0001275187-21-000013 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	May 31, 2021	Jul. 26, 2021	Nov. 30, 2020
Cover [Abstract]
Entity Central Index Key	0001275187
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--05-31
Document Type	10-K
Document Annual Report	true
Document Period End Date	May 31, 2021
Document Transition Report	false
Entity File Number	0-50761
Entity Registrant Name	AngioDynamics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-3146460
Entity Address, Address Line One	14 Plaza Drive
Entity Address, City or Town	Latham
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12110
City Area Code	518
Local Phone Number	795-1400
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ANGO
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 496,277,118
Entity Common Stock, Shares Outstanding		38,444,076
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCEThe information required for Part III of this Annual Report on Form 10-K is incorporated by reference to the registrant’s Proxy Statement for its 2021 Annual Meeting of Stockholders to be filed within 120 days of the registrant's fiscal year ended May 31, 2021.

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	May 31, 2021	May 31, 2020	May 31, 2019
Income Statement [Abstract]
Net sales	$ 291,010,000	$ 264,157,000	$ 270,634,000
Cost of sales (exclusive of intangible amortization)	134,222,000	113,885,000	114,634,000
Gross profit	156,788,000	150,272,000	156,000,000
Operating expenses
Research and development	36,390,000	29,682,000	28,258,000
Sales and marketing	81,306,000	78,634,000	76,829,000
General and administrative	35,918,000	37,872,000	34,902,000
Amortization of intangibles	18,136,000	18,121,000	17,056,000
Goodwill impairment	0	158,578,000	0
Change in fair value of contingent consideration	89,000	(11,531,000)	(6,776,000)
Acquisition, restructuring and other items, net	20,232,000	6,014,000	15,127,000
Total operating expenses	192,071,000	317,370,000	165,396,000
Operating loss	(35,283,000)	(167,098,000)	(9,396,000)
Other expenses
Interest expense, net	(861,000)	(907,000)	(5,099,000)
Other income (expense), net	92,000	(130,000)	(207,000)
Total other expenses, net	(769,000)	(1,037,000)	(5,306,000)
Loss from continuing operations before income tax benefit	(36,052,000)	(168,135,000)	(14,702,000)
Income tax benefit	(4,504,000)	(1,348,000)	(3,556,000)
Net loss from continuing operations	(31,548,000)	(166,787,000)	(11,146,000)
Income from discontinued operations, net of income tax	0	0	72,486,000
Net income (loss)	$ (31,548,000)	$ (166,787,000)	$ 61,340,000
Loss per share - continuing operations
Basic (usd per share)	$ (0.82)	$ (4.39)	$ (0.30)
Diluted (usd per share)	(0.82)	(4.39)	(0.30)
Income per share - discontinued operations
Basic (usd per share)	0	0	1.93
Diluted (usd per share)	0	0	1.93
Income (loss) per share
Basic (usd per share)	(0.82)	(4.39)	1.64
Diluted (usd per share)	$ (0.82)	$ (4.39)	$ 1.64
Weighted average shares outstanding
Basic (in shares)	38,342,476	37,961,224	37,484,573
Diluted (in shares)	38,342,476	37,961,224	37,484,573

Consolidated Statements Comprehensive Income (Loss) - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (31,548,000)	$ (166,787,000)	$ 61,340,000
Other comprehensive income (loss), before tax:
Unrealized gain on marketable securities	0	0	33,000
Reclassification adjustment for gains included in net income	0	0	(116,000)
Foreign currency translation gain (loss)	4,494,000	11,000	(317,000)
Other comprehensive income (loss), before tax	4,494,000	11,000	(400,000)
Income tax benefit (expense) related to items of other comprehensive income (loss)	0	0	0
Other comprehensive income (loss), net of tax	4,494,000	11,000	(400,000)
Total comprehensive income (loss), net of tax	$ (27,054,000)	$ (166,776,000)	$ 60,940,000

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2021	May 31, 2020
Current Assets
Cash and cash equivalents	$ 48,161	$ 54,435
Accounts receivable, net of allowances of $1,919 and $2,150, respectively	35,405	31,263
Inventories	48,614	59,905
Prepaid expenses and other	8,699	7,310
Total current assets	140,879	152,913
Property, plant and equipment, net	37,073	28,312
Intangible assets, net	168,977	197,136
Goodwill	201,316	200,515
Other assets	13,193	15,338
Total Assets	561,438	594,214
Current Liabilities
Accounts payable	19,630	19,096
Accrued liabilities	35,459	29,380
Current portion of contingent consideration	0	836
Other current liabilities	2,495	2,133
Total current liabilities	57,584	51,445
Long-term debt	20,000	40,000
Deferred income taxes	19,955	24,057
Contingent consideration, net of current portion	15,741	14,811
Other long-term liabilities	8,701	9,029
Total Liabilities	121,981	139,342
Commitments and Contingencies (Note 17)
Stockholders’ Equity
Preferred stock, par value $0.01 per share, 5,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, par value $0.01 per share, 75,000,000 shares authorized; 38,920,951 and 38,448,536 shares issued and 38,550,951 and 38,078,536 shares outstanding at May 31, 2021 and 2020, respectively	377	374
Additional paid-in capital	573,507	561,871
Accumulated deficit	(131,866)	(100,318)
Treasury stock, 370,000 shares, at cost at May 31, 2021 and 2020, respectively	(5,714)	(5,714)
Accumulated other comprehensive loss	3,153	(1,341)
Total Stockholders' Equity	439,457	454,872
Total Liabilities and Stockholders' Equity	$ 561,438	$ 594,214

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 1,919	$ 2,150
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	5,000,000	5,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	75,000,000	75,000,000
Common stock, shares issued (shares)	38,920,951	38,448,536
Common stock, shares outstanding (shares)	38,550,951	38,078,536
Treasury stock, shares (shares)	370,000,000	370,000,000

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Restricted Stock Units	Performance Shares	Common Stock	Common Stock Restricted Stock Units	Common Stock Performance Shares	Additional paid in capital	Additional paid in capital Restricted Stock Units	Retained earnings (accumulated deficit)	Accumulated other comprehensive income (loss)	Treasury Stock
Beginning Balance, Shares at May. 31, 2018				37,594,493							370,000
Beginning Balance at May. 31, 2018	$ 542,595,000			$ 370,000			$ 543,762,000		$ 5,129,000	$ (952,000)	$ (5,714,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,340,000								61,340,000
Exercise of stock options, Shares				134,253
Exercise of stock options	1,526,000			$ 1,000			1,525,000
Issuance/cancellation of common stock units, Shares					177,538	5,235
Issuance/cancellation of common stock units		$ (667,000)	$ 0					$ (667,000)
Purchase of common stock under Employee Stock Purchase Plan, Shares				72,863
Purchase of common stock under Employee Stock Purchase Plan	1,172,000			$ 1,000			1,171,000
Stock-based compensation	9,249,000						9,249,000
Other comprehensive income (loss), net of tax	(400,000)									(400,000)
Ending Balance at May. 31, 2019	614,815,000			$ 372,000			555,040,000		66,469,000	(1,352,000)	$ (5,714,000)
Ending Balance, Shares at May. 31, 2019				37,984,382							370,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(166,787,000)								(166,787,000)
Exercise of stock options, Shares				50,636
Exercise of stock options	561,000			$ 1,000			560,000
Issuance/cancellation of common stock units, Shares					312,951
Issuance/cancellation of common stock units		(2,537,000)						(2,537,000)
Purchase of common stock under Employee Stock Purchase Plan, Shares				100,567
Purchase of common stock under Employee Stock Purchase Plan	1,217,000			$ 1,000			1,216,000
Stock-based compensation	7,592,000						7,592,000
Other comprehensive income (loss), net of tax	11,000									11,000
Ending Balance at May. 31, 2020	454,872,000			$ 374,000			561,871,000		(100,318,000)	(1,341,000)	$ (5,714,000)
Ending Balance, Shares at May. 31, 2020				38,448,536							370,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ (31,548,000)								(31,548,000)
Exercise of stock options, Shares	137,237			123,536
Exercise of stock options	$ 1,930,000			$ 1,000			1,929,000
Issuance/cancellation of common stock units, Shares					184,685
Issuance/cancellation of common stock units		$ (223,000)						$ (223,000)
Purchase of common stock under Employee Stock Purchase Plan, Shares				164,194
Purchase of common stock under Employee Stock Purchase Plan	1,307,000			$ 2,000			1,305,000
Stock-based compensation	8,625,000						8,625,000
Other comprehensive income (loss), net of tax	4,494,000									4,494,000
Ending Balance at May. 31, 2021	$ 439,457,000			$ 377,000			$ 573,507,000		$ (131,866,000)	$ 3,153,000	$ (5,714,000)
Ending Balance, Shares at May. 31, 2021				38,920,951							370,000

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	May 31, 2021	May 31, 2020	May 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (31,548,000)	$ (166,787,000)	$ 61,340,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	25,916,000	23,805,000	25,880,000
Non-cash lease expense	2,456,000	2,070,000	0
Goodwill impairment	0	158,578,000	0
Stock based compensation	8,625,000	7,592,000	9,249,000
Gain on disposition	0	0	(46,592,000)
Transaction costs for disposition	0	0	(4,030,000)
Change in fair value of contingent consideration	89,000	(11,531,000)	(6,776,000)
Deferred income tax provision	(4,805,000)	(1,568,000)	(2,655,000)
Changes in accounts receivable allowances	207,000	429,000	(202,000)
Asset impairments and disposals	14,228,000	1,321,000	2,495,000
Other	(147,000)	86,000	(5,000)
Changes in operating assets and liabilities:
Accounts receivable	(4,162,000)	11,918,000	(3,177,000)
Inventories	11,539,000	(18,845,000)	(1,428,000)
Prepaid expenses and other	(3,181,000)	(6,155,000)	(1,871,000)
Accounts payable, accrued and other liabilities	4,876,000	(15,467,000)	5,212,000
Net cash provided by (used in) operating activities	24,093,000	(14,554,000)	37,440,000
Cash flows from investing activities:
Additions to property, plant and equipment	(5,187,000)	(7,235,000)	(3,118,000)
Additions to placement and evaluation units	(8,524,000)	0	0
Proceeds from disposition of discontinued operations	0	0	169,242,000
Cash paid for acquisitions	0	(55,760,000)	(84,920,000)
Acquisition of intangibles	0	(350,000)	0
Proceeds from sale of marketable securities	0	0	1,350,000
Net cash provided by (used in) investing activities	(13,711,000)	(63,345,000)	82,554,000
Cash flows from financing activities:
Repayment of long-term debt	(20,000,000)	(132,500,000)	(15,000,000)
Proceeds from borrowings on long-term debt	0	40,000,000	55,000,000
Deferred financing costs on long-term debt	0	(775,000)	0
Payment of acquisition related contingent consideration	0	(1,208,000)	(8,100,000)
Proceeds (outlays) from exercise of stock options and employee stock purchase plan	3,014,000	(759,000)	2,031,000
Net cash provided by (used in) financing activities	(16,986,000)	(95,242,000)	33,931,000
Effect of exchange rate changes on cash and cash equivalents	330,000	(65,000)	(380,000)
(Decrease) increase in cash and cash equivalents	(6,274,000)	(173,206,000)	153,545,000
Cash and cash equivalents at beginning of year	54,435,000	227,641,000	74,096,000
Cash and cash equivalents at end of year	48,161,000	54,435,000	227,641,000
Supplemental disclosure of non-cash investing and financing activities:
Increase (decrease) in accounts payable for purchases of fixed assets	(139,000)	224,000	(114,000)
Fair value of contingent consideration for acquisitions	0	14,900,000	25,100,000
Fair value of acquisition consideration included in accrued expenses	0	0	4,650,000
Cash paid during the year for:
Interest	731,000	413,000	5,115,000
Income taxes	$ 313,000	$ 682,000	$ 426,000

Basis of Presentation, Business Description and Summary of Significant Accounting Policies

12 Months Ended

May 31, 2021

Accounting Policies [Abstract]

BASIS OF PRESENTATION, BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Description of Business

The consolidated financial statements include the accounts of AngioDynamics, Inc. and its wholly owned subsidiaries, (collectively, "us", "we", or the “Company”).

The Company designs, manufactures and sells a wide range of medical, surgical and diagnostic devices used by professional healthcare providers for vascular access, for the treatment of peripheral vascular disease and in oncology and surgical settings. The devices are generally used in minimally invasive, image-guided procedures. Most of the Company's products are intended to be used once and then discarded, or they may be temporarily implanted for short- or long-term use.

On May 31, 2019, the Company completed the sale of the Fluid Management business and all of the assets used primarily in connection with the Fluid Management business (Note 3). As the disposal of this business represents a strategic shift with a major effect on the Company's operations, for all periods presented in the Consolidated Statements of Operations and Comprehensive Income, all sales, costs, expenses, gains and income taxes attributable to Fluid Management have been reported under the captions, “Income from Discontinued Operations, Net of Income Tax.” Cash flows used in or provided by Fluid Management have been reported in the Consolidated Statements of Cash Flows under operating and investing activities.

Accounting Principles

The consolidated financial statements and accompanying notes have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP").

Principles of Consolidation

The consolidated financial statements include the accounts of AngioDynamics and its subsidiaries (all of which are wholly owned). All intercompany balances and transactions have been eliminated.

Use of Estimates

The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates also affect reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all unrestricted highly liquid investments with an initial maturity of less than three months at the date of purchase to be cash equivalents. The Company maintains cash and cash equivalent balances with financial institutions in the United States in excess of amounts insured by the Federal Deposit Insurance Corporation.

Fair Value Instruments

The carrying amount of the Company's cash and cash equivalents, accounts receivable, accounts payable and long-term debt approximates fair value due to the short-term nature or market interest rates of these items. The Company bases the fair value of short-term investments on quoted market prices or other relevant information generated by market transactions involving identical or comparable assets. The Company measures and records derivative financial instruments at fair value. See Note 5 for further discussion of financial instruments that are carried at fair value on a recurring and nonrecurring basis.

Accounts Receivable

Accounts receivable, principally trade receivables, are generally due within 30 to 90 days and are stated at amounts due from customers, net of an allowance for estimated sales returns and doubtful accounts. The Company performs ongoing credit evaluations of customers and adjusts credit limits based upon payment history and the customer’s current creditworthiness, as determined by a review of their current credit information. The Company continuously monitors aging reports, collections and payments from customers, and a provision for estimated credit losses is maintained based upon historical experience and any specific customer collection issues that have been identified. While such credit losses have historically been within expectations

and the provisions established, the Company cannot guarantee that the same credit loss rates will be experienced in the future. The Company writes off accounts receivable when they are determined to be uncollectible.

Inventories

Inventories are stated at the lower of cost or net realizable value based on the first-in, first-out cost method and consist of raw materials, work in process and finished goods. The standard cost of finished goods and work-in-process inventory is composed of material, labor and manufacturing overhead, which approximates actual cost. In addition to stating inventory at the lower of cost or net realizable value, we also evaluate inventory each reporting period for excess quantities and obsolescence, establishing reserves when necessary based upon historical experience, assessment of economic conditions and expected demand. Once recorded, these reserves are considered permanent adjustments to the carrying value of inventory An increase to inventory reserves results in a corresponding increase in cost of revenue. Inventories are written off against the reserve when they are physically disposed.

Property, Plant and Equipment

Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Placement and evaluation units represent capital equipment placed at customer locations under placement or evaluation agreements for which depreciation expense is included in cost of sales on the Consolidation Statements of Operations. Refer below for useful lives by category:


			Estimated useful lives
Building and building improvements			4 to 39 years
Computer software and equipment			3 to 5 years
Machinery and equipment			5 to 8 years
Placement and evaluation units			5 years

The Company evaluates property, plant and equipment for impairment periodically to determine if changes in circumstances or the occurrence of events suggest the carrying value of the asset or asset group may not be recoverable. Expenditures for repairs and maintenance are charged to expense as incurred. Renewals and betterments are capitalized.

Goodwill and Intangible Assets

Contingent Consideration

The fair value of the liability for contingent consideration recorded on the acquisition date for a business combination is based on probability weighted estimated cash flow streams, discounted back to present value using a discount rate determined in accordance with accepted valuation methods and reflective of the risk associated with the estimated cash flow streams. The liability for contingent consideration is remeasured to fair value at each reporting period with changes recorded in earnings until the contingency is resolved.

Revenue Recognition

The Company recognizes revenue when it transfers control of promised goods or services to its customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods and services. See Note 4, “Revenue from Contracts with Customers” for further discussion on revenue.

Research and Development

Research and development costs, including salaries, consulting fees, building costs, utilities and administrative expenses that are related to developing new products, enhancing existing products, validating new and enhanced products, managing clinical, regulatory and medical affairs are expensed as incurred.

Income Taxes

The Company calculates income tax expense for each jurisdiction in which it operates. This involves estimating actual current taxes due plus assessing temporary differences arising from differing treatment for tax and accounting purposes that are recorded as deferred tax assets and liabilities. The Company periodically evaluates deferred tax assets, capital loss carryforwards and tax credit carryforwards to determine their recoverability based primarily on the Company's ability to generate future taxable income and capital gains. Where it is more-likely-than-not these will not be recovered, the Company estimates a valuation allowance and records a corresponding additional tax expense in the consolidated statement of operations.

The Company recognizes and measures uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step approach. The Company first determines if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is that the Company measures the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. The Company recognizes interest and penalties related to uncertain tax positions in the provision for income taxes on the consolidated statements of operations.

Stock-Based CompensationStock-based compensation expense reflects the fair value of stock-based awards measured at the grant date and recognized over the relevant service period. The expense recognized includes the impact of forfeitures as they occur. The Company estimates the fair value of each stock-based award on the measurement date using either the current market price of the stock, the Black-Scholes option valuation model, or the Monte Carlo Simulation valuation model. The Black-Scholes and Monte Carlo Simulation valuation models incorporate assumptions as to stock price volatility, the expected life of options or restricted stock units, a risk-free interest rate and dividend yield. The Company recognizes stock-based compensation expense related to options, restricted stock units and market based performance stock units on a straight-line basis over the service period of the award, which is generally 4 years for options and restricted stock units and 3 years for market based performance stock units.

Foreign Currency Translation

The functional currency of the Company's foreign subsidiaries is the local currency in which the subsidiary operates. For foreign operations where the local currency is considered to be the functional currency, the Company translates assets and liabilities into U.S. dollars at the exchange rate on the balance sheet date. The Company translates income and expense items at average rates of exchange prevailing during each period. The Company accumulates translation adjustments in accumulated other comprehensive loss, a component of stockholders’ equity.

Transaction gains or losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in other expense in the statements of operations as incurred.

Derivative Financial Instruments

The Company is exposed to market risks, including changes in foreign currency and interest rates. The Company periodically enters into certain derivative financial instruments to hedge the underlying economic exposure.

Derivative instruments are presented in the consolidated financial statements at their fair value. Changes in the fair value of derivative financial instruments are either recognized periodically in income or in stockholders’ equity as a component of accumulated other comprehensive income (loss) depending on whether the derivative financial instrument qualifies for hedge accounting and, if so, whether it qualifies as a fair value or cash flow hedge. Generally, the changes in the fair value of derivatives accounted for as fair value hedges are recorded in income along with the portions of the changes in the fair value of hedged items that relate to the hedged risks. Changes in the fair value of derivatives accounted for as cash flow hedges, to the extent they are effective as hedges, are recorded in accumulated other comprehensive income (loss). There were no derivative instruments held by the Company as of May 31, 2021 and 2020.

Contingencies

The Company is subject to various legal proceedings that arise in the ordinary course of business, including patent infringement and product liability matters. The Company records accruals for contingencies when it is probable the liability has been incurred and the amount can be reasonably estimated. Legal fees are expensed as incurred. Insurance recoveries related to potential claims are recognized up to the amount of the recorded liability when coverage is confirmed and the estimated recoveries are probable of payment. These recoveries are not netted against the related liabilities for financial statement presentation.

The following table provides a description of recent accounting pronouncements that may have a material effect on the Company's consolidated financial statements:


Recently Issued Accounting Pronouncements - Adopted
Standard	Description	Date Adopted	Effect on the Consolidated Financial Statements


ASU 2018-13, Fair Value Measurement (Topic 820)	This ASU removes, modifies and adds various disclosure requirements related to fair value disclosures. Disclosures related to transfers between fair value hierarchy levels will be removed and further detail around changes in unrealized gains and losses for the period and unobservable inputs used in determining level 3 fair value measurements will be added, among other changes.	June 1, 2020	The Company adopted the new standard in the first quarter of fiscal year 2021 and it did not have an impact on the Company's consolidated financial statements.
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments	This ASU replaces the current incurred loss impairment methodology for financial assets measured at amortized cost with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information, including forecasted information, to develop credit loss estimates.	June 1, 2020	The Company adopted the new standard in the first quarter of fiscal year 2021 and it did not have an impact on the Company's consolidated financial statements.


Recently Issued Accounting Pronouncements - Not Yet Applicable or Adopted

Acquisitions

12 Months Ended

May 31, 2021

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

C3 Wave Tip Location Acquisition

On December 17, 2019, the Company acquired the C3 Wave tip location asset from Medical Components Inc.("MedComp") for an aggregate purchase price of $10.0 million with $5.0 million of potential future contingent consideration related to technical milestones. This acquisition filled a gap in the Vascular Access portfolio and supports the Company's strategic plan. The Company accounted for this acquisition as an asset purchase. The Company recorded the amount paid at closing as inventory of $0.6 million and intangible assets of a trademark of $0.9 million and product technology of $8.5 million. The intangible assets will be amortized over 15 years. The contingent consideration is comprised of technical milestones and will be accounted for when the contingency is resolved or becomes probable and reasonably estimable.

Eximo Acquisition

On October 2, 2019, the Company entered into a share purchase agreement to acquire Eximo Medical, Ltd., a pre-commercial stage medical device company with a proprietary 355nm laser atherectomy technology. The aggregate purchase price of $60.7 million included an upfront payment of $45.8 million and contingent consideration with an estimated fair value of $14.9 million. This acquisition expanded and complemented the Company’s Endovascular Therapies product portfolio by adding the 355nm laser atherectomy technology (Auryon) which treats Peripheral Artery Disease.

The Company accounted for the Eximo acquisition under the acquisition method of accounting for business combinations. Accordingly, the cost to acquire the assets was allocated to the underlying net assets in proportion to estimates of their respective fair values. The excess of the purchase price over the estimated fair value of the net assets acquired was recorded as goodwill. Goodwill is non-deductible for income tax purposes.

The Company has not disclosed the amount of revenue and earnings for sales of Eximo products since acquisition, nor proforma information, because these amounts are not significant to the Company's financial statements. Acquisition-related costs associated with the Eximo acquisition, which are included in "acquisition, restructuring and other items, net" in the accompanying Consolidated Statements of Operations, were approximately $0.6 million in fiscal year 2020. The following table summarizes the final aggregate purchase price allocated to the net assets acquired:


(in thousands)	Final allocation
Accounts receivable	$	50
Inventory	150
Prepaid and other current assets	54
Long-term deposits	51
Property, plant and equipment	397
Intangible assets:
Product technology	60,300
Goodwill	11,427
Total assets acquired	$	72,429
Liabilities assumed
Accounts payable	$	84
Other current liabilities	615
Deferred tax liabilities	11,070
Total liabilities assumed	$	11,769
Net assets acquired	$	60,660

The Company finalized the allocation of the purchase price to the assets acquired and liabilities assumed in the fourth quarter of fiscal year 2020.

The value assigned to the product technology was derived using the multi-period excess earnings method under the income approach. This approach estimates the excess earnings generated over the lives of the customers that existed as of the acquisition date and discounts such earnings to present value. The product technology is deemed to have a useful life of fifteen years and will be amortized on a straight-line basis over the useful life.

The goodwill arising from the acquisition consists largely of synergies and economies of scale the Company hopes to achieve from combining the acquired assets with the Company's current operations.

RadiaDyne Acquisition

On September 21, 2018, the Company acquired RadiaDyne, a privately held medical diagnostic and device company that designs and develops patient dose monitoring technology to improve cancer treatment outcomes. The aggregate purchase price of $75.0 million included an upfront payment of $47.9 million, contingent consideration with an estimated fair value of $22.3 million, an indemnification holdback of $4.6 million and a purchase price holdback of $0.2 million. The fair value of contingent consideration of $22.3 million was comprised of $16.5 million for the revenue milestones and $5.8 million for the technical milestones. The indemnification holdback was recorded in accrued liabilities at May 31, 2020 and was released during fiscal year 2021.

This acquisition expanded the Company’s growing Oncology business by adding RadiaDyne’s oncology solutions, including the IsoLoc/ImmobiLoc and Alatus balloon stabilizing technologies.

The Company accounted for the RadiaDyne acquisition under the acquisition method of accounting for business combinations. Accordingly, the cost to acquire the assets was allocated to the underlying net assets in proportion to estimates of their respective fair values. The excess of the purchase price over the estimated fair value of the net assets acquired was recorded as goodwill. Goodwill is deductible for income tax purposes.

The Company has not disclosed the amount of revenue and earnings for sales of RadiaDyne products since acquisition, nor proforma information, because these amounts are not significant to the Company's financial statements. Acquisition-related costs associated with the RadiaDyne acquisition, which are included in "acquisition, restructuring and other items, net" in the accompanying Consolidated Statements of Operations, were approximately $1.6 million in fiscal year 2019. The following table summarizes the final aggregate purchase price allocated to the net assets acquired:


(in thousands)	Final allocation
Accounts receivable	$	900
Inventory	732
Prepaid and other current assets	98
Property, plant and equipment	133
Intangible assets:
RadiaDyne trademark	400
OARtrac trademark	200
RadiaDyne legacy product technology	1,500
OARtrac product technology	18,900
RadiaDyne customer relationships	4,600
Goodwill	47,982
Total assets acquired	$	75,445
Liabilities assumed
Accounts payable	$	352
Accrued expenses	106
Total liabilities assumed	$	458
Net assets acquired	$	74,987

The Company finalized the allocation of the purchase price to the assets acquired and liabilities assumed in the fourth quarter of fiscal year 2019.

The values assigned to the RadiaDyne and OARtrac trademark and product technologies were derived using the relief-from-royalties method under the income approach. This approach is used to estimate the cost savings that accrue for the owner of an intangible asset who would otherwise have to pay royalties or licensing fees on revenues earned through the use of the asset if they had not owned the rights to use the assets. The net after-tax royalty savings are calculated for each year in the remaining economic life of the intangible asset and discounted to present value. The trademarks were deemed to have a useful life of five to seven years and the product technologies were deemed to have a useful life of seven to ten years. Both are amortized on a straight-line basis over their useful life.

The value assigned to customer relationships was derived using the multi-period excess earnings method under the income approach. This approach estimates the excess earnings generated over the lives of the customers that existed as of the acquisition date and discounts such earnings to present value. Customer relationships are amortized on a straight-line basis over fifteen years.

The goodwill arising from the acquisition consists largely of synergies and economies of scale the Company hopes to achieve from combining the acquired assets with the Company's current operations.

During the fourth quarter of fiscal year 2021, the Company made the decision to abandon the OARtrac product technology and trademark. This resulted in an impairment charge of $14.0 million. The impairment charge is recorded in "Acquisition, restructuring and other items, net", on the Consolidated Statement of Operations (see Note 19). At May 31, 2021, the fair value of the contingent liability for RadiaDyne is zero (see Note 5).

BioSentry Acquisition

On August 14, 2018, the Company acquired the BioSentry product from Surgical Specialties, LLC (“SSC”), for an aggregate purchase price of $39.8 million of which $37.0 million was paid on August 14, 2018 and $2.8 million was recorded as contingent consideration. The contingent consideration liability was recorded at fair value and was paid in the fourth quarter of fiscal year 2019 upon fulfillment of hydrogel orders by SSC.

The Company accounted for the BioSentry acquisition under the acquisition method of accounting for business combinations. Accordingly, the cost to acquire the assets was allocated to the underlying net assets in proportion to estimates of their respective fair values. The excess of the purchase price over the estimated fair value of the net assets acquired was recorded as goodwill. Goodwill is deductible for income tax purposes.

The Company has not disclosed the amount of revenue and earnings for sales of BioSentry products since acquisition, nor proforma information, because these amounts are not significant to the Company's financial statements. Acquisition-related costs associated with the BioSentry acquisition, which are included in acquisition, restructuring and other expenses, net in the accompanying Consolidated Statements of Operations, were approximately $1.0 million in fiscal year 2019. The following table summarizes the final purchase price allocated to the net assets acquired:


(in thousands)	Final allocation
Inventory	$	50
Property, plant and equipment	10
Intangible assets:
BioSentry trademark	2,500
BioSentry product technology	20,900
Customer relationships	2,600
Goodwill	13,740
Net assets acquired	$	39,800

The Company finalized the allocation of the purchase price to the assets acquired and liabilities assumed in the fourth quarter of fiscal year 2019.

The values assigned to the BioSentry trademark and product technologies were derived using the relief-from-royalties method under the income approach. This approach is used to estimate the cost savings that accrue for the owner of an intangible asset who would otherwise have to pay royalties or licensing fees on revenues earned through the use of the asset if they had not owned the rights to use the assets. The net after-tax royalty savings are calculated for each year in the remaining economic life of the intangible asset and discounted to present value. The trademark and product technologies are deemed to have a fifteen year useful life and are amortized on a straight-line basis over their useful life.

The goodwill arising from the acquisition consists largely of synergies and economies of scale the Company hopes to achieve from combining the acquired assets with the Company's current operations.

Divestitures

12 Months Ended

May 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

DIVESTITURES

Fluid Management

On May 31, 2019, the Company completed the sale of the NAMIC Fluid Management business (the “Divestiture”) and all of the assets used primarily in connection with the Fluid Management business to Medline Industries, Inc. (“Medline”) pursuant to an asset purchase agreement dated April 17, 2019 (the “Asset Purchase Agreement”). Total consideration received by the Company for the Divestiture in the fourth quarter of fiscal year 2019 was $169.2 million in cash and resulted in a gain of $46.6 million after working capital adjustments of $0.6 million. The gain is recorded in discontinued operations. On June 3, 2019, a portion of the net proceeds were used to retire the outstanding balance on the Term Loan and Revolving Facility and the remaining net proceeds will continue to be invested in the business.

Pursuant to a transition services agreement entered into and effective on the closing of the transaction, the Company supplied certain services to Medline. Medline received certain legal, human resource, tax, accounting and information technology services from the Company which ended in the fourth quarter of fiscal year 2021.

As a result of the Divestiture, the results of operations from the Fluid Management business are reported in the accompanying consolidated statements of operations as “Income from discontinued operations, net of income tax” for the year ended May 31, 2019.

The following table summarizes the financial results of discontinued operations:



(in thousands)	May 31, 2019
Net sales	$	88,850
Cost of sales (exclusive of amortization)	52,978
Gross profit	35,872

Operating expenses
Research and development	1,177
Sales and marketing	4,129
General and administrative	271
Amortization of intangibles	2,716
Total operating expenses	8,293
Operating income	27,579


Gain on divestiture	46,592


Income from discontinued operations before income taxes	74,171
Income tax expense	(1,685)
Income from discontinued operations	$	72,486

In accordance with GAAP, only expenses specifically identifiable and related to a business to be disposed may be allocated to discontinued operations. As such, the selling and marketing, research and development and general and administrative expenses recorded in discontinued operations include corporate costs incurred directly in support of the Fluid Management portfolio.

The Company applied the “Intraperiod Tax Allocation” rules under ASC 740, which requires the allocation of an entity’s total annual income tax provision among continuing operations and, in the Company’s case, discontinued operations. Included in the $1.6 million income tax expense for fiscal year 2019 is $0.6 million tax expense related to the gain on the Divestiture. The taxes on the gain were calculated using various state statutory tax rates and are partially offset by the utilization of historical state net operating losses. There are no current federal taxes on the gain due to utilization of historical net operating losses which had a corresponding valuation allowance.

The table below provides a reconciliation of the gain recorded on the sale of the Fluid Management business:


(in thousands)
Proceeds received from Divestiture	$	169,242
Working capital adjustment	(612)

Fluid Management assets:
Inventories	11,029
Property, plant and equipment, net	16,624
Intangible assets, net	15,047
Goodwill	75,308
Total Fluid Management assets	118,008





Transaction costs for Divestiture (1)	4,030

Gain on sale of the Fluid Management business before income taxes	$	46,592

(1) Costs include advisory fees, legal fees and professional fees

Proceeds from the sale of Fluid Management have been presented in the Consolidated Statements of Cash Flows under investing activities for the fiscal year ended May 31, 2019. Total operating and investing cash flows of discontinued operations for the fiscal year ended May 31, 2019 is comprised of the following, which exclude the effect of income taxes:


(in thousands)	2019
Net cash provided by operating activities	$	2,245
Net cash provided by investing activities	982

Revenue from Contracts with Customers

12 Months Ended

May 31, 2021

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue Recognition

Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

The Company has one primary revenue stream which is the sales of its products.

Disaggregation of Revenue

The following tables summarize net product revenue by Global Business Unit and geography for the years ended May 31, 2021, 2020 and 2019:


	Year ended May 31, 2021						Year ended May 31, 2020
(in thousands)	United States		International		Total		United States		International		Total
Net sales
Endovascular Therapies	$	121,427	$	13,652	$	135,079	$	98,965	$	13,741	$	112,706
Vascular Access	81,088		20,222		101,310		76,768		17,531		94,299
Oncology	34,528		20,093		54,621		32,247		24,905		57,152

Total	$	237,043	$	53,967	$	291,010	$	207,980	$	56,177	$	264,157


	Year ended May 31, 2019
(in thousands)	United States		International		Total
Net sales
Endovascular Therapies	$	106,767	$	13,134	$	119,901
Vascular Access	79,611		15,119		94,730
Oncology	30,579		25,424		56,003

Total	$	216,957	$	53,677	$	270,634

Net Product Revenue

The Company's products consist of a wide range of medical, surgical and diagnostic devices used by professional healthcare providers for vascular access, for the treatment of peripheral vascular disease and for use in oncology and surgical settings. The Company's devices are generally used in minimally invasive, image-guided procedures. Most of the Company's products are intended to be used once and then discarded, or they may be implanted for short or long term use. The Company sells its products to its distributors and to end users, such as interventional radiologists, interventional cardiologists, vascular surgeons, urologists, interventional and surgical oncologists and critical care nurses.

Contracts and Performance Obligations

The Company contracts with its customers based on customer purchase orders, which in many cases are governed by master purchasing agreements. The Company’s contracts with customers are generally for product only, and do not include other performance obligations such as services or other material rights. As part of its assessment of each contract, the Company evaluates certain factors including the customer’s ability to pay (or credit risk). For each contract, the Company considers the promise to transfer products, each of which is distinct, to be the identified performance obligations.

Transaction Price and Allocation to Performance Obligations

Transaction prices of products are typically based on contracted rates. Product revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products to a customer, net of any variable consideration as described below.

If a contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products underlying each performance obligation. The Company has standard pricing for its products and determines standalone selling prices based on the price at which the performance obligation is sold separately.

Revenue Recognition

Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which occurs at a point in time, and may be upon shipment from the Company’s manufacturing site or delivery to the customer’s named location, based on the contractual shipping terms of a contract.

In determining whether control has transferred, the Company considers if there is a present right to payment from the customer and when physical possession, legal title and risks and rewards of ownership have transferred to the customer.

The Company typically invoices customers upon satisfaction of identified performance obligations. As the Company’s standard payment terms are 30 to 90 days from invoicing, the Company does not provide any significant financing to its customers.

The Company enters into agreements to place placement and evaluation units (“units”) at customer sites, but the Company retains title to the units. The duration of these agreements are typically a year and the customer has the right to use the unit at no upfront charge in connection with the customer’s ongoing purchase of disposables. These types of agreements include an embedded operating lease for the right to use the units. In these arrangements, revenue recognized for the sale of the disposables is not allocated between the disposal revenue and lease revenue due to the insignificant value of the units in relation to the total agreement value.

Sales, value added, and other taxes collected on behalf of third parties are excluded from revenue.

Variable Consideration

Reserves: Revenue from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established for discounts, returns, rebates and allowances that are offered within contracts between the Company and its customers. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as a contra asset.

Rebates and Allowances: The Company provides certain customers with rebates and allowances that are explicitly stated in the Company’s contracts and are recorded as a reduction of revenue in the period the related product revenue is recognized. The Company establishes reserves for such amounts, which is included in accrued expenses in the accompanying consolidated balance sheets. These rebates and allowances result from performance-based offers that are primarily based on attaining contractually specified sales volumes and administrative fees the Company is required to pay to group purchasing organizations.

Product Returns: The Company generally offers customers a limited right of return. Product returns after 30 days must be pre-approved by the Company and customers may be subject to a 20% restocking charge. To be accepted, a returned product must be unadulterated, undamaged and have at least twelve months remaining prior to its expiration date. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product return liabilities using its historical product return information and considers other factors that it believes could significantly impact its expected returns, including product recalls. During the year ended May 31, 2021, such product returns were not material.

Contract Balances with Customers

A receivable is generally recognized in the period the Company ships the product. Payment terms on invoiced amounts are based on contractual terms with each customer and generally coincide with revenue recognition. Accordingly, the Company does not have any contract assets associated with the future right to invoice its customers. In some cases, if control of the product has not yet transferred to the customer or the timing of the payments made by the customer precedes the Company’s fulfillment of the performance obligation, the Company recognizes a contract liability that is included in deferred revenue in the accompanying consolidated balance sheets.

The following table presents changes in the Company’s receivables, contract assets and contract liabilities with customers:


(in thousands)	May 31, 2021		May 31, 2020
Receivables	$	35,405	$	31,263
Contract assets	$	—	$	—
Contract liabilities	$	426	$	545

During the years ended May 31, 2021 and 2020, the Company had additions to contract liabilities of $1.0 million and $2.1 million, respectively. This was offset by $1.2 million and $2.2 million in revenue that was recognized during the years ended May 31, 2021 and 2020, respectively.

Costs to Obtain or Fulfill a Customer Contract

Under ASC 606, the Company recognizes an asset for incremental costs of obtaining a contract with a customer if it expects to recover those costs. The Company’s sales incentive compensation plans qualify for capitalization since these plans are directly related to sales achieved during a period of time. However, the Company has elected the practical expedient under ASC 340-40-25-4 to expense the costs as they are incurred within selling and marketing expenses since the amortization period is less than one year.

The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. Shipping and handling costs, associated with the distribution of finished products to customers, are recorded in costs of goods sold and are recognized when the related finished product is shipped to the customer. Amounts charged to customers for shipping are recorded in net sales.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Fair Value of Financial Instruments

12 Months Ended

May 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTSOn a recurring basis, the Company measures certain financial assets and financial liabilities at fair value based upon quoted market prices, where available. Where quoted market prices or other observable inputs are not available, the Company applies valuation techniques to estimate fair value. FASB ASC Topic 820, Fair Value Measurements and Disclosures, establishes a three-level valuation hierarchy for disclosure of fair value measurements. The categorization of financial assets

and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the measurement of fair value. The three levels of the hierarchy are defined as follows:

•Level 1 - Inputs to the valuation methodology are quoted market prices for identical assets or liabilities.

•Level 2 - Inputs to the valuation methodology are other observable inputs, including quoted market prices for similar assets or liabilities and market-corroborated inputs.

•Level 3 - Inputs to the valuation methodology are unobservable inputs based on management’s best estimate of inputs market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk.

The Company's financial instruments include cash and cash equivalents, marketable securities, accounts receivable, accounts payable and contingent consideration. The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximates fair value due to their immediate or short-term maturities. The recurring fair value measurements using significant unobservable inputs (Level 3) relate to contingent consideration liabilities.

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


	Fair Value Measurements using inputs considered as:
(in thousands)	Level 1		Level 2		Level 3		Fair Value at May 31, 2021









Financial Liabilities

Contingent consideration for acquisition earn outs	$	—	$	—	$	15,741	$	15,741
Total Financial Liabilities	$	—	$	—	$	15,741	$	15,741


	Fair Value Measurements using inputs considered as:
(in thousands)	Level 1		Level 2		Level 3		Fair Value at May 31, 2020









Financial Liabilities

Contingent consideration for acquisition earn outs	$	—	$	—	$	15,647	$	15,647
Total Financial Liabilities	$	—	$	—	$	15,647	$	15,647

There were no transfers in and out of Level 1, 2 and 3 measurements for the years ended May 31, 2021 and 2020.

The table below presents the changes in fair value components of Level 3 instruments for the year ended May 31, 2021:


	Financial Liabilities
(in thousands)	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at May 31, 2020	$	15,647

Change in present value of contingent consideration (1)	89
Currency (gain) loss from remeasurement	5



Balance at May 31, 2021	$	15,741

(1) Change in the fair value of contingent consideration is included in earnings and comprised of changes in estimated earn out payments based on projections of Company performance and amortization of the present value discount.

The table below presents the changes in fair value components of Level 3 instruments for the year ended May 31, 2020:


	Financial Liabilities
(in thousands)	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at May 31, 2019	$	13,486
Contingent consideration liabilities recorded as a result of the acquisitions (Note 2)	14,900
Change in fair value of contingent consideration (1)	(11,531)





Contingent consideration payments	(1,208)
Balance at May 31, 2020	$	15,647

During fiscal year 2020, the Company revised the sales projections for RadiaDyne products as a result of reviews performed by executive management. The adjustments to the sales projections over the contractual earn-out period resulted in a $9.2 million reduction in the fair value of the contingent liability. It was also determined that one of the technical milestones would not be achieved, which resulted in an additional reduction in the liability of $2.7 million. At May 31, 2021, there are no remaining amounts payable for the RadiaDyne contingent consideration.

Contingent Liability for Acquisition Earn Outs

Some of the Company's business combinations involve the potential for the payment of future contingent consideration upon the achievement of certain product development milestones or various other performance conditions. Payment of the additional consideration is generally contingent on the acquired company reaching certain performance milestones, including attaining specified revenue levels or product development targets. Contingent consideration is recorded at the estimated fair value of the contingent payments on the acquisition date. 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 change in fair value of contingent consideration in the consolidated statements of income.

The Company measures the initial liability and remeasures the liability on a recurring basis using Level 3 inputs as defined under authoritative guidance for fair value measurements which is determined using a discounted cash flow model applied to projected net sales, using probabilities of achieving projected net sales and projected payment dates. Projected net sales are based on internal projections and extensive analysis of the target market and the sales potential. 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 liabilities include the following significant unobservable inputs as of May 31, 2021:

(in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

Revenue based payments

15,741

Discounted cash flow

Discount rate

Probability of payment

66% - 100%

Projected fiscal year of payment

2024 - 2025

At May 31, 2021, the amount of undiscounted future contingent consideration that the Company expects to pay as a result of all completed acquisitions is approximately $20.0 million. The milestones, including revenue projections and technical milestones, associated with the contingent consideration must be reached in future periods ranging from fiscal years 2021 to 2025 in order for the associated consideration to be paid.

Items Measured at Fair Value on a Nonrecurring Basis

During the fourth quarter of fiscal year 2021, the Company made the decision to abandon the OARtrac product technology and trademark. This resulted in an impairment charge of $14.0 million. The Company recorded a goodwill impairment charge of $158.6 million as of May 31, 2020 to write down the carrying value of the reporting unit to fair value using Level 3 inputs.

There were no other items measured at fair value on a nonrecurring basis during the year ended May 31, 2020 or May 31, 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories

12 Months Ended

May 31, 2021

Inventory Disclosure [Abstract]

INVENTORIES

Inventories are stated at lower of cost and net realizable value (using the first-in, first-out method). Inventories consisted of the following:


(in thousands)	May 31, 2021		May 31, 2020
Raw materials	$	22,925	$	23,308
Work in process	8,022		8,318
Finished goods	17,667		28,279
Total	$	48,614	$	59,905

The Company periodically reviews its inventory for both obsolescence and loss of value. The Company makes assumptions about the future demand for and market value of the inventory. Based on these assumptions, the Company estimates the amount of obsolete, expiring and slow moving inventory. The total inventory reserve at May 31, 2021 and 2020 was $3.8 million and $4.7 million, respectively.

Prepaid Expenses and Other

12 Months Ended

May 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER

Prepaid expenses and other consisted of the following:


(in thousands)	May 31, 2021		May 31, 2020
Deposits	$	2,795	$	689
Employee Retention Tax Credit	1,911		—
Software licenses	1,286		1,002
TSA receivable	2		2,911
License fees	166		203
Trade shows	132		296
Rent	268		246
Other prepaid taxes	379		414
Other	1,760		1,549
Total	$	8,699	$	7,310

Property, Plant and Equipment, Net

12 Months Ended

May 31, 2021

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment are summarized as follows:


(in thousands)	May 31, 2021		May 31, 2020
Building and building improvements	$	28,979	$	27,119
Computer software and equipment	26,302		24,730
Machinery and equipment	14,208		13,602
Placement and evaluation units	9,530		—
Construction in progress	3,217		3,050
	82,236		68,501
Less accumulated depreciation	(45,635)		(40,661)
	36,601		27,840
Land and land improvements	472		472
	$	37,073	$	28,312

Depreciation expense for fiscal years 2021, 2020 and 2019 was $5.7 million, $3.3 million and $3.1 million, respectively.

Goodwill and Intangible Assets

12 Months Ended

May 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill

Goodwill is not amortized, but rather, is tested for impairment annually or more frequently if impairment indicators arise. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination.

The Company's annual testing for impairment of goodwill was completed as of December 31, 2020. The Company operates as a single operating segment with one reporting unit and consequently evaluates goodwill for impairment based on an evaluation of the fair value of the Company as a whole. The Company determines the fair value of the reporting unit based on the market valuation approach and concluded that it was not more-likely-than-not that the fair value of the Company's reporting unit was less than its carrying value.

Even though the Company determined that there was no goodwill impairment as of December 31, 2020, the future occurrence of a potential indicator of impairment, such as a significant adverse change in legal, regulatory, business or economic conditions or a more-likely-than-not expectation that the reporting unit or a significant portion of the reporting unit will be sold or disposed of, would require an interim assessment for the reporting unit prior to the next required annual assessment as of December 31, 2021.

There were no adjustments to goodwill for the year ended May 31, 2021 other than foreign currency translation adjustments. For the year ended May 31, 2020 the Company recorded a goodwill impairment charge of $158.6 million to write down the carrying value of the reporting unit to fair value.

Definite Lived Intangible Assets

Definite lived intangible assets consist primarily of product technologies and customer relationships and are amortized over their estimated useful lives, which range between two to eighteen years, on either a straight-line basis over the expected period of benefit or as revenues are earned from the sales of the related product. Amortization expense was $18.1 million, $18.1 million and $17.1 million for fiscal years 2021, 2020 and 2019, respectively. During the fourth quarter of fiscal year 2021, the Company made the decision to abandon the OARtrac product technology and trademark. This resulted in an impairment charge of $14.0 million. The impairment charge is recorded in "Acquisition, restructuring and other items, net", on the Consolidated Statement of Operations (see Note 19). There were no impairment charges on definite lived intangible assets for the years ended May 31, 2020 and 2019.

Intangible assets consisted of the following:


	May 31, 2021
(in thousands)	Gross carrying value		Accumulated amortization		Net carrying value
Product technologies	$	236,907	$	(97,343)	$	139,564
Customer relationships	60,291		(34,164)		26,127
Trademarks	9,950		(6,905)		3,045
Licenses	6,087		(5,846)		241
	$	313,235	$	(144,258)	$	168,977


	May 31, 2020
(in thousands)	Gross carrying value		Accumulated amortization		Net carrying value
Product technologies	$	251,569	$	(88,547)	$	163,022
Customer relationships	60,160		(30,018)		30,142
Trademarks	10,150		(6,691)		3,459
Licenses	6,087		(5,574)		513


	$	327,966	$	(130,830)	$	197,136

Expected future amortization expense related to the intangible assets for each of the following fiscal years is as follows:


(in thousands)
2022	$	15,156
2023	15,595
2024	14,111
2025	15,131
2024	16,138
2025 and thereafter	92,846
	$	168,977

Income Taxes

12 Months Ended

May 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of loss from continuing operations before income tax benefit are as follows:


	Year ended May 31,
(in thousands)	2021		2020		2019
Loss from continuing operations before tax expense:
U.S.	$	(31,595)	$	(166,984)	$	(15,593)
Non-U.S.	(4,457)		(1,151)		891
	$	(36,052)	$	(168,135)	$	(14,702)

Income tax benefit is comprised of the following:


	Year ended May 31,
(in thousands)	2021		2020		2019
Current

U.S.	100		96		128
Non U.S.	201		124		289
	301		220		417
Deferred
U.S.	(3,375)		(1,122)		(3,948)
Non U.S.	(1,430)		(446)		(25)
	(4,805)		(1,568)		(3,973)

Income tax benefit	$	(4,504)	$	(1,348)	$	(3,556)

Temporary differences that give rise to deferred tax assets and liabilities are summarized as follows:


(in thousands)	May 31, 2021		May 31, 2020
Deferred tax assets
Net operating loss carryforward	$	31,564	$	26,697
Stock-based compensation	3,556		2,923
Federal and state R&D tax credit carryforward	6,715		5,412
Inventories	884		1,071
Expenses incurred not currently deductible	3,091		1,927
Accrued liabilities	73		95
Gross deferred tax asset	45,883		38,125
Deferred tax liabilities
Depreciation and amortization	48,744		49,023

	48,744		49,023
Valuation allowance	(17,035)		(13,114)
Net deferred tax liability	$	(19,896)	$	(24,012)

The net deferred tax liability in the U.S. as of May 31, 2021 and 2020 principally relates to tax amortization of intangibles that have an indefinite reversal period for book purposes, also known as a “naked credit deferred tax liability”, that cannot be considered as a source of income to recover the deferred tax asset. In addition, during the fiscal year ended May 31, 2020 a net deferred tax liability of $11.0 million was recorded in purchase accounting related to the stock acquisition of Eximo Medical Ltd. primarily related to book intangibles offset by tax net operating losses.

The Company's U.S. Federal net operating loss carryforwards as of May 31, 2021 after considering IRC Section 382 limitations are $134.6 million. The expiration of the Federal net operating loss carryforwards are as follows: $8.6 million between 2022 and 2023, $79.4 million between 2028 and 2037 and $46.6 million indefinitely.

The Company's state net operating loss carryforwards as of May 31, 2021 after considering remaining IRC Section 382 limitations are $20.0 million which expire in various years from 2029 to 2041. The Company has Israel tax net operating losses of $13.5 million that can be carried forward indefinitely.

Beginning in 2018, except for the Global Intangible Low-Taxed Income, the Company will no longer record United States federal income tax on its share of the income of its foreign subsidiaries, nor will it record a benefit for foreign tax credits related to that income. Upon distribution of these earnings in the form of dividends or otherwise, the Company would be subject to withholding taxes payable, where applicable, to foreign countries, but would have no further federal income tax liability. The Company intends to indefinitely reinvest the unremitted foreign earnings of all other subsidiaries as of May 31, 2021, as well as all subsequent earnings generated by all of our foreign subsidiaries. Determining the amount of unrecognized deferred tax liability related to any additional outside basis difference in these entities is not practical.

The Company regularly assesses its ability to realize its deferred tax assets. Assessing the realization of deferred tax assets requires significant management judgment. In determining whether its deferred tax assets are more likely than not realizable, the Company evaluated all available positive and negative evidence, and weighted the evidence based on its objectivity. Evidence the Company considered included its history of net operating losses, which resulted in the Company recording a full valuation allowance for its deferred tax assets in fiscal year 2016, except the naked credit deferred tax liability.

Based on the review of all available evidence, the Company determined that it has not yet attained a sustained level of profitability and the objectively verifiable negative evidence outweighed the positive evidence. Therefore, the Company has provided a valuation allowance on its federal and state net operating loss carryforwards, federal and state R&D credit carryforwards and other net deferred tax assets that have a limited life and are not supportable by the naked credit deferred tax liability sourced income as of May 31, 2021. The Company will continue to assess the level of the valuation allowance required. If sufficient positive evidence exists in future periods to support a release of some or all of the valuation allowance, such a release would likely have a material impact on the Company’s results of operations.

The Company's consolidated income tax expense has differed from the amount that would be provided by applying the U.S. Federal statutory income tax rate to the Company's income before income taxes for the following reasons:


	Year ended May 31,
(in thousands)	2021		2020		2019
Income tax benefit at federal statutory tax rate of 21.0%, 21.0% and 28.6%, respectively	$	(7,571)	$	(35,308)	$	(3,087)

State income taxes, net of Federal tax benefit	(462)		(40)		(177)
Impact of Non-U.S. operations	(293)		(100)		76
Research and development tax credit	(1,303)		(1,152)		(936)

Meals and entertainment	116		171		190
Goodwill impairment	—		33,301		—


Change in valuation allowance	3,921		1,426		175
Effect of elimination of stock compensation APIC pool	526		162		—

Other	562		192		203
Income tax benefit	$	(4,504)	$	(1,348)	$	(3,556)

During fiscal year 2020, the Company recorded a goodwill impairment of $158.6 million. The Company has made the tax accounting policy election to first allocate the impairment to the Company’s nondeductible goodwill based on the Company’s pre-impairment nondeductible goodwill balance.

The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits:


	Year ended May 31,
(in thousands)	2021		2020		2019
Unrecognized tax benefits balance at June 1	$	464	$	464	$	464




Decrease in gross amounts of tax positions related to prior years due to U.S. tax reform	—		—		—
Decrease due to lapse in statute of limitations	—		—		—
Unrecognized tax benefits balance at May 31	$	464	$	464	$	464

The table above includes unrecognized tax benefits associated with the calculation of limitations placed on the utilization of tax attributes related to an acquired company. If recognized, $0.5 million would result in adjustments to other tax accounts.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. There are no accrued interest and penalties recognized in the consolidated balance sheet as of May 31, 2021 and May 31, 2020.

The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business the Company is subject to examination by taxing authorities throughout the world. Fiscal years 2018 through 2020 remain open to examination by the various tax authorities.

The Company does not anticipate that the amount of unrecognized tax benefits will significantly change in the next twelve months.

- 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 + Details

Accrued Liabilities

12 Months Ended

May 31, 2021

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

Accrued liabilities consist of the following:


(in thousands)	May 31, 2021		May 31, 2020
Payroll and related expenses	$	20,408	$	13,059
Outside services	4,256		2,222
Royalties	2,663		2,392
Accrued severance	548		794
Sales and franchise taxes	631		634


Litigation matters	975		—
Indemnification holdback	—		5,000

Other	5,978		5,279
Total	$	35,459	$	29,380

Long Term Debt	12 Months Ended
Long Term Debt	May 31, 2021
Debt Disclosure [Abstract]
Long Term Debt	LONG-TERM DEBT On June 3, 2019 and in connection with the completion of the Fluid Management divestiture, the Company repaid all amounts outstanding under its existing Credit Agreement and entered into a new Credit Agreement with the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and Bank of America, N.A. and KeyBank National Association, as co-syndication agents. The Credit Agreement provides for a $125.0 million secured revolving credit facility (the “Revolving Facility”), which includes an uncommitted expansion feature that allows the Company to increase the total revolving commitments and/or add new tranches of term loans in an aggregate amount not to exceed $75.0 million. The proceeds may be used to refinance certain existing indebtedness of the Company and its subsidiaries, to finance the working capital needs, and for general corporate purposes (including permitted acquisitions), of the Company and its subsidiaries. The Credit Agreement has a five year maturity. Interest on the facility is based, at the Company’s option, on either a base rate of LIBOR or alternate base rate, plus an applicable margin tied to the Company’s total leverage ratio and having ranges between 0.25% and 0.75% for base rate loans and between 1.25% and 1.75% for LIBOR loans. After default, the interest rate may be increased by 2.0%. The facility also carries a commitment fee of 0.20% to 0.25% per annum on the unused portion. The Company's obligations under the Revolving Facility are unconditionally guaranteed, jointly and severally, by the Company's material direct and indirect domestic subsidiaries (the “Guarantors”). All obligations of the Company and the Guarantors under the Revolving Facility are secured by first priority security interests in substantially all of the assets of the Company and the Guarantors. The Credit Agreement includes customary representations, warranties and covenants, and acceleration, indemnity and events of default provisions, including, among other things, two quarterly financial covenants as follows: •Maximum leverage ratio of consolidated total indebtedness* to consolidated EBITDA* of not greater than 3.00 to 1.00 (during certain periods following material acquisitions the ratio shall be increased to 3.50 to 1.00). •Fixed charge coverage ratio of consolidated EBITDA minus consolidated capital expenditures* to consolidated interest expense* paid or payable in cash plus scheduled principal payments in respect of indebtedness under the Credit Agreement of not less than 1.25 to 1.00. * The definitions of consolidated total indebtedness, consolidated EBITDA, consolidated capital expenditures and consolidated interest expense are specifically defined in the credit agreement included as an exhibit to Form 8-K filed on June 6, 2019. As of May 31, 2021 there was $20.0 million outstanding on the Revolving Facility. As of May 31, 2021 and May 31, 2020, the carrying value of long-term debt approximated its fair market value. The interest rate on the Revolving Facility at May 31, 2021 was 1.36%. The Company was in compliance with the Credit Agreement covenants as of May 31, 2021.

Retirement Plans	12 Months Ended
Retirement Plans	May 31, 2021
Retirement Benefits [Abstract]
RETIREMENT PLANS	RETIREMENT PLANSThe Company has a 401(k) plan under which eligible employees can defer a portion of their compensation, part of which is matched by the Company. Matching contributions were $3.8 million, $3.2 million and $3.6 million in 2021, 2020 and 2019, respectively. There are also various immaterial foreign retirement plans.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Stockholders' Equity

12 Months Ended

May 31, 2021

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Capitalization

On October 29, 2014, the Board of Directors approved the Amended and Restated Certificate of Incorporation (the “Amended Certificate”). Under the Amended Certificate, the authorized capital stock is 80,000,000 shares, consisting of 75,000,000 shares of common stock, par value $.01 per share and 5,000,000 shares of preferred stock, par value $.01 per share.

The holders of common stock are entitled to one vote for each share held. Subject to preferences applicable to any outstanding shares of preferred stock, the holders of common stock are entitled to receive ratably dividends, if any, as may be declared by the Board of Directors out of funds legally available for dividend payments. If the Company liquidates, dissolves, or winds up, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities and liquidation preferences of any outstanding shares of preferred stock. Holders of common stock have no pre-emptive rights or rights to convert their common stock into any other securities. There are no redemption or sinking fund provisions applicable to the common stock. The rights, preferences and privileges of the holders of common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock that the Company may designate in the future.

The Board of Directors has the authority to (i) issue the undesignated preferred stock in one or more series, (ii) determine the powers, preferences and rights and the qualifications, limitations or restrictions granted to or imposed upon any wholly un-issued series of undesignated preferred stock and (iii) fix the number of shares constituting any series and the designation of the series, without any further vote or action by the Company's stockholders.

Stock Options

On October 13, 2020, the Company's shareholders approved the 2020 Stock and Incentive Award Plan (the “2020 Plan”). The 2020 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock, restricted stock units, stock appreciation rights, performance share units, performance shares and other incentive awards to the Company's employees, directors and other service providers. A total of 2.4 million shares of common stock have been reserved for issuance under the 2020 Plan.

Prior to the adoption of the 2020 Plan, equity awards were issued under the 2004 Stock and Incentive Award Plan (the “2004 Plan”). The adoption of the 2020 Plan did not impact the administration of equity awards issued under the 2004 Plan but following the adoption of the 2020 Plan, equity award grants are no longer made under the 2004 Plan.

As of May 31, 2021, there remained approximately 2.3 million shares available for granting under the 2020 Plan.

The following table summarizes information about stock option activity for the fiscal year ended May 31, 2021:


	Shares	Weighted average exercise price		Weighted average remaining contractual life	Aggregate intrinsic value (in thousands)
Outstanding at beginning of year - June 1, 2020	1,938,753	$	16.89
Granted	528,809	$	11.41
Exercised	(137,237)	$	16.45
Forfeited	(132,895)	$	18.38
Expired	(50,470)	$	12.33
Outstanding at end of year - May 31, 2021	2,146,960	$	15.59	6.24	$	16,176
Options exercisable at year-end	1,067,686	$	16.26	3.91	$	7,324
Options expected to vest in future periods	1,079,274	$	14.92	8.53	$	8,852

Stock options are granted at exercise prices equal to the quoted market price of common stock at the date of the grant. Options vest 25% per year over four years for employees. Stock options granted prior to May 1, 2007 and after June 1, 2017 expire on the tenth anniversary of the grant date. Stock options granted between May 1, 2007 through May 31, 2017 expire on the seventh anniversary of the grant date.

The Company measures the fair value of each stock option grant at the date of grant using a Black-Scholes option pricing model. The weighted average grant-date fair value of options granted during the years ended May 31, 2021, 2020 and 2019 was $3.97, $5.46, and $6.53, respectively. The following assumptions were used in arriving at the fair value of options granted during 2021, 2020 and 2019, respectively: risk-free interest rates of 0.34%, 1.63% and 2.78%; expected volatility of 39%, 31%, and 31%; and expected lives of 4.96 years, 4.91 years, and 4.79 years. The Company does not declare dividends therefore a dividend yield of zero was used for the years ended May 31, 2021, 2020 and 2019. Risk-free interest rates reflect the yield on zero-coupon U.S. Treasury bonds whose maturity period equals the expected term of the option. Expected volatilities are based on the historical volatility of the Company's stock. The expected option lives are based on historical experience of employee exercise behavior.

The total intrinsic value of options exercised during the years ended May 31, 2021, 2020 and 2019 was $0.8 million, $0.5 million, and $1.4 million, respectively. As of May 31, 2021, there was $3.9 million of total unrecognized compensation cost related to non-vested options, which is expected to be recognized over a weighted average period of 6 years.

Cash received from option exercises during 2021, 2020 and 2019 was $1.9 million, $0.6 million and $1.5 million, respectively. Due to the valuation allowance there was no tax benefit realized from stock option exercises during the years ended May 31, 2021, 2020 and 2019.

Restricted Stock Unit and Performance Share Awards

The Company grants restricted stock units to certain employees under the 2020 Plan, and historically under the 2004 Plan, which give the recipients the right to receive shares of Company stock upon vesting. The restricted stock unit awards vest in four equal annual installments beginning on the first anniversary of the grant date. Restricted stock unit awards granted to directors vest over one year. Unvested restricted stock unit awards will be forfeited if the recipient ceases to be employed by the Company.

The following table summarizes information about restricted stock unit activity for the year ended May 31, 2021:


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Non-vested at beginning of year, June 1, 2020	464,921	$	19.65
Granted	533,708	$	10.40
Vested	(205,202)	$	10.02
Canceled	(31,324)	$	17.30
Non-vested at end of year, May 31, 2021	762,103	$	13.28

The fair value of each restricted stock unit is the market price of Company stock on the date of grant. The weighted average grant date fair value of restricted stock units granted during the years ended May 31, 2021, 2020 and 2019 was $10.40, $20.35 and $20.87, respectively. The total intrinsic value of restricted stock units (meaning the fair value of the units on the date of vest) vesting during the years ended May 31, 2021, 2020 and 2019 was $2.1 million, $3.9 million, and $4.6 million, respectively. As of May 31, 2021, there was $6.5 million of total unrecognized compensation cost related to non-vested restricted stock awards, which is expected to be recognized over a weighted average period of 3 years.

The Company grants performance share awards to certain employees under the 2020 Plan, and historically under the 2004 Plan, which gives the recipients the right to receive shares of Company stock if certain criteria is met.

The following table summarizes information about performance unit award activity for the year ended May 31, 2021:


	Performance Unit Awards	Weighted Average Grant-Date Fair Value
Non-vested at beginning of year, June 1, 2020	273,121	$	22.07
Granted	232,236	$	9.72
Vested	—	$	—
Canceled	(129,066)	$	21.28
Non-vested at end of year, May 31, 2021	376,291	$	14.72

During fiscal year 2021 and 2020, the Company granted performance unit awards. Performance unit awards subject to vesting are based on the Company's level of attainment of the performance targets which are set for each of the three

performance years along with continued employment of the grantee. At the end of the three year period, the vested shares are subject to modification based on the Company’s TSR targets relative to the percentage appreciation of a specified index of companies for the respective three-year period.

During fiscal year 2019, the Company granted performance unit awards that include a three-year market condition. Vesting of the performance unit awards is based on the Company's level of attainment of specified TSR targets relative to the percentage appreciation of a specified index of companies for the respective three-year periods. It is also subject to the continued employment of the grantees.

In order to estimate the fair value of such awards, a Monte Carlo Simulation valuation model on the date of the grant was used. For the years ended May 31, 2021, 2020 and 2019, the weighted average grant date fair market value for new grants was $9.72, $14.06 and $28.62, respectively. Compensation cost is recognized over the performance period which is typically three years. As of May 31, 2021, there was $2.1 million of unrecognized compensation cost which is expected to be recognized over a weighted average period of 2 years.

Compensation Expense

The following tables represents the break out of share-based compensation included in the Company's consolidated statement of operations:


	Year ended May 31,
(in thousands)	2021		2020		2019
Cost of sales	$	768	$	655	$	461
Research and development	1,152		971		724
Sales and marketing	1,641		1,665		1,952
General and administrative	5,064		4,301		6,112

	$	8,625	$	7,592	$	9,249

The income tax benefit on the compensation expense recognized for all share-based compensation arrangements was $2.0 million, $1.7 million and $2.1 million for the years ended May 31, 2021, 2020 and 2019, respectively. The income tax benefit for 2021, 2020 and 2019 are negated by the full valuation allowance recorded against the deferred tax assets.

Employee Stock Purchase Plan

The Employee Stock Purchase Plan (the “Stock Purchase Plan”) provides a means by which employees (the “participants”) are given an opportunity to purchase the Company's common stock through payroll deductions. A total of 4,000,000 shares of common stock have been reserved for issuance under the Stock Purchase Plan. Shares are offered through two purchase periods, each with duration of approximately 6 months, commencing on the first business day of the first and third fiscal quarters. An employee is eligible to participate in an offering period if, on the first day of an offering period, he or she has been employed in a full-time capacity for at least six months, with a customary working schedule of 20 or more hours per week and more than five months in a calendar year. Employees who own stock possessing 5% or more of the total combined voting power or value of all classes of stock are not eligible to participate in the Stock Purchase Plan. The purchase price of the shares of common stock acquired on each purchase date will be the lower of (i) 85% of the fair market value of a share of common stock on the first day of the offering period or (ii) 85% of the fair market value of a share of common stock on the last day of the purchase period, subject to adjustments made by the Board of Directors. The Stock Purchase Plan is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code. During the years ended May 31, 2017, 2019 and 2021, an additional 500,000, 1,000,000 and 500,000 shares of the Company's common stock, respectively, were reserved for issuance under the Stock Purchase Plan.

The Company uses the Black-Scholes option-pricing model to calculate the purchase date fair value of the shares issued under the Stock Purchase Plan and recognize expense related to shares purchased ratably over the offering period. During the years ended May 31, 2021, 2020 and 2019, 164,194, 100,567 and 72,863 shares, respectively, were issued at an average price of $7.95, $12.11 and $16.08, respectively, under the Stock Purchase Plan. As of May 31, 2021, 2.4 million shares remained available for future purchases under the Stock Purchase Plan.

Earnings Per Share

12 Months Ended

May 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHAREBasic earnings per share are based on the weighted average number of common shares outstanding. In addition, diluted earnings per share include the dilutive effect of potential common stock consisting of stock options, restricted stock units and performance stock units, provided that the inclusion of such securities is not anti-dilutive. In periods with a net loss, stock

options and restricted stock units are not included in the computation of basic loss per share as the impact would be anti-dilutive.

The following table reconciles basic to diluted weighted average shares outstanding for the years ended May 31, 2021, 2020 and 2019:


	Year ended May 31,
	2021	2020	2019
Basic	38,342,476	37,961,224	37,484,573
Effect of dilutive securities	—	—	—
Diluted	38,342,476	37,961,224	37,484,573

Securities excluded as their inclusion would be anti-dilutive	3,285,354	2,581,006	2,200,318

Leases Leases

12 Months Ended

May 31, 2021

Leases [Abstract]

Leases

LEASES

Adoption of ASU No. 2016-02, Leases (Topic 842)

On June 1, 2019, the Company adopted ASU No. 2016-02 using the modified retrospective approach. This ASU increases transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Comparative periods prior to adoption have not been retrospectively adjusted.

The Company elected the three practical expedients that permit an entity to a) not reassess whether expired or existing contracts contain leases, b) not reassess lease classification for existing or expired leases, and c) not consider whether previously capitalized initial direct costs would be appropriate under the new standard. Further, the Company has elected to not recognize leases with terms of 12 months or less on the balance sheet, and elected to account for lease and non-lease components as a single component for certain classes of assets.

The adoption of this standard resulted in the recording of an additional lease asset and lease liability of approximately $5.6 million. The standard did not have a material impact on the Company's Consolidated Statement of Operations, Stockholders Equity or Cash Flows.

Leases

The Company determines if an arrangement is a lease at inception of the contract. The Company has operating leases for buildings, primarily for office space, R&D, manufacturing and warehousing.

Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Many of the lease agreements contain renewal or termination clauses that are factored into the determination of the lease term if it is reasonably certain that these options would be exercised. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.

The following table presents supplemental balance sheet information related to leases:


(in thousands)	Balance Sheet Location	May 31, 2021		May 31, 2020
Assets
Operating lease ROU asset	Other assets	$	9,382	$	10,146
Liabilities
Current operating lease liabilities	Other current liabilities	2,415		2,077
Non-current operating lease liabilities	Other long-term liabilities	7,319		8,345
Total lease liabilities		$	9,734	$	10,422

The interest rate implicit in lease agreements is typically not readily determinable, and as such the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The incremental borrowing rate is defined as the interest the Company would pay to borrow on a collateralized basis, considering factors such as length of lease term. The following table presents the weighted average remaining lease term and discount rate:


	May 31, 2021		May 31, 2020
Weighted average remaining term (in years)	4.12		5.00
Weighted average discount rate	3.8	%	4.2	%

The maturities of the lease liabilities for each of the following fiscal years is:


(in thousands)	May 31, 2021
2021	$	2,735
2022	2,787
2023	2,209
2024	1,454
2025	1,148
2026 and thereafter	171
Total lease payments	$	10,504
Less: Imputed Interest	770
Total lease obligations	$	9,734
Less: Current portion of lease obligations	2,415
Long-term lease obligations	$	7,319

During the years ended May 31, 2021 and May 31, 2020, the Company recognized operating lease expense which includes immaterial short-term leases of $3.2 million and $3.4 million, respectively. Rent expense prior to adoption of ASC 842 amounted to $2.5 million for the year ended May 31, 2019.

As of May 31, 2021 and 2020, the expenses on the Consolidated Statement of Operations were classified as follows:


(in thousands)	May 31, 2021		May 31, 2020
Cost of sales	$	820	$	1,138
Research and development	857		583
Sales and marketing	407		397
General and administrative	1,123		1,233
	$	3,207	$	3,351

The following table presents supplemental cash flow and other information related to leases for the year ended May 31, 2021 and 2020:


(in thousands)	May 31, 2021		May 31, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,698	$	2,372
ROU assets obtained in exchange for lease liabilities
Operating leases	1,585		6,918

Commitments and Contingencies

12 Months Ended

May 31, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Other Commitments and Contingencies

The following table summarizes the Company's other future commitments and contingencies as of May 31, 2021:


(in thousands)	Total		2022		2023		2024		2025		2026 and thereafter
Purchase obligations (1)	$	4,697	$	4,697	$	—	$	—	$	—	$	—
Royalties (2)	47,700		3,800		3,800		3,800		3,800		32,500

	$	52,397	$	8,497	$	3,800	$	3,800	$	3,800	$	32,500

(1) The non-cancelable inventory purchase obligations are not reflected on the consolidated balance sheets under accounting principles generally accepted in the United States of America.

(2) These are future minimum royalty payments.

Legal Proceedings

The Company is involved in various legal proceedings, including commercial, intellectual property, product liability, and regulatory matters of a nature considered normal for its business. The Company accrues for amounts related to these matters if it is probable that a liability has been incurred, and an amount can be reasonably estimated. The Company discloses such matters when there is at least a reasonable possibility that a material loss may have been incurred. However, the Company cannot predict the outcome of any litigation or the potential for future litigation.

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

On January 11, 2012, C.R. Bard, Inc. (“Bard”) filed a suit in the United States District Court of Utah claiming certain of the Company's implantable port products infringe on three U.S. patents held by Bard (US Patent Nos. 7,785,302, 7,959,615 (“615”) and 7,947,022). The case was stayed pending reexamination in the US Patent and Trademark Office ("USPTO"). Following the reexamination proceedings, and the parties’ related appeals to the Federal Circuit which resulted in further proceedings at the USPTO, certain claims of the 615 patent were held invalid, while the remaining claims of the 615 patent and the other two patents were upheld over the prior art references considered in the reexamination proceedings. Thereafter, the case was transferred from the District of Utah to the United States District Court for the District of Delaware (“District of Delaware”). A scheduling order was entered on March 23, 2021. The Company filed a Motion to Amend its Answer and Counterclaims on April 14, 2021. This motion seeks to add counterclaims for infringement of U.S. Patent Nos. 9,168,365; 9,895,523; and 10,632,295, as well as a counterclaim of inequitable conduct, and remains pending. The Company served its initial invalidity contentions on July 2, 2021, consistent with the scheduling order. The Company believes these claims are without merit and intends to defend them vigorously. The Company has 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.

On March 10, 2015, Bard and Bard Peripheral Vascular filed suit in the District of Delaware claiming certain of the Company's implantable port products infringe on three U.S. patents held by Bard (US Patent Nos. 8,475,417, 8,545,460, 8,805,478). The case proceeded through trial which began on March 4, 2019. On day four of the jury trial, at the close of Bard’s case, the Court granted the Company's oral motion for judgment as a matter of law as well as its motions for summary judgment on the grounds that the asserted patents are invalid, ineligible, not infringed and not willfully infringed. On May 10, 2019, the Company filed a motion for attorney fees and non-taxable expenses under 35 USC Sec. 285. Bard appealed the judgment to the Federal Circuit and on November 10, 2020, the Federal Circuit reversed the judgment in part with respect to Section 101, and vacated and remanded the trial court’s invalidity and non-infringement judgments. The Company filed a combined Petition for rehearing and rehearing en banc on December 10, 2020, which was denied on January 15, 2021. The Federal Circuit issued its mandate on January 22, 2021. On March 15, 2021, the District of Delaware entered an order requiring the parties to submit status reports and denied as moot the Company’s motion for attorney’s fees and expenses. The parties submitted status reports on March 29, 2021. The matter remains pending. The Company maintains its belief that Bard’s claims are without merit. The Company has 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.

On March 8, 2021, Bard filed suit in the District of Delaware asserting certain of the Company’s port products (including certain related infusion sets) infringe U.S. Patent Nos. 8,025,639, 9,603,992 (“992”) and 9,603,993 (“993”). On May 20, 2021, the Company filed a Motion to Dismiss Bard’s claims with respect to the 992 and 993 patents, and the motion remains pending. The Company maintains its belief that Bard’s claims are without merit. The Company has 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.

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

On May 30, 2017, the Company commenced an action in the United States District Court for the Northern District of New York entitled AngioDynamics, Inc. v. C.R. Bard, Inc. and Bard Access Systems, Inc. (“Bard”). In this action, the Company alleges that Bard has illegally tied the sales of its tip location systems to the sales of its PICCs. The Company alleges that this practice violates the federal antitrust laws and has had, and continues to have, an anti-competitive effect in the market for PICCs. The Company seeks both monetary damages and injunctive relief. Bard moved to dismiss on September 8, 2017. On August 6, 2018 the court denied Bard’s motion in its entirety. Bard made a motion for summary judgment which was denied in its entirety in a decision issued by the Court on May 5, 2021. Bard also raised a series of challenges targeted at one of AngioDynamics’ expert witnesses, which the Court denied in part and granted in part in decisions on May 5, 2021 and June 11, 2021. Discovery is largely complete, and the case is expected to proceed to trial in 2022.

Merz North America SettlementOn May 16, 2019, Merz North America, Inc. (“Merz”) commenced an action in the United States District Court for the Southern District of New York entitled Merz North America, Inc. v. AngioDynamics, Inc. In this action, Merz alleged breach of contract against AngioDynamics based on a March 1, 2016 Distribution Agreement. On June 28, 2019, AngioDynamics reached a settlement with Merz. AngioDynamics made a lump-sum payment of $2.5 million to Merz in return for dismissal of the case with prejudice during the first quarter of fiscal year 2020. The case was subsequently dismissed.

Segments and Geographic Information

12 Months Ended

May 31, 2021

Segment Reporting [Abstract]

SEGMENTS AND GEOGRAPHIC INFORMATION

Segment information

The Company considers its business to be a single segment entity related to the development, manufacture and sale on a global basis of medical devices for vascular access, surgery, peripheral vascular disease and oncology. The Company's 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.

Total sales by product category are summarized below:


	Year ended May 31,
(in thousands)	2021		2020		2019
Net sales by Product Category
Endovascular Therapies	$	135,079	$	112,706	$	119,901
Vascular Access	101,310		94,299		94,730

Oncology/Surgery	54,621		57,152		56,003
Total	$	291,010	$	264,157	$	270,634

Geographic information

Total sales for geographic areas are summarized below:


	Year ended May 31,
(in thousands)	2021		2020		2019
Net sales by Geography
United States	$	237,043	$	207,980	$	216,957
International	53,967		56,177		53,677
Total	$	291,010	$	264,157	$	270,634

For fiscal years 2021, 2020 and 2019, international sales as a percentage of total net sales were 19%, 21% and 20%, respectively. Sales to any one country outside the U.S., as determined by shipment destination, did not comprise a material portion of net sales in any of the last three fiscal years. In addition, no one customer represents more than 10% of consolidated net sales. 99% of long-lived assets are located within the United States.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 31
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisition, Restructuring and Other Items, net

12 Months Ended

May 31, 2021

Restructuring and Related Activities [Abstract]

ACQUISITION, RESTRUCTURING AND OTHER ITEMS, NET

ACQUISITION, RESTRUCTURING AND OTHER ITEMS, NETAcquisition, restructuring and other items, net consisted of:


	Year ended May 31,
(in thousands)	2021		2020		2019
Legal (1)	$	6,161	$	2,666	$	7,802
Mergers and acquisitions (2)	1		782		4,030
Transition service agreement (3)	(1,032)		(1,799)		—
Divestiture (4)	393		2,809		—
Intangible and other asset impairment (5)	13,953		—		1,704
Restructuring	—		26		289
Other	756		1,530		1,302
Total	$	20,232	$	6,014	$	15,127

(1) Legal expenses related to litigation that is outside the normal course of business.

(2) Mergers and acquisitions expenses related to investment banking, legal and due diligence.

(3) Transition services agreement that was entered into as a result of the sale of the Fluid Management business.

(4) Divestiture expenses incurred to transition manufacturing from Glens Falls, NY to Queensbury, NY.

(5) During the fourth quarter of fiscal year 2021, the Company made the decision to abandon the OARtrac product technology and trademark. This resulted in an impairment charge of $14.0 million

Included in legal for fiscal year 2021, is a $1.0 million settlement expense. Included in legal for fiscal years 2020 and 2019 are settlements received for the Biolitec litigation of $0.5 million and $3.4 million, respectively. The settlement received partially offsets legal expenses paid related to the settlement proceedings. In addition, the $2.5 million accrual for the settlement of the Merz contract termination is included in legal expenses for fiscal year 2019.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

May 31, 2021

Equity [Abstract]

ACCUMULATED OTHER COMPREHESIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Changes in each component of accumulated other comprehensive income (loss), net of tax, are as follows for fiscal years 2021 and 2020:


(in thousands)	Foreign currency translation gain (loss)
Balance at May 31, 2019	$	(1,352)
Other comprehensive income before reclassifications, net of tax	11

Net other comprehensive income	$	11
Balance at May 31, 2020	$	(1,341)
Other comprehensive income (loss) before reclassifications, net of tax	4,494

Net other comprehensive loss	$	4,494
Balance at May 31, 2021	$	3,153

Valuation and Qualifying Accounts

12 Months Ended

May 31, 2021

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

VALUATION AND QUALIFYING ACCOUNTS


(in thousands)	SCHEDULE II -VALUATION AND QUALIFYING ACCOUNTS
Description	Balance at Beginning of Year		Additions - Charged to costs and expenses		Deductions		Balance at End of Period
Year Ended May 31, 2019
Allowance for deferred tax asset	$	26,607	$	—	$	(14,919)	$	11,688
Allowance for sales returns and doubtful accounts	$	2,466	$	393	$	(953)	$	1,906

Year Ended May 31, 2020
Allowance for deferred tax asset	$	11,688	$	1,426	$	—	$	13,114
Allowance for sales returns and doubtful accounts	$	1,906	$	1,218	$	(974)	$	2,150

Year Ended May 31, 2021
Allowance for deferred tax asset	$	13,114	$	3,921	$	—	$	17,035
Allowance for sales returns and doubtful accounts	$	2,150	$	1,833	$	(2,064)	$	1,919

Basis of Presentation, Business Description and Summary of Significant Accounting Policies (Policies)

12 Months Ended

May 31, 2021

Accounting Policies [Abstract]

Basis of Presentation and Description of Business

The consolidated financial statements include the accounts of AngioDynamics, Inc. and its wholly owned subsidiaries, (collectively, "us", "we", or the “Company”).

Accounting Principles

The consolidated financial statements and accompanying notes have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP").

Principles of Consolidation

The consolidated financial statements include the accounts of AngioDynamics and its subsidiaries (all of which are wholly owned). All intercompany balances and transactions have been eliminated.

Use of Estimates

Cash and Cash Equivalents

Fair Value Instruments

Accounts Receivable

Inventories

Property, Plant and Equipment


			Estimated useful lives
Building and building improvements			4 to 39 years
Computer software and equipment			3 to 5 years
Machinery and equipment			5 to 8 years
Placement and evaluation units			5 years

Goodwill and Intangible Assets

Intangible assets other than goodwill, indefinite lived intangible assets and in process research and development ("IP R&D") are amortized over their estimated useful lives, which range between two to eighteen years, on either a straight-line basis over the expected period of benefit or as revenue is earned from the sales of the related product. The Company periodically reviews the estimated useful lives of intangible assets and reviews such assets or asset groups for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Such conditions could include significant adverse changes in the business climate, current-period operating or cash flow losses, significant declines in forecasted operations, or a current expectation that an asset group will be disposed of before the end of its useful life. When testing for impairment of definite-lived intangible assets held for use, the Company groups assets at the lowest level for which cash flows are separately identifiable. The Company operates as a single asset group. If a triggering event is deemed to exist, the Company performs an undiscounted operating cash flow analysis to determine if an impairment exists. If an intangible asset is considered to be impaired, the amount of the impairment will equal the excess of the carrying value over the fair value of the asset.

Goodwill and other intangible assets that have indefinite useful lives are not amortized, but rather, are tested for impairment annually or more frequently if impairment indicators arise. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Goodwill and intangible assets have been recorded at either incurred or allocated cost. Allocated costs were based on respective fair market values at the date of acquisition.

For goodwill, the impairment test requires a comparison of the estimated fair value of the reporting unit to which the goodwill is assigned to the carrying value of the assets and liabilities of that reporting unit. The determination of reporting units also requires management judgment. The Company considers whether a reporting unit exists within a reportable segment based on the availability of discrete financial information. The Company operates as a single operating segment with one reporting unit and consequently evaluates goodwill for impairment based on an evaluation of the fair value of the Company as a whole. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, the carrying value is reduced to its fair value through an adjustment to the goodwill balance, resulting in an impairment charge.

Contingent Consideration

Revenue Recognition

Research and Development

Income Taxes

Stock Based Compensation

Foreign Currency Translation

Derivative Financial Instruments

Contingencies

Recently Issued Accounting Pronouncements

The following table provides a description of recent accounting pronouncements that may have a material effect on the Company's consolidated financial statements:


Recently Issued Accounting Pronouncements - Adopted
Standard	Description	Date Adopted	Effect on the Consolidated Financial Statements


ASU 2018-13, Fair Value Measurement (Topic 820)	This ASU removes, modifies and adds various disclosure requirements related to fair value disclosures. Disclosures related to transfers between fair value hierarchy levels will be removed and further detail around changes in unrealized gains and losses for the period and unobservable inputs used in determining level 3 fair value measurements will be added, among other changes.	June 1, 2020	The Company adopted the new standard in the first quarter of fiscal year 2021 and it did not have an impact on the Company's consolidated financial statements.
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments	This ASU replaces the current incurred loss impairment methodology for financial assets measured at amortized cost with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information, including forecasted information, to develop credit loss estimates.	June 1, 2020	The Company adopted the new standard in the first quarter of fiscal year 2021 and it did not have an impact on the Company's consolidated financial statements.


Recently Issued Accounting Pronouncements - Not Yet Applicable or Adopted

There are no new accounting pronouncements issued that are expected to have a material impact on our consolidated financial statements.

Revenue from Contract with Customer

REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue Recognition

Contracts and Performance Obligations

Transaction Price and Allocation to Performance Obligations

Revenue Recognition

Sales, value added, and other taxes collected on behalf of third parties are excluded from revenue.

Variable Consideration

Contract Balances with Customers

Costs to Obtain or Fulfill a Customer Contract

Basis of Presentation, Business Description and Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2021

Accounting Policies [Abstract]

Property, plant and equipment

Refer below for useful lives by category:


			Estimated useful lives
Building and building improvements			4 to 39 years
Computer software and equipment			3 to 5 years
Machinery and equipment			5 to 8 years
Placement and evaluation units			5 years

Property, plant and equipment are summarized as follows:


(in thousands)	May 31, 2021		May 31, 2020
Building and building improvements	$	28,979	$	27,119
Computer software and equipment	26,302		24,730
Machinery and equipment	14,208		13,602
Placement and evaluation units	9,530		—
Construction in progress	3,217		3,050
	82,236		68,501
Less accumulated depreciation	(45,635)		(40,661)
	36,601		27,840
Land and land improvements	472		472
	$	37,073	$	28,312

Recent accounting pronouncements

The following table provides a description of recent accounting pronouncements that may have a material effect on the Company's consolidated financial statements:


Recently Issued Accounting Pronouncements - Adopted
Standard	Description	Date Adopted	Effect on the Consolidated Financial Statements


ASU 2018-13, Fair Value Measurement (Topic 820)	This ASU removes, modifies and adds various disclosure requirements related to fair value disclosures. Disclosures related to transfers between fair value hierarchy levels will be removed and further detail around changes in unrealized gains and losses for the period and unobservable inputs used in determining level 3 fair value measurements will be added, among other changes.	June 1, 2020	The Company adopted the new standard in the first quarter of fiscal year 2021 and it did not have an impact on the Company's consolidated financial statements.
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments	This ASU replaces the current incurred loss impairment methodology for financial assets measured at amortized cost with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information, including forecasted information, to develop credit loss estimates.	June 1, 2020	The Company adopted the new standard in the first quarter of fiscal year 2021 and it did not have an impact on the Company's consolidated financial statements.

Acquisitions (Tables)

12 Months Ended

May 31, 2021

Business Combinations [Abstract]

Schedule of estimated fair value of the assets acquired and liabilities assumed

The following table summarizes the final aggregate purchase price allocated to the net assets acquired:


(in thousands)	Final allocation
Accounts receivable	$	50
Inventory	150
Prepaid and other current assets	54
Long-term deposits	51
Property, plant and equipment	397
Intangible assets:
Product technology	60,300
Goodwill	11,427
Total assets acquired	$	72,429
Liabilities assumed
Accounts payable	$	84
Other current liabilities	615
Deferred tax liabilities	11,070
Total liabilities assumed	$	11,769
Net assets acquired	$	60,660

The following table summarizes the final aggregate purchase price allocated to the net assets acquired:


(in thousands)	Final allocation
Accounts receivable	$	900
Inventory	732
Prepaid and other current assets	98
Property, plant and equipment	133
Intangible assets:
RadiaDyne trademark	400
OARtrac trademark	200
RadiaDyne legacy product technology	1,500
OARtrac product technology	18,900
RadiaDyne customer relationships	4,600
Goodwill	47,982
Total assets acquired	$	75,445
Liabilities assumed
Accounts payable	$	352
Accrued expenses	106
Total liabilities assumed	$	458
Net assets acquired	$	74,987

The following table summarizes the final purchase price allocated to the net assets acquired:


(in thousands)	Final allocation
Inventory	$	50
Property, plant and equipment	10
Intangible assets:
BioSentry trademark	2,500
BioSentry product technology	20,900
Customer relationships	2,600
Goodwill	13,740
Net assets acquired	$	39,800

Divestitures (Tables)

12 Months Ended

May 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations Disclosure

The following table summarizes the financial results of discontinued operations:



(in thousands)	May 31, 2019
Net sales	$	88,850
Cost of sales (exclusive of amortization)	52,978
Gross profit	35,872

Operating expenses
Research and development	1,177
Sales and marketing	4,129
General and administrative	271
Amortization of intangibles	2,716
Total operating expenses	8,293
Operating income	27,579


Gain on divestiture	46,592


Income from discontinued operations before income taxes	74,171
Income tax expense	(1,685)
Income from discontinued operations	$	72,486

The table below provides a reconciliation of the gain recorded on the sale of the Fluid Management business:


(in thousands)
Proceeds received from Divestiture	$	169,242
Working capital adjustment	(612)

Fluid Management assets:
Inventories	11,029
Property, plant and equipment, net	16,624
Intangible assets, net	15,047
Goodwill	75,308
Total Fluid Management assets	118,008





Transaction costs for Divestiture (1)	4,030

Gain on sale of the Fluid Management business before income taxes	$	46,592

(1) Costs include advisory fees, legal fees and professional fees


(in thousands)	2019
Net cash provided by operating activities	$	2,245
Net cash provided by investing activities	982

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Revenue from Contracts with Customers (Tables)

12 Months Ended

May 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables summarize net product revenue by Global Business Unit and geography for the years ended May 31, 2021, 2020 and 2019:


	Year ended May 31, 2021						Year ended May 31, 2020
(in thousands)	United States		International		Total		United States		International		Total
Net sales
Endovascular Therapies	$	121,427	$	13,652	$	135,079	$	98,965	$	13,741	$	112,706
Vascular Access	81,088		20,222		101,310		76,768		17,531		94,299
Oncology	34,528		20,093		54,621		32,247		24,905		57,152

Total	$	237,043	$	53,967	$	291,010	$	207,980	$	56,177	$	264,157


	Year ended May 31, 2019
(in thousands)	United States		International		Total
Net sales
Endovascular Therapies	$	106,767	$	13,134	$	119,901
Vascular Access	79,611		15,119		94,730
Oncology	30,579		25,424		56,003

Total	$	216,957	$	53,677	$	270,634

Contract with Customer, Asset and Liability

The following table presents changes in the Company’s receivables, contract assets and contract liabilities with customers:


(in thousands)	May 31, 2021		May 31, 2020
Receivables	$	35,405	$	31,263
Contract assets	$	—	$	—
Contract liabilities	$	426	$	545

Fair Value of Financial Instruments Fair Value of Financial Instruments (Tables)

12 Months Ended

May 31, 2021

Fair Value Disclosures [Abstract]

Fair value of assets and liabilities measured on recurring basis

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


	Fair Value Measurements using inputs considered as:
(in thousands)	Level 1		Level 2		Level 3		Fair Value at May 31, 2021









Financial Liabilities

Contingent consideration for acquisition earn outs	$	—	$	—	$	15,741	$	15,741
Total Financial Liabilities	$	—	$	—	$	15,741	$	15,741


	Fair Value Measurements using inputs considered as:
(in thousands)	Level 1		Level 2		Level 3		Fair Value at May 31, 2020









Financial Liabilities

Contingent consideration for acquisition earn outs	$	—	$	—	$	15,647	$	15,647
Total Financial Liabilities	$	—	$	—	$	15,647	$	15,647

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The table below presents the changes in fair value components of Level 3 instruments for the year ended May 31, 2021:


	Financial Liabilities
(in thousands)	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at May 31, 2020	$	15,647

Change in present value of contingent consideration (1)	89
Currency (gain) loss from remeasurement	5



Balance at May 31, 2021	$	15,741

The table below presents the changes in fair value components of Level 3 instruments for the year ended May 31, 2020:


	Financial Liabilities
(in thousands)	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at May 31, 2019	$	13,486
Contingent consideration liabilities recorded as a result of the acquisitions (Note 2)	14,900
Change in fair value of contingent consideration (1)	(11,531)





Contingent consideration payments	(1,208)
Balance at May 31, 2020	$	15,647

Fair Value, Liabilities Measured on Recurring Basis

The recurring Level 3 fair value measurements of the contingent consideration liabilities include the following significant unobservable inputs as of May 31, 2021:

(in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

Revenue based payments

15,741

Discounted cash flow

Discount rate

Probability of payment

66% - 100%

Projected fiscal year of payment

2024 - 2025

Inventories (Tables)

12 Months Ended

May 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories are stated at lower of cost and net realizable value (using the first-in, first-out method). Inventories consisted of the following:


(in thousands)	May 31, 2021		May 31, 2020
Raw materials	$	22,925	$	23,308
Work in process	8,022		8,318
Finished goods	17,667		28,279
Total	$	48,614	$	59,905

Prepaid Expenses and Other (Tables)

12 Months Ended

May 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid expenses and other

Prepaid expenses and other consisted of the following:


(in thousands)	May 31, 2021		May 31, 2020
Deposits	$	2,795	$	689
Employee Retention Tax Credit	1,911		—
Software licenses	1,286		1,002
TSA receivable	2		2,911
License fees	166		203
Trade shows	132		296
Rent	268		246
Other prepaid taxes	379		414
Other	1,760		1,549
Total	$	8,699	$	7,310

Property, Plant and Equipment, Net (Tables)

12 Months Ended

May 31, 2021

Property, Plant and Equipment [Abstract]

Property, plant and equipment

Refer below for useful lives by category:


			Estimated useful lives
Building and building improvements			4 to 39 years
Computer software and equipment			3 to 5 years
Machinery and equipment			5 to 8 years
Placement and evaluation units			5 years

Property, plant and equipment are summarized as follows:


(in thousands)	May 31, 2021		May 31, 2020
Building and building improvements	$	28,979	$	27,119
Computer software and equipment	26,302		24,730
Machinery and equipment	14,208		13,602
Placement and evaluation units	9,530		—
Construction in progress	3,217		3,050
	82,236		68,501
Less accumulated depreciation	(45,635)		(40,661)
	36,601		27,840
Land and land improvements	472		472
	$	37,073	$	28,312

Goodwill and Intangible Assets (Tables)

12 Months Ended

May 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

Intangible assets consisted of the following:


	May 31, 2021
(in thousands)	Gross carrying value		Accumulated amortization		Net carrying value
Product technologies	$	236,907	$	(97,343)	$	139,564
Customer relationships	60,291		(34,164)		26,127
Trademarks	9,950		(6,905)		3,045
Licenses	6,087		(5,846)		241
	$	313,235	$	(144,258)	$	168,977


	May 31, 2020
(in thousands)	Gross carrying value		Accumulated amortization		Net carrying value
Product technologies	$	251,569	$	(88,547)	$	163,022
Customer relationships	60,160		(30,018)		30,142
Trademarks	10,150		(6,691)		3,459
Licenses	6,087		(5,574)		513


	$	327,966	$	(130,830)	$	197,136

Expected amortization expense

Expected future amortization expense related to the intangible assets for each of the following fiscal years is as follows:


(in thousands)
2022	$	15,156
2023	15,595
2024	14,111
2025	15,131
2024	16,138
2025 and thereafter	92,846
	$	168,977

Income Taxes (Tables)

12 Months Ended

May 31, 2021

Income Tax Disclosure [Abstract]

Components of income (loss) before income tax provision

The components of loss from continuing operations before income tax benefit are as follows:


	Year ended May 31,
(in thousands)	2021		2020		2019
Loss from continuing operations before tax expense:
U.S.	$	(31,595)	$	(166,984)	$	(15,593)
Non-U.S.	(4,457)		(1,151)		891
	$	(36,052)	$	(168,135)	$	(14,702)

Summary of Income tax (benefit) provision analyzed by category

Income tax benefit is comprised of the following:


	Year ended May 31,
(in thousands)	2021		2020		2019
Current

U.S.	100		96		128
Non U.S.	201		124		289
	301		220		417
Deferred
U.S.	(3,375)		(1,122)		(3,948)
Non U.S.	(1,430)		(446)		(25)
	(4,805)		(1,568)		(3,973)

Income tax benefit	$	(4,504)	$	(1,348)	$	(3,556)

Summary of deferred tax asset and liabilities

Temporary differences that give rise to deferred tax assets and liabilities are summarized as follows:


(in thousands)	May 31, 2021		May 31, 2020
Deferred tax assets
Net operating loss carryforward	$	31,564	$	26,697
Stock-based compensation	3,556		2,923
Federal and state R&D tax credit carryforward	6,715		5,412
Inventories	884		1,071
Expenses incurred not currently deductible	3,091		1,927
Accrued liabilities	73		95
Gross deferred tax asset	45,883		38,125
Deferred tax liabilities
Depreciation and amortization	48,744		49,023

	48,744		49,023
Valuation allowance	(17,035)		(13,114)
Net deferred tax liability	$	(19,896)	$	(24,012)

Summary of Income tax rate reconciliation


	Year ended May 31,
(in thousands)	2021		2020		2019
Income tax benefit at federal statutory tax rate of 21.0%, 21.0% and 28.6%, respectively	$	(7,571)	$	(35,308)	$	(3,087)

State income taxes, net of Federal tax benefit	(462)		(40)		(177)
Impact of Non-U.S. operations	(293)		(100)		76
Research and development tax credit	(1,303)		(1,152)		(936)

Meals and entertainment	116		171		190
Goodwill impairment	—		33,301		—


Change in valuation allowance	3,921		1,426		175
Effect of elimination of stock compensation APIC pool	526		162		—

Other	562		192		203
Income tax benefit	$	(4,504)	$	(1,348)	$	(3,556)

Summary of unrecognized tax benefits reconciliation

The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits:


	Year ended May 31,
(in thousands)	2021		2020		2019
Unrecognized tax benefits balance at June 1	$	464	$	464	$	464




Decrease in gross amounts of tax positions related to prior years due to U.S. tax reform	—		—		—
Decrease due to lapse in statute of limitations	—		—		—
Unrecognized tax benefits balance at May 31	$	464	$	464	$	464

Accrued Liabilities (Tables)

12 Months Ended

May 31, 2021

Payables and Accruals [Abstract]

Accrued liabilities

Accrued liabilities consist of the following:


(in thousands)	May 31, 2021		May 31, 2020
Payroll and related expenses	$	20,408	$	13,059
Outside services	4,256		2,222
Royalties	2,663		2,392
Accrued severance	548		794
Sales and franchise taxes	631		634


Litigation matters	975		—
Indemnification holdback	—		5,000

Other	5,978		5,279
Total	$	35,459	$	29,380

Stockholders' Equity (Tables)

12 Months Ended

May 31, 2021

Equity [Abstract]

Schedule summarizes stock option activity

The following table summarizes information about stock option activity for the fiscal year ended May 31, 2021:


	Shares	Weighted average exercise price		Weighted average remaining contractual life	Aggregate intrinsic value (in thousands)
Outstanding at beginning of year - June 1, 2020	1,938,753	$	16.89
Granted	528,809	$	11.41
Exercised	(137,237)	$	16.45
Forfeited	(132,895)	$	18.38
Expired	(50,470)	$	12.33
Outstanding at end of year - May 31, 2021	2,146,960	$	15.59	6.24	$	16,176
Options exercisable at year-end	1,067,686	$	16.26	3.91	$	7,324
Options expected to vest in future periods	1,079,274	$	14.92	8.53	$	8,852

Share based compensation arrangement by share based payment award nonvested shares and weighted average grant date fair value

The following table summarizes information about restricted stock unit activity for the year ended May 31, 2021:


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Non-vested at beginning of year, June 1, 2020	464,921	$	19.65
Granted	533,708	$	10.40
Vested	(205,202)	$	10.02
Canceled	(31,324)	$	17.30
Non-vested at end of year, May 31, 2021	762,103	$	13.28

The following table summarizes information about performance unit award activity for the year ended May 31, 2021:


	Performance Unit Awards	Weighted Average Grant-Date Fair Value
Non-vested at beginning of year, June 1, 2020	273,121	$	22.07
Granted	232,236	$	9.72
Vested	—	$	—
Canceled	(129,066)	$	21.28
Non-vested at end of year, May 31, 2021	376,291	$	14.72

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

The following tables represents the break out of share-based compensation included in the Company's consolidated statement of operations:


	Year ended May 31,
(in thousands)	2021		2020		2019
Cost of sales	$	768	$	655	$	461
Research and development	1,152		971		724
Sales and marketing	1,641		1,665		1,952
General and administrative	5,064		4,301		6,112

	$	8,625	$	7,592	$	9,249

Earnings Per Share (Tables)

12 Months Ended

May 31, 2021

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares

The following table reconciles basic to diluted weighted average shares outstanding for the years ended May 31, 2021, 2020 and 2019:


	Year ended May 31,
	2021	2020	2019
Basic	38,342,476	37,961,224	37,484,573
Effect of dilutive securities	—	—	—
Diluted	38,342,476	37,961,224	37,484,573

Securities excluded as their inclusion would be anti-dilutive	3,285,354	2,581,006	2,200,318

Leases (Tables)

12 Months Ended

May 31, 2021

Leases [Abstract]

Supplemental balance sheet information

The following table presents supplemental balance sheet information related to leases:


(in thousands)	Balance Sheet Location	May 31, 2021		May 31, 2020
Assets
Operating lease ROU asset	Other assets	$	9,382	$	10,146
Liabilities
Current operating lease liabilities	Other current liabilities	2,415		2,077
Non-current operating lease liabilities	Other long-term liabilities	7,319		8,345
Total lease liabilities		$	9,734	$	10,422

Supplemental cash flow information

The following table presents the weighted average remaining lease term and discount rate:


	May 31, 2021		May 31, 2020
Weighted average remaining term (in years)	4.12		5.00
Weighted average discount rate	3.8	%	4.2	%

As of May 31, 2021 and 2020, the expenses on the Consolidated Statement of Operations were classified as follows:


(in thousands)	May 31, 2021		May 31, 2020
Cost of sales	$	820	$	1,138
Research and development	857		583
Sales and marketing	407		397
General and administrative	1,123		1,233
	$	3,207	$	3,351

The following table presents supplemental cash flow and other information related to leases for the year ended May 31, 2021 and 2020:


(in thousands)	May 31, 2021		May 31, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,698	$	2,372
ROU assets obtained in exchange for lease liabilities
Operating leases	1,585		6,918

Lease liability schedule

The maturities of the lease liabilities for each of the following fiscal years is:


(in thousands)	May 31, 2021
2021	$	2,735
2022	2,787
2023	2,209
2024	1,454
2025	1,148
2026 and thereafter	171
Total lease payments	$	10,504
Less: Imputed Interest	770
Total lease obligations	$	9,734
Less: Current portion of lease obligations	2,415
Long-term lease obligations	$	7,319

Commitments And Contingencies (Tables)

12 Months Ended

May 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Other commitments and contingencies

The following table summarizes the Company's other future commitments and contingencies as of May 31, 2021:


(in thousands)	Total		2022		2023		2024		2025		2026 and thereafter
Purchase obligations (1)	$	4,697	$	4,697	$	—	$	—	$	—	$	—
Royalties (2)	47,700		3,800		3,800		3,800		3,800		32,500

	$	52,397	$	8,497	$	3,800	$	3,800	$	3,800	$	32,500

(1) The non-cancelable inventory purchase obligations are not reflected on the consolidated balance sheets under accounting principles generally accepted in the United States of America.

(2) These are future minimum royalty payments.

Segments and Geographic Information (Tables)

12 Months Ended

May 31, 2021

Segment Reporting [Abstract]

Summary of total net sales by product category

Total sales by product category are summarized below:


	Year ended May 31,
(in thousands)	2021		2020		2019
Net sales by Product Category
Endovascular Therapies	$	135,079	$	112,706	$	119,901
Vascular Access	101,310		94,299		94,730

Oncology/Surgery	54,621		57,152		56,003
Total	$	291,010	$	264,157	$	270,634

Summary of net sales for geographic areas

Total sales for geographic areas are summarized below:


	Year ended May 31,
(in thousands)	2021		2020		2019
Net sales by Geography
United States	$	237,043	$	207,980	$	216,957
International	53,967		56,177		53,677
Total	$	291,010	$	264,157	$	270,634

Acquisition, Restructuring and Other Items, net (Tables)

12 Months Ended

May 31, 2021

Restructuring and Related Activities [Abstract]

Acquisition, Restructuring and Other Items, net

Acquisition, restructuring and other items, net consisted of:


	Year ended May 31,
(in thousands)	2021		2020		2019
Legal (1)	$	6,161	$	2,666	$	7,802
Mergers and acquisitions (2)	1		782		4,030
Transition service agreement (3)	(1,032)		(1,799)		—
Divestiture (4)	393		2,809		—
Intangible and other asset impairment (5)	13,953		—		1,704
Restructuring	—		26		289
Other	756		1,530		1,302
Total	$	20,232	$	6,014	$	15,127

(1) Legal expenses related to litigation that is outside the normal course of business.

(2) Mergers and acquisitions expenses related to investment banking, legal and due diligence.

(3) Transition services agreement that was entered into as a result of the sale of the Fluid Management business.

(4) Divestiture expenses incurred to transition manufacturing from Glens Falls, NY to Queensbury, NY.

(5) During the fourth quarter of fiscal year 2021, the Company made the decision to abandon the OARtrac product technology and trademark. This resulted in an impairment charge of $14.0 million

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

May 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Changes in each component of accumulated other comprehensive income (loss), net of tax, are as follows for fiscal years 2021 and 2020:


(in thousands)	Foreign currency translation gain (loss)
Balance at May 31, 2019	$	(1,352)
Other comprehensive income before reclassifications, net of tax	11

Net other comprehensive income	$	11
Balance at May 31, 2020	$	(1,341)
Other comprehensive income (loss) before reclassifications, net of tax	4,494

Net other comprehensive loss	$	4,494
Balance at May 31, 2021	$	3,153

Basis of Presentation, Business Description and Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	May 31, 2021 segment
Business Acquisition [Line Items]
Maturity period	less than three months
Number of reporting units	1
Number of operating segments	1
Employee Stock Option
Business Acquisition [Line Items]
Period of recognition for costs not yet recognized (years)	4 years
Restricted Stock
Business Acquisition [Line Items]
Period of recognition for costs not yet recognized (years)	3 years
Minimum
Business Acquisition [Line Items]
Accounts receivables period due	30 days
Estimated useful life of intangible assets other than goodwill (years)	2 years
Maximum
Business Acquisition [Line Items]
Accounts receivables period due	90 days
Estimated useful life of intangible assets other than goodwill (years)	18 years
Building and building improvements \| Minimum
Business Acquisition [Line Items]
Useful life (years)	4 years
Building and building improvements \| Maximum
Business Acquisition [Line Items]
Useful life (years)	39 years
Computer software and equipment \| Minimum
Business Acquisition [Line Items]
Useful life (years)	3 years
Computer software and equipment \| Maximum
Business Acquisition [Line Items]
Useful life (years)	5 years
Machinery and equipment \| Minimum
Business Acquisition [Line Items]
Useful life (years)	5 years
Machinery and equipment \| Maximum
Business Acquisition [Line Items]
Useful life (years)	8 years
Placement and evaluation units
Business Acquisition [Line Items]
Useful life (years)	5 years

Acquisitions - Narrative (Details) - USD ($) $ in Thousands					12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Dec. 17, 2019	Oct. 02, 2019	Sep. 21, 2018	Aug. 14, 2018	May 31, 2021	May 31, 2020	May 31, 2019
Business Acquisition [Line Items]
Other long-term liabilities					$ 8,701	$ 9,029
Accrued liabilities					$ 35,459	29,380
C3 Wave Tip Location Asset
Business Acquisition [Line Items]
Aggregate purchase price	$ 10,000
Contingent consideration for acquisition earn outs	5,000
Inventory	$ 600
Estimated useful life of intangible assets other than goodwill (years)	15 years
Trademarks \| C3 Wave Tip Location Asset
Business Acquisition [Line Items]
Finite-lived intangibles	$ 900
Product technology \| C3 Wave Tip Location Asset
Business Acquisition [Line Items]
Finite-lived intangibles	$ 8,500
Minimum
Business Acquisition [Line Items]
Estimated useful life of intangible assets other than goodwill (years)					2 years
Maximum
Business Acquisition [Line Items]
Estimated useful life of intangible assets other than goodwill (years)					18 years
Eximo Medical, Ltd.
Business Acquisition [Line Items]
Aggregate purchase price		$ 60,700
Payments to acquire business		45,800
Revenue based payments		14,900
Acquisition related costs						600
Inventory		150
Eximo Medical, Ltd. \| Product technology
Business Acquisition [Line Items]
Intangible assets		$ 60,300
Useful life		15 years
RadiaDyne
Business Acquisition [Line Items]
Aggregate purchase price			$ 75,000
Payments to acquire business			47,900
Revenue based payments			22,300
Acquisition related costs							$ 1,600
Inventory						732
Other long-term liabilities			4,600
Accrued liabilities			$ 200
RadiaDyne \| Customer relationships
Business Acquisition [Line Items]
Estimated useful life of intangible assets other than goodwill (years)			15 years
Intangible assets						4,600
RadiaDyne \| Minimum \| Trademarks
Business Acquisition [Line Items]
Useful life			5 years
RadiaDyne \| Minimum \| Product technology
Business Acquisition [Line Items]
Useful life			7 years
RadiaDyne \| Maximum \| Trademarks
Business Acquisition [Line Items]
Useful life			7 years
RadiaDyne \| Maximum \| Product technology
Business Acquisition [Line Items]
Useful life			10 years
RadiaDyne \| Revenue milestones
Business Acquisition [Line Items]
Revenue based payments			$ 16,500
RadiaDyne \| Technical Milestones
Business Acquisition [Line Items]
Revenue based payments			$ 5,800
BioSentry
Business Acquisition [Line Items]
Aggregate purchase price				$ 39,800
Payments to acquire business				37,000
Revenue based payments				$ 2,800
Acquisition related costs						1,000
Inventory						50
BioSentry \| Trademarks
Business Acquisition [Line Items]
Intangible assets						2,500
BioSentry \| Product technology
Business Acquisition [Line Items]
Intangible assets						20,900
BioSentry \| Customer relationships
Business Acquisition [Line Items]
Estimated useful life of intangible assets other than goodwill (years)				10 years
Intangible assets						$ 2,600
BioSentry \| Trademarks And Product Technologies
Business Acquisition [Line Items]
Useful life				15 years

Acquisitions - Aggregate Purchase Price (Details) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020	Oct. 02, 2019
Assets acquired
Goodwill	$ 201,316	$ 200,515
Eximo Medical, Ltd.
Assets acquired
Accounts receivable			$ 50
Inventory			150
Prepaid expenses and other current assets			54
Long-term deposits			51
Property, plant and equipment			397
Goodwill			11,427
Total assets acquired			72,429
Liabilities assumed
Accounts payable			84
Other current liabilities			615
Deferred tax liabilities			11,070
Total liabilities assumed			11,769
Net assets acquired			60,660
Eximo Medical, Ltd. \| Product technology
Assets acquired
Intangible assets			$ 60,300
RadiaDyne
Assets acquired
Accounts receivable		900
Inventory		732
Prepaid expenses and other current assets		98
Property, plant and equipment		133
Goodwill		47,982
Total assets acquired		75,445
Liabilities assumed
Accounts payable		352
Accrued expenses		106
Total liabilities assumed		458
Net assets acquired		74,987
RadiaDyne \| RadiaDyne trademark
Assets acquired
Intangible assets		400
RadiaDyne \| OarTrac trademark
Assets acquired
Intangible assets		200
RadiaDyne \| RadiaDyne legacy product technology
Assets acquired
Intangible assets		1,500
RadiaDyne \| OarTrac product technology
Assets acquired
Intangible assets		18,900
RadiaDyne \| Customer relationships
Assets acquired
Intangible assets		4,600
BioSentry
Assets acquired
Inventory		50
Property, plant and equipment		10
Goodwill		13,740
Liabilities assumed
Net assets acquired		39,800
BioSentry \| Trademarks
Assets acquired
Intangible assets		2,500
BioSentry \| Product technology
Assets acquired
Intangible assets		20,900
BioSentry \| Customer relationships
Assets acquired
Intangible assets		$ 2,600

Divestitures (Details) - NAMIC Fluid Management Business - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	May 31, 2020	May 31, 2020	May 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received	$ 169,200	$ 169,200
Gain on divestiture	46,600	46,592	$ 46,592
Working capital adjustments	$ 600	612
Intraperiod tax allocation income tax expense		1,600
Tax effect of gain on divestiture		$ 600

Divestitures - Tables (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Divestitures - Tables (Details) - USD ($) $ in Thousands	May 31, 2020	May 31, 2021	May 31, 2020	May 31, 2019
Income Statement [Abstract]
Income from discontinued operations		$ 0	$ 0	$ 72,486
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract]
Proceeds received from Divestiture		0	0	169,242
Transaction costs for Divestiture		$ 0	0	(4,030)
NAMIC Fluid Management Business \| Discontinued Operations, Disposed of by Sale
Income Statement [Abstract]
Net sales				88,850
Cost of sales (exclusive of amortization)				52,978
Gross profit				35,872
Research and development				1,177
Sales and marketing				4,129
General and administrative				271
Amortization of intangibles				2,716
Total operating expenses				8,293
Operating income				27,579
Gain on divestiture	$ 46,600		46,592	46,592
Income from discontinued operations before income taxes				74,171
Income tax expense				(1,685)
Income from discontinued operations				72,486
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract]
Proceeds received from Divestiture			169,242
Working capital adjustment	(600)		(612)
Inventories	11,029		11,029
Property, plant and equipment, net	16,624		16,624
Disposal Group, Including Discontinued Operation, Intangible Assets	15,047		15,047
Goodwill	75,308		75,308
Total Fluid Management assets	118,008		118,008
Transaction costs for Divestiture			4,030
Gain on sale of the Fluid Management business before income taxes	$ 46,600		$ 46,592	$ 46,592

Divestitures - Cash Flows (Details) - NAMIC Fluid Management Business - Discontinued Operations, Disposed of by Sale $ in Thousands	12 Months Ended
	May 31, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 2,245
Net cash provided by investing activities	$ 982

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 291,010	$ 264,157	$ 270,634
United States
Disaggregation of Revenue [Line Items]
Net sales	237,043	207,980	216,957
International
Disaggregation of Revenue [Line Items]
Net sales	53,967	56,177	53,677
Endovascular Therapies
Disaggregation of Revenue [Line Items]
Net sales	135,079	112,706	119,901
Endovascular Therapies \| United States
Disaggregation of Revenue [Line Items]
Net sales	121,427	98,965	106,767
Endovascular Therapies \| International
Disaggregation of Revenue [Line Items]
Net sales	13,652	13,741	13,134
Vascular Access
Disaggregation of Revenue [Line Items]
Net sales	101,310	94,299	94,730
Vascular Access \| United States
Disaggregation of Revenue [Line Items]
Net sales	81,088	76,768	79,611
Vascular Access \| International
Disaggregation of Revenue [Line Items]
Net sales	20,222	17,531	15,119
Oncology
Disaggregation of Revenue [Line Items]
Net sales	54,621	57,152	56,003
Oncology \| United States
Disaggregation of Revenue [Line Items]
Net sales	34,528	32,247	30,579
Oncology \| International
Disaggregation of Revenue [Line Items]
Net sales	$ 20,093	$ 24,905	$ 25,424

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020
Revenue from External Customer [Line Items]
Right of return period (days)	30 days
Restocking charge (percent)	20.00%
Restocking charge period (months)	12 months
Revenue recognized from contract liabilities	$ 1.2	$ 2.2
Additions to contract liabilities	$ 1.0	$ 2.1
Minimum
Revenue from External Customer [Line Items]
Performance obligation payment term (days)	30 days
Maximum
Revenue from External Customer [Line Items]
Performance obligation payment term (days)	90 days

Revenue from Contracts with Customers Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020
Revenue from Contract with Customer [Abstract]
Receivables	$ 35,405	$ 31,263
Contract assets	0	0
Contract liabilities	$ 426	$ 545

Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) - Recurring - USD ($) $ in Thousands	May 31, 2021	May 31, 2020
Financial Liabilities
Contingent consideration for acquisition earn outs	$ 15,741	$ 15,647
Total Financial Liabilities	15,741	15,647
Level 1
Financial Liabilities
Contingent consideration for acquisition earn outs	0	0
Total Financial Liabilities	0	0
Level 2
Financial Liabilities
Contingent consideration for acquisition earn outs	0	0
Total Financial Liabilities	0	0
Level 3
Financial Liabilities
Contingent consideration for acquisition earn outs	15,741	15,647
Total Financial Liabilities	$ 15,741	$ 15,647

Fair Value of Financial Instruments Fair Value of Financial Instruments (Details 2) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	May 31, 2021	May 31, 2021	May 31, 2020	May 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 15,647	$ 13,486
Change in present value of contingent consideration (1)		89	14,900
Currency (gain) loss from remeasurement		5
Change in fair value of contingent consideration		89	(11,531)	$ (6,776)
Contingent consideration payments			(1,208)
Ending balance	$ 15,741	$ 15,741	$ 15,647	$ 13,486
Lower Projected Sales Volume Over The Contractual Earn Out Period
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain from reduction in fair value of contingent liability	9,200
Technical Milestones
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain from reduction in fair value of contingent liability	$ 2,700

Fair Value of Financial Instruments Fair Value of Financial Instruments (Details 3)			3 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	May 31, 2020 USD ($)	May 31, 2021 USD ($)	May 31, 2021 USD ($)	May 31, 2020 USD ($)	May 31, 2019 USD ($)	Sep. 21, 2018 USD ($)
Summary showing the recurring fair value measurements of the contingent consideration liability
Goodwill impairment	$ 0	$ 158,600,000		$ 0	$ 158,578,000	$ 0
RadiaDyne
Summary showing the recurring fair value measurements of the contingent consideration liability
Revenue based payments							$ 22,300,000
RadiaDyne \| OarTrac trademark
Summary showing the recurring fair value measurements of the contingent consideration liability
Impairment charge			$ 14,000,000.0
Recurring
Summary showing the recurring fair value measurements of the contingent consideration liability
Revenue based payments		15,647,000	15,741,000	15,741,000	15,647,000
Total financial liabilities		15,647,000	15,741,000	15,741,000	15,647,000
Minimum
Summary showing the recurring fair value measurements of the contingent consideration liability
Potential amount of undiscounted future contingent consideration			20,000,000.0	20,000,000.0
Level 3 \| Recurring
Summary showing the recurring fair value measurements of the contingent consideration liability
Revenue based payments		15,647,000	15,741,000	15,741,000	15,647,000
Total financial liabilities		$ 15,647,000	15,741,000	15,741,000	$ 15,647,000
Revenue based payments \| RadiaDyne
Summary showing the recurring fair value measurements of the contingent consideration liability
Revenue based payments							16,500,000
Revenue based payments \| Valuation Technique, Discounted Cash Flow \| Level 3 \| Recurring
Summary showing the recurring fair value measurements of the contingent consideration liability
Revenue based payments			$ 15,741,000	$ 15,741,000
Revenue based payments \| Valuation Technique, Discounted Cash Flow \| Level 3 \| Recurring \| Discount Rate
Summary showing the recurring fair value measurements of the contingent consideration liability
Discount rate used in fair value calculation			5	5
Revenue based payments \| Valuation Technique, Discounted Cash Flow \| Level 3 \| Minimum \| Recurring \| Measurement Input, Probability of Payment
Summary showing the recurring fair value measurements of the contingent consideration liability
Discount rate used in fair value calculation			0.66	0.66
Revenue based payments \| Valuation Technique, Discounted Cash Flow \| Level 3 \| Maximum \| Recurring \| Measurement Input, Probability of Payment
Summary showing the recurring fair value measurements of the contingent consideration liability
Discount rate used in fair value calculation			1	1
Technical Milestones \| RadiaDyne
Summary showing the recurring fair value measurements of the contingent consideration liability
Revenue based payments							$ 5,800,000

Inventories (Details) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020
Inventories
Raw materials	$ 22,925	$ 23,308
Work in process	8,022	8,318
Finished goods	17,667	28,279
Total	48,614	59,905
Inventory valuation reserve	$ 3,800	$ 4,700

Prepaid Expenses and Other (Details) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020
Prepaid expenses and other
Deposits	$ 2,795	$ 689
Employee Retention Tax Credit	1,911	0
Software licenses	1,286	1,002
TSA receivable	2	2,911
License fees	166	203
Trade shows	132	296
Rent	268	246
Other prepaid taxes	379	414
Other	1,760	1,549
Total	$ 8,699	$ 7,310

Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Property, plant and equipment
Property, plant and equipment	$ 82,236	$ 68,501
Less accumulated depreciation	(45,635)	(40,661)
Property, plant and equipment excluding land and land improvements	36,601	27,840
Land and land improvements	472	472
Property, plant and equipment, Net	37,073	28,312
Depreciation expense	5,700	3,300	$ 3,100
Building and building improvements
Property, plant and equipment
Property, plant and equipment	28,979	27,119
Computer software and equipment
Property, plant and equipment
Property, plant and equipment	26,302	24,730
Machinery and equipment
Property, plant and equipment
Property, plant and equipment	14,208	13,602
Placement and evaluation units
Property, plant and equipment
Property, plant and equipment	9,530	0
Construction in progress
Property, plant and equipment
Property, plant and equipment	$ 3,217	$ 3,050

Goodwill and Intangible Assets (Details Textual)			3 Months Ended	12 Months Ended
Goodwill and Intangible Assets (Details Textual)	Dec. 31, 2020 USD ($)	May 31, 2020 USD ($)	May 31, 2021 USD ($)	May 31, 2021 USD ($) segment	May 31, 2020 USD ($)	May 31, 2019 USD ($)
Goodwill and Intangible Assets (Textual) [Abstract]
Number of reporting units \| segment				1
Number of operating segments \| segment				1
Goodwill impairment	$ 0	$ 158,600,000		$ 0	$ 158,578,000	$ 0
Amortization expense				$ 18,136,000	$ 18,121,000	$ 17,056,000
RadiaDyne \| OarTrac trademark
Goodwill and Intangible Assets (Textual) [Abstract]
Impairment charge			$ 14,000,000.0
Minimum
Goodwill and Intangible Assets (Textual) [Abstract]
Estimated useful life of intangible assets other than goodwill (years)				2 years
Maximum
Goodwill and Intangible Assets (Textual) [Abstract]
Estimated useful life of intangible assets other than goodwill (years)				18 years

Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	$ 313,235	$ 327,966
Accumulated amortization	(144,258)	(130,830)
Net carrying value, finite-lived intangible assets	168,977	197,136
Product technologies
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	236,907	251,569
Accumulated amortization	(97,343)	(88,547)
Net carrying value, finite-lived intangible assets	139,564	163,022
Customer relationships
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	60,291	60,160
Accumulated amortization	(34,164)	(30,018)
Net carrying value, finite-lived intangible assets	26,127	30,142
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	9,950	10,150
Accumulated amortization	(6,905)	(6,691)
Net carrying value, finite-lived intangible assets	3,045	3,459
Licenses
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	6,087	6,087
Accumulated amortization	(5,846)	(5,574)
Net carrying value, finite-lived intangible assets	$ 241	$ 513

Goodwill and Intangible Assets (Details 2) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020
Expected amortization expense
2020	$ 15,156
2021	15,595
2022	14,111
2023	15,131
2024	16,138
2025 and thereafter	92,846
Net carrying value, finite-lived intangible assets	$ 168,977	$ 197,136

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020	May 31, 2019
Loss from continuing operations before tax expense:
U.S.	$ (31,595)	$ (166,984)	$ (15,593)
Non-U.S.	(4,457)	(1,151)	891
Income (loss) before tax expense	$ (36,052)	$ (168,135)	$ (14,702)

Income Taxes (Details 2) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 2) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020	May 31, 2019
Current
U.S.	$ 100	$ 96	$ 128
Non U.S.	201	124	289
Current	301	220	417
Deferred
U.S.	(3,375)	(1,122)	(3,948)
Non U.S.	(1,430)	(446)	(25)
Deferred	(4,805)	(1,568)	(3,973)
Income tax benefit	$ (4,504)	$ (1,348)	$ (3,556)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Details 3) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020
Deferred tax assets
Net operating loss carryforward	$ 31,564	$ 26,697
Stock-based compensation	3,556	2,923
Federal and state R&D tax credit carryforward	6,715	5,412
Inventories	884	1,071
Expenses incurred not currently deductible	3,091	1,927
Deferred revenue	73	95
Gross deferred tax asset	45,883	38,125
Deferred tax liabilities
Excess tax over book depreciation and amortization	48,744	49,023
Gross deferred tax liability	48,744	49,023
Valuation Allowance	(17,035)	(13,114)
Net deferred tax liability	$ (19,896)	$ (24,012)

Income Taxes (Details Textual) - USD ($)			12 Months Ended
Income Taxes (Details Textual) - USD ($)	Dec. 31, 2020	May 31, 2020	May 31, 2021	May 31, 2020	May 31, 2019
Income Taxes (Textual) [Abstract]
Goodwill impairment	$ 0	$ 158,600,000	$ 0	$ 158,578,000	$ 0
Additional unrecognized tax benefit			500,000
Accrued interest and penalties			0
Eximo Medical, Ltd.
Income Taxes (Textual) [Abstract]
Deferred tax liability, purchase accounting adjustment			11,000,000.0
Federal
Income Taxes (Textual) [Abstract]
Net operating loss carryforwards after considering limitations of use			134,600,000
Tax Year 2022 and 2023 \| Federal
Income Taxes (Textual) [Abstract]
Federal and State net operating loss carryforwards			8,600,000
Tax Year 2028 and 2037 \| Federal
Income Taxes (Textual) [Abstract]
Net operating loss carryforwards after considering limitations of use			79,400,000
Indefinite \| Federal
Income Taxes (Textual) [Abstract]
Net operating loss carryforwards after considering limitations of use			46,600,000
Indefinite \| Israel
Income Taxes (Textual) [Abstract]
Federal and State net operating loss carryforwards			13,500,000
Tax Year 2020 To 2040 \| State
Income Taxes (Textual) [Abstract]
Federal and State net operating loss carryforwards			$ 20,000,000.0

Income Taxes (Details 4) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 4) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020	May 31, 2019
Reasons for consolidated income tax provision
Income tax benefit at federal statutory tax rate of 21.0%, 21.0% and 28.6%, respectively	$ (7,571)	$ (35,308)	$ (3,087)
State income taxes, net of Federal tax benefit	(462)	(40)	(177)
Impact of Non-U.S. operations	(293)	(100)	76
Research and development tax credit	(1,303)	(1,152)	(936)
Meals and entertainment	116	171	190
Goodwill impairment	0	33,301	0
Change in valuation allowance	3,921	1,426	175
Effect of elimination of stock compensation APIC pool	526	162	0
Other	562	192	203
Income tax benefit	$ (4,504)	$ (1,348)	$ (3,556)

Income Taxes Income Taxes (Details 5) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 464	$ 464	$ 464
Decrease in gross amounts of tax positions related to prior years due to U.S. tax reform	0	0	0
Decrease due to lapse in statute of limitations	0	0	0
Unrecognized tax benefits, ending balance	$ 464	$ 464	$ 464

Accrued Liabilities (Details) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020
Accrued liabilities
Payroll and related expenses	$ 20,408	$ 13,059
Outside services	4,256	2,222
Royalties	2,663	2,392
Accrued severance	548	794
Sales and franchise taxes	631	634
Litigation matters	975	0
Indemnification holdback	0	5,000
Other	5,978	5,279
Total	$ 35,459	$ 29,380

Long Term Debt - Narrative (Details) - Line of Credit		12 Months Ended
Long Term Debt - Narrative (Details) - Line of Credit	Jun. 03, 2019 USD ($)	May 31, 2021 covenant
Debt Instrument [Line Items]
Debt default interest rate increase (percentage)		2.00%
Debt instrument, maximum leverage ratio of total indebtedness to adjusted EBITDA		3.00
Debt instrument, maximum leverage ratio of total indebtedness to adjusted EBITDA, following material acquisitions		3.50
Minimum fixed charge coverage ratio		1.25
Minimum
Debt Instrument [Line Items]
Commitment fee (percentage)		0.20%
Maximum
Debt Instrument [Line Items]
Commitment fee (percentage)		0.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing capacity	$ 125,000,000.0
Possible increase in borrowing capacity	$ 75,000,000.0
Number of financial covenants \| covenant		2
Interest rate at period end (percentage)		1.36%
Debt instrument, term (years)	5 years
Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Stated interest rate (percent)		0.25%
Revolving Credit Facility \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Stated interest rate (percent)		1.25%
Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Stated interest rate (percent)		0.75%
Revolving Credit Facility \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Stated interest rate (percent)		1.75%

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	May 31, 2021	May 31, 2020	May 31, 2019
Retirement Plans (Textual) [Abstract]
Matching contributions	$ 3.8	$ 3.2	$ 3.6

Stockholders' Equity (Details Textual)		12 Months Ended
Stockholders' Equity (Details Textual)	Oct. 29, 2014 $ / shares shares	May 31, 2021 USD ($) Employees working_hour $ / shares shares	May 31, 2020 USD ($) $ / shares shares	May 31, 2019 USD ($) $ / shares shares	May 31, 2017 shares	Oct. 13, 2020 shares
Other Ownership Interests [Line Items]
Authorized capital stock (shares)	80,000,000
Shares of common stock (shares)	75,000,000	75,000,000	75,000,000
Common stock, par value (usd per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	5,000,000	5,000,000	5,000,000
Preferred stock, par value (usd per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01
Common stock, votes per share	1
Option grants in the period, weighted average grant date fair value (usd per share) \| $ / shares		$ 3.97	$ 5.46	$ 6.53
Risk free interest rate		0.34%	1.63%	2.78%
Expected volatility rate		39.00%	31.00%	31.00%
Expected term		4 years 11 months 15 days	4 years 10 months 28 days	4 years 9 months 14 days
The total intrinsic value of options exercised \| $		$ 800,000	$ 500,000	$ 1,400,000
Compensation not yet recognized \| $		3,900,000
Proceeds from stock options exercised \| $		1,900,000	600,000	1,500,000
Tax benefit \| $		$ 2,000,000.0	$ 1,700,000	$ 2,100,000
Grants in the period, weighted average grant date fair value (usd per share) \| $ / shares			$ 20.35	$ 20.87
Average price of share issued \| $ / shares		$ 7.95	$ 12.11	$ 16.08
Employee Stock Option
Other Ownership Interests [Line Items]
Percentage of grants to employees vesting		25.00%
Option grants to employees vesting period		4 years
Period of recognition for costs not yet recognized (years)		4 years
Tax benefit \| $		$ 0	$ 0	$ 0
Restricted Stock Units
Other Ownership Interests [Line Items]
Vesting period		1 year
Grants in the period, weighted average grant date fair value (usd per share) \| $ / shares		$ 10.40
Employee service, compensation cost not yet recognized \| $		$ 6,500,000
Nonvested compensation, weighted average grant date fair value (usd per share) \| $ / shares		$ 13.28	$ 19.65
Nonvested compensation (shares)		762,103	464,921
Performance Share and Restricted Stock Unit Awards
Other Ownership Interests [Line Items]
Total fair value of restricted stock awards vesting \| $		$ 2,100,000	$ 3,900,000	$ 4,600,000
Performance Shares
Other Ownership Interests [Line Items]
Compensation not yet recognized \| $		$ 2,100,000
Nonvested compensation, weighted average grant date fair value (usd per share) \| $ / shares		$ 9.72	$ 14.06	$ 28.62
Performance period		3 years
2004 Stock and Incentive Award Plan
Other Ownership Interests [Line Items]
Total number of common stock available to be issued (shares)		2,300,000
Stock Purchase Plan
Other Ownership Interests [Line Items]
Total number of common stock available to be issued (shares)		2,400,000
Maximum number of shares to be offered		4,000,000
Share purchase periods \| Employees		2
Duration of purchase of shares		6 months
Employee eligible in participating in offering period		6 months
Number of working hours to be eligible (working hour) \| working_hour		20
Number of working months to be eligible		5 months
Employees ownership threshold		5.00%
Percentage of fair market value of a share of common stock on the first day of the offering period		85.00%
Percentage of fair market value of a share of common stock on the last day of the offering period		85.00%
Number of additional shares reserved for issuance (shares)		500,000		1,000,000	500,000
Maximum number of shares to be offered under the Stock Purchase Plan		164,194	100,567	72,863
Stock And Incentive Award Plan 2020
Other Ownership Interests [Line Items]
Total number of common stock reserved for issuance (shares)						2,400,000

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	May 31, 2021 USD ($) $ / shares shares
Schedule summarizes stock option activity
Shares Outstanding at beginning of year (shares) \| shares	1,938,753
Shares Granted (shares) \| shares	528,809
Shares Exercised (shares) \| shares	(137,237)
Shares Forfeited (shares) \| shares	(132,895)
Shares Expired (shares) \| shares	(50,470)
Shares Outstanding at end of year (shares) \| shares	2,146,960
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price, Outstanding at beginning of year (usd per share) \| $ / shares	$ 16.89
Weighted average exercise price Granted (usd per share) \| $ / shares	11.41
Weighted average exercise price Exercised (usd per share) \| $ / shares	16.45
Weighted average exercise price Forfeited (usd per share) \| $ / shares	18.38
Weighted average exercise price Expired (usd per share) \| $ / shares	12.33
Weighted average exercise price, Outstanding at end of year (usd per share) \| $ / shares	$ 15.59
Shares Options exercisable at year-end (shares) \| shares	1,067,686
Shares Options expected to vest in future periods (shares) \| shares	1,079,274
Weighted average exercise price, Options exercisable at year end (usd per share) \| $ / shares	$ 16.26
Weighted average exercise price, Options expected to vest in future periods (usd per share) \| $ / shares	$ 14.92
Weighted average remaining contractual life	6 years 2 months 26 days
Weighted average remaining contractual life, Option exercisable at year end	3 years 10 months 28 days
Weighted average remaining contractual life, Option expected to vest in future periods	8 years 6 months 10 days
Aggregate intrinsic value, Outstanding at end of year \| $	$ 16,176
Aggregate intrinsic value, Options exercisable at year end \| $	7,324
Aggregate intrinsic value, Option expected to vest in future periods \| $	$ 8,852

Stockholders' Equity (Details 2) - $ / shares	12 Months Ended
Stockholders' Equity (Details 2) - $ / shares	May 31, 2021	May 31, 2020	May 31, 2019
Weighted Average Grant-Date Fair Value
Weighted Average Grant-Date Fair Value, Granted (usd per share)		$ 20.35	$ 20.87
Restricted Stock Units
Shares
Non-Vested Stock Award Units Beginning Balance (shares)	464,921
Non-Vested Stock Award Units, Granted (shares)	533,708
Non-Vested Stock Award Units, Vested (shares)	(205,202)
Non-Vested Stock Award Units, Cancelled (shares)	(31,324)
Non-Vested Stock Award Units Ending Balance (shares)	762,103	464,921
Weighted Average Grant-Date Fair Value
Weighted Average Grant-Date Fair Value Beginning Balance (usd per share)	$ 19.65
Weighted Average Grant-Date Fair Value, Granted (usd per share)	10.40
Weighted Average Grant-Date Fair Value, Vested (usd per share)	10.02
Weighted Average Grant-Date Fair Value, Cancelled (usd per share)	17.30
Weighted Average Grant-Date Fair Value Ending Balance (usd per share)	$ 13.28	$ 19.65
Performance Shares
Shares
Non-Vested Stock Award Units Beginning Balance (shares)	273,121
Non-Vested Stock Award Units, Granted (shares)	232,236
Non-Vested Stock Award Units, Vested (shares)	0
Non-Vested Stock Award Units, Cancelled (shares)	(129,066)
Non-Vested Stock Award Units Ending Balance (shares)	376,291	273,121
Weighted Average Grant-Date Fair Value
Weighted Average Grant-Date Fair Value Beginning Balance (usd per share)	$ 22.07
Weighted Average Grant-Date Fair Value, Granted (usd per share)	9.72
Weighted Average Grant-Date Fair Value, Vested (usd per share)	0
Weighted Average Grant-Date Fair Value, Cancelled (usd per share)	21.28
Weighted Average Grant-Date Fair Value Ending Balance (usd per share)	$ 14.72	$ 22.07

Stockholders' Equity (Details 3) - USD ($) $ in Thousands	12 Months Ended
Stockholders' Equity (Details 3) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020	May 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	$ 8,625	$ 7,592	$ 9,249
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	768	655	461
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	1,152	971	724
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	1,641	1,665	1,952
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	$ 5,064	$ 4,301	$ 6,112

Earnings Per Share (Details) - shares	12 Months Ended
Earnings Per Share (Details) - shares	May 31, 2021	May 31, 2020	May 31, 2019
Earnings Per Share [Abstract]
Basic	38,342,476	37,961,224	37,484,573
Effect of dilutive securities	0	0	0
Diluted	38,342,476	37,961,224	37,484,573
Securities excluded as their inclusion would be anti-dilutive	3,285,354	2,581,006	2,200,318

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020	May 31, 2019	Jun. 01, 2019
Lessee, Lease, Description [Line Items]
Accounting standards update, extensible list	us-gaap:AccountingStandardsUpdate201602Member
Total lease liabilities	$ 9,734	$ 10,422
Operating lease ROU asset	9,382	10,146
Non-cash lease expense	$ 3,207	$ 3,351
Rent expense			$ 2,500
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Total lease liabilities				$ 5,600
Operating lease ROU asset				$ 5,600

- Definition

Indicates amendment to accounting standards.

+ References

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-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(2)

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)

+ Details

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020
Leases [Abstract]
Operating lease ROU asset	$ 9,382	$ 10,146
Less: Current portion of lease obligations	2,415	2,077
Long-term lease obligations	7,319	8,345
Total lease obligations	$ 9,734	$ 10,422
Weighted average remaining term (in years)	4 years 1 month 13 days	5 years
Weighted average discount rate (percent)	3.80%	4.20%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets	us-gaap:OtherAssets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent

Leases - Liability Maturity Schedule (Details) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020
Leases [Abstract]
2021	$ 2,735
2022	2,787
2023	2,209
2024	1,454
2025	1,148
2026 and thereafter	171
Total lease payments	10,504
Less: Imputed Interest	770
Total lease obligations	9,734	$ 10,422
Less: Current portion of lease obligations	2,415	2,077
Long-term lease obligations	$ 7,319	$ 8,345

Leases - Supplemental Statement of Operations Information (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2021	May 31, 2020
Lessee, Lease, Description [Line Items]
Non-cash lease expense	$ 3,207	$ 3,351
Cost of sales
Lessee, Lease, Description [Line Items]
Non-cash lease expense	820	1,138
Research and development
Lessee, Lease, Description [Line Items]
Non-cash lease expense	857	583
Sales and marketing
Lessee, Lease, Description [Line Items]
Non-cash lease expense	407	397
General and administrative
Lessee, Lease, Description [Line Items]
Non-cash lease expense	$ 1,123	$ 1,233

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2021	May 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 2,698	$ 2,372
Operating leases	$ 1,585	$ 6,918

Commitments and Contingencies - Schedule (Details) $ in Thousands	May 31, 2021 USD ($)
Purchase Obligations
Total	$ 4,697
2022	4,697
2023	0
2024	0
2025	0
2026 and thereafter	0
Royalties
Total	47,700
2022	3,800
2023	3,800
2024	3,800
2025	3,800
2026 and thereafter	32,500
Total	52,397
2022	8,497
2023	3,800
2024	3,800
2025	3,800
2026 and thereafter	$ 32,500

Commitments and Contingencies - Narrative (Details) $ in Millions	Jun. 28, 2019 USD ($)	Mar. 10, 2015 patent	Jan. 11, 2012 patent
C.R. Bard, Inc.
Loss Contingencies [Line Items]
Number of petitions filed for reexamination of patents			3
Number of patents upheld over prior art references			2
The Delaware Action
Loss Contingencies [Line Items]
Number of patents allegedly infringed upon		3
Merz North America Settlement
Loss Contingencies [Line Items]
Payments for legal settlement \| $	$ 2.5

Segments and Geographic Information - Sales by Product Category (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Net sales by Product Category
Net sales	$ 291,010	$ 264,157	$ 270,634
Endovascular Therapies
Net sales by Product Category
Net sales	135,079	112,706	119,901
Vascular Access
Net sales by Product Category
Net sales	101,310	94,299	94,730
Oncology/Surgery
Net sales by Product Category
Net sales	$ 54,621	$ 57,152	$ 56,003

- Definition

+ References

+ Details

Segments and Geographic Information - Sale for Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Net sales by Geography
Revenues	$ 291,010	$ 264,157	$ 270,634
United States
Net sales by Geography
Revenues	237,043	207,980	216,957
International
Net sales by Geography
Revenues	$ 53,967	$ 56,177	$ 53,677

- Definition

+ References

+ Details

Segments and Geographic Information - Narrative (Details)	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Segment Reporting [Abstract]
International sales percentage of total net sales	19.00%	21.00%	20.00%
Total assets are located within the United States	99.00%

Acquisition, Restructuring and Other Items, net - Schedule (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	May 31, 2021	May 31, 2021	May 31, 2020	May 31, 2019
Restructuring Cost and Reserve [Line Items]
Total		$ 20,232	$ 6,014	$ 15,127
RadiaDyne \| OarTrac trademark
Restructuring Cost and Reserve [Line Items]
Impairment charge	$ 14,000
Legal
Restructuring Cost and Reserve [Line Items]
Total		6,161	2,666	7,802
Mergers and acquisitions
Restructuring Cost and Reserve [Line Items]
Total		1	782	4,030
Transition service agreement
Restructuring Cost and Reserve [Line Items]
Total		(1,032)	(1,799)	0
Divestiture
Restructuring Cost and Reserve [Line Items]
Total		393	2,809	0
Intangible and other asset impairment
Restructuring Cost and Reserve [Line Items]
Total		13,953	0	1,704
Restructuring
Restructuring Cost and Reserve [Line Items]
Total		0	26	289
Other
Restructuring Cost and Reserve [Line Items]
Total		$ 756	$ 1,530	$ 1,302

Acquisition, Restructuring and Other Items, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Restructuring Cost and Reserve [Line Items]
Acquisition, restructuring and other items, net	$ 20,232	$ 6,014	$ 15,127
Settlement Expense
Restructuring Cost and Reserve [Line Items]
Acquisition, restructuring and other items, net	1,000
Legal
Restructuring Cost and Reserve [Line Items]
Acquisition, restructuring and other items, net	$ 6,161	2,666	7,802
Legal \| Biolitec, Inc.
Restructuring Cost and Reserve [Line Items]
Acquisition, restructuring and other items, net		$ 500	3,400
Legal \| Merz Contract Termination
Restructuring Cost and Reserve [Line Items]
Acquisition, restructuring and other items, net			$ 2,500

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2021	May 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 454,872	$ 614,815
Ending Balance	439,457	454,872
Foreign currency translation gain (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1,341)	(1,352)
Other comprehensive income before reclassifications, net of tax	4,494	11
Total comprehensive income (loss), net of tax	4,494	11
Ending Balance	$ 3,153	$ (1,341)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Allowance for deferred tax asset
Valuation and Qualifying Accounts
Balance at Beginning of Year	$ 13,114	$ 11,688	$ 26,607
Additions - Charged to costs and expenses	3,921	1,426	0
Deductions	0	0	(14,919)
Balance at End of Period	17,035	13,114	11,688
Allowance for sales returns and doubtful accounts
Valuation and Qualifying Accounts
Balance at Beginning of Year	2,150	1,906	2,466
Additions - Charged to costs and expenses	1,833	1,218	393
Deductions	(2,064)	(974)	(953)
Balance at End of Period	$ 1,919	$ 2,150	$ 1,906