Cantel Medical (CMD) 10-Q 7 Dec 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Oct. 31, 2017	Nov. 30, 2017
Document and Entity Information
Entity Registrant Name	CANTEL MEDICAL CORP
Entity Central Index Key	19,446
Document Type	10-Q
Document Period End Date	Oct. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		41,805,837
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2017	Jul. 31, 2017
Current assets:
Cash and cash equivalents	$ 37,220	$ 36,584
Accounts receivable, net of allowance for doubtful accounts of $2,295 and $1,808	105,153	110,656
Inventories, net	105,823	98,724
Prepaid expenses and other current assets	19,484	11,407
Total current assets	267,680	257,371
Property and equipment, net	91,487	88,338
Intangible assets, net	138,837	124,512
Goodwill	351,818	311,445
Other assets	5,348	4,707
Total assets	855,170	786,373
Current liabilities:
Accounts payable	28,361	27,469
Compensation payable	20,500	27,468
Accrued expenses	28,391	23,393
Deferred revenue	25,183	25,282
Income taxes payable	7,136	3,167
Total current liabilities	109,571	106,779
Long-term debt	168,000	126,000
Deferred income taxes	31,375	24,714
Other long-term liabilities	3,646	4,948
Total liabilities	312,592	262,441
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred Stock, par value $1.00 per share; authorized 1,000,000 shares; none issued	0	0
Common Stock, par value $.10 per share; authorized 75,000,000 shares; issued October 31 - 46,332,826 shares, outstanding October - 41,805,879 shares; issued July 31 - 46,194,370 shares, outstanding July 31 - 41,728,934 shares	4,634	4,619
Additional paid-in capital	177,359	174,602
Retained earnings	430,519	407,590
Accumulated other comprehensive loss	(11,133)	(9,900)
Treasury Stock, at cost; October 31 - 4,526,947 shares; July 31 - 4,465,440 shares	(58,801)	(52,979)
Total stockholders’ equity	542,578	523,932
Total liabilities and stockholders' equity	$ 855,170	$ 786,373

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2017	Jul. 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 2,295	$ 1,808
Preferred Stock, par value (in dollars per share)	$ 1	$ 1
Preferred Stock, authorized shares	1,000,000	1,000,000
Preferred Stock, shares issued	0	0
Common Stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common Stock, authorized shares	75,000,000	75,000,000
Common Stock, shares issued	46,332,826	46,194,370
Common Stock, shares outstanding	41,805,879	41,728,934
Treasury Stock, shares	4,526,947	4,465,440

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Net sales
Product sales	$ 187,965	$ 166,901
Product service	24,801	20,824
Total net sales	212,766	187,725
Cost of sales
Product sales	95,099	83,616
Product service	17,008	14,602
Total cost of sales	112,107	98,218
Gross profit	100,659	89,507
Expenses:
Selling	31,600	27,893
General and administrative	32,096	30,003
Research and development	5,329	4,548
Total operating expenses	69,025	62,444
Income from operations	31,634	27,063
Interest expense, net	1,189	1,093
Other income	(1,138)	0
Income before income taxes	31,583	25,970
Income taxes	8,654	7,170
Net income	$ 22,929	$ 18,800
Earnings per common share:
Basic (in dollars per share)	$ 0.55	$ 0.45
Diluted (in dollars per share)	0.55	0.45
Dividends declared per common share (in dollars per share)	$ 0	$ 0.07

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 22,929	$ 18,800
Other comprehensive income (loss):
Foreign currency translation	(1,233)	(6,521)
Total other comprehensive loss	(1,233)	(6,521)
Comprehensive income	$ 21,696	$ 12,279

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Cash flows from operating activities
Net income	$ 22,929	$ 18,800
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,036	3,454
Amortization	4,048	3,909
Stock-based compensation expense	1,851	2,922
Deferred income taxes	780	1,917
Other non-cash items, net	(67)	333
Changes in assets and liabilities, net of effects of business acquisitions:
Accounts receivable	8,584	1,577
Inventories	(2,629)	(1,824)
Prepaid expenses and other assets	(6,273)	(2,801)
Accounts payable and other liabilities	(6,679)	(5,290)
Income taxes	3,492	1,911
Net cash provided by operating activities	30,072	24,908
Cash flows from investing activities
Capital expenditures	(6,492)	(8,143)
Proceeds from disposal of fixed assets	0	21
Acquisition of businesses, net of cash acquired	(60,345)	(57,768)
Other, net	0	255
Net cash used in investing activities	(66,837)	(65,635)
Cash flows from financing activities
Borrowings under revolving credit facility	61,300	61,000
Repayments under revolving credit facility	(19,300)	(16,000)
Purchases of treasury stock	(5,822)	(6,216)
Net cash provided by financing activities	36,178	38,784
Effect of exchange rate changes on cash and cash equivalents	1,223	(289)
Increase (decrease) in cash and cash equivalents	636	(2,232)
Cash and cash equivalents at beginning of period	36,584	28,367
Cash and cash equivalents at end of period	$ 37,220	$ 26,135

Basis of Presentation

Basis of Presentation	3 Months Ended
	Oct. 31, 2017
Basis of Presentation
Basis of Presentation	Basis of Presentation Throughout this document, references to “Cantel,” “us,” “we,” “our,” and the “Company” are references to Cantel Medical Corp. and its subsidiaries, except where the context makes it clear the reference is to Cantel itself and not its subsidiaries. Cantel is a leading provider of infection prevention products and services in the healthcare market, specializing in the following reportable segments: Endoscopy, Water Purification and Filtration, Healthcare Disposables and Dialysis. See Note 13, “Reportable Segments.” Most of our equipment, consumables and supplies are used to help prevent the occurrence or spread of infections. The unaudited Condensed Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles for interim financial reporting and the requirements of Form 10-Q and Rule 10.01 of Regulation S-X. Accordingly, they do not include certain information and note disclosures required by generally accepted accounting principles for annual financial reporting and should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Annual Report of Cantel Medical Corp. on Form 10-K for the fiscal year ended July 31, 2017 (the “2017 Form 10-K”) and Management's Discussion and Analysis of Financial Condition and Results of Operations included elsewhere herein. The unaudited interim financial statements reflect all adjustments (of a normal and recurring nature) which management considers necessary for a fair presentation of the results of operations for these periods. The results of operations for the interim periods are not necessarily indicative of the results for the full year. The Condensed Consolidated Balance Sheet at July 31, 2017 was derived from the audited Consolidated Balance Sheet of Cantel at that date. Subsequent Events We performed a review of events subsequent to October 31, 2017 . Refer to Note 14, "Subsequent Events."

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Oct. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Newly Adopted Accounting Standards In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-16, “ Simplifying the Accounting for Measurement-Period Adjustments (Topic 805)” (“ASU 2015-16”). The new guidance requires an acquirer in a business combination to recognize a measurement-period adjustment during the period in which it determines the amount, and eliminates the requirement for an acquirer to account for measurement-period adjustments retrospectively. The acquirer must also disclose the amounts and reasons for adjustments to the provisional amounts. ASU 2015-16 is effective for fiscal years beginning after December 15, 2016 (our fiscal year 2018), including interim periods within that reporting period. Accordingly, we adopted ASU 2015-06 on August 1, 2017. The adoption of ASU 2015-06 did not have a material impact upon on our financial position and results of operations. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330) Simplifying the Measurement of Inventory,” (“ASU 2015-11”). The new guidance requires 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. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016 (our fiscal year 2018), including interim periods within that reporting period. Accordingly, we adopted ASU 2015-11 on August 1, 2017. The adoption of ASU 2015-11 did not have a material impact upon on our financial position and results of operations. Recently Issued Accounting Standards In August 2017, the FASB issued ASU 2017-12, " Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12") to improve the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018 (our fiscal year 2020), including interim periods within that reporting period. We are currently in the process of evaluating the impact of ASU 2017-12 on our financial position and result of operations. In May 2017, the FASB issued ASU 2017-09, " Scope of Modification Accounting " ("ASU 2017-09") to provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017 (our fiscal year 2019), including interim periods within that reporting period. We are currently in the process of evaluating the impact of ASU 2017-09 on our financial position and result of operations. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other” (“ASU 2017-04”) to simplify the test for goodwill impairment. The revised guidance eliminates the existing Step 2 of the goodwill impairment test which required an entity to compute the implied fair value of its goodwill at the testing date in order to measure the amount of the impairment charge when the fair value of the reporting unit failed Step 1 of the goodwill impairment test. Under the revised guidance, an entity would recognize an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to the reporting unit. The guidance will be applied on a prospective basis on or after the effective date. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019 (our fiscal year 2021) and early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU 2017-04 is not expected to have a significant impact on our financial position and result of operations. In January 2017, the FASB issued ASU 2017-01, “ Business Combinations (Topic 805)” (“ASU 2017-01”) to clarify the definition of a business. The revised guidance creates a more robust framework to use in determining whether a set of assets and activities is a business. The guidance will be applied on a prospective basis on or after the effective date. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017 (our fiscal year 2019), including interim periods within that reporting period. We are currently in the process of evaluating the impact of ASU 2017-01 on our financial position and result of operations. In February 2016, FASB issued ASU 2016-02, “ Leases (Topic 842) ” (“ASU 2016-02”). The new guidance requires the recording of assets and liabilities arising from leases on the balance sheet accompanied by enhanced qualitative and quantitative disclosures in the notes to the financial statements. The new guidance is expected to provide transparency of information and comparability among organizations. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 (our fiscal year 2020), including interim periods within that reporting period. Early adoption is permitted as of the beginning of an interim or annual period. We are currently in the process of evaluating the impact of ASU 2016-02 on our financial position and results of operations. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which will supersede the revenue recognition requirements in Accounting Standards Codification 605, “Revenue Recognition” ("ASC 605"). ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606),” which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017 (our fiscal year 2019), including interim periods within that reporting period. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606),” (“ASU 2016-12”), which provided narrow scope improvements and practical expedients relating to ASU 2014-09. In preparation for our adoption of ASU 2014-09 and ASU 2016-12 on August 1, 2018, we are obtaining representative samples of contracts and other forms of agreements with our customers in the United States and international locations and plan to evaluate the provisions contained therein in light of the five-step model specified by the new guidance. We are also evaluating the impact of the new standard on certain common practices currently employed by us and by other health care manufacturers and service providers, such as multiple-element arrangements, deferred revenues, warranties, rebates and other pricing allowances. We anticipate adopting the standard using the modified retrospective method. There may be differences in timing of revenue recognition under the new standard compared to recognition under ASC 605.

Acquisitions

Acquisitions	3 Months Ended
	Oct. 31, 2017
Business Combinations [Abstract]
Acquisitions	Acquisitions Fiscal 2018 BHT Group On August 23, 2017, we purchased all of the issued and outstanding stock of BHT Hygienetechnik Holding GmbH ("BHT Group"), a leader in the German market in automated endoscope reprocessing and related equipment and services for total consideration (net of cash acquired), excluding acquisition related costs, of $60,345 . The BHT Group consists of a portfolio of high-quality automatic endoscope reprocessors, advanced endoscope storage and drying cabinets (products globally distributed by our Company prior to the acquisition under an agreement with BHT Group), washer-disinfectors for central sterile applications, associated technical service and parts as well as flexible endoscope repair services. BHT Group is included in our Endoscopy segment. We anticipate completing the purchase price allocation before or during the fourth quarter of fiscal 2018. Fiscal 2017 CR Kennedy On April 1, 2017, we purchased certain endoscopy-related net assets of CR Kennedy & Company Pty Ltd. ("CR Kennedy") related to its distribution and sale of our Medivators endoscopy products in Australia for total consideration, excluding acquisition related costs, of $11,999 . The CR Kennedy business includes a full sales and service organization and our Medivators-branded automated endoscope reprocessors, chemistries, endoscopy procedure products and other consumables in Australia, and is included in our Endoscopy segment. Vantage Endoscopy Inc.’s Medivators ® Endoscopy Business On September 26, 2016, we acquired certain net assets of Vantage Endoscopy Inc. ("Vantage") related to its distribution and sale of our Medivators endoscopy products in Canada for total consideration, excluding acquisition-related costs, of $4,044 . Vantage was our exclusive distributor of Medivators capital equipment (e.g., automated endoscope reprocessors) and related consumables and accessories in Canada, and is included in our Endoscopy segment. Accutron, Inc. On August 1, 2016, we acquired all of the issued and outstanding stock of Accutron Inc. ("Accutron"), a Phoenix-based company, for total consideration, excluding acquisition-related costs, of $53,049 . The Accutron business designs, manufactures and sells nitrous oxide conscious sedation equipment and single use nasal masks for use in dental procedures, and is included in our Healthcare Disposables segment. 2018 2017 Purchase Price Allocation BHT Group (1) CR Kennedy Vantage (1) Accutron (1) Purchase Price: Cash paid (net of cash acquired) $ 60,345 $ 11,999 $ 4,044 $ 53,049 Debt acquired — — — — Total $ 60,345 $ 11,999 $ 4,044 $ 53,049 Allocation: Property and equipment 835 — 433 1,676 Amortizable intangible assets: Customer relationships 12,500 4,200 992 12,800 Technology 6,200 — — 10,000 Brand names — — — 2,000 Goodwill 41,509 5,894 2,299 21,989 Deferred income taxes (5,881 ) — — 112 Other working capital 5,182 1,905 320 4,472 Total $ 60,345 $ 11,999 $ 4,044 $ 53,049 _______________________________________________ (1) The excess purchase price over net assets acquired was assigned to goodwill, all of which is deductible for income tax purposes. Unaudited Pro Forma Summary of Operations The acquisitions above, both individually and in the aggregate, were not material to our consolidated results of operations or financial position and, therefore, pro forma financial information is not presented.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Oct. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation 2016 Equity Incentive Plan At October 31, 2017 , 206,289 unvested restricted stock shares were outstanding under the 2016 plan. No options were outstanding under the 2016 plan. At October 31, 2017 , 970,421 shares are collectively available pursuant to restricted stock and other stock awards, stock options and stock appreciation rights. 2006 Equity Incentive Plan The 2006 Plan was terminated on January 7, 2016 in conjunction with the adoption of the 2016 Plan. At October 31, 2017 , options to purchase 70,000 shares of common stock were outstanding, and 49,275 unvested restricted stock shares were outstanding under the 2006 Plan. No additional awards will be granted under this plan. The following table shows the income statement components of stock-based compensation expense recognized in the condensed consolidated statements of income: Three Months Ended October 31, 2017 2016 Cost of sales $ 115 $ 110 Operating expenses: Selling 365 629 General and administrative 1,333 2,153 Research and development 38 30 Total operating expenses 1,736 2,812 Stock-based compensation before income taxes $ 1,851 $ 2,922 At October 31, 2017 , total unrecognized stock-based compensation expense, before income taxes, related to total nonvested stock options and restricted stock awards was $20,129 with a remaining weighted average period of 26 months over which such expense is expected to be recognized. We determine the fair value of each stock award with market conditions using a Monte Carlo simulation on the date of grant using the following assumptions: Three Months Ended October 31, 2017 2016 Volatility of common stock 26.60 % 27.75 % Average volatility of peer companies 33.72 % 32.98 % Average correlation coefficient of peer companies 32.26 % 35.35 % Risk-free interest rate 1.62 % 0.96 % A summary of nonvested stock award activity for the three months ended October 31, 2017 follows: Number of Time-based Shares Number of Performance-based Shares Number of Market-based Shares Number of Total Shares Weighted Average Fair Value July 31, 2017 196,818 16,235 9,245 222,298 $ 66.28 Granted 91,234 18,647 10,465 120,346 $ 101.55 Vested (1) (80,931 ) (4,834 ) — (85,765 ) $ 57.72 Forfeited (1,315 ) — — (1,315 ) $ 76.81 October 31, 2017 205,806 30,048 19,710 255,564 $ 85.76 _______________________________________________ (1) The aggregate fair value of all nonvested stock awards which vested was approximately $4,950 . A summary of stock option activity for the three months ended October 31, 2017 follows: Number of shares Weighted Average Exercise Price Weighted Average Contractual Life Remaining (Years) Aggregate Intrinsic Value Outstanding at July 31, 2017 122,500 $ 29.36 Granted — — Exercised (52,500 ) 17.04 Outstanding at October 31, 2017 70,000 $ 38.60 1.79 $ 4,221 Exercisable at October 31, 2017 65,000 $ 37.31 1.69 $ 4,003 During the three months ended October 31, 2017 , 5,000 options vested, with an aggregate fair value of approximately $132 . During the three months ended October 31, 2017 , 52,500 options were exercised, with an aggregate fair value of approximately $4,049 . As of October 31, 2017 , all of the outstanding options had vested or were expected to vest in future periods. No options were granted during the three months ended October 31, 2017 . Excess tax benefits arise when the ultimate tax effect of the deduction for tax purposes is greater than the income tax benefit on stock-based compensation described above. For the three months ended October 31, 2017 , income tax deductions of $4,125 were generated, of which $1,839 were previously recorded as a reduction in income tax expense over the equity awards’ vesting period and the remaining excess tax benefit of $2,286 was recorded as a reduction in income tax expense. For the three months ended October 31, 2016 , income tax deductions of $5,376 were generated, of which $3,135 were previously recorded as a reduction in income tax expense over the equity awards’ vesting period and the remaining excess tax benefit of $2,241 was recorded as a reduction in income tax expense.

Inventories, Net

Inventories, Net	3 Months Ended
	Oct. 31, 2017
Inventory Disclosure [Abstract]
Inventories, net	Inventories, Net A summary of inventories is as follows: October 31, 2017 July 31, 2017 Raw materials and parts $ 50,281 $ 45,831 Work-in-process 15,974 13,484 Finished goods 48,593 48,262 Reserve for excess and obsolete inventory (9,025 ) (8,853 ) Total $ 105,823 $ 98,724

Derivatives

Derivatives	3 Months Ended
	Oct. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives In order to hedge against the impact of fluctuations in the value of the Euro, British Pound, Canadian dollar, Australian dollar and Singapore dollar relative to the U.S. dollar on the conversion of such net assets into the functional currencies, we enter into short-term forward contracts to purchase Euros, British Pounds, Canadian dollars, Australian dollars and Singapore dollars, which contracts are one-month in duration. These short-term contracts are designated as fair value hedge instruments. These foreign currency forward contracts are continually replaced with new one -month contracts as long as we have significant net assets that are denominated and ultimately settled in currencies other than each entity’s functional currency. Gains and losses related to hedging contracts to buy Euros, British Pounds, Canadian dollars, Australian dollars and Singapore dollars forward are immediately realized within general and administrative expenses due to the short-term nature of such contracts. We do not currently hedge against the impact of fluctuations in the value of the Chinese Renminbi relative to the U.S. dollar because the overall foreign currency exposures relating to those currencies are currently not deemed significant. There were seven foreign currency forward contracts with an aggregate notional value of $23,077 and $24,762 at October 31, 2017 and July 31, 2017, respectively, which covered certain assets and liabilities that were denominated in currencies other than each entity’s functional currency. For the three months ended October 31, 2017 and 2016, our forward contracts resulted in an immaterial amount of net currency conversion losses, net of tax, on the hedged items.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Oct. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy We apply the provisions of Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures,” (“ASC 820”), for our financial assets and liabilities that are re-measured and reported at fair value each reporting period and our nonfinancial assets and liabilities that are re-measured and reported at fair value on a non-recurring basis. We define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three level fair value hierarchy to prioritize the inputs used in valuations, as defined below: Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis Our financial assets that are re-measured at fair value on a recurring basis include money market funds that are classified as cash and cash equivalents in the consolidated balance sheets. These money market funds are classified within Level 1 of the fair value hierarchy and are valued using quoted market prices for identical assets. In connection with the Jet Prep Ltd. ("Jet Prep") acquisition in fiscal 2014, we assumed a contingent obligation payable to the Israeli Government based on future sales. This fair value measurement was based on significant inputs not observed in the market and thus represent Level 3 measurements. In November 2017, the Israeli Government formally notified us that they would forgive any future amounts payable due to our decision to exit the Jet Prep business and we reduced the fair value of this obligation to $0 as of October 31, 2017 . See Note 10, "Commitments and Contingencies." The fair values of the Company’s financial instruments measured on a recurring basis were categorized as follows: October 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money markets $ 102 $ — $ — $ 102 Total assets $ 102 $ — $ — $ 102 Liabilities: Accrued expenses: Assumed contingent obligation — — — — Contingent guaranteed obligation — — — — Total accrued expenses — — — — Long-term debt (1) — 168,000 — 168,000 Other long-term liabilities: Assumed contingent obligation — — — — Contingent guaranteed obligation — — — — Total other long-term liabilities: — — — — Total liabilities $ — $ 168,000 $ — $ 168,000 ________________________________________________ (1) Fair value estimated using Level 2 inputs, which were quoted prices for identical or similar instruments in markets that are not active. July 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money markets $ 102 $ — $ — $ 102 Total assets $ 102 $ — $ — $ 102 Liabilities: Accrued expenses: Assumed contingent obligation — — 12 12 Contingent guaranteed obligation — — — — Total accrued expenses — — 12 12 Long-term debt (1) — 126,000 — 126,000 Other long-term liabilities: Assumed contingent obligation — — 1,126 1,126 Contingent guaranteed obligation — — — — Total other long-term liabilities: — — 1,126 1,126 Total liabilities $ — $ 126,000 $ 1,138 $ 127,138 ________________________________________________ (1) Fair value estimated using Level 2 inputs, which were quoted prices for identical or similar instruments in markets that are not active. With the exception of the resolution of the Jet Prep obligation, there was no Level 3 activity during the three months ended October 31, 2017 . The Level 3 activity during the three months ended October 31, 2016 was not material. Disclosure of Fair Value of Financial Instruments As of October 31, 2017 and July 31, 2017 , the carrying amounts for cash and cash equivalents (excluding money markets), accounts receivable and accounts payable approximated fair value due to the short maturity of these instruments.

Intangibles and Goodwill

Intangibles and Goodwill	3 Months Ended
	Oct. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles and Goodwill	Intangibles and Goodwill The Company’s intangible assets consist of the following: October 31, 2017 July 31, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets with finite lives: Customer relationships $ 131,810 $ (37,403 ) $ 94,407 $ 119,576 $ (34,773 ) $ 84,803 Technology (1) 44,744 (15,931 ) 28,813 39,064 (15,260 ) 23,804 Brand names 8,210 (3,426 ) 4,784 8,188 (3,225 ) 4,963 Non-compete agreements 3,092 (1,487 ) 1,605 3,092 (1,428 ) 1,664 Patents and other registrations 2,801 (1,092 ) 1,709 2,783 (1,053 ) 1,730 190,657 (59,339 ) 131,318 172,703 (55,739 ) 116,964 Trademarks and tradenames 7,519 — 7,519 7,548 — 7,548 Total intangible assets $ 198,176 $ (59,339 ) $ 138,837 $ 180,251 $ (55,739 ) $ 124,512 _______________________________________________ (1) The gross and accumulated amortization amounts previously reported as of July 31, 2017 have been revised to exclude the $3,730 fully amortized technology related intangible asset and associated accumulated amortization related to the Jet Prep business. This did not result in any change to the net technology related intangible asset as of July 31, 2017. Amortization expense related to intangible assets was $4,048 and $3,909 for the three months ended 2018 and 2017 , respectively. We expect to recognize an additional $12,726 , of amortization expense related to intangible assets for the remainder of fiscal 2018 , and thereafter $16,521 , $14,768 , $14,767 , $14,429 and $14,046 of amortization expense for fiscal year 2019 , 2020 , 2021 , 2022 and 2023 , respectively. Goodwill changed during the three months ended October 31, 2017 as follows: Endoscopy Water Purification and Filtration Healthcare Disposables Dialysis Total Goodwill Balance, July 31, 2017 129,945 59,088 114,279 8,133 311,445 Acquisitions 41,509 — — — 41,509 Foreign currency translation (968 ) (168 ) — — (1,136 ) Balance, October 31, 2017 $ 170,486 $ 58,920 $ 114,279 $ 8,133 $ 351,818

Financing Arrangements

Financing Arrangements	3 Months Ended
	Oct. 31, 2017
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Borrowings under our Third Amended and Restated Credit Agreement (the "2014 Credit Agreement") bear interest at rates ranging from 0.25% to 1.25% above the lender’s base rate, or at rates ranging from 1.25% to 2.25% above the London Interbank Offered Rate (“LIBOR”), depending upon the Company’s “Consolidated Leverage Ratio,” which is defined as the consolidated ratio of total funded debt to earnings before interest, taxes, depreciation and amortization, and as further adjusted under the terms of the 2014 Credit Agreement (“Consolidated EBITDA”). At October 31, 2017 , the lender’s base rate was 4.25% and the LIBOR rates ranged from 1.24% to 1.46% . The margins applicable to our outstanding borrowings were 0.25% above the lender’s base rate or 1.25% above LIBOR. All of our outstanding borrowings were under LIBOR contracts at October 31, 2017 . The 2014 Credit Agreement also provides for fees on the unused portion of our facility at rates ranging from 0.20% to 0.40% , depending upon our Consolidated Leverage Ratio, which was 0.20% at October 31, 2017 . The 2014 Credit Agreement contains affirmative and negative covenants reasonably customary for similar credit facilities and is secured by (i) substantially all assets of Cantel and its U.S.-based subsidiaries, (ii) a pledge by Cantel of all of the outstanding shares of its U.S.-based subsidiaries and 65% of the outstanding shares of certain of Cantel’s foreign-based subsidiaries and (iii) a guaranty by Cantel’s domestic subsidiaries. We are in compliance with all financial and other covenants under the 2014 Credit Agreement. As of October 31, 2017 and July 31, 2017 , we had $168,000 and $126,000 , respectively, of outstanding borrowings under the 2014 Credit Agreement. Debt issuance costs associated with our credit facilities are capitalized and amortized to interest expense over the term of the credit facilities. As of October 31, 2017 and July 31, 2017 , such debt issuance costs, net of related amortization, were included in other assets, and amounted to $488 and $580 , respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Oct. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingent Consideration and Assumed Contingent Liability During fiscal 2017, we decided to exit the Jet Prep business that was acquired in fiscal 2014. At the time of the acquisition, we assumed a contingent obligation payable to the Israeli Government based on future sales. In November 2017, the Israeli Government formally notified us that they would forgive any future amounts payable due to our decision to exit the Jet Prep business. As a result of this formal notification, we reduced the $1,138 contingent obligation to $0 , resulting in a benefit through other income for the three months ended October 31, 2017 . Legal Proceedings In the normal course of business, we are subject to pending and threatened legal actions. It is our policy to accrue for amounts related to these legal matters if it is probable that a liability has been incurred and an amount of anticipated exposure can be reasonably estimated. We do not believe that any of these pending claims or legal actions will have a material effect on our business, financial condition, results of operations or cash flows.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Oct. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Basic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year. We include participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. The following table sets forth the computation of basic and diluted EPS available to stockholders of common stock (excluding participating securities): Three Months Ended October 31, 2017 2016 Numerator for basic and diluted earnings per share: Net income $ 22,929 $ 18,800 Less income allocated to participating securities (124 ) (134 ) Net income available to common shareholders $ 22,805 $ 18,666 Denominator for basic and diluted earnings per share, as adjusted for participating securities: Denominator for basic earnings per share - weighted average number of shares outstanding attributable to common stock 41,521,952 41,403,050 Dilutive effect of stock options using the treasury stock method and the average market price for the year 66,233 72,015 Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock 41,588,185 41,475,065 Earnings per share attributable to common stock: Basic earnings per share $ 0.55 $ 0.45 Diluted earnings per share $ 0.55 $ 0.45 Stock options excluded from weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive — — A reconciliation of weighted average number of shares and common stock equivalents attributable to common stock, as determined above, to the Company’s total weighted average number of shares and common stock equivalents, including participating securities, is set forth in the following table: Three Months Ended October 31, 2017 2016 Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock 41,588,185 41,475,065 Participating securities 225,675 309,831 Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities 41,813,860 41,784,896

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Oct. 31, 2017
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components and changes in accumulated other comprehensive loss income were as follows: Three Months Ended October 31, 2017 2016 Beginning balance $ (9,900 ) $ (11,795 ) Other comprehensive loss for foreign currency translation (1,233 ) (6,521 ) Ending balance $ (11,133 ) $ (18,316 )

Reportable Segments

Reportable Segments	3 Months Ended
	Oct. 31, 2017
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments In accordance with FASB ASC Topic 280, “ Segment Reporting,” (“ASC 280”), we have determined our reportable business segments based upon an assessment of product types, organizational structure, customers and internally prepared financial statements. The primary factors used by us in analyzing segment performance are net sales and operating income. The Company’s reportable segments are as follows: Endoscopy: designs, develops, manufactures, sells and installs a comprehensive offering of products and services comprising a complete circle of infection prevention solutions. Our products include endoscope reprocessing and endoscopy procedure products. Water Purification and Filtration: designs, develops, manufactures, sells, and installs water purification systems for medical, pharmaceutical and other bacteria controlled applications. We also provide filtration/separation and disinfectant technologies to the medical and life science markets through a worldwide distributor network. Two customers collectively accounted for approximately 53.4% and 46.3% of our Water Purification and Filtration segment net sales for the three months ended October 31, 2017 and 2016 , respectively. Healthcare Disposables: designs, manufactures, sells, supplies and distributes a broad selection of infection prevention healthcare products, the majority of which are single-use products used by dental practitioners. Three customers collectively accounted for approximately 49.1% and 51.6% of our Healthcare Disposables segment net sales for the three months ended October 31, 2017 and 2016 , respectively. Dialysis: designs, develops, manufactures, sells and services reprocessing systems and sterilants for dialyzers (a device serving as an artificial kidney), as well as dialysate concentrates and supplies utilized for renal dialysis. Two customers accounted for approximately 43.1% and 45.5% of our Dialysis segment net sales for the three months ended October 31, 2017 and 2016 , respectively. Information as to reportable segments is summarized below: Three Months Ended October 31, 2017 2016 Net sales: Endoscopy $ 112,385 $ 93,828 Water Purification and Filtration 53,555 49,873 Healthcare Disposables 38,892 36,799 Dialysis 7,934 7,225 Total $ 212,766 $ 187,725 None of our customers accounted for 10% or more of our consolidated net sales for the three months ended October 31, 2017 and 2016 . Three Months Ended October 31, 2017 2016 Segment operating income: Endoscopy $ 19,684 $ 17,561 Water Purification and Filtration 10,150 8,920 Healthcare Disposables 8,900 7,396 Dialysis 2,099 1,813 40,833 35,690 General corporate expenses (1) 9,199 8,627 Operating income $ 31,634 $ 27,063 _______________________________________________ (1) General corporate expenses relate to unallocated corporate costs primarily related to executive management personnel as well as costs associated with certain facets of our acquisition program and being a publicly traded company.

Subsequent Events

Subsequent Events	3 Months Ended
	Oct. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividend Announcement On November 1, 2017, our Board of Directors approved a 21% increase in the semi-annual cash dividend to $0.085 per share of outstanding common stock, which will be paid on January 31, 2018 to shareholders of record at the close of business on January 17, 2018.

Recent Accounting Pronounceme21

Recent Accounting Pronouncements Newly Adopted and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Oct. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Newly Adopted Accounting Standards	Newly Adopted Accounting Standards In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-16, “ Simplifying the Accounting for Measurement-Period Adjustments (Topic 805)” (“ASU 2015-16”). The new guidance requires an acquirer in a business combination to recognize a measurement-period adjustment during the period in which it determines the amount, and eliminates the requirement for an acquirer to account for measurement-period adjustments retrospectively. The acquirer must also disclose the amounts and reasons for adjustments to the provisional amounts. ASU 2015-16 is effective for fiscal years beginning after December 15, 2016 (our fiscal year 2018), including interim periods within that reporting period. Accordingly, we adopted ASU 2015-06 on August 1, 2017. The adoption of ASU 2015-06 did not have a material impact upon on our financial position and results of operations. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330) Simplifying the Measurement of Inventory,” (“ASU 2015-11”). The new guidance requires 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. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016 (our fiscal year 2018), including interim periods within that reporting period. Accordingly, we adopted ASU 2015-11 on August 1, 2017. The adoption of ASU 2015-11 did not have a material impact upon on our financial position and results of operations. Recently Issued Accounting Standards In August 2017, the FASB issued ASU 2017-12, " Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12") to improve the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018 (our fiscal year 2020), including interim periods within that reporting period. We are currently in the process of evaluating the impact of ASU 2017-12 on our financial position and result of operations. In May 2017, the FASB issued ASU 2017-09, " Scope of Modification Accounting " ("ASU 2017-09") to provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017 (our fiscal year 2019), including interim periods within that reporting period. We are currently in the process of evaluating the impact of ASU 2017-09 on our financial position and result of operations. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other” (“ASU 2017-04”) to simplify the test for goodwill impairment. The revised guidance eliminates the existing Step 2 of the goodwill impairment test which required an entity to compute the implied fair value of its goodwill at the testing date in order to measure the amount of the impairment charge when the fair value of the reporting unit failed Step 1 of the goodwill impairment test. Under the revised guidance, an entity would recognize an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to the reporting unit. The guidance will be applied on a prospective basis on or after the effective date. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019 (our fiscal year 2021) and early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU 2017-04 is not expected to have a significant impact on our financial position and result of operations. In January 2017, the FASB issued ASU 2017-01, “ Business Combinations (Topic 805)” (“ASU 2017-01”) to clarify the definition of a business. The revised guidance creates a more robust framework to use in determining whether a set of assets and activities is a business. The guidance will be applied on a prospective basis on or after the effective date. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017 (our fiscal year 2019), including interim periods within that reporting period. We are currently in the process of evaluating the impact of ASU 2017-01 on our financial position and result of operations. In February 2016, FASB issued ASU 2016-02, “ Leases (Topic 842) ” (“ASU 2016-02”). The new guidance requires the recording of assets and liabilities arising from leases on the balance sheet accompanied by enhanced qualitative and quantitative disclosures in the notes to the financial statements. The new guidance is expected to provide transparency of information and comparability among organizations. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 (our fiscal year 2020), including interim periods within that reporting period. Early adoption is permitted as of the beginning of an interim or annual period. We are currently in the process of evaluating the impact of ASU 2016-02 on our financial position and results of operations. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which will supersede the revenue recognition requirements in Accounting Standards Codification 605, “Revenue Recognition” ("ASC 605"). ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606),” which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017 (our fiscal year 2019), including interim periods within that reporting period. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606),” (“ASU 2016-12”), which provided narrow scope improvements and practical expedients relating to ASU 2014-09. In preparation for our adoption of ASU 2014-09 and ASU 2016-12 on August 1, 2018, we are obtaining representative samples of contracts and other forms of agreements with our customers in the United States and international locations and plan to evaluate the provisions contained therein in light of the five-step model specified by the new guidance. We are also evaluating the impact of the new standard on certain common practices currently employed by us and by other health care manufacturers and service providers, such as multiple-element arrangements, deferred revenues, warranties, rebates and other pricing allowances. We anticipate adopting the standard using the modified retrospective method. There may be differences in timing of revenue recognition under the new standard compared to recognition under ASC 605.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Oct. 31, 2017
Business Combinations [Abstract]
Schedule of purchase price allocated to the assets acquired and assumed liabilities based on estimated fair values	2018 2017 Purchase Price Allocation BHT Group (1) CR Kennedy Vantage (1) Accutron (1) Purchase Price: Cash paid (net of cash acquired) $ 60,345 $ 11,999 $ 4,044 $ 53,049 Debt acquired — — — — Total $ 60,345 $ 11,999 $ 4,044 $ 53,049 Allocation: Property and equipment 835 — 433 1,676 Amortizable intangible assets: Customer relationships 12,500 4,200 992 12,800 Technology 6,200 — — 10,000 Brand names — — — 2,000 Goodwill 41,509 5,894 2,299 21,989 Deferred income taxes (5,881 ) — — 112 Other working capital 5,182 1,905 320 4,472 Total $ 60,345 $ 11,999 $ 4,044 $ 53,049 _______________________________________________ (1) The excess purchase price over net assets acquired was assigned to goodwill, all of which is deductible for income tax purposes.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Oct. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of the income statement components of stock-based compensation expense recognized in the Condensed Consolidated Statements of Income	The following table shows the income statement components of stock-based compensation expense recognized in the condensed consolidated statements of income: Three Months Ended October 31, 2017 2016 Cost of sales $ 115 $ 110 Operating expenses: Selling 365 629 General and administrative 1,333 2,153 Research and development 38 30 Total operating expenses 1,736 2,812 Stock-based compensation before income taxes $ 1,851 $ 2,922
Schedule of weighted-average assumptions used to estimate fair value of stock options	We determine the fair value of each stock award with market conditions using a Monte Carlo simulation on the date of grant using the following assumptions: Three Months Ended October 31, 2017 2016 Volatility of common stock 26.60 % 27.75 % Average volatility of peer companies 33.72 % 32.98 % Average correlation coefficient of peer companies 32.26 % 35.35 % Risk-free interest rate 1.62 % 0.96 %
Summary of nonvested stock award activity	A summary of nonvested stock award activity for the three months ended October 31, 2017 follows: Number of Time-based Shares Number of Performance-based Shares Number of Market-based Shares Number of Total Shares Weighted Average Fair Value July 31, 2017 196,818 16,235 9,245 222,298 $ 66.28 Granted 91,234 18,647 10,465 120,346 $ 101.55 Vested (1) (80,931 ) (4,834 ) — (85,765 ) $ 57.72 Forfeited (1,315 ) — — (1,315 ) $ 76.81 October 31, 2017 205,806 30,048 19,710 255,564 $ 85.76 _______________________________________________ (1) The aggregate fair value of all nonvested stock awards which vested was approximately $4,950 .
Summary of stock option activity	A summary of stock option activity for the three months ended October 31, 2017 follows: Number of shares Weighted Average Exercise Price Weighted Average Contractual Life Remaining (Years) Aggregate Intrinsic Value Outstanding at July 31, 2017 122,500 $ 29.36 Granted — — Exercised (52,500 ) 17.04 Outstanding at October 31, 2017 70,000 $ 38.60 1.79 $ 4,221 Exercisable at October 31, 2017 65,000 $ 37.31 1.69 $ 4,003

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Oct. 31, 2017
Inventory Disclosure [Abstract]
Summary of inventories	A summary of inventories is as follows: October 31, 2017 July 31, 2017 Raw materials and parts $ 50,281 $ 45,831 Work-in-process 15,974 13,484 Finished goods 48,593 48,262 Reserve for excess and obsolete inventory (9,025 ) (8,853 ) Total $ 105,823 $ 98,724

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Oct. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of fair values of financial instruments measured on a recurring basis	The fair values of the Company’s financial instruments measured on a recurring basis were categorized as follows: October 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money markets $ 102 $ — $ — $ 102 Total assets $ 102 $ — $ — $ 102 Liabilities: Accrued expenses: Assumed contingent obligation — — — — Contingent guaranteed obligation — — — — Total accrued expenses — — — — Long-term debt (1) — 168,000 — 168,000 Other long-term liabilities: Assumed contingent obligation — — — — Contingent guaranteed obligation — — — — Total other long-term liabilities: — — — — Total liabilities $ — $ 168,000 $ — $ 168,000 ________________________________________________ (1) Fair value estimated using Level 2 inputs, which were quoted prices for identical or similar instruments in markets that are not active. July 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money markets $ 102 $ — $ — $ 102 Total assets $ 102 $ — $ — $ 102 Liabilities: Accrued expenses: Assumed contingent obligation — — 12 12 Contingent guaranteed obligation — — — — Total accrued expenses — — 12 12 Long-term debt (1) — 126,000 — 126,000 Other long-term liabilities: Assumed contingent obligation — — 1,126 1,126 Contingent guaranteed obligation — — — — Total other long-term liabilities: — — 1,126 1,126 Total liabilities $ — $ 126,000 $ 1,138 $ 127,138 ________________________________________________ (1) Fair value estimated using Level 2 inputs, which were quoted prices for identical or similar instruments in markets that are not active.

Intangibles and Goodwill (Table

Intangibles and Goodwill (Tables)	3 Months Ended
	Oct. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The Company’s intangible assets consist of the following: October 31, 2017 July 31, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets with finite lives: Customer relationships $ 131,810 $ (37,403 ) $ 94,407 $ 119,576 $ (34,773 ) $ 84,803 Technology (1) 44,744 (15,931 ) 28,813 39,064 (15,260 ) 23,804 Brand names 8,210 (3,426 ) 4,784 8,188 (3,225 ) 4,963 Non-compete agreements 3,092 (1,487 ) 1,605 3,092 (1,428 ) 1,664 Patents and other registrations 2,801 (1,092 ) 1,709 2,783 (1,053 ) 1,730 190,657 (59,339 ) 131,318 172,703 (55,739 ) 116,964 Trademarks and tradenames 7,519 — 7,519 7,548 — 7,548 Total intangible assets $ 198,176 $ (59,339 ) $ 138,837 $ 180,251 $ (55,739 ) $ 124,512 _______________________________________________ (1) The gross and accumulated amortization amounts previously reported as of July 31, 2017 have been revised to exclude the $3,730 fully amortized technology related intangible asset and associated accumulated amortization related to the Jet Prep business. This did not result in any change to the net technology related intangible asset as of July 31, 2017.
Schedule of changes in goodwill	Goodwill changed during the three months ended October 31, 2017 as follows: Endoscopy Water Purification and Filtration Healthcare Disposables Dialysis Total Goodwill Balance, July 31, 2017 129,945 59,088 114,279 8,133 311,445 Acquisitions 41,509 — — — 41,509 Foreign currency translation (968 ) (168 ) — — (1,136 ) Balance, October 31, 2017 $ 170,486 $ 58,920 $ 114,279 $ 8,133 $ 351,818

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Oct. 31, 2017
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted EPS available to stockholders of common stock (excluding participating securities)	The following table sets forth the computation of basic and diluted EPS available to stockholders of common stock (excluding participating securities): Three Months Ended October 31, 2017 2016 Numerator for basic and diluted earnings per share: Net income $ 22,929 $ 18,800 Less income allocated to participating securities (124 ) (134 ) Net income available to common shareholders $ 22,805 $ 18,666 Denominator for basic and diluted earnings per share, as adjusted for participating securities: Denominator for basic earnings per share - weighted average number of shares outstanding attributable to common stock 41,521,952 41,403,050 Dilutive effect of stock options using the treasury stock method and the average market price for the year 66,233 72,015 Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock 41,588,185 41,475,065 Earnings per share attributable to common stock: Basic earnings per share $ 0.55 $ 0.45 Diluted earnings per share $ 0.55 $ 0.45 Stock options excluded from weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive — —
Schedule of reconciliation of weighted average number of shares and common stock equivalents attributable to common stock to the Company's total weighted average number of shares and common stock equivalents including participating securities	A reconciliation of weighted average number of shares and common stock equivalents attributable to common stock, as determined above, to the Company’s total weighted average number of shares and common stock equivalents, including participating securities, is set forth in the following table: Three Months Ended October 31, 2017 2016 Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock 41,588,185 41,475,065 Participating securities 225,675 309,831 Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities 41,813,860 41,784,896

Accumulated Other Comprehensi28

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Oct. 31, 2017
Accumulated Other Comprehensive Income (Loss)
Schedule of the components and changes in accumulated other comprehensive (loss) income	The components and changes in accumulated other comprehensive loss income were as follows: Three Months Ended October 31, 2017 2016 Beginning balance $ (9,900 ) $ (11,795 ) Other comprehensive loss for foreign currency translation (1,233 ) (6,521 ) Ending balance $ (11,133 ) $ (18,316 )

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Oct. 31, 2017
Segment Reporting [Abstract]
Information as to operating segments	Information as to reportable segments is summarized below: Three Months Ended October 31, 2017 2016 Net sales: Endoscopy $ 112,385 $ 93,828 Water Purification and Filtration 53,555 49,873 Healthcare Disposables 38,892 36,799 Dialysis 7,934 7,225 Total $ 212,766 $ 187,725 None of our customers accounted for 10% or more of our consolidated net sales for the three months ended October 31, 2017 and 2016 . Three Months Ended October 31, 2017 2016 Segment operating income: Endoscopy $ 19,684 $ 17,561 Water Purification and Filtration 10,150 8,920 Healthcare Disposables 8,900 7,396 Dialysis 2,099 1,813 40,833 35,690 General corporate expenses (1) 9,199 8,627 Operating income $ 31,634 $ 27,063 _______________________________________________ (1) General corporate expenses relate to unallocated corporate costs primarily related to executive management personnel as well as costs associated with certain facets of our acquisition program and being a publicly traded company.

Acquisitions - BHT Group (Detai

Acquisitions - BHT Group (Details) - USD ($) $ in Thousands	Aug. 23, 2017	Oct. 31, 2017
BHT Group
Acquisitions
Total consideration for the transaction, excluding acquisition-related costs	$ 60,345	$ 60,345

Acquisitions - CR Kennedy & Com

Acquisitions - CR Kennedy & Company (Details) - USD ($) $ in Thousands	Apr. 01, 2017	Jul. 31, 2017
CR Kennedy
Acquisitions
Total consideration for the transaction, excluding acquisition-related costs	$ 11,999	$ 11,999

Acquisitions - Vantage (Details

Acquisitions - Vantage (Details) - USD ($) $ in Thousands	Sep. 26, 2016	Jul. 31, 2017
Vantage
Acquisitions
Total consideration for the transaction, excluding acquisition-related costs	$ 4,044	$ 4,044

Acquisitions - Accutron (Detail

Acquisitions - Accutron (Details) - USD ($) $ in Thousands	Aug. 01, 2016	Jul. 31, 2017
Accutron
Acquisitions
Total consideration for the transaction, excluding acquisition-related costs	$ 53,049	$ 53,049

Acquisitions - Purchase price a

Acquisitions - Purchase price allocation (Details) - USD ($) $ in Thousands	Aug. 23, 2017	Apr. 01, 2017	Sep. 26, 2016	Aug. 01, 2016	Oct. 31, 2017	Jul. 31, 2017
Acquisitions
Goodwill					$ 351,818	$ 311,445
BHT Group
Acquisitions
Cash paid (net of cash acquired)					60,345
Debt acquired					0
Total	$ 60,345				60,345
Property and equipment					835
Goodwill					41,509
Deferred income taxes					(5,881)
Other working capital					5,182
Total					60,345
CR Kennedy
Acquisitions
Cash paid (net of cash acquired)						11,999
Debt acquired						0
Total		$ 11,999				11,999
Property and equipment						0
Goodwill						5,894
Deferred income taxes						0
Other working capital						1,905
Total						11,999
Vantage
Acquisitions
Cash paid (net of cash acquired)						4,044
Debt acquired						0
Total			$ 4,044			4,044
Property and equipment						433
Goodwill						2,299
Deferred income taxes						0
Other working capital						320
Total						4,044
Accutron
Acquisitions
Cash paid (net of cash acquired)						53,049
Debt acquired						0
Total				$ 53,049		53,049
Property and equipment						1,676
Goodwill						21,989
Deferred income taxes						112
Other working capital						4,472
Total						53,049
Customer relationships | BHT Group
Acquisitions
Amortizable intangible assets:					12,500
Customer relationships | CR Kennedy
Acquisitions
Amortizable intangible assets:						4,200
Customer relationships | Vantage
Acquisitions
Amortizable intangible assets:						992
Customer relationships | Accutron
Acquisitions
Amortizable intangible assets:						12,800
Technology | BHT Group
Acquisitions
Amortizable intangible assets:					6,200
Technology | CR Kennedy
Acquisitions
Amortizable intangible assets:						0
Technology | Vantage
Acquisitions
Amortizable intangible assets:						0
Technology | Accutron
Acquisitions
Amortizable intangible assets:						10,000
Brand names | BHT Group
Acquisitions
Amortizable intangible assets:					$ 0
Brand names | CR Kennedy
Acquisitions
Amortizable intangible assets:						0
Brand names | Vantage
Acquisitions
Amortizable intangible assets:						0
Brand names | Accutron
Acquisitions
Amortizable intangible assets:						$ 2,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Jul. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested restricted stock shares	255,564		222,298
Outstanding options (in shares)	70,000		122,500
Total unrecognized stock-based compensation cost	$ 20,129
Remaining weighted average period for unrecognized compensation cost	26 months
Number of options exercised (in shares)	52,500
Deduction in income tax due to exercise of options and vesting of restricted stock	$ 4,125	$ 5,376
Reduction in income tax expense over the equity awards' vesting period	1,839	3,135
Excess tax benefit	$ 2,286	$ 2,241
2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested restricted stock shares	206,289
Outstanding options (in shares)	0
Shares available under Plan	970,421
2006 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested restricted stock shares	49,275
Outstanding options (in shares)	70,000
Employee and directors stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vested during period (in shares)	5,000
Aggregate fair value of all options vested	$ 132
Number of options exercised (in shares)	52,500
Aggregate fair value of exercised options	$ 4,049
Options granted in period (in shares)	0

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation before income taxes	$ 1,851	$ 2,922
Cost of sales
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation before income taxes	115	110
Operating expenses: Selling
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation before income taxes	365	629
Operating expenses: General and administrative
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation before income taxes	1,333	2,153
Operating expenses: Research and development
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation before income taxes	38	30
Total operating expenses
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation before income taxes	$ 1,736	$ 2,812

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Monte Carlo Simulation (Details) - Restricted Stock	3 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility of common stock	26.60%	27.75%
Average volatility of peer companies	33.72%	32.98%
Average correlation coefficient of peer companies	32.26%	35.35%
Risk-free interest rate	1.62%	0.96%

Stock-Based Compensation - Nonv

Stock-Based Compensation - Nonvested Stock Award Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 31, 2017USD ($)$ / sharesshares
Number of Shares
Nonvested stock awards at the beginning of the period (in shares)	222,298
Granted (in shares)	120,346
Vested (in shares)	(85,765)
Forfeited (in shares)	(1,315)
Nonvested stock awards at the end of the period (in shares)	255,564
Weighted Average Fair Value
Nonvested stock awards at the beginning of the period (in dollars per share) | $ / shares	$ 66.28
Granted (in dollars per share) | $ / shares	101.55
Vested (in dollars per share) | $ / shares	57.72
Forfeited (in dollars per share) | $ / shares	76.81
Nonvested stock awards at the end of the period (in dollars per share) | $ / shares	$ 85.76
Aggregate fair value of nonvested stock awards that vested | $	$ 4,950
Number of Time-based Shares
Number of Shares
Nonvested stock awards at the beginning of the period (in shares)	196,818
Granted (in shares)	91,234
Vested (in shares)	(80,931)
Forfeited (in shares)	(1,315)
Nonvested stock awards at the end of the period (in shares)	205,806
Number of Performance-based Shares
Number of Shares
Nonvested stock awards at the beginning of the period (in shares)	16,235
Granted (in shares)	18,647
Vested (in shares)	(4,834)
Forfeited (in shares)	0
Nonvested stock awards at the end of the period (in shares)	30,048
Number of Market-based Shares
Number of Shares
Nonvested stock awards at the beginning of the period (in shares)	9,245
Granted (in shares)	10,465
Vested (in shares)	0
Forfeited (in shares)	0
Nonvested stock awards at the end of the period (in shares)	19,710

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 31, 2017USD ($)$ / sharesshares
Stock Option Activity
Outstanding options beginning balance (in shares) | shares	122,500
Number of options exercised (in shares) | shares	(52,500)
Outstanding options ending balance (in shares) | shares	70,000
Stock Option Activity Weighted Average Exercise Price
Options outstanding beginning balance, Weighted average exercise price (in dollars per share) | $ / shares	$ 29.36
Options exercised, Weighted average exercise price (in dollars per share) | $ / shares	17.04
Options outstanding ending balance, Weighted average exercise price (in dollars per share) | $ / shares	$ 38.60
Stock Option Activity, Additional Disclosures
Options outstanding, Weighted average contractual life remaining (in years)	1 year 9 months 14 days
Options outstanding, Aggregate intrinsic value (in dollars) | $	$ 4,221
Options exercisable, number of options (in shares) | shares	65,000
Options exercisable, Weighted average exercise price (in dollars per share) | $ / shares	$ 37.31
Options exercisable, Weighted average contractual life remaining (in years)	1 year 8 months 8 days
Options exercisable, Aggregate intrinsic value (in dollars) | $	$ 4,003

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Thousands	Oct. 31, 2017	Jul. 31, 2017
Inventory Disclosure [Abstract]
Raw materials and parts	$ 50,281	$ 45,831
Work-in-process	15,974	13,484
Finished goods	48,593	48,262
Reserve for excess and obsolete inventory	(9,025)	(8,853)
Total	$ 105,823	$ 98,724

Derivatives (Details)

Derivatives (Details) - Foreign currency forward contracts - Designated as hedging instrument - Fair value hedge instruments $ in Thousands	3 Months Ended
	Oct. 31, 2017USD ($)contract	Jul. 31, 2017USD ($)contract
Derivatives
Term of contracts	1 month
Number of contracts | contract	7	7
Aggregate value of contracts | $	$ 23,077	$ 24,762

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - Jet Prep Ltd. - USD ($) $ in Thousands	Nov. 30, 2017	Oct. 31, 2017	Jul. 31, 2017
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Assumed contingent obligation		$ 1,138
Level 3 | Recurring basis
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Assumed contingent obligation			$ 1,138
Subsequent event | Level 3 | Recurring basis
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Assumed contingent obligation	$ 0

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy Levels (Details) - Recurring basis - USD ($) $ in Thousands	Oct. 31, 2017	Jul. 31, 2017
Assets:
Total assets	$ 102	$ 102
Liabilities:
Total liabilities	168,000	127,138
Accrued expenses:
Liabilities:
Assumed contingent obligation	0	12
Contingent guaranteed obligation	0	0
Total accrued expenses	0	12
Long-term debt	168,000	126,000
Other long-term liabilities:
Liabilities:
Assumed contingent obligation	0	1,126
Contingent guaranteed obligation	0	0
Total other long-term liabilities:	0	1,126
Money markets | Cash and cash equivalents:
Assets:
Money markets	102	102
Level 1
Assets:
Total assets	102	102
Liabilities:
Total liabilities	0	0
Level 1 | Accrued expenses:
Liabilities:
Assumed contingent obligation	0	0
Contingent guaranteed obligation	0	0
Total accrued expenses	0	0
Long-term debt	0	0
Level 1 | Other long-term liabilities:
Liabilities:
Assumed contingent obligation	0	0
Contingent guaranteed obligation	0	0
Total other long-term liabilities:	0	0
Level 1 | Money markets | Cash and cash equivalents:
Assets:
Money markets	102	102
Level 2
Assets:
Total assets	0	0
Liabilities:
Total liabilities	168,000	126,000
Level 2 | Accrued expenses:
Liabilities:
Assumed contingent obligation	0	0
Contingent guaranteed obligation	0	0
Total accrued expenses	0	0
Long-term debt	168,000	126,000
Level 2 | Other long-term liabilities:
Liabilities:
Assumed contingent obligation	0	0
Contingent guaranteed obligation	0	0
Total other long-term liabilities:	0	0
Level 2 | Money markets | Cash and cash equivalents:
Assets:
Money markets	0	0
Level 3
Assets:
Total assets	0	0
Liabilities:
Total liabilities	0	1,138
Level 3 | Accrued expenses:
Liabilities:
Assumed contingent obligation	0	12
Contingent guaranteed obligation	0	0
Total accrued expenses	0	12
Long-term debt	0	0
Level 3 | Other long-term liabilities:
Liabilities:
Assumed contingent obligation	0	1,126
Contingent guaranteed obligation	0	0
Total other long-term liabilities:	0	1,126
Level 3 | Money markets | Cash and cash equivalents:
Assets:
Money markets	$ 0	$ 0

Intangibles and Goodwill - Inta

Intangibles and Goodwill - Intangible Assets Summary (Details) - USD ($) $ in Thousands	Oct. 31, 2017	Jul. 31, 2017
Intangible assets with finite lives:
Gross	$ 190,657	$ 172,703
Accumulated Amortization	(59,339)	(55,739)
Net	131,318	116,964
Intangible assets with indefinite lives:
Trademarks and tradenames	7,519	7,548
Total intangible assets
Gross	198,176	180,251
Accumulated Amortization	(59,339)	(55,739)
Net	138,837	124,512
Amortized technology related asset excluded from computation	59,339	55,739
Customer relationships
Intangible assets with finite lives:
Gross	131,810	119,576
Accumulated Amortization	(37,403)	(34,773)
Net	94,407	84,803
Total intangible assets
Accumulated Amortization	(37,403)	(34,773)
Amortized technology related asset excluded from computation	37,403	34,773
Technology
Intangible assets with finite lives:
Gross	44,744	39,064
Accumulated Amortization	(15,931)	(15,260)
Net	28,813	23,804
Total intangible assets
Accumulated Amortization	(15,931)	(15,260)
Amortized technology related asset excluded from computation	15,931	15,260
Brand names
Intangible assets with finite lives:
Gross	8,210	8,188
Accumulated Amortization	(3,426)	(3,225)
Net	4,784	4,963
Total intangible assets
Accumulated Amortization	(3,426)	(3,225)
Amortized technology related asset excluded from computation	3,426	3,225
Non-compete agreements
Intangible assets with finite lives:
Gross	3,092	3,092
Accumulated Amortization	(1,487)	(1,428)
Net	1,605	1,664
Total intangible assets
Accumulated Amortization	(1,487)	(1,428)
Amortized technology related asset excluded from computation	1,487	1,428
Patents and other registrations
Intangible assets with finite lives:
Gross	2,801	2,783
Accumulated Amortization	(1,092)	(1,053)
Net	1,709	1,730
Total intangible assets
Accumulated Amortization	(1,092)	(1,053)
Amortized technology related asset excluded from computation	1,092	$ 1,053
Jet Prep Ltd. | Technology
Intangible assets with finite lives:
Accumulated Amortization	(3,730)
Total intangible assets
Accumulated Amortization	(3,730)
Amortized technology related asset excluded from computation	$ 3,730

Intangibles and Goodwill - Narr

Intangibles and Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 4,048	$ 3,909
2,018	12,726
2,019	16,521
2,020	14,768
2,021	14,767
2,022	14,429
2,023	$ 14,046

Intangibles and Goodwill - Good

Intangibles and Goodwill - Goodwill Rollforward (Details) $ in Thousands	3 Months Ended
	Oct. 31, 2017USD ($)
Changes in Goodwill
Balance at the beginning of the period	$ 311,445
Acquisitions	41,509
Foreign currency translation	(1,136)
Balance at the end of the period	351,818
Endoscopy
Changes in Goodwill
Balance at the beginning of the period	129,945
Acquisitions	41,509
Foreign currency translation	(968)
Balance at the end of the period	170,486
Water Purification and Filtration
Changes in Goodwill
Balance at the beginning of the period	59,088
Acquisitions	0
Foreign currency translation	(168)
Balance at the end of the period	58,920
Healthcare Disposables
Changes in Goodwill
Balance at the beginning of the period	114,279
Acquisitions	0
Foreign currency translation	0
Balance at the end of the period	114,279
Dialysis
Changes in Goodwill
Balance at the beginning of the period	8,133
Acquisitions	0
Foreign currency translation	0
Balance at the end of the period	$ 8,133

Financing Arrangements (Details

Financing Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Jul. 31, 2017
Financing Arrangements
Repayment of borrowings under credit agreement	$ 19,300	$ 16,000
Credit Agreement
Financing Arrangements
Fees on unused portion of credit facilities (as a percent)	0.20%
Shares of foreign subsidiaries pledged as security (as a percent)	65.00%
Outstanding borrowings	$ 168,000		$ 126,000
Credit Agreement | Other assets
Financing Arrangements
Unamortized debt issuance costs	$ 488		$ 580
Credit Agreement | Minimum
Financing Arrangements
Fees on unused portion of credit facilities (as a percent)	0.20%
Credit Agreement | Maximum
Financing Arrangements
Fees on unused portion of credit facilities (as a percent)	0.40%
Credit Agreement | Lender's base rate
Financing Arrangements
Margin on reference rate (as a percent)	0.25%
Reference rate (as a percent)	4.25%
Credit Agreement | Lender's base rate | Minimum
Financing Arrangements
Margin on reference rate (as a percent)	0.25%
Credit Agreement | Lender's base rate | Maximum
Financing Arrangements
Margin on reference rate (as a percent)	1.25%
Credit Agreement | LIBOR
Financing Arrangements
Margin on reference rate (as a percent)	1.25%
Credit Agreement | LIBOR | Minimum
Financing Arrangements
Margin on reference rate (as a percent)	1.25%
Reference rate (as a percent)	1.24%
Credit Agreement | LIBOR | Maximum
Financing Arrangements
Margin on reference rate (as a percent)	2.25%
Reference rate (as a percent)	1.46%

Commitments and Contingencies (

Commitments and Contingencies (Details) - Jet Prep Ltd. - USD ($) $ in Thousands	Nov. 30, 2017	Oct. 31, 2017	Jul. 31, 2017
Acquisitions
Assumed contingent obligation		$ 1,138
Recurring basis | Level 3
Acquisitions
Assumed contingent obligation			$ 1,138
Recurring basis | Level 3 | Subsequent event
Acquisitions
Assumed contingent obligation	$ 0

Earnings Per Common Share - Com

Earnings Per Common Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Numerator for basic and diluted earnings per share:
Net income	$ 22,929	$ 18,800
Less income allocated to participating securities	(124)	(134)
Net income available to common shareholders	$ 22,805	$ 18,666
Denominator for basic and diluted earnings per share, as adjusted for participating securities:
Denominator for basic earnings per share - weighted average number of shares outstanding attributable to common stock (in shares)	41,521,952	41,403,050
Dilutive effect of stock options using the treasury stock method and the average market price for the period (in shares)	66,233	72,015
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock (in shares)	41,588,185	41,475,065
Earnings per share attributable to common stock:
Basic earnings per share (in dollars per share)	$ 0.55	$ 0.45
Diluted earnings per share (in dollars per share)	$ 0.55	$ 0.45
Stock options excluded from weighted average dilutive common shares outstanding because their inclusion would have been antidilutive (in shares)	0	0

Earnings Per Common Share - Wei

Earnings Per Common Share - Weighted Average Shares (Details) - shares	3 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Reconciliation of weighted average number of shares and common stock equivalents attributable to common stock, to the entity's total weighted average number of shares and common stock equivalents, including participating securities
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock (in shares)	41,588,185	41,475,065
Participating securities (in shares)	225,675	309,831
Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities (in shares)	41,813,860	41,784,896

Accumulated Other Comprehensi51

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Components and changes in accumulated other comprehensive (loss) income
Beginning Balance	$ 523,932
Ending Balance	542,578
Accumulated Other Comprehensive Income
Components and changes in accumulated other comprehensive (loss) income
Beginning Balance	(9,900)	$ (11,795)
Ending Balance	(11,133)	(18,316)
Foreign Currency Translation Adjustments
Components and changes in accumulated other comprehensive (loss) income
Other comprehensive loss for foreign currency translation	$ (1,233)	$ (6,521)

Reportable Segments - Concentra

Reportable Segments - Concentration Risk (Details) - Segment sales - Customer concentration	3 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Water Purification and Filtration | Two customers
Concentration risk
Concentration risk within segment (as a percent)	53.40%	46.30%
Healthcare Disposables | Three customers
Concentration risk
Concentration risk within segment (as a percent)	49.10%	51.60%
Dialysis | Two customers
Concentration risk
Concentration risk within segment (as a percent)	43.10%	45.50%

Reportable Segments - Results (

Reportable Segments - Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Information as to operating segments
Net sales	$ 212,766	$ 187,725
Segment operating income	31,634	27,063
General corporate expenses	32,096	30,003
Operating Segment
Information as to operating segments
Segment operating income	40,833	35,690
Endoscopy
Information as to operating segments
Net sales	112,385	93,828
Endoscopy | Operating Segment
Information as to operating segments
Segment operating income	19,684	17,561
Water Purification and Filtration
Information as to operating segments
Net sales	53,555	49,873
Water Purification and Filtration | Operating Segment
Information as to operating segments
Segment operating income	10,150	8,920
Healthcare Disposables
Information as to operating segments
Net sales	38,892	36,799
Healthcare Disposables | Operating Segment
Information as to operating segments
Segment operating income	8,900	7,396
Dialysis
Information as to operating segments
Net sales	7,934	7,225
Dialysis | Operating Segment
Information as to operating segments
Segment operating income	2,099	1,813
General corporate | Segment reconciling items
Information as to operating segments
General corporate expenses	$ 9,199	$ 8,627

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Nov. 01, 2017	Oct. 31, 2017	Oct. 31, 2016
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)		$ 0	$ 0.07
Subsequent event
Subsequent Event [Line Items]
Percent increase in dividend	21.00%
Dividends declared per common share (in dollars per share)	$ 0.085