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Accounting Policies (Tables)

3 Months Ended

Aug. 31, 2018

Disaggregated Revenue

The following table presents the Company’s revenue disaggregated by geographic location:

		Three months ended August 31,
		2018				2017
		(in thousands)
Revenues by Geographic Location
Domestic		$	59,846			$	60,137
International			39,780				34,072
Total revenue			99,626				94,209

Summary of Impact of Adoption of New Accounting Pronouncements on Unaudited Consolidated Statement of Income

The effects of the revisions on the line items within our unaudited consolidated statement of income for the three months ended August 31, 2017 are as follows:

		As Previously Reported				Adjustments				As Revised
		(in thousands)
Three months ended August 31, 2017
Revenues
Product revenues		$	80,567			$	(1,022	)		$	79,545
Service revenues			14,689				(25	)			14,664
Total revenues			95,256				(1,047	)			94,209
Cost of revenues
Cost of product revenues			41,084				(100	)			40,984
Cost of service revenues			8,301								8,301
Total Cost of revenues			49,385				(100	)			49,285
Gross Margin			45,871				(947	)			44,924
Operating expenses
Sales and marketing			17,024				(947	)			16,077
Total Operating expenses			29,447				(947	)			28,500
Operating Income			16,424				—				16,424

Presented below are the effects of the revisions on the line items within the previously issued unaudited consolidated statements of income for the three and six months ended November 30, 2017, three and nine months ended February 28, 2018 and the consolidated statements of income for the years ended May 31, 2018 and 2017. Revised consolidated statements of income related to these periods will be presented in the Forms 10-Q and Form 10-K to be filed in the succeeding periods of this fiscal year.

		Three months ended November 30, 2017												Six months ended November 30, 2017
		As Previously Reported				Adjustments				As Revised				As Previously Reported				Adjustments				As Revised
		(in thousands)												(in thousands)
Revenues
Product revenues		$	85,590			$	(1,118	)		$	84,472			$	166,157			$	(2,140	)		$	164,017
Service revenues			16,227				(32	)			16,195				30,916				(57	)			30,859
Total revenues			101,817				(1,150	)			100,667				197,073				(2,197	)			194,876
Cost of revenues
Cost of product revenues			43,349				(97	)			43,252				84,433				(197	)			84,236
Cost of service revenues			9,197								9,197				17,498								17,498
Total Cost of revenues			52,546				(97	)			52,449				101,931				(197	)			101,734
Gross Margin			49,271				(1,053	)			48,218				95,142				(2,000	)			93,142
Operating expenses
Sales and marketing			17,815				(1,053	)			16,762				34,838				(2,000	)			32,838
Total Operating expenses			31,273				(1,053	)			30,220				60,720				(2,000	)			58,720
Operating Income			17,998				—				17,998				34,422				—				34,422
		Three months ended February 28, 2018												Nine months ended February 28, 2018
		As Previously Reported				Adjustments				As Revised				As Previously Reported				Adjustments				As Revised
		(in thousands)												(in thousands)
Revenues
Product revenues		$	78,142			$	(974	)		$	77,168			$	244,298			$	(3,114	)		$	241,184
Service revenues			17,750				—				17,750				48,667				(57	)			48,610
Total revenues			95,892				(974	)			94,918				292,965				(3,171	)			289,794
Cost of revenues
Cost of product revenues			40,352				(69	)			40,283				124,785				(266	)			124,519
Cost of service revenues			10,019								10,019				27,517								27,517
Total Cost of revenues			50,371				(69	)			50,302				152,302				(266	)			152,036
Gross Margin			45,521				(905	)			44,616				140,663				(2,905	)			137,758
Operating expenses
Sales and marketing			17,492				(905	)			16,587				52,331				(2,905	)			49,426
Total Operating expenses			29,608				(905	)			28,703				90,328				(2,905	)			87,423
Operating Income			15,913				—				15,913				50,335				—				50,335
		Year ended May 31, 2018												Year ended May 31, 2017
		As Previously Reported				Adjustments				As Revised				As Previously Reported				Adjustments				As Revised
		(in thousands)												(in thousands)
Revenues
Product revenues		$	335,554			$	(4,282	)		$	331,272			$	306,512			$	(3,291	)		$	303,221
Service revenues			66,698				(57	)			66,641				55,082				(26	)			55,056
Total revenues			402,252				(4,339	)			397,913				361,594				(3,317	)			358,277
Cost of revenues
Cost of product revenues			174,067				(342	)			173,725				156,568				(272	)			156,296
Cost of service revenues			37,933								37,933				33,058								33,058
Total Cost of revenues			212,000				(342	)			211,658				189,626				(272	)			189,354
Gross Margin			190,252				(3,997	)			186,255				171,968				(3,045	)			168,923
Operating expenses
Sales and marketing			70,909				(3,997	)			66,912				62,424				(3,045	)			59,379
Total Operating expenses			120,058				(3,997	)			116,061				107,023				(3,045	)			103,978
Operating Income			70,194				—				70,194				64,945				—				64,945

Operating Segments

Disaggregated Revenue

The following table presents disaggregated revenue by major product and service categories for the three months ended August 31, 2018 and 2017:

		Three Months ended August 31,
		2018				2017
		(in thousands)
Food Safety
Natural Toxins, Allergens & Drug Residues		$	18,838			$	19,163
Bacterial & General Sanitation			10,467				9,119
Dehydrated Culture Media & Other			12,217				10,134
Rodenticides, Insecticides & Disinfectants			6,625				4,690
Genomics Services			4,036				3,185
		$	52,183			$	46,291
Animal Safety
Life Sciences		$	2,080			$	2,427
Veterinary Instruments & Disposables			10,404				10,487
Animal Care & Other			6,553				7,411
Rodenticides, Insecticides & Disinfectants			16,991				17,381
Genomics Services			11,415				10,212
		$	47,443			$	47,918
Total Revenues		$	99,626			$	94,209

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