0001628280-23-027335 | 10-K | XBRL Viewer

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

12 Months Ended

May 31, 2023

Basis of Presentation and Description of Business

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

The Company is a leading and transformative medical technology company focused on restoring healthy blood flow in the body's vascular system, expanding cancer treatment options and improving the quality of life for patients.

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, "Fair Value of Financial Instruments" set forth in the Notes to our consolidated financial statements included in this Annual Report on Form 10-K, 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 Consolidated 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			2 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

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 a straight-line basis over the expected period of benefit. 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. Prior to the first quarter of fiscal year 2023, the Company managed its operations as one reporting unit. At the beginning of the first quarter of fiscal year 2023, the Company began to manage its operations as two operating segments and two reporting units, namely Med Tech and Med Device (see Note 18 "Segments and Geographic Information" set forth in the Notes to our consolidated financial statements included in this Annual Report on Form 10-K). The Company operates as two reporting units and two asset groups. 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 each reporting unit to which the goodwill is assigned to the carrying value of the assets and liabilities of those reporting units. 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 two operating segments with two reporting units and consequently evaluates goodwill for impairment based on an evaluation of the fair value of each reporting unit. If the carrying value of the reporting units exceed the fair value, the carrying value is reduced to its fair value through an adjustment to the goodwill balance, resulting in an impairment charge.

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” set forth in the Notes to our consolidated financial statements included in this Annual Report on Form 10-K 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 Statements 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 Compensation

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 income (expense), net in the Consolidated 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, 2023 and 2022.

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.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements - Adopted


Standard	Description	Effective Date	Effect on the Consolidated Financial Statements
ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance	This ASU increases the transparency of government assistance to include the disclosure of (1) the types of assistance, (2) an entity's accounting for the assistance, and (3) the effect of the assistance on an entity's financial statements.	June 1, 2022	The Company adopted the new standard in the first quarter of fiscal year 2023 and it did not have an impact on the Company's consolidated financial statements.


Recently Issued Accounting Pronouncements - Not Yet Applicable or Adopted
Standard	Description	Effective Date	Effect on the Consolidated Financial Statements
ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	This ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer.	June 1, 2023	The Company plans to adopt the new standard in the first quarter of fiscal year 2024 and does not expect there to be a material impact to the consolidated financial statements.

Revenue from Contract with Customer

REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue Recognition

Under ASC 606, Revenue from Contracts with Customers, 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.

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 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. For the duration of these agreements 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 add, 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. The Company is also required to pay administrative fees 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, 2023, 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.

Costs to Obtain or Fulfill a Customer Contract

Under ASC 606, the Company may recognize 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.

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Leases [Abstract]
Operating lease ROU assets	$ 5,113	$ 6,974
Less: Current portion of lease obligations	1,922	2,560
Long-term lease obligations	3,316	4,703
Total lease obligations	$ 5,238	$ 7,263
Weighted average remaining term (in years)	3 years 18 days	3 years 3 months
Weighted average discount rate	4.10%	3.80%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

Inventories

12 Months Ended

May 31, 2023

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, 2023		May 31, 2022
Raw materials	$	28,679	$	28,251
Work in process	6,708		7,186
Finished goods	19,938		15,955
Total	$	55,325	$	51,392

The Company periodically reviews 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, 2023 and 2022 was $3.1 million and $3.7 million, respectively.

Income Taxes Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2021
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

Segments and Geographic Information - Sale for Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 338,752	$ 316,219	$ 291,010
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	282,713	265,963	237,043
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 56,039	$ 50,256	$ 53,967

- Definition

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

+ References

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+ Details

Income Taxes - Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2021
Current
U.S.	$ 129	$ 120	$ 100
Non U.S.	187	186	201
Current	316	306	301
Deferred
U.S.	(207)	(3,415)	(3,375)
Non U.S.	(2,104)	(293)	(1,430)
Deferred	(2,311)	(3,708)	(4,805)
Income tax benefit	$ (1,995)	$ (3,402)	$ (4,504)

- Definition

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

+ References + Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Restricted Stock Units	Common Stock	Common Stock Restricted Stock Units	Additional paid in capital	Additional paid in capital Restricted Stock Units	Accumulated deficit	Accumulated other comprehensive income (loss)	Treasury Stock
Beginning Balance, Shares at May. 31, 2020			38,448,536
Beginning Balance at May. 31, 2020	$ 454,872		$ 374		$ 561,871		$ (100,318)	$ (1,341)	$ (5,714)
Beginning balance, treasure shares at May. 31, 2020									(370,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(31,548)						(31,548)
Exercise of stock options, Shares			123,536
Exercise of stock options	1,930		$ 1		1,929
Issuance/cancellation of common stock units, Shares				184,685
Issuance/cancellation of common stock units		$ (223)				$ (223)
Purchase of common stock under Employee Stock Purchase Plan, Shares			164,194
Purchase of common stock under Employee Stock Purchase Plan	1,307		$ 2		1,305
Stock-based compensation	8,625				8,625
Other comprehensive income (loss), net of tax	4,494							4,494
Ending Balance at May. 31, 2021	439,457		$ 377		573,507		(131,866)	3,153	$ (5,714)
Ending Balance, Shares at May. 31, 2021			38,920,951
Ending balance, treasury shares at May. 31, 2021									(370,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(26,547)						(26,547)
Exercise of stock options, Shares			162,721
Exercise of stock options	2,707		$ 1		2,706
Issuance/cancellation of common stock units, Shares			59,371	299,544
Issuance/cancellation of common stock units		(1,900)				(1,900)
Purchase of common stock under Employee Stock Purchase Plan, Shares			98,586
Purchase of common stock under Employee Stock Purchase Plan	1,876		$ 2		1,874
Stock-based compensation	10,692				10,692
Other comprehensive income (loss), net of tax	(1,796)							(1,796)
Ending Balance at May. 31, 2022	$ 424,489		$ 380		586,879		(158,413)	1,357	$ (5,714)
Ending Balance, Shares at May. 31, 2022	39,171,173		39,541,173
Ending balance, treasury shares at May. 31, 2022	(370,000,000)								(370,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ (52,442)						(52,442)
Exercise of stock options, Shares	47,824		21,617
Exercise of stock options	$ 156		$ 1		155
Issuance/cancellation of common stock units, Shares			29,826	239,028
Issuance/cancellation of common stock units	(312)	$ (720)			(312)	$ (720)
Purchase of common stock under Employee Stock Purchase Plan, Shares			149,778
Purchase of common stock under Employee Stock Purchase Plan	2,047		$ 1		2,046
Stock-based compensation	11,158				11,158
Other comprehensive income (loss), net of tax	(6,080)							(6,080)
Ending Balance at May. 31, 2023	$ 378,296		$ 382		$ 599,206		$ (210,855)	$ (4,723)	$ (5,714)
Ending Balance, Shares at May. 31, 2023	39,611,422		39,981,422
Ending balance, treasury shares at May. 31, 2023	(370,000,000)								(370,000)

Revenue from Contracts with Customers Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables	$ 52,826	$ 52,304
Contract assets	0	0
Contract liabilities	$ 499	$ 526

Long-Term Debt (Tables)

12 Months Ended

May 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

As of May 31, 2023 there was $25.0 million outstanding on the Revolving Facility and $25.0 million outstanding on the Delayed Draw Term Loan and the interest rate at May 31, 2023 applicable to each was 6.73%. As of May 31, 2023 and May 31, 2022, the carrying value of long-term debt approximated its fair market value.


(in thousands)	May 31, 2023
Revolving Facility	$	25,000
Delayed Draw Term Loan	25,000
Less: unamortized debit issuance costs	(182)
Total long-term debt	$	49,818

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Income Taxes - Components of Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2021
Loss before tax expense:
U.S.	$ (45,240)	$ (28,495)	$ (31,595)
Non-U.S.	(9,197)	(1,454)	(4,457)
Income (loss) before tax expense	$ (54,437)	$ (29,949)	$ (36,052)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Earnings Per Share (Details) - shares	12 Months Ended
Earnings Per Share (Details) - shares	May 31, 2023	May 31, 2022	May 31, 2021
Earnings Per Share [Abstract]
Basic	39,480,367	39,009,419	38,342,476
Effect of dilutive securities	0	0	0
Diluted	39,480,367	39,009,419	38,342,476
Securities excluded as their inclusion would be anti-dilutive	3,491,099	3,465,738	3,285,354

Inventories (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Inventories
Raw materials	$ 28,679	$ 28,251
Work in process	6,708	7,186
Finished goods	19,938	15,955
Total	55,325	51,392
Inventory valuation reserve	$ 3,100	$ 3,700

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 424,489	$ 439,457
Ending Balance	378,296	424,489
Foreign currency translation gain (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	1,357	3,153
Other comprehensive income, net of tax	(6,080)	(1,796)
Total comprehensive loss, net of tax	(6,080)	(1,796)
Ending Balance	$ (4,723)	$ 1,357

- 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.

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+ Details

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

12 Months Ended

May 31, 2023

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			2 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, 2023		May 31, 2022
Building and building improvements	$	29,660	$	29,425
Computer software and equipment	27,435		27,292
Machinery and equipment	17,023		15,453
Placement and evaluation units	26,355		21,009
Construction in progress	2,444		2,402
	102,917		95,581
Less accumulated depreciation	(59,026)		(51,069)
	43,891		44,512
Land and land improvements	493		493
	$	44,384	$	45,005

Recent accounting pronouncements

Recently Issued Accounting Pronouncements - Adopted


Standard	Description	Effective Date	Effect on the Consolidated Financial Statements
ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance	This ASU increases the transparency of government assistance to include the disclosure of (1) the types of assistance, (2) an entity's accounting for the assistance, and (3) the effect of the assistance on an entity's financial statements.	June 1, 2022	The Company adopted the new standard in the first quarter of fiscal year 2023 and it did not have an impact on the Company's consolidated financial statements.


Recently Issued Accounting Pronouncements - Not Yet Applicable or Adopted
Standard	Description	Effective Date	Effect on the Consolidated Financial Statements
ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	This ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer.	June 1, 2023	The Company plans to adopt the new standard in the first quarter of fiscal year 2024 and does not expect there to be a material impact to the consolidated financial statements.

Income Taxes - Narrative (Details) - USD ($)			12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Apr. 30, 2022	Dec. 31, 2021	May 31, 2023	May 31, 2022	May 31, 2021
Income Taxes (Textual) [Abstract]
Goodwill impairment	$ 0	$ 0	$ 14,549,000	$ 0	$ 0
Additional unrecognized tax benefit			500,000
Accrued interest and penalties			0	0
Eximo Medical, Ltd.
Income Taxes (Textual) [Abstract]
Deferred tax liability, purchase accounting adjustment			5,800,000	$ 8,800,000
Federal
Income Taxes (Textual) [Abstract]
Net operating loss carryforwards after considering limitations of use			169,700,000
Tax Year 2022 and 2023 \| Federal
Income Taxes (Textual) [Abstract]
Federal and State net operating loss carryforwards			5,200,000
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			85,100,000
Indefinite \| Israel
Income Taxes (Textual) [Abstract]
Federal and State net operating loss carryforwards			16,300,000
Tax Year 2020 To 2040 \| State
Income Taxes (Textual) [Abstract]
Federal and State net operating loss carryforwards			$ 24,100,000

Prepaid Expenses and Other (Tables)

12 Months Ended

May 31, 2023

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, 2023		May 31, 2022
Deposits	$	894	$	2,106
Employee Retention Tax Credit	—		4,194
Software licenses	1,501		1,255

License fees	217		172
Trade shows	448		328
Rent	191		240
Other prepaid taxes	264		328
Other	1,102		2,201
Total	$	4,617	$	10,824

Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2021
Reasons for consolidated income tax provision
Income tax benefit at federal statutory tax rate of 21.0%, 21.0% and 21.0%, respectively	$ (11,432)	$ (6,289)	$ (7,571)
State income taxes, net of Federal tax benefit	(353)	(536)	(462)
Impact of Non-U.S. operations	14	199	(293)
Research and development tax credit	(991)	395	(1,303)
Meals and entertainment	258	179	116
Goodwill impairment	3,055	0	0
Non-deductible executive compensation	366	686	107
Change in valuation allowance	5,556	3,168	3,921
Stock based compensation	505	(1,616)	526
Other	1,027	412	455
Income tax benefit	$ (1,995)	$ (3,402)	$ (4,504)

Property, Plant and Equipment, Net

12 Months Ended

May 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment are summarized as follows:


(in thousands)	May 31, 2023		May 31, 2022
Building and building improvements	$	29,660	$	29,425
Computer software and equipment	27,435		27,292
Machinery and equipment	17,023		15,453
Placement and evaluation units	26,355		21,009
Construction in progress	2,444		2,402
	102,917		95,581
Less accumulated depreciation	(59,026)		(51,069)
	43,891		44,512
Land and land improvements	493		493
	$	44,384	$	45,005

Depreciation expense for fiscal years 2023, 2022 and 2021 was $11.9 million, $7.6 million and $5.7 million, respectively.

Fair Value of Financial Instruments Fair Value of Financial Instruments (Details 2) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 16,948	$ 15,741
Change in present value of contingent consideration (1)	2,320
Currency gain from remeasurement	28	(5)
Change in fair value of contingent consideration	2,320	1,212	$ 89
Ending balance	$ 19,296	$ 16,948	$ 15,741

Stockholders' Equity

12 Months Ended

May 31, 2023

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. On November 3, 2022 the Company's shareholders approved an amendment to the 2020 Plan to increase the reserve of shares of common stock available for future grants by 1,950,000 shares. As of May 31, 2023, there remained approximately 2.9 million shares available for future grants 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.

The following table summarizes information about stock option activity for the fiscal year ended May 31, 2023:


	Shares	Weighted average exercise price		Weighted average remaining contractual life	Aggregate intrinsic value (in thousands)
Outstanding at beginning of year - June 1, 2022	2,346,248	$	17.13
Granted	187,826	$	21.54
Exercised	(47,824)	$	14.79
Forfeited	(79,701)	$	20.02
Expired	(200,000)	$	12.14
Outstanding at end of year - May 31, 2023	2,206,549	$	17.90	5.89	$	—
Options exercisable at year-end	1,408,208	$	17.12	4.77	$	—
Options expected to vest in future periods	798,341	$	19.28	7.86	$	—

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, 2023, 2022 and 2021 was $9.27, $9.57, and $3.97, respectively. The following assumptions were used in arriving at the fair value of options granted during 2023, 2022 and 2021, respectively: risk-free interest rates of 3.20%, 0.92% and 0.34%; expected volatility of 44%, 41%, and 39%; and expected lives of 5.14 years, 5.05 years, and 4.96 years. The Company does not declare dividends therefore a dividend yield of zero was used for the years ended May 31, 2023, 2022 and 2021. 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, 2023, 2022 and 2021 was $0.2 million, $1.6 million, and $0.8 million, respectively. As of May 31, 2023, 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 2 years.

Cash received from option exercises during 2023, 2022 and 2021 was $0.3 million, $2.7 million and $1.9 million, respectively. Due to the valuation allowance there was no tax benefit realized from stock option exercises during the years ended May 31, 2023, 2022 and 2021.

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, 2023:


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Non-vested at beginning of year, June 1, 2022	670,017	$	18.36
Granted	379,572	$	19.99
Vested	(275,007)	$	20.29
Canceled	(38,562)	$	19.28
Non-vested at end of year, May 31, 2023	736,020

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, 2023, 2022 and 2021 was $19.99,

$26.24 and $10.40, 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, 2023, 2022 and 2021 was $5.6 million, $8.5 million, and $2.1 million, respectively. As of May 31, 2023, there was $9.1 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 2 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, 2023:


	Performance Unit Awards	Weighted Average Grant-Date Fair Value
Non-vested at beginning of year, June 1, 2022	449,473	$	17.02
Granted	175,386	$	21.53
Vested	(45,008)	$	20.54
Canceled	(31,321)	$	20.16
Non-vested at end of year, May 31, 2023	548,530	$	19.23

During fiscal years 2023, 2022 and 2021, 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.

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, 2023, 2022 and 2021, the weighted average grant date fair market value for new grants was $23.71, $28.93 and $9.72, respectively. Compensation cost is recognized over the performance period which is typically three years. As of May 31, 2023, there was $2.4 million of unrecognized compensation cost which is expected to be recognized over a weighted average period of 1 year.

Compensation Expense

The following tables represents the break out of stock-based compensation included in the Company's Consolidated Statement of Operations:


	Year ended May 31,
(in thousands)	2023		2022		2021
Cost of sales	$	793	$	827	$	768
Research and development	1,459		1,298		1,152
Sales and marketing	2,922		2,568		1,641
General and administrative	5,984		5,999		5,064

	$	11,158	$	10,692	$	8,625

The income tax benefit on the compensation expense recognized for all stock-based compensation arrangements was $2.6 million, $2.5 million and $2.0 million for the years ended May 31, 2023, 2022 and 2021, respectively. The income tax benefit for 2023, 2022 and 2021 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 5,000,000 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. On November 3, 2022 the Company's shareholders approved an amendment to the employee stock purchase plan to increase the reserve of shares of common stock available for future grants by 1,000,000 shares.

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, 2023, 2022 and 2021, 149,778, 98,586 and 164,194 shares, respectively, were issued at an average price of $13.67, $19.02 and $7.95, respectively, under the Stock Purchase Plan. As of May 31, 2023, 3.2 million shares remained available for future purchases under the Stock Purchase Plan.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Assets Held For Sale

12 Months Ended

May 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

ASSETS HELD FOR SALE

During the fourth quarter of fiscal year 2023, the Company was in discussions with Merit to sell the dialysis product portfolio and BioSentry tract sealant system biopsy businesses. This qualified for held for sale accounting and the Company determined that the fair value of the net assets being sold exceeded the carrying value as of May 31, 2023. The transaction was finalized on June 8, 2023.

The following table summarizes the major classes of assets held for sale:


(in thousands)	As of May 31, 2023
Current assets:
Inventories	$	4,154
Prepaid expenses and other	2,000
Total current assets held for sale	$	6,154
Non-current assets:
Property, plant and equipment, net	$	44
Intangible assets, net	17,629
Goodwill	25,980
Total non-current assets held for sale	$	43,653

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

May 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Changes in each component of accumulated other comprehensive income (loss), net of tax, are as follows:


(in thousands)	Foreign currency translation gain (loss)
Balance at May 31, 2021	$	3,153
Other comprehensive income, net of tax	(1,796)

Net other comprehensive loss	$	(1,796)
Balance at May 31, 2022	$	1,357
Other comprehensive income, net of tax	(6,080)

Net other comprehensive loss	$	(6,080)
Balance at May 31, 2023	$	(4,723)

Goodwill and Intangible Assets - Narrative (Details)			3 Months Ended		12 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	Apr. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 31, 2022 USD ($)	May 31, 2021	May 31, 2023	May 31, 2023 USD ($)	May 31, 2023 segment	May 31, 2023 unit	May 31, 2022 USD ($) unit	May 31, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of reporting units							2		1
Number of operating segments							2	2	1
Goodwill impairment	$ 0	$ 0				$ 14,549,000			$ 0	$ 0
Impairment charge			$ 14,000,000
Amortization expense						$ 18,790,000			$ 19,458,000	$ 18,136,000
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]				Total
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets other than goodwill (years)					2 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets other than goodwill (years)					18 years

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 2,742	$ 2,723
Operating leases	$ 840	$ 36

Commitments And Contingencies (Tables)

12 Months Ended

May 31, 2023

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, 2023:


(in thousands)	Total		2024		2025		2026		2027		2028 and thereafter
Purchase obligations (1)	$	3,166	$	3,166	$	—	$	—	$	—	$	—
Royalties (2)	39,840		3,640		3,640		3,640		3,640		25,280

	$	43,006	$	6,806	$	3,640	$	3,640	$	3,640	$	25,280

(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.

Acquisitions	12 Months Ended
Acquisitions	May 31, 2023
Business Combinations [Abstract]
Acquisitions	ACQUISITIONSCamaro Support Catheter Asset AcquisitionOn July 27, 2021, the Company acquired the Camaro support catheter (rebranded as Syntrax) from QX Medical, LLC for an aggregate purchase price of $4.0 million, which included an upfront payment of $3.6 million and $0.4 million in purchase price holdbacks, along with $1.0 million of potential future contingent consideration related to revenue milestones. This acquisition supports the Auryon product family and 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 and fixed assets of $0.1 million and an intangible asset product technology of $3.9 million. The intangible asset will be amortized over 15 years. The contingent consideration is comprised of revenue milestones and will be accounted for when the contingency is resolved or becomes probable and reasonably estimable.

Assets Held For Sale (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Current assets:
Inventories	$ 4,154
Prepaid expenses and other	2,000
Current assets held for sale	6,154	$ 0
Non-current assets:
Property, plant and equipment, net	44
Intangible assets, net	17,629
Goodwill	25,980
Non-current assets held for sale	43,653	$ 0
Dialysis Product Portfolio And BioSentry Biopsy \| Discontinued Operations, Held-for-sale
Current assets:
Current assets held for sale	6,154
Non-current assets:
Non-current assets held for sale	$ 43,653

Subsequent Events	12 Months Ended
Subsequent Events	May 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn June 8, 2023, the Company entered into an asset purchase agreement (the "Asset Purchase Agreement") with Merit Medical Systems, Inc. pursuant to which Merit acquired the dialysis product portfolio and BioSentry tract sealant system biopsy businesses for $100.0 million in cash. The Company and Merit entered into various agreements to facilitate the transition to Merit, including a Transactions Services Agreement and Contract Manufacturing Agreement. The Company determined that the sale of the businesses did not constitute a strategic shift that had a major effect on the Company’s operations or financial results and as a result, this transaction will not be classified as discontinued operations.On June 8, 2023, AngioDynamics used a portion of the consideration received in connection with the Transaction to repay all amounts owed under AngioDynamics’ existing Credit Agreement, dated as of August 30, 2022, with the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A. and KeyBank National Association, as co-syndication agents, and JPMorgan Chase Bank N.A., as sole bookrunner and sole lead arranger, and as a result, the Credit Agreement was extinguished. Pursuant to the terms of the Credit Agreement, AngioDynamics had the option to repay this facility prior to the maturity date without penalty.

Prepaid Expenses and Other (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Prepaid expenses and other
Deposits	$ 894	$ 2,106
Employee Retention Tax Credit	0	4,194
Software licenses	1,501	1,255
License fees	217	172
Trade shows	448	328
Rent	191	240
Other prepaid taxes	264	328
Other	1,102	2,201
Total	$ 4,617	$ 10,824

Subsequent Events (Details) $ in Millions	Jun. 08, 2023 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of assets	$ 100.0

Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2021
Allowance for deferred tax asset
Valuation and Qualifying Accounts
Balance at Beginning of Year	$ 20,203	$ 17,035	$ 13,114
Additions - Charged to costs and expenses	5,556	3,168	3,921
Deductions	0	0	0
Balance at End of Period	25,759	20,203	17,035
Allowance for sales returns and doubtful accounts
Valuation and Qualifying Accounts
Balance at Beginning of Year	1,939	1,919	2,150
Additions - Charged to costs and expenses	457	343	1,833
Deductions	(246)	(323)	(2,064)
Balance at End of Period	$ 2,150	$ 1,939	$ 1,919

Segments and Geographic Information - Narrative (Details) $ in Thousands	12 Months Ended
	May 31, 2023 USD ($) segment	May 31, 2023 USD ($)	May 31, 2023 USD ($) unit	May 31, 2022 USD ($) unit	May 31, 2021
Segment Reporting Information [Line Items]
Number of operating segments	2		2	1
Assets	$ 532,637	$ 532,637	$ 532,637	$ 552,751
International \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage		17.00%		16.00%	19.00%
United States \| Net Assets, Geographic Area \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage		85.00%

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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+ Details

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	May 31, 2023	May 31, 2022	May 31, 2021
Cash flows from operating activities:
Net loss	$ (52,442,000)	$ (26,547,000)	$ (31,548,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	30,873,000	29,349,000	25,916,000
Non-cash lease expense	2,484,000	2,439,000	2,456,000
Goodwill impairment	14,549,000	0	0
Stock based compensation	11,158,000	10,692,000	8,625,000
Change in fair value of contingent consideration	2,320,000	1,212,000	89,000
Deferred income tax provision	(2,311,000)	(3,708,000)	(4,805,000)
Changes in accounts receivable allowances	695,000	118,000	207,000
Asset impairments and disposals	291,000	391,000	14,228,000
Other	(513,000)	(93,000)	(147,000)
Changes in operating assets and liabilities:
Accounts receivable	(1,299,000)	(17,151,000)	(4,162,000)
Inventories	(8,198,000)	(2,796,000)	11,539,000
Prepaid expenses and other	332,000	(5,012,000)	(3,181,000)
Accounts payable, accrued and other liabilities	2,139,000	3,912,000	4,876,000
Net cash provided by (used in) operating activities	78,000	(7,194,000)	24,093,000
Cash flows from investing activities:
Additions to property, plant and equipment	(3,812,000)	(4,297,000)	(5,187,000)
Additions to placement and evaluation units	(5,394,000)	(11,410,000)	(8,524,000)
Cash paid for acquisitions	0	(3,600,000)	0
Acquisition of intangibles	(540,000)	0	0
Net cash used in investing activities	(9,746,000)	(19,307,000)	(13,711,000)
Cash flows from financing activities:
Proceeds from issuance of and borrowings on long-term debt	70,000,000	0	0
Repayment of long-term debt	(45,000,000)	0	(20,000,000)
Proceeds from borrowings on long-term debt	0	5,000,000	0
Deferred financing costs on long-term debt	(751,000)	0	0
Proceeds from exercise of stock options and employee stock purchase plan	1,171,000	2,683,000	3,014,000
Net cash provided by (used in) financing activities	25,420,000	7,683,000	(16,986,000)
Effect of exchange rate changes on cash and cash equivalents	43,000	(518,000)	330,000
Increase (decrease) in cash and cash equivalents	15,795,000	(19,336,000)	(6,274,000)
Cash and cash equivalents at beginning of year	28,825,000	48,161,000	54,435,000
Cash and cash equivalents at end of year	44,620,000	28,825,000	48,161,000
Supplemental disclosure of non-cash investing and financing activities:
Increase (decrease) in accounts payable for purchases of fixed assets	124,000	14,000	(139,000)
Cash paid during the year for:
Interest	2,577,000	562,000	731,000
Income taxes	$ 342,000	$ 329,000	$ 313,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 2,150	$ 1,939
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)	39,981,422	39,541,173
Common stock, shares outstanding (shares)	39,611,422	39,171,173
Treasury stock, shares (shares)	370,000,000	370,000,000

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Jul. 27, 2021	May 31, 2023	May 31, 2022
Business Acquisition [Line Items]
Contract liabilities		$ 499	$ 526
QX Medical, LLC Camaro Support Catheter Asset Acquisition
Business Acquisition [Line Items]
Aggregate purchase price	$ 4,000
Contract liabilities	3,600
Contract with customer, liability, current	400
Potential future contingent consideration	1,000
Inventory and fixed assets	$ 100
Amortization period	15 years
Product technology \| QX Medical, LLC Camaro Support Catheter Asset Acquisition
Business Acquisition [Line Items]
Intangible asset product technology	$ 3,900

Income Taxes

12 Months Ended

May 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

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


	Year ended May 31,
(in thousands)	2023		2022		2021
Loss before tax expense:
U.S.	$	(45,240)	$	(28,495)	$	(31,595)
Non-U.S.	(9,197)		(1,454)		(4,457)
	$	(54,437)	$	(29,949)	$	(36,052)

Income tax benefit is comprised of the following:


	Year ended May 31,
(in thousands)	2023		2022		2021
Current

U.S.	129		120		100
Non U.S.	187		186		201
	316		306		301
Deferred
U.S.	(207)		(3,415)		(3,375)
Non U.S.	(2,104)		(293)		(1,430)
	(2,311)		(3,708)		(4,805)

Income tax benefit	$	(1,995)	$	(3,402)	$	(4,504)

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


(in thousands)	May 31, 2023		May 31, 2022
Deferred tax assets
Net operating loss carryforward	$	40,460	$	40,759
Stock-based compensation	4,263		4,617
Federal and state R&D tax credit carryforward	7,311		6,320
Inventories	724		853
Expenses incurred not currently deductible	6,986		1,914
Accrued liabilities	78		72
Gross deferred tax asset	59,822		54,535
Deferred tax liabilities
Depreciation and amortization	46,828		50,320

	46,828		50,320
Valuation allowance	(25,759)		(20,203)
Net deferred tax liability	$	(12,765)	$	(15,988)

The net deferred tax liability in the U.S. as of May 31, 2023 and 2022 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, included in the net deferred tax liability as of May 31, 2023 and 2022 is a net deferred tax liability of $5.8 million and $8.8 million, respectively that was related to the stock acquisition of Eximo Medical Ltd. primarily related to book intangibles partially offset by tax net operating losses and capitalized R&D expenditures.

The Company's U.S. Federal net operating loss carryforwards as of May 31, 2023 after considering IRC Section 382 limitations are $169.7 million. The expiration of the Federal net operating loss carryforwards are as follows: $5.2 million between 2023 and 2024, $79.4 million between 2028 and 2037 and $85.1 million indefinitely.

The Company's state net operating loss carryforwards as of May 31, 2023 after considering remaining IRC Section 382 limitations are $24.1 million which expire in various years from 2029 to 2042. The Company has Israel tax net operating losses of $16.3 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, 2023, 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, 2023. 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)	2023		2022		2021
Income tax benefit at federal statutory tax rate of 21.0%, 21.0% and 21.0%, respectively	$	(11,432)	$	(6,289)	$	(7,571)

State income taxes, net of Federal tax benefit	(353)		(536)		(462)
Impact of Non-U.S. operations	14		199		(293)
Research and development tax credit	(991)		395		(1,303)

Meals and entertainment	258		179		116
Goodwill impairment	3,055		—		—
Non-deductible executive compensation	366		686		107

Change in valuation allowance	5,556		3,168		3,921
Stock based compensation	505		(1,616)		526

Other	1,027		412		455
Income tax benefit	$	(1,995)	$	(3,402)	$	(4,504)

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


	Year ended May 31,
(in thousands)	2023		2022		2021
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 Sheets as of May 31, 2023 and May 31, 2022.

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 2020 through 2022 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Leases - Supplemental Statement of Operations Information (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022
Lessee, Lease, Description [Line Items]
Non-cash lease expense	$ 2,694	$ 2,802
Cost of sales
Lessee, Lease, Description [Line Items]
Non-cash lease expense	881	890
Research and development
Lessee, Lease, Description [Line Items]
Non-cash lease expense	193	257
Sales and marketing
Lessee, Lease, Description [Line Items]
Non-cash lease expense	162	160
General and administrative
Lessee, Lease, Description [Line Items]
Non-cash lease expense	$ 1,458	$ 1,495

Stockholders' Equity (Details 2) - $ / shares	12 Months Ended
Stockholders' Equity (Details 2) - $ / shares	May 31, 2023	May 31, 2022	May 31, 2021
Weighted Average Grant-Date Fair Value
Weighted Average Grant-Date Fair Value, Granted (usd per share)		$ 26.24	$ 10.40
Restricted Stock Units
Shares
Non-Vested Stock Award Units Beginning Balance (shares)	670,017
Non-Vested Stock Award Units, Granted (shares)	379,572
Non-Vested Stock Award Units, Vested (shares)	(275,007)
Non-Vested Stock Award Units, Cancelled (shares)	(38,562)
Non-Vested Stock Award Units Ending Balance (shares)	736,020	670,017
Weighted Average Grant-Date Fair Value
Weighted Average Grant-Date Fair Value Beginning Balance (usd per share)	$ 18.36
Weighted Average Grant-Date Fair Value, Granted (usd per share)	19.99
Weighted Average Grant-Date Fair Value, Vested (usd per share)	20.29
Weighted Average Grant-Date Fair Value, Cancelled (usd per share)	19.28
Weighted Average Grant-Date Fair Value Ending Balance (usd per share)		$ 18.36
Performance Shares
Shares
Non-Vested Stock Award Units Beginning Balance (shares)	449,473
Non-Vested Stock Award Units, Granted (shares)	175,386
Non-Vested Stock Award Units, Vested (shares)	(45,008)
Non-Vested Stock Award Units, Cancelled (shares)	(31,321)
Non-Vested Stock Award Units Ending Balance (shares)	548,530	449,473
Weighted Average Grant-Date Fair Value
Weighted Average Grant-Date Fair Value Beginning Balance (usd per share)	$ 17.02
Weighted Average Grant-Date Fair Value, Granted (usd per share)	21.53
Weighted Average Grant-Date Fair Value, Vested (usd per share)	20.54
Weighted Average Grant-Date Fair Value, Cancelled (usd per share)	20.16
Weighted Average Grant-Date Fair Value Ending Balance (usd per share)	$ 19.23	$ 17.02

Leases - Liability Maturity Schedule (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Leases [Abstract]
2024	$ 2,097
2025	1,621
2026	1,329
2027	375
2028 and thereafter	174
Total lease payments	5,596
Less: Imputed Interest	358
Total lease obligations	5,238	$ 7,263
Less: Current portion of lease obligations	1,922	2,560
Long-term lease obligations	$ 3,316	$ 4,703

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2023	May 31, 2022
Revenue from External Customer [Line Items]
Right of return period (days)	30 days
Restocking charge (percent)	20.00%
Restocking charge period (months)	12 months
Additions to contract liabilities	$ 0.7	$ 2.2
Revenue recognized, including current period.	$ 0.7	$ 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

Long Term Debt - Narrative (Details) $ in Thousands			12 Months Ended
Long Term Debt - Narrative (Details) $ in Thousands	Aug. 30, 2022 USD ($)	Jun. 03, 2019 USD ($)	May 31, 2023 USD ($) covenant	May 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt Instrument, Floor Interest Rate	0
Total long-term debt			$ 49,818	$ 25,000
Minimum
Debt Instrument [Line Items]
Commitment fee (percentage)			0.20%
Maximum
Debt Instrument [Line Items]
Commitment fee (percentage)			0.25%
Line of Credit
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
Debt instrument, term (years)		5 years
Proceeds from Issuance of Long-term Debt	$ 5,000
Line of Credit \| Base Rate
Debt Instrument [Line Items]
Stated interest rate (percent)			1.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Stated interest rate (percent)	0.10%
Line of Credit \| Minimum \| Base Rate
Debt Instrument [Line Items]
Stated interest rate (percent)			1.25%
Line of Credit \| Maximum \| Base Rate
Debt Instrument [Line Items]
Stated interest rate (percent)			1.75%
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing capacity		$ 75,000
Possible increase in borrowing capacity		$ 75,000
Number of financial covenants \| covenant			2
Interest rate at period end (percentage)			6.73%
Borrowings outstanding			$ 25,000
Total long-term debt			$ 25,000
Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 30,000

Fair Value of Financial Instruments Fair Value of Financial Instruments (Details 3) $ in Thousands	3 Months Ended
	May 31, 2021 USD ($)	May 31, 2023 USD ($)	May 31, 2022 USD ($)
RadiaDyne \| OarTrac trademark
Summary showing the recurring fair value measurements of the contingent consideration liability
Impairment charge	$ 14,000
Recurring
Summary showing the recurring fair value measurements of the contingent consideration liability
Revenue based payments		$ 19,296	$ 16,948
Total financial liabilities		19,296	16,948
Minimum
Summary showing the recurring fair value measurements of the contingent consideration liability
Potential amount of undiscounted future contingent consideration		20,000
Level 3 \| Recurring
Summary showing the recurring fair value measurements of the contingent consideration liability
Revenue based payments		19,296	16,948
Total financial liabilities		19,296	$ 16,948
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		$ 19,296
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
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		0.80
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

Income Taxes (Tables)

12 Months Ended

May 31, 2023

Income Tax Disclosure [Abstract]

Components of income (loss) before income tax provision

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


	Year ended May 31,
(in thousands)	2023		2022		2021
Loss before tax expense:
U.S.	$	(45,240)	$	(28,495)	$	(31,595)
Non-U.S.	(9,197)		(1,454)		(4,457)
	$	(54,437)	$	(29,949)	$	(36,052)

Summary of Income tax (benefit) provision analyzed by category

Income tax benefit is comprised of the following:


	Year ended May 31,
(in thousands)	2023		2022		2021
Current

U.S.	129		120		100
Non U.S.	187		186		201
	316		306		301
Deferred
U.S.	(207)		(3,415)		(3,375)
Non U.S.	(2,104)		(293)		(1,430)
	(2,311)		(3,708)		(4,805)

Income tax benefit	$	(1,995)	$	(3,402)	$	(4,504)

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, 2023		May 31, 2022
Deferred tax assets
Net operating loss carryforward	$	40,460	$	40,759
Stock-based compensation	4,263		4,617
Federal and state R&D tax credit carryforward	7,311		6,320
Inventories	724		853
Expenses incurred not currently deductible	6,986		1,914
Accrued liabilities	78		72
Gross deferred tax asset	59,822		54,535
Deferred tax liabilities
Depreciation and amortization	46,828		50,320

	46,828		50,320
Valuation allowance	(25,759)		(20,203)
Net deferred tax liability	$	(12,765)	$	(15,988)

Summary of Income tax rate reconciliation


	Year ended May 31,
(in thousands)	2023		2022		2021
Income tax benefit at federal statutory tax rate of 21.0%, 21.0% and 21.0%, respectively	$	(11,432)	$	(6,289)	$	(7,571)

State income taxes, net of Federal tax benefit	(353)		(536)		(462)
Impact of Non-U.S. operations	14		199		(293)
Research and development tax credit	(991)		395		(1,303)

Meals and entertainment	258		179		116
Goodwill impairment	3,055		—		—
Non-deductible executive compensation	366		686		107

Change in valuation allowance	5,556		3,168		3,921
Stock based compensation	505		(1,616)		526

Other	1,027		412		455
Income tax benefit	$	(1,995)	$	(3,402)	$	(4,504)

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)	2023		2022		2021
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

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Leases [Abstract]
Operating lease ROU assets	$ 5,113	$ 6,974
Non-cash lease expense	2,694	2,802
Total lease liabilities	$ 5,238	$ 7,263

Earnings Per Share

12 Months Ended

May 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic 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:


	Year ended May 31,
	2023	2022	2021
Basic	39,480,367	39,009,419	38,342,476
Effect of dilutive securities	—	—	—
Diluted	39,480,367	39,009,419	38,342,476

Securities excluded as their inclusion would be anti-dilutive	3,491,099	3,465,738	3,285,354

Commitments and Contingencies - Schedule (Details) $ in Thousands	May 31, 2023 USD ($)
Purchase Obligations
Total	$ 3,166
2024	3,166
2025	0
2026	0
2027	0
2028 and thereafter	0
Royalties
Total	39,840
2024	3,640
2025	3,640
2026	3,640
2027	3,640
2028 and thereafter	25,280
Total	43,006
2024	6,806
2025	3,640
2026	3,640
2027	3,640
2028 and thereafter	$ 25,280

Revenue from Contracts with Customers

12 Months Ended

May 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue Recognition

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

Disaggregation of Revenue

The following tables summarize net sales by Med Tech, Med Device and by geography:


	Year ended May 31, 2023						Year ended May 31, 2022
(in thousands)	United States		International		Total		United States		International		Total
Net sales
Med Tech	$	84,332	$	12,355	$	96,687	$	69,939	$	8,778	$	78,717
Med Device	198,381		43,684		242,065		196,024		41,478		237,502

Total	$	282,713	$	56,039	$	338,752	$	265,963	$	50,256	$	316,219


	Year ended May 31, 2021
(in thousands)	United States		International		Total
Net sales
Med Tech	$	46,440	$	9,291	$	55,731
Med Device	190,603		44,676		235,279
Total	$	237,043	$	53,967	$	291,010

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 products 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

Transaction Price and Allocation to Performance Obligations

Revenue Recognition

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

Variable Consideration

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.

Contract Balances with Customers

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


(in thousands)	May 31, 2023		May 31, 2022
Receivables	$	52,826	$	52,304
Contract assets	$	—	$	—
Contract liabilities	$	499	$	526

During the years ended May 31, 2023 and 2022, the Company had additions to contract liabilities of $0.7 million and $2.2 million, respectively. This was offset by $0.7 million and $2.1 million in revenue that was recognized during the years ended May 31, 2023 and 2022, respectively.

Costs to Obtain or Fulfill a Customer Contract

- 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
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+ Details

Consolidated Statements Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (52,442)	$ (26,547)	$ (31,548)
Other comprehensive income (loss), before tax:
Foreign currency translation gain (loss)	(6,080)	(1,796)	4,494
Other comprehensive income (loss), before tax	(6,080)	(1,796)	4,494
Income tax benefit (expense) related to items of other comprehensive income (loss)	0	0	0
Other comprehensive income (loss), net of tax	(6,080)	(1,796)	4,494
Total comprehensive loss, net of tax	$ (58,522)	$ (28,343)	$ (27,054)

- Definition

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

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Accrued Liabilities (Tables)

12 Months Ended

May 31, 2023

Payables and Accruals [Abstract]

Accrued liabilities

Accrued liabilities consist of the following:


(in thousands)	May 31, 2023		May 31, 2022
Payroll and related expenses	$	9,232	$	20,232
Outside services	7,088		3,731
Royalties	2,874		2,986
Research and development	1,525		1,279
Accrued severance	262		59
Sales and franchise taxes	480		750



Rebates	469		511

Other	4,687		5,294
Total	$	26,617	$	34,842

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	May 31, 2023 USD ($) $ / shares shares
Schedule summarizes stock option activity
Shares Outstanding at beginning of year (shares) \| shares	2,346,248
Shares Granted (shares) \| shares	187,826
Shares Exercised (shares) \| shares	(47,824)
Shares Forfeited (shares) \| shares	(79,701)
Shares Expired (shares) \| shares	(200,000)
Shares Outstanding at end of year (shares) \| shares	2,206,549
Shares Options exercisable at year-end (shares) \| shares	1,408,208
Shares Options expected to vest in future periods (shares) \| shares	798,341
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	$ 17.13
Weighted average exercise price Granted (usd per share) \| $ / shares	21.54
Weighted average exercise price Exercised (usd per share) \| $ / shares	14.79
Weighted average exercise price Forfeited (usd per share) \| $ / shares	20.02
Weighted average exercise price Expired (usd per share) \| $ / shares	12.14
Weighted average exercise price, Outstanding at end of year (usd per share) \| $ / shares	17.90
Weighted average exercise price, Options exercisable at year end (usd per share) \| $ / shares	17.12
Weighted average exercise price, Options expected to vest in future periods (usd per share) \| $ / shares	$ 19.28
Weighted average remaining contractual life	5 years 10 months 20 days
Weighted average remaining contractual life, Option exercisable at year end	4 years 9 months 7 days
Weighted average remaining contractual life, Option expected to vest in future periods	7 years 10 months 9 days
Aggregate intrinsic value, Outstanding at end of year \| $	$ 0
Aggregate intrinsic value, Options exercisable at year end \| $	0
Aggregate intrinsic value, Option expected to vest in future periods \| $	$ 0

Leases

12 Months Ended

May 31, 2023

Leases [Abstract]

Leases

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 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 following table presents supplemental balance sheet information related to leases:


(in thousands)	Balance Sheet Location	May 31, 2023		May 31, 2022
Assets
Operating lease ROU assets	Other assets	$	5,113	$	6,974
Liabilities
Current operating lease liabilities	Other current liabilities	1,922		2,560
Non-current operating lease liabilities	Other long-term liabilities	3,316		4,703
Total lease liabilities		$	5,238	$	7,263

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, 2023		May 31, 2022
Weighted average remaining term (in years)	3.05		3.25
Weighted average discount rate	4.1	%	3.8	%

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


(in thousands)	May 31, 2023
2024	$	2,097
2025	1,621
2026	1,329
2027	375
2028 and thereafter	174
Total lease payments	$	5,596
Less: Imputed Interest	358
Total lease obligations	$	5,238
Less: Current portion of lease obligations	1,922
Long-term lease obligations	$	3,316

During the years ended May 31, 2023 and May 31, 2022, the Company recognized operating lease expense, which includes immaterial short-term leases, of $2.7 million and $2.8 million, respectively. The expenses on the Consolidated Statement of Operations were classified as follows:


(in thousands)	May 31, 2023		May 31, 2022
Cost of sales	$	881	$	890
Research and development	193		257
Sales and marketing	162		160
General and administrative	1,458		1,495
	$	2,694	$	2,802

The following table presents supplemental cash flow and other information related to leases:


(in thousands)	May 31, 2023		May 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,742	$	2,723
ROU assets obtained in exchange for lease liabilities
Operating leases	840		36

Segments and Geographic Information (Tables)

12 Months Ended

May 31, 2023

Segment Reporting [Abstract]

Summary of total net sales by product category


	Year ended May 31,
(in thousands)	2023			2022			2021

Med Tech Net Sales	$	96,687		$	78,717		$	55,731
Gross Profit	$	61,966		$	52,584		$	39,544
Gross Margin	64.1		%	66.8		%	71.0		%

Med Device Net Sales	$	242,065		$	237,502		$	235,279
Gross Profit	$	112,280		$	113,148		$	117,244
Gross Margin	46.4		%	47.6		%	49.8		%

Total Net Sales	$	338,752		$	316,219		$	291,010
Gross Profit	$	174,246		$	165,732		$	156,788
Gross Margin	51.4		%	52.4		%	53.9		%

Summary of net sales for geographic areas

The table below summarizes net sales by geographic area based on external customer location:


	Year ended May 31,
(in thousands)	2023		2022		2021
Net sales by Geography
United States	$	282,713	$	265,963	$	237,043
International	56,039		50,256		53,967
Total	$	338,752	$	316,219	$	291,010

Property, Plant and Equipment, Net (Tables)

12 Months Ended

May 31, 2023

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			2 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, 2023		May 31, 2022
Building and building improvements	$	29,660	$	29,425
Computer software and equipment	27,435		27,292
Machinery and equipment	17,023		15,453
Placement and evaluation units	26,355		21,009
Construction in progress	2,444		2,402
	102,917		95,581
Less accumulated depreciation	(59,026)		(51,069)
	43,891		44,512
Land and land improvements	493		493
	$	44,384	$	45,005

Goodwill and Intangible Assets (Tables)

12 Months Ended

May 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill for each reporting unit is allocated as follows:


	Year ended May 31, 2023
(in thousands)	Med Tech		Med Device		Total
Balance June 1, 2022	$	160,529	$	40,529	$	201,058
Goodwill impairment	—		(14,549)		(14,549)
Assets held for sale	—		(25,980)		(25,980)
Foreign currency translation adjustments	(1,291)		—		(1,291)
Balance May 31, 2023	$	159,238	$	—	$	159,238

Intangible assets

Intangible assets consisted of the following:


	May 31, 2023
(in thousands)	Gross carrying value		Accumulated amortization		Net carrying value
Product technologies	$	211,751	$	(118,314)	$	93,437
Customer relationships	57,509		(40,755)		16,754
Trademarks	7,450		(6,660)		790
Licenses	4,837		(4,674)		163
	$	281,547	$	(170,403)	$	111,144


	May 31, 2022
(in thousands)	Gross carrying value		Accumulated amortization		Net carrying value
Product technologies	$	239,467	$	(112,141)	$	127,326
Customer relationships	60,115		(38,003)		22,112
Trademarks	9,950		(7,185)		2,765
Licenses	4,837		(4,660)		177


	$	314,369	$	(161,989)	$	152,380

Expected amortization expense

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


(in thousands)
2024	$	14,399
2025	14,380
2026	14,199
2027	14,057
2028	10,827
2029 and thereafter	43,282
	$	111,144

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Valuation and Qualifying Accounts

12 Months Ended

May 31, 2023

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, 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

Year Ended May 31, 2022
Allowance for deferred tax asset	$	17,035	$	3,168	$	—	$	20,203
Allowance for sales returns and doubtful accounts	$	1,919	$	343	$	(323)	$	1,939

Year Ended May 31, 2023
Allowance for deferred tax asset	$	20,203	$	5,556	$	—	$	25,759
Allowance for sales returns and doubtful accounts	$	1,939	$	457	$	(246)	$	2,150

Goodwill and Intangible Assets - Goodwill Rollforward (Details) - USD ($)			12 Months Ended
	Apr. 30, 2022	Dec. 31, 2021	May 31, 2023	May 31, 2022	May 31, 2021
Goodwill [Roll Forward]
Balance June 1, 2022			$ 201,058,000
Goodwill impairment	$ 0	$ 0	(14,549,000)	$ 0	$ 0
Assets held for sale			(25,980,000)
Foreign currency translation adjustments			(1,291,000)
Balance May 31, 2023			159,238,000	201,058,000
Med Tech
Goodwill [Roll Forward]
Balance June 1, 2022			160,529,000
Goodwill impairment			0
Assets held for sale			0
Foreign currency translation adjustments			(1,291,000)
Balance May 31, 2023			159,238,000	160,529,000
Med Device
Goodwill [Roll Forward]
Balance June 1, 2022			40,529,000
Goodwill impairment			(14,549,000)
Assets held for sale			(25,980,000)
Foreign currency translation adjustments			0
Balance May 31, 2023			$ 0	$ 40,529,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Acquisition, Restructuring and Other Items, net

12 Months Ended

May 31, 2023

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)	2023		2022		2021
Legal (1)	$	9,998	$	7,625	$	6,161
Mergers and acquisitions (2)	368		59		1
Transition service agreement (3)	—		—		(1,032)
Divestiture (4)	—		—		393
Intangible and other asset impairment (5)	—		—		13,953
Israeli Innovation Authority prepayment (6)	3,544		—		—
Manufacturing Relocation (7)	1,091		644		—
Other	632		714		756
Total	$	15,633	$	9,042	$	20,232

(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.

(6) In the first quarter of fiscal year 2023, a $3.5 million payment was made to the Israeli Innovation Authority to fully satisfy the obligation related to grant funds that were provided to Eximo for development of the Auryon laser prior to the acquisition in the second quarter of fiscal year 2020.

(7) Expenses to relocate certain manufacturing lines from Queensbury, NY to Alajuela, Costa Rica.

Included in legal for fiscal year 2021 is a $1.0 million settlement expense. The settlement received partially offset legal expenses paid related to the settlement proceedings.

Revenue from Contracts with Customers (Tables)

12 Months Ended

May 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables summarize net sales by Med Tech, Med Device and by geography:


	Year ended May 31, 2023						Year ended May 31, 2022
(in thousands)	United States		International		Total		United States		International		Total
Net sales
Med Tech	$	84,332	$	12,355	$	96,687	$	69,939	$	8,778	$	78,717
Med Device	198,381		43,684		242,065		196,024		41,478		237,502

Total	$	282,713	$	56,039	$	338,752	$	265,963	$	50,256	$	316,219


	Year ended May 31, 2021
(in thousands)	United States		International		Total
Net sales
Med Tech	$	46,440	$	9,291	$	55,731
Med Device	190,603		44,676		235,279
Total	$	237,043	$	53,967	$	291,010

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, 2023		May 31, 2022
Receivables	$	52,826	$	52,304
Contract assets	$	—	$	—
Contract liabilities	$	499	$	526

Long Term Debt - Long Term Debt Schedule (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Debt Instrument [Line Items]
Less: unamortized debit issuance costs	$ (182)
Total long-term debt	49,818	$ 25,000
Line of Credit \| Revolving Facility
Debt Instrument [Line Items]
Long-term debt, gross	25,000
Loans Payable \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 25,000

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Audit Information	12 Months Ended
Audit Information	May 31, 2023
Auditor Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	34

Fair Value of Financial Instruments

12 Months Ended

May 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

On 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, 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, 2023









Financial Liabilities

Contingent consideration for acquisition earn outs	$	—	$	—	$	19,296	$	19,296
Total Financial Liabilities	$	—	$	—	$	19,296	$	19,296


	Fair Value Measurements using inputs considered as:
(in thousands)	Level 1		Level 2		Level 3		Fair Value at May 31, 2022









Financial Liabilities

Contingent consideration for acquisition earn outs	$	—	$	—	$	16,948	$	16,948
Total Financial Liabilities	$	—	$	—	$	16,948	$	16,948

There were no transfers between Level 1, 2 and 3 for the years ended May 31, 2023 and 2022.

The following tables present the changes in fair value components of Level 3 instruments:


	Financial Liabilities
(in thousands)	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at May 31, 2022	$	16,948

Change in present value of contingent consideration (1)	2,320
Currency gain from remeasurement	28



Balance at May 31, 2023	$	19,296

(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.


	Financial Liabilities
(in thousands)	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at May 31, 2021	$	15,741

Change in fair value of contingent consideration (1)	1,212

Currency loss from remeasurement	(5)




Balance at May 31, 2022	$	16,948

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 Operations.

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, 2023:

(in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

Revenue based payments

19,296

Discounted cash flow

Discount rate

Probability of payment

80% - 100%

Projected fiscal year of payment

2024 - 2025

At May 31, 2023, 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 2024 to 2029 in order for the associated consideration to be paid.

Items Measured at Fair Value on a Nonrecurring Basis

The Company recorded a goodwill impairment charge of $14.5 million for the year ended May 31, 2023 to write down the carrying value of the Med Device reporting unit to fair value.

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.

There were no other items measured at fair value on a nonrecurring basis during the year ended May 31, 2023 or May 31, 2022.

- 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

Basis of Presentation, Business Description and Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	May 31, 2023	May 31, 2023 segment	May 31, 2023 unit	May 31, 2022 unit
Business Acquisition [Line Items]
Maturity period	less than three months
Period of recognition for costs not yet recognized (years)	2 years
Number of reporting units		2		1
Number of operating segments		2	2	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)	2 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

Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) - Recurring - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Financial Liabilities
Contingent consideration for acquisition earn outs	$ 19,296	$ 16,948
Total Financial Liabilities	19,296	16,948
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	19,296	16,948
Total Financial Liabilities	$ 19,296	$ 16,948

Goodwill and Intangible Assets - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Expected amortization expense
2024	$ 14,399
2025	14,380
2026	14,199
2027	14,057
2028	10,827
2029 and thereafter	43,282
Net carrying value	$ 111,144	$ 152,380

Long Term Debt

12 Months Ended

May 31, 2023

Debt Disclosure [Abstract]

Long Term Debt

LONG-TERM DEBT

On August 30, 2022, the Company repaid all amounts outstanding under its then existing credit agreement and entered into a new Credit Agreement (the "Credit Agreement") with its lenders, JPMorgan Chase Bank, N.A., as Administrative Agent, sole bookrunner, and sole lead arranger, and Bank of America, N.A. and KeyBank National Association, as Syndication Agents.

The Credit Agreement provides for a $75.0 million secured revolving credit facility (the "Revolving Facility") and a $30.0 million delayed draw term loan (the "Delayed Draw Term Loan"), and also 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. Each exercise of such expansion feature must be drawn in $5.0 million increments. The proceeds of the Revolving Facility may be used for general corporate purposes, including permitted acquisitions. The proceeds of the Delayed Draw Term Loan may be used for general corporate purposes, including primarily to finance the manufacturing costs of the Auryon laser capital equipment.

The Credit Agreement has a five-year maturity. Interest on the Revolving Facility and Delayed Draw Term Loan will be based, at the Company's option, on a rate equal to (i) the Secured Overnight Financing Rate ("SOFR") plus 0.10% (subject to a floor of 0%), or (ii) if the Company elects to treat a borrowing as an ABR Borrowing, an alternate base rate based on SOFR, plus, in each case, an applicable margin of 1.25%, 1.50% or 1.75%, depending on the leverage ratio. If any amounts are not paid when due, such overdue amounts will bear interest at an amount generally equal to 2.0% plus the existing loan rate. The Credit Agreement also carries a commitment fee in the case of the Revolving Facility, and a ticking fee, in the case of the Delayed Draw Term Loans of 0.20% to 0.25% per annum on the unused portion.

The Company's obligations under the Credit Agreement 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 Credit Agreement 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 August 31, 2022.


(in thousands)	May 31, 2023
Revolving Facility	$	25,000
Delayed Draw Term Loan	25,000
Less: unamortized debit issuance costs	(182)
Total long-term debt	$	49,818

The Company was in compliance with the Credit Agreement covenants as of May 31, 2023.

On June 8, 2023, AngioDynamics used a portion of the consideration received from the sale of the dialysis and BioSentry businesses to repay all amounts owed under AngioDynamics’ existing Credit Agreement, and as a result, the Credit Agreement was extinguished. Pursuant to the terms of the Credit Agreement, AngioDynamics had the option to repay this facility prior to the maturity date without penalty.

Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2021
Property, plant and equipment
Property, plant and equipment	$ 102,917	$ 95,581
Less accumulated depreciation	(59,026)	(51,069)
Property, plant and equipment excluding land and land improvements	43,891	44,512
Land and land improvements	493	493
Property, plant and equipment, Net	44,384	45,005
Depreciation expense	11,900	7,600	$ 5,700
Building and building improvements
Property, plant and equipment
Property, plant and equipment	29,660	29,425
Computer software and equipment
Property, plant and equipment
Property, plant and equipment	27,435	27,292
Machinery and equipment
Property, plant and equipment
Property, plant and equipment	17,023	15,453
Placement and evaluation units
Property, plant and equipment
Property, plant and equipment	26,355	21,009
Construction in progress
Property, plant and equipment
Property, plant and equipment	$ 2,444	$ 2,402

Leases (Tables)

12 Months Ended

May 31, 2023

Leases [Abstract]

Supplemental balance sheet information

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


(in thousands)	Balance Sheet Location	May 31, 2023		May 31, 2022
Assets
Operating lease ROU assets	Other assets	$	5,113	$	6,974
Liabilities
Current operating lease liabilities	Other current liabilities	1,922		2,560
Non-current operating lease liabilities	Other long-term liabilities	3,316		4,703
Total lease liabilities		$	5,238	$	7,263

Supplemental cash flow information

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


	May 31, 2023		May 31, 2022
Weighted average remaining term (in years)	3.05		3.25
Weighted average discount rate	4.1	%	3.8	%

The expenses on the Consolidated Statement of Operations were classified as follows:


(in thousands)	May 31, 2023		May 31, 2022
Cost of sales	$	881	$	890
Research and development	193		257
Sales and marketing	162		160
General and administrative	1,458		1,495
	$	2,694	$	2,802

The following table presents supplemental cash flow and other information related to leases:


(in thousands)	May 31, 2023		May 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,742	$	2,723
ROU assets obtained in exchange for lease liabilities
Operating leases	840		36

Lease liability schedule

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


(in thousands)	May 31, 2023
2024	$	2,097
2025	1,621
2026	1,329
2027	375
2028 and thereafter	174
Total lease payments	$	5,596
Less: Imputed Interest	358
Total lease obligations	$	5,238
Less: Current portion of lease obligations	1,922
Long-term lease obligations	$	3,316

Stockholders' Equity - Narrative (Details)			12 Months Ended
Stockholders' Equity - Narrative (Details)	Nov. 03, 2022 shares	Oct. 29, 2014 vote $ / shares shares	May 31, 2023 USD ($) Employees working_hour $ / shares shares	May 31, 2022 USD ($) $ / shares shares	May 31, 2021 USD ($) $ / shares shares	May 31, 2020 shares	May 31, 2018 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 \| vote		1
Option grants in the period, weighted average grant date fair value (usd per share) \| $ / shares			$ 9.27	$ 9.57	$ 3.97
Risk free interest rate			3.20%	0.92%	0.34%
Expected volatility rate			44.00%	41.00%	39.00%
Expected term			5 years 1 month 20 days	5 years 18 days	4 years 11 months 15 days
The total intrinsic value of options exercised \| $			$ 200,000	$ 1,600,000	$ 800,000
Compensation not yet recognized \| $			3,900,000
Proceeds from stock options exercised \| $			300,000	2,700,000	1,900,000
Tax benefit \| $			$ 2,600,000	$ 2,500,000	$ 2,000,000
Grants in the period, weighted average grant date fair value (usd per share) \| $ / shares				$ 26.24	$ 10.40
Average price of share issued \| $ / shares			$ 13.67	$ 19.02	$ 7.95
Period of recognition for costs not yet recognized (years)			2 years
Employee Stock Option
Other Ownership Interests [Line Items]
Percentage of grants to employees vesting			25.00%
Option grants to employees vesting period			4 years
Tax benefit \| $			$ 0	$ 0	$ 0
Period of recognition for costs not yet recognized (years)			4 years
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			$ 19.99
Employee service, compensation cost not yet recognized \| $			$ 9,100,000
Nonvested compensation, weighted average grant date fair value (usd per share) \| $ / shares				$ 18.36
Nonvested compensation (shares)			736,020	670,017
Period of recognition for costs not yet recognized (years)			2 years
Service period			4 years
Performance Share and Restricted Stock Unit Awards
Other Ownership Interests [Line Items]
Total fair value of restricted stock awards vesting \| $			$ 5,600,000	$ 8,500,000	$ 2,100,000
Performance Shares
Other Ownership Interests [Line Items]
Compensation not yet recognized \| $			$ 2,400,000
Vesting period			3 years
Nonvested compensation, weighted average grant date fair value (usd per share) \| $ / shares			$ 23.71	$ 28.93	$ 9.72
Performance period			3 years
Period of recognition for costs not yet recognized (years)			1 year
2004 Stock and Incentive Award Plan
Other Ownership Interests [Line Items]
Total number of common stock available to be issued (shares)			2,900,000
Stock Purchase Plan
Other Ownership Interests [Line Items]
Total number of common stock available to be issued (shares)			3,200,000
Maximum number of shares to be offered			5,000,000
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			149,778	98,586	164,194
Stock And Incentive Award Plan 2020
Other Ownership Interests [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Period Increase (Decrease)	1,950,000
Employee Stock Purchase Plan
Other Ownership Interests [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Period Increase (Decrease)	1,000,000

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

May 31, 2023

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:


(in thousands)	Foreign currency translation gain (loss)
Balance at May 31, 2021	$	3,153
Other comprehensive income, net of tax	(1,796)

Net other comprehensive loss	$	(1,796)
Balance at May 31, 2022	$	1,357
Other comprehensive income, net of tax	(6,080)

Net other comprehensive loss	$	(6,080)
Balance at May 31, 2023	$	(4,723)

Stockholders' Equity (Tables)

12 Months Ended

May 31, 2023

Equity [Abstract]

Schedule summarizes stock option activity

The following table summarizes information about stock option activity for the fiscal year ended May 31, 2023:


	Shares	Weighted average exercise price		Weighted average remaining contractual life	Aggregate intrinsic value (in thousands)
Outstanding at beginning of year - June 1, 2022	2,346,248	$	17.13
Granted	187,826	$	21.54
Exercised	(47,824)	$	14.79
Forfeited	(79,701)	$	20.02
Expired	(200,000)	$	12.14
Outstanding at end of year - May 31, 2023	2,206,549	$	17.90	5.89	$	—
Options exercisable at year-end	1,408,208	$	17.12	4.77	$	—
Options expected to vest in future periods	798,341	$	19.28	7.86	$	—

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, 2023:


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Non-vested at beginning of year, June 1, 2022	670,017	$	18.36
Granted	379,572	$	19.99
Vested	(275,007)	$	20.29
Canceled	(38,562)	$	19.28
Non-vested at end of year, May 31, 2023	736,020

The following table summarizes information about performance unit award activity for the year ended May 31, 2023:


	Performance Unit Awards	Weighted Average Grant-Date Fair Value
Non-vested at beginning of year, June 1, 2022	449,473	$	17.02
Granted	175,386	$	21.53
Vested	(45,008)	$	20.54
Canceled	(31,321)	$	20.16
Non-vested at end of year, May 31, 2023	548,530	$	19.23

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

The following tables represents the break out of stock-based compensation included in the Company's Consolidated Statement of Operations:


	Year ended May 31,
(in thousands)	2023		2022		2021
Cost of sales	$	793	$	827	$	768
Research and development	1,459		1,298		1,152
Sales and marketing	2,922		2,568		1,641
General and administrative	5,984		5,999		5,064

	$	11,158	$	10,692	$	8,625

Prepaid Expenses and Other

12 Months Ended

May 31, 2023

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

PREPAID EXPENSES AND OTHER

PREPAID EXPENSES AND OTHERPrepaid expenses and other consisted of the following:


(in thousands)	May 31, 2023		May 31, 2022
Deposits	$	894	$	2,106
Employee Retention Tax Credit	—		4,194
Software licenses	1,501		1,255

License fees	217		172
Trade shows	448		328
Rent	191		240
Other prepaid taxes	264		328
Other	1,102		2,201
Total	$	4,617	$	10,824

Earnings Per Share (Tables)

12 Months Ended

May 31, 2023

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares

The following table reconciles basic to diluted weighted average shares outstanding:


	Year ended May 31,
	2023	2022	2021
Basic	39,480,367	39,009,419	38,342,476
Effect of dilutive securities	—	—	—
Diluted	39,480,367	39,009,419	38,342,476

Securities excluded as their inclusion would be anti-dilutive	3,491,099	3,465,738	3,285,354

Inventories (Tables)

12 Months Ended

May 31, 2023

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, 2023		May 31, 2022
Raw materials	$	28,679	$	28,251
Work in process	6,708		7,186
Finished goods	19,938		15,955
Total	$	55,325	$	51,392

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

12 Months Ended

May 31, 2023

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, the "Company", "we", "our", or "us").

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			2 to 5 years
Machinery and equipment			5 to 8 years
Placement and evaluation units			5 years

Goodwill and Intangible Assets

Contingent Consideration

Revenue Recognition

Research and Development

Income Taxes

Foreign Currency Translation

Derivative Financial Instruments

Contingencies

Retirement Plans	12 Months Ended
Retirement Plans	May 31, 2023
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 $4.2 million, $4.3 million and $3.8 million in 2023, 2022 and 2021, respectively. There are also various immaterial foreign retirement plans.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

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

12 Months Ended

May 31, 2023

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, 2023









Financial Liabilities

Contingent consideration for acquisition earn outs	$	—	$	—	$	19,296	$	19,296
Total Financial Liabilities	$	—	$	—	$	19,296	$	19,296


	Fair Value Measurements using inputs considered as:
(in thousands)	Level 1		Level 2		Level 3		Fair Value at May 31, 2022









Financial Liabilities

Contingent consideration for acquisition earn outs	$	—	$	—	$	16,948	$	16,948
Total Financial Liabilities	$	—	$	—	$	16,948	$	16,948

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

The following tables present the changes in fair value components of Level 3 instruments:


	Financial Liabilities
(in thousands)	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at May 31, 2022	$	16,948

Change in present value of contingent consideration (1)	2,320
Currency gain from remeasurement	28



Balance at May 31, 2023	$	19,296


	Financial Liabilities
(in thousands)	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at May 31, 2021	$	15,741

Change in fair value of contingent consideration (1)	1,212

Currency loss from remeasurement	(5)




Balance at May 31, 2022	$	16,948

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, 2023:

(in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

Revenue based payments

19,296

Discounted cash flow

Discount rate

Probability of payment

80% - 100%

Projected fiscal year of payment

2024 - 2025

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value	$ 281,547	$ 314,369
Accumulated amortization	(170,403)	(161,989)
Net carrying value	111,144	152,380
Product technologies
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value	211,751	239,467
Accumulated amortization	(118,314)	(112,141)
Net carrying value	93,437	127,326
Customer relationships
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value	57,509	60,115
Accumulated amortization	(40,755)	(38,003)
Net carrying value	16,754	22,112
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value	7,450	9,950
Accumulated amortization	(6,660)	(7,185)
Net carrying value	790	2,765
Licenses
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value	4,837	4,837
Accumulated amortization	(4,674)	(4,660)
Net carrying value	$ 163	$ 177

Acquisition, Restructuring and Other Items, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2021
Restructuring Cost and Reserve [Line Items]
Acquisition, restructuring and other items, net	$ 15,633	$ 9,042	$ 20,232
Settlement Expense
Restructuring Cost and Reserve [Line Items]
Acquisition, restructuring and other items, net		$ 1,000

Accrued Liabilities

12 Months Ended

May 31, 2023

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

Accrued liabilities consist of the following:


(in thousands)	May 31, 2023		May 31, 2022
Payroll and related expenses	$	9,232	$	20,232
Outside services	7,088		3,731
Royalties	2,874		2,986
Research and development	1,525		1,279
Accrued severance	262		59
Sales and franchise taxes	480		750



Rebates	469		511

Other	4,687		5,294
Total	$	26,617	$	34,842

Segments and Geographic Information

12 Months Ended

May 31, 2023

Segment Reporting [Abstract]

SEGMENTS AND GEOGRAPHIC INFORMATION

Segment information

The Company regularly reviews its segments and the approach used by the chief operating decision maker, the President and Chief Executive Officer ("CEO"), and management to evaluate performance and allocate resources. Prior to the first quarter of fiscal year 2023, the Company considered the business to be a single operating segment engaged in the development, manufacture and sale of medical devices for vascular access, peripheral vascular disease and oncology on a global basis. Commencing with the first quarter of fiscal year 2023, the Company began to manage its operations through two segments, Med Tech and Med Device to align with the transformation from a company with a broad portfolio of largely undifferentiated products to a more focused medical technology company. The CEO evaluates these two segments based on net sales and gross margin to, among other items, allocate resources and assess performance. Executives reporting to the CEO include those responsible for commercial operations, manufacturing operations, regulatory and quality and certain corporate functions. The CEO evaluates all other elements of profitability, investment and cash flow metrics on a consolidated global basis due to shared infrastructure and resources.

The Company manages its assets on a total company basis, not by operating segment; therefore, the CEO does not review any asset information by operating segment and, accordingly, asset information is not reported or evaluated by operating segment. Total assets were $532.6 million as of May 31, 2023.

The table below summarizes net sales and gross margin by Med Tech and Med Device including prior periods during which the Company considered the business to be a single operating segment, in order to conform to the current period presentation:


	Year ended May 31,
(in thousands)	2023			2022			2021

Med Tech Net Sales	$	96,687		$	78,717		$	55,731
Gross Profit	$	61,966		$	52,584		$	39,544
Gross Margin	64.1		%	66.8		%	71.0		%

Med Device Net Sales	$	242,065		$	237,502		$	235,279
Gross Profit	$	112,280		$	113,148		$	117,244
Gross Margin	46.4		%	47.6		%	49.8		%

Total Net Sales	$	338,752		$	316,219		$	291,010
Gross Profit	$	174,246		$	165,732		$	156,788
Gross Margin	51.4		%	52.4		%	53.9		%

Geographic information

The table below summarizes net sales by geographic area based on external customer location:


	Year ended May 31,
(in thousands)	2023		2022		2021
Net sales by Geography
United States	$	282,713	$	265,963	$	237,043
International	56,039		50,256		53,967
Total	$	338,752	$	316,219	$	291,010

For fiscal years 2023, 2022 and 2021, international sales as a percentage of total net sales were 17%, 16% and 19%, 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. 85% 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
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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Current Assets
Cash and cash equivalents	$ 44,620	$ 28,825
Accounts receivable, net of allowances of $2,150 and $1,939, respectively	52,826	52,304
Inventories	55,325	51,392
Prepaid expenses and other	4,617	10,824
Current assets held for sale	6,154	0
Total current assets	163,542	143,345
Property, plant and equipment, net	44,384	45,005
Intangible assets, net	111,144	152,380
Goodwill	159,238	201,058
Other assets	10,676	10,963
Non-current assets held for sale	43,653	0
Total Assets	532,637	552,751
Current Liabilities
Accounts payable	40,445	28,047
Accrued liabilities	26,617	34,842
Current portion of contingent consideration	14,761	8,783
Other current liabilities	2,002	2,652
Total current liabilities	83,825	74,324
Long-term debt	49,818	25,000
Deferred income taxes	12,813	16,037
Contingent consideration, net of current portion	4,535	8,165
Other long-term liabilities	3,350	4,736
Total Liabilities	154,341	128,262
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; 39,981,422 and 39,541,173 shares issued and 39,611,422 and 39,171,173 shares outstanding at May 31, 2023 and 2022, respectively	382	380
Additional paid-in capital	599,206	586,879
Accumulated deficit	(210,855)	(158,413)
Treasury stock, 370,000 shares, at cost at May 31, 2023 and 2022, respectively	(5,714)	(5,714)
Accumulated other comprehensive income (loss)	(4,723)	1,357
Total Stockholders' Equity	378,296	424,489
Total Liabilities and Stockholders' Equity	$ 532,637	$ 552,751

Commitments and Contingencies - Narrative (Details) - unit	Mar. 10, 2015	Jan. 11, 2012
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

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Deferred tax assets
Net operating loss carryforward	$ 40,460	$ 40,759
Stock-based compensation	4,263	4,617
Federal and state R&D tax credit carryforward	7,311	6,320
Inventories	724	853
Expenses incurred not currently deductible	6,986	1,914
Accrued liabilities	78	72
Gross deferred tax asset	59,822	54,535
Deferred tax liabilities
Depreciation and amortization	46,828	50,320
Gross deferred tax liability	46,828	50,320
Valuation allowance	(25,759)	(20,203)
Net deferred tax liability	$ (12,765)	$ (15,988)

Commitments and Contingencies

12 Months Ended

May 31, 2023

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, 2023:


(in thousands)	Total		2024		2025		2026		2027		2028 and thereafter
Purchase obligations (1)	$	3,166	$	3,166	$	—	$	—	$	—	$	—
Royalties (2)	39,840		3,640		3,640		3,640		3,640		25,280

	$	43,006	$	6,806	$	3,640	$	3,640	$	3,640	$	25,280

(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 ("302"), 7,959,615 (“615”) and 7,947,022 ("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”). On July 22, 2021, in another case against a different defendant, the District of Utah invalidated multiple claims of the ‘302, ‘022, and ‘615 Patents under 35 USC §101, including claims asserted against the Company. On December 27, 2021, the District of Delaware stayed the case pending the Federal Circuit's resolution of Bard's appeal from the Utah Decision. On February 17, 2023, the Federal Circuit Reversed-in-Part, Vacated-in-Part, and Remanded the Utah Decision. The District of Delaware lifted the stay on February 28, 2023 and held a status conference on March 23, 2023. A scheduling order has been entered, and a jury trial is currently scheduled for April 29, 2024. 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. 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. 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 (subject matter eligibility), and vacated and remanded the trial court’s invalidity and non-infringement judgments. Following remand from the Federal Circuit, a jury trial commenced in the District of Delaware beginning November 14, 2022. On November 22, 2022, a jury entered a verdict finding that certain of the Company’s implantable port products infringe certain claims of U.S. patents held by Bard. The issue of damages was bifurcated by the Court during trial and was not determined by the jury. On June 1, 2023, following post-trial briefing, the Court issued its decision on the Company’s Renewed Judgement as a Matter of Law. The Court held the asserted patent claims were invalid as anticipated, indefinite, ineligible, and not willfully infringed. The Court entered Judgment the same day in favor of the Company. Bard has filed a Notice of Appeal to the Federal Circuit. 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 and 9,603,993. On December 27, 2021, the District of Delaware stayed the case pending the Federal Circuit's resolution of Bard's appeal of the Utah decision invalidating

multiple claims of the ‘302, ‘022, and ‘615 patents under 35 USC §101. Following the Federal Circuit’s decision on appeal, the District of Delaware lifted the stay on February 28, 2023, and held a scheduling conference on March 23, 2023. A scheduling order has been entered, and a jury trial is currently scheduled for June 9, 2025. 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.

Accrued Liabilities (Details) - USD ($) $ in Thousands	May 31, 2023	May 31, 2022
Accrued liabilities
Payroll and related expenses	$ 9,232	$ 20,232
Outside services	7,088	3,731
Royalties	2,874	2,986
Research and development	1,525	1,279
Accrued severance	262	59
Sales and franchise taxes	480	750
Rebates	469	511
Other	4,687	5,294
Total	$ 26,617	$ 34,842

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	May 31, 2023	Aug. 02, 2023	Nov. 30, 2022
Cover [Abstract]
Entity Central Index Key	0001275187
Amendment Flag	false
Document Fiscal Year Focus	2023
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, 2023
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 Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 450,329,930
Entity Common Stock, Shares Outstanding		39,671,221
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 2023 Annual Meeting of Stockholders to be filed within 120 days of the registrant's fiscal year ended May 31, 2023.
Entity Filer Category	Accelerated Filer

Stockholders' Equity - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	$ 11,158	$ 10,692	$ 8,625
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	793	827	768
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	1,459	1,298	1,152
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	2,922	2,568	1,641
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	$ 5,984	$ 5,999	$ 5,064

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	May 31, 2023	May 31, 2022	May 31, 2021
Income Statement [Abstract]
Net sales	$ 338,752,000	$ 316,219,000	$ 291,010,000
Cost of sales (exclusive of intangible amortization)	164,506,000	150,487,000	134,222,000
Gross profit	174,246,000	165,732,000	156,788,000
Operating expenses
Research and development	29,883,000	30,739,000	36,390,000
Sales and marketing	104,249,000	95,301,000	81,306,000
General and administrative	40,003,000	38,451,000	35,918,000
Amortization of intangibles	18,790,000	19,458,000	18,136,000
Goodwill impairment	14,549,000	0	0
Change in fair value of contingent consideration	2,320,000	1,212,000	89,000
Acquisition, restructuring and other items, net	15,633,000	9,042,000	20,232,000
Total operating expenses	225,427,000	194,203,000	192,071,000
Operating loss	(51,181,000)	(28,471,000)	(35,283,000)
Other expenses
Interest expense, net	(2,702,000)	(688,000)	(861,000)
Other income (expense), net	(554,000)	(790,000)	92,000
Total other expenses, net	(3,256,000)	(1,478,000)	(769,000)
Loss before income tax benefit	(54,437,000)	(29,949,000)	(36,052,000)
Income tax benefit	(1,995,000)	(3,402,000)	(4,504,000)
Net loss	$ (52,442,000)	$ (26,547,000)	$ (31,548,000)
Loss per share
Basic (usd per share)	$ (1.33)	$ (0.68)	$ (0.82)
Diluted (usd per share)	$ (1.33)	$ (0.68)	$ (0.82)
Weighted average shares outstanding
Basic (in shares)	39,480,367	39,009,419	38,342,476
Diluted (in shares)	39,480,367	39,009,419	38,342,476

Acquisition, Restructuring and Other Items, net - Schedule (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Aug. 31, 2022	May 31, 2021	May 31, 2023	May 31, 2022	May 31, 2021
Restructuring Cost and Reserve [Line Items]
Total			$ 15,633	$ 9,042	$ 20,232
Payments for acquisition	$ 3,500
RadiaDyne \| OarTrac trademark
Restructuring Cost and Reserve [Line Items]
Impairment charge		$ 14,000
Legal
Restructuring Cost and Reserve [Line Items]
Total			9,998	7,625	6,161
Mergers and acquisitions
Restructuring Cost and Reserve [Line Items]
Total			368	59	1
Transition service agreement
Restructuring Cost and Reserve [Line Items]
Total			0	0	(1,032)
Divestiture
Restructuring Cost and Reserve [Line Items]
Total			0	0	393
Intangible and other asset impairment
Restructuring Cost and Reserve [Line Items]
Total			0	0	13,953
Israeli Innovation Authority prepayment
Restructuring Cost and Reserve [Line Items]
Total			3,544	0	0
Manufacturing Relocation
Restructuring Cost and Reserve [Line Items]
Total			1,091	644	0
Other
Restructuring Cost and Reserve [Line Items]
Total			$ 632	$ 714	$ 756

Assets Held For Sale (Tables)

12 Months Ended

May 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets Held For Sale

The following table summarizes the major classes of assets held for sale:


(in thousands)	As of May 31, 2023
Current assets:
Inventories	$	4,154
Prepaid expenses and other	2,000
Total current assets held for sale	$	6,154
Non-current assets:
Property, plant and equipment, net	$	44
Intangible assets, net	17,629
Goodwill	25,980
Total non-current assets held for sale	$	43,653

- 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.

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+ Details

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	May 31, 2023	May 31, 2022	May 31, 2021
Retirement Plans (Textual) [Abstract]
Matching contributions	$ 4.2	$ 4.3	$ 3.8

Segments and Geographic Information - Sales by Product Category (Details) $ in Thousands	12 Months Ended
	May 31, 2023 USD ($)	May 31, 2022 USD ($)	May 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Net sales	$ 338,752	$ 316,219	$ 291,010
Gross Profit	$ 174,246	$ 165,732	$ 156,788
Gross Margin	0.514	0.524	0.539
Med Tech
Segment Reporting Information [Line Items]
Net sales	$ 96,687	$ 78,717	$ 55,731
Gross Profit	$ 61,966	$ 52,584	$ 39,544
Gross Margin	0.641	0.668	0.710
Med Device
Segment Reporting Information [Line Items]
Net sales	$ 242,065	$ 237,502	$ 235,279
Gross Profit	$ 112,280	$ 113,148	$ 117,244
Gross Margin	0.464	0.476	0.498

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Acquisition, Restructuring and Other Items, net (Tables)

12 Months Ended

May 31, 2023

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)	2023		2022		2021
Legal (1)	$	9,998	$	7,625	$	6,161
Mergers and acquisitions (2)	368		59		1
Transition service agreement (3)	—		—		(1,032)
Divestiture (4)	—		—		393
Intangible and other asset impairment (5)	—		—		13,953
Israeli Innovation Authority prepayment (6)	3,544		—		—
Manufacturing Relocation (7)	1,091		644		—
Other	632		714		756
Total	$	15,633	$	9,042	$	20,232

(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.

(7) Expenses to relocate certain manufacturing lines from Queensbury, NY to Alajuela, Costa Rica.

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 338,752	$ 316,219	$ 291,010
United States
Disaggregation of Revenue [Line Items]
Net sales	282,713	265,963	237,043
International
Disaggregation of Revenue [Line Items]
Net sales	56,039	50,256	53,967
Med Tech
Disaggregation of Revenue [Line Items]
Net sales	96,687	78,717	55,731
Med Tech \| United States
Disaggregation of Revenue [Line Items]
Net sales	84,332	69,939	46,440
Med Tech \| International
Disaggregation of Revenue [Line Items]
Net sales	12,355	8,778	9,291
Med Device
Disaggregation of Revenue [Line Items]
Net sales	242,065	237,502	235,279
Med Device \| United States
Disaggregation of Revenue [Line Items]
Net sales	198,381	196,024	190,603
Med Device \| International
Disaggregation of Revenue [Line Items]
Net sales	$ 43,684	$ 41,478	$ 44,676

- Definition

+ References

+ Details

Goodwill and Intangible Assets

12 Months Ended

May 31, 2023

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 has historically performed its annual goodwill assessment during the third quarter of each fiscal year. During the fourth quarter of fiscal year 2022, the Company changed its annual impairment assessment date from December 31 to April 30 to more closely align the impairment assessment date with the Company's long term planning and forecasting process.

Prior to the first quarter of fiscal year 2023, the Company managed its operations as one reporting unit. At the beginning of the first quarter of fiscal year 2023, the Company began to manage its operations as two operating segments and two reporting units, namely Med Tech and Med Device (see Note 18 "Segments and Geographic Information" set forth in the Notes to our consolidated financial statements included in this Annual Report on Form 10-K). As a result of this change, goodwill was required to be allocated to each reporting unit and an interim goodwill impairment assessment was performed at the Company and reporting unit levels. To determine the fair value of the individual reporting units and the entire company as of June 1, 2022, the Company utilized the income approach. The income approach is based on the projected cash flows discounted to their present value using discount rates, that in the Company's judgment, consider the timing and risk of the forecasted cash flows using internally developed forecasts and assumptions. Under the income approach, the discount rate used is the average estimated value of a market participant’s cost of capital and debt, derived using customary market metrics. Other significant assumptions include revenue growth rates, profitability projections, and terminal value growth rates. The market approach was also considered; however, the income approach was chosen as the Company determined it is a better representation of both the Med Tech and Med Device reporting units' projected long-term performance. The fair value of each

reporting unit and the Company as a whole was assessed to determine if there was any impairment. The Company compared each reporting unit's fair value to the adjusted carrying value to conclude that there was no impairment for either reporting unit or the Company as a whole. The adjusted carrying value of each reporting unit was used to calculate the Company's book value to compare to its market capitalization at the assessment date. Based on the results of this evaluation, there were no adjustments to goodwill for either reporting unit or the Company as a whole as of August 31, 2022.

The Company's annual testing for impairment of goodwill was completed as of April 30, 2023. To determine the fair value of the two reporting units as of April 30, 2023, the Company utilized the income approach for Med Tech and a combination of the income approach and market approach for Med Device. The income approach is based on the projected cash flows discounted to their present value using discount rates, that in the Company's judgment, consider the timing and risk of the forecasted cash flows using internally developed forecasts and assumptions. Under the income approach, the discount rate used is the average estimated value of a market participant’s cost of capital and debt, derived using customary market metrics. Other significant assumptions include revenue growth rates, profitability projections, and terminal value growth rates. The market approach estimates fair values based on the determination of appropriate publicly traded market comparison companies and market multiples of revenue and earnings derived from those companies with similar operating and investment characteristics. The market approach was also considered; however, the income approach was chosen as the Company determined it is a better representation of the Med Tech reporting units' projected long-term performance. For Med Device, both the income and market approaches were considered. The fair value of each reporting unit was assessed to determine if there was any impairment. The Company compared each reporting unit's fair value to the adjusted carrying value to conclude that there was no impairment for either reporting unit. Based on the results of this evaluation, there were no adjustments to goodwill for either reporting unit as of April 30, 2023.

The Company concluded that the sale of the dialysis product portfolio and BioSentry tract sealant system biopsy businesses to Merit Medical Systems, Inc. was a triggering event for the Med Device report unit. As the Company concluded that this was the sale of a business, goodwill was allocated to the sale based on the relative fair value of the dialysis and BioSentry businesses and is included in assets held for sale as of May 31, 2023. To determine the fair value of the remaining Med Device reporting unit as of May 31, 2023, the Company utilized the income approach, as it was determined to be a better representation of the remaining Med Device reporting unit's projected long-term performance.

Based on the results of this evaluation, the Company recorded a goodwill impairment charge of $14.5 million for the year ended May 31, 2023 to write down the carrying value of the Med Device reporting unit to fair value. The impairment loss is disclosed separately on the face of the accompanying consolidated statements of operations.

There were no adjustments to goodwill for the Med Tech reporting unit for the year ended May 31, 2023 other than foreign currency translation adjustments. There were no adjustments to goodwill for the year ended May 31, 2022 other than foreign currency translation adjustments.

Goodwill for each reporting unit is allocated as follows:


	Year ended May 31, 2023
(in thousands)	Med Tech		Med Device		Total
Balance June 1, 2022	$	160,529	$	40,529	$	201,058
Goodwill impairment	—		(14,549)		(14,549)
Assets held for sale	—		(25,980)		(25,980)
Foreign currency translation adjustments	(1,291)		—		(1,291)
Balance May 31, 2023	$	159,238	$	—	$	159,238

Even though the Company determined that there was no goodwill impairment as of April 30, 2023 for the Med Tech reporting unit, 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 April 30, 2024.

Definite Lived Intangible Assets

Intangible assets other than goodwill are amortized over their estimated useful lives on a straight-line basis. Useful lives range from two to eighteen years. The Company periodically reviews, and adjusts, if necessary, the estimated useful lives of its 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 or asset groups may not be recoverable. If an intangible asset or asset group 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.

In connection with the triggering event for the Med Device reporting unit as of May 31, 2023, long-lived assets were tested for impairment. As a result of the undiscounted cash flow analysis that was performed, there were no impairments identified as of May 31, 2023.

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 Statements of Operations (see Note 19 "Acquisition, restructuring and other items, net" as set forth in the Notes to the consolidated financial statements in this Annual Report on Form 10-K).

Intangible assets consisted of the following:


	May 31, 2023
(in thousands)	Gross carrying value		Accumulated amortization		Net carrying value
Product technologies	$	211,751	$	(118,314)	$	93,437
Customer relationships	57,509		(40,755)		16,754
Trademarks	7,450		(6,660)		790
Licenses	4,837		(4,674)		163
	$	281,547	$	(170,403)	$	111,144


	May 31, 2022
(in thousands)	Gross carrying value		Accumulated amortization		Net carrying value
Product technologies	$	239,467	$	(112,141)	$	127,326
Customer relationships	60,115		(38,003)		22,112
Trademarks	9,950		(7,185)		2,765
Licenses	4,837		(4,660)		177


	$	314,369	$	(161,989)	$	152,380

Amortization expense was $18.8 million, $19.5 million and $18.1 million for fiscal years 2023, 2022 and 2021, respectively.

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


(in thousands)
2024	$	14,399
2025	14,380
2026	14,199
2027	14,057
2028	10,827
2029 and thereafter	43,282
	$	111,144