0001628280-24-032989 | 10-K | XBRL Viewer

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

12 Months Ended

May 31, 2024

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").

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			3 to 40 years
Computer software and equipment			2 to 10 years
Machinery and equipment			3 to 11 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 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. 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 is 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.

As detailed in Note 9, "Goodwill and Intangible Assets" set forth in the Notes to our consolidated financial statements included in this Annual Report on Form 10-K, the Company recorded a goodwill impairment loss of $159.5 million for the year ended May 31, 2024 as the fair value of the Med Tech reporting unit was less than its carrying value.

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

Foreign Currency Translation

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

Transaction gains or losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in Other expense, 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 has periodically entered 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, 2024 and 2023.

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 2021-08, 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 adopted the new standard in the first quarter of fiscal year 2024 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 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU improves the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.	June 1, 2024	The Company plans to adopt the new standard in the first quarter of fiscal year 2025 and does not expect there to be a material impact to the consolidated financial statements.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU improves the income tax disclosure requirements on an annual basis by (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold.	June 1, 2025	The Company plans to adopt the new standard in the first quarter of fiscal year 2026 and does not expect there to be a material impact to the consolidated financial statements.

Income Taxes

12 Months Ended

May 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

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


	Year ended May 31,
(in thousands)	2024		2023		2022
Loss before tax expense:
U.S.	$	(177,314)	$	(45,240)	$	(28,495)
Non-U.S.	(14,324)		(9,197)		(1,454)
	$	(191,638)	$	(54,437)	$	(29,949)

Income tax benefit is comprised of the following:


	Year ended May 31,
(in thousands)	2024		2023		2022
Current

U.S.	318		129		120
Non U.S.	361		187		186
	679		316		306
Deferred
U.S.	(7,039)		(207)		(3,415)
Non U.S.	(929)		(2,104)		(293)
	(7,968)		(2,311)		(3,708)

Income tax benefit	$	(7,289)	$	(1,995)	$	(3,402)

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


(in thousands)	May 31, 2024		May 31, 2023
Deferred tax assets
Net operating loss carryforward	$	28,243	$	40,460
Stock-based compensation	3,796		4,263
Federal and state R&D tax credit carryforward	7,777		7,311
Inventories	762		724
Expenses incurred not currently deductible	15,694		6,986
Accrued liabilities	39		78
Gross deferred tax asset	56,311		59,822
Deferred tax liabilities
Depreciation and amortization	8,443		46,828

	8,443		46,828
Valuation allowance	(52,680)		(25,759)
Net deferred tax liability	$	(4,812)	$	(12,765)

The net deferred tax liability of $4.9 million as of May 31, 2024 relates 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 net deferred tax liability in the U.S. as of May 31, 2023 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 is a net deferred tax liability of $5.8 million 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, 2024 after considering IRC Section 382 limitations are $111.0 million. The expiration of the Federal net operating loss carryforwards are as follows: $37.1 million between 2030 and 2032, and $73.9 million indefinitely.

The Company's state net operating loss carryforwards as of May 31, 2024 after considering remaining IRC Section 382 limitations are $14.4 million which expire in various years from 2029 to 2043. The Company has Israel tax net operating losses of $17.2 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, 2024, 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.

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. As a result of the full impairment of Goodwill and the reversal of the naked credit deferred tax liability sourced income, the Company has recorded a full valuation allowance on its US net deferred tax assets as of May 31, 2024. 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)	2024		2023		2022
Income tax benefit at federal statutory tax rate of 21.0%, 21.0% and 21.0%, respectively	$	(40,244)	$	(11,432)	$	(6,289)

State income taxes, net of Federal tax benefit	(3,016)		(353)		(536)
Impact of Non-U.S. operations	2,440		14		199
Research and development tax credit	(907)		(991)		395

Meals and entertainment	244		258		179
Goodwill impairment	4,867		3,055		—
Non-deductible executive compensation	201		366		686

Change in valuation allowance	26,921		5,556		3,168
Stock based compensation	1,357		505		(1,616)

Other	848		1,027		412
Income tax benefit	$	(7,289)	$	(1,995)	$	(3,402)

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


	Year ended May 31,
(in thousands)	2024		2023		2022
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	(464)		—		—
Unrecognized tax benefits balance at May 31	$	—	$	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.

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, 2024 and May 31, 2023.

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 2021 through 2023 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Fair Value of Financial Instruments (Details) - Recurring - USD ($) $ in Thousands	May 31, 2024	May 31, 2023
Financial Liabilities
Contingent consideration for acquisition earn outs	$ 4,728	$ 19,296
Total Financial Liabilities	4,728	19,296
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	4,728	19,296
Total Financial Liabilities	$ 4,728	$ 19,296

Goodwill and Intangible Assets (Tables)

12 Months Ended

May 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill for each reporting unit is allocated as follows:


	Year ended May 31, 2024
(in thousands)	Med Tech		Med Device		Total
Balance June 1, 2023	$	159,238	$	—	$	159,238
Goodwill impairment	(159,476)		—		(159,476)

Foreign currency translation adjustments	238		—		238
Balance May 31, 2024	$	—	$	—	$	—


	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

Schedule of Intangible Assets

Intangible assets consisted of the following:


	May 31, 2024
(in thousands)	Gross carrying value		Accumulated amortization		Net carrying value
Product technologies	$	176,227	$	(102,468)	$	73,759
Customer relationships	9,028		(5,628)		3,400
Trademarks	2,100		(2,024)		76
Licenses	3,837		(3,689)		148
	$	191,192	$	(113,809)	$	77,383


	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

Schedule of Expected Amortization Expense

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


(in thousands)
2025	$	10,269
2026	10,088
2027	9,997
2028	9,948
2029	9,851
2030 and thereafter	27,230
	$	77,383

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Audit Information	12 Months Ended
Audit Information	May 31, 2024
Auditor Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	34

Income Taxes Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
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	(464)	0	0
Unrecognized tax benefits, ending balance	$ 0	$ 464	$ 464

Commitments and Contingencies - Narrative (Details) $ in Thousands	Apr. 05, 2024 USD ($)	Mar. 31, 2024 USD ($) payment	Mar. 10, 2015 patent	Jan. 11, 2012 patent
C.R. Bard, Inc.
Loss Contingencies [Line Items]
Number of petitions filed for reexamination of patents \| patent				3
The Delaware Action
Loss Contingencies [Line Items]
Number of patents allegedly infringed upon \| patent			3
Becton, Dickinson and Company, C.R. Bard, Inc. and Bard Peripheral Vascular Inc.
Loss Contingencies [Line Items]
One-time lump sum payment		$ 7,000
Payments for legal settlement	$ 3,000
Number of payments \| payment		6
Minimum annual payments		$ 2,500
Potential additional payment		6.00%
Contingent payment		$ 3,000

Inventories (Details) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023
Inventories
Raw materials	$ 30,736	$ 28,679
Work in process	6,772	6,708
Finished goods	23,108	19,938
Total	60,616	55,325
Inventory valuation reserve	$ 3,300	$ 3,100

Long Term Debt	12 Months Ended
Long Term Debt	May 31, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT On June 8, 2023 and in connection with the completion of the dialysis and BioSentry divestiture, the Company repaid all amounts outstanding under its then existing Credit Agreement, dated as of August 30, 2022, with the lender parties 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 (the "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.

Earnings Per Share (Details) - shares	12 Months Ended
Earnings Per Share (Details) - shares	May 31, 2024	May 31, 2023	May 31, 2022
Earnings Per Share [Abstract]
Basic	40,180,925	39,480,367	39,009,419
Effect of dilutive securities	0	0	0
Diluted	40,180,925	39,480,367	39,009,419
Securities excluded as their inclusion would be anti-dilutive	3,973,382	3,491,099	3,465,738

Goodwill and Intangible Assets - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023
Expected amortization expense
2025	$ 10,269
2026	10,088
2027	9,997
2028	9,948
2029	9,851
2030 and thereafter	27,230
Net carrying value	$ 77,383	$ 111,144

Acquisitions	12 Months Ended
Acquisitions	May 31, 2024
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS Camaro Support Catheter Asset Acquisition On 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.

Stockholders' Equity

12 Months Ended

May 31, 2024

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 14, 2023 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 1,500,000 shares. As of May 31, 2024, there remained approximately 2.7 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, 2024:


	Shares	Weighted average exercise price		Weighted average remaining contractual life	Aggregate intrinsic value (in thousands)
Outstanding at beginning of year - June 1, 2023	2,206,549	$	17.90
Granted	455,527	$	8.92
Exercised	—	$	—
Forfeited	(198,975)	$	17.16
Expired	(300,118)	$	16.33
Outstanding at end of year - May 31, 2024	2,162,983	$	16.29	6.52	$	—
Options exercisable at year-end	1,317,662	$	17.44	5.44	$	—
Options expected to vest in future periods	845,321	$	14.51	8.20	$	—

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, 2024, 2023 and 2022 was $4.30, $9.27, and $9.57, respectively. The following assumptions were used in arriving at the fair value of options granted during 2024, 2023 and 2022, respectively: risk-free interest rates of 3.96%, 3.20% and 0.92%; expected volatility of 49%, 44%, and 41%; and expected lives of 5.23 years, 5.14 years, and 5.05 years. The Company does not declare dividends therefore a dividend yield of zero was used for the years ended May 31, 2024, 2023 and 2022. 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 and 2022 was $0.2 million and $1.6 million, respectively. There were no options exercised during the year ended May 31, 2024. As of May 31, 2024, there was $3.4 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 and 2022 was $0.3 million and $2.7 million, respectively. There were no options exercised during the year ended May 31, 2024. Due to the valuation allowance there was no tax benefit realized from stock option exercises during the years ended May 31, 2024, 2023 and 2022.

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. In July 2023, the Board of Directors approved a change in terms of restricted stock units granted to non-employee directors to provide for immediate vesting upon grant of the award. 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, 2024:


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Non-vested at beginning of year, June 1, 2023	736,020	$	18.99
Granted	912,200	$	8.74
Vested	(485,056)	$	8.63
Canceled	(82,266)	$	12.77
Non-vested at end of year, May 31, 2024	1,080,898	$	12.44

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, 2024, 2023 and 2022 was $8.74, $19.99 and $26.24, 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, 2024, 2023 and 2022 was $4.2 million, $5.6 million, and $8.5 million, respectively. As of May 31, 2024, there was $9.0 million of total unrecognized compensation cost related to non-vested restricted stock awards, which is expected to be recognized over a weighted average period of 3 years.

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

The following table summarizes information about performance unit award activity for the year ended May 31, 2024:


	Performance Unit Awards	Weighted Average Grant-Date Fair Value
Non-vested at beginning of year, June 1, 2023	548,530	$	19.23
Granted	487,856	$	8.92
Vested	(148,621)	$	8.92
Canceled	(145,057)	$	12.12
Non-vested at end of year, May 31, 2024	742,708	$	16.13

During fiscal years 2024, 2023 and 2022, 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, 2024, 2023 and 2022, the weighted average grant date fair market value for new grants was $9.53, $23.71 and $28.93, respectively. Compensation cost is recognized over the performance period which is typically three years. As of May 31, 2024, there was $0.6 million of unrecognized compensation cost which is expected to be recognized over a weighted average period of 2 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)	2024		2023		2022
Cost of sales	$	288	$	793	$	827
Research and development	1,400		1,459		1,298
Sales and marketing	3,243		2,922		2,568
General and administrative	5,595		5,984		5,999
Acquisition, restructuring and other items, net	3		—		—
	$	10,529	$	11,158	$	10,692

The income tax benefit on the compensation expense recognized for all stock-based compensation arrangements was $2.4 million, $2.6 million and $2.5 million for the years ended May 31, 2024, 2023 and 2022, respectively. The income tax benefit for 2024, 2023 and 2022 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. 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, 2024, 2023 and 2022, 282,237, 149,778 and 98,586 shares, respectively, were issued at an average price of $5.68, $13.67 and $19.02, respectively, under the Stock Purchase Plan. As of May 31, 2024, 2.9 million shares remained available for future purchases under the Stock Purchase Plan.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value	$ 191,192	$ 281,547
Accumulated amortization	(113,809)	(170,403)
Net carrying value	77,383	111,144
Product technologies
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value	176,227	211,751
Accumulated amortization	(102,468)	(118,314)
Net carrying value	73,759	93,437
Customer relationships
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value	9,028	57,509
Accumulated amortization	(5,628)	(40,755)
Net carrying value	3,400	16,754
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value	2,100	7,450
Accumulated amortization	(2,024)	(6,660)
Net carrying value	76	790
Licenses
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value	3,837	4,837
Accumulated amortization	(3,689)	(4,674)
Net carrying value	$ 148	$ 163

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Restricted Stock Units	Performance Shares	Common Stock	Common Stock Restricted Stock Units	Common Stock Performance Shares	Additional paid in capital	Additional paid in capital Restricted Stock Units	Accumulated deficit	Accumulated other comprehensive income (loss)	Treasury Stock
Beginning Balance, Shares at May. 31, 2021				38,920,951
Beginning Balance at May. 31, 2021	$ 439,457			$ 377			$ 573,507		$ (131,866)	$ 3,153	$ (5,714)
Beginning balance, treasure 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					299,544	59,371
Issuance/cancellation of common stock units		$ (1,900)	$ 0					$ (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, Shares at May. 31, 2022				39,541,173
Ending Balance at May. 31, 2022	424,489			$ 380			586,879		(158,413)	1,357	$ (5,714)
Ending balance, treasury shares at May. 31, 2022											(370,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(52,442)								(52,442)
Exercise of stock options, Shares				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, Shares at May. 31, 2023	39,611,422			39,981,422
Ending Balance at May. 31, 2023	$ 378,296			$ 382			599,206		(210,855)	(4,723)	$ (5,714)
Ending balance, treasury shares at May. 31, 2023	(370,000,000)										(370,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ (184,349)								(184,349)
Exercise of stock options, Shares	0
Issuance/cancellation of common stock units, Shares				87,377	450,561
Issuance/cancellation of common stock units	$ (546)	$ (305)					(546)	$ (305)
Purchase of common stock under Employee Stock Purchase Plan, Shares				282,237
Purchase of common stock under Employee Stock Purchase Plan	1,603			$ 3			1,600
Stock-based compensation	10,529						10,529
Other comprehensive income (loss), net of tax	$ 358									358
Ending Balance, Shares at May. 31, 2024	40,431,597			40,801,597
Ending Balance at May. 31, 2024	$ 205,586			$ 385			$ 610,484		$ (395,204)	$ (4,365)	$ (5,714)
Ending balance, treasury shares at May. 31, 2024	(370,000,000)										(370,000)

Divestitures - Summary of Major Classes of Assets Sold (Details) - USD ($) $ in Thousands	May 31, 2024	Feb. 15, 2024	Jun. 08, 2023	May 31, 2023
Current assets:
Current assets held for sale	$ 0			$ 6,154
Non-current assets:
Non-current assets held for sale	$ 0			43,653
PICC And Midline \| Sale
Current assets:
Inventories		$ 4,203
Current assets held for sale		4,203
Non-current assets:
Property, plant and equipment, net		158
Intangible assets, net		20,781
Other assets		40
Non-current assets held for sale		$ 20,979
Dialysis and BioSentry \| Sale
Current assets:
Inventories			$ 4,068
Prepaid expenses and other			2,000
Current assets held for sale			6,068
Non-current assets:
Property, plant and equipment, net			54
Intangible assets, net			17,629
Goodwill			25,980
Non-current assets held for sale			$ 43,663
Dialysis and BioSentry \| Held for sale
Current assets:
Inventories				4,154
Prepaid expenses and other				2,000
Current assets held for sale				6,154
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

Revenue from Contracts with Customers

12 Months Ended

May 31, 2024

Revenue from Contract with Customer [Abstract]

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.

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, 2024						Year ended May 31, 2023
(in thousands)	United States		International		Total		United States		International		Total
Net sales
Med Tech	$	90,361	$	16,042	$	106,403	$	84,332	$	12,355	$	96,687
Med Device	161,125		36,386		197,511		198,381		43,684		242,065

Total	$	251,486	$	52,428	$	303,914	$	282,713	$	56,039	$	338,752


	Year ended May 31, 2022
(in thousands)	United States		International		Total
Net sales
Med Tech	$	69,939	$	8,778	$	78,717
Med Device	196,024		41,478		237,502
Total	$	265,963	$	50,256	$	316,219

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

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, 2024, such product returns were not material.

Contract Balances with Customers

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

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


(in thousands)	May 31, 2024		May 31, 2023
Receivables	$	43,610	$	52,826
Contract assets	$	—	$	—
Contract liabilities	$	391	$	499

During the years ended May 31, 2024 and 2023, the Company had additions to contract liabilities of $0.6 million and $0.7 million, respectively. This was offset by $0.7 million and $0.7 million in revenue that was recognized during the years ended May 31, 2024 and 2023, respectively.

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.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stockholders' Equity - Narrative (Details)			12 Months Ended
Stockholders' Equity - Narrative (Details)	Nov. 03, 2022 shares	Oct. 29, 2014 vote $ / shares shares	May 31, 2024 USD ($) period working_hour $ / shares shares	May 31, 2023 USD ($) $ / shares shares	May 31, 2022 USD ($) $ / shares 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			$ 4.30	$ 9.27	$ 9.57
Risk free interest rate			3.96%	3.20%	0.92%
Expected volatility rate			49.00%	44.00%	41.00%
Expected term			5 years 2 months 23 days	5 years 1 month 20 days	5 years 18 days
Expected dividend yeild			0.00%
The total intrinsic value of options exercised \| $				$ 200,000	$ 1,600,000
Compensation not yet recognized \| $			$ 3,400,000
Proceeds from stock options exercised \| $				300,000	2,700,000
Tax benefit \| $			$ 2,400,000	$ 2,600,000	$ 2,500,000
Grants in the period, weighted average grant date fair value (usd per share) \| $ / shares				$ 19.99	$ 26.24
Average price of share issued \| $ / shares			$ 5.68	$ 13.67	$ 19.02
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]
Grants in the period, weighted average grant date fair value (usd per share) \| $ / shares			$ 8.74
Employee service, compensation cost not yet recognized \| $			$ 9,000,000.0
Nonvested compensation (shares)			1,080,898	736,020
Service period			4 years
Period of recognition for costs not yet recognized (years)			3 years
Nonvested compensation, weighted average grant date fair value (usd per share) \| $ / shares			$ 12.44	$ 18.99
Performance Share and Restricted Stock Unit Awards
Other Ownership Interests [Line Items]
Total fair value of restricted stock awards vesting \| $			$ 4,200,000	$ 5,600,000	$ 8,500,000
Performance Shares
Other Ownership Interests [Line Items]
Compensation not yet recognized \| $			$ 600,000
Vesting period			3 years
Performance period			3 years
Period of recognition for costs not yet recognized (years)			2 years
Nonvested compensation, weighted average grant date fair value (usd per share) \| $ / shares			$ 9.53	$ 23.71	$ 28.93
2004 Stock and Incentive Award Plan
Other Ownership Interests [Line Items]
Total number of common stock available to be issued (shares)			2,700,000
Stock Purchase Plan
Other Ownership Interests [Line Items]
Total number of common stock available to be issued (shares)			2,900,000
Maximum number of shares to be offered			5,000,000
Share purchase periods \| period			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%
Maximum number of shares to be offered under the Stock Purchase Plan			282,237	149,778	98,586
Stock And Incentive Award Plan 2020
Other Ownership Interests [Line Items]
Number of additional shares reserved for issuance (shares)	1,500,000
Employee Stock Purchase Plan
Other Ownership Interests [Line Items]
Number of additional shares reserved for issuance (shares)	1,000,000

Fair Value of Financial Instruments (Details 3) $ in Thousands	3 Months Ended		12 Months Ended
	May 31, 2024 USD ($)	Feb. 29, 2024 USD ($)	May 31, 2024 USD ($)	May 31, 2023 USD ($)	May 31, 2022 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Goodwill impairment			$ 159,476	$ 14,549	$ 0
Impairment charge	$ 3,400
Impairment charges		$ 3,400
Med Tech
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Goodwill impairment			159,476	0
Med Device
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Goodwill impairment			0	14,549
Product technologies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charge		$ 3,300
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Potential amount of undiscounted future contingent consideration	5,000		5,000
Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration for acquisition earn outs	4,728		4,728	19,296
Recurring \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration for acquisition earn outs	4,728		4,728	$ 19,296
Recurring \| Revenue based payments \| Discounted cash flow \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration for acquisition earn outs	$ 4,728		$ 4,728
Recurring \| Revenue based payments \| Discounted cash flow \| Level 3 \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate used in fair value calculation	0.10		0.10
Recurring \| Revenue based payments \| Discounted cash flow \| Level 3 \| Probability of payment \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate used in fair value calculation	0.90		0.90
Recurring \| Revenue based payments \| Discounted cash flow \| Level 3 \| Probability of payment \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate used in fair value calculation	1		1

Acquisition, Restructuring and Other Items, net (Tables)

12 Months Ended

May 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Acquisition, Restructuring and Other Items, net

Acquisition, restructuring and other items, net consisted of:


	Year ended May 31,
(in thousands)	2024		2023		2022
Legal (1)	$	34,942	$	9,998	$	7,625
Mergers and acquisitions (2)	399		368		59
Transition service agreement (3)	(1,092)		—		—
Plant Closure (4)	9,481		—		—
Manufacturing Relocation (5)	587		1,091		644
Intangible and other asset impairment (6)	6,260		—		—
Israeli Innovation Authority prepayment (7)	—		3,544		—
Other (8)	2,605		632		714
Total	$	53,182	$	15,633	$	9,042

(1) Legal expenses related to litigation that is outside the normal course of business. In the third quarter of fiscal year 2024 a $19.3 million settlement expense was recorded as a result of the Settlement Agreement that was entered into between the Company and BD.

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

(3) Transition services agreement that were entered into with Merit and Spectrum.

(4) Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024.

(5) Expenses to relocate manufacturing lines out of Queensbury, NY.

(6) An impairment of $3.4 million on intangible and fixed assets and an inventory write-off of $2.9 million was taken in the third quarter of fiscal year 2024 relating to the abandonment of the Syntrax and RF product lines.

(7) 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.

(8) Included in the $2.6 million in other for the year ended May 31, 2024 is $0.9 million of deferred financing fees that were written-off in conjunction with the sale of the Dialysis and BioSentry businesses and concurrent extinguishment of the debt, along with $1.4 million of severance due to restructurings outside of the plant closure.

The following table provides a summary of our estimated costs associated with the plan:


Type of cost	Total estimated amount expected to be incurred (in thousands)
Facilities closeout fees (1)	$	14,500	to	$	15,250
Termination benefits	9,000		to	10,000
Outside consultants	9,000		to	10,000
Validation expenses	4,500		to	5,500
Regulatory filings	750		to	1,250
Other	750		to	1,250
	$	38,500	to	$	43,250

(1) Included in this estimate is approximately $13.6 million of non-cash charges for accelerated depreciation and building impairment.

The table below presents the restructuring reserve for the twelve months ending May 31, 2024:


	May 31, 2024
	Termination Benefits		Outside Consultants		Validation Expenses		Facilities Closeout Fees		Regulatory Filings		Other		Total
(in thousands)
Balance at May 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Charges	$	568	$	2,501	$	493	$	5,767	$	6	$	146	$	9,481
Non-cash adjustments	$	—	$	—	$	—	$	(5,767)	$	—	$	—	$	(5,767)
Cash payments	$	—	$	(1,348)	$	(120)	$	—	$	—	$	(126)	$	(1,594)
Balance at May 31, 2024	$	568	$	1,153	$	373	$	—	$	6	$	20	$	2,120

Prepaid Expenses and Other (Details) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023
Prepaid expenses and other
Deposits	$ 913	$ 894
TSA receivable	6,401	0
Software licenses	1,643	1,501
License fees	208	217
Trade shows	580	448
Rent	185	191
Other prepaid taxes	464	264
Other	2,577	1,102
Total	$ 12,971	$ 4,617

Inventories

12 Months Ended

May 31, 2024

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, 2024		May 31, 2023
Raw materials	$	30,736	$	28,679
Work in process	6,772		6,708
Finished goods	23,108		19,938
Total	$	60,616	$	55,325

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, 2024 and 2023 was $3.3 million and $3.1 million, respectively.

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	May 31, 2024	Jul. 24, 2024	Nov. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--05-31
Document Period End Date	May 31, 2024
Document Transition Report	false
Entity File Number	0-50761
Entity Registrant Name	AngioDynamics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-3146460
Entity Address, Address Line One	14 Plaza Drive
Entity Address, City or Town	Latham
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12110
City Area Code	518
Local Phone Number	795-1400
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ANGO
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 226,507,351
Entity Common Stock, Shares Outstanding		40,276,582
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE The 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 2024 Annual Meeting of Stockholders to be filed within 120 days of the registrant's fiscal year ended May 31, 2024.
Entity Central Index Key	0001275187
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Leases (Tables)

12 Months Ended

May 31, 2024

Leases [Abstract]

Supplemental Balance Sheet Information

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


(in thousands)	Balance Sheet Location	May 31, 2024		May 31, 2023
Assets
Operating lease ROU assets	Other assets	$	5,804	$	5,113
Liabilities
Current operating lease liabilities	Other current liabilities	1,975		1,922
Non-current operating lease liabilities	Other long-term liabilities	3,939		3,316
Total lease liabilities		$	5,914	$	5,238

Supplemental Cash Flow Information

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


	May 31, 2024		May 31, 2023
Weighted average remaining term (in years)	3.43		3.05
Weighted average discount rate	4.7	%	4.1	%

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


(in thousands)	May 31, 2024		May 31, 2023		May 31, 2022
Cost of sales	$	866	$	881	$	890
Research and development	195		193		257
Sales and marketing	161		162		160
General and administrative	1,327		1,458		1,495
	$	2,549	$	2,694	$	2,802

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


(in thousands)	May 31, 2024		May 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,142	$	2,742
ROU assets obtained in exchange for lease liabilities
Operating leases	3,057		840

Schedule of Maturity of Lease Liabilities

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


(in thousands)	May 31, 2024
2025	$	2,202
2026	1,976
2027	984
2028	729
2029 and thereafter	515
Total lease payments	$	6,406
Less: Imputed Interest	492
Total lease obligations	$	5,914
Less: Current portion of lease obligations	1,975
Long-term lease obligations	$	3,939

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Jul. 27, 2021	May 31, 2024	May 31, 2023
Business Acquisition [Line Items]
Contract liabilities		$ 391	$ 499
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 - Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Current
U.S.	$ 318	$ 129	$ 120
Non U.S.	361	187	186
Current	679	316	306
Deferred
U.S.	(7,039)	(207)	(3,415)
Non U.S.	(929)	(2,104)	(293)
Deferred	(7,968)	(2,311)	(3,708)
Income tax benefit	$ (7,289)	$ (1,995)	$ (3,402)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2024	May 31, 2023
Current Assets
Cash and cash equivalents	$ 76,056	$ 44,620
Accounts receivable, net of allowances of $2,141 and $2,150 respectively	43,610	52,826
Inventories	60,616	55,325
Prepaid expenses and other	12,971	4,617
Current assets held for sale	0	6,154
Total current assets	193,253	163,542
Property, plant and equipment, net	35,666	44,384
Intangible assets, net	77,383	111,144
Goodwill	0	159,238
Other assets	11,369	10,676
Non-current assets held for sale	0	43,653
Total Assets	317,671	532,637
Current Liabilities
Accounts payable	37,751	40,445
Accrued liabilities	41,098	26,617
Current portion of contingent consideration	4,728	14,761
Other current liabilities	7,578	2,002
Total current liabilities	91,155	83,825
Long-term debt	0	49,818
Deferred income taxes	4,852	12,813
Contingent consideration, net of current portion	0	4,535
Other long-term liabilities	16,078	3,350
Total Liabilities	112,085	154,341
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; 40,801,597 and 39,981,422 shares issued and 40,431,597 and 39,611,422 shares outstanding at May 31, 2024 and 2023, respectively	385	382
Additional paid-in capital	610,484	599,206
Accumulated deficit	(395,204)	(210,855)
Treasury stock, 370,000 shares, at cost at May 31, 2024 and 2023, respectively	(5,714)	(5,714)
Accumulated other comprehensive loss	(4,365)	(4,723)
Total Stockholders' Equity	205,586	378,296
Total Liabilities and Stockholders' Equity	$ 317,671	$ 532,637

Goodwill and Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Goodwill [Roll Forward]
Balance June 1, 2023	$ 159,238	$ 201,058
Goodwill impairment	(159,476)	(14,549)	$ 0
Assets held for sale		(25,980)
Foreign currency translation adjustments	238	(1,291)
Balance May 31, 2024	0	159,238	201,058
Med Tech
Goodwill [Roll Forward]
Balance June 1, 2023	159,238	160,529
Goodwill impairment	(159,476)	0
Assets held for sale		0
Foreign currency translation adjustments	238	(1,291)
Balance May 31, 2024	0	159,238	160,529
Med Device
Goodwill [Roll Forward]
Balance June 1, 2023	0	40,529
Goodwill impairment	0	(14,549)
Assets held for sale		(25,980)
Foreign currency translation adjustments	0	0
Balance May 31, 2024	$ 0	$ 0	$ 40,529

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 378,296	$ 424,489
Ending Balance	205,586	378,296
Foreign currency translation gain (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(4,723)	1,357
Other comprehensive income, net of tax	358	(6,080)
Total comprehensive loss, net of tax	358	(6,080)
Ending Balance	$ (4,365)	$ (4,723)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Segments and Geographic Information

12 Months Ended

May 31, 2024

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 $317.7 million as of May 31, 2024.

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)	2024			2023			2022

Med Tech Net Sales	$	106,403		$	96,687		$	78,717
Gross Profit	$	67,198		$	61,966		$	52,584
Gross Margin	63.2		%	64.1		%	66.8		%

Med Device Net Sales	$	197,511		$	242,065		$	237,502
Gross Profit	$	87,500		$	112,280		$	113,148
Gross Margin	44.3		%	46.4		%	47.6		%

Total Net Sales	$	303,914		$	338,752		$	316,219
Gross Profit	$	154,698		$	174,246		$	165,732
Gross Margin	50.9		%	51.4		%	52.4		%

Geographic information

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


	Year ended May 31,
(in thousands)	2024		2023		2022
Net sales by Geography
United States	$	251,486	$	282,713	$	265,963
International	52,428		56,039		50,256
Total	$	303,914	$	338,752	$	316,219

For fiscal years 2024, 2023 and 2022, international sales as a percentage of total net sales were 17%, 17% and 16%, 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. 67% 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/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Accrued Liabilities

12 Months Ended

May 31, 2024

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

Accrued liabilities consist of the following:


(in thousands)	May 31, 2024		May 31, 2023
Payroll and related expenses	$	15,640	$	9,232
Outside services	8,962		7,088
Royalties	2,575		2,874
Research and development	1,255		1,525
Accrued severance	1,486		262
Sales and franchise taxes	520		480


TSA Payable	6,259		—
Rebates	412		469

Other	3,989		4,687
Total	$	41,098	$	26,617

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	May 31, 2024	May 31, 2023	May 31, 2022
Pay vs Performance Disclosure
Net income	$ (184,349)	$ (52,442)	$ (26,547)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Segments and Geographic Information - Narrative (Details) $ in Thousands	12 Months Ended
	May 31, 2024 USD ($) segment	May 31, 2023 USD ($)	May 31, 2022
Segment Reporting Information [Line Items]
Number of operating segments \| segment	2
Assets \| $	$ 317,671	$ 532,637
International \| Revenue from Contract with Customer Benchmark \| Geographic
Segment Reporting Information [Line Items]
Concentration risk, percentage	17.00%	17.00%	16.00%
United States \| Long-lived assets \| Geographic
Segment Reporting Information [Line Items]
Concentration risk, percentage	67.00%

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 30: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Allowance for deferred tax asset
Valuation and Qualifying Accounts
Balance at Beginning of Year	$ 25,759	$ 20,203	$ 17,035
Additions - Charged to costs and expenses	26,921	5,556	3,168
Deductions	0	0	0
Balance at End of Period	52,680	25,759	20,203
Allowance for sales returns and doubtful accounts
Valuation and Qualifying Accounts
Balance at Beginning of Year	2,150	1,939	1,919
Additions - Charged to costs and expenses	1,073	457	343
Deductions	(1,082)	(246)	(323)
Balance at End of Period	$ 2,141	$ 2,150	$ 1,939

Acquisition, Restructuring and Other Items, net - Narrative (Details) $ in Millions	May 31, 2024 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring and Related Cost, Cost Incurred to Date	$ 9.5

Income Taxes - Components of Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Loss before tax expense:
U.S.	$ (177,314)	$ (45,240)	$ (28,495)
Non-U.S.	(14,324)	(9,197)	(1,454)
Income (loss) before tax expense	$ (191,638)	$ (54,437)	$ (29,949)

- 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.

+ References

+ Details

Acquisition, Restructuring and Other Items, net

12 Months Ended

May 31, 2024

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)	2024		2023		2022
Legal (1)	$	34,942	$	9,998	$	7,625
Mergers and acquisitions (2)	399		368		59
Transition service agreement (3)	(1,092)		—		—
Plant Closure (4)	9,481		—		—
Manufacturing Relocation (5)	587		1,091		644
Intangible and other asset impairment (6)	6,260		—		—
Israeli Innovation Authority prepayment (7)	—		3,544		—
Other (8)	2,605		632		714
Total	$	53,182	$	15,633	$	9,042

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

(3) Transition services agreement that were entered into with Merit and Spectrum.

(4) Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024.

(5) Expenses to relocate manufacturing lines out of Queensbury, NY.

Restructuring

The Company evaluates its performance and looks for opportunities to improve the overall operations of the Company on an ongoing basis. As a result of this evaluation, certain restructuring initiatives are taken to enhance the Company’s overall operations. On January 5, 2024, the Company announced a restructuring of its manufacturing footprint and a shift to an outsourced model (the "Plan"). This Plan is intended to transfer all product manufacturing processes to third-party manufacturers. The restructuring activities associated with the Plan are expected to be completed in the third quarter of fiscal year 2026.

The following table provides a summary of our estimated costs associated with the plan:


Type of cost	Total estimated amount expected to be incurred (in thousands)
Facilities closeout fees (1)	$	14,500	to	$	15,250
Termination benefits	9,000		to	10,000
Outside consultants	9,000		to	10,000
Validation expenses	4,500		to	5,500
Regulatory filings	750		to	1,250
Other	750		to	1,250
	$	38,500	to	$	43,250

(1) Included in this estimate is approximately $13.6 million of non-cash charges for accelerated depreciation and building impairment.

The Company recorded total restructuring charges to date of $9.5 million. Termination benefits are only earned if an employee stays until their termination date; therefore, the expenses related to termination benefits are being recorded ratably over the service period.

The table below presents the restructuring reserve for the twelve months ending May 31, 2024:


	May 31, 2024
	Termination Benefits		Outside Consultants		Validation Expenses		Facilities Closeout Fees		Regulatory Filings		Other		Total
(in thousands)
Balance at May 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Charges	$	568	$	2,501	$	493	$	5,767	$	6	$	146	$	9,481
Non-cash adjustments	$	—	$	—	$	—	$	(5,767)	$	—	$	—	$	(5,767)
Cash payments	$	—	$	(1,348)	$	(120)	$	—	$	—	$	(126)	$	(1,594)
Balance at May 31, 2024	$	568	$	1,153	$	373	$	—	$	6	$	20	$	2,120

Segments and Geographic Information - Sales by Product Category (Details) $ in Thousands	12 Months Ended
	May 31, 2024 USD ($)	May 31, 2023 USD ($)	May 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Net sales	$ 303,914	$ 338,752	$ 316,219
Gross Profit	$ 154,698	$ 174,246	$ 165,732
Gross Margin	0.509	0.514	0.524
Med Tech
Segment Reporting Information [Line Items]
Net sales	$ 106,403	$ 96,687	$ 78,717
Gross Profit	$ 67,198	$ 61,966	$ 52,584
Gross Margin	0.632	0.641	0.668
Med Device
Segment Reporting Information [Line Items]
Net sales	$ 197,511	$ 242,065	$ 237,502
Gross Profit	$ 87,500	$ 112,280	$ 113,148
Gross Margin	0.443	0.464	0.476

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

+ Details

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Fair Value of Financial Instruments (Tables)

12 Months Ended

May 31, 2024

Fair Value Disclosures [Abstract]

Schedule of 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, 2024









Financial Liabilities

Contingent consideration for acquisition earn outs	$	—	$	—	$	4,728	$	4,728
Total Financial Liabilities	$	—	$	—	$	4,728	$	4,728


	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

Schedule of Changes in Fair Value Components of Level 3 Instruments

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, 2023	$	19,296

Change in present value of contingent consideration (1)	432



Contingent consideration payments	(15,000)
Balance at May 31, 2024	$	4,728

(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, 2022	$	16,948

Change in fair value of contingent consideration (1)	2,320

Currency loss from remeasurement	28




Balance at May 31, 2023	$	19,296

Schedule of Recurring Level 3 Fair Value Measurements

The recurring Level 3 fair value measurements of the contingent consideration liabilities include the following significant unobservable inputs as of May 31, 2024:

(in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

Revenue based payments

4,728

Discounted cash flow

Discount rate

10%

Probability of payment

90% - 100%

Projected fiscal year of payment

2025

- Definition

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

+ References + Details

Segments and Geographic Information - Sale for Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 303,914	$ 338,752	$ 316,219
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	251,486	282,713	265,963
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 52,428	$ 56,039	$ 50,256

- Definition

+ References

+ Details

Prepaid Expenses and Other (Tables)

12 Months Ended

May 31, 2024

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

Schedule of Prepaid Expenses and Other

Prepaid expenses and other consisted of the following:


(in thousands)	May 31, 2024		May 31, 2023
Deposits	$	913	$	894

Software licenses	1,643		1,501
TSA receivable	6,401		—
License fees	208		217
Trade shows	580		448
Rent	185		191
Other prepaid taxes	464		264
Other	2,577		1,102
Total	$	12,971	$	4,617

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	May 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023
Deferred tax assets
Net operating loss carryforward	$ 28,243	$ 40,460
Stock-based compensation	3,796	4,263
Federal and state R&D tax credit carryforward	7,777	7,311
Inventories	762	724
Expenses incurred not currently deductible	15,694	6,986
Accrued liabilities	39	78
Gross deferred tax asset	56,311	59,822
Deferred tax liabilities
Depreciation and amortization	8,443	46,828
Gross deferred tax liability	8,443	46,828
Valuation allowance	(52,680)	(25,759)
Net deferred tax liability	$ (4,812)	$ (12,765)

Property, Plant and Equipment, Net

12 Months Ended

May 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment are summarized as follows:


(in thousands)	May 31, 2024		May 31, 2023
Building and building improvements	$	30,099	$	29,660
Computer software and equipment	28,407		27,435
Machinery and equipment	15,756		17,023
Placement and evaluation units	31,312		26,355
Construction in progress	2,638		2,444
	108,212		102,917
Less accumulated depreciation	(69,675)		(59,026)
Less building impairment	(3,364)		—
	35,173		43,891
Land and land improvements	493		493
	$	35,666	$	44,384

Depreciation expense for fiscal years 2024, 2023 and 2022 was $14.7 million, $11.9 million and $7.6 million, respectively. Depreciation expense for the year ended May 31, 2024 includes accelerated depreciation of $2.4 million related to the plant closure announced on January 5, 2024 (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). During the third quarter of fiscal year 2024, the Company received a purchase offer for the properties located at 603 Queensbury Avenue, Queensbury NY and 8 Glens Falls Tech Park, Glens Falls, NY. This resulted in an impairment charge of $3.4 million to write the buildings down to fair value.

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 303,914	$ 338,752	$ 316,219
United States
Disaggregation of Revenue [Line Items]
Net sales	251,486	282,713	265,963
International
Disaggregation of Revenue [Line Items]
Net sales	52,428	56,039	50,256
Med Tech
Disaggregation of Revenue [Line Items]
Net sales	106,403	96,687	78,717
Med Tech \| United States
Disaggregation of Revenue [Line Items]
Net sales	90,361	84,332	69,939
Med Tech \| International
Disaggregation of Revenue [Line Items]
Net sales	16,042	12,355	8,778
Med Device
Disaggregation of Revenue [Line Items]
Net sales	197,511	242,065	237,502
Med Device \| United States
Disaggregation of Revenue [Line Items]
Net sales	161,125	198,381	196,024
Med Device \| International
Disaggregation of Revenue [Line Items]
Net sales	$ 36,386	$ 43,684	$ 41,478

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Earnings Per Share

12 Months Ended

May 31, 2024

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,
	2024	2023	2022
Basic	40,180,925	39,480,367	39,009,419
Effect of dilutive securities	—	—	—
Diluted	40,180,925	39,480,367	39,009,419

Securities excluded as their inclusion would be anti-dilutive	3,973,382	3,491,099	3,465,738

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023
Leases [Abstract]
Operating lease ROU assets	$ 5,804	$ 5,113
Less: Current portion of lease obligations	1,975	1,922
Long-term lease obligations	3,939	3,316
Total lease obligations	$ 5,914	$ 5,238
Weighted average remaining term (in years)	3 years 5 months 4 days	3 years 18 days
Weighted average discount rate	4.70%	4.10%
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

Stockholders' Equity (Tables)

12 Months Ended

May 31, 2024

Equity [Abstract]

Schedule of Stock Option Activity

The following table summarizes information about stock option activity for the fiscal year ended May 31, 2024:


	Shares	Weighted average exercise price		Weighted average remaining contractual life	Aggregate intrinsic value (in thousands)
Outstanding at beginning of year - June 1, 2023	2,206,549	$	17.90
Granted	455,527	$	8.92
Exercised	—	$	—
Forfeited	(198,975)	$	17.16
Expired	(300,118)	$	16.33
Outstanding at end of year - May 31, 2024	2,162,983	$	16.29	6.52	$	—
Options exercisable at year-end	1,317,662	$	17.44	5.44	$	—
Options expected to vest in future periods	845,321	$	14.51	8.20	$	—

Summary of Stock Unit Activity

The following table summarizes information about restricted stock unit activity for the year ended May 31, 2024:


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Non-vested at beginning of year, June 1, 2023	736,020	$	18.99
Granted	912,200	$	8.74
Vested	(485,056)	$	8.63
Canceled	(82,266)	$	12.77
Non-vested at end of year, May 31, 2024	1,080,898	$	12.44

The following table summarizes information about performance unit award activity for the year ended May 31, 2024:


	Performance Unit Awards	Weighted Average Grant-Date Fair Value
Non-vested at beginning of year, June 1, 2023	548,530	$	19.23
Granted	487,856	$	8.92
Vested	(148,621)	$	8.92
Canceled	(145,057)	$	12.12
Non-vested at end of year, May 31, 2024	742,708	$	16.13

Schedule of Break Out of Stock-based Compensation

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)	2024		2023		2022
Cost of sales	$	288	$	793	$	827
Research and development	1,400		1,459		1,298
Sales and marketing	3,243		2,922		2,568
General and administrative	5,595		5,984		5,999
Acquisition, restructuring and other items, net	3		—		—
	$	10,529	$	11,158	$	10,692

Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Reasons for consolidated income tax provision
Income tax benefit at federal statutory tax rate of 21.0%, 21.0% and 21.0%, respectively	$ (40,244)	$ (11,432)	$ (6,289)
State income taxes, net of Federal tax benefit	(3,016)	(353)	(536)
Impact of Non-U.S. operations	2,440	14	199
Research and development tax credit	(907)	(991)	395
Meals and entertainment	244	258	179
Goodwill impairment	4,867	3,055	0
Non-deductible executive compensation	201	366	686
Change in valuation allowance	26,921	5,556	3,168
Stock based compensation	1,357	505	(1,616)
Other	848	1,027	412
Income tax benefit	$ (7,289)	$ (1,995)	$ (3,402)

Leases

12 Months Ended

May 31, 2024

Leases [Abstract]

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, 2024		May 31, 2023
Assets
Operating lease ROU assets	Other assets	$	5,804	$	5,113
Liabilities
Current operating lease liabilities	Other current liabilities	1,975		1,922
Non-current operating lease liabilities	Other long-term liabilities	3,939		3,316
Total lease liabilities		$	5,914	$	5,238

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, 2024		May 31, 2023
Weighted average remaining term (in years)	3.43		3.05
Weighted average discount rate	4.7	%	4.1	%

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


(in thousands)	May 31, 2024
2025	$	2,202
2026	1,976
2027	984
2028	729
2029 and thereafter	515
Total lease payments	$	6,406
Less: Imputed Interest	492
Total lease obligations	$	5,914
Less: Current portion of lease obligations	1,975
Long-term lease obligations	$	3,939

During the years ended May 31, 2024, 2023 and 2022 the Company recognized operating lease expense, which includes immaterial short-term leases, of $2.5 million, $2.7 million and $2.8 million, respectively. The expenses on the Consolidated Statement of Operations were classified as follows:


(in thousands)	May 31, 2024		May 31, 2023		May 31, 2022
Cost of sales	$	866	$	881	$	890
Research and development	195		193		257
Sales and marketing	161		162		160
General and administrative	1,327		1,458		1,495
	$	2,549	$	2,694	$	2,802

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


(in thousands)	May 31, 2024		May 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,142	$	2,742
ROU assets obtained in exchange for lease liabilities
Operating leases	3,057		840

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023
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	$ 0.6	$ 0.7
Revenue recognized, including current period.	$ 0.7	$ 0.7
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

Leases - Liability Maturity Schedule (Details) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023
Leases [Abstract]
2025	$ 2,202
2026	1,976
2027	984
2028	729
2029 and thereafter	515
Total lease payments	6,406
Less: Imputed Interest	492
Total lease obligations	5,914	$ 5,238
Less: Current portion of lease obligations	1,975	1,922
Long-term lease obligations	$ 3,939	$ 3,316

Inventories (Tables)

12 Months Ended

May 31, 2024

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, 2024		May 31, 2023
Raw materials	$	30,736	$	28,679
Work in process	6,772		6,708
Finished goods	23,108		19,938
Total	$	60,616	$	55,325

Fair Value of Financial Instruments

12 Months Ended

May 31, 2024

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, 2024









Financial Liabilities

Contingent consideration for acquisition earn outs	$	—	$	—	$	4,728	$	4,728
Total Financial Liabilities	$	—	$	—	$	4,728	$	4,728


	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

There were no transfers between Level 1, 2 and 3 for the years ended May 31, 2024 and 2023.

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, 2023	$	19,296

Change in present value of contingent consideration (1)	432



Contingent consideration payments	(15,000)
Balance at May 31, 2024	$	4,728


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

Change in fair value of contingent consideration (1)	2,320

Currency loss from remeasurement	28




Balance at May 31, 2023	$	19,296

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, 2024:

(in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

Revenue based payments

4,728

Discounted cash flow

Discount rate

10%

Probability of payment

90% - 100%

Projected fiscal year of payment

2025

At May 31, 2024, the amount of undiscounted future contingent consideration that the Company expects to pay as a result of all completed acquisitions is approximately $5.0 million. The milestones, including revenue projections and technical milestones, associated with the contingent consideration must be reached in future periods ranging from fiscal years 2025 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 $159.5 million for the quarter ended February 29, 2024 to write down the carrying value of the Med Tech reporting unit to fair value. 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 third quarter of fiscal year 2024, the Company made the decision to abandon the Syntrax product technology which resulted in an impairment charge of $3.3 million.

During the third quarter of fiscal year 2024, the Company received a purchase offer for the properties located at 603 Queensbury Avenue, Queensbury NY and 8 Glens Falls Tech Park, Glens Falls, NY. This resulted in an impairment charge of $3.4 million to write the buildings down to fair value.

There were no other items measured at fair value on a nonrecurring basis during the year ended May 31, 2024 or May 31, 2023.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Revenue from Contracts with Customers (Tables)

12 Months Ended

May 31, 2024

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, 2024						Year ended May 31, 2023
(in thousands)	United States		International		Total		United States		International		Total
Net sales
Med Tech	$	90,361	$	16,042	$	106,403	$	84,332	$	12,355	$	96,687
Med Device	161,125		36,386		197,511		198,381		43,684		242,065

Total	$	251,486	$	52,428	$	303,914	$	282,713	$	56,039	$	338,752


	Year ended May 31, 2022
(in thousands)	United States		International		Total
Net sales
Med Tech	$	69,939	$	8,778	$	78,717
Med Device	196,024		41,478		237,502
Total	$	265,963	$	50,256	$	316,219

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, 2024		May 31, 2023
Receivables	$	43,610	$	52,826
Contract assets	$	—	$	—
Contract liabilities	$	391	$	499

Acquisition, Restructuring and Other Items, net - Schedule of Acquisition, Restructuring and Other Items, net (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	May 31, 2024	Feb. 29, 2024	Aug. 31, 2023	May 31, 2024	May 31, 2023	May 31, 2022
Restructuring Cost and Reserve [Line Items]
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]		Total
Total				$ 53,182	$ 15,633	$ 9,042
Impairment charge	$ 3,400
Inventory write-off	$ 2,900
Payments for acquisition			$ 3,500
Deferred financing fees, writeoff				900
Legal
Restructuring Cost and Reserve [Line Items]
Total				34,942	9,998	7,625
Legal \| Becton, Dickinson and Company, C.R. Bard, Inc. and Bard Peripheral Vascular Inc.
Restructuring Cost and Reserve [Line Items]
Total		$ 19,300
Mergers and acquisitions
Restructuring Cost and Reserve [Line Items]
Total				399	368	59
Transition service agreement
Restructuring Cost and Reserve [Line Items]
Total				(1,092)	0	0
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Total				9,481	0	0
Manufacturing Relocation
Restructuring Cost and Reserve [Line Items]
Total				587	1,091	644
Intangible and other asset impairment
Restructuring Cost and Reserve [Line Items]
Total				6,260	0	0
Israeli Innovation Authority prepayment
Restructuring Cost and Reserve [Line Items]
Total				0	3,544	0
Other
Restructuring Cost and Reserve [Line Items]
Total				2,605	$ 632	$ 714
Severance due to restructurings outside of the plant closure				1,400
Other Expense
Restructuring Cost and Reserve [Line Items]
Total				$ 2,600

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	May 31, 2024	May 31, 2023	May 31, 2022
Income Taxes (Textual) [Abstract]
Goodwill impairment	$ 159,476,000	$ 14,549,000	$ 0
Accrued interest and penalties	0	0
Eximo Medical, Ltd.
Income Taxes (Textual) [Abstract]
Deferred tax liability, purchase accounting adjustment	4,900,000	$ 5,800,000
Federal
Income Taxes (Textual) [Abstract]
Net operating loss carryforwards after considering limitations of use	111,000,000.0
Tax Year 2030 and 2032 \| Federal
Income Taxes (Textual) [Abstract]
Federal and State net operating loss carryforwards	37,100,000
Indefinite \| Federal
Income Taxes (Textual) [Abstract]
Net operating loss carryforwards after considering limitations of use	73,900,000
Indefinite \| Israel
Income Taxes (Textual) [Abstract]
Federal and State net operating loss carryforwards	17,200,000
Tax Year 2029 to 2043 \| State
Income Taxes (Textual) [Abstract]
Federal and State net operating loss carryforwards	$ 14,400,000

Divestitures (Tables)

12 Months Ended

May 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Summary of Major Classes of Assets Sold

The following table summarizes the major classes of assets sold on the date of the sale:


(in thousands)	As of February 15, 2024
Current assets:
Inventories	$	4,203
Total current assets	$	4,203
Non-current assets:
Property, plant and equipment, net	$	158
Intangible assets, net	20,781
Other assets	40
Total non-current assets	$	20,979

The following table summarizes the major classes of assets sold on the date of the sale:


(in thousands)	As of June 8, 2023
Current assets:
Inventories	$	4,068
Prepaid expenses and other	2,000
Total current assets	$	6,068
Non-current assets:
Property, plant and equipment, net	$	54
Intangible assets, net	17,629
Goodwill	25,980
Total non-current assets	$	43,663

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

Acquisition, Restructuring and Other Items, Net - Restructuring Reserve (Details) $ in Thousands	3 Months Ended
	May 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning of period	$ 0
Restructuring charges	9,481
Non-cash adjustments	(5,767)
Cash payments	(1,594)
Restructuring Reserve, end of period	2,120
Termination Benefits
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning of period	0
Restructuring charges	568
Non-cash adjustments	0
Cash payments	0
Restructuring Reserve, end of period	568
Outside Consultants
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning of period	0
Restructuring charges	2,501
Non-cash adjustments	0
Cash payments	(1,348)
Restructuring Reserve, end of period	1,153
Validation Expenses
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning of period	0
Restructuring charges	493
Non-cash adjustments	0
Cash payments	(120)
Restructuring Reserve, end of period	373
Israeli Innovation Authority prepayment
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning of period	0
Restructuring charges	5,767
Non-cash adjustments	(5,767)
Cash payments	0
Restructuring Reserve, end of period	0
Regulatory Filings
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning of period	0
Restructuring charges	6
Non-cash adjustments	0
Cash payments	0
Restructuring Reserve, end of period	6
Other
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning of period	0
Restructuring charges	146
Non-cash adjustments	0
Cash payments	(126)
Restructuring Reserve, end of period	$ 20

Acquisition, Restructuring and Other Items, net - Schedule of Restructuring Expense (Details) $ in Thousands	12 Months Ended
	May 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation	$ 2,400
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total
Manufacturing Shift To Outsourced Model
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation	$ 13,600
Manufacturing Shift To Outsourced Model \| Minimum
Restructuring Cost and Reserve [Line Items]
Estimated costs	38,500
Manufacturing Shift To Outsourced Model \| Maximum
Restructuring Cost and Reserve [Line Items]
Estimated costs	43,250
Manufacturing Shift To Outsourced Model \| Israeli Innovation Authority prepayment \| Minimum
Restructuring Cost and Reserve [Line Items]
Estimated costs	14,500
Manufacturing Shift To Outsourced Model \| Israeli Innovation Authority prepayment \| Maximum
Restructuring Cost and Reserve [Line Items]
Estimated costs	15,250
Manufacturing Shift To Outsourced Model \| Termination Benefits \| Minimum
Restructuring Cost and Reserve [Line Items]
Estimated costs	9,000
Manufacturing Shift To Outsourced Model \| Termination Benefits \| Maximum
Restructuring Cost and Reserve [Line Items]
Estimated costs	10,000
Manufacturing Shift To Outsourced Model \| Outside Consultants \| Minimum
Restructuring Cost and Reserve [Line Items]
Estimated costs	9,000
Manufacturing Shift To Outsourced Model \| Outside Consultants \| Maximum
Restructuring Cost and Reserve [Line Items]
Estimated costs	10,000
Manufacturing Shift To Outsourced Model \| Validation Expenses \| Minimum
Restructuring Cost and Reserve [Line Items]
Estimated costs	4,500
Manufacturing Shift To Outsourced Model \| Validation Expenses \| Maximum
Restructuring Cost and Reserve [Line Items]
Estimated costs	5,500
Manufacturing Shift To Outsourced Model \| Regulatory Filings \| Minimum
Restructuring Cost and Reserve [Line Items]
Estimated costs	750
Manufacturing Shift To Outsourced Model \| Regulatory Filings \| Maximum
Restructuring Cost and Reserve [Line Items]
Estimated costs	1,250
Manufacturing Shift To Outsourced Model \| Other Costs \| Minimum
Restructuring Cost and Reserve [Line Items]
Estimated costs	750
Manufacturing Shift To Outsourced Model \| Other Costs \| Maximum
Restructuring Cost and Reserve [Line Items]
Estimated costs	$ 1,250

Commitments And Contingencies (Tables)

12 Months Ended

May 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Other Future Commitments and Contingencies

The following table summarizes the Company's other future commitments and contingencies as of May 31, 2024:


(in thousands)	Total		2025		2026		2027		2028		2029 and thereafter
Purchase obligations (1)	$	2,946	$	2,946	$	—	$	—	$	—	$	—
Royalties (2)	36,005		3,625		3,620		3,620		3,620		21,520

	$	38,951	$	6,571	$	3,620	$	3,620	$	3,620	$	21,520

(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.

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023	May 31, 2022
Leases [Abstract]
Operating lease ROU assets	$ 5,804	$ 5,113
Non-cash lease expense	2,549	2,694	$ 2,802
Total lease liabilities	$ 5,914	$ 5,238

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Income Statement [Abstract]
Net sales	$ 303,914	$ 338,752	$ 316,219
Cost of sales (exclusive of intangible amortization)	149,216	164,506	150,487
Gross profit	154,698	174,246	165,732
Operating expenses
Research and development	31,512	29,883	30,739
Sales and marketing	102,818	104,249	95,301
General and administrative	41,164	40,003	38,451
Amortization of intangibles	13,048	18,790	19,458
Goodwill impairment	159,476	14,549	0
Change in fair value of contingent consideration	432	2,320	1,212
Acquisition, restructuring and other items, net	53,182	15,633	9,042
Total operating expenses	401,632	225,427	194,203
Gain on sale of assets	54,499	0	0
Operating loss	(192,435)	(51,181)	(28,471)
Other expenses
Interest income (expense), net	1,614	(2,702)	(688)
Other expense, net	(817)	(554)	(790)
Total other income (expense), net	797	(3,256)	(1,478)
Income (loss) before tax expense	(191,638)	(54,437)	(29,949)
Income tax benefit	(7,289)	(1,995)	(3,402)
Net loss	$ (184,349)	$ (52,442)	$ (26,547)
Loss per share
Basic (usd per share)	$ (4.59)	$ (1.33)	$ (0.68)
Diluted (usd per share)	$ (4.59)	$ (1.33)	$ (0.68)
Weighted average shares outstanding
Basic (in shares)	40,180,925	39,480,367	39,009,419
Diluted (in shares)	40,180,925	39,480,367	39,009,419

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 2,142	$ 2,742
Operating leases	$ 3,057	$ 840

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 2,141	$ 2,150
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	5,000,000	5,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	75,000,000	75,000,000
Common stock, shares issued (shares)	40,801,597	39,981,422
Common stock, shares outstanding (shares)	40,431,597	39,611,422
Treasury stock, shares (shares)	370,000,000	370,000,000

Divestitures

12 Months Ended

May 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

DIVESTITURES

PICCs and Midlines

Pursuant to an asset purchase agreement dated February 15, 2024 (the "Asset Purchase Agreement"), the Company completed the sale of its PICC and Midline businesses (the "Divestiture") to Spectrum Vascular ("Spectrum"). Total consideration received by the Company for the Divestiture in the third quarter of fiscal year 2024 was $34.5 million in cash and resulted in a pre-tax book gain of $6.7 million. Included in the agreement is a $5.5 million earn-out related to the sales of divested products over a two year period and a milestone payment of $5.0 million paid upon final transfer of the manufacturing to a third-party.

The Company and Spectrum entered into various agreements to facilitate the transition of the divested businesses to Spectrum, including a Transition Services Agreement ("TSA") 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.

The following table summarizes the major classes of assets sold on the date of the sale:


(in thousands)	As of February 15, 2024
Current assets:
Inventories	$	4,203
Total current assets	$	4,203
Non-current assets:
Property, plant and equipment, net	$	158
Intangible assets, net	20,781
Other assets	40
Total non-current assets	$	20,979

Dialysis and BioSentry

Pursuant to an asset purchase agreement dated June 8, 2023 (the "Asset Purchase Agreement"), the Company completed the sale of the dialysis and BioSentry tract sealant system biopsy businesses (the "Divestiture") to Merit Medical Systems, Inc. ("Merit"). Total consideration received by the Company for the Divestiture in the first quarter of fiscal year 2024 was $100.0 million in cash and resulted in a pre-tax book gain of $47.8 million.

The Company and Merit entered into various agreements to facilitate the transition of the divested businesses to Merit, including a Transition 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.

The following table summarizes the major classes of assets sold on the date of the sale:


(in thousands)	As of June 8, 2023
Current assets:
Inventories	$	4,068
Prepaid expenses and other	2,000
Total current assets	$	6,068
Non-current assets:
Property, plant and equipment, net	$	54
Intangible assets, net	17,629
Goodwill	25,980
Total non-current assets	$	43,663

The sale of the dialysis product portfolio and BioSentry tract sealant system biopsy businesses to Merit 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 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

Commitments and Contingencies

12 Months Ended

May 31, 2024

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, 2024:


(in thousands)	Total		2025		2026		2027		2028		2029 and thereafter
Purchase obligations (1)	$	2,946	$	2,946	$	—	$	—	$	—	$	—
Royalties (2)	36,005		3,625		3,620		3,620		3,620		21,520

	$	38,951	$	6,571	$	3,620	$	3,620	$	3,620	$	21,520

(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")).

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 Court entered Judgement on June 1, 2023 in favor of the Company.

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. The Company counterclaimed, alleging that certain of Bard’s catheter products infringe U.S. Patent Nos. 8,377,011, 10,729,881, 8,454,574.

On March 31, 2024, the Company and Bard’s parent company Becton, Dickinson and Company (collectively, “BD”) entered into a settlement agreement (the “Settlement Agreement”) to resolve the ongoing litigations. Under the terms of the Settlement Agreement, BD will grant a license to the Company under certain of BD’s port patents and AngioDynamics will grant BD a license under certain of the Company’s catheter patents. The Company will make a one-time lump sum payment to BD in the amount of $7.0 million, $3.0 million of which was paid within 5 business days of execution of the Settlement Agreement, and the remainder of which will be payable in installments over the 12 months ending March 31, 2025. The Company will also make six minimum annual payments to BD of $2.5 million through February 2029, and potential additional payments if six percent (6%) of annual net sales of the Company’s port products exceed the minimum payment. The parties will participate in the pending appeal before the Federal Circuit of the case that was filed March 10, 2015 and a contingent payment of $3.0 million will be due from the Company to BD if the Federal Circuit reverses or vacates the District Court’s findings of invalidity with respect to the patent claims at issue in the case. Appellate briefing is closed, but an argument date has not yet been set. Neither party admitted any liability and the agreement contains mutual covenants not to sue and releases.

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

12 Months Ended

May 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Description of Business

The consolidated financial statements include the accounts of AngioDynamics, Inc. and its wholly owned subsidiaries, (collectively, 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			3 to 40 years
Computer software and equipment			2 to 10 years
Machinery and equipment			3 to 11 years
Placement and evaluation units			5 years

Goodwill and Intangible Assets

Contingent Consideration

Revenue Recognition

Research and Development

Income Taxes

Stock-Based Compensation

Foreign Currency Translation

Derivative Financial Instruments

Contingencies

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements - 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 adopted the new standard in the first quarter of fiscal year 2024 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 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU improves the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.	June 1, 2024	The Company plans to adopt the new standard in the first quarter of fiscal year 2025 and does not expect there to be a material impact to the consolidated financial statements.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU improves the income tax disclosure requirements on an annual basis by (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold.	June 1, 2025	The Company plans to adopt the new standard in the first quarter of fiscal year 2026 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

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

Costs to Obtain or Fulfill a Customer Contract

Income Taxes (Tables)

12 Months Ended

May 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Tax Benefit

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


	Year ended May 31,
(in thousands)	2024		2023		2022
Loss before tax expense:
U.S.	$	(177,314)	$	(45,240)	$	(28,495)
Non-U.S.	(14,324)		(9,197)		(1,454)
	$	(191,638)	$	(54,437)	$	(29,949)

Summary of Income tax Benefit

Income tax benefit is comprised of the following:


	Year ended May 31,
(in thousands)	2024		2023		2022
Current

U.S.	318		129		120
Non U.S.	361		187		186
	679		316		306
Deferred
U.S.	(7,039)		(207)		(3,415)
Non U.S.	(929)		(2,104)		(293)
	(7,968)		(2,311)		(3,708)

Income tax benefit	$	(7,289)	$	(1,995)	$	(3,402)

Summary of Deferred Tax Assets and Liabilities

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


(in thousands)	May 31, 2024		May 31, 2023
Deferred tax assets
Net operating loss carryforward	$	28,243	$	40,460
Stock-based compensation	3,796		4,263
Federal and state R&D tax credit carryforward	7,777		7,311
Inventories	762		724
Expenses incurred not currently deductible	15,694		6,986
Accrued liabilities	39		78
Gross deferred tax asset	56,311		59,822
Deferred tax liabilities
Depreciation and amortization	8,443		46,828

	8,443		46,828
Valuation allowance	(52,680)		(25,759)
Net deferred tax liability	$	(4,812)	$	(12,765)

Summary of Income Tax Rate Reconciliation


	Year ended May 31,
(in thousands)	2024		2023		2022
Income tax benefit at federal statutory tax rate of 21.0%, 21.0% and 21.0%, respectively	$	(40,244)	$	(11,432)	$	(6,289)

State income taxes, net of Federal tax benefit	(3,016)		(353)		(536)
Impact of Non-U.S. operations	2,440		14		199
Research and development tax credit	(907)		(991)		395

Meals and entertainment	244		258		179
Goodwill impairment	4,867		3,055		—
Non-deductible executive compensation	201		366		686

Change in valuation allowance	26,921		5,556		3,168
Stock based compensation	1,357		505		(1,616)

Other	848		1,027		412
Income tax benefit	$	(7,289)	$	(1,995)	$	(3,402)

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)	2024		2023		2022
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	(464)		—		—
Unrecognized tax benefits balance at May 31	$	—	$	464	$	464

Prepaid Expenses and Other

12 Months Ended

May 31, 2024

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, 2024		May 31, 2023
Deposits	$	913	$	894

Software licenses	1,643		1,501
TSA receivable	6,401		—
License fees	208		217
Trade shows	580		448
Rent	185		191
Other prepaid taxes	464		264
Other	2,577		1,102
Total	$	12,971	$	4,617

Leases - Supplemental Statement of Operations Information (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Lessee, Lease, Description [Line Items]
Non-cash lease expense	$ 2,549	$ 2,694	$ 2,802
Cost of sales
Lessee, Lease, Description [Line Items]
Non-cash lease expense	866	881	890
Research and development
Lessee, Lease, Description [Line Items]
Non-cash lease expense	195	193	257
Sales and marketing
Lessee, Lease, Description [Line Items]
Non-cash lease expense	161	162	160
General and administrative
Lessee, Lease, Description [Line Items]
Non-cash lease expense	$ 1,327	$ 1,458	$ 1,495

Revenue from Contracts with Customers Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables	$ 43,610	$ 52,826
Contract assets	0	0
Contract liabilities	$ 391	$ 499

Retirement Plans	12 Months Ended
Retirement Plans	May 31, 2024
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 $4.6 million, $4.2 million and $4.3 million in 2024, 2023 and 2022, respectively. There are also various immaterial foreign retirement plans.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Basis of Presentation, Business Description and Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	May 31, 2024 USD ($) segment assetGroup	May 31, 2023 USD ($)	May 31, 2022 USD ($)
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 \| segment	2
Number of operating segments \| segment	2
Number of asset groups \| assetGroup	2
Goodwill impairment \| $	$ 159,476	$ 14,549	$ 0
Med Tech
Business Acquisition [Line Items]
Goodwill impairment \| $	$ 159,476	$ 0
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)	3 years
Building and building improvements \| Maximum
Business Acquisition [Line Items]
Useful life (years)	40 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)	10 years
Machinery and equipment \| Minimum
Business Acquisition [Line Items]
Useful life (years)	3 years
Machinery and equipment \| Maximum
Business Acquisition [Line Items]
Useful life (years)	11 years
Placement and evaluation units
Business Acquisition [Line Items]
Useful life (years)	5 years

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	May 31, 2024	May 31, 2023	May 31, 2022
Retirement Plans (Textual) [Abstract]
Matching contributions	$ 4.6	$ 4.2	$ 4.3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	May 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accrued Liabilities (Tables)

12 Months Ended

May 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


(in thousands)	May 31, 2024		May 31, 2023
Payroll and related expenses	$	15,640	$	9,232
Outside services	8,962		7,088
Royalties	2,575		2,874
Research and development	1,255		1,525
Accrued severance	1,486		262
Sales and franchise taxes	520		480


TSA Payable	6,259		—
Rebates	412		469

Other	3,989		4,687
Total	$	41,098	$	26,617

Valuation and Qualifying Accounts

12 Months Ended

May 31, 2024

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, 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

Year Ended May 31, 2024
Allowance for deferred tax asset	$	25,759	$	26,921	$	—	$	52,680
Allowance for sales returns and doubtful accounts	$	2,150	$	1,073	$	(1,082)	$	2,141

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Cash flows from operating activities:
Net loss	$ (184,349)	$ (52,442)	$ (26,547)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	27,712	30,873	29,349
Non-cash lease expense	1,931	2,484	2,439
Goodwill impairment	159,476	14,549	0
Stock based compensation	10,529	11,158	10,692
Gain on dispositions	(54,499)	0	0
Transaction costs for disposition	(5,084)	0	0
Change in fair value of contingent consideration	432	2,320	1,212
Deferred income tax provision	(7,968)	(2,311)	(3,708)
Changes in accounts receivable allowances	1,326	695	118
Asset impairments and disposals	7,108	291	391
Write-off of other assets	869	0	0
Other	(62)	(513)	(93)
Changes in operating assets and liabilities:
Accounts receivable	7,894	(1,299)	(17,151)
Inventories	(9,410)	(8,198)	(2,796)
Prepaid expenses and other	(11,594)	332	(5,012)
Accounts payable, accrued and other liabilities	27,531	2,139	3,912
Net cash (used in) provided by operating activities	(28,158)	78	(7,194)
Cash flows from investing activities:
Additions to property, plant and equipment	(2,518)	(3,812)	(4,297)
Additions to placement and evaluation units	(5,015)	(5,394)	(11,410)
Proceeds from sale of assets	134,500	0	0
Cash paid for acquisitions	0	0	(3,600)
Acquisition of intangibles	(3,250)	(540)	0
Net cash provided by (used in) investing activities	123,717	(9,746)	(19,307)
Cash flows from financing activities:
Proceeds from issuance of and borrowings on long-term debt	0	70,000	0
Repayment of long-term debt	(50,000)	(45,000)	0
Proceeds from borrowings on long-term debt	0	0	5,000
Deferred financing costs on long-term debt	0	(751)	0
Payment of acquisition related contingent consideration	(15,000)	0	0
Proceeds from exercise of stock options and employee stock purchase plan	752	1,171	2,683
Net cash (used in) provided by financing activities	(64,248)	25,420	7,683
Effect of exchange rate changes on cash and cash equivalents	125	43	(518)
Increase (decrease) in cash and cash equivalents	31,436	15,795	(19,336)
Cash and cash equivalents at beginning of year	44,620	28,825	48,161
Cash and cash equivalents at end of year	76,056	44,620	28,825
Supplemental disclosure of non-cash investing and financing activities:
Increase (decrease) in accounts payable for purchases of fixed assets	(78)	124	14
Cash paid during the year for:
Interest	0	2,577	562
Income taxes	$ 455	$ 342	$ 329

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

12 Months Ended

May 31, 2024

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment

Refer below for useful lives by category:


			Estimated useful lives
Building and building improvements			3 to 40 years
Computer software and equipment			2 to 10 years
Machinery and equipment			3 to 11 years
Placement and evaluation units			5 years

Property, plant and equipment are summarized as follows:


(in thousands)	May 31, 2024		May 31, 2023
Building and building improvements	$	30,099	$	29,660
Computer software and equipment	28,407		27,435
Machinery and equipment	15,756		17,023
Placement and evaluation units	31,312		26,355
Construction in progress	2,638		2,444
	108,212		102,917
Less accumulated depreciation	(69,675)		(59,026)
Less building impairment	(3,364)		—
	35,173		43,891
Land and land improvements	493		493
	$	35,666	$	44,384

Schedule of Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements - 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 adopted the new standard in the first quarter of fiscal year 2024 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 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU improves the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.	June 1, 2024	The Company plans to adopt the new standard in the first quarter of fiscal year 2025 and does not expect there to be a material impact to the consolidated financial statements.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU improves the income tax disclosure requirements on an annual basis by (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold.	June 1, 2025	The Company plans to adopt the new standard in the first quarter of fiscal year 2026 and does not expect there to be a material impact to the consolidated financial statements.

Stockholders' Equity - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	$ 10,529	$ 11,158	$ 10,692
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	288	793	827
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	1,400	1,459	1,298
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	3,243	2,922	2,568
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	5,595	5,984	5,999
Acquisition, restructuring and other items, net
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation pre tax amount	$ 3	$ 0	$ 0

Goodwill and Intangible Assets

12 Months Ended

May 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill

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

The Company's annual testing for impairment of goodwill was completed as of 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. Based on the results of this evaluation, there were no adjustments to goodwill for either reporting unit as of April 30, 2023.

In the fourth quarter of fiscal year 2023, the Company concluded that the sale of the dialysis and BioSentry businesses to Merit Medical Systems, Inc. was a triggering event for the Med Device reporting 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.

In the third quarter of fiscal year 2024, the Company concluded that the sustained decline in our stock price was a triggering event for the Med Tech reporting unit. To determine the fair value of the remaining Med Tech reporting unit as of February 29, 2024, the Company utilized the income approach, as it was determined to be a better representation of the remaining Med Tech reporting unit's projected long-term performance. 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. Based on the results of this evaluation, the Company recorded a goodwill impairment charge of $159.5 million for the year ended May 31, 2024 to write down the carrying value of the Med Tech reporting unit to fair value. The impairment loss is disclosed separately on the face of the accompanying consolidated statements of operations.

Goodwill for each reporting unit is allocated as follows:


	Year ended May 31, 2024
(in thousands)	Med Tech		Med Device		Total
Balance June 1, 2023	$	159,238	$	—	$	159,238
Goodwill impairment	(159,476)		—		(159,476)

Foreign currency translation adjustments	238		—		238
Balance May 31, 2024	$	—	$	—	$	—


	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

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 Tech reporting unit as of February 29, 2024, 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 February 29, 2024. There were no impairment charges on definite lived intangible assets for the year ended May 31, 2024.

During the third quarter of fiscal year 2024, the Company made the decision to abandon the Syntrax product line. This resulted in an impairment charge of $3.3 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, 2024
(in thousands)	Gross carrying value		Accumulated amortization		Net carrying value
Product technologies	$	176,227	$	(102,468)	$	73,759
Customer relationships	9,028		(5,628)		3,400
Trademarks	2,100		(2,024)		76
Licenses	3,837		(3,689)		148
	$	191,192	$	(113,809)	$	77,383


	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

Amortization expense was $13.0 million, $18.8 million and $19.5 million for fiscal years 2024, 2023 and 2022, respectively.

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


(in thousands)
2025	$	10,269
2026	10,088
2027	9,997
2028	9,948
2029	9,851
2030 and thereafter	27,230
	$	77,383

Goodwill and Intangible Assets - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	May 31, 2023 USD ($)	May 31, 2022	May 31, 2024 USD ($) segment	May 31, 2023 USD ($)	May 31, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of reporting units \| segment			2
Number of operating segments \| segment			2
Goodwill impairment			$ 159,476	$ 14,549	$ 0
Impairment charge	$ 3,300
Amortization expense			$ 13,048	18,790	$ 19,458
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]		Total
Med Device
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment				$ 14,500
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

Commitments and Contingencies - Schedule (Details) $ in Thousands	May 31, 2024 USD ($)
Purchase obligations
Total	$ 2,946
2025	2,946
2026	0
2027	0
2028	0
2029 and thereafter	0
Royalties
Total	36,005
2025	3,625
2026	3,620
2027	3,620
2028	3,620
2029 and thereafter	21,520
Total	38,951
2025	6,571
2026	3,620
2027	3,620
2028	3,620
2029 and thereafter	$ 21,520

Fair Value of Financial Instruments (Details 2) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 19,296	$ 16,948
Change in present value of contingent consideration	432
Contingent consideration payments	(15,000)
Change in fair value of contingent consideration	432	2,320	$ 1,212
Currency gain from remeasurement		28
Ending balance	$ 4,728	$ 19,296	$ 16,948

Segments and Geographic Information (Tables)

12 Months Ended

May 31, 2024

Segment Reporting [Abstract]

Summary of Net Sales and Gross Margin by Segment


	Year ended May 31,
(in thousands)	2024			2023			2022

Med Tech Net Sales	$	106,403		$	96,687		$	78,717
Gross Profit	$	67,198		$	61,966		$	52,584
Gross Margin	63.2		%	64.1		%	66.8		%

Med Device Net Sales	$	197,511		$	242,065		$	237,502
Gross Profit	$	87,500		$	112,280		$	113,148
Gross Margin	44.3		%	46.4		%	47.6		%

Total Net Sales	$	303,914		$	338,752		$	316,219
Gross Profit	$	154,698		$	174,246		$	165,732
Gross Margin	50.9		%	51.4		%	52.4		%

Summary of Net Sales by Geographic Area

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


	Year ended May 31,
(in thousands)	2024		2023		2022
Net sales by Geography
United States	$	251,486	$	282,713	$	265,963
International	52,428		56,039		50,256
Total	$	303,914	$	338,752	$	316,219

Property, Plant and Equipment, Net (Tables)

12 Months Ended

May 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Refer below for useful lives by category:


			Estimated useful lives
Building and building improvements			3 to 40 years
Computer software and equipment			2 to 10 years
Machinery and equipment			3 to 11 years
Placement and evaluation units			5 years

Property, plant and equipment are summarized as follows:


(in thousands)	May 31, 2024		May 31, 2023
Building and building improvements	$	30,099	$	29,660
Computer software and equipment	28,407		27,435
Machinery and equipment	15,756		17,023
Placement and evaluation units	31,312		26,355
Construction in progress	2,638		2,444
	108,212		102,917
Less accumulated depreciation	(69,675)		(59,026)
Less building impairment	(3,364)		—
	35,173		43,891
Land and land improvements	493		493
	$	35,666	$	44,384

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	May 31, 2024 USD ($) $ / shares shares
Schedule summarizes stock option activity
Shares Outstanding at beginning of year (shares) \| shares	2,206,549
Shares Granted (shares) \| shares	455,527
Shares Exercised (shares) \| shares	0
Shares Forfeited (shares) \| shares	(198,975)
Shares Expired (shares) \| shares	(300,118)
Shares Outstanding at end of year (shares) \| shares	2,162,983
Shares Options exercisable at year-end (shares) \| shares	1,317,662
Shares Options expected to vest in future periods (shares) \| shares	845,321
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	$ 17.90
Weighted average exercise price Granted (usd per share) \| $ / shares	8.92
Weighted average exercise price Exercised (usd per share) \| $ / shares	0
Weighted average exercise price Forfeited (usd per share) \| $ / shares	17.16
Weighted average exercise price Expired (usd per share) \| $ / shares	16.33
Weighted average exercise price, Outstanding at end of year (usd per share) \| $ / shares	16.29
Weighted average exercise price, Options exercisable at year end (usd per share) \| $ / shares	17.44
Weighted average exercise price, Options expected to vest in future periods (usd per share) \| $ / shares	$ 14.51
Weighted average remaining contractual life	6 years 6 months 7 days
Weighted average remaining contractual life, Option exercisable at year end	5 years 5 months 8 days
Weighted average remaining contractual life, Option expected to vest in future periods	8 years 2 months 12 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

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

May 31, 2024

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, 2022	$	1,357
Other comprehensive income, net of tax	(6,080)

Net other comprehensive loss	$	(6,080)
Balance at May 31, 2023	$	(4,723)
Other comprehensive income, net of tax	358

Net other comprehensive income	$	358
Balance at May 31, 2024	$	(4,365)

Stockholders' Equity (Details 2) - $ / shares	12 Months Ended
Stockholders' Equity (Details 2) - $ / shares	May 31, 2024	May 31, 2023	May 31, 2022
Weighted Average Grant-Date Fair Value
Weighted Average Grant-Date Fair Value, Granted (usd per share)		$ 19.99	$ 26.24
Restricted Stock Units
Shares
Non-Vested Stock Award Units Beginning Balance (shares)	736,020
Non-Vested Stock Award Units, Granted (shares)	912,200
Non-Vested Stock Award Units, Vested (shares)	(485,056)
Non-Vested Stock Award Units, Cancelled (shares)	(82,266)
Non-Vested Stock Award Units Ending Balance (shares)	1,080,898	736,020
Weighted Average Grant-Date Fair Value
Weighted Average Grant-Date Fair Value Beginning Balance (usd per share)	$ 18.99
Weighted Average Grant-Date Fair Value, Granted (usd per share)	8.74
Weighted Average Grant-Date Fair Value, Vested (usd per share)	8.63
Weighted Average Grant-Date Fair Value, Cancelled (usd per share)	12.77
Weighted Average Grant-Date Fair Value Ending Balance (usd per share)	$ 12.44	$ 18.99
Performance Shares
Shares
Non-Vested Stock Award Units Beginning Balance (shares)	548,530
Non-Vested Stock Award Units, Granted (shares)	487,856
Non-Vested Stock Award Units, Vested (shares)	(148,621)
Non-Vested Stock Award Units, Cancelled (shares)	(145,057)
Non-Vested Stock Award Units Ending Balance (shares)	742,708	548,530
Weighted Average Grant-Date Fair Value
Weighted Average Grant-Date Fair Value Beginning Balance (usd per share)	$ 19.23
Weighted Average Grant-Date Fair Value, Granted (usd per share)	8.92
Weighted Average Grant-Date Fair Value, Vested (usd per share)	8.92
Weighted Average Grant-Date Fair Value, Cancelled (usd per share)	12.12
Weighted Average Grant-Date Fair Value Ending Balance (usd per share)	$ 16.13	$ 19.23

Consolidated Statements Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (184,349)	$ (52,442)	$ (26,547)
Other comprehensive income (loss), before tax:
Foreign currency translation gain (loss)	358	(6,080)	(1,796)
Other comprehensive income (loss), before tax	358	(6,080)	(1,796)
Income tax benefit (expense) related to items of other comprehensive income (loss)	0	0	0
Other comprehensive income (loss), net of tax	358	(6,080)	(1,796)
Total comprehensive loss, net of tax	$ (183,991)	$ (58,522)	$ (28,343)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

Earnings Per Share (Tables)

12 Months Ended

May 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation Basic to Diluted Weighted Average Shares Outstanding

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


	Year ended May 31,
	2024	2023	2022
Basic	40,180,925	39,480,367	39,009,419
Effect of dilutive securities	—	—	—
Diluted	40,180,925	39,480,367	39,009,419

Securities excluded as their inclusion would be anti-dilutive	3,973,382	3,491,099	3,465,738

Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 29, 2024	May 31, 2024	May 31, 2023	May 31, 2022
Property, plant and equipment
Property, plant and equipment		$ 108,212	$ 102,917
Less accumulated depreciation		(69,675)	(59,026)
Less building impairment		(3,364)	0
Property, plant and equipment excluding land and land improvements		35,173	43,891
Land and land improvements		493	493
Property, plant and equipment, Net		35,666	44,384
Depreciation expense		14,700	11,900	$ 7,600
Accelerated depreciation		2,400
Impairment charges	$ 3,400
Building and building improvements
Property, plant and equipment
Property, plant and equipment		30,099	29,660
Computer software and equipment
Property, plant and equipment
Property, plant and equipment		28,407	27,435
Machinery and equipment
Property, plant and equipment
Property, plant and equipment		15,756	17,023
Placement and evaluation units
Property, plant and equipment
Property, plant and equipment		31,312	26,355
Construction in progress
Property, plant and equipment
Property, plant and equipment		$ 2,638	$ 2,444

Divestitures - Narrative (Details) - Sale - USD ($) $ in Millions		3 Months Ended
	Jun. 08, 2023	Feb. 29, 2024
PICC And Midline
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received		$ 34.5
Pre-tax book gain		6.7
Earn-out		$ 5.5
Earn-out period		2 years
Milestone payment		$ 5.0
Dialysis and BioSentry
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received	$ 100.0
Pre-tax book gain	$ 47.8

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

May 31, 2024

Equity [Abstract]

Schedule of 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, 2022	$	1,357
Other comprehensive income, net of tax	(6,080)

Net other comprehensive loss	$	(6,080)
Balance at May 31, 2023	$	(4,723)
Other comprehensive income, net of tax	358

Net other comprehensive income	$	358
Balance at May 31, 2024	$	(4,365)

Accrued Liabilities (Details) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023
Accrued liabilities
Payroll and related expenses	$ 15,640	$ 9,232
Outside services	8,962	7,088
Royalties	2,575	2,874
Research and development	1,255	1,525
Accrued severance	1,486	262
Sales and franchise taxes	520	480
TSA Payable	6,259	0
Rebates	412	469
Other	3,989	4,687
Total	$ 41,098	$ 26,617