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Accounting Policies (Tables)

6 Months Ended

Nov. 30, 2018

Disaggregated Revenue

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

		Three Months ended								Six Months Ended
		November 30,								November 30,
		2018				2017				2018				2017
		(in thousands)								(in thousands)
Revenues by Geographic Location
Domestic		$	65,033			$	62,452			$	124,879			$	122,588
International			42,065				38,246				81,845				72,319
Total revenue			107,098				100,698				206,724				194,907

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 statements of income for the three and six months ended November 30, 2017 are as follows:

		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			$	(1,119	)		$	84,471			$	166,157			$	(2,141	)		$	164,016
Service revenues			16,227				—				16,227				30,916				(25	)			30,891
Total revenues			101,817				(1,119	)			100,698				197,073				(2,166	)			194,907
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				(1,022	)			48,249				95,142				(1,969	)			93,173
Operating expenses
Sales and marketing			17,815				(1,022	)			16,793				34,838				(1,969	)			32,869
Total operating expenses			31,273				(1,022	)			30,251				60,720				(1,969	)			58,751
Operating income			17,998				—				17,998				34,422				—				34,422

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 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 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			$	(958	)		$	77,184			$	244,298			$	(3,098	)		$	241,200
Service revenues			17,750				(31	)			17,719				48,667				(56	)			48,611
Total revenues			95,892				(989	)			94,903				292,965				(3,154	)			289,811
Cost of revenues
Cost of product revenues			40,352				(69	)			40,283				124,785				(265	)			124,520
Cost of service revenues			10,019				—				10,019				27,517				—				27,517
Total cost of revenues			50,371				(69	)			50,302				152,302				(265	)			152,037
Gross margin			45,521				(920	)			44,601				140,663				(2,889	)			137,774
Operating expenses
Sales and marketing			17,492				(920	)			16,572				52,331				(2,889	)			49,442
Total operating expenses			29,608				(920	)			28,688				90,328				(2,889	)			87,439
Operating income			15,913				—				15,913				50,335				—				50,335

		Year Ended												Year Ended
		May 31, 2018												May 31, 2017
		As Previously Reported				Adjustments				As Revised				As Previously Reported				Adjustments				As Revised
		(in thousands)												(in thousands)
Revenues
Product revenues		$	335,554			$	(4,266	)		$	331,288			$	306,512			$	(3,390	)		$	303,122
Service revenues			66,698				(56	)			66,642				55,082				73				55,155
Total revenues			402,252				(4,322	)			397,930				361,594				(3,317	)			358,277
Cost of revenues
Cost of product revenues			174,067				(342	)			173,725				156,568				(273	)			156,295
Cost of service revenues			37,933				—				37,933				33,058				—				33,058
Total cost of revenues			212,000				(342	)			211,658				189,626				(273	)			189,353
Gross margin			190,252				(3,980	)			186,272				171,968				(3,044	)			168,924
Operating expenses
Sales and marketing			70,909				(3,980	)			66,929				62,424				(3,044	)			59,380
Total operating expenses			120,058				(3,980	)			116,078				107,023				(3,044	)			103,979
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 and six months ended November 30, 2018 and 2017:

		Three Months Ended November 30,								Six Months Ended November 30,
		2018				2017				2018				2017
		(in thousands)								(in thousands)
Food Safety
Natural Toxins, Allergens & Drug Residues		$	20,571			$	18,989			$	39,409			$	38,153
Bacterial & General Sanitation			10,822				9,324				21,288				18,443
Culture Media & Other			12,191				11,041				24,408				21,173
Rodenticides, Insecticides & Disinfectants			5,943				6,126				12,569				10,817
Genomics Services			4,223				3,726				8,259				6,911
Animal Safety		$	53,750			$	49,206			$	105,933			$	95,497
Life Sciences		$	1,891			$	2,394			$	3,971			$	4,820
Veterinary Instruments & Disposables			11,683				11,687				22,087				22,174
Animal Care & Other			9,064				8,237				15,617				15,649
Rodenticides, Insecticides & Disinfectants			18,673				17,786				35,664				35,167
Genomics Services			12,037				11,388				23,452				21,600
		$	53,348			$	51,492			$	100,791			$	99,410
Total Revenues		$	107,098			$	100,698			$	206,724			$	194,907

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