Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Feb. 28, 2017 | Mar. 28, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Feb. 28, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
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 | 36,780,397 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Income (Loss) (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 85,602 | $ 87,434 | $ 262,729 | $ 260,471 |
Cost of sales (exclusive of intangible amortization) | 41,810 | 43,900 | 128,895 | 127,682 |
Gross profit | 43,792 | 43,534 | 133,834 | 132,789 |
Operating expenses | ||||
Research and development | 5,951 | 5,808 | 18,573 | 18,116 |
Sales and marketing | 19,469 | 20,955 | 58,481 | 63,534 |
General and administrative | 7,000 | 6,901 | 22,952 | 22,897 |
Amortization of intangibles | 4,360 | 4,458 | 12,886 | 13,356 |
Change in fair value of contingent consideration | 122 | (31) | (15,386) | 630 |
Acquisition, restructuring and other items, net | 1,750 | 3,042 | 12,028 | 9,098 |
Medical device excise tax | 0 | 435 | 0 | 2,416 |
Total operating expenses | 38,652 | 41,568 | 109,534 | 130,047 |
Operating income | 5,140 | 1,966 | 24,300 | 2,742 |
Other (expenses) income | ||||
Interest expense | (635) | (809) | (2,171) | (2,607) |
Interest income | 8 | 2 | 15 | 4 |
Other income (expense) | 44 | (214) | (269) | (570) |
Total other expenses, net | (583) | (1,021) | (2,425) | (3,173) |
Income (loss) before income tax expense (benefit) | 4,557 | 945 | 21,875 | (431) |
Income tax expense | 1,670 | 351 | 3,954 | 84 |
Net income (loss) | $ 2,887 | $ 594 | $ 17,921 | $ (515) |
Income (loss) per share | ||||
Basic (in usd per share) | $ 0.08 | $ 0.02 | $ 0.49 | $ (0.01) |
Diluted (in usd per share) | $ 0.08 | $ 0.02 | $ 0.48 | $ (0.01) |
Basic weighted average shares outstanding (in shares) | 36,625 | 36,146 | 36,557 | 36,083 |
Diluted weighted average shares outstanding (in shares) | 37,126 | 36,390 | 37,068 | 36,083 |
Consolidated Condensed Stateme3
Consolidated Condensed Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 2,887 | $ 594 | $ 17,921 | $ (515) |
Other comprehensive income (loss), before tax: | ||||
Unrealized gain on interest rate swap | 0 | 58 | 0 | 219 |
Unrealized gain (loss) on marketable securities | (2) | 27 | 0 | 2 |
Foreign currency translation (loss) | (41) | 79 | (906) | (360) |
Other comprehensive (loss) income, before tax | (43) | 164 | (906) | (139) |
Income tax expense related to items of other comprehensive income | 0 | (30) | 0 | (83) |
Other comprehensive (loss) income, net of tax | (43) | 134 | (906) | (222) |
Total comprehensive income (loss), net of tax | $ 2,844 | $ 728 | $ 17,015 | $ (737) |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (unaudited) - USD ($) $ in Thousands | Feb. 28, 2017 | May 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 35,571 | $ 32,333 |
Marketable securities | 1,203 | 1,653 |
Accounts receivable, net of allowances of $3,089 and $4,372, respectively | 46,302 | 52,867 |
Inventories | 57,681 | 55,370 |
Prepaid income taxes | 309 | 788 |
Prepaid expenses and other | 3,985 | 3,243 |
Total current assets | 145,051 | 146,254 |
Property, plant and equipment, net | 46,180 | 48,284 |
Other assets | 1,757 | 3,827 |
Intangible assets, net | 150,078 | 166,577 |
Goodwill | 361,252 | 361,252 |
Total assets | 704,318 | 726,194 |
CURRENT LIABILITIES | ||
Accounts payable | 15,357 | 15,616 |
Accrued liabilities | 20,753 | 21,942 |
Current portion of long-term debt | 5,000 | 16,250 |
Current portion of contingent consideration | 9,531 | 12,919 |
Total current liabilities | 50,641 | 66,727 |
Long-term debt, net of current portion | 92,519 | 104,291 |
Deferred income taxes | 25,304 | 21,684 |
Contingent consideration, net of current portion | 3,104 | 25,356 |
Other long-term liabilities | 1,000 | 908 |
Total liabilities | 172,568 | 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; 36,780,397 and 36,420,403 shares issued and 36,780,397 and 36,278,098 shares outstanding at February 28, 2017 and May 31, 2016, respectively | 370 | 363 |
Additional paid-in capital | 531,171 | 525,775 |
Retained earnings (deficit) | 1,906 | (16,015) |
Treasury stock, 0 and 142,305 shares at February 28, 2017 and May 31, 2016, respectively, at cost | 0 | (2,104) |
Accumulated other comprehensive loss | (1,697) | (791) |
Total stockholders’ equity | 531,750 | 507,228 |
Total liabilities and stockholders' equity | $ 704,318 | $ 726,194 |
Consolidated Condensed Balance5
Consolidated Condensed Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Feb. 28, 2017 | May 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 3,089 | $ 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 | 36,780,397 | 36,420,403 |
Common stock, shares outstanding | 36,780,397 | 36,278,098 |
Treasury stock, shares | 0 | 142,305 |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Feb. 28, 2017 | Feb. 29, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 17,921 | $ (515) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 18,455 | 21,289 |
Stock based compensation | 5,078 | 4,500 |
Change in fair value of contingent consideration | (15,386) | 630 |
Gain on contingent consideration for IPR&D Write-off | 3,624 | (388) |
Bad debt expense | (605) | 1,355 |
Impairment loss on indefinite-lived intangible assets | 3,822 | 675 |
Write-off of other assets | 2,685 | 0 |
Write-off of other assets | (535) | 0 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 6,898 | 2,492 |
Intercompany | (2,585) | 1,457 |
Prepaid expenses and other | (1,215) | (782) |
Accounts payable, accrued and other liabilities | (1,405) | (4,041) |
Net cash provided by operating activities | 36,752 | 26,672 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (2,258) | (1,895) |
Payments for Repurchase of Warrants | 0 | 2,000 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 18 |
Proceeds from sale or maturity of marketable securities | 450 | 25 |
Net cash used in investing activities | (1,808) | (3,888) |
Cash flows from financing activities: | ||
Proceeds from issuance of and borrowings on long-term debt | 116,471 | 0 |
Repayment of long-term debt | (139,131) | (11,250) |
Deferred financing costs on long-term debt | (1,335) | 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 | 10,269 | 1,933 |
Net cash used in financing activities | (31,416) | (19,167) |
Effect of exchange rate changes on cash and cash equivalents | (290) | (111) |
Increase in cash and cash equivalents | 3,238 | 3,506 |
Cash and cash equivalents at beginning of period | 32,333 | 18,391 |
Cash and cash equivalents at end of period | 35,571 | 21,897 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Contractual obligations for acquisition of fixed assets | $ 99 | $ 37 |
Consolidated Condensed Stateme7
Consolidated Condensed Statement of Stockholders' Equity (unaudited) - 9 months ended Feb. 28, 2017 - 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) | $ 17,921 | 17,921 | ||||||
Exercise of stock options | 9,307 | $ 7 | 9,300 | |||||
Exercise of stock options, Shares | 704,794 | |||||||
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 | 144,915 | ||||||
Purchase of common stock under ESPP | 1,419 | $ 1 | 1,418 | |||||
Purchase of common stock under ESPP, Shares | 129,185 | |||||||
Stock based compensation | $ 5,078 | 5,078 | ||||||
Treasury stock retirement, Shares | 642,305 | (642,305) | 642,305 | |||||
Treasury stock retirement | $ (2) | (9,942) | $ 9,944 | |||||
Common stock repurchased | $ (7,840) | $ (7,840) | ||||||
Common stock repurchased, shares | (500,000) | |||||||
Other comprehensive income, net of tax | (906) | (906) | ||||||
Ending Balance at Feb. 28, 2017 | $ 531,750 | $ 370 | $ 531,171 | $ 1,906 | $ (1,697) | $ 0 | ||
Ending Balance, Shares at Feb. 28, 2017 | 36,780,397 | |||||||
Ending Balance,Treasury Shares at Feb. 28, 2017 | 0 | 0 |
Consolidated Condensed Financia
Consolidated Condensed Financial Statements | 9 Months Ended |
Feb. 28, 2017 | |
Accounting Policies [Abstract] | |
Consolidated Condensed Financial Statements | CONSOLIDATED CONDENSED FINANCIAL STATEMENTS The consolidated condensed balance sheet as of February 28, 2017 , the consolidated condensed statement of stockholders’ equity and consolidated condensed statement of cash flows for the nine months ended February 28, 2017 and the consolidated condensed statements of income (loss) and consolidated condensed statements of comprehensive income (loss) for the three and nine months ended February 28, 2017 and February 29, 2016 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 February 28, 2017 (and for all periods presented) have been made. The unaudited interim consolidated condensed financial statements for the three and nine months ended February 28, 2017 and February 29, 2016 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 third quarter of fiscal year 2017, the Company announced to employees an Operational Consolidation strategy which included the consolidation of the Manchester, GA and Denmead, UK facilities into the Glens Falls and Queensbury, NY manufacturing facilities. As part of the plan, the Company expects to incur restructuring expenses including: severance and retention, equipment transfer, set-up and purchases, regulatory expenses, lease termination expenses and other miscellaneous expenses. The plan is expected to be completed in the third quarter of fiscal year 2018. During the third quarter of fiscal year 2017, the Board of Directors approved a resolution and the Company retired all 642,305 treasury shares. 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 projections for the AngioVac product as a result of reviews performed by executive management across all products. The adjustments to the sales projections 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 $2.0 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 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. During the second quarter of fiscal year 2017, the Company entered into a new credit facility ("The Facility") which provides for a $100.0 million senior secured term loan facility and a $150.0 million senior secured revolving credit facility along with up to a $20.0 million sublimit for letters of credit and a $5.0 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 | 9 Months Ended |
Feb. 28, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories are stated at lower of cost (using the first-in, first-out method) or market. As of February 28, 2017 and May 31, 2016 , inventories consisted of the following: Feb 28, 2017 May 31, 2016 (in thousands) Raw materials $ 19,057 $ 21,669 Work in process 11,947 10,700 Finished goods 26,677 23,001 Inventories $ 57,681 $ 55,370 |
Other Assets
Other Assets | 9 Months Ended |
Feb. 28, 2017 | |
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 $2.0 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 | 9 Months Ended |
Feb. 28, 2017 | |
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 on either a straight-line basis or proportionately to the benefit being realized. Useful lives range from one to eighteen years and the weighted average useful life at February 28, 2017 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. 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. The Company's annual testing for impairment of goodwill was completed as of December 31, 2016. The Company operates as a single operating segment with one reporting unit and consequently evaluates goodwill for impairment based on an evaluation of the fair value of the Company as a whole. The Company performed its step one assessment as prescribed by FASB ASC Topic 350, Intangibles - Goodwill and Other as of December 31, 2016 and concluded that it was not more-likely-than-not that the fair value of the Company's reporting unit was less than its carrying value. Even though we determined that there was no goodwill impairment as of December 31, 2016, 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, 2017. We continued to assess for potential impairment through February 28, 2017 and noted no events that would be considered a triggering event. There were no adjustments to goodwill for the nine months ended February 28, 2017 . As of February 28, 2017 and May 31, 2016 , intangible assets consisted of the following: February 28, 2017 Gross carrying value Accumulated amortization Net carrying value (in thousands) Product technologies $ 148,374 $ (58,345 ) $ 90,029 Customer relationships 88,322 (50,131 ) 38,191 Trademarks 28,400 (8,357 ) 20,043 Licenses 5,037 (4,289 ) 748 Distributor relationships 2,150 (1,083 ) 1,067 $ 272,283 $ (122,205 ) $ 150,078 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 February 28, 2017 and February 29, 2016 was $4.4 million and $4.5 million , respectively. Amortization expense for the nine months ended February 28, 2017 and February 29, 2016 was $12.9 million and $13.4 million , respectively. Expected future amortization expense related to the intangible assets is as follows: (in thousands) Remainder of 2017 $ 4,398 2018 16,849 2019 16,138 2020 14,556 2021 13,604 2022 and thereafter 84,533 $ 150,078 |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Feb. 28, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES As of February 28, 2017 and May 31, 2016 , accrued liabilities consisted of the following: Feb 28, 2017 May 31, 2016 (in thousands) Payroll and related expenses $ 9,807 $ 9,414 Royalties 2,473 2,489 Accrued severance 1,606 1,524 Sales and franchise taxes 832 565 Outside services 1,085 2,063 Other 4,950 5,887 $ 20,753 $ 21,942 |
Long Term Debt
Long Term Debt | 9 Months Ended |
Feb. 28, 2017 | |
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 $100.0 million senior secured term loan facility (“Term Loan”) and a $150.0 million senior secured revolving credit facility, which includes up to a $20.0 million sublimit for letters of credit and a $5.0 million sublimit for swingline loans (the “Revolving Facility”, and together with the Term Loan, the “Facilities”). On November 7, 2016, the Company borrowed $100.0 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 February 28, 2017 the revolver was paid off in full. As of February 28, 2017 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 year 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 1.50% 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 0.20% to 0.35% per annum on the unused portion. The interest rate at February 28, 2017 was 2.29% . 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 February 28, 2017 . The Company's maturities of principal obligations under the credit agreement are as follows, as of February 28, 2017 : (in thousands) Remainder of 2017 $ 1,250 2018 5,000 2019 5,000 2020 7,500 2021 11,250 2022 68,750 Total term loan 98,750 Revolving facility — Total debt 98,750 Less: Unamortized debt issuance costs (1,231 ) Total 97,519 Less: Current portion of long-term debt (5,000 ) Total long-term debt, net $ 92,519 |
Income Taxes
Income Taxes | 9 Months Ended |
Feb. 28, 2017 | |
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 42.9% in the third quarter of fiscal 2017 , as compared to 46.0% 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 | 9 Months Ended |
Feb. 28, 2017 | |
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 February 28, 2017 and February 29, 2016 , share-based payment expense was $1.7 million for both periods. For the nine months ended February 28, 2017 and February 29, 2016 , share-based payment expense was $5.1 million and $4.5 million , respectively. In the nine months ended February 28, 2017 and February 29, 2016 , 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 the Company's 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 the Company's shares on the date of grant and use a Monte Carlo simulation model. As of February 28, 2017 , there were $14.4 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 | 9 Months Ended |
Feb. 28, 2017 | |
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 February 28, 2017 , $17.2 million remained available for repurchase under the Repurchase Program. In February 2017, the Company retired 642,305 shares of treasury stock. These retired shares are now included in the Company’s pool of authorized but unissued shares. The retired stock had a carrying value of approximately $9.9 million and $0.01 was the par value that was deducted from Common Stock and the remaining $9.9 million is deducted from Additional Paid-in Capital. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Feb. 28, 2017 | |
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 anti-dilutive. 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 nine months ended February 28, 2017 and February 29, 2016 (in thousands): Three Months Ended Nine Months Ended Feb 28, 2017 Feb 29, 2016 Feb 28, 2017 Feb 29, 2016 Basic 36,625 36,146 36,557 36,083 Effect of dilutive securities 501 244 511 — Diluted 37,126 36,390 37,068 36,083 Securities excluded as their inclusion would be anti-dilutive 1,040 3,394 973 3,038 |
Segment and Geographic Informat
Segment and Geographic Information | 9 Months Ended |
Feb. 28, 2017 | |
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 Nine Months Ended Feb 28, 2017 Feb 29, 2016 Feb 28, 2017 Feb 29, 2016 Net sales Peripheral Vascular $ 48,496 $ 49,779 $ 152,800 $ 147,940 Vascular Access 23,680 24,911 72,238 74,576 Oncology/Surgery 12,993 12,054 35,837 35,859 Supply Agreement 433 690 1,854 2,096 Total $ 85,602 $ 87,434 $ 262,729 $ 260,471 The table below presents net sales by geographic area based on external customer location (in thousands of dollars): Three Months Ended Nine Months Ended Feb 28, 2017 Feb 29, 2016 Feb 28, 2017 Feb 29, 2016 Net sales United States $ 67,366 $ 69,501 $ 209,901 $ 208,523 International 17,803 17,243 50,974 49,852 Supply Agreement 433 690 1,854 2,096 Total $ 85,602 $ 87,434 $ 262,729 $ 260,471 |
Fair Value
Fair Value | 9 Months Ended |
Feb. 28, 2017 | |
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 February 28, 2017 and May 31, 2016 (in thousands of dollars): Fair Value Measurements using inputs considered as: Fair Value at February 28, 2017 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 — — 12,635 12,635 Total Financial Liabilities $ — $ — $ 12,635 $ 12,635 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 nine months ended February 28, 2017 . The table below presents the changes in fair value components of Level 3 instruments in the three and nine months ended February 28, 2017 (in thousands of dollars): Three Months Ended February 28, 2017 Financial Assets Financial Liabilities Fair Value Measurements (Level 3) Fair Value Measurements (Level 3) Balance, November 30, 2016 1,203 12,513 Total gains or losses (realized/unrealized): Change in present value of contingent consideration — 122 Balance, February 28, 2017 $ 1,203 $ 12,635 Nine Months Ended February 28, 2017 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 — (15,386 ) Currency gain (loss) from remeasurement — (154 ) Proceeds from sale or maturity of marketable securities (450 ) — Contingent consideration payments — (10,100 ) Balance, February 28, 2017 $ 1,203 $ 12,635 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 projections for the AngioVac product as a result of reviews performed by executive management across all products. The adjustments to the sales projections 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 February 28, 2017 , the revenue based payments are being calculated based on our current sales projections 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 February 28, 2017 (in thousands of dollars): Fair value at Valuation Feb 28, 2017 Technique Unobservable Input Range Revenue based payments $ 12,635 Discounted cash flow Discount rate 4% Probability of achieving sales 100% Projected fiscal year of payment 2017 - 2019 At February 28, 2017 , the estimated potential amount of undiscounted future contingent consideration that we expect to pay as a result of all completed acquisitions is approximately $13.0 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 | 9 Months Ended |
Feb. 28, 2017 | |
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 February 28, 2017 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 February 28, 2017 and May 31, 2016 , marketable securities consisted of the following (in thousands of dollars): As of February 28, 2017 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 | 9 Months Ended |
Feb. 28, 2017 | |
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, and regulatory 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 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 denied the petition on January 9, 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; the Massachusetts District Court granted our motion on February 17, 2017. On March 8, 2017, the Massachusetts defendants filed another notice of appeal to the First Circuit Court of Appeals, challenging the District Court’s denial of their motion to vacate the civil contempt sanctions in effect against them 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 February 17, 2017, we filed our motion for default against the four Chapter 7 Debtors in the trustee process in the Massachusetts District Court. 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. Our damages claims in this adversary proceeding have been stayed since the Chapter 7 bankruptcy filings of the four Biolitec Debtors in April 2015. 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,. The PTO has since issued decisions denying all Rehearing Requests - - on February 1, 2017 for the ‘302; on February 17, 2017 for the ‘022; and on February 21, 2017 for the ‘615. In the ‘302 and ‘022, the PTO modified its characterization of one prior art reference. 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 completed briefing on the claim construction issues and the Markman hearing was held on March 10, 2017. A decision is expected on or about May 12, 2017. 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 | 9 Months Ended |
Feb. 28, 2017 | |
Restructuring and Related Activities [Abstract] | |
Acquisition, Restructuring and Other Items, Net | ACQUISITION, RESTRUCTURING, AND OTHER ITEMS, NET Acquisition, Restructuring and Other Items For the three months and nine months ended February 28, 2017 and February 29, 2016 acquisition, restructuring and other items, net consisted of: Three Months Ended Nine Months Ended Feb 28, 2017 Feb 29, 2016 Feb 28, 2017 Feb 29, 2016 (in thousands) (in thousands) Legal $ 1,528 $ 1,468 $ 5,162 $ 5,402 Intangible and other asset impairment — — 5,604 384 Plant consolidation 217 — 217 — Other 5 1,574 1,045 3,312 Total $ 1,750 $ 3,042 $ 12,028 $ 9,098 Restructuring The Company evaluates its performance and looks for opportunities to improve the overall operations of the Company on an ongoing basis. As a result of this evaluation, certain restructuring initiatives are taken to enhance the Company’s overall operations. Operational Consolidation On February 1, 2017, the Company announced to employees an operational consolidation plan (the “plan”) to consolidate our manufacturing facilities in Manchester, GA and Denmead, UK into the Glens Falls and Queensbury, NY facilities. This plan will streamline and optimize the manufacturing functions into one centralized location increasing the utilization of the Glens Falls and Queensbury facilities, optimizing inventory and reducing cost of goods sold through savings in overhead expenses and direct labor. The restructuring activities associated with the plan are expected to be completed in the third quarter of fiscal year 2018. The following table provides a summary of our estimated costs associated with the plan: Type of cost Total estimated amount expected to be incurred (in millions) Termination benefits $1.75 to $2.25 Equipment transfer $2.25 to $2.50 Regulatory filings $0.75 to $1.00 Contract cancellations $0.75 to $1.00 Other $0.75 to $1.00 $6.25 to $7.75 The Company recorded restructuring charges related to the plan in the third quarter of fiscal year 2017 of $0.2 million for the three months ended and $0.2 million for the nine months ended. There were no costs associated with this plan in the prior year. Termination benefits are only earned if an employee stays until their termination date; therefore, the expenses related to termination benefits are being recorded ratably over the service period. The following table presents the costs incurred in the third quarter of fiscal year 2017: Three and nine months ended February 28, 2017: Equipment Contract Termination Transfer Regulatory Cancellation Other (in thousands) Benefits Costs Filings Costs Costs Acquisition, restructuring, one-time and other $ 202 $ — $ — $ — $ 15 $ 202 $ — $ — $ — $ 15 The Company made no cash payments in the third quarter of fiscal year 2017 associated with our restructuring initiatives associated with the plan. The Company’s restructuring liability of $0.2 million is mainly comprised of accruals for termination benefits which are included in accrued expenses on the consolidated condensed balance sheet. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Feb. 28, 2017 | |
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. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), which clarifies the definition of a business by providing a more robust framework to evaluate whether transactions should be accounted for as an acquisition of assets or business. This update is expected to reduce the number of transactions that will be accounted for as an acquisition of a business. ASU 2017-01 is effective for annual periods beginning after December 15, 2017. The effects of this update will depend on future acquisitions. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), which simplifies the subsequent measurement of goodwill by eliminating steps from the goodwill impairment test. ASU 2017-04 should be adopted for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company will evaluate the impact of ASU 2017-04 during its next goodwill impairment test. |
Recently Issued Accounting Pr24
Recently Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Feb. 28, 2017 | |
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) | 9 Months Ended |
Feb. 28, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories are stated at lower of cost (using the first-in, first-out method) or market. As of February 28, 2017 and May 31, 2016 , inventories consisted of the following: Feb 28, 2017 May 31, 2016 (in thousands) Raw materials $ 19,057 $ 21,669 Work in process 11,947 10,700 Finished goods 26,677 23,001 Inventories $ 57,681 $ 55,370 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Feb. 28, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | As of February 28, 2017 and May 31, 2016 , intangible assets consisted of the following: February 28, 2017 Gross carrying value Accumulated amortization Net carrying value (in thousands) Product technologies $ 148,374 $ (58,345 ) $ 90,029 Customer relationships 88,322 (50,131 ) 38,191 Trademarks 28,400 (8,357 ) 20,043 Licenses 5,037 (4,289 ) 748 Distributor relationships 2,150 (1,083 ) 1,067 $ 272,283 $ (122,205 ) $ 150,078 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 $ 4,398 2018 16,849 2019 16,138 2020 14,556 2021 13,604 2022 and thereafter 84,533 $ 150,078 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Feb. 28, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | As of February 28, 2017 and May 31, 2016 , accrued liabilities consisted of the following: Feb 28, 2017 May 31, 2016 (in thousands) Payroll and related expenses $ 9,807 $ 9,414 Royalties 2,473 2,489 Accrued severance 1,606 1,524 Sales and franchise taxes 832 565 Outside services 1,085 2,063 Other 4,950 5,887 $ 20,753 $ 21,942 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 9 Months Ended |
Feb. 28, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's maturities of principal obligations under the credit agreement are as follows, as of February 28, 2017 : (in thousands) Remainder of 2017 $ 1,250 2018 5,000 2019 5,000 2020 7,500 2021 11,250 2022 68,750 Total term loan 98,750 Revolving facility — Total debt 98,750 Less: Unamortized debt issuance costs (1,231 ) Total 97,519 Less: Current portion of long-term debt (5,000 ) Total long-term debt, net $ 92,519 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Feb. 28, 2017 | |
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 nine months ended February 28, 2017 and February 29, 2016 (in thousands): Three Months Ended Nine Months Ended Feb 28, 2017 Feb 29, 2016 Feb 28, 2017 Feb 29, 2016 Basic 36,625 36,146 36,557 36,083 Effect of dilutive securities 501 244 511 — Diluted 37,126 36,390 37,068 36,083 Securities excluded as their inclusion would be anti-dilutive 1,040 3,394 973 3,038 |
Segment and Geographic Inform30
Segment and Geographic Information (Tables) | 9 Months Ended |
Feb. 28, 2017 | |
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 Nine Months Ended Feb 28, 2017 Feb 29, 2016 Feb 28, 2017 Feb 29, 2016 Net sales Peripheral Vascular $ 48,496 $ 49,779 $ 152,800 $ 147,940 Vascular Access 23,680 24,911 72,238 74,576 Oncology/Surgery 12,993 12,054 35,837 35,859 Supply Agreement 433 690 1,854 2,096 Total $ 85,602 $ 87,434 $ 262,729 $ 260,471 |
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 Nine Months Ended Feb 28, 2017 Feb 29, 2016 Feb 28, 2017 Feb 29, 2016 Net sales United States $ 67,366 $ 69,501 $ 209,901 $ 208,523 International 17,803 17,243 50,974 49,852 Supply Agreement 433 690 1,854 2,096 Total $ 85,602 $ 87,434 $ 262,729 $ 260,471 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Feb. 28, 2017 | |
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 February 28, 2017 and May 31, 2016 (in thousands of dollars): Fair Value Measurements using inputs considered as: Fair Value at February 28, 2017 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 — — 12,635 12,635 Total Financial Liabilities $ — $ — $ 12,635 $ 12,635 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 nine months ended February 28, 2017 (in thousands of dollars): Three Months Ended February 28, 2017 Financial Assets Financial Liabilities Fair Value Measurements (Level 3) Fair Value Measurements (Level 3) Balance, November 30, 2016 1,203 12,513 Total gains or losses (realized/unrealized): Change in present value of contingent consideration — 122 Balance, February 28, 2017 $ 1,203 $ 12,635 Nine Months Ended February 28, 2017 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 — (15,386 ) Currency gain (loss) from remeasurement — (154 ) Proceeds from sale or maturity of marketable securities (450 ) — Contingent consideration payments — (10,100 ) Balance, February 28, 2017 $ 1,203 $ 12,635 |
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 February 28, 2017 (in thousands of dollars): Fair value at Valuation Feb 28, 2017 Technique Unobservable Input Range Revenue based payments $ 12,635 Discounted cash flow Discount rate 4% Probability of achieving sales 100% Projected fiscal year of payment 2017 - 2019 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Feb. 28, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | As of February 28, 2017 and May 31, 2016 , marketable securities consisted of the following (in thousands of dollars): As of February 28, 2017 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) | 9 Months Ended |
Feb. 28, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table presents the costs incurred in the third quarter of fiscal year 2017: Three and nine months ended February 28, 2017: Equipment Contract Termination Transfer Regulatory Cancellation Other (in thousands) Benefits Costs Filings Costs Costs Acquisition, restructuring, one-time and other $ 202 $ — $ — $ — $ 15 $ 202 $ — $ — $ — $ 15 The following table provides a summary of our estimated costs associated with the plan: Type of cost Total estimated amount expected to be incurred (in millions) Termination benefits $1.75 to $2.25 Equipment transfer $2.25 to $2.50 Regulatory filings $0.75 to $1.00 Contract cancellations $0.75 to $1.00 Other $0.75 to $1.00 $6.25 to $7.75 For the three months and nine months ended February 28, 2017 and February 29, 2016 acquisition, restructuring and other items, net consisted of: Three Months Ended Nine Months Ended Feb 28, 2017 Feb 29, 2016 Feb 28, 2017 Feb 29, 2016 (in thousands) (in thousands) Legal $ 1,528 $ 1,468 $ 5,162 $ 5,402 Intangible and other asset impairment — — 5,604 384 Plant consolidation 217 — 217 — Other 5 1,574 1,045 3,312 Total $ 1,750 $ 3,042 $ 12,028 $ 9,098 |
Consolidated Condensed Financ34
Consolidated Condensed Financial Statements Narrative (Details) - USD ($) | Nov. 06, 2016 | Feb. 28, 2017 | Feb. 28, 2017 | Nov. 07, 2016 |
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury stock retirement | 642,305 | |||
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 | Feb. 28, 2017 | May 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 19,057 | $ 21,669 |
Work in process | 11,947 | 10,700 |
Finished goods | 26,677 | 23,001 |
Inventories | $ 57,681 | $ 55,370 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Dec. 07, 2015 | Feb. 28, 2017 |
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) | Dec. 31, 2016USD ($) | Feb. 28, 2017USD ($) | Feb. 29, 2016USD ($) | Feb. 28, 2017USD ($)Segment | Feb. 29, 2016USD ($) |
Finite-Lived Intangible Assets [Line Items] | |||||
Number of operating segments (segment) | Segment | 1 | ||||
Number of reportable segments (segment) | Segment | 1 | ||||
Amortization of intangibles | $ 4,360,000 | $ 4,458,000 | $ 12,886,000 | $ 13,356,000 | |
Goodwill impairment | $ 0 | ||||
Goodwill adjustments | $ 0 | ||||
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 | Feb. 28, 2017 | May 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value, excluding goodwill | $ 272,283 | $ 278,927 |
Accumulated amortization | (122,205) | (112,350) |
Net carrying value, finite intangible items | 150,078 | |
Net carrying value, excluding goodwill | 150,078 | 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 | (58,345) | (51,313) |
Net carrying value, finite intangible items | 90,029 | 97,074 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value, finite intangible items | 88,322 | 88,389 |
Accumulated amortization | (50,131) | (47,133) |
Net carrying value, finite intangible items | 38,191 | 41,256 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value, finite intangible items | 28,400 | 28,470 |
Accumulated amortization | (8,357) | (6,242) |
Net carrying value, finite intangible items | 20,043 | 22,228 |
Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value, finite intangible items | 5,037 | 7,931 |
Accumulated amortization | (4,289) | (6,716) |
Net carrying value, finite intangible items | 748 | 1,215 |
Distributor Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value, finite intangible items | 2,150 | 2,150 |
Accumulated amortization | (1,083) | (946) |
Net carrying value, finite intangible items | $ 1,067 | $ 1,204 |
Goodwill and Intangible Asset39
Goodwill and Intangible Assets - Expected Future Amortization Expense (Details) $ in Thousands | Feb. 28, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2017 | $ 4,398 |
2,018 | 16,849 |
2,019 | 16,138 |
2,020 | 14,556 |
2,021 | 13,604 |
2022 and thereafter | 84,533 |
Net carrying value, finite intangible items | $ 150,078 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Feb. 28, 2017 | May 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Payroll and related expenses | $ 9,807 | $ 9,414 |
Royalties | 2,473 | 2,489 |
Accrued severance | 1,606 | 1,524 |
Sales and franchise taxes | 832 | 565 |
Outside services | 1,085 | 2,063 |
Other | 4,950 | 5,887 |
Total | $ 20,753 | $ 21,942 |
Long Term Debt - Debt Outstandi
Long Term Debt - Debt Outstanding (Details) - USD ($) $ in Thousands | Feb. 28, 2017 | May 31, 2016 |
Debt Instrument [Line Items] | ||
Long term debt, gross | $ 98,750 | |
Unamortized debt issuance costs | (1,231) | |
Long term debt, net | 97,519 | |
Current portion of long term debt | (5,000) | $ (16,250) |
Long term debt, net of current maturities | 92,519 | |
Term Loan | Credit Facility | ||
Debt Instrument [Line Items] | ||
Remainder of 2017 | 1,250 | |
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 | 98,750 | |
Revolving Credit Facility | Credit Facility | ||
Debt Instrument [Line Items] | ||
Long term debt, gross | $ 0 |
Long Term Debt - Additional Inf
Long Term Debt - Additional Information (Detail) - USD ($) | Nov. 07, 2016 | Feb. 28, 2017 | Feb. 29, 2016 |
Debt Instrument [Line Items] | |||
Proceeds from issuance of and borrowings on long-term debt | $ 116,471,000 | $ 0 | |
Repayments of former credit agreement | $ 139,131,000 | $ 11,250,000 | |
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 | 2.29% | ||
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 | |
Feb. 28, 2017 | Feb. 29, 2016 | |
Income Tax Disclosure [Abstract] | ||
Estimated federal statutory income tax rate | 42.90% | 46.00% |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
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 | $ 1.7 | $ 5.1 | $ 4.5 |
Unrecognized compensation expenses related to share-based payment arrangements | $ 14.4 | $ 14.4 | ||
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 | Feb. 28, 2017 | Feb. 28, 2017 | Feb. 28, 2017 | May 31, 2016 |
Equity, Class of Treasury Stock [Line Items] | |||||
Value of shares repurchased | $ 7,840,000 | ||||
Treasury stock retirement | 642,305 | ||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Common Stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common stock authorized for repurchase | $ 25,000,000 | $ 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 | 17,200,000 | ||
Additional Paid-in Capital [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock retirement, carrying value | $ 9,900,000 | $ (9,942,000) | |||
Common Stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock retirement | 642,305 | (642,305) | |||
Treasury stock retirement, carrying value | $ 9,900,000 | $ (2,000) |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Basic to Diluted Weighted-Average Shares Outstanding (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Earnings Per Share [Abstract] | ||||
Basic (shares) | 36,625 | 36,146 | 36,557 | 36,083 |
Effect of dilutive securities (shares) | 501 | 244 | 511 | 0 |
Diluted (shares) | 37,126 | 36,390 | 37,068 | 36,083 |
Securities excluded as their inclusion would be anti-dilutive (shares) | 1,040 | 3,394 | 973 | 3,038 |
Segment and Geographic Inform47
Segment and Geographic Information - Additional Information (Detail) | 9 Months Ended |
Feb. 28, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating 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 | 9 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 85,602 | $ 87,434 | $ 262,729 | $ 260,471 |
Peripheral Vascular [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 48,496 | 49,779 | 152,800 | 147,940 |
Vascular Access [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 23,680 | 24,911 | 72,238 | 74,576 |
Oncology/Surgery [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 12,993 | 12,054 | 35,837 | 35,859 |
Supply Agreement [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 433 | $ 690 | $ 1,854 | $ 2,096 |
Segment and Geographic Inform49
Segment and Geographic Information - Summary of Net Sales by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Net Sales | ||||
Net sales | $ 85,602 | $ 87,434 | $ 262,729 | $ 260,471 |
Supply Agreement [Member] | ||||
Net Sales | ||||
Net sales | 433 | 690 | 1,854 | 2,096 |
Reportable Geographical Components [Member] | United States [Member] | ||||
Net Sales | ||||
Net sales | 67,366 | 69,501 | 209,901 | 208,523 |
Reportable Geographical Components [Member] | International [Member] | ||||
Net Sales | ||||
Net sales | 17,803 | 17,243 | 50,974 | 49,852 |
Reportable Geographical Components [Member] | Supply Agreement [Member] | ||||
Net Sales | ||||
Net sales | $ 433 | $ 690 | $ 1,854 | $ 2,096 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) $ in Millions | 3 Months Ended |
Feb. 28, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Potential amount of undiscounted future contingent consideration | $ 13 |
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 | Feb. 28, 2017 | 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 | 12,635 | 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 | 12,635 | |
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 | 12,635 | 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 | $ 12,635 | $ 38,275 |
Fair Value - Fair Value Measure
Fair Value - Fair Value Measurements Using Significant Unobservable Inputs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Feb. 28, 2017 | Feb. 28, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Financial assets, begining balance | $ 1,203 | $ 1,653 |
Currency gain (loss) from remeasurement, assets | 0 | |
Proceeds from sale or maturity of marketable securities, assets | (450) | |
Contingent consideration - Clinical Devices, assets | 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 | 12,513 | 38,275 |
Change in Fair Value of Contingent Consideration | 122 | (15,386) |
Currency gain (loss) from remeasurement, liabilities | (154) | |
Proceeds from sale or maturity of marketable securities, liabilities | 0 | |
Financial liabilities, ending balance | $ 12,635 | 12,635 |
Clinical Devices B.V [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Contingent consideration - Clinical Devices, liabilities | $ (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 | 9 Months Ended | ||
Feb. 28, 2017 | Nov. 30, 2016 | May 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | $ 12,635 | $ 12,513 | $ 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 | 12,635 | ||
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value financial liabilities | 12,635 | 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 | 12,635 | 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 | 12,635 | $ 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 | $ 12,635 | ||
Discount rate | 4.00% | ||
Probability of payment | 100.00% |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) $ in Millions | Feb. 28, 2017USD ($)Investment | May 31, 2016USD ($) |
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 | Feb. 28, 2017 | 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 | Feb. 28, 2017Petitionreexamination_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 | 9 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition, restructuring and other items, net | $ 1,750 | $ 3,042 | $ 12,028 | $ 9,098 |
Legal Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition, restructuring and other items, net | 1,528 | 1,468 | 5,162 | 5,402 |
Intangible Impairment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition, restructuring and other items, net | 0 | 0 | 5,604 | 384 |
Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition, restructuring and other items, net | 217 | 0 | 217 | 0 |
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition, restructuring and other items, net | $ 5 | $ 1,574 | $ 1,045 | $ 3,312 |
Acquisition, Restructuring an58
Acquisition, Restructuring and Other Items, Net - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Feb. 28, 2017 | Feb. 28, 2017 | May 31, 2016 | |
Restructuring and Related Activities [Abstract] | |||
Restructuring charges | $ 200,000 | $ 200,000 | $ 0 |
Cash payments associated with restructuring initiatives | 0 | ||
Restructuring liability | $ 200,000 | $ 200,000 |
Acquisition, Restructuring an59
Acquisition, Restructuring and Other Items, Net - Expected Restructuring Costs (Details) $ in Thousands | Feb. 01, 2017USD ($) |
Minimum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated costs | $ 6,250 |
Minimum [Member] | One-time Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated costs | 1,750 |
Minimum [Member] | Equipment Transfer [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated costs | 2,000 |
Minimum [Member] | Regulatory Filings [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated costs | 800 |
Minimum [Member] | Contract Termination [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated costs | 800 |
Minimum [Member] | Other Restructuring [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated costs | 800 |
Maximum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated costs | 7,750 |
Maximum [Member] | One-time Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated costs | 2,250 |
Maximum [Member] | Equipment Transfer [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated costs | 2,500 |
Maximum [Member] | Regulatory Filings [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated costs | 1,000 |
Maximum [Member] | Contract Termination [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated costs | 1,000 |
Maximum [Member] | Other Restructuring [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated costs | $ 1,000 |
Acquisition, Restructuring an60
Acquisition, Restructuring and Other Items, Net - Costs Incurred (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Feb. 28, 2017 | Feb. 28, 2017 | |
One-time Termination Benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Costs incurred | $ 202 | $ 202 |
Equipment Transfer [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Costs incurred | 0 | 0 |
Regulatory Filings [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Costs incurred | 0 | 0 |
Contract Termination [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Costs incurred | 0 | 0 |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Costs incurred | $ 15 | $ 15 |
Recently Issued Accounting Pr61
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 |