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Summary of Significant Accounting Policies (Tables)

12 Months Ended

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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