with this closure. The income statements for the six month periods ending November 30, 2012 and November 30, 2011 include charges of $616 thousand and $883 thousand, respectively, for costs incurred associated with this closure. The charge is included in “Acquisition, restructuring and other items, net” in the income statement.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=7880789&loc=SL6228881-111685

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-SubTopic 15
-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7668296&loc=d3e288-107754

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Acquisitions

6 Months Ended

Nov. 30, 2012

Acquisitions [Abstract]

ACQUISITIONS

NOTE B – ACQUISITIONS

Acquisition of Vortex Medical, Inc.

The stock purchase agreement provided for the payment of $15.1 million in cash at closing, which is subject to a working capital adjustment, plus future earn out consideration payable in cash. Earn out consideration is based on our net sales of the AngioVac system during the ten years following the closing, payable in the amount of 10% of annual net sales up to $150 million, 12.5% of annual net sales between $150 million and $500 million, and 15% of annual net sales above $500 million. The Earn out consideration is subject to guaranteed minimum payments payable on the anniversary dates following closing, in the amounts of $8.35 million on the first, $8.0 million on the second, third and fourth, and $7.65 million on the fifth anniversary date. If a minimum payment for a period exceeds the contingent earn out payment for the same period, the amount of the excess will be credited against future contingent earn out payments.

The total estimated purchase consideration of $75.4 million includes the upfront payment of $15.1 million and the estimated fair value of contingent consideration of $60.3 million. The estimated fair value of contingent consideration is based on projected AngioVac net sales in the ten year period following the closing. The amount of the Earn out consideration that could be paid on AngioVac net sales is not limited.

The Vortex historical financial results were not significant and therefore pro forma results would not be substantially different. Sales since the acquisition closed are negligible and the operations of Vortex have been fully integrated from the date of acquisition.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed (in thousands):


Cash and cash equivalents	$	339
Accounts receivable		200
Inventories		488
Other assets		6
Deferred tax assets		1,307
Intangibles		72,430
Goodwill		30,019

Total assets acquired		104,789
Deferred tax liabilities		(28,451	)
Liabilities assumed		(931	)

Total purchase price	$	75,407

Up front payment	$	15,105
Present value of contingent consideration liability		60,302

Total purchase price	$	75,407

The estimated purchase consideration exceeds the fair value of the acquired net assets by $30.0 million and was recorded as goodwill. Goodwill is not deductible for tax purposes. Core technologies are being amortized over their estimated useful lives of approximately 15 years as revenues are earned from the sales of the related products. We incurred acquisition related costs of $325 thousand, which were expensed to “Acquisition, restructuring and other items, net” in the statement of income. We have not finalized the purchase accounting, which may be adjusted as further information about conditions existing at the acquisition date becomes available.

Acquisition of Navilyst

On May, 22, 2012, we completed the acquisition of privately-held Navilyst, a global medical device company with strengths in the vascular access, interventional radiology and interventional cardiology markets. The acquisition and related transaction costs were financed through the issuance of approximately 9.5 million shares of our common stock, $150 million in drawn acquisition debt financing and $97 million of cash. Based on the closing price of our stock of $12.44 on the day prior to the transaction, the purchase price was approximately $361 million.

The three and six month periods ended November 30, 2012 include approximately $1.7 million and $3.9 million, respectively, in transaction and severance costs related to the Navilyst acquisition. These costs are included in “Acquisition, restructuring and other items, net” in the statement of income. Investment funds affiliated with Avista Capital Partners, former owners of Navilyst, received approximately 9.5 million shares of our common stock and, as of November 30, 2012, held approximately 27% of our outstanding shares. Investment funds affiliated with Avista Capital Partners entered into a stockholders agreement with us as part of the transaction and also appointed two additional directors to our existing Board of Directors.

To satisfy any working capital adjustment and potential indemnification claims that may arise, $19.1 million of purchase consideration has been placed in escrow, including approximately $14.0 million in cash and approximately 415 thousand shares of common stock, determined based on the closing price of $12.44 on the day prior to the transaction. The indemnification claims period will terminate on July 15, 2013. At May 31, 2012 and November 30, 2012, we had $2.5 million of receivable related to the working capital adjustment recorded as escrow receivable on the balance sheet.

Goodwill recorded as a result of the acquisition was $145.2 million. Intangible assets acquired, other than goodwill, totaled approximately $107.1 million, of which $49.4 million has been identified as customer relationships (15-year weighted average useful life), $32.5 million of trademarks (of which $28.6 million has been determined to have an indefinite useful life and the remaining $3.9 million has a 7 year weighted average useful life), $15.1 million of in-process research and development (indefinite useful life until completed) and $10.1 million of technology (6-year weighted average useful life).

The IPR&D assets, which were accounted for as indefinite-lived assets at the time of acquisition, represent the development of a biomedical polymer additive for use in PICC and other vascular access product lines and a power injectable port which are valued at $12.1 million and $3.0 million, respectively. The biomedical polymer additive product recently received regulatory approval and the product was released in the United States in October 2012 and is being amortized over a 10 year useful life. The power injectable port is expected to be released in the United States in fiscal 2013, subject to regulatory approvals. The fair value of these intangible assets was determined based upon the present value of expected future cash flows adjusted for the probability of technological and commercial risk, utilizing a risk-adjusted discount rate.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands):


	May 22, 2012
Cash and cash equivalents	$	7,683
Accounts receivable		19,069
Inventories		26,851
Prepaid expenses and other current assets		5,504
Property, plant and equipment		34,017
Deferred tax assets		33,709
Goodwill		145,221
Intangibles		107,100
Other long-term assets		497

Total assets acquired		379,651
Liabilties assumed		(18,287	)

Total net assets acquired	$	361,364

The purchase price allocation is subject to change as additional information becomes available concerning the fair value and tax basis of the acquired assets and liabilities. Any adjustment to the purchase price allocation will be made as soon as practicable but no later than one year from May 22, 2012, the acquisition date. See Note D for additional information about changes in the carrying amount of goodwill.

Investment in Microsulis Medical Ltd

On March 22, 2012, we established a strategic relationship with Microsulis Medical Ltd., a U.K.-based company specializing in minimally-invasive, microwave ablation technology for the coagulation of soft tissue.

The relationship includes a $5 million investment in Microsulis through the purchase of senior preferred stock, representing a 14.3% ownership position, exclusive distribution rights to market and sell their microwave ablation systems in all markets outside the United States from May 2012 through December 2013, and an exclusive option to purchase at any time until September 22, 2013, substantially all of the global assets of Microsulis Medical, Ltd. We have accounted for the investment under the cost method. The $5 million investment is included in intangible assets and other non-current assets on the balance sheet at November 30, 2012 and May 31, 2012.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1383-128463

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph F4
-Subparagraph e
-Appendix F

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Inventories

6 Months Ended

Nov. 30, 2012

Inventories [Abstract]

INVENTORIES

NOTE C – INVENTORIES

Inventories are stated at lower of cost (at standard cost which approximates the first-in, first-out method) or market. Inventories consist of the following:


	Nov 30, 2012		May 31, 2012
	(in thousands)
Raw materials	$	20,271	$	18,984
Work in process		9,349		9,504
Finished goods		32,710		27,335

Inventories	$	62,330	$	55,823

Goodwill and Intangible Assets

6 Months Ended

Nov. 30, 2012

Goodwill and Intangible Assets [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE D – GOODWILL AND INTANGIBLE ASSETS

As previously discussed, effective June 1, 2012 we implemented a change to our internal reporting structure and we now view the business as one operating segment. In connection with this change, we have also re-assessed our reporting units in accordance with ASC 350 and have determined that, effective June 1, 2012 we have one reporting unit for goodwill impairment testing purpose. We have considered these internal structural changes and their potential impact as it relates to testing goodwill for impairment. We have assessed these changes from a qualitative perspective in determining whether it is more likely than not that the fair value of our single reporting unit is less than its carrying value as a basis for determining whether it is necessary for us to perform a two-step goodwill impairment test. Based on our qualitative assessment, we have determined that it is not more likely than not that the fair value of our reporting unit is less than its carrying value and therefore, goodwill is not impaired.

Changes in the carrying amount of goodwill for the six months ended November 30, 2012 are as follows (in thousands):


Balance, May 31, 2012	$	308,912
Adjustments to purchase price		(1,741	)
Goodwill acquired from Vortex		30,019

Balance, November 30, 2012	$	337,190

The above $1.7 million reduction in the carrying value of goodwill is the result of an $858,000 payment from Avista Capital Partners and an $883,000 increase in the value of deferred tax assets from the Navilyst acquisition.

The balances of intangible assets are as follows:


	November 30,2012
	Gross carrying value		Accumulated amortization			Net carrying value		Weighted avg useful life
			(in thousands)					(years)
Product technologies	$	140,324	$	(21,949	)	$	118,375		13.3
Customer relationships		82,216		(26,344	)		55,872		14.8
Trademark-NAMIC		28,600		—			28,600		Indefinite
In-process R&D acquired		3,000		—			3,000		Indefinite
Licenses		6,302		(4,093	)		2,209		8.8
Trademarks		4,575		(568	)		4,007		9.9
Distributor relationships		1,140		(900	)		240		2.6

	$	266,157	$	(53,854	)	$	212,303


	May 31, 2012
	Gross carrying value		Accumulated amortization			Net carrying value		Weighted avg useful life
			(in thousands)					(years)
Customer relationships	$	82,205	$	(22,123	)	$	60,082		11.7
Product technologies		55,540		(18,839	)		36,701		11.3
Trademark-NAMIC		28,600		—			28,600		Indefinite
In-process R&D acquired		15,042		—			15,042		Indefinite
Licenses		6,152		(3,711	)		2,441		9.1
Trademarks		4,575		(375	)		4,200		7.3
Distributor relationships		1,140		(940	)		200		2.6

	$	193,254	$	(45,988	)	$	147,266

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Accrued Liabilities

6 Months Ended

Nov. 30, 2012

Accrued Liabilities [Abstract]

ACCRUED LIABILITIES

NOTE E – ACCRUED LIABILITIES

Accrued liabilities consist of the following:


	Nov 30, 2012		May 31, 2012
	(in thousands)
Payroll and related expenses	$	8,585	$	7,754
Accrued severance		2,901		2,087
Deferred revenue		2,957		3,138
Royalties		1,913		2,258
Sales and franchise taxes		1,287		1,092
Interest rate swap liability		1,059		—
Other		4,048		4,473

Total	$	22,750	$	20,802

Long Term Debt

6 Months Ended

Nov. 30, 2012

Long-Term Debt [Abstract]

LONG TERM DEBT

NOTE F – LONG TERM DEBT

Bank Credit Agreement

In connection with the Navilyst acquisition, we entered into a Credit Agreement with a group of banks which provided a $150 million senior secured term loan facility and a $50 million senior secured revolving credit facility. The $150 million in proceeds from the term loan were used to finance a portion of the consideration for the acquisition. The revolving facility may be used for general corporate purposes and was undrawn at November 30, 2012. Both facilities have five year maturities. The term facility has a quarterly repayment schedule equal to 5%, 5%, 15%, 25% and 50% of its principal amount in years one through five. The credit agreement contains certain financial covenants relating to fixed charge coverage and leverage, as defined, with which we were in compliance at November 30, 2012. Amounts borrowed under the Credit Agreement are collateralized by all our assets. Interest on both the term loan and the revolving loan is based on a base rate or Eurodollar rate plus an applicable margin with increases as our total leverage ratio increases, and with the base rate and Eurodollar rate have ranges of 1.0% to 1.75% and 2.0% to 2.75% respectively. In the event of default, the interest rate may be increased by 2.0%. The revolving facility will also carry a commitment fee of 0.30% to 0.50% per year on the unused portion. As of November 30, 2012, net deferred financing costs of $2.2 million are recorded as a component of other assets on the balance sheet and are being amortized over the remaining life of the related debt.

In June 2012, we entered in an interest rate swap agreement, with an initial notional amount of $100 million, to limit the effect of rising of interest rates. The Swap Agreement, which qualifies for hedge accounting under authoritative guidance, is a contract to exchange floating interest rate payments for fixed interest rate payments on the outstanding balance of the loan over the life of the agreement without the exchange of the underlying notional amounts. The Swap Agreement provides for a fixed rate of 0.74% above the applicable rate provided for in the Credit Agreement.

Income Taxes

6 Months Ended

Nov. 30, 2012

Income Taxes [Abstract]

INCOME TAXES

NOTE G – INCOME TAXES

Our effective income tax rate for the three month periods ending November 30, 2012 and November 30, 2011 was 37% and 35%, respectively. Our effective income tax rate for the six month periods ending November 30, 2012 and November 30, 2011 was 37% and 35%, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Earnings Per Common Share

6 Months Ended

Nov. 30, 2012

Earnings Per Common Share [Abstract]

EARNINGS PER COMMON SHARE

NOTE H – EARNINGS PER COMMON SHARE

Basic earnings per share are based on the weighted average number of common shares outstanding without consideration of potential common stock. Diluted earnings per share further includes the dilutive effect of potential common stock consisting of stock options, warrants, and restricted stock units, provided that the inclusion of such securities is not antidilutive.

The following table sets forth the reconciliation of the weighted-average number of common shares (in thousands):


	Three Months Ended				Six Months Ended
	Nov 30, 2012		Nov 30, 2011		Nov 30, 2012		Nov 30, 2011
Basic		34,827		25,190		34,765		25,107
Effect of dilutive securities		484		150		514		171

Diluted		35,311		25,340		35,279		25,278

Excluded from the calculation of diluted earnings per common share were options and restricted stock awards issued to employees and non-employees to purchase 3.2 million and 3.0 million shares of common stock for the three and six months ended November 30, 2012, respectively, as their inclusion would be antidilutive. For the comparable three and six month period ended November 30, 2011, options and restricted stock awards issued to employees and non-employees to purchase 2.4 million and 2.1 million shares of common stock were also excluded as their inclusion would be antidilutive.

Segment and Geographic Information

6 Months Ended

Nov. 30, 2012

Segment and Geographic Information [Abstract]

SEGMENT AND GEOGRAPHIC INFORMATION

NOTE I – SEGMENT AND GEOGRAPHIC INFORMATION

Net sales by product category are summarized below (in thousands):


	Three Months Ended				Six Months Ended
	Nov 30,		Nov 30,		Nov 30,		Nov 30,
	2012		2011		2012		2011
Net Sales by Product Category
Peripheral Vascular	$	45,766	$	23,079	$	89,060	$	44,047
Vascular Access		26,712		15,203		53,342		30,800

Total Vascular	$	72,478	$	38,282	$	142,402	$	74,847
Oncology/Surgery		12,006		19,817		23,239		37,683
Supply Agreement		2,523		—		4,782		—

Total	$	87,007	$	58,099	$	170,423	$	112,530

Net sales for geographic areas, based on external customer location, are summarized below (in thousands):


	Three Months Ended				Six Months Ended
	Nov 30,		Nov 30,		Nov 30,		Nov 30,
	2012		2011		2012		2011
Net Sales by Geography
United States	$	69,652	$	49,653	$	137,680	$	96,958
International		17,355		8,446		32,743		15,572

Total	$	87,007	$	58,099	$	170,423	$	112,530

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Fair Value

6 Months Ended

Nov. 30, 2012

Fair Value [Abstract]

FAIR VALUE

NOTE J – FAIR VALUE

Our financial instruments include cash and cash equivalents, accounts receivable, marketable securities, accounts payable, interest rate swap agreement and the contingent Earn out related to the acquisition of Vortex. The carrying amount of cash and cash equivalents, accounts receivable, marketable securities and accounts payable approximates fair value due to the immediate or short-term maturities. The interest rate swap agreement has been recorded at its fair value based on a valuation received from an independent third party. Marketable securities, with the exception of auction rate securities, are carried at their fair value as determined by quoted market prices. The contingent Earn out has been recorded at fair value using a discounted cash flow model.

Per our accounting policy, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This policy establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The policy describes three levels of inputs that may be used to measure fair value which are provided in the table below.


Level 1		Quoted prices in active markets for identical assets or liabilities. Level 1 assets include bank time deposits, money market funds, mutual funds and U.S. Treasury securities that are traded in an active exchange market.

Level 2		Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices 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 assets or liabilities. Level 2 assets include US government securities and corporate bonds. When quoted market prices are unobservable, we obtain pricing information from an independent pricing vendor. The pricing vendor uses various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the model of the pricing vendor are derived from market observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. Since many fixed income securities do not trade on a daily basis, the methodology of the pricing vendor uses available information as applicable such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. The pricing vendor considers all available market observable inputs in determining the evaluation for a security. Thus, certain securities may not be priced using quoted prices, but rather determined from market observable information. These investments are included in Level 2 and primarily comprise our portfolio of corporate and government fixed income securities. Additionally included in Level 2 are interest rate swap agreements which are valued using a mid-market valuation model.

Level 3		Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category currently includes the auction rate securities where independent pricing information was not able to be obtained and the contingent Earn out related to the acquisition of Vortex. Our investments in auction-rate securities were classified as Level 3 as quoted prices were unavailable since these auction rate securities issued by New York state and local government authorities failed auction. Due to limited market information, we utilized a discounted cash flow (“DCF”) model to derive an estimate of fair value for all periods presented. The assumptions used in preparing the DCF model included estimates with respect to the amount and timing of future interest and principal payments, forward projections of the interest rate benchmarks, the probability of full repayment of the principal considering the credit quality and guarantees in place, and the rate of return required by investors to own such securities given the current liquidity risk associated with auction-rate securities. The contingent Earn out was valued utilizing a discounted cash flow method as detailed below.

The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements using inputs considered as:						Fair Value at Nov 30, 2012
	Level 1		Level 2		Level 3		Fair Value at Nov 30, 2012
Financial Assets
Cash equivalents
Money market funds	$	120	$	—	$	—	$	120

Total	$	120	$	—	$	—	$	120

Marketable securities
Corporate bond securities	$	—	$	305	$	—	$	305
U.S. government agency obligations		—		—		1,850		1,850

Total		—		305		1,850		2,155

Total Financial Assets	$	120	$	305	$	1,850	$	2,275

Financial Liabilities
Interest rate swap agreements	$	—	$	1,059	$	—	$	1,059
Contingent liability for acquisition earn out						60,499		60,499

Total Financial Liabilities	$	—	$	1,059	$	60,499	$	61,558


	Fair Value Measurements using inputs considered as:						Fair Value at May 31, 2012
	Level 1		Level 2		Level 3		Fair Value at May 31, 2012
Financial Assets
Cash equivalents
Money market funds	$	4,762	$	—	$	—	$	4,762

Total	$	4,762	$	—	$	—	$	4,762

Marketable securities
Corporate bond securities	$	—	$	6,371	$	—	$	6,371
U.S. government agency obligations		—		5,849		1,850		7,699

Total		—		12,220		1,850		14,070

Total Financial Assets	$	4,762	$	12,220	$	1,850	$	18,832

There were no financial liabilities measured at fair value at May 31, 2012.

There were no significant transfers in and out of Level 1 and 2 measurements for the three and six months ended November 30, 2012. During the three month period ended November 30, 2012, the Vortex Medical, Inc. contingent consideration discussed below was added to Level 3 fair value instruments.

The components of Level 3 fair value instruments as of November 30, 2012 are shown below (in thousands):


	Fair Value Measurements Using Significant Unobservable Inputs
	(Level 3)
Balance, May 31, 2012	$	1,850
Total gains or losses (realized/unrealized):		—
Included in earnings		—
Included in other comprehensive income		—
Purchases, issuances and settlements		—
Transfers in and/or (out) of Level 3		—
Contingent liability for acquisition earn out		60,499

Balance, November 30, 2012	$	62,349

Contingent Liability for Acquisition Earn Out

The total estimated purchase consideration related to the acquisition of Vortex Medical, Inc. included an estimated fair value of contingent or earn out consideration. The fair value of the contingent consideration is remeasured at the estimated fair value at each reporting period with the change in fair value recognized as income or expense within acquisition-related items in the condensed consolidated statements of earnings. We measure the initial liability and remeasure the liability on a recurring basis using Level 3 inputs as defined under authoritative guidance for fair value measurements.

Contingent consideration liabilities will be remeasured to fair value each reporting period using projected net sales, discount rates, probabilities of payment and projected payment dates. Projected contingent payment amounts are discounted back to the current period using a discounted cash flow model. Projected net sales are based on our internal projections and extensive analysis of the target market and the sales potential. Increases in projected net sales and probabilities of payment may result in higher fair value measurements in the future. Increases in discount rates and the projected time to payment may result in lower fair value measurements in the future. Increases or decreases in any valuation inputs in isolation may result in a significantly lower or higher fair value measurement in the future.

The recurring Level 3 fair value measurements of the contingent consideration liability include the following significant unobservable inputs ($ in millions):


	Fair value at Nov 30, 2012		Valuation Technique	Unobservable Input	Range
Net sales based payments	$	60.5	Discounted	Discount rate	4%
			cash flow	Probability of payment	75-100%
				Projected fiscal year of payment	2013 - 2022

At November 30, 2012, the estimated potential amount of undiscounted future contingent consideration that we expect to pay as a result of this acquisition is approximately $75 million. The milestones associated with the contingent consideration must be reached in future periods ranging from fiscal years 2013 to 2023 in order for the consideration to be paid.

The fair value of contingent milestone payments associated with the Vortex acquisition was remeasured as of November 30, 2012 and $52.4 million was reflected in “Contingent consideration, net of current portion” and $8.1 million was reflected in “Current portion of contingent consideration” on the condensed consolidated balance sheet. The following table provides a reconciliation of the beginning and ending balances of contingent milestone payments associated with the Vortex acquisition measured at fair value that used significant unobservable inputs (Level 3) (in thousands):


Beginning balance - May 31, 2012	$	—
Purchase price contingent consideration		60.3
Contingent payments		—
Change in fair value of contingent consideration		0.2

Ending balance—November 30, 2012	$	60.5

- 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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Marketable Securities

6 Months Ended

Nov. 30, 2012

Marketable Securities [Abstract]

MARKETABLE SECURITIES

NOTE K – MARKETABLE SECURITIES

Marketable securities, which are principally government agency bonds, auction rate investments and corporate commercial paper, are classified as “available-for-sale securities” in accordance with authoritative guidance issued by FASB and are reported at fair value, with unrealized gains and losses excluded from operations and reported as accumulated other comprehensive income (loss), net of the related tax effects, in stockholders’ equity. Cost is determined using the specific identification method. We hold investments in auction rate securities in order to generate higher than typical money market rate investment returns. Auction rate securities typically are high credit quality, generally achieved with municipal bond insurance. Credit risks are eased by the historical track record of bond insurers, which back a majority of this market. Sell orders for any security traded through an auction process could exceed bids and, in such cases, the auction fails and we may be unable to liquidate our position in the securities in the near term. As of November 30, 2012 and May 31, 2012, we had $1.85 million in investments in two auction rate securities issued by New York state and local government authorities that failed auctions. The authorities are current in their interest payments on the securities.

Marketable securities as of November 30, 2012 consisted of the following:


	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Available-for-sales securities
U.S. government agency obligations	$	1,850	$	—	$	—	$	1,850
Corporate bond securities		304		1		—		305

	$	2,154	$	1	$	—	$	2,155

Marketable securities as of May 31, 2012 consisted of the following:


	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Available-for-sales securities
U.S. government agency obligations	$	7,739	$	5	$	(45	)	$	7,699
Corporate bond securities		6,516		10		(155	)		6,371

	$	14,255	$	15	$	(200	)	$	14,070

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-Glossary Debt Security
-URI http://asc.fasb.org/extlink&oid=6509901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-Glossary Equity Security
-URI http://asc.fasb.org/extlink&oid=6511694

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 3, 19, 20, 21, 22, 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Litigation

6 Months Ended

Nov. 30, 2012

Litigation [Abstract]

LITIGATION

NOTE L – LITIGATION

AngioDynamics v. biolitec

On January 2, 2008, we commenced an action in the United States District Court for the Northern District of New York entitled AngioDynamics, Inc. v. biolitec, Inc. In this action, we are seeking judgment against biolitec for defense and indemnification in two lawsuits which we previously settled. Our claims arise out of a Supply and Distribution Agreement (“SDA”) entered into with biolitec on April 1, 2002. On September 27, 2011, the U.S. District Court for the Northern District of New York granted key portions of our motion for summary judgment in our legal case against biolitec. The Court’s order was filed under seal. The Court also dismissed biolitec’s counterclaims against us. The court denied one portion of our summary judgment motion, which sought to recover additional costs from biolitec, leaving this for adjudication at trial. On September 28, 2012, the Court granted partial judgment to us in the amount of $16.4 million, along with pre-judgment interest.

In October 2009, we commenced an action in the United States District Court for the District of Massachusetts entitled AngioDynamics, Inc. v. biolitec AG and Wolfgang Neuberger. The Complaint in this action was amended in March 2010. This action seeks to recover against biolitec, Inc.’s parent entities and CEO for tortiously interfering with biolitec, Inc.’s contractual obligation to defend and indemnify us, and also seeks to pierce the corporate veil of biolitec, Inc. and to invalidate certain alleged fraudulent transfers in order to hold biolitec, Inc.’s parent entities jointly and severally liable for the alleged breach of the SDA. This case is currently in the discovery phase. On September 13, 2012, the Massachusetts Court granted our request for a preliminary injunction prohibiting the downstream merger of biolitec AG with its Austrian subsidiary.

We will continue to vigorously enforce our rights under the supply agreement with biolitec.

C.R. Bard, Inc. v. AngioDynamics, Inc.

On January 11, 2012, C.R. Bard, Inc. filed a suit in the United States District Court of Utah claiming certain of our implantable port products infringe on patents held by them. Bard is seeking unspecified damages and other relief. The Court denied Bard’s motion for pre-trial consolidation with separate actions it filed on the same day against Medical Components, Inc. and Smiths Medical ASD, Inc., but has asked for supplemental briefing on the issue of whether to conduct a common Markman hearing. We filed petitions for reexamination in the US Patent and Trademark Office which seek to invalidate all three patents asserted in the litigation. Our petitions have been granted and 40 of 41 patent claims have been rejected. The case has been stayed pending final resolution of the PTO process. We believe these claims are without merit and intend to defend them vigorously. We have not recorded an expense related to the outcome of this litigation because it is not yet possible to determine if a potential loss is probable nor reasonably estimable.

Cardinal Health v. Navilyst Medical, Inc.

On December 21, 2011, Cardinal Health Canada 204, Inc. (Cardinal Health) filed a demand for arbitration pursuant to the terms of the International Distributorship Agreement entered into as of November 1, 2008 between Navilyst and Cardinal Health. Cardinal Health claims that it is entitled to damages based on Navilyst’s decision to terminate the International Distributorship Agreement. The parties have entered into a written stipulation to stay the proceedings in this matter pending the outcome of a related litigation brought by Cardinal health against three our current employees (all of whom are former employees of Cardinal Health) in the Ontario Superior Court of Justice (Cardinal Health Canada, Inc. vs. Alexander, Sohi & Campbell, Superior Court of Justice, Ontario, Canada, No. CV-11-440418 (the Ontario Litigation). If this matter proceeds following the stay, we intend to deny the allegations contained in the demand for arbitration and to advance counterclaims against Cardinal Health. Navilyst entered into a joint defense agreement with the defendants in the Ontario Litigation, pursuant to which Navilyst agreed, subject to certain conditions, to indemnify the defendants for all legal fees relating to the Ontario Litigation as well as any damages or cost awards arising out of the Ontario Litigation. While we intend to vigorously defend against these actions, each of these cases is in the preliminary states and, as result, the ultimate outcome of these cases and their potential financial impact are not determinable at this time.

Cirrex Systems LLC v. AngioDynamics, Inc.

On May 21, 2012, Cirrex Systems LLC filed a suit in the United States District Court of Georgia claiming that certain of our endovenous ablation products infringe a patent held by them. Cirrex was seeking unspecified damages and other relief. On October 3, 2012, we filed an answer denying infringement, asserting various affirmative defenses, and asserting counterclaims for a declaratory judgment of non-infringement and invalidity. On December 7, 2012, Cirrex voluntarily dismissed the suit.

Joseph Pierre v. AngioDynamics, Inc.

In July 2011, a former employee dual-filed a complaint with the New York State Division of Human Rights and the Equal Employment Opportunity Commission, entitled Joseph Pierre v. AngioDynamics, Inc. In this action, the former employee is alleging discrimination due to his status as an African-American, in light of him being reassigned to another project. At the conclusion of its investigation, the Division issued a finding of “no probable cause” on January 6, 2012 and dismissed the complaint. The complainant did not appeal the decision to preserve his New York Human Rights Law claims. On February 22, 2012, the Equal Employment Opportunity Commission issued its determination adopting the decision of the Division and dismissing the charge. The complainant filed a federal claim following the EEOC’s decision in the United States District Court for the Northern District of New York on May 21, 2012. This complaint makes the same allegations of discrimination, and alleges causes of action under Title VII of the Civil Rights Act and 42 U.S.C. 1981. We believe these claims are without merit and intend to defend them vigorously. We have not recorded an expense related to the outcome of this litigation because it is not yet possible to determine if a potential loss is probable nor reasonably estimable.

We are party to other legal actions that arise in the ordinary course of business. We believe that any liability resulting from any currently pending litigation will not, individually or in the aggregate, have a material adverse effect on our business, financial condition, results of operations, or cash flows.

Recently Issued Accounting Pronouncements

6 Months Ended

Nov. 30, 2012

Recently Issued Accounting Pronouncements [Abstract]

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

NOTE M – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In June 2011 and December 2011, the FASB updated the disclosure requirements for comprehensive income. The updated guidance requires companies to disclose the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The updated guidance does not affect how earnings per share is calculated or presented. The updated guidance is effective annual periods, and interim periods within those years, beginning after December 15, 2011 (our fiscal year 2013). We have provided the disclosure in a separate statement herein. The adoption of this guidance had no material impact on our consolidated financial statements.

In September 2011, the FASB updated the accounting guidance related to testing goodwill for impairment. This update permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying value before applying the two-step goodwill impairment model that is currently in place. If it is determined through the qualitative assessment that a reporting unit’s fair value is more likely than not greater than its carrying value, the quantitative assessment steps would be unnecessary. The qualitative assessment is optional, allowing companies to go directly to the quantitative assessment. This update is effective for annual and interim goodwill impairment tests performed in fiscal years beginning after December 15, 2011 (our fiscal year 2013) however, early adoption is permitted.

In July 2012, the FASB updated the accounting guidance related to testing indefinite-lived intangible assets for impairment. This update permits an entity to first make a qualitative assessment of whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. An entity is not required to calculate the fair value of an indefinite-lived intangible asset and perform the quantitative impairment test unless the entity determines that it is more likely than not that the asset is impaired. The more-likely-than- not threshold is defined as having a likelihood of more than 50%. This update is effective for annual and interim impairment tests performed in fiscal years beginning after September 15, 2012 (our fiscal year 2014) however early adoption is permitted, provided that the entity has not yet performed its annual impairment test or issued its financial statements. We are currently evaluating the impact of adoption of this accounting guidance on our consolidated financial statements.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=6958853&loc=d3e46468-122699

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22580-107794

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

Recently Issued Accounting Pronouncements (Policies)	6 Months Ended
Recently Issued Accounting Pronouncements (Policies)	Nov. 30, 2012
Recently Issued Accounting Pronouncements [Abstract]
Comprehensive income	In June 2011 and December 2011, the FASB updated the disclosure requirements for comprehensive income. The updated guidance requires companies to disclose the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The updated guidance does not affect how earnings per share is calculated or presented. The updated guidance is effective annual periods, and interim periods within those years, beginning after December 15, 2011 (our fiscal year 2013). We have provided the disclosure in a separate statement herein. The adoption of this guidance had no material impact on our consolidated financial statements.
Goodwill impairment	In September 2011, the FASB updated the accounting guidance related to testing goodwill for impairment. This update permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying value before applying the two-step goodwill impairment model that is currently in place. If it is determined through the qualitative assessment that a reporting unit’s fair value is more likely than not greater than its carrying value, the quantitative assessment steps would be unnecessary. The qualitative assessment is optional, allowing companies to go directly to the quantitative assessment. This update is effective for annual and interim goodwill impairment tests performed in fiscal years beginning after December 15, 2011 (our fiscal year 2013) however, early adoption is permitted.
Indefinite-lived intangible assets impairment	In July 2012, the FASB updated the accounting guidance related to testing indefinite-lived intangible assets for impairment. This update permits an entity to first make a qualitative assessment of whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. An entity is not required to calculate the fair value of an indefinite-lived intangible asset and perform the quantitative impairment test unless the entity determines that it is more likely than not that the asset is impaired. The more-likely-than- not threshold is defined as having a likelihood of more than 50%. This update is effective for annual and interim impairment tests performed in fiscal years beginning after September 15, 2012 (our fiscal year 2014) however early adoption is permitted, provided that the entity has not yet performed its annual impairment test or issued its financial statements. We are currently evaluating the impact of adoption of this accounting guidance on our consolidated financial statements.

Acquisitions (Tables)

6 Months Ended

Nov. 30, 2012

Vortex Medical [Member]

Business Acquisition [Line Items]

Summary of estimated fair values of the assets acquired and liabilities assumed


Cash and cash equivalents	$	339
Accounts receivable		200
Inventories		488
Other assets		6
Deferred tax assets		1,307
Intangibles		72,430
Goodwill		30,019

Total assets acquired		104,789
Deferred tax liabilities		(28,451	)
Liabilities assumed		(931	)

Total purchase price	$	75,407

Up front payment	$	15,105
Present value of contingent consideration liability		60,302

Total purchase price	$	75,407

Navilyst [Member]

Business Acquisition [Line Items]

Summary of estimated fair values of the assets acquired and liabilities assumed


	May 22, 2012
Cash and cash equivalents	$	7,683
Accounts receivable		19,069
Inventories		26,851
Prepaid expenses and other current assets		5,504
Property, plant and equipment		34,017
Deferred tax assets		33,709
Goodwill		145,221
Intangibles		107,100
Other long-term assets		497

Total assets acquired		379,651
Liabilties assumed		(18,287	)

Total net assets acquired	$	361,364

Inventories (Tables)

6 Months Ended

Nov. 30, 2012

Inventories [Abstract]

Inventories


	Nov 30, 2012		May 31, 2012
	(in thousands)
Raw materials	$	20,271	$	18,984
Work in process		9,349		9,504
Finished goods		32,710		27,335

Inventories	$	62,330	$	55,823

Goodwill and Intangible Assets (Tables)

6 Months Ended

Nov. 30, 2012

Goodwill and Intangible Assets [Abstract]

Goodwill by segment


Balance, May 31, 2012	$	308,912
Adjustments to purchase price		(1,741	)
Goodwill acquired from Vortex		30,019

Balance, November 30, 2012	$	337,190

Intangible assets


	November 30,2012
	Gross carrying value		Accumulated amortization			Net carrying value		Weighted avg useful life
			(in thousands)					(years)
Product technologies	$	140,324	$	(21,949	)	$	118,375		13.3
Customer relationships		82,216		(26,344	)		55,872		14.8
Trademark-NAMIC		28,600		—			28,600		Indefinite
In-process R&D acquired		3,000		—			3,000		Indefinite
Licenses		6,302		(4,093	)		2,209		8.8
Trademarks		4,575		(568	)		4,007		9.9
Distributor relationships		1,140		(900	)		240		2.6

	$	266,157	$	(53,854	)	$	212,303


	May 31, 2012
	Gross carrying value		Accumulated amortization			Net carrying value		Weighted avg useful life
			(in thousands)					(years)
Customer relationships	$	82,205	$	(22,123	)	$	60,082		11.7
Product technologies		55,540		(18,839	)		36,701		11.3
Trademark-NAMIC		28,600		—			28,600		Indefinite
In-process R&D acquired		15,042		—			15,042		Indefinite
Licenses		6,152		(3,711	)		2,441		9.1
Trademarks		4,575		(375	)		4,200		7.3
Distributor relationships		1,140		(940	)		200		2.6

	$	193,254	$	(45,988	)	$	147,266

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References + Details

Accrued Liabilities (Tables)

6 Months Ended

Nov. 30, 2012

Accrued Liabilities [Abstract]

Accrued liabilities


	Nov 30, 2012		May 31, 2012
	(in thousands)
Payroll and related expenses	$	8,585	$	7,754
Accrued severance		2,901		2,087
Deferred revenue		2,957		3,138
Royalties		1,913		2,258
Sales and franchise taxes		1,287		1,092
Interest rate swap liability		1,059		—
Other		4,048		4,473

Total	$	22,750	$	20,802

Earnings Per Common Share (Tables)

6 Months Ended

Nov. 30, 2012

Earnings Per Common Share [Abstract]

Reconciliation of the weighted-average number of common shares


	Three Months Ended				Six Months Ended
	Nov 30, 2012		Nov 30, 2011		Nov 30, 2012		Nov 30, 2011
Basic		34,827		25,190		34,765		25,107
Effect of dilutive securities		484		150		514		171

Diluted		35,311		25,340		35,279		25,278

Segment and Geographic Information (Tables)

6 Months Ended

Nov. 30, 2012

Segment and Geographic Information [Abstract]

Summary of total net sales by product category


	Three Months Ended				Six Months Ended
	Nov 30,		Nov 30,		Nov 30,		Nov 30,
	2012		2011		2012		2011
Net Sales by Product Category
Peripheral Vascular	$	45,766	$	23,079	$	89,060	$	44,047
Vascular Access		26,712		15,203		53,342		30,800

Total Vascular	$	72,478	$	38,282	$	142,402	$	74,847
Oncology/Surgery		12,006		19,817		23,239		37,683
Supply Agreement		2,523		—		4,782		—

Total	$	87,007	$	58,099	$	170,423	$	112,530

Summary of net sales for geographic areas


	Three Months Ended				Six Months Ended
	Nov 30,		Nov 30,		Nov 30,		Nov 30,
	2012		2011		2012		2011
Net Sales by Geography
United States	$	69,652	$	49,653	$	137,680	$	96,958
International		17,355		8,446		32,743		15,572

Total	$	87,007	$	58,099	$	170,423	$	112,530

Fair Value (Tables)

6 Months Ended

Nov. 30, 2012

Fair Value [Abstract]

Fair value of assets and liabilities measured on recurring basis


	Fair Value Measurements using inputs considered as:						Fair Value at Nov 30, 2012
	Level 1		Level 2		Level 3		Fair Value at Nov 30, 2012
Financial Assets
Cash equivalents
Money market funds	$	120	$	—	$	—	$	120

Total	$	120	$	—	$	—	$	120

Marketable securities
Corporate bond securities	$	—	$	305	$	—	$	305
U.S. government agency obligations		—		—		1,850		1,850

Total		—		305		1,850		2,155

Total Financial Assets	$	120	$	305	$	1,850	$	2,275

Financial Liabilities
Interest rate swap agreements	$	—	$	1,059	$	—	$	1,059
Contingent liability for acquisition earn out						60,499		60,499

Total Financial Liabilities	$	—	$	1,059	$	60,499	$	61,558


	Fair Value Measurements using inputs considered as:						Fair Value at May 31, 2012
	Level 1		Level 2		Level 3		Fair Value at May 31, 2012
Financial Assets
Cash equivalents
Money market funds	$	4,762	$	—	$	—	$	4,762

Total	$	4,762	$	—	$	—	$	4,762

Marketable securities
Corporate bond securities	$	—	$	6,371	$	—	$	6,371
U.S. government agency obligations		—		5,849		1,850		7,699

Total		—		12,220		1,850		14,070

Total Financial Assets	$	4,762	$	12,220	$	1,850	$	18,832

Fair Value Measurements Using Significant Unobservable Inputs


	Fair Value Measurements Using Significant Unobservable Inputs
	(Level 3)
Balance, May 31, 2012	$	1,850
Total gains or losses (realized/unrealized):		—
Included in earnings		—
Included in other comprehensive income		—
Purchases, issuances and settlements		—
Transfers in and/or (out) of Level 3		—
Contingent liability for acquisition earn out		60,499

Balance, November 30, 2012	$	62,349

Summary showing the recurring fair value measurements of the contingent consideration liability


	Fair value at Nov 30, 2012		Valuation Technique	Unobservable Input	Range
Net sales based payments	$	60.5	Discounted	Discount rate	4%
			cash flow	Probability of payment	75-100%
				Projected fiscal year of payment	2013 - 2022

Summary showing reconciliation of the contingent payments


Beginning balance - May 31, 2012	$	—
Purchase price contingent consideration		60.3
Contingent payments		—
Change in fair value of contingent consideration		0.2

Ending balance—November 30, 2012	$	60.5

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References + Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References + Details

Marketable Securities (Tables)

6 Months Ended

Nov. 30, 2012

Marketable Securities [Abstract]

Marketable securities


	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Available-for-sales securities
U.S. government agency obligations	$	1,850	$	—	$	—	$	1,850
Corporate bond securities		304		1		—		305

	$	2,154	$	1	$	—	$	2,155

Marketable securities as of May 31, 2012 consisted of the following:


	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Available-for-sales securities
U.S. government agency obligations	$	7,739	$	5	$	(45	)	$	7,699
Corporate bond securities		6,516		10		(155	)		6,371

	$	14,255	$	15	$	(200	)	$	14,070

Consolidated Financial Statements (Details) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
Consolidated Financial Statements (Details) $ in Thousands	Sep. 24, 2012 Observations	Feb. 13, 2012 Observations	Feb. 10, 2012 Observations	Nov. 30, 2012 USD ($)	Nov. 30, 2011 USD ($)	Nov. 30, 2012 USD ($) Segment	Nov. 30, 2011 USD ($)	May 31, 2012 Reporint_Unit	May 22, 2012 USD ($)
Consolidated Financial Statements (Textual) [Abstract]
Upfront payment				$ 15,105,000		$ 15,105,000
Goodwill									$ 145,221
Number of reportable segments						1		2
Number of observations \| Observations	5	6	12
Costs for quality call to action program						$ 3,100
Number of business days to provide response to FDA						15 days
LC Bead sales					$ 9,100		$ 17,100
Transaction and Severance costs related to Acquisition				1,700		$ 3,900
Estimated cost of project						3,400
Costs incurred associated with closure of facility				279	$ 587	$ 616	$ 883
Core Technologies [Member]
Consolidated Financial Statements (Textual) [Abstract]
Amortized estimated useful lives						15 years
Vortex Medical [Member]
Consolidated Financial Statements (Textual) [Abstract]
Total estimated purchase consideration				75,407		$ 75,407
Upfront payment				15,105		15,105
Contingent consideration				60,302		60,302
Goodwill				$ 30,019		30,019
Acquisition related costs						$ 325

Acquisitions (Details) - USD ($) $ in Thousands	Nov. 30, 2012	May 22, 2012
Summary of estimated fair values of the assets acquired and liabilities assumed
Intangibles		$ 107,100
Goodwill		$ 145,221
Upfront payment	$ 15,105,000
Vortex Medical [Member]
Summary of estimated fair values of the assets acquired and liabilities assumed
Cash and cash equivalents	339
Accounts receivable	200
Inventories	488
Other assets	6
Deferred tax assets	1,307
Intangibles	72,430
Goodwill	30,019
Total assets acquired	104,789
Deferred tax liabilities	(28,451)
Liabilities assumed	(931)
Total purchase price	75,407
Upfront payment	15,105
Present value of contingent consideration liability	60,302
Total purchase price	$ 75,407

Acquisitions (Details 1) $ in Thousands	May 22, 2012 USD ($)
Summary of estimated fair values of the assets acquired and liabilities assumed
Goodwill	$ 145,221
Intangibles	107,100
Navilyst [Member]
Summary of estimated fair values of the assets acquired and liabilities assumed
Cash and cash equivalents	7,683
Accounts receivable	19,069
Inventories	26,851
Prepaid expenses and other current assets	5,504
Property, plant and equipment	34,017
Deferred tax assets	33,709
Goodwill	145,221
Intangibles	107,100
Other long-term assets	497
Total assets acquired	379,651
Liabilities assumed	(18,287)
Total net assets acquired	$ 361,364

Acquisitions (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Nov. 30, 2012	Nov. 30, 2012	May 31, 2012	May 22, 2012	Mar. 22, 2012
Acquisitions (Textual) [Abstract]
Cash paid for acquisition	$ 15,105,000	$ 15,105,000
Transaction and Severance costs related to Acquisition	1,700	3,900
Intangible assets other than goodwill				$ 107,100
Increase in estimated purchase consideration				145,221
Purchase consideration placed in escrow				19,100
Purchase consideration placed in escrow in cash				$ 14,000
Purchase consideration placed in escrow as common stock				415
Escrow receivable	$ 2,500	$ 2,500	$ 2,500
Investment in company					$ 5,000
Ownership percentage in investment					14.30%
Adjustment to purchase price period				1 year
Trademark-NAMIC [Member]
Acquisitions (Textual) [Abstract]
Acquired intangible asset				$ 28,600
Biomedical Polymer Additive [Member]
Acquisitions (Textual) [Abstract]
Acquired intangible asset				12,100
Power Injectable Port [Member]
Acquisitions (Textual) [Abstract]
Acquired intangible asset				3,000
Customer relationships [Member]
Acquisitions (Textual) [Abstract]
Acquired finite lived intangible assets				49,400
Weighted average useful life		15 years
Weighted average useful life		14 years 9 months 18 days	11 years 8 months 12 days
Trademarks [Member]
Acquisitions (Textual) [Abstract]
Intangible assets other than goodwill				32,500
Acquired finite lived intangible assets				3,900
Weighted average useful life		7 years
Weighted average useful life		9 years 10 months 24 days	7 years 3 months 18 days
In-process R&D [Member]
Acquisitions (Textual) [Abstract]
Acquired intangible asset				15,100
Technology [Member]
Acquisitions (Textual) [Abstract]
Acquired finite lived intangible assets				10,100
Weighted average useful life		6 years
Navilyst [Member]
Acquisitions (Textual) [Abstract]
Drawn acquisition debt financing				150,000
Cash paid for acquisition				$ 97,000
Closing price of stock				$ 12.44
Total purchase price				$ 361,000
Intangible assets other than goodwill				107,100
Weighted average useful life		10 years
Increase in estimated purchase consideration				$ 145,221
Avista Capital Partners [Member]
Acquisitions (Textual) [Abstract]
Issuance of common stock		9,500
Common stock, outstanding shares, percentage	27.00%	27.00%
Vortex Medical [Member]
Acquisitions (Textual) [Abstract]
Cash paid for acquisition	$ 15,105	$ 15,105
Total purchase price	75,407	75,407
Intangible assets other than goodwill	72,430	72,430
Guaranteed minimum payments payable first anniversary	8,350	8,350
Guaranteed minimum payments payable second anniversary	8,000	8,000
Guaranteed minimum payments payable third anniversary	8,000	8,000
Guaranteed minimum payments payable fourth anniversary	8,000	8,000
Guaranteed minimum payments payable fifth anniversary	$ 7,650	$ 7,650
Percentage of annual net sales, first limit	10.00%	10.00%
Annual net sales, first limit	$ 150,000	$ 150,000
Percentage of annual net sales, second limit	12.50%	12.50%
Annual net sales, second limit	$ 150,000	$ 150,000
Annual net sales	$ 500,000	$ 500,000
Percentage of annual net sales, third limit	15.00%	15.00%
Annual net sales, third limit	$ 500,000	$ 500,000
Weighted average useful life		15 years
Increase in estimated purchase consideration	30,019	$ 30,019
Acquisition related costs		325
Present value of contingent consideration liability	$ 60,302	$ 60,302

Inventories (Details) - USD ($) $ in Thousands	Nov. 30, 2012	May 31, 2012
Inventories
Raw materials	$ 20,271	$ 18,984
Work in process	9,349	9,504
Finished goods	32,710	27,335
Inventories	$ 62,330	$ 55,823

Goodwill and Intangible Assets (Details) $ in Thousands	6 Months Ended
Goodwill and Intangible Assets (Details) $ in Thousands	Nov. 30, 2012 USD ($)
Goodwill by segment
Goodwill, Beginning Balance	$ 308,912
Adjustments to purchase price allocation	(1,741)
Acquisition of Vortex	30,019
Goodwill, Ending Balance	$ 337,190

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Nov. 30, 2012	May 31, 2012
Schedule of Intangible assets
Gross carrying value	$ 266,157	$ 193,254
Accumulated amortization	(53,854)	(45,988)
Net carrying value	212,303	147,266
In-process R&D acquired [Member]
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value	3,000	15,042
Net carrying value	3,000	15,042
Trademark-NAMIC [Member]
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value	28,600	28,600
Net carrying value	28,600	28,600
Customer relationships [Member]
Schedule of Intangible assets
Gross carrying value	82,216	82,205
Accumulated amortization	(26,344)	(22,123)
Net carrying value	$ 55,872	$ 60,082
Weighted average useful life	14 years 9 months 18 days	11 years 8 months 12 days
Product technologies [Member]
Schedule of Intangible assets
Gross carrying value	$ 140,324	$ 55,540
Accumulated amortization	(21,949)	(18,839)
Net carrying value	$ 118,375	$ 36,701
Weighted average useful life	13 years 3 months 18 days	11 years 3 months 18 days
Licenses [Member]
Schedule of Intangible assets
Gross carrying value	$ 6,302	$ 6,152
Accumulated amortization	(4,093)	(3,711)
Net carrying value	$ 2,209	$ 2,441
Weighted average useful life	8 years 9 months 18 days	9 years 1 month 6 days
Trademarks [Member]
Schedule of Intangible assets
Gross carrying value	$ 4,575	$ 4,575
Accumulated amortization	(568)	(375)
Net carrying value	$ 4,007	$ 4,200
Weighted average useful life	9 years 10 months 24 days	7 years 3 months 18 days
Distributor relationships [Member]
Schedule of Intangible assets
Gross carrying value	$ 1,140	$ 1,140
Accumulated amortization	(900)	(940)
Net carrying value	$ 240	$ 200
Weighted average useful life	2 years 7 months 6 days	2 years 7 months 6 days

Goodwill and Intangible Assets (Details Textual) $ in Thousands	6 Months Ended	12 Months Ended
	Nov. 30, 2012 USD ($) Segment Reporint_Unit	May 31, 2012 Reporint_Unit
Goodwill and Intangible Assets (Textual) [Abstract]
Number of reporting segments	1	2
Number of reporting unit \| Reporint_Unit	1
Reduction in carrying value of goodwill	$ 1,700
Change in carrying value of goodwill due to settlement	858
Deferred tax assets increase decrease	$ 883

Accrued Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2012	May 31, 2012
Accrued liabilities
Payroll and related expenses	$ 8,585	$ 7,754
Accrued severance	2,901	2,087
Deferred revenue	2,957	3,138
Royalties	1,913	2,258
Sales and franchise taxes	1,287	1,092
Interest rate swap at fair value	1,059
Other	4,048	4,473
Total	$ 22,750	$ 20,802

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable for royalties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

- Definition

Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and which are expected to be extinguished or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Current Liabilities
-URI http://asc.fasb.org/extlink&oid=6509677

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41228-113958

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41271-113958

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13495-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FIN39-1
-Paragraph 10A, 10B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section A
-Paragraph 7
-Chapter 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 4, 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

- Definition

Carrying amount as of the balance sheet date of known and estimated obligations associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, which are expected to be paid in the next twelve months or in the normal operating cycle if longer. Costs of such activities include those for one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, relocating employees, and costs associated with an ongoing benefit arrangement, but excludes costs associated with the retirement of a long-lived asset.

+ References + Details

Long Term Debt (Details) $ in Millions	6 Months Ended
Long Term Debt (Details) $ in Millions	Nov. 30, 2012 USD ($)
Long Term Debt (Textual) [Abstract]
Senior secured term loan facility	$ 150.0
Senior secured revolving credit facility	$ 50.0
Bank credit agreement maturity period	5 Years
Percentage of quarterly repayment of term facility Year one	5.00%
Percentage of quarterly repayment of term facility year two	5.00%
Percentage of quarterly repayment of term facility year three	15.00%
Percentage of quarterly repayment of term facility year four	25.00%
Percentage of quarterly repayment of term facility year five	50.00%
Percentage of increase in interest	2.00%
Net deferred financing costs	$ 2.2
Notional amount of interest rate swap agreement	$ 100.0
Fixed interest rate payments	0.74%
Line of Credit [Member]
Debt Instrument [Line Items]
Percentage of increases leverage ratio base rate, minimum	2.00%
Percentage of increases leverage ratio base rate, maximum	2.75%
Term Loan [Member]
Debt Instrument [Line Items]
Percentage of increases leverage ratio base rate, minimum	1.00%
Percentage of increases leverage ratio base rate, maximum	1.75%
Maximum [Member]
Debt Instrument [Line Items]
Percentage of increase commitment fee	0.50%
Minimum [Member]
Debt Instrument [Line Items]
Percentage of increase commitment fee	0.30%

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Nov. 30, 2012	Nov. 30, 2011	Nov. 30, 2012	Nov. 30, 2011
Income Taxes (Textual) [Abstract]
Effective income tax rate	37.00%	35.00%	37.00%	35.00%

Earnings Per Common Share (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Common Share (Details) - shares	Nov. 30, 2012	Nov. 30, 2011	Nov. 30, 2012	Nov. 30, 2011
Reconciliation of the weighted-average number of common shares
Basic	34,827,000	25,190,000	34,765,000	25,107,000
Effect of dilutive securities	484	150	514	171
Diluted	35,311,000	25,340,000	35,279,000	25,278,000

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References + Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Earnings Per Common Share (Details Textual) - shares shares in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2012	Nov. 30, 2011	Nov. 30, 2012	Nov. 30, 2011
Earnings Per Common Share (Textual) [Abstract]
Antidilutive securities excluded from computation of diluted earnings per share	3.2	2.4	3.0	2.1

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Segment and Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2012	Nov. 30, 2011	Nov. 30, 2012	Nov. 30, 2011
Summary of total net sales by product category
Net sales	$ 87,007	$ 58,099	$ 170,423	$ 112,530
Peripheral Vascular [Member]
Summary of total net sales by product category
Net sales	45,766	23,079	89,060	44,047
Vascular Access [Member]
Summary of total net sales by product category
Net sales	26,712	15,203	53,342	30,800
Vascular [Member]
Summary of total net sales by product category
Net sales	72,478	38,282	142,402	74,847
Oncology/Surgery [Member]
Summary of total net sales by product category
Net sales	12,006	$ 19,817	23,239	$ 37,683
Supply Agreement [Member]
Summary of total net sales by product category
Net sales	$ 2,523		$ 4,782

Segment and Geographic Information (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2012	Nov. 30, 2011	Nov. 30, 2012	Nov. 30, 2011
Net Sales by Geography
Net sales	$ 87,007	$ 58,099	$ 170,423	$ 112,530
United States [Member]
Net Sales by Geography
Net sales	69,652	49,653	137,680	96,958
International [Member]
Net Sales by Geography
Net sales	$ 17,355	$ 8,446	$ 32,743	$ 15,572

Fair Value (Details) - Recurring [Member] - USD ($) $ in Thousands	Nov. 30, 2012	May 31, 2012
Financial Assets
Cash equivalents	$ 120	$ 4,762
Marketable securities	2,155	14,070
Total Financial Assets	2,275	18,832
Financial Liabilities
Financial liabilities	61,588
Interest rate swap agreements [Member]
Financial Liabilities
Financial liabilities	1,059
Contingent Consideration Earn Out Liability [Member]
Financial Liabilities
Financial liabilities	60,499
U.S. government agency obligations [Member]
Financial Assets
Marketable securities	1,850	7,699
Corporate bond securities [Member]
Financial Assets
Marketable securities	305	6,371
Money market funds [Member]
Financial Assets
Cash equivalents	120	4,762
Level 1 [Member]
Financial Assets
Cash equivalents	120	4,762
Total Financial Assets	120	4,762
Level 1 [Member] \| Money market funds [Member]
Financial Assets
Cash equivalents	120	4,762
Level 2 [Member]
Financial Assets
Marketable securities	305	12,220
Total Financial Assets	305	12,220
Financial Liabilities
Financial liabilities	1,059
Level 2 [Member] \| Interest rate swap agreements [Member]
Financial Liabilities
Financial liabilities	1,059
Level 2 [Member] \| U.S. government agency obligations [Member]
Financial Assets
Marketable securities		5,849
Level 2 [Member] \| Corporate bond securities [Member]
Financial Assets
Marketable securities	305	6,371
Level 3 [Member]
Financial Assets
Marketable securities	1,850	1,850
Total Financial Assets	1,850	1,850
Financial Liabilities
Financial liabilities	60,499
Level 3 [Member] \| Contingent Consideration Earn Out Liability [Member]
Financial Liabilities
Financial liabilities	60,499
Level 3 [Member] \| U.S. government agency obligations [Member]
Financial Assets
Marketable securities	$ 1,850	$ 1,850

Fair Value (Details 1) $ in Thousands	6 Months Ended
Fair Value (Details 1) $ in Thousands	Nov. 30, 2012 USD ($)
Fair Value Measurements Using Significant Unobservable Inputs
Balance, May 31, 2012	$ 1,850
Total gains or losses (realized/unrealized):
Included in earnings
Included in other comprehensive income
Purchases, issuances and settlements
Transfers in and/or (out) of Level 3
Contingent liability for acquisition earn out	60,499
Balance, November 30, 2012	$ 62,349

Fair Value (Details 2) $ in Thousands	6 Months Ended
Fair Value (Details 2) $ in Thousands	Nov. 30, 2012 USD ($)
Summary showing the recurring fair value measurements of the contingent consideration liability
Net sales based payments	$ 60,499
Level 3 [Member] \| Contingent Consideration Earn Out Liability [Member] \| Recurring [Member]
Summary showing the recurring fair value measurements of the contingent consideration liability
Net sales based payments	$ 60,500
Net sales based payments discount rate	4.00%
Level 3 [Member] \| Maximum [Member] \| Contingent Consideration Earn Out Liability [Member] \| Recurring [Member]
Summary showing the recurring fair value measurements of the contingent consideration liability
Probability of payment	100.00%
Projected fiscal year of payment	2022
Level 3 [Member] \| Minimum [Member] \| Contingent Consideration Earn Out Liability [Member] \| Recurring [Member]
Summary showing the recurring fair value measurements of the contingent consideration liability
Probability of payment	75.00%
Projected fiscal year of payment	2013

Fair Value (Details 3) - Contingent Consideration Earn Out Liability [Member] - Vortex Medical [Member] $ in Millions	6 Months Ended
	Nov. 30, 2012 USD ($)
Summary showing reconciliation of the contingent payments
Balance, May 31, 2012	$ 0.0
Purchase price contingent consideration	60.3
Contingent payments
Change in fair value of contingent consideration	0.2
Balance, November 30, 2012	$ 60.5

Fair Value (Details Textual) $ in Thousands	Nov. 30, 2012 USD ($)
Fair Value (Textual) [Abstract]
Potential amount of undiscounted future contingent consideration	$ 75,000
Milestones associated with the contingent consideration	52,400
Reflected in current portion of contingent consideration	$ 8,055

Marketable Securities (Details) - USD ($) $ in Thousands	Nov. 30, 2012	May 31, 2012
Marketable securities
Amortized cost	$ 2,154	$ 14,255
Gross Unrealized Gains	1	15
Gross Unrealized Losses		(200)
Fair Value	2,155	14,070
U.S. government agency obligations [Member]
Marketable securities
Amortized cost	1,850	7,739
Gross Unrealized Gains		5
Gross Unrealized Losses		(45)
Fair Value	1,850	7,699
Corporate bond securities [Member]
Marketable securities
Amortized cost	304	6,516
Gross Unrealized Gains	1	10
Gross Unrealized Losses		(155)
Fair Value	$ 305	$ 6,371

- Definition

Total of debt securities categorized neither as held-to-maturity nor trading which are intended be sold or mature within one year from the balance sheet date or the normal operating cycle, whichever is longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=7534914&loc=d3e22054-111558

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26626-111562

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section A
-Paragraph 4, 5
-Chapter 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 13, 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15E
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 12
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15C
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Marketable Securities (Details Textual) $ in Thousands	Nov. 30, 2012 USD ($) Investment	May 31, 2012 USD ($) Investment
Marketable securities (Textual) [Abstract]
Investments in auction rate securities that failed auctions \| $	$ 1,850	$ 1,850
Number of investments \| Investment	2	2

Litigation (Details) $ in Millions	1 Months Ended	6 Months Ended
Litigation (Details) $ in Millions	Sep. 28, 2012 USD ($)	Nov. 30, 2012 Lawsuit Employees
Litigation (Textual) [Abstract]
Number of lawsuits against biolitec previously settled for which seeking defence and indemnification \| Lawsuit		2
Partial judgment granted \| $	$ 16.4
Number of patent claims rejected		40 of 41 patent
Cardinal Health [Member]
Loss Contingency, Information about Litigation Matters
Number of employees in related litigation \| Employees		3

Recently Issued Accounting Pronouncements (Details)	6 Months Ended
Recently Issued Accounting Pronouncements (Details)	Nov. 30, 2012
Recently Issued Accounting Pronouncements (Textual) [Abstract]
Indefinite-lived intangible asset impairment threshold	More than 50%