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Basis of Presentation, Business Description and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2014
Accounting Policies [Abstract] |
Fair value of assets and liabilities measured on recurring basis | The following tables provide information by level for assets and liabilities that are measured at fair value (in thousands):
| Fair Value Measurements using inputs considered as: |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Fair Value at May 31, 2014
Financial Assets |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 445 |  |  | $ | — |  |  | $ | — |  |  | $ | 445 |
Total | 445 |  |  | — |  |  | — |  |  | 445 |
Marketable securities |  |  |  |  |  |  |
U.S. government agency obligations | — |  |  | — |  |  | 1,809 |  |  | 1,809 |
Total | — |  |  | — |  |  | 1,809 |  |  | 1,809 |
Total Financial Assets | $ | 445 |  |  | $ | — |  |  | $ | 1,809 |  |  | $ | 2,254 |
Financial Liabilities |  |  |  |  |  |  |
Interest rate swap agreements | $ | — |  |  | $ | 555 |  |  | $ | — |  |  | $ | 555 |
Contingent liability for acquisition earn out | — |  |  | — |  |  | 67,331 |  |  | 67,331 |
Total Financial Liabilities | $ | — |  |  | $ | 555 |  |  | $ | 67,331 |  |  | $ | 67,886 |
| Fair Value Measurements using inputs considered as: |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Fair Value at May 31, 2013
Financial Assets |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 114 |  |  | $ | — |  |  | $ | — |  |  | $ | 114 |
Total | 114 |  |  | — |  |  | — |  |  | 114 |
Marketable securities |  |  |  |  |  |  |
Corporate bond securities | — |  |  | 303 |  |  | — |  |  | 303 |
U.S. government agency obligations | — |  |  | — |  |  | 1,850 |  |  | 1,850 |
Total | — |  |  | 303 |  |  | 1,850 |  |  | 2,153 |
Total Financial Assets | $ | 114 |  |  | $ | 303 |  |  | $ | 1,850 |  |  | $ | 2,267 |
Financial Liabilities |  |  |  |  |  |  |
Interest rate swap agreements | $ | — |  |  | $ | 522 |  |  | $ | — |  |  | $ | 522 |
Contingent liability for acquisition earn out | — |  |  | — |  |  | 75,049 |  |  | 75,049 |
Total Financial Liabilities | $ | — |  |  | $ | 522 |  |  | $ | 75,049 |  |  | $ | 75,571 |
Fair value measurements using significant unobservable inputs | The components of Level 3 fair value instruments as of May 31, 2014 are shown below (in thousands):
| Financial Assets |  | Financial Liabilities
| Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |  | Fair Value Measurements Using Significant Unobservable Inputs
Balance at May 31, 2013 | $ | 1,850 |  |  | $ | 75,049 |
Total gains or losses (realized/unrealized): |  |  |  |  |
Earnings revaluation gain - Included in earnings | — |  |  | (5,084 | )
Earnings revaluation expense - Included in earnings | — |  |  | 3,276 |
Included in other comprehensive income | (16 | ) |  | — |
Purchases, issuances and settlements | (25 | ) |  | (10,880 | )
Transfers in and/or (out) of Level 3 | — |  |  | — |
Contingent consideration - Clinical Devices | — |  |  | 4,970 |
Balance at May 31, 2014 | $ | 1,809 |  |  | $ | 67,331 |
Summary showing the recurring fair value measurements of the contingent consideration liability | The recurring Level 3 fair value measurements of the contingent consideration liability related to the Vortex and Microsulis acquisitions include the following significant unobservable inputs ($ in thousands):
| Fair value at May 31, 2014 |  | Valuation Technique |  | Unobservable Input |  | Range
Revenue based payments | $ | 63,961 |  |  | Discounted cash flow |  | Discount rate Probability of payment Projected fiscal year of payment |  | 4% - 10% 75% - 100% 2015 - 2022
Milestone based payments | 3,370 |  |  | Discounted cash flow |  | Discount rate Probability of payment Projected fiscal year of payment |  | 16% 75% - 100% 2015
| $ | 67,331 |  |  |  |  |  |  |
Summary showing reconciliation of the contingent payments | The following table provides a reconciliation of the beginning and ending balances of contingent milestone payments associated with the Vortex, Microsulis and Clinical Devices acquisitions measured at fair value that used significant unobservable inputs (Level 3) (in thousands):
Balance at May 31, 2013 | $ | 75,049 |
Purchase price contingent consideration | 4,970 |
Contingent payments | (10,880 | )
Earnings revaluation gain | (5,084 | )
Earnings revaluation expense | 3,276 |
Balance at May 31, 2014 | $ | 67,331 |
Reconciliation of the weighted-average number of common shares | The following table sets forth the reconciliation of the weighted-average number of common shares:
| 2014 |  | 2013 |  | 2012
Basic | 35,135,689 |  |  | 34,817,279 |  |  | 25,382,293 |
Effect of dilutive securities | 304,161 |  |  | — |  |  | — |
Diluted | 35,439,850 |  |  | 34,817,279 |  |  | 25,382,293 |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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