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v3.23.2

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2023
Schedule Of Classification And Maturities Of Marketable Securities | Marketable Securities as of May 31, 2023 and 2022 are listed below by classification and remaining maturities.
|  |  |  | Year ended May 31 |
|  | Maturity |  | 2023 |  |  | 2022 |
Commercial Paper & Corporate Bonds |  | 0 - 90 days |  | $ | 22,552 |  |  | $ | 106,497 |
|  | 91 -180 days |  |  | 35,692 |  |  |  | 61,373 |
|  | 181 days -1 year |  |  | 23,768 |  |  |  | 91,706 |
|  | 1 - 2 years |  |  | 317 |  |  |  | 77,002 |
Total Marketable Securities |  |  |  | $ | 82,329 |  |  | $ | 336,578 |
Summary of components of marketable securities | The components of marketable securities as of May 31, 2023 are as follows:
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Commercial Paper & Corporate Bonds |  | $ | 83,549 |  |  | $ | 0 |  |  | $ | (1,220 | ) |  | $ | 82,329 |
The components of marketable securities as of May 31, 2022 are as follows:
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Commercial Paper & Corporate Bonds |  | $ | 339,540 |  |  | $ | 7 |  |  | $ | (2,969 | ) |  | $ | 336,578 |
Allowance for Credit Losses | The activity in the allowance for credit losses was as follows:
|  | Year ended May 31 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Beginning Balance |  | $ | 1,650 |  |  | $ | 1,400 |  |  | $ | 1,350 |
Provision |  |  | 1,460 |  |  |  | 332 |  |  |  | 239 |
Recoveries |  |  | 46 |  |  |  | 98 |  |  |  | 139 |
Write-offs |  |  | (329 | ) |  |  | (180 | ) |  |  | (328 | )
Ending Balance |  | $ | 2,827 |  |  | $ | 1,650 |  |  | $ | 1,400 |
Inventories | Inventories are stated at the lower of cost or net realizable value, determined on the first-in, first-out method. The components of inventories were as follows:
|  | Year ended May 31 |
|  | 2023 |  |  | 2022 |
Raw Materials |  | $ | 64,971 |  |  | $ | 58,667 |
Work-in-process |  |  | 5,369 |  |  |  | 6,388 |
Finished goods |  |  | 63,472 |  |  |  | 57,258 |
|  | $ | 133,812 |  |  | $ | 122,313 |
Calculation of Net (Loss) Income per Share | The following table presents the net (loss) income per share calculations:
|  | Year ended May 31 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Numerator for basic and diluted net (loss) income per share — Net (Loss) Income |  | $ | (22,870 | ) |  | $ | 48,307 |  |  | $ | 60,882 |
Denominator for basic net (loss) income per share — Weighted average shares |  |  | 188,881 |  |  |  | 107,684 |  |  |  | 106,499 |
Effect of dilutive stock options and restricted stock units |  |  | - |  |  |  | 336 |  |  |  | 621 |
Denominator for diluted net (loss) income per share |  |  | 188,881 |  |  |  | 108,020 |  |  |  | 107,120 |
Net (loss) income attributable per share |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.12 | ) |  | $ | 0.45 |  |  | $ | 0.57 |
Diluted |  | $ | (0.12 | ) |  | $ | 0.45 |  |  | $ | 0.57 |
Supplemental balance sheet information related to operating leases | Supplemental balance sheet information related to operating leases was as follows:
|  | Year ended May 31 |
|  | 2023 |  |  | 2022 |
Rights of use - assets |  | $ | 11,933 |  |  | $ | 3,184 |
Lease liabilities - current |  |  | 3,277 |  |  |  | 1,440 |
Lease liabilities - non-current |  |  | 8,812 |  |  |  | 1,788 |
Weighted average remaining lease term and weighted average discount rate | The weighted average remaining lease term and weighted average discount rate were as follows:
|  | Year ended May 31 |
|  | 2023 |  |  | 2022 |
Weighted average remaining lease term |  | 4.7 years |  |  | 3 years |
Weighted average discount rate |  |  | 4.7 | % |  |  | 1.7 | %
Components of lease expense | The components of lease expense were as follows:
|  | Year ended May 31 |
|  | 2023 |  |  | 2022 |
Operating leases |  | $ | 2,097 |  |  | $ | 438 |
Short term leases |  |  | 460 |  |  |  | 277 |
Total lease expense |  | $ | 2,557 |  |  | $ | 715 |
Undiscounted minimum lease payments | Maturities of operating lease liabilities as of May 31, 2023 are as follows:
Years ending May 31, |  | Amount |
2024 |  | $ | 3,542 |
2025 |  |  | 3,014 |
2026 |  |  | 2,725 |
2027 |  |  | 1,624 |
2028 |  |  | 1,105 |
2029 and thereafter |  |  | 1,885 |
Total lease payments |  | $ | 13,895 |
Less: imputed interest |  |  | (1,806 | )
Total lease liabilities |  | $ | 12,089 |
Disaggregated Revenue | The following table presents the Company’s revenue disaggregated by geographical location.
|  | Year ended May 31 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Domestic |  | $ | 424,005 |  |  | $ | 317,820 |  |  | $ | 285,262 |
International |  |  | 398,442 |  |  |  | 209,339 |  |  |  | 183,197 |
Total revenue |  | $ | 822,447 |  |  | $ | 527,159 |  |  | $ | 468,459 |
Operating Segments |
Disaggregated Revenue | The following table presents disaggregated revenue by major product and service categories for the years ended May 31, 2023, 2022 and 2021:
| Year Ended |
| May 31, 2023 |  | May 31, 2022 |  | May 31, 2021 |
Food Safety: |  |  |  |  |  |
Natural Toxins, Allergens & Drug Residues | $ | 82,567 |  | $ | 79,395 |  | $ | 76,614 |
Bacterial & General Sanitation |  | 134,934 |  |  | 47,282 |  |  | 44,009 |
Culture Media & Other |  | 267,178 |  |  | 75,278 |  |  | 61,245 |
Rodent Control, Insect Control & Disinfectants |  | 39,655 |  |  | 35,691 |  |  | 32,219 |
Genomics Services |  | 22,463 |  |  | 22,333 |  |  | 20,157 |
| $ | 546,797 |  | $ | 259,979 |  | $ | 234,244 |
Animal Safety: |  |  |  |  |  |
Life Sciences |  | 6,254 |  |  | 5,685 |  |  | 5,715 |
Veterinary Instruments & Disposables |  | 63,843 |  |  | 63,938 |  |  | 48,128 |
Animal Care & Other |  | 39,068 |  |  | 39,805 |  |  | 35,897 |
Rodent Control, Insect Control & Disinfectants |  | 87,423 |  |  | 83,610 |  |  | 77,458 |
Genomics Services |  | 79,062 |  |  | 74,142 |  |  | 67,017 |
| $ | 275,650 |  | $ | 267,180 |  | $ | 234,215 |
Total Revenue | $ | 822,447 |  | $ | 527,159 |  | $ | 468,459 |

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