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Accounting Policies (Tables) | 9 Months Ended
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Feb. 28, 2019
Disaggregated Revenue | The following table presents the Company’s revenue disaggregated by geographic location:
|  | Three Months ended |  |  | Nine Months Ended |
|  | February 28, |  |  | February 28, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
|  | (in thousands) |  |  | (in thousands) |
Revenues by Geographic Location |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 57,422 |  |  | $ | 57,825 |  |  | $ | 182,298 |  |  | $ | 180,414 |
International |  |  | 40,278 |  |  |  | 37,078 |  |  |  | 122,126 |  |  |  | 109,397 |
Total revenue |  |  | 97,700 |  |  |  | 94,903 |  |  |  | 304,424 |  |  |  | 289,811 |
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 nine months ended February 28, 2018 are as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | February 28, 2018 |  |  | February 28, 2018 |
|  | As |  |  |  |  |  |  |  |  | As |  |  |  |  |  |  |
|  | Previously |  |  |  |  |  |  |  |  | Previously |  |  |  |  |  |  |
|  | Reported |  |  | Adjustments |  |  | As Revised |  |  | 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 |  |  |  |  |  |  |  |  | As |  |  |  |  |  |  |
|  | Previously |  |  |  |  |  |  |  |  | Previously |  |  |  |  |  |  |
|  | Reported |  |  | Adjustments |  |  | As Revised |  |  | 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 nine months ended February 28, 2019 and 2018:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | February 28, |  |  | February 28, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
|  | (in thousands) |  |  | (in thousands) |
Food Safety |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural Toxins, Allergens & Drug Residues |  | $ | 18,612 |  |  | $ | 16,807 |  |  | $ | 58,021 |  |  | $ | 54,960 |
Bacterial & General Sanitation |  |  | 9,519 |  |  |  | 8,992 |  |  |  | 30,807 |  |  |  | 27,435 |
Culture Media & Other |  |  | 11,893 |  |  |  | 10,179 |  |  |  | 36,302 |  |  |  | 31,353 |
Rodenticides, Insecticides & Disinfectants |  |  | 5,953 |  |  |  | 7,359 |  |  |  | 18,521 |  |  |  | 18,175 |
Genomics Services |  |  | 5,136 |  |  |  | 3,976 |  |  |  | 13,395 |  |  |  | 10,887 |
|  | $ | 51,113 |  |  | $ | 47,313 |  |  | $ | 157,046 |  |  | $ | 142,810 |
Animal Safety |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life Sciences |  | $ | 1,823 |  |  | $ | 2,769 |  |  | $ | 5,794 |  |  | $ | 7,589 |
Veterinary Instruments & Disposables |  |  | 10,682 |  |  |  | 10,630 |  |  |  | 32,769 |  |  |  | 32,804 |
Animal Care & Other |  |  | 6,823 |  |  |  | 7,245 |  |  |  | 22,439 |  |  |  | 22,894 |
Rodenticides, Insecticides & Disinfectants |  |  | 13,256 |  |  |  | 14,255 |  |  |  | 48,921 |  |  |  | 49,422 |
Genomics Services |  |  | 14,003 |  |  |  | 12,691 |  |  |  | 37,455 |  |  |  | 34,292 |
|  | $ | 46,587 |  |  | $ | 47,590 |  |  | $ | 147,378 |  |  | $ | 147,001 |
Total Revenues |  | $ | 97,700 |  |  | $ | 94,903 |  |  | $ | 304,424 |  |  | $ | 289,811 |

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