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Accounting Policies (Tables)

9 Months Ended

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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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
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