AngioDynamics (ANGO) 10-Q 6 Jan 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Nov. 30, 2016	Jan. 03, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	ANGO
Entity Registrant Name	ANGIODYNAMICS INC
Entity Central Index Key	1,275,187
Current Fiscal Year End Date	--05-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		37,146,923

Consolidated Condensed Statemen

Consolidated Condensed Statements of Income (Loss) (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Income Statement [Abstract]
Net sales	$ 89,029	$ 89,284	$ 177,127	$ 173,037
Cost of sales (exclusive of intangible amortization)	44,019	43,400	87,085	83,782
Gross profit	45,010	45,884	90,042	89,255
Operating expenses
Research and development	5,913	6,179	12,622	12,308
Sales and marketing	19,524	21,378	39,012	42,578
General and administrative	7,784	8,082	15,952	15,996
Amortization of intangibles	4,291	4,483	8,526	8,898
Change in fair value of contingent consideration	(15,951)	306	(15,508)	661
Acquisition, restructuring and other items, net	7,861	3,913	10,278	6,056
Medical device excise tax	0	978	0	1,981
Total operating expenses	29,422	45,319	70,882	88,478
Operating income	15,588	565	19,160	777
Other (expenses) income
Interest expense	(813)	(998)	(1,536)	(1,798)
Interest income	3	1	7	2
Other expense	(363)	(239)	(313)	(357)
Other expense	(1,173)	(1,236)	(1,842)	(2,153)
Income (loss) before income tax expense (benefit)	14,415	(671)	17,318	(1,376)
Income tax expense (benefit)	681	(337)	2,284	(267)
Net income (loss)	$ 13,734	$ (334)	$ 15,034	$ (1,109)
Income (loss) per share
Basic (in usd per share)	$ 0.37	$ (0.01)	$ 0.41	$ (0.03)
Diluted (in usd per share)	$ 0.37	$ (0.01)	$ 0.41	$ (0.03)
Basic weighted average shares outstanding (in shares)	36,807	36,140	36,606	36,051
Diluted weighted average shares outstanding (in shares)	37,146	36,140	37,000	36,051

Consolidated Condensed Stateme3

Consolidated Condensed Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Statement of Comprehensive Income [Abstract]
Net Income (loss)	$ 13,734	$ (334)	$ 15,034	$ (1,109)
Other comprehensive income (loss), before tax:
Unrealized gain on interest rate swap	0	90	0	156
Unrealized gain (loss) on marketable securities	6	(29)	0	(25)
Foreign currency translation (loss)	(571)	(347)	(862)	(438)
Other comprehensive (loss), before tax	(565)	(286)	(862)	(307)
Income tax (expense) benefit related to items of other comprehensive income	0	(22)	0	(47)
Other comprehensive (loss), net of tax	(565)	(308)	(862)	(354)
Total comprehensive income (loss), net of tax	$ 13,169	$ (642)	$ 14,172	$ (1,463)

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (unaudited) - USD ($) $ in Thousands	Nov. 30, 2016	May 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 35,664	$ 32,333
Marketable securities	1,203	1,653
Accounts receivable, net of allowances of $3,170 and $4,372 respectively	50,171	52,867
Inventories	56,667	55,370
Prepaid income taxes	644	788
Prepaid expenses and other	3,453	3,243
Total current assets	147,802	146,254
Property, plant and equipment, net	47,116	48,284
Other assets	1,561	3,827
Intangible assets, net	154,439	166,577
Goodwill	361,252	361,252
Total assets	712,170	726,194
CURRENT LIABILITIES
Accounts payable	15,286	15,616
Accrued liabilities	20,908	21,896
Income taxes payable	118	46
Current portion of long-term debt	5,000	16,250
Current portion of contingent consideration	9,440	12,919
Total current liabilities	50,752	66,727
Long-term debt, net of current portion	110,163	104,291
Deferred income taxes	23,750	21,684
Contingent consideration, net of current portion	3,073	25,356
Other long-term liabilities	1,083	908
Total liabilities	188,821	218,966
Commitments and contingencies (Footnote N)
STOCKHOLDERS' EQUITY
Preferred stock, par value $.01 per share, 5,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, par value $.01 per share, 75,000,000 shares authorized; 37,146,923 and 36,420,403 shares issued and 36,504,618 and 36,278,098 shares outstanding at November 30, 2016 and May 31, 2016, respectively	369	363
Additional paid-in capital	535,558	525,775
Accumulated deficit	(981)	(16,015)
Treasury stock, 642,305 shares and 142,305 at November 30, 2016 and May 31, 2016, respectively, at cost	(9,944)	(2,104)
Accumulated other comprehensive loss	(1,653)	(791)
Total stockholders’ equity	523,349	507,228
Total liabilities and stockholders' equity	$ 712,170	$ 726,194

Consolidated Condensed Balance5

Consolidated Condensed Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2016	May 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 3,170	$ 4,372
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	37,146,923	36,420,403
Common stock, shares outstanding	36,504,618	36,278,098
Treasury stock, shares	642,305	142,305

Consolidated Condensed Stateme6

Consolidated Condensed Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ 15,034	$ (1,109)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	12,286	14,310
Stock based compensation	3,385	2,860
Change in fair value of contingent consideration	(15,508)	661
Gain on contingent consideration for IPR&D Write-off	2,070	(591)
Bad debt expense	(610)	338
Impairment loss on indefinite-lived intangible assets	3,744	622
Write-off of other assets	2,685	0
Write-off of other assets	(576)	(261)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	3,043	4,908
Intercompany	(1,558)	(3,473)
Prepaid expenses and other	(468)	(2,141)
Accounts payable, accrued and other liabilities	(1,140)	(1,846)
Net cash provided by operating activities	22,387	14,278
Cash flows from investing activities:
Additions to property, plant and equipment	(1,846)	(1,168)
Proceeds from sale or maturity of marketable securities	450	25
Net cash used in investing activities	(1,396)	(1,143)
Cash flows from financing activities:
Proceeds from issuance of and borrowings on long-term debt	116,471	0
Repayment of long-term debt	(121,410)	(3,750)
Deferred financing costs on long-term debt	(1,177)	0
Payment of contingent consideration previously established in purchase accounting	(9,850)	(9,850)
Repurchase of common stock	(7,840)	0
Proceeds from exercise of stock options and employee stock purchase plan	6,404	1,230
Net cash used in financing activities	(17,402)	(12,370)
Effect of exchange rate changes on cash and cash equivalents	(258)	(160)
Increase in cash and cash equivalents	3,331	605
Cash and cash equivalents at beginning of period	32,333	18,391
Cash and cash equivalents at end of period	35,664	18,996
Supplemental disclosure of non-cash investing and financing activities:
Contractual obligations for acquisition of fixed assets	22	228
Contractual obligations for deferred financing fees	$ 158	$ 0

Consolidated Condensed Stateme7

Consolidated Condensed Statement of Stockholders' Equity (unaudited) - 6 months ended Nov. 30, 2016 - USD ($) $ in Thousands	Total	Common Stock [Member]	Common Stock [Member]Performance Shares [Member]	Common Stock [Member]Restricted Stock Units (RSUs) [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]
Beginning Balance at May. 31, 2016	$ 507,228	$ 363			$ 525,775	$ (16,015)	$ (791)	$ (2,104)
Beginning Balance, Shares at May. 31, 2016		36,420,403
Beginning Balance,Treasury Shares at May. 31, 2016	(142,305)							(142,305)
Net income (loss)	$ 15,034					15,034
Exercise of stock options	6,132	$ 4			6,128
Exercise of stock options, Shares		481,219
Issuance/Cancellation of performance share units and restricted stock units, net	(457)	$ 1			(458)
Issuance/Cancellation of performance share units and restricted stock units, net, Shares			23,405	142,415
Purchase of common stock under ESPP	729	$ 1			728
Purchase of common stock under ESPP, Shares		79,481
Stock based compensation	3,385				3,385
Common stock repurchased	(7,840)							$ (7,840)
Common stock repurchased, shares								(500,000)
Other comprehensive income, net of tax	(862)						(862)
Ending Balance at Nov. 30, 2016	$ 523,349	$ 369			$ 535,558	$ (981)	$ (1,653)	$ (9,944)
Ending Balance, Shares at Nov. 30, 2016		37,146,923
Ending Balance,Treasury Shares at Nov. 30, 2016	(642,305)							(642,305)

Consolidated Condensed Financia

Consolidated Condensed Financial Statements	6 Months Ended
	Nov. 30, 2016
Accounting Policies [Abstract]
Consolidated Condensed Financial Statements	CONSOLIDATED CONDENSED FINANCIAL STATEMENTS The consolidated condensed balance sheet as of November 30, 2016 , the consolidated condensed statement of stockholders’ equity and consolidated condensed statement of cash flows for the six months ended November 30, 2016 and the consolidated condensed statements of income (loss) and consolidated condensed statements of comprehensive income (loss) for the three and six months ended November 30, 2016 and November 30, 2015 have been prepared by us and are unaudited. The consolidated condensed balance sheet as of May 31, 2016 was derived from audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary to state fairly the financial position, changes in stockholders’ equity and comprehensive income, results of operations and cash flows as of and for the period ended November 30, 2016 (and for all periods presented) have been made. The unaudited interim consolidated condensed financial statements for the three and six months ended November 30, 2016 and November 30, 2015 include the accounts of AngioDynamics, Inc. and its wholly owned subsidiaries, collectively, the “Company”. All intercompany balances and transactions have been eliminated. Recent Developments During the second quarter of fiscal year 2017, the Company made the decision to discontinue their investment in the TiLo product that was acquired in August 2013 as part of the Clinical Devices acquisition. This decision resulted in the write-off of the acquired In-process research and development (IPR&D) of $3.6 million along with a $3.1 million gain from the reduction in the fair value of contingent consideration liability associated with future milestones that will no longer be met. During the second quarter of fiscal year 2017, the Company revised the sales forecasts for the AngioVac product as a result of reviews performed by executive management across all products. The adjustments to the sales forecasts resulted in a $13.4 million gain from the reduction in the fair value of the contingent liability that is based on projected sales volume over the contractual earn out period. During the second quarter of fiscal year 2017, the Company decided to terminate its agreements with EmboMedics. The termination of these agreements resulted in a write-off of the initial $2 million investment in EmboMedics (See note C). During the second quarter of fiscal year 2017, the Board of Directors approved a share repurchase program (the “Repurchase Program”) under which they authorized the Company the option to repurchase up to $25.0 million of its outstanding common stock during the twenty-four months period ending November 6, 2018. During the second quarter of fiscal year 2017, the Company repurchased 500,000 shares of common stock in the open market at an aggregate cost of $7.8 million under the Repurchase Program. During the second quarter of fiscal year 2017, the Company entered into a new credit facility ("The Facility") which provides for a $100 million senior secured term loan facility and a $150 million senior secured revolving credit facility along with up to a $20 million sublimit for letters of credit and a $5 million limit for swing line loans. With the proceeds from the new credit facility, the existing credit facility that was entered into in September 2013 was paid down in full.

Inventories

Inventories	6 Months Ended
	Nov. 30, 2016
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories are stated at lower of cost (using the first-in, first-out method) or market. As of November 30, 2016 and May 31, 2016 , inventories consisted of the following: Nov 30, 2016 May 31, 2016 (in thousands) Raw materials $ 19,843 $ 21,669 Work in process 11,113 10,700 Finished goods 25,711 23,001 Inventories $ 56,667 $ 55,370

Other Assets

Other Assets	6 Months Ended
	Nov. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	OTHER ASSETS On March 2, 2015, the Company filed an 8-K stating that it executed a non-binding letter of intent to enter into a strategic relationship with privately-held EmboMedics Inc., which develops injectable and resorbable embolic microspheres. On April 9, 2015, the Company entered into a License, Distribution, Manufacturing and Purchase Option Agreement with EmboMedics Inc, subject to certain approvals by EmboMedics shareholders. Under the terms of the agreement, AngioDynamics received an exclusive worldwide license to market and sell, upon regulatory clearances, EmboMedics’ microsphere technology. AngioDynamics has the ability to determine the manufacturing of the products. On December 7, 2015, AngioDynamics made an initial $2.0 million purchase of non-transferable warrants in a subsidiary of EmboMedics which become exercisable upon a change of control of EmboMedics. The Company does not have significant influence, or control of the subsidiary. This initial investment was recorded at cost and the Company reviewed for impairment at each balance sheet date. The warrants are not exercisable at the original issue date or the balance sheet date as they only become exercisable upon a change of control, termination of the agreement or delivery of an offer notice. In the second quarter of fiscal year 2017, the Company decided to terminate its agreements with EmboMedics. The termination of these agreements resulted in a write-off of the initial $2 million investment in EmboMedics and is included in "Acquisition, restructuring and other items, net" on the Consolidated Condensed Statements of Income (loss).

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Nov. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	GOODWILL AND INTANGIBLE ASSETS Intangible assets other than goodwill are amortized over their estimated useful lives, which range between one and eighteen years, on either a straight-line basis or proportionately to the benefit being realized. The weighted average useful life at November 30, 2016 is 12.9 years . We periodically review the estimated useful lives of our intangible assets and review such assets or asset groups for impairment, based on estimated future cash flows, whenever events or changes in circumstances indicate that the carrying value of the assets or asset groups may not be recoverable. If an intangible asset or asset group is considered to be impaired, the amount of the impairment will equal the excess of the carrying value over the fair value of the asset. We consider our business to be a single operating segment entity, and a single reporting unit engaged in the development, manufacture and sale on a global basis of medical devices for vascular access, peripheral vascular disease, oncology and surgery. Goodwill is not amortized, but rather, is tested for impairment annually or more frequently if impairment indicators arise. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Goodwill and intangible assets have been recorded at either incurred or allocated costs based on respective fair market values at the date of acquisition. For goodwill, the impairment test requires a comparison of the estimated fair value of the reporting unit to which the goodwill is assigned to the sum of the carrying value of the assets and liabilities of that unit. If the sum of the carrying value of the assets and liabilities of a reporting unit exceeds the fair value of the reporting unit, the carrying value of the reporting unit’s goodwill is reduced to its implied fair value through an adjustment to the goodwill balance, resulting in an impairment charge. We last completed our annual goodwill impairment test as of December 31, 2015. At December 31, 2015, our reporting unit is the same as our one reportable segment. Our assessment of goodwill impairment indicated that the fair value of our reporting unit exceeded its carrying value and therefore goodwill was not impaired. Even though we determined that there was no goodwill impairment as of December 31, 2015, the future occurrence of a potential indicator of impairment, such as a significant adverse change in legal, regulatory, business or economic conditions or a more-likely-than-not expectation that the reporting unit or a significant portion of the reporting unit will be sold or disposed of, would require an interim assessment for the reporting unit prior to the next required annual assessment as of December 31, 2016. We continued to assess for potential impairment through November 30, 2016 and noted no events that would be considered a triggering event. There were no adjustments to goodwill for the six months ended November 30, 2016 . As of November 30, 2016 and May 31, 2016 , intangible assets consisted of the following: November 30, 2016 Gross carrying value Accumulated amortization Net carrying value (in thousands) Product technologies $ 148,374 $ (55,888 ) $ 92,486 Customer relationships 88,328 (49,120 ) 39,208 Trademarks 28,400 (7,634 ) 20,766 Licenses 5,037 (4,171 ) 866 Distributor relationships 2,150 (1,037 ) 1,113 $ 272,289 $ (117,850 ) $ 154,439 May 31, 2016 Gross carrying value Accumulated amortization Net carrying value (in thousands) Product technologies $ 148,387 $ (51,313 ) $ 97,074 Customer relationships 88,389 (47,133 ) 41,256 Trademarks 28,470 (6,242 ) 22,228 In process R&D acquired 3,600 — 3,600 Licenses 7,931 (6,716 ) 1,215 Distributor relationships 2,150 (946 ) 1,204 $ 278,927 $ (112,350 ) $ 166,577 Amortization expense for the three months ended November 30, 2016 and November 30, 2015 was $4.3 million and $4.5 million , respectively. Amortization expense for the six months ended November 30, 2016 and November 30, 2015 was $8.5 million and $8.9 million , respectively. Expected future amortization expense related to the intangible assets is as follows: (in thousands) Remainder of 2017 $ 8,821 2018 $ 16,744 2019 16,138 2020 14,556 2021 13,604 2022 and thereafter 84,576 $ 154,439

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Nov. 30, 2016
Payables and Accruals [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES As of November 30, 2016 and May 31, 2016 , accrued liabilities consisted of the following: Nov 30, 2016 May 31, 2016 (in thousands) Payroll and related expenses $ 9,918 $ 9,414 Royalties 2,769 2,489 Accrued severance 1,126 1,524 Sales and franchise taxes 1,406 565 Outside services 1,391 2,063 Other 4,298 5,841 $ 20,908 $ 21,896

Long Term Debt

Long Term Debt	6 Months Ended
	Nov. 30, 2016
Debt Disclosure [Abstract]
Long Term Debt	LONG TERM DEBT On November 7, 2016, the Company entered into a Credit Agreement (the “Credit Agreement”) with the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A. and Keybank National Association as co-syndication agents, and JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Keybank National Association as joint bookrunners and joint lead arrangers. The Credit Agreement provides for a $100 million senior secured term loan facility (“Term Loan”) and a $150 million senior secured revolving credit facility, which includes up to a $20 million sublimit for letters of credit and a $5 million sublimit for swingline loans (the “Revolving Facility”, and together with the Term Loan, the “Facilities”). On November 7, 2016, the Company borrowed $100 million under the Term Loan and approximately $16.5 million under the Revolving Facility to repay the balance of $116.5 million under the former credit agreement. As of November 30, 2016 and May 31, 2016 the carrying value of long-term debt approximates its fair market value. The proceeds of the Revolving Facility may be used for general corporate purposes of the Company and its subsidiaries. The Facilities have a five years maturity. Interest on both the Term Loan and Revolving Facility are based on a base rate or Eurodollar rate plus an applicable margin which increases as our total leverage ratio increases, with the base rate and Eurodollar rate having ranges of 0.50% to 1.25% and 1.5% to 2.25% respectively. In case of default, the interest rate may be increased by 2.0% . The Revolving Facility carries a commitment fee of 0.2% to 0.35% per annum on the unused portion. The interest rate at November 30, 2016 was 2.39% . Our obligations under the Facilities are unconditionally guaranteed, jointly and severally, by our material direct and indirect domestic subsidiaries (the “Guarantors”). All obligations of the Company and the Guarantors under the Facilities are secured by first priority security interests in substantially all of the assets of the Company and the Guarantors. The Credit Agreement includes customary representations, warranties and covenants, and acceleration, indemnity and events of default provisions, including, among other things, two quarterly financial covenants as follows: • maximum leverage ratio of consolidated total indebtedness* to consolidated adjusted EBITDA* of not greater than 3.50 to 1.00 (during certain periods following material acquisitions shall be increased to 3.75 to 1.00). • fixed charge coverage ratio of consolidated adjusted EBITDA minus consolidated capital expenditures to consolidated interest expense paid or payable in cash plus scheduled principal payments in respect of indebtedness under the Credit Agreement of not less than 1.25 to 1.00 . * The definitions of consolidated total indebtedness and adjusted EBITDA are maintained in our credit agreement included as an exhibit to our Form 8-k filed on November 10, 2016. The Company was in compliance with both covenants as of November 30, 2016. The Company's maturities of principal obligations under the credit agreement are as follows, as of November 30, 2016: (in thousands) Remainder of 2017 $ 2,500 2018 5,000 2019 5,000 2020 7,500 2021 11,250 2022 68,750 Total term loan 100,000 Revolving facility 16,471 Total debt 116,471 Less: Unamortized debt issuance costs (1,308 ) Total 115,163 Less: Current portion of long-term debt (5,000 ) Total long-term debt, net $ 110,163

Income Taxes

Income Taxes	6 Months Ended
	Nov. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company provides for income taxes at the end of each interim period based on the estimated effective tax rate for the full fiscal year adjusted for any discrete events, which are recorded in the period that they occur. The estimated annual effective tax rate prior to discrete items was 47.3% in the second quarter of fiscal 2017 , as compared to 50.2% for the same period in fiscal 2016 . The Company’s effective tax rate differs from the U.S. statutory rate primarily due to impact of the deferred tax liability related to indefinite lived intangibles, foreign taxes and state taxes. A valuation allowance is established if it is more likely than not that all, or a portion of the deferred tax asset will not be realized. The Company has established that it is more likely than not that some, or all of their deferred tax assets will not be recognized in future years. Consequently, the Company continues to maintain a full U.S. valuation allowance on its net deferred tax assets. Management will continue to reevaluate the positive and negative evidence at each reporting period and if future results as projected in the U.S. and our tax planning strategies are favorable, the valuation allowance may be removed, which could have a favorable material impact on our results of operations in the period in which it is recorded.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Nov. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION We have two stock-based compensation plans that provide for the issuance of up to approximately 9.5 million shares of common stock. The 2004 Stock and Incentive Award Plan (the "2004 Plan") provides for the grant of incentive options to our employees and for the grant of non-statutory stock options, restricted stock, stock appreciation rights, performance units, performance shares and other incentive awards to our employees, directors and other service providers. We also have an employee stock purchase plan. For the three months ended November 30, 2016 and November 30, 2015 , share-based payment expense was $1.7 million and $1.2 million , respectively. For the six months ended November 30, 2016 and November 30, 2015, share-based payment expense was $3.4 million and $2.9 million , respectively. In the three months ended November 30, 2016 and November 30, 2015 , the company granted stock options and restricted stock units under the 2004 Plan to certain employees and members of the Board of Directors. Stock option awards are valued using the Black-Scholes option-pricing model and then amortized on a straight-line basis over the requisite service period of the award. Restricted stock unit awards are valued based on the closing trading value of our shares on the date of grant and then amortized on a straight-line basis over the requisite service period of the award. In the first quarter of fiscal year 2017 , the company granted performance share awards under the 2004 Plan to certain employees. The awards may be earned by achieving relative performance levels over the three year requisite service period. The performance criteria are based on the total shareholder return ("TSR") of the company's common stock relative to the TSR of the common stock of a pre-defined industry peer-group. The fair value of these awards are based on the closing trading value of our shares on the date of grant and use a Monte Carlo simulation model. As of November 30, 2016 , there were $16.5 million of unrecognized compensation expenses related to share-based payment arrangements. These costs are expected to be recognized over a weighted-average period of approximately four years . The Company has sufficient shares to satisfy expected share-based payment arrangements.

Equity

Equity	6 Months Ended
	Nov. 30, 2016
Equity [Abstract]
Equity	EQUITY On November 6, 2016 the Board of Directors approved a share repurchase program (the "Repurchase Program") under which they authorized the Company the option to repurchase up to $25.0 million of its outstanding common stock during the twenty-four month period ending November 6, 2018. During the second quarter of fiscal year 2017, the Company repurchased 500,000 shares of common stock in the open market at an aggregate cost of $7.8 million under the Repurchase Program. As of November 30, 2016, $17.2 million remained available for repurchase under the Repurchase Program.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Nov. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Basic earnings per share are based on the weighted average number of common shares outstanding without consideration of potential common stock. Diluted earnings per share include the dilutive effect of potential common stock consisting of stock options, restricted stock units and performance stock units, provided that the inclusion of such securities is not antidilutive. In periods with a net loss, stock options and restricted stock units are not included in the computation of diluted loss per share as the impact would be anti-dilutive. The following table reconciles basic to diluted weighted-average shares outstanding for the three and six months ended November 30, 2016 and November 30, 2015 (in thousands): Three Months Ended Six Months Ended Nov 30, 2016 Nov 30, 2015 Nov 30, 2016 Nov 30, 2015 Basic 36,807 36,140 36,606 36,051 Effect of dilutive securities 339 — 394 — Diluted 37,146 36,140 37,000 36,051 Securities excluded as their inclusion would be anti-dilutive 980 3,161 916 3,161

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Nov. 30, 2016
Segment Reporting [Abstract]
Segment and Geographic Information	SEGMENT AND GEOGRAPHIC INFORMATION We consider our business to be a single operating segment entity engaged in the development, manufacture and sale of medical devices for vascular access, peripheral vascular disease, oncology and surgery on a global basis. Our chief operating decision maker (CEO) evaluates the various global product portfolios on a net sales basis. Executives reporting to the CEO include those responsible for commercial operations, manufacturing operations, regulatory and quality and certain corporate functions. The CEO evaluates profitability, investment and cash flow metrics on a consolidated worldwide basis due to shared infrastructure and resources. The table below summarizes net sales by product category (in thousands of dollars): Three Months Ended Six Months Ended Nov 30, 2016 Nov 30, 2015 Nov 30, 2016 Nov 30, 2015 Net sales Peripheral Vascular $ 52,895 $ 51,055 $ 104,304 $ 98,161 Vascular Access 23,553 25,020 48,558 49,665 Oncology/Surgery 11,780 12,471 22,844 23,805 Supply Agreement 801 738 1,421 1,406 Total $ 89,029 $ 89,284 $ 177,127 $ 173,037 The table below presents net sales by geographic area based on external customer location (in thousands of dollars): Three Months Ended Six Months Ended Nov 30, 2016 Nov 30, 2015 Nov 30, 2016 Nov 30, 2015 Net sales United States $ 70,782 $ 70,653 $ 142,535 $ 139,022 International 17,446 17,893 33,171 32,609 Supply Agreement 801 738 1,421 1,406 Total $ 89,029 $ 89,284 $ 177,127 $ 173,037

Fair Value

Fair Value	6 Months Ended
	Nov. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value	FAIR VALUE On a recurring basis, we measure certain financial assets and financial liabilities at fair value based upon quoted market prices, where available. Where quoted market prices or other observable inputs are not available, we apply valuation techniques to estimate fair value. FASB ASC Topic 820, Fair Value Measurements and Disclosures, establishes a three-level valuation hierarchy for disclosure of fair value measurements. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the measurement of fair value. The three levels of the hierarchy are defined as follows: • Level 1 - Inputs to the valuation methodology are quoted market prices for identical assets or liabilities. • Level 2 - Inputs to the valuation methodology are other observable inputs, including quoted market prices for similar assets or liabilities and market-corroborated inputs. • Level 3 - Inputs to the valuation methodology are unobservable inputs based on management’s best estimate of inputs market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk. Our financial instruments include cash and cash equivalents, accounts receivable, marketable securities, accounts payable and contingent consideration. The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximates fair value due to the immediate or short-term maturities. Our recurring fair value measurements using significant unobservable inputs (Level 3) relate to our marketable securities, which are comprised of auction rate securities, and our contingent consideration liabilities. The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis as of November 30, 2016 and May 31, 2016 (in thousands of dollars): Fair Value Measurements using inputs considered as: Fair Value at November 30, 2016 Level 1 Level 2 Level 3 Financial Assets Marketable securities U.S. government agency obligations $ — $ — $ 1,203 $ 1,203 Total — — 1,203 1,203 Total Financial Assets $ — $ — $ 1,203 $ 1,203 Financial Liabilities Contingent consideration for acquisition earn out — — 12,513 12,513 Total Financial Liabilities $ — $ — $ 12,513 $ 12,513 Fair Value Measurements using inputs considered as: Fair Value at May 31, 2016 Level 1 Level 2 Level 3 Financial Assets Marketable securities U.S. government agency obligations $ — $ — $ 1,653 $ 1,653 Total — — 1,653 1,653 Total Financial Assets $ — $ — $ 1,653 $ 1,653 Financial Liabilities Contingent consideration for acquisition earn out — — 38,275 38,275 Total Financial Liabilities $ — $ — $ 38,275 $ 38,275 There were no transfers between Level 1, 2 and 3 for the three and six months ended November 30, 2016 . The table below presents the changes in fair value components of Level 3 instruments in the three and six months ended November 30, 2016 (in thousands of dollars): Three Months Ended Financial Assets Financial Liabilities Fair Value Measurements (Level 3) Fair Value Measurements (Level 3) Balance, August 31, 2016 1,647 36,618 Total gains or losses (realized/unrealized): Change in present value of contingent consideration — (15,951 ) Included in other comprehensive income (loss) 6 — Currency gain (loss) from remeasurement — (154 ) Proceeds from sale or maturity of marketable securities (450 ) — Contingent consideration payments — (8,000 ) Balance, November 30, 2016 $ 1,203 $ 12,513 Six Months Ended Financial Assets Financial Liabilities Fair Value Measurements (Level 3) Fair Value Measurements (Level 3) Balance, May 31, 2016 1,653 38,275 Total gains or losses (realized/unrealized): Change in present value of contingent consideration — (15,508 ) Currency gain (loss) from remeasurement — (154 ) Proceeds from sale or maturity of marketable securities (450 ) — Contingent consideration payments — (10,100 ) Balance, November 30, 2016 $ 1,203 $ 12,513 During the second quarter of fiscal year 2017, the Company made the decision to discontinue their investment in the TiLo product that was acquired in August 2013 as part of the Clinical Devices acquisition. This decision resulted in the write-off of the acquired In-process research and development (IPR&D) of $3.6 million along with a $3.1 million gain from the reduction in the fair value of contingent consideration liability associated with future milestones that will no longer be met. In addition, the Company revised the sales forecasts for the AngioVac product as a result of reviews performed by executive management across all products. The adjustments to the sales forecasts resulted in a $13.4 million gain from the reduction in the fair value of the contingent liability that is based on projected sales volume over the contractual earn out period. Contingent Consideration for Acquisition Earn Outs Some of our business combinations involve the potential for the payment of future contingent consideration upon the achievement of certain product development milestones or various other performance conditions. Payment of the additional consideration is generally contingent on the acquired company reaching certain performance milestones, including attaining specified revenue levels or product development targets. Contingent consideration is recorded at the estimated fair value of the contingent payments on the acquisition date. The fair value of the contingent consideration is remeasured at the estimated fair value at each reporting period with the change in fair value recognized as income or expense within change in fair value of contingent consideration in the consolidated statements of income. We measure the initial liability and remeasure the liability on a recurring basis using Level 3 inputs as defined under authoritative guidance for fair value measurements and is determined using a discounted cash flow model applied to projected net sales, using probabilities of achieving projected net sales and projected payment dates. Projected net sales are based on our internal projections and extensive analysis of the target market and the sales potential. Increases or decreases in any valuation inputs in isolation may result in a significantly lower or higher fair value measurement in the future. At November 30, 2016 , the revenue based payments are being calculated based on our current sales forecast which is at the minimums for contingent payments. The recurring Level 3 fair value measurements of the contingent consideration liabilities include the following significant unobservable inputs as of November 30, 2016 (in thousands of dollars): Fair value at Valuation Nov 30, 2016 Technique Unobservable Input Range Revenue based payments $ 12,513 Discounted cash flow Discount rate 4% Probability of achieving sales 100% Projected fiscal year of payment 2017 - 2019 At November 30, 2016 , the estimated potential amount of undiscounted future contingent consideration that we expect to pay as a result of all completed acquisitions is approximately $13.1 million . The milestones, including sales projections, associated with the contingent consideration must be reached in future periods ranging from fiscal years 2017 to 2019 in order for the associated consideration to be paid.

Marketable Securities

Marketable Securities	6 Months Ended
	Nov. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	MARKETABLE SECURITIES Marketable securities, which can be government agency bonds, auction rate investments or corporate commercial paper, are classified as “available-for-sale securities” and are reported at fair value, with unrealized gains and losses excluded from operations and reported as accumulated other comprehensive income (loss), net of the related tax effects, in stockholders’ equity. Cost is determined using the specific identification method. We hold an investment in an auction rate security that is high credit quality and generally achieved with municipal bond insurance. Sell orders for any security traded through an auction process could exceed bids and, in such cases, the auction fails and we may be unable to liquidate our position in the security in the near term. We have not participated in any recent auctions. As of November 30, 2016 and May 31, 2016 , we had $1.2 million and $1.7 million , respectively, in investments in one auction rate security. The authorities are current in their interest payments on the security. The auction rate security will mature in 2029. As of November 30, 2016 and May 31, 2016 , marketable securities consisted of the following (in thousands of dollars): As of November 30, 2016 Amortized cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities Government agency obligations $ 1,350 $ — $ (147 ) $ 1,203 $ 1,350 $ — $ (147 ) $ 1,203 As of May 31, 2016 Amortized cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities Government agency obligations $ 1,800 $ — $ (147 ) $ 1,653 $ 1,800 $ — $ (147 ) $ 1,653

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Nov. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is involved in various legal proceedings, including commercial, intellectual property, product liability, regulatory and environmental matters of a nature considered normal for its business. The Company accrues for amounts related to these matters if it is probable that a liability has been incurred, and an amount can be reasonably estimated. The Company discloses such matters when there is at least a reasonable possibility that a material loss may have been incurred. However, the Company cannot predict the outcome of any litigation or the potential for future litigation. AngioDynamics v. biolitec On January 2, 2008, we commenced an action in the United States District Court for the Northern District of New York entitled AngioDynamics, Inc. v. biolitec, Inc. In this action, we sought judgment against biolitec for defense and indemnification in two lawsuits which we previously settled. Our claims arise out of a Supply and Distribution Agreement (“SDA”) entered into with biolitec on April 1, 2002. On September 27, 2011, the U.S. District Court granted key portions of our motion for summary judgment in our legal case against biolitec. The Court also dismissed biolitec’s counterclaims against us. The court denied one portion of our summary judgment motion, which sought to recover additional costs from biolitec, leaving this for adjudication at trial. On November 8, 2012, the Court granted partial judgment to us in the amount of $23.2 million . Biolitec appealed this judgment. On August 23, 2013, the U.S. Court of Appeals for the Second Circuit dismissed biolitec’s appeal. In October 2009, we commenced an action in the United States District Court for the District of Massachusetts entitled AngioDynamics, Inc. v. biolitec AG and Wolfgang Neuberger. The Complaint in this action was amended in March 2010. This action seeks to recover against biolitec, Inc.’s parent entities and CEO for tortiously interfering with biolitec, Inc.’s contractual obligation to defend and indemnify us, and also seeks to pierce the corporate veil of biolitec, Inc. and to invalidate certain alleged fraudulent transfers in order to hold biolitec, Inc.’s parent entities jointly and severally liable for the alleged breach of the SDA. On September 13, 2012, the Massachusetts Court granted our request for a preliminary injunction prohibiting the downstream merger of biolitec AG with its Austrian subsidiary. On April 1, 2013, the U.S. Court of Appeals for the First Circuit affirmed the preliminary injunction. On January 14, 2014, the District Court entered judgment in our favor as to liability. On March 18, 2014, the District Court entered judgment in our favor against Biolitec AG, Biomed Technology Holdings, Ltd., and Wolfgang Neuberger, jointly and severally, in the amount of $74.9 million . On March 11, 2015, the U.S. Court of Appeals for the First Circuit affirmed the judgment. The defendants petitioned to the U.S. Supreme Court for a writ of certiorari. The Supreme Court denied the petition on November 30, 2015. The defendants have also filed an appeal with the U.S. Court of Appeals for the First Circuit regarding civil contempt sanctions imposed by the Massachusetts District Court as a result of defendants’ completion of the downstream merger in violation of the Court’s injunction. On May 6, 2016, the First Circuit issued an opinion rejecting this latest appeal. On October 11, 2016, defendants petitioned the U.S. Supreme Court for a writ of certiorari from that decision. We opposed the petition, and the Supreme Court is expected to rule on the petition in January 2017. On February 18, 2016, the Massachusetts District Court issued an order compelling the Massachusetts defendants to provide post-judgment discovery intended to aid us in potentially collecting our judgment. On March 21, 2016, the Massachusetts defendants noticed an appeal from this order. On August 31, 2016, the First Circuit dismissed that appeal. On June 27, 2016, we filed a motion asking the Massachusetts District Court to impose sanctions on the Massachusetts defendants for their failure to comply with the post-judgment discovery order. On December 26, 2016, we filed a further motion seeking to compel defendants to provide additional post-judgment discovery. On November 13, 2014, the U.S. District Court for the District of Massachusetts issued summonses to four Biolitec entities - Biolitec U.S., Inc., Biolitec Holding U.S., Inc., Biolitec Medical Devices, Inc., and CeramOptec Industries, Inc. - pursuant to Massachusetts trustee process. We sought to use this process to attach the assets of these entities in order to satisfy our judgment. The trustee process was automatically stayed when the four Biolitec entities filed Chapter 7 petitions in the U.S. Bankruptcy Court for the District of Delaware. However, on November 3, 2015, the Delaware Bankruptcy Court granted our request to modify the automatic stay to allow us to seek a default against the four Biolitec entities pursuant to trustee process. On January 21, 2016, the four Chapter 7 cases were transferred at our request to the U.S. Bankruptcy Court for the District of New Jersey. On August 29, 2013, we became co-plaintiffs in an adversary proceeding in the United States Bankruptcy Court for the District of New Jersey entitled Cyganowski, Trustee, et al. v. Biolitec U.S., Inc., et al. In this action, we assert claims of conversion, unjust enrichment, tortious interference, and unfair competition against various biolitec entities for alleged violation of Bankruptcy Court settlement and sale orders under which we acquired certain assets of Biolitec, Inc. On September 3, 2013, we, along with our co-plaintiff, obtained a temporary restraining order against the defendants in this action. On January 22, 2015, the Bankruptcy Court entered a permanent injunction on our behalf for an additional two years. C.R. Bard, Inc. v. AngioDynamics, Inc. On January 11, 2012, C.R. Bard, Inc. (“Bard”) filed a suit in the United States District Court of Utah claiming certain of our implantable port products infringe on three U.S. patents held by Bard (the "Utah Action"). Bard is seeking unspecified damages and other relief. The Court denied Bard’s motion for pre-trial consolidation with separate actions it filed on the same day against Medical Components, Inc. and Smiths Medical ASD, Inc., but had asked for supplemental briefing on the issue of whether to conduct a common Markman hearing. Meanwhile, we filed petitions for reexamination in the US Patent and Trademark Office ("PTO") which seek to invalidate all three patents asserted by Bard in the litigation. Our petitions were granted and 40 of Bard's 41 patent claims were rejected and, following further proceedings, the Patent Office issued a Final Rejection of all 40 claims subject to reexamination. Thereafter, Bard filed appeals to the PTO Board of Appeals and Interferences for all three reexams. The parties completed briefing on the appeals and oral argument was held on June 18, 2015. The Patent Office has issued decisions in the three appeals. In one (issued on March 11, 2016 for US Patent No. 7,785,302), the rejections of six of the ten claims under reexamination were affirmed, but were reversed on four of the ten claims. In the second (issued on March 24, 2016 for U.S. Patent No. 7,959,615), the rejections of eight of the ten claims under reexamination were affirmed but the rejections of the other two of the ten claims were reversed. In the third (issued on March 29 for U.S. Patent No. 7,947.022) the rejections of all twenty claims under reexamination were affirmed. Bard has since filed Requests for Rehearing in all three reexamination appeals and the Company filed Requests for Rehearing in two of the reexamination appeals (the ‘302 and ‘615 patent reexaminations). Each party has filed comments in Opposition to the other party’s Rehearing Requests, and we are awaiting the PTO determinations in all three reexaminations. The Utah Action has been stayed pending final resolution of the PTO process. We believe these claims are without merit and intend to defend them vigorously. We have not recorded an expense related to the outcome of this litigation because it is not yet possible to determine if a potential loss is probable nor reasonably estimable. On March 10, 2015, C.R. Bard, Inc. and Bard Peripheral Vascular, Inc. (“Bard”) filed suit in the United States District Court for the District of Delaware claiming certain of our implantable port products infringe on three U.S. patents held by Bard (the “Delaware Action). Bard is seeking unspecified damages and other relief. The patents asserted in the Delaware Action are different than those asserted in the Utah Action. On June 1, 2015, we filed two motions in response to Bard’s Complaint - one sought transfer to the District of Utah where the Utah Action is currently pending, and the other sought dismissal of the entire complaint on grounds that none of the claims in the asserted patents is directed to patent eligible subject matter under Section 101 of the Patent Statute and in light of recent authority from the U. S. Supreme Court. On January 12, 2016, the court issued a decision denying both motions. We have since served an Answer and Counterclaim to which Bard has served a Reply. On March 10, 2016, the Court held a case management conference, and, on March 14, 2016, the court entered a Scheduling Order which set, inter alia, a Markman hearing for March 10, 2017, a summary judgment hearing for December 8, 2017 and trial for March 12, 2018. The parties have since served various discovery requests on each other, and have been producing documents to each other; on May 27, 2016 Bard served its Infringement Contentions which identified all the port products accused of infringement; and, on June 24, 2016, we served Invalidity Contentions which detail various grounds for invalidating the three asserted patents. The parties are in the midst of exchanging briefs in advance of the March 10, 2017 Markman hearing. We believe these claims are without merit and intend to defend them vigorously. We have not recorded an expense related to the outcome of this litigation because it is not yet possible to determine if a potential loss is probable nor reasonably estimable. Governmental Investigations LC Beads In June 2014 we received a subpoena from the U.S. Department of Justice (the “DOJ”) requesting documents in relation to a criminal and civil investigation the DOJ is conducting regarding BTG International, Inc.’s LC Bead® product beginning in 2003. RITA Medical Systems and AngioDynamics, Inc., after its acquisition of RITA, was the exclusive distributor of LC Beads in the United States from 2006 through December 31, 2011. We are cooperating fully with this investigation and at this time are unable to predict its scope, duration or outcome. We are unable at this time to reasonably estimate the amount or range of any loss, although it is possible that the amount of such loss could be material. In accordance with ASC 450, "Contingencies," or "ASC 450," no amount in respect of any potential liability in this matter, including for penalties, fines or other sanctions, has been accrued in the consolidated financial statements. EVLT In April 2015 we received a subpoena from the DOJ requesting documents in relation to a criminal and civil investigation the DOJ is conducting regarding purported promotion of certain of AngioDynamics’ VenaCure EVLT products for un-cleared indications. We are cooperating fully with this investigation and at this time are unable to predict its scope, duration or outcome. We are unable at this time to reasonably estimate the amount or range of any loss, although it is possible that the amount of such loss could be material. In accordance with ASC 450, Contingencies, no amount in respect of any potential liability in this matter, including for penalties, fines or other sanctions, has been accrued in the consolidated financial statements.

Acquisition, Restructuring and

Acquisition, Restructuring and Other Items, Net	6 Months Ended
	Nov. 30, 2016
Restructuring and Related Activities [Abstract]
Acquisition, Restructuring and Other Items, Net	ACQUISITION, RESTRUCTURING, AND OTHER ITEMS, NET For the three months and six months ended November 30, 2016 and November 30, 2015 acquisition, restructuring and other items, net consisted of: Three Months Ended Six Months Ended Nov 30, 2016 Nov 30, 2015 Nov 30, 2016 Nov 30, 2015 (in thousands) (in thousands) Legal $ 1,844 $ 1,363 $ 3,635 $ 2,632 Intangible impairment 3,600 384 3,600 384 Other asset write-off 2,000 — 2,000 — Other 417 2,166 1,043 3,040 Total $ 7,861 $ 3,913 $ 10,278 $ 6,056

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Nov. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In April 2015, the Financial Accounting Standards Board ("FASB") issued ASC Update No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. Update No. 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Update No. 2015-03 is effective for annual reporting periods beginning after December 15, 2015 and interim periods within those reporting periods. Early adoption is permitted for financial statements that have not been previously issued. This update was applied retrospectively as of August 31, 2016. The deferred financing fees included in other assets of $0.9 million was classified as long-term debt at May 31, 2016 in the consolidated condensed balance sheet. This update did not impact the results of our operations. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 identifies how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows under Topic 230. ASU 2016-15 is effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. ASU 2016-15 should be applied retrospectively and early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of ASU 2016-15 on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 provides a single, comprehensive accounting model for revenues arising from contracts with customers that supersedes most of the existing revenue recognition guidance, including industry-specific guidance. Under this model, revenue is recognized at an amount that an entity expects to be entitled to upon transferring control of goods or services to a customer, as opposed to when risks and rewards transfer to a customer under existing revenue recognition guidance. ASU 2014-09 is effective for the Company beginning in its fiscal year 2019, and may be applied retrospectively to all prior periods presented or through a cumulative adjustment to the opening retained earnings balance in the year of adoption. The Company is currently in the process of evaluating the impact of ASU 2014-09 on its consolidated financial statements. In July 2015, the FASB issued ASC Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. Update No. 2015-11 more closely aligns the measurement of inventory in U.S. GAAP with the measurement of inventory in International Financial Reporting Standards by requiring companies using the first-in, first-out and average costs methods to measure inventory using the lower of cost and net realizable value, where net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Update No. 2015-11 is effective for annual reporting periods beginning after December 15, 2016 and interim periods within those fiscal years. Update No. 2015-11 should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of Update No. 2015-11 is not expected to have a material impact on our financial position or results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10). Update No. 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Update No. 2016-01 is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years and early application is permitted. The Company is currently in the process of evaluating the impact. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 increases transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. For leases with a term or twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and liabilities. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and early application is permitted. The Company is currently in the process of evaluating the impact of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Based Compensation (Topic 718: Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies and improves various aspects of ASC 718 for share-based payments, including income tax items and the classification of these items on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016 and early application is permitted. The Company is currently in the process of evaluating the impact of ASU 2016-09 on its consolidated financial statements.

Recently Issued Accounting Pr24

Recently Issued Accounting Pronouncements (Policies)	6 Months Ended
	Nov. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In April 2015, the Financial Accounting Standards Board ("FASB") issued ASC Update No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. Update No. 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Update No. 2015-03 is effective for annual reporting periods beginning after December 15, 2015 and interim periods within those reporting periods. Early adoption is permitted for financial statements that have not been previously issued. This update was applied retrospectively as of August 31, 2016. The deferred financing fees included in other assets of $0.9 million was classified as long-term debt at May 31, 2016 in the consolidated condensed balance sheet. This update did not impact the results of our operations. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 identifies how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows under Topic 230. ASU 2016-15 is effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. ASU 2016-15 should be applied retrospectively and early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of ASU 2016-15 on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 provides a single, comprehensive accounting model for revenues arising from contracts with customers that supersedes most of the existing revenue recognition guidance, including industry-specific guidance. Under this model, revenue is recognized at an amount that an entity expects to be entitled to upon transferring control of goods or services to a customer, as opposed to when risks and rewards transfer to a customer under existing revenue recognition guidance. ASU 2014-09 is effective for the Company beginning in its fiscal year 2019, and may be applied retrospectively to all prior periods presented or through a cumulative adjustment to the opening retained earnings balance in the year of adoption. The Company is currently in the process of evaluating the impact of ASU 2014-09 on its consolidated financial statements. In July 2015, the FASB issued ASC Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. Update No. 2015-11 more closely aligns the measurement of inventory in U.S. GAAP with the measurement of inventory in International Financial Reporting Standards by requiring companies using the first-in, first-out and average costs methods to measure inventory using the lower of cost and net realizable value, where net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Update No. 2015-11 is effective for annual reporting periods beginning after December 15, 2016 and interim periods within those fiscal years. Update No. 2015-11 should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of Update No. 2015-11 is not expected to have a material impact on our financial position or results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10). Update No. 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Update No. 2016-01 is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years and early application is permitted. The Company is currently in the process of evaluating the impact. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 increases transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. For leases with a term or twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and liabilities. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and early application is permitted. The Company is currently in the process of evaluating the impact of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Based Compensation (Topic 718: Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies and improves various aspects of ASC 718 for share-based payments, including income tax items and the classification of these items on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016 and early application is permitted. The Company is currently in the process of evaluating the impact of ASU 2016-09 on its consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Nov. 30, 2016
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are stated at lower of cost (using the first-in, first-out method) or market. As of November 30, 2016 and May 31, 2016 , inventories consisted of the following: Nov 30, 2016 May 31, 2016 (in thousands) Raw materials $ 19,843 $ 21,669 Work in process 11,113 10,700 Finished goods 25,711 23,001 Inventories $ 56,667 $ 55,370

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Nov. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	As of November 30, 2016 and May 31, 2016 , intangible assets consisted of the following: November 30, 2016 Gross carrying value Accumulated amortization Net carrying value (in thousands) Product technologies $ 148,374 $ (55,888 ) $ 92,486 Customer relationships 88,328 (49,120 ) 39,208 Trademarks 28,400 (7,634 ) 20,766 Licenses 5,037 (4,171 ) 866 Distributor relationships 2,150 (1,037 ) 1,113 $ 272,289 $ (117,850 ) $ 154,439 May 31, 2016 Gross carrying value Accumulated amortization Net carrying value (in thousands) Product technologies $ 148,387 $ (51,313 ) $ 97,074 Customer relationships 88,389 (47,133 ) 41,256 Trademarks 28,470 (6,242 ) 22,228 In process R&D acquired 3,600 — 3,600 Licenses 7,931 (6,716 ) 1,215 Distributor relationships 2,150 (946 ) 1,204 $ 278,927 $ (112,350 ) $ 166,577
Schedule of Future Amortization Expense	Expected future amortization expense related to the intangible assets is as follows: (in thousands) Remainder of 2017 $ 8,821 2018 $ 16,744 2019 16,138 2020 14,556 2021 13,604 2022 and thereafter 84,576 $ 154,439

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Nov. 30, 2016
Payables and Accruals [Abstract]
Accrued Liabilities	As of November 30, 2016 and May 31, 2016 , accrued liabilities consisted of the following: Nov 30, 2016 May 31, 2016 (in thousands) Payroll and related expenses $ 9,918 $ 9,414 Royalties 2,769 2,489 Accrued severance 1,126 1,524 Sales and franchise taxes 1,406 565 Outside services 1,391 2,063 Other 4,298 5,841 $ 20,908 $ 21,896

Long Term Debt (Tables)

Long Term Debt (Tables)	6 Months Ended
	Nov. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debt	The Company's maturities of principal obligations under the credit agreement are as follows, as of November 30, 2016: (in thousands) Remainder of 2017 $ 2,500 2018 5,000 2019 5,000 2020 7,500 2021 11,250 2022 68,750 Total term loan 100,000 Revolving facility 16,471 Total debt 116,471 Less: Unamortized debt issuance costs (1,308 ) Total 115,163 Less: Current portion of long-term debt (5,000 ) Total long-term debt, net $ 110,163

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Nov. 30, 2016
Earnings Per Share [Abstract]
Reconciliation of Basic to Diluted Weighted-Average Shares Outstanding	The following table reconciles basic to diluted weighted-average shares outstanding for the three and six months ended November 30, 2016 and November 30, 2015 (in thousands): Three Months Ended Six Months Ended Nov 30, 2016 Nov 30, 2015 Nov 30, 2016 Nov 30, 2015 Basic 36,807 36,140 36,606 36,051 Effect of dilutive securities 339 — 394 — Diluted 37,146 36,140 37,000 36,051 Securities excluded as their inclusion would be anti-dilutive 980 3,161 916 3,161

Segment and Geographic Inform30

Segment and Geographic Information (Tables)	6 Months Ended
	Nov. 30, 2016
Segment Reporting [Abstract]
Summary of Net Sales by Product Category	The table below summarizes net sales by product category (in thousands of dollars): Three Months Ended Six Months Ended Nov 30, 2016 Nov 30, 2015 Nov 30, 2016 Nov 30, 2015 Net sales Peripheral Vascular $ 52,895 $ 51,055 $ 104,304 $ 98,161 Vascular Access 23,553 25,020 48,558 49,665 Oncology/Surgery 11,780 12,471 22,844 23,805 Supply Agreement 801 738 1,421 1,406 Total $ 89,029 $ 89,284 $ 177,127 $ 173,037
Summary of Net Sales by Geographic Area	The table below presents net sales by geographic area based on external customer location (in thousands of dollars): Three Months Ended Six Months Ended Nov 30, 2016 Nov 30, 2015 Nov 30, 2016 Nov 30, 2015 Net sales United States $ 70,782 $ 70,653 $ 142,535 $ 139,022 International 17,446 17,893 33,171 32,609 Supply Agreement 801 738 1,421 1,406 Total $ 89,029 $ 89,284 $ 177,127 $ 173,037

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Nov. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities Measured on a Recurring Basis	The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis as of November 30, 2016 and May 31, 2016 (in thousands of dollars): Fair Value Measurements using inputs considered as: Fair Value at November 30, 2016 Level 1 Level 2 Level 3 Financial Assets Marketable securities U.S. government agency obligations $ — $ — $ 1,203 $ 1,203 Total — — 1,203 1,203 Total Financial Assets $ — $ — $ 1,203 $ 1,203 Financial Liabilities Contingent consideration for acquisition earn out — — 12,513 12,513 Total Financial Liabilities $ — $ — $ 12,513 $ 12,513 Fair Value Measurements using inputs considered as: Fair Value at May 31, 2016 Level 1 Level 2 Level 3 Financial Assets Marketable securities U.S. government agency obligations $ — $ — $ 1,653 $ 1,653 Total — — 1,653 1,653 Total Financial Assets $ — $ — $ 1,653 $ 1,653 Financial Liabilities Contingent consideration for acquisition earn out — — 38,275 38,275 Total Financial Liabilities $ — $ — $ 38,275 $ 38,275
Fair Value Measurements Using Significant Unobservable Inputs	The table below presents the changes in fair value components of Level 3 instruments in the three and six months ended November 30, 2016 (in thousands of dollars): Three Months Ended Financial Assets Financial Liabilities Fair Value Measurements (Level 3) Fair Value Measurements (Level 3) Balance, August 31, 2016 1,647 36,618 Total gains or losses (realized/unrealized): Change in present value of contingent consideration — (15,951 ) Included in other comprehensive income (loss) 6 — Currency gain (loss) from remeasurement — (154 ) Proceeds from sale or maturity of marketable securities (450 ) — Contingent consideration payments — (8,000 ) Balance, November 30, 2016 $ 1,203 $ 12,513 Six Months Ended Financial Assets Financial Liabilities Fair Value Measurements (Level 3) Fair Value Measurements (Level 3) Balance, May 31, 2016 1,653 38,275 Total gains or losses (realized/unrealized): Change in present value of contingent consideration — (15,508 ) Currency gain (loss) from remeasurement — (154 ) Proceeds from sale or maturity of marketable securities (450 ) — Contingent consideration payments — (10,100 ) Balance, November 30, 2016 $ 1,203 $ 12,513
Summary Showing the Recurring Fair Value Measurements of the Contingent Consideration Liability	The recurring Level 3 fair value measurements of the contingent consideration liabilities include the following significant unobservable inputs as of November 30, 2016 (in thousands of dollars): Fair value at Valuation Nov 30, 2016 Technique Unobservable Input Range Revenue based payments $ 12,513 Discounted cash flow Discount rate 4% Probability of achieving sales 100% Projected fiscal year of payment 2017 - 2019

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Nov. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	As of November 30, 2016 and May 31, 2016 , marketable securities consisted of the following (in thousands of dollars): As of November 30, 2016 Amortized cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities Government agency obligations $ 1,350 $ — $ (147 ) $ 1,203 $ 1,350 $ — $ (147 ) $ 1,203 As of May 31, 2016 Amortized cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities Government agency obligations $ 1,800 $ — $ (147 ) $ 1,653 $ 1,800 $ — $ (147 ) $ 1,653

Acquisition, Restructuring an33

Acquisition, Restructuring and Other Items, Net (Tables)	6 Months Ended
	Nov. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	For the three months and six months ended November 30, 2016 and November 30, 2015 acquisition, restructuring and other items, net consisted of: Three Months Ended Six Months Ended Nov 30, 2016 Nov 30, 2015 Nov 30, 2016 Nov 30, 2015 (in thousands) (in thousands) Legal $ 1,844 $ 1,363 $ 3,635 $ 2,632 Intangible impairment 3,600 384 3,600 384 Other asset write-off 2,000 — 2,000 — Other 417 2,166 1,043 3,040 Total $ 7,861 $ 3,913 $ 10,278 $ 6,056

Consolidated Condensed Financ34

Consolidated Condensed Financial Statements Narrative (Details) - USD ($)	Nov. 06, 2016	Nov. 30, 2016	Nov. 30, 2016	Nov. 07, 2016
Equity, Class of Treasury Stock [Line Items]
Value of shares repurchased			$ 7,840,000
JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member] | Term Loan | Credit Facility
Equity, Class of Treasury Stock [Line Items]
Line of credit		$ 100,000,000	100,000,000	$ 100,000,000
JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member] | Revolving Credit Facility | Credit Facility
Equity, Class of Treasury Stock [Line Items]
Line of credit		150,000,000	150,000,000	150,000,000
JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member] | Letter of Credit [Member] | Credit Facility
Equity, Class of Treasury Stock [Line Items]
Line of credit		20,000,000	20,000,000	20,000,000
JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member] | Bridge Loan [Member] | Credit Facility
Equity, Class of Treasury Stock [Line Items]
Line of credit		5,000,000	5,000,000	$ 5,000,000
Common Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock authorized for repurchase	$ 25,000,000	$ 25,000,000	$ 25,000,000
Period to repurchase common stock	24 months	24 months
Number of shares repurchased (shares)		500,000
Value of shares repurchased		$ 7,800,000
Affiliated Entity [Member]
Equity, Class of Treasury Stock [Line Items]
Write-off of investment		2,000,000
AngioVac Product [Member]
Equity, Class of Treasury Stock [Line Items]
Gain from reduction in fair value of liability		13,400,000
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment [Member] | Discontinued Investment in TiLo Product [Member]
Equity, Class of Treasury Stock [Line Items]
Gain from reduction in fair value of liability		3,100,000
In Process Research and Development [Member] | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment [Member] | Discontinued Investment in TiLo Product [Member]
Equity, Class of Treasury Stock [Line Items]
Write-off of In-process research and development		$ 3,600,000

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Nov. 30, 2016	May 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 19,843	$ 21,669
Work in process	11,113	10,700
Finished goods	25,711	23,001
Inventories	$ 56,667	$ 55,370

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	Dec. 07, 2015	Nov. 30, 2016
Related Party Transaction [Line Items]
Payments to Acquire Equity Method Investments	$ 2
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Write-off of investment		$ 2

Goodwill and Intangible Asset37

Goodwill and Intangible Assets - Additional Information (Detail) $ in Thousands	Dec. 31, 2015Segment	Nov. 30, 2016USD ($)	Nov. 30, 2015USD ($)	Nov. 30, 2016USD ($)	Nov. 30, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of reportable segments (segment) | Segment	1
Amortization of intangibles | $		$ 4,291	$ 4,483	$ 8,526	$ 8,898
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets other than goodwill				18 years
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets other than goodwill				1 year
Weighted Average [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets other than goodwill				12 years 10 months 24 days

Goodwill and Intangible Asset38

Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands	Nov. 30, 2016	May 31, 2016
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, excluding goodwill	$ 272,289	$ 278,927
Accumulated amortization	(117,850)	(112,350)
Net carrying value, finite intangible items	154,439
Net carrying value, excluding goodwill	154,439	166,577
Research and Development [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, indefinite lived intangible items		3,600
Net carrying value, indefinite lived intangible items		3,600
Product Technologies [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite intangible items	148,374	148,387
Accumulated amortization	(55,888)	(51,313)
Net carrying value, finite intangible items	92,486	97,074
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite intangible items	88,328	88,389
Accumulated amortization	(49,120)	(47,133)
Net carrying value, finite intangible items	39,208	41,256
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite intangible items	28,400	28,470
Accumulated amortization	(7,634)	(6,242)
Net carrying value, finite intangible items	20,766	22,228
Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite intangible items	5,037	7,931
Accumulated amortization	(4,171)	(6,716)
Net carrying value, finite intangible items	866	1,215
Distributor Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite intangible items	2,150	2,150
Accumulated amortization	(1,037)	(946)
Net carrying value, finite intangible items	$ 1,113	$ 1,204

Goodwill and Intangible Asset39

Goodwill and Intangible Assets - Expected Future Amortization Expense (Details) $ in Thousands	Nov. 30, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2017	$ 8,821
2,018	16,744
2,019	16,138
2,020	14,556
2,021	13,604
2022 and thereafter	84,576
Net carrying value, finite intangible items	$ 154,439

Accrued Liabilities - Summary o

Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Nov. 30, 2016	May 31, 2016
Other Liabilities Disclosure [Abstract]
Payroll and related expenses	$ 9,918	$ 9,414
Royalties	2,769	2,489
Accrued severance	1,126	1,524
Sales and franchise taxes	1,406	565
Outside services	1,391	2,063
Other	4,298	5,841
Total	$ 20,908	$ 21,896

Long Term Debt - Debt Outstandi

Long Term Debt - Debt Outstanding (Details) - USD ($) $ in Thousands	Nov. 30, 2016	May 31, 2016
Debt Instrument [Line Items]
Long term debt, gross	$ 116,471
Unamortized debt issuance costs	(1,308)
Long term debt, net	115,163
Current portion of long term debt	(5,000)	$ (16,250)
Long term debt, net of current maturities	110,163
Term Loan | Credit Facility
Debt Instrument [Line Items]
Remainder of 2017	2,500
2,018	5,000
2,019	5,000
2,020	7,500
2,021	11,250
2022 and thereafter	68,750
Long term debt, gross	100,000
Revolving Credit Facility | Credit Facility
Debt Instrument [Line Items]
Long term debt, gross	$ 16,471

Long Term Debt - Additional Inf

Long Term Debt - Additional Information (Detail) - USD ($)	Nov. 07, 2016	Nov. 30, 2016	Nov. 30, 2015
Debt Instrument [Line Items]
Proceeds from issuance of and borrowings on long-term debt		$ 116,471,000	$ 0
Repayments of former credit agreement		$ 121,410,000	$ 3,750,000
Credit Facility | JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member]
Debt Instrument [Line Items]
Debt maturity	5 years
Stated interest rate		2.39%
Percentage of increase in interest	2.00%
Maximum leverage ratio of indebtedness to adjusted EBITDA	3.50
Maximum leverage ratio of indebtedness to adjusted EBITDA following material acquisitions	3.75
Fixed charge coverage ratio of adjusted EBITDA minus capital expenditures to interested expense paid or payable plus scheduled principal payments	1.25
Credit Facility | Minimum [Member] | JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member]
Debt Instrument [Line Items]
Commitment fee percentage	0.20%
Credit Facility | Maximum [Member] | JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member]
Debt Instrument [Line Items]
Commitment fee percentage	0.35%
Credit Facility | Base Rate [Member] | Minimum [Member] | JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member]
Debt Instrument [Line Items]
Stated interest rate	0.50%
Credit Facility | Base Rate [Member] | Maximum [Member] | JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member]
Debt Instrument [Line Items]
Stated interest rate	1.25%
Credit Facility | Eurodollar [Member] | Minimum [Member] | JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member]
Debt Instrument [Line Items]
Stated interest rate	1.50%
Credit Facility | Eurodollar [Member] | Maximum [Member] | JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member]
Debt Instrument [Line Items]
Stated interest rate	2.25%
Term Loan | Credit Facility | JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member]
Debt Instrument [Line Items]
Line of credit	$ 100,000,000	$ 100,000,000
Proceeds from issuance of and borrowings on long-term debt	100,000,000
Revolving Credit Facility | Credit Facility | JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member]
Debt Instrument [Line Items]
Line of credit	150,000,000	150,000,000
Proceeds from issuance of and borrowings on long-term debt	16,500,000
Letter of Credit [Member] | Credit Facility | JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member]
Debt Instrument [Line Items]
Line of credit	20,000,000	20,000,000
Bridge Loan [Member] | Credit Facility | JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member]
Debt Instrument [Line Items]
Line of credit	5,000,000	$ 5,000,000
Former Credit Agreement [Member] | Credit Facility | JPMorgan Chase Bank, N.A., Bank of America, N.A., Keybank National Association [Member]
Debt Instrument [Line Items]
Repayments of former credit agreement	$ 116,500,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
Income Tax Disclosure [Abstract]
Estimated federal statutory income tax rate	47.30%	50.20%

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of shares issuable through two stock-based compensation plans	9.5		9.5
Charges against income for share-based payment arrangements	$ 1.7	$ 1.2	$ 3.4	$ 2.9
Unrecognized compensation expenses related to share-based payment arrangements	$ 16.5		$ 16.5
Recognition period			4 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period				3 years

Equity (Details)

Equity (Details) - USD ($)	Nov. 06, 2016	Nov. 30, 2016	Nov. 30, 2016
Equity, Class of Treasury Stock [Line Items]
Value of shares repurchased			$ 7,840,000
Common Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock authorized for repurchase	$ 25,000,000	$ 25,000,000	25,000,000
Period to repurchase common stock	24 months	24 months
Number of shares repurchased (shares)		500,000
Value of shares repurchased		$ 7,800,000
Remaining common stock available for repurchase		$ 17,200,000	$ 17,200,000

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Basic to Diluted Weighted-Average Shares Outstanding (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Earnings Per Share [Abstract]
Basic (shares)	36,807	36,140	36,606	36,051
Effect of dilutive securities (shares)	339	0	394	0
Diluted (shares)	37,146	36,140	37,000	36,051
Securities excluded as their inclusion would be anti-dilutive (shares)	980	3,161	916	3,161

Segment and Geographic Inform47

Segment and Geographic Information - Additional Information (Detail)	6 Months Ended
	Nov. 30, 2016Segment
Segment Reporting [Abstract]
Number of segments (segment)	1

Segment and Geographic Inform48

Segment and Geographic Information - Summary of Net Sales by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Segment Reporting Information [Line Items]
Net sales	$ 89,029	$ 89,284	$ 177,127	$ 173,037
Peripheral Vascular [Member]
Segment Reporting Information [Line Items]
Net sales	52,895	51,055	104,304	98,161
Vascular Access [Member]
Segment Reporting Information [Line Items]
Net sales	23,553	25,020	48,558	49,665
Oncology/Surgery [Member]
Segment Reporting Information [Line Items]
Net sales	11,780	12,471	22,844	23,805
Supply Agreement [Member]
Segment Reporting Information [Line Items]
Net sales	$ 801	$ 738	$ 1,421	$ 1,406

Segment and Geographic Inform49

Segment and Geographic Information - Summary of Net Sales by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Net Sales
Net sales	$ 89,029	$ 89,284	$ 177,127	$ 173,037
Supply Agreement [Member]
Net Sales
Net sales	801	738	1,421	1,406
Reportable Geographical Components [Member] | United States [Member]
Net Sales
Net sales	70,782	70,653	142,535	139,022
Reportable Geographical Components [Member] | International [Member]
Net Sales
Net sales	17,446	17,893	33,171	32,609
Reportable Geographical Components [Member] | Supply Agreement [Member]
Net Sales
Net sales	$ 801	$ 738	$ 1,421	$ 1,406

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) $ in Millions	3 Months Ended
	Nov. 30, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Potential amount of undiscounted future contingent consideration	$ 13.1
AngioVac Product [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain from reduction in fair value of liability	13.4
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment [Member] | Discontinued Investment in TiLo Product [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain from reduction in fair value of liability	3.1
In Process Research and Development [Member] | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment [Member] | Discontinued Investment in TiLo Product [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Write-off of In-process research and development	$ 3.6

Fair Value - Fair Value of Asse

Fair Value - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Detail) - USD ($) $ in Thousands	Nov. 30, 2016	May 31, 2016
Recurring [Member]
Financial Assets
Marketable securities	$ 1,203	$ 1,653
Total Financial Assets	1,203	1,653
Financial Liabilities
Total Financial Liabilities	12,513	38,275
Recurring [Member] | U.S. Government Agency Obligations [Member]
Financial Assets
Marketable securities	1,203	1,653
Contingent Consideration Earn Out Liability [Member]
Financial Liabilities
Total Financial Liabilities	12,513
Contingent Consideration Earn Out Liability [Member] | Recurring [Member]
Financial Liabilities
Total Financial Liabilities		38,275
Level 1 [Member] | Recurring [Member]
Financial Assets
Marketable securities	0	0
Total Financial Assets	0	0
Financial Liabilities
Total Financial Liabilities	0	0
Level 1 [Member] | Recurring [Member] | U.S. Government Agency Obligations [Member]
Financial Assets
Marketable securities	0	0
Level 1 [Member] | Contingent Consideration Earn Out Liability [Member] | Recurring [Member]
Financial Liabilities
Total Financial Liabilities	0
Level 2 [Member] | Recurring [Member]
Financial Assets
Marketable securities	0	0
Total Financial Assets	0	0
Financial Liabilities
Total Financial Liabilities	0	0
Level 2 [Member] | Recurring [Member] | U.S. Government Agency Obligations [Member]
Financial Assets
Marketable securities	0	0
Level 2 [Member] | Contingent Consideration Earn Out Liability [Member] | Recurring [Member]
Financial Liabilities
Total Financial Liabilities	0
Level 3 [Member] | Recurring [Member]
Financial Assets
Marketable securities	1,203	1,653
Total Financial Assets	1,203	1,653
Financial Liabilities
Total Financial Liabilities	12,513	38,275
Level 3 [Member] | Recurring [Member] | U.S. Government Agency Obligations [Member]
Financial Assets
Marketable securities	1,203	1,653
Level 3 [Member] | Contingent Consideration Earn Out Liability [Member] | Recurring [Member]
Financial Liabilities
Total Financial Liabilities	$ 12,513	$ 38,275

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurements Using Significant Unobservable Inputs (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Nov. 30, 2016	Nov. 30, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Financial assets, begining balance	$ 1,647	$ 1,653
Included in other comprehensive income, assets	6
Currency gain (loss) from remeasurement, assets	0	0
Proceeds from sale or maturity of marketable securities, assets	(450)	(450)
Contingent consideration - Clinical Devices, assets	0	0
Financial assets, ending balance	1,203	1,203
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Financial liabilities, begining balance	36,618	38,275
Change in Fair Value of Contingent Consideration	(15,951)	(15,508)
Included in other comprehensive income, liabilities	0
Currency gain (loss) from remeasurement, liabilities	(154)	(154)
Proceeds from sale or maturity of marketable securities, liabilities	0	0
Financial liabilities, ending balance	12,513	12,513
Clinical Devices B.V [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration - Clinical Devices, liabilities	$ (8,000)	$ (10,100)

Fair Value - Summary Showing th

Fair Value - Summary Showing the Recurring Fair Value Measurements of the Contingent Consideration Liability (Detail) - USD ($) $ in Thousands	6 Months Ended
	Nov. 30, 2016	Aug. 31, 2016	May 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 12,513	$ 36,618	$ 38,275
Contingent Consideration Earn Out Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value financial liabilities	12,513
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value financial liabilities	12,513		38,275
Recurring [Member] | Contingent Consideration Earn Out Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value financial liabilities			38,275
Level 3 [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value financial liabilities	12,513		38,275
Level 3 [Member] | Recurring [Member] | Contingent Consideration Earn Out Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value financial liabilities	12,513		$ 38,275
Level 3 [Member] | Revenue Based Payments [Member] | Recurring [Member] | Contingent Consideration Earn Out Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 12,513
Discount rate	4.00%
Probability of payment	100.00%

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) $ in Millions	Nov. 30, 2016USD ($)Investment	May 31, 2016USD ($)
Marketable Securities [Abstract]
Investments in auction rate securities that failed auctions | $	$ 1.2	$ 1.7
Number of investments (investment) | Investment	1

Marketable Securities - Marketa

Marketable Securities - Marketable Securities (Detail) - USD ($) $ in Thousands	Nov. 30, 2016	May 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 1,350	$ 1,800
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(147)	(147)
Fair Value	1,203	1,653
U.S. Government Agency Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	1,350	1,800
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(147)	(147)
Fair Value	$ 1,203	$ 1,653

Commitments and Continfencies -

Commitments and Continfencies - Additional Information (Detail) $ in Millions	Mar. 29, 2016claim	Mar. 24, 2016claim	Mar. 11, 2016claim	Jun. 01, 2015motion	Mar. 10, 2015patent	Mar. 18, 2014USD ($)	Nov. 08, 2012USD ($)	Jan. 11, 2012reexamination_appealclaim	Jan. 02, 2008Lawsuit	Nov. 30, 2016Petitionreexamination_appeal
Loss Contingencies [Line Items]
Litigation settlement amount | $						$ 74.9
Biolitec [Member]
Loss Contingencies [Line Items]
Number of lawsuits against biolitec previously settled for which seeking defense and indemnification | Lawsuit									2
Partial judgment granted | $							$ 23.2
C.R. Bard, Inc. [Member]
Loss Contingencies [Line Items]
Number of petitions filed for reexamination of patents | Petition										3
The Utah Action [Member]
Loss Contingencies [Line Items]
Patent claims								41,000
Number of claims dismissed	20	8	6					40
Number of reexaminations | reexamination_appeal								3
Number of pending claims		10	10
Number of claims reversed		2	4
The Utah Action [Member] | Pending Litigation [Member]
Loss Contingencies [Line Items]
Number of reexaminations | reexamination_appeal										2
The Delaware Action [Member]
Loss Contingencies [Line Items]
Number of patents allegedly infringed upon				2	3
C.R. Bard, Inc. [Member] | The Utah Action [Member] | Pending Litigation [Member]
Loss Contingencies [Line Items]
Number of reexaminations | reexamination_appeal										3

Acquisition, Restructuring an57

Acquisition, Restructuring and Other Items, Net (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Restructuring Cost and Reserve [Line Items]
Acquisition, restructuring and other items, net	$ 7,861	$ 3,913	$ 10,278	$ 6,056
Legal
Restructuring Cost and Reserve [Line Items]
Acquisition, restructuring and other items, net	1,844	1,363	3,635	2,632
Intangible impairment
Restructuring Cost and Reserve [Line Items]
Acquisition, restructuring and other items, net	3,600	384	3,600	384
Other asset write-off
Restructuring Cost and Reserve [Line Items]
Acquisition, restructuring and other items, net	2,000	0	2,000	0
Other
Restructuring Cost and Reserve [Line Items]
Acquisition, restructuring and other items, net	$ 417	$ 2,166	$ 1,043	$ 3,040

Recently Issued Accounting Pr58

Recently Issued Accounting Pronouncements (Details) - Accounting Standards Update 2015-03 [Member] $ in Millions	May 31, 2016USD ($)
Other Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees	$ (0.9)
Long-term Debt [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees	$ 0.9