Cantel Medical (CMD) 10-Q 6 Mar 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jan. 31, 2020	Feb. 29, 2020
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2020
Document Transition Report	false
Entity File Number	001-31337
Entity Registrant Name	Cantel Medical Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-1760285
Entity Address, Address Line One	150 Clove Road
Entity Address, City or Town	Little Falls
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07424
City Area Code	(973)
Local Phone Number	890-7220
Title of 12(b) Security	Common Stock
Trading Symbol	CMD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,141,460
Entity Central Index Key	0000019446
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 31, 2020	Jul. 31, 2019
Assets
Cash and cash equivalents	$ 58,730	$ 44,535
Accounts receivable, net of allowance for doubtful accounts of $2,784 and $2,322	168,878	146,910
Inventories, net	184,177	138,234
Prepaid expenses and other current assets	25,963	22,117
Total current assets	437,748	351,796
Property and equipment, net	230,023	185,242
Right-of-use assets, net	52,014
Intangible assets, net	496,735	141,513
Goodwill	656,612	378,109
Other long-term assets	10,808	9,425
Deferred income taxes	6,958	4,281
Total assets	1,890,898	1,070,366
Liabilities and stockholders’ equity
Accounts payable	37,693	39,450
Compensation payable	36,761	32,762
Accrued expenses	36,615	38,545
Deferred revenue	25,614	27,840
Current portion of long-term debt	29,500	10,000
Income taxes payable	2,255	2,803
Current portion of lease liabilities	10,207
Contingent consideration	25,346	0
Total current liabilities	203,991	151,400
Long-term debt	885,442	220,851
Deferred income taxes	29,490	29,278
Long-term lease liabilities	43,323
Other long-term liabilities	5,371	7,300
Total liabilities	1,167,617	408,829
Commitments and contingencies (Note 12)
Preferred Stock, par value $1.00 per share; authorized 1,000,000 shares; none issued	0	0
Common Stock, par value $0.10 per share; authorized 75,000,000 shares; issued 47,221,781 shares and outstanding 42,579,275 shares at January 31, 2020; issued 46,362,902 shares and outstanding 41,771,228 shares at July 31, 2019	4,722	4,636
Additional paid-in capital	265,837	204,795
Retained earnings	538,130	539,097
Accumulated other comprehensive loss	(16,914)	(22,197)
Treasury Stock; 4,642,506 shares at January 31, 2020; 4,591,674 shares at July 31, 2019	(68,494)	(64,794)
Total stockholders’ equity	723,281	661,537
Total liabilities and stockholders’ equity	$ 1,890,898	$ 1,070,366

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2020	Jul. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 2,784	$ 2,322
Preferred Stock, par value (in dollars per share)	$ 1	$ 1
Preferred Stock, authorized (in shares)	1,000,000	1,000,000
Preferred Stock, issued (in shares)	0	0
Common Stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common Stock, authorized (in shares)	75,000,000	75,000,000
Common Stock, issued (in shares)	47,221,781	46,362,902
Common Stock, outstanding (in shares)	42,579,275	41,771,228
Treasury Stock (in shares)	4,642,506	4,591,674

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Net sales
Net sales	$ 288,498	$ 224,538	$ 545,744	$ 450,127
Cost of sales
Cost of sales	166,254	119,863	307,631	240,203
Gross profit	122,244	104,675	238,113	209,924
Expenses:
Selling	44,740	33,198	83,151	67,156
General and administrative	62,051	37,358	117,338	73,893
Research and development	7,857	7,923	15,604	15,001
Total operating expenses	114,648	78,479	216,093	156,050
Income from operations	7,596	26,196	22,020	53,874
Interest expense, net	10,250	2,207	15,969	4,233
Other income, net	0	(1,313)	0	(1,313)
(Loss) income before income taxes	(2,654)	25,302	6,051	50,954
Income taxes	(391)	6,502	2,547	12,912
Net (loss) income	$ (2,263)	$ 18,800	$ 3,504	$ 38,042
(Loss) earnings per common share:
Basic (in dollars per share)	$ (0.05)	$ 0.45	$ 0.08	$ 0.91
Diluted (in dollars per share)	(0.05)	0.45	0.08	0.91
Dividends per common share (in dollars per share)	$ 0.11	$ 0.10	$ 0.11	$ 0.10
Product sales
Net sales
Net sales	$ 256,935	$ 194,013	$ 482,613	$ 389,773
Cost of sales
Cost of sales	144,891	100,418	265,477	199,728
Product service
Net sales
Net sales	31,563	30,525	63,131	60,354
Cost of sales
Cost of sales	$ 21,363	$ 19,445	$ 42,154	$ 40,475

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (2,263)	$ 18,800	$ 3,504	$ 38,042
Other comprehensive income (loss):
Foreign currency translation	(140)	(417)	3,792	(5,640)
Interest rate swap, net of tax	246	0	1,491	0
Total other comprehensive income (loss):	106	(417)	5,283	(5,640)
Comprehensive (loss) income	$ (2,157)	$ 18,383	$ 8,787	$ 32,402

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury stock, at cost
Beginning Balance (in shares) at Jul. 31, 2018		41,706,084
Beginning Balance at Jul. 31, 2018	$ 608,867	$ 4,624	$ 184,212	$ 491,540	$ (11,456)	$ (60,053)
Increase (Decrease) in Stockholders' Equity
Repurchases of shares (in shares)		(37,802)
Repurchases of shares	(4,288)					(4,288)
Stock-based compensation	2,576		2,576
Equity vests/option exercises (in shares)		53,320
Equity vests/option exercises	955	$ 7	948
Cancellations of restricted stock (in shares)		(286)
Cancellations of restricted stock	0
Net (loss) income	19,242			19,242
Other	(634)		(634)
Other comprehensive income (loss)	(5,223)				(5,223)
Ending Balance (in shares) at Oct. 31, 2018		41,721,316
Ending Balance at Oct. 31, 2018	622,360	$ 4,631	187,102	511,647	(16,679)	(64,341)
Beginning Balance (in shares) at Jul. 31, 2018		41,706,084
Beginning Balance at Jul. 31, 2018	608,867	$ 4,624	184,212	491,540	(11,456)	(60,053)
Increase (Decrease) in Stockholders' Equity
Net (loss) income	38,042
Other comprehensive income (loss)	(5,640)
Ending Balance (in shares) at Jan. 31, 2019		41,721,186
Ending Balance at Jan. 31, 2019	641,603	$ 4,631	192,202	526,274	(17,096)	(64,408)
Beginning Balance (in shares) at Oct. 31, 2018		41,721,316
Beginning Balance at Oct. 31, 2018	622,360	$ 4,631	187,102	511,647	(16,679)	(64,341)
Increase (Decrease) in Stockholders' Equity
Repurchases of shares (in shares)		(880)
Repurchases of shares	(67)					(67)
Stock-based compensation	3,587		3,587
Equity vests/option exercises (in shares)		1,857
Cancellations of restricted stock (in shares)		(1,107)
Cancellations of restricted stock	0
Dividends on common stock	(4,173)			(4,173)
Net (loss) income	18,800			18,800
Other	1,513		1,513
Other comprehensive income (loss)	(417)				(417)
Ending Balance (in shares) at Jan. 31, 2019		41,721,186
Ending Balance at Jan. 31, 2019	$ 641,603	$ 4,631	192,202	526,274	(17,096)	(64,408)
Beginning Balance (in shares) at Jul. 31, 2019	41,771,228	41,771,228
Beginning Balance at Jul. 31, 2019	$ 661,537	$ 4,636	204,795	539,097	(22,197)	(64,794)
Increase (Decrease) in Stockholders' Equity
Repurchases of shares (in shares)		(49,614)
Repurchases of shares	(3,613)					(3,613)
Stock-based compensation	2,404		2,404
Issuance of shares (in shares)		751,471
Issuance of shares	60,000	$ 75	59,925
Equity vests/option exercises (in shares)		104,686
Equity vests/option exercises	919	$ 11	908
Cancellations of restricted stock (in shares)		(946)
Cancellations of restricted stock	0
Net (loss) income	5,767			5,767
Other comprehensive income (loss)	5,177				5,177
Ending Balance (in shares) at Oct. 31, 2019		42,576,825
Ending Balance at Oct. 31, 2019	$ 732,191	$ 4,722	268,032	544,864	(17,020)	(68,407)
Beginning Balance (in shares) at Jul. 31, 2019	41,771,228	41,771,228
Beginning Balance at Jul. 31, 2019	$ 661,537	$ 4,636	204,795	539,097	(22,197)	(64,794)
Increase (Decrease) in Stockholders' Equity
Equity vests/option exercises (in shares)	25,000
Net (loss) income	$ 3,504
Other comprehensive income (loss)	$ 5,283
Ending Balance (in shares) at Jan. 31, 2020	42,579,275	42,579,275
Ending Balance at Jan. 31, 2020	$ 723,281	$ 4,722	265,837	538,130	(16,914)	(68,494)
Beginning Balance (in shares) at Oct. 31, 2019		42,576,825
Beginning Balance at Oct. 31, 2019	732,191	$ 4,722	268,032	544,864	(17,020)	(68,407)
Increase (Decrease) in Stockholders' Equity
Repurchases of shares (in shares)		(1,218)
Repurchases of shares	(87)					(87)
Stock-based compensation	3,412		3,412
Issuance of shares	(5,608)		(5,608)
Equity vests/option exercises (in shares)		3,900
Equity vests/option exercises	1		1
Cancellations of restricted stock (in shares)		(232)
Cancellations of restricted stock	0
Dividends on common stock	(4,471)			(4,471)
Net (loss) income	(2,263)			(2,263)
Other comprehensive income (loss)	$ 106				106
Ending Balance (in shares) at Jan. 31, 2020	42,579,275	42,579,275
Ending Balance at Jan. 31, 2020	$ 723,281	$ 4,722	$ 265,837	$ 538,130	$ (16,914)	$ (68,494)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Cash flows from operating activities
Net (loss) income	$ 3,504	$ 38,042
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	14,215	9,563
Amortization	15,003	10,552
Stock-based compensation expense	5,816	6,163
Amortization of right-of-use assets	5,945
Deferred income taxes	(2,467)	(3,096)
Inventory step-up amortization	16,700	0
Fair value adjustments to contingent consideration	10,578	0
Other non-cash items, net	46	(154)
Changes in assets and liabilities, net of effects of acquisitions/dispositions:
Accounts receivable	5,706	(6,909)
Inventories	(2,198)	(9,517)
Prepaid expenses and other assets	314	(2,980)
Accounts payable and other liabilities	(22,682)	(10,105)
Income taxes	(1,551)	(2,365)
Operating lease liabilities	(5,396)
Net cash provided by operating activities	43,533	29,194
Cash flows from investing activities
Capital expenditures	(21,098)	(62,062)
Proceeds from sale of businesses	2,236	3,053
Acquisitions, net of cash acquired	(686,350)	(24,047)
Net cash used in investing activities	(705,212)	(83,056)
Cash flows from financing activities
Borrowings of long-term debt	400,000	0
Repayments of long-term debt	(4,750)	(5,000)
Borrowings under revolving credit facility	317,900	45,000
Repayments under revolving credit facility	(20,900)	0
Dividends paid	(4,471)	(4,173)
Debt issuance costs	(9,234)	0
Finance lease liabilities	(209)
Purchases of treasury stock	(3,700)	(4,355)
Net cash provided by financing activities	674,636	31,472
Effect of exchange rate changes on cash and cash equivalents	1,238	(676)
Increase (decrease) in cash and cash equivalents	14,195	(23,066)
Cash and cash equivalents at beginning of period	44,535	94,097
Cash and cash equivalents at end of period	$ 58,730	$ 71,031

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jan. 31, 2020
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: Medical, Life Sciences, Dental and Dialysis. 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, 2019 (the “2019 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, 2019 was derived from the audited Consolidated Balance Sheet of Cantel at that date. Certain prior year amounts have been reclassified to conform to the current year presentation. Subsequent Events We performed a review of events subsequent to January 31, 2020 through the date of issuance of the accompanying unaudited consolidated interim financial statements. See Note 16, “Subsequent Events.”

Accounting Pronouncements

Accounting Pronouncements	6 Months Ended
	Jan. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting Pronouncements	Accounting Pronouncements Newly Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, “ (Topic 842) Leases ,” (“ASU 2016-02”). The new guidance requires the recording of assets and liabilities arising from leases on our condensed consolidated balance sheet accompanied by enhanced qualitative and quantitative disclosures in the notes to the financial statements. ASU 2016-02 is effective for fiscal years beginning after December 31, 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. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases,” and ASU 2018-11, “Leases (Topic 842) Targeted Improvements,” in December 2018, the FASB issued ASU 2018-20, “Narrow-Scope Improvements for Lessors” and in March 2019, the FASB issued ASU 2019-01 , “Leases (Topic 842): Codification Improvements.” These ASUs provide adjustments relating to ASU 2016-02 and improvements to comparative reporting requirements for initial adoption and for separating components of a contract for lessors. We adopted the collective standard “ASC 842” using the modified retrospective transition approach with optional transition relief, and recognized the cumulative effect of applying the new leasing standard to existing contracts on our condensed consolidated balance sheet on August 1, 2019. Therefore, results for reporting periods beginning after August 1, 2019 are presented under the new leasing standard; however, the comparative prior period amounts have not been restated and continue to be reported in accordance with historic accounting under ASC Topic 840. The most significant effects of adoption of the new leasing standard relate to the recognition of right-of-use assets of $35,842 and lease liabilities of $36,417 for operating leases, which we recorded on our condensed consolidated balance sheet on August 1, 2019. Additionally, the amortization of the right-of-use assets and the cash flow impact from lease liabilities are separately disclosed in the condensed consolidated statement of cash flows. The new leasing standard did not impact our condensed consolidated statements of income. See Note 6, “Leases” for a discussion of the impact to the condensed consolidated balance sheets and related disclosures. In February 2018, the FASB issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”) to allow for the reclassification from accumulated other comprehensive income to retained earnings of stranded tax effects resulting from the Tax Cuts and Jobs Act enacted in December 2017. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018 (our fiscal year 2020), including interim periods within that reporting period. Accordingly, we adopted ASU 2018-02 on August 1, 2019. The adoption of ASU 2018-02 did not have a material impact on our financial position, results of operations or cash flows. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, “(Topic 740) Simplifying the Accounting for Income Taxes,” (“ASU 2019-12”) to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 (our fiscal year 2022), including interim periods within that reporting period. The adoption of ASU 2019-12 is not expected to have a material impact on our financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”) to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 (our fiscal year 2021), including interim periods within that reporting period. The adoption of ASU 2018-15 is not expected to have a material impact on our financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) to modify the disclosure requirements on fair value measurements in ASC 820, “Fair Value Measurement” . ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 (our fiscal year 2021), including interim periods within that reporting period. The adoption of ASU 2018-13 is not expected to have a material impact on our financial position, results of operations or cash flows. In January 2017, the FASB issued ASU 2017-04, “(Topic 350) Simplifying the Test for Goodwill Impairment ,” (“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. 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 31, 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 material impact on our financial position, results of operations or cash flows. In June 2016, the FASB issued ASU 2016-13, “ Measurement of Credit Losses on Financial Instruments ,” (“ASU 2016-13”) to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this ASU replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 (our fiscal year 2021). The adoption of ASU 2016-13 is not expected to have a material impact on our financial position, results of operations or cash flows.

Acquisitions

Acquisitions	6 Months Ended
	Jan. 31, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions Fiscal 2020 Hu-Friedy: On October 1, 2019, we purchased all of the issued and outstanding membership interests of Hu-Friedy Mfg. Co. LLC (“Hu-Friedy”), for a total consideration (net of cash acquired), excluding acquisition-related costs, of $716,542, consisting of $662,151 of cash and $54,391 of stock consideration (subject to adjustment), plus contingent consideration payable in cash. The additional contingent consideration payments are (i) subject to the achievement of certain commercial milestones through March 31, 2021 ranging from zero to a maximum of $50,000 and (ii) contingent upon changes in our stock price from the date of closing through a future date subject to a registration rights agreement. See Note 9, “Fair Value Measurements,” for further details regarding these contingent payments. Hu-Friedy is a leading global manufacturer of instruments and instrument reprocessing systems serving the dental industry, and is included in our Dental segment. Fiscal 2019 Omnia: On February 1, 2019, we purchased all of the issued and outstanding stock of Omnia S.p.A. (“Omnia”), an Italian-based market leader in dental surgical consumables solutions, for total consideration (net of cash acquired), excluding acquisition-related costs, of $19,007, consisting of $15,797 of cash and $3,210 of stock consideration, plus additional earn-outs ranging from zero to a maximum of $5,800, which is payable upon the achievement of certain performance-based financial targets. Omnia’s business consists of a wide-ranging portfolio of sutures, irrigation tubing and customized dental surgical procedure kits, with a focus on procedure room set-up and cross-contamination prevention, and is included in our Dental segment. CES business: On August 1, 2018, we acquired certain net assets of Stericycle Inc. related to its controlled environmental solutions business (“CES business”) for total cash consideration, excluding acquisition-related costs, of $17,047. The CES business is a leading provider of testing and certification, environmental monitoring and decontamination services for clean rooms and other controlled environments to ensure safety, regulatory compliance and quality control, and is included in our Life Sciences segment. The following table presents our purchase price allocations of our material acquisitions: 2020 2019 Purchase Price Allocation Hu-Friedy Omnia CES Business (1) (Preliminary) (Final) (Final) Purchase Price: Cash paid $ 662,151 $ 15,797 $ 17,047 Fair value of contingent consideration 38,371 — — Common stock issued 54,391 3,210 — Total $ 754,913 $ 19,007 $ 17,047 Allocation: Property and equipment 38,571 1,285 539 Intangible assets: Customer relationships 226,000 10,206 8,100 Technology 32,000 1,257 — Brand names 112,000 1,600 — Goodwill 278,001 10,539 6,137 Deferred income taxes — (2,346) — Inventories 60,596 — — Other working capital 7,745 1,673 2,271 Long-term debt — (5,207) — Total $ 754,913 $ 19,007 $ 17,047 _______________________________________________ (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 following pro forma summary of operations presents our operations as if the Hu-Friedy acquisition had occurred as of the beginning of fiscal 2019. In addition to including the results of operations of this acquisition, the pro forma information gives effect to amortization of the step-up in inventory, depreciation of the step-up in property and equipment, the interest on additional borrowings, the amortization of intangible assets and the issuance of shares of common stock. On an actual basis, the Hu-Friedy acquisition contributed $56,649 and $75,374 to our consolidated net sales for the three and six months ended January 31, 2020, respectively. Three Months Ended January 31, Six Months Ended January 31, Pro Forma Summary of Operations 2020 2019 2020 2019 Net sales $ 288,498 $ 277,532 $ 584,669 $ 557,805 Net (loss) income $ (2,263) $ 18,388 $ (1,514) $ 38,256 (Loss) earnings per common share: Basic $ (0.05) $ 0.43 $ (0.04) $ 0.90 Diluted $ (0.05) $ 0.43 $ (0.04) $ 0.90

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jan. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 2016 Equity Incentive Plan At January 31, 2020, 433,801 nonvested restricted stock awards were outstanding under the 2016 plan. No options were outstanding under the 2016 plan. At January 31, 2020, 524,775 shares were collectively available for issuance 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 January 31, 2020, options to purchase 15,000 shares of common stock were outstanding under the 2006 Plan. No additional awards will be granted under this plan. The following table shows the components of stock-based compensation expense recognized in the condensed consolidated statements of income: Three Months Ended January 31, Six Months Ended January 31, 2020 2019 2020 2019 Cost of sales $ 390 $ 287 $ 650 $ 524 Operating expenses: Selling 609 575 1,145 1,146 General and administrative 2,306 2,665 3,833 4,375 Research and development 107 60 188 118 Total operating expenses 3,022 3,300 5,166 5,639 Stock-based compensation expense $ 3,412 $ 3,587 $ 5,816 $ 6,163 At January 31, 2020, total unrecognized stock-based compensation expense related to total nonvested stock options and restricted stock awards was $25,234 with a remaining weighted average period of 18 months over which such expense is expected to be recognized. We determined the fair value of our market-based restricted stock awards using a Monte Carlo simulation on the date of grant using the following assumptions: Six Months Ended January 31, 2020 2019 Volatility of common stock 30.73 % 27.54 % Average volatility of peer companies 36.28 % 36.55 % Average correlation coefficient of peer companies 24.63 % 27.18 % Risk-free interest rate 1.49 % 2.93 % A summary of nonvested stock award activity for the six months ended January 31, 2020 follows: Number of Number of Performance-based Awards Number of Market-based Awards Number of Weighted Average Nonvested stock awards at July 31, 2019 234,864 40,210 32,079 307,153 $ 88.99 Granted 207,311 — 47,967 255,278 $ 73.66 Vested (1) (91,439) (8,475) (3,462) (103,376) $ 90.25 Forfeited (14,684) (1,165) (9,405) (25,254) $ 85.19 Nonvested stock awards at January 31, 2020 336,052 30,570 67,179 433,801 $ 79.81 _______________________________________________ (1) The aggregate fair value of all nonvested stock awards which vested was approximately $9,329. A summary of stock option activity for the six months ended January 31, 2020 follows: Number of shares Weighted Average Exercise Price Weighted Average Contractual Life Remaining (Years) Aggregate Intrinsic Value Outstanding at July 31, 2019 40,000 $ 43.70 Exercised (25,000) $ 36.70 Outstanding at January 31, 2020 15,000 $ 55.36 0.70 $ 146 Exercisable at January 31, 2020 15,000 $ 55.36 0.70 $ 146 During the six months ended January 31, 2020, 25,000 options were exercised, with an aggregate fair value of approximately $1,067. At January 31, 2020, all outstanding options were vested. 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. For the six months ended January 31, 2020, income tax deductions of $2,022 were generated, of which $2,581 were recorded as a reduction in income tax expense over the equity awards’ vesting period and the remaining excess tax expense of $559 was recorded as an increase in income tax expense. For the six months ended January 31, 2019, income tax deductions of $3,059 were generated, of which $2,062 were recorded as a reduction in income tax expense over the equity awards’ vesting period and the remaining excess tax benefit of $997 was recorded as a reduction in income tax expense.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jan. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition We adopted ASC 606, effective August 1, 2018, using the modified retrospective method applied to those contracts which were not completed as of August 1, 2018. Due to the cumulative impact of adopting ASC 606, we recorded a net increase of $865 to opening retained earnings, net of tax, as of August 1, 2018. The impact is primarily related to the timing of revenue recognition for the shipment of products in both our Medical and Life Sciences segments where risk of loss provisions are present (“synthetic FOB destination”). The new standard does not require us to defer revenue for these products and allows us to recognize revenue at the time of shipment. The cumulative adjustment to retained earnings also includes the impact of the change in timing of revenue recognition associated with software licensing arrangements in our Medical segment. Additionally, revenue related to software renewals was historically recognized on a ratable basis over the license period. Under ASC 606, the license is considered functional intellectual property, and is considered to be transferred to the customer at a point in time, specifically, at the start of each annual renewal period. As a result, revenue related to our annual software license renewals has been accelerated. The following table gives information as to the net sales disaggregated by geography and product line: Three Months Ended January 31, Six Months Ended January 31, Net sales by geography 2020 2019 2020 2019 United States $ 207,598 $ 165,164 $ 397,682 $ 334,102 Europe/Africa/Middle East 49,496 34,319 90,514 66,333 Asia/Pacific 22,266 15,568 39,331 31,320 Canada 7,745 8,138 15,578 15,509 Latin America/South America 1,393 1,349 2,639 2,863 Total $ 288,498 $ 224,538 $ 545,744 $ 450,127 Net sales by product line Capital equipment $ 59,724 $ 57,387 $ 118,472 $ 115,519 Consumables 154,209 135,731 307,488 272,552 Product service 31,563 30,525 63,131 60,354 Instrument sales 40,821 — 54,341 — All other (1) 2,181 895 2,312 1,702 Total $ 288,498 $ 224,538 $ 545,744 $ 450,127 _______________________________________________ (1) Primarily includes software licensing revenues. Remaining Performance Obligations At January 31, 2020, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) was approximately $72,451, primarily within the Medical segment. We expect to recognize revenue on approximately 60% of these remaining performance obligations over the remainder of fiscal 2020 and fiscal 2021. These performance obligations primarily reflect the future product service revenues for multi-period service arrangements. Contract Liabilities Contract liabilities primarily relate to payments received from customers in advance of performance under the contract. Our contract liabilities arise primarily in the Medical and Life Sciences segments when payment is received upfront for various multi-period extended service arrangements. We expect to recognize substantially all of this revenue over the next twelve months. A summary of contract liabilities activity follows: Six Months Ended January 31, 2020 2019 Beginning balance $ 28,235 $ 29,015 Revenue deferred in current year 27,197 31,525 Deferred revenue recognized (29,605) (32,444) Foreign currency translation 136 (443) Ending balance 25,963 27,653 Contract liabilities included in Other long-term liabilities (349) (517) Deferred revenue $ 25,614 $ 27,136

Leases

Leases	6 Months Ended
	Jan. 31, 2020
Leases [Abstract]
Leases	Leases Adoption of “Leases (ASC 842)” We adopted ASC 842, effective August 1, 2019, using the modified retrospective transition approach with optional transition relief, and recognized the cumulative effect of applying the new leasing standard to existing contracts on our condensed consolidated balance sheet on August 1, 2019. Results for reporting beginning after August 1, 2019 are presented under ASC 842, while prior period amounts are not adjusted and will continue to be reported in accordance with our historical accounting under ASC 840. We elected a package of practical expedients that were consequently applied to all leases. We did not reassess whether expired or existing contracts contain leases under the new definition of a lease, lease classification for expired or existing leases, nor whether previously capitalized initial direct costs would qualify for capitalization under the new standard. Upon transition, we did not elect to use hindsight with respect to lease renewals and purchase options when accounting for existing leases, as well as assessing the impairment of right-of-use assets. Therefore, lease terms largely remained unchanged. In addition, we elected the short-term lease recognition exemption and did not recognize a lease liability and right-of-use asset on our condensed consolidated balance sheet for all leases with terms of 12 months or less. We elected the practical expedient to combine lease and non-lease components, such as common area maintenance fees, in total gross rent for all of our leases which resulted in larger lease liabilities recorded on our condensed consolidated balance sheet. Our lease portfolio consists primarily of real estate, equipment and vehicles. We have approximately 90 real estate leases with lease terms ranging from 1 year to 16 years, which include our corporate headquarters, regional headquarters, and other facilities for sales and administration, warehousing, manufacturing and training. Our equipment leases primarily consist of furniture, computers and other office equipment. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. At lease commencement, we record a liability for our lease obligation measured at the present value of future lease payments and a right-of-use asset equal to the lease liability adjusted for prepayments and lease incentives. We use our collateralized incremental borrowing rate to calculate the present value of lease liabilities as most of our leases do not provide an implicit rate that is readily determinable. Some real estate leases include one or more options to renew or terminate a lease. The exercise of a lease renewal or termination option is assessed at commencement of the lease and only reflected in the lease term if we are reasonably certain to exercise the option. Operating lease expense is recognized on a straight-line basis over the respective lease term. Supplemental balance sheet information related to our leases follows: Lease Type January 31, 2020 Assets: Operating lease assets $ 47,329 Finance lease assets 4,685 Right-of-use assets, net $ 52,014 Liabilities: Operating lease liabilities $ 9,859 Finance lease liabilities 348 Current portion of lease liabilities 10,207 Operating lease liabilities 39,080 Finance lease liabilities 4,243 Long-term lease liabilities 43,323 Total lease liabilities $ 53,530 Weighted average remaining lease term: Operating leases 6.42 years Finance leases 6.29 years Weighted average discount rate: Operating leases 2.74 % Finance leases 23.69 % At January 31, 2020, maturities of lease liabilities for the periods set forth below were as follows: Fiscal year Operating Finance Total Remaining 2020 $ 5,561 $ 708 $ 6,269 2021 10,217 1,421 11,638 2022 8,317 1,406 9,723 2023 7,339 1,398 8,737 2024 6,390 1,407 7,797 Thereafter 16,038 2,457 18,495 Total lease payments 53,862 8,797 62,659 Less: interest (4,923) (4,206) (9,129) Present value of lease liabilities $ 48,939 $ 4,591 $ 53,530 As previously disclosed in our 2019 Annual Report on Form 10-K and in accordance with our historical accounting under ASC 840, future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) for the periods set forth below were as follows: Fiscal year Total 2020 $ 9,099 2021 7,671 2022 6,021 2023 5,659 2024 5,159 Thereafter 15,251 Total $ 48,860 Supplemental income statement information related to our leases follows: Six Months Ended January 31, 2020 Operating lease costs $ 5,684 Finance lease costs: Amortization of right-of-use assets 261 Interest on lease obligations 358 Variable lease costs 1,534 Short-term lease costs 591 Net lease cost $ 8,428 Supplemental cash flow information related to leases follows: Six Months Ended January 31, 2020 Right-of-use assets obtained in exchange for lease liabilities: Operating leases (1) $ 17,738 Finance leases (2) $ 4,798 _______________________________________________ (1) Primarily relates to new warehouse facility included in our Dental segment and operating leases acquired in the Hu-Friedy acquisition. (2) Includes finance leases acquired in the Hu-Friedy acquisition.
Leases	Leases Adoption of “Leases (ASC 842)” We adopted ASC 842, effective August 1, 2019, using the modified retrospective transition approach with optional transition relief, and recognized the cumulative effect of applying the new leasing standard to existing contracts on our condensed consolidated balance sheet on August 1, 2019. Results for reporting beginning after August 1, 2019 are presented under ASC 842, while prior period amounts are not adjusted and will continue to be reported in accordance with our historical accounting under ASC 840. We elected a package of practical expedients that were consequently applied to all leases. We did not reassess whether expired or existing contracts contain leases under the new definition of a lease, lease classification for expired or existing leases, nor whether previously capitalized initial direct costs would qualify for capitalization under the new standard. Upon transition, we did not elect to use hindsight with respect to lease renewals and purchase options when accounting for existing leases, as well as assessing the impairment of right-of-use assets. Therefore, lease terms largely remained unchanged. In addition, we elected the short-term lease recognition exemption and did not recognize a lease liability and right-of-use asset on our condensed consolidated balance sheet for all leases with terms of 12 months or less. We elected the practical expedient to combine lease and non-lease components, such as common area maintenance fees, in total gross rent for all of our leases which resulted in larger lease liabilities recorded on our condensed consolidated balance sheet. Our lease portfolio consists primarily of real estate, equipment and vehicles. We have approximately 90 real estate leases with lease terms ranging from 1 year to 16 years, which include our corporate headquarters, regional headquarters, and other facilities for sales and administration, warehousing, manufacturing and training. Our equipment leases primarily consist of furniture, computers and other office equipment. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. At lease commencement, we record a liability for our lease obligation measured at the present value of future lease payments and a right-of-use asset equal to the lease liability adjusted for prepayments and lease incentives. We use our collateralized incremental borrowing rate to calculate the present value of lease liabilities as most of our leases do not provide an implicit rate that is readily determinable. Some real estate leases include one or more options to renew or terminate a lease. The exercise of a lease renewal or termination option is assessed at commencement of the lease and only reflected in the lease term if we are reasonably certain to exercise the option. Operating lease expense is recognized on a straight-line basis over the respective lease term. Supplemental balance sheet information related to our leases follows: Lease Type January 31, 2020 Assets: Operating lease assets $ 47,329 Finance lease assets 4,685 Right-of-use assets, net $ 52,014 Liabilities: Operating lease liabilities $ 9,859 Finance lease liabilities 348 Current portion of lease liabilities 10,207 Operating lease liabilities 39,080 Finance lease liabilities 4,243 Long-term lease liabilities 43,323 Total lease liabilities $ 53,530 Weighted average remaining lease term: Operating leases 6.42 years Finance leases 6.29 years Weighted average discount rate: Operating leases 2.74 % Finance leases 23.69 % At January 31, 2020, maturities of lease liabilities for the periods set forth below were as follows: Fiscal year Operating Finance Total Remaining 2020 $ 5,561 $ 708 $ 6,269 2021 10,217 1,421 11,638 2022 8,317 1,406 9,723 2023 7,339 1,398 8,737 2024 6,390 1,407 7,797 Thereafter 16,038 2,457 18,495 Total lease payments 53,862 8,797 62,659 Less: interest (4,923) (4,206) (9,129) Present value of lease liabilities $ 48,939 $ 4,591 $ 53,530 As previously disclosed in our 2019 Annual Report on Form 10-K and in accordance with our historical accounting under ASC 840, future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) for the periods set forth below were as follows: Fiscal year Total 2020 $ 9,099 2021 7,671 2022 6,021 2023 5,659 2024 5,159 Thereafter 15,251 Total $ 48,860 Supplemental income statement information related to our leases follows: Six Months Ended January 31, 2020 Operating lease costs $ 5,684 Finance lease costs: Amortization of right-of-use assets 261 Interest on lease obligations 358 Variable lease costs 1,534 Short-term lease costs 591 Net lease cost $ 8,428 Supplemental cash flow information related to leases follows: Six Months Ended January 31, 2020 Right-of-use assets obtained in exchange for lease liabilities: Operating leases (1) $ 17,738 Finance leases (2) $ 4,798 _______________________________________________ (1) Primarily relates to new warehouse facility included in our Dental segment and operating leases acquired in the Hu-Friedy acquisition. (2) Includes finance leases acquired in the Hu-Friedy acquisition.

Inventories, Net

Inventories, Net	6 Months Ended
	Jan. 31, 2020
Inventory Disclosure [Abstract]
Inventories, Net	Inventories, Net A summary of inventories, net is as follows: January 31, 2020 July 31, 2019 Raw materials and parts $ 70,068 $ 69,498 Work-in-process 8,946 5,801 Finished goods 121,853 73,050 Reserve for excess and obsolete inventory (16,690) (10,115) Total Inventories, net $ 184,177 $ 138,234

Derivatives

Derivatives	6 Months Ended
	Jan. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Foreign Currency In order to hedge against the impact of fluctuations in the value of the Euro, British Pound, Canadian dollar, Australian dollar, Singapore dollar and Chinese Renminbi 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 such foreign currencies, which contracts are one one ultimately settled in currencies other than each entity’s functional currency. Gains and losses related to hedging contracts to buy foreign currencies 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 Japanese Yen and Sri Lankan Rupee relative to the U.S. dollar because the overall foreign currency exposure relating to these currencies is not material. There were six foreign currency forward contracts with an aggregate notional value of $69,302 and $78,264 at January 31, 2020 and July 31, 2019, respectively, which covered certain assets and liabilities that were denominated in currencies other than each entity’s functional currency. For the three and six months ended January 31, 2020 and 2019, the settlements of our forward contracts resulted in immaterial amounts of currency conversion gains and losses on the hedged items in the aggregate. Variable Rate Borrowings In order to hedge against the impact of fluctuations in the interest rate associated with our variable rate borrowings, in fiscal 2019, we entered into two interest rate swaps with a combined notional value of $150,000, expiring on June 28, 2023. The swaps fixed interest rates at 2.265%. At January 31, 2020, we had a short-term asset of $1,253 recorded in prepaid expenses and other current assets, and a long-term asset of $4,071 recorded in other assets, which represent the fair value of the interest rate swaps. At July 31, 2019, we had a short-term asset of $486 recorded in prepaid expenses and other current assets, and a long-term asset of $2,826 recorded in other assets. The fair value of these interest rate swaps is subject to movements in LIBOR and will fluctuate in future periods.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jan. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy We apply the provisions of 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. 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 condensed 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. For the Hu-Friedy acquisition, additional purchase price payments are (i) contingent upon the achievement of certain commercial milestones through March 31, 2021, and (ii) contingent upon changes in our stock price from the date of closing through a future date subject to a registration rights agreement. We estimated the aggregate fair value of these contingent consideration arrangements to be $38,371 at the date of acquisition and was reported separately in our condensed consolidated balance sheet. For the contingent consideration arrangements based upon the achievement of certain commercial milestones, the initial value assigned at the date of acquisition was determined on the basis of forecasted sales and gross profit percentage of Hu-Friedy products over the next twelve to eighteen months. The fair value was determined by employing a Monte Carlo simulation in a risk neutral framework with the underlying simulated variable of net sales and the related achievement of certain gross profit percentages. The model also included assumptions on the market price of risk, which was calculated as the weighted average cost of capital less the long-term risk free-rate. During the second quarter of fiscal 2020, we paid $25,000 to settle a portion of this contingent consideration arrangement related to net sales achieved for the twelve month period ended December 31, 2019. For the contingent consideration arrangement based upon changes in our stock price through a future date, we are required pay to the sellers of Hu-Friedy an amount in cash equal to $35,000 minus the aggregate net proceeds received by the seller in connection with a future equity issuance if the amount of such aggregate net proceeds are less than $35,000. The initial fair value assigned to this contingent consideration arrangement was determined based on the closing price of our stock price at the date that the acquisition closed (October 1, 2019) relative to the contracted stock price stipulated in the purchase agreement. On February 13, 2020, we paid $6,722 to the former owners of Hu-Friedy to settle this contingent consideration. See Note 16, “Subsequent Events.” For the Aexis acquisition, additional purchase price payments ranging from zero to $1,850 are contingent upon the achievement of certain purchase order targets through March 21, 2020. We estimated the original fair value of the contingent consideration using the weighted probabilities of the possible contingent payments. At the date of acquisition, we estimated the original fair value of the contingent consideration to be $1,292. We are required to reassess the fair value of contingent payments on a periodic basis. The significant inputs used in these estimates include numerous possible scenarios for the payments based on the contractual terms of the contingent consideration, for which probabilities are assigned to each scenario. Given the short term nature of the financial instrument, the contingent consideration is not discounted to present value. We are required to reassess the fair value of contingent consideration payments on a periodic basis. Although we believe our assumptions are reasonable, different assumptions or changes in the future may result in different estimated amounts. The fair values of our financial instruments measured on a recurring basis were categorized as follows: January 31, 2020 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Money markets $ 107 $ — $ — $ 107 Prepaid and other current assets: Interest rate swap — 1,253 — 1,253 Other Assets: Interest rate swap — 4,071 — 4,071 Total assets $ 107 $ 5,324 $ — $ 5,431 Contingent consideration: 6,481 — 18,865 25,346 Total liabilities $ 6,481 $ — $ 18,865 $ 25,346 July 31, 2019 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Money markets $ 104 $ — $ — $ 104 Prepaid expenses and other current assets: Interest rate swap — 486 — 486 Other Assets: Interest rate swap — 2,826 — 2,826 Total assets $ 104 $ 3,312 $ — $ 3,416 Other long-term liabilities: Contingent consideration — — 1,411 1,411 Total liabilities $ — $ — $ 1,411 $ 1,411 A reconciliation of our liabilities that are measured and recorded at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows: Aexis Contingent Consideration Hu-Friedy Contingent Consideration (Earnouts) Hu-Friedy Contingent Consideration (Stock Price) Total Balance, July 31, 2019 1,411 — — 1,411 Acquisitions — 35,100 3,272 38,372 Fair value adjustments included in general and administrative expenses 242 7,112 3,209 10,563 Settlements/payments — (25,000) — (25,000) Balance, January 31, 2020 $ 1,653 $ 17,212 $ 6,481 $ 25,346 Disclosure of Fair Value of Financial Instruments At January 31, 2020 and July 31, 2019, 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. At January 31, 2020 and July 31, 2019, the carrying value of our outstanding borrowings under our credit facility approximated the fair value of these obligations as the respective borrowing rates reflect prevailing market interest rates.

Intangibles and Goodwill

Intangibles and Goodwill	6 Months Ended
	Jan. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles and Goodwill	Intangibles and Goodwill Our intangible assets consist of the following: January 31, 2020 July 31, 2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets with finite lives: Customer relationships $ 372,075 $ (65,049) $ 307,026 $ 146,204 $ (54,866) $ 91,338 Technology 90,840 (27,052) 63,788 60,032 (24,081) 35,951 Brand names 8,459 (3,649) 4,810 8,361 (3,256) 5,105 Non-compete agreements 2,850 (1,720) 1,130 2,880 (1,653) 1,227 Patents and other registrations 2,513 (810) 1,703 2,866 (1,252) 1,614 476,737 (98,280) 378,457 220,343 (85,108) 135,235 Trademarks and tradenames 118,278 — 118,278 6,278 — 6,278 Total intangible assets $ 595,015 $ (98,280) $ 496,735 $ 226,621 $ (85,108) $ 141,513 Amortization expense related to intangible assets was $15,003 and $10,552 for the six months ended January 31, 2020 and 2019, respectively. We expect to recognize an additional $17,625 of amortization expense related to intangible assets for the remainder of fiscal 2020, and thereafter $35,135, $34,763, $33,730, $32,866 and $30,024 of amortization expense for fiscal years 2021, 2022, 2023, 2024 and 2025, respectively. Goodwill changed during the six months ended January 31, 2020 as follows: Medical Life Sciences Dental Dialysis Total Balance, July 31, 2019 $ 180,197 $ 64,481 $ 125,298 $ 8,133 $ 378,109 Acquisitions — — 277,200 — 277,200 Foreign currency translation 1,457 20 (174) — 1,303 Balance, January 31, 2020 $ 181,654 $ 64,501 $ 402,324 $ 8,133 $ 656,612

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jan. 31, 2020
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Our long-term debt consists of the following: January 31, 2020 July 31, 2019 Revolving credit loans outstanding $ 340,000 $ 43,000 Tranche A term loans outstanding 585,250 190,000 Unamortized debt issuance costs (10,308) (2,149) Total long-term debt, net of unamortized debt issuance costs 914,942 230,851 Current portion of long-term debt (29,500) (10,000) Long-term debt, net of unamortized debt issuance costs and excluding current portion $ 885,442 $ 220,851 On September 6, 2019, we entered into a First Amendment (the “Amendment”), amending the 2018 Credit Agreement, and as amended by the Amendment, the (“Amended Credit Agreement”) dated as of June 28, 2018. The Amendment added a $400,000 delayed draw term loan facility (the “Delayed Draw Facility”), in addition to the existing tranche A term loan and existing revolving credit facility. The Delayed Draw Facility and a portion of the revolving credit facility was used to finance a portion of the cash consideration for our acquisition of Hu-Friedy. The remaining proceeds were used to refinance certain existing indebtedness of Cantel and Hu-Friedy, and to pay the fees and expenses incurred in connection therewith, as well as for working capital, capital expenditures and other lawful corporate purposes. Pursuant to the Amended Credit Agreement, subject to the satisfaction of certain conditions precedent, including the consent of the lenders, we may from time to time increase its borrowing capacity under the revolving credit facility by, or incur incremental term loans in, an aggregate amount not to exceed the sum of (i) the greater of (x) $300,000 or (y) an amount equal to two times the our consolidated EBITDA, calculated on a pro forma basis, plus (ii) the aggregate principal amount of voluntary prepayments of the revolving loans and term loans. At January 31, 2020, we had $585,250 of term loan A borrowings outstanding and $340,000 revolver borrowings under the Amended Credit Agreement. The tranche A term loans are subject to principal amortization, with $19,500 due and payable in fiscal 2020, $29,500 due and payable in each of fiscal 2021, 2022, 2023, and 2024, with the remaining $452,500 due and payable at maturity on September 6, 2024. During the six months ended January 31, 2020, we made principal payments of $4,750. Borrowings under the Amended Credit Agreement bear interest at rates ranging from 0.00% to 1.25% above prime rate for base rate borrowings, or at rates ranging from 1.00% to 2.25% above the London Interbank Offered Rate (“LIBOR”), depending upon our “Consolidated Leverage Ratio,” which is the consolidated ratio of total funded debt (minus certain unrestricted cash) to consolidated EBITDA. At January 31, 2020, the lender’s base rate was 4.75% and the LIBOR rate was 2.03%. The margins applicable to our outstanding borrowings were 1.25% above the lender’s base rate or 2.25% above LIBOR. All of our outstanding borrowings were under LIBOR contracts at January 31, 2020. The Amended 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 0.40% at January 31, 2020. At January 31, 2020, the interest rate on our outstanding borrowings was approximately 3.98%. The Amended 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 each Loan Party 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 covenants under the Amended Credit Agreement.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jan. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingent Consideration Arrangements At January 31, 2020, $17,212 was recorded associated with the Hu-Friedy acquisition, which is for the estimated fair value of contingent consideration arrangements that are payable upon the achievement of certain commercial milestones through March 31, 2021. Additionally, $6,481 was recorded, which is for the estimated fair value of contingent consideration arrangement based upon changes in our stock price through a future date. At January 31, 2020, $1,653 was recorded associated with the Aexis acquisition, which is for the estimated fair value of contingent consideration payable upon the achievement of certain purchase order targets through March 21, 2020. See Note 9, “Fair Value Measurements” for additional information. Legal Matters 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	6 Months Ended
	Jan. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common ShareBasic 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 (nonvested 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 nonvested 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 January 31, Six Months Ended January 31, 2020 2019 2020 2019 Numerator for basic and diluted earnings per share: Net (loss) income $ (2,263) $ 18,800 $ 3,504 $ 38,042 Less income allocated to participating securities — (16) — (49) Net (loss) income available to common shareholders $ (2,263) $ 18,784 $ 3,504 $ 37,993 Denominator for basic and diluted (loss) earnings per share, adjusted for participating securities: Denominator for basic (loss) earnings per share - weighted average number of shares outstanding attributable to common stock 42,561,178 41,667,955 42,298,833 41,660,095 Dilutive effect of stock awards using the treasury stock method and the average market price for the year — 18,088 91,286 41,558 Denominator for diluted (loss) earnings per share - weighted average number of shares and common stock equivalents attributable to common stock 42,561,178 41,686,043 42,390,119 41,701,653 (Loss) earnings per share attributable to common stock: Basic (loss) earnings per share $ (0.05) $ 0.45 $ 0.08 $ 0.91 Diluted (loss) earnings per share $ (0.05) $ 0.45 $ 0.08 $ 0.91 Stock awards excluded because their inclusion would have been anti-dilutive 36,150 — — — A reconciliation of weighted average number of shares and common stock equivalents attributable to common stock, as determined above, to our total weighted average number of shares and common stock equivalents, including participating securities, is set forth in the following table: Three Months Ended January 31, Six Months Ended January 31, 2020 2019 2020 2019 Denominator for diluted (loss) earnings per share - weighted average number of shares and common stock equivalents attributable to common stock 42,561,178 41,686,043 42,390,119 41,701,653 Participating securities 2,981 33,400 9,962 55,436 Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities 42,564,159 41,719,443 42,400,081 41,757,089

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jan. 31, 2020
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components and changes in accumulated other comprehensive loss follow: Three Months Ended January 31, Six Months Ended January 31, 2020 2019 2020 2019 Beginning balance $ (17,020) $ (16,679) $ (22,197) $ (11,456) Foreign currency translation (140) (417) 3,792 (5,640) Interest rate swap, net of taxes (1) 246 — 1,491 — Ending balance $ (16,914) $ (17,096) $ (16,914) $ (17,096) _______________________________________________ (1) Includes tax effect of $375 and $521 for the three and six months ended January 31, 2020, respectively.

Reportable Segments

Reportable Segments	6 Months Ended
	Jan. 31, 2020
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments In accordance with 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 income from operations. In the first quarter of fiscal 2020 and as a result of the Hu-Friedy acquisition, we moved the financial reporting and management of our industrial biological and chemical indicator business to our Dental segment from our Life Sciences segment. Prior year segment disclosures have been recast to conform to the current year presentation. Our reportable segments are as follows: Medical: 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. Life Sciences: designs, develops, manufactures, sells, and installs water purification systems for medical 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 45.0% and 42.5% of our Life Sciences segment net sales for the six months ended January 31, 2020 and 2019, respectively. Dental: 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. We are also a leading global manufacturer of instruments and instrument reprocessing workflow systems serving the dental industry. Three customers collectively accounted for approximately 43.3% and 47.9% of our Dental segment net sales for the six months ended January 31, 2020 and 2019, 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. Three customers accounted for approximately 50.7% and 20.6% of our Dialysis segment net sales for the six months ended January 31, 2020 and 2019, respectively. These customers include the top two customers noted above under our Life Sciences segment. None of our customers accounted for 10% or more of our consolidated net sales for the six months ended January 31, 2020 and 2019. Information as to reportable segments is summarized below Three Months Ended January 31, Six Months Ended January 31, Net sales 2020 2019 2020 2019 Medical $ 130,959 $ 128,580 $ 264,312 $ 256,132 Life Sciences 50,122 50,516 99,263 102,358 Dental 101,044 37,286 168,287 75,417 Dialysis 6,373 8,156 13,882 16,220 Total net sales $ 288,498 $ 224,538 $ 545,744 $ 450,127 Three Months Ended January 31, Six Months Ended January 31, Income (loss) from operations 2020 2019 2020 2019 Medical $ 21,534 $ 25,525 $ 42,653 $ 50,736 Life Sciences 7,700 6,701 14,835 12,273 Dental (856) 5,510 4,148 12,194 Dialysis 1,507 1,193 3,129 2,577 29,885 38,929 64,765 77,780 General corporate expenses 22,289 12,733 42,745 23,906 Total income from operations $ 7,596 $ 26,196 $ 22,020 $ 53,874

Subsequent Events

Subsequent Events	6 Months Ended
	Jan. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn February 13, 2020, we entered into a stock repurchase agreement with Dental Holding, the former owners of Hu-Friedy (the “Repurchase Agreement”). The Repurchase Agreement amended the Hu-Friedy purchase and sale agreement and the related registration rights agreement to provide that we repurchase a portion the shares from the seller included in the equity consideration transferred at a price per share of $64.51 (the “Repurchase”), which equals the closing price of shares of our common stock traded on the New York Stock Exchange on February 12, 2020. The Repurchase was completed on February 13, 2020, and the shares were thereafter canceled and retired. The Hu-Friedy purchase and sale agreement further required us to pay to the seller an amount in cash equal to $35,000 minus the aggregate net proceeds received by the seller from an equity issuance if the amount of such aggregate net proceeds was less than $35,000 (the “True-Up Obligation”). The Repurchase Agreement further amended the purchase and sale agreement to provide that in satisfaction of the True-Up Obligation, we will make a payment to the sellers in an amount equal to $6,722, which amount equals $35,000 minus the aggregate amount of $28,279 paid to Dental Holding as consideration for the Repurchase. These payments were made to Dental Holding on February 13, 2020.

Accounting Pronouncements (Poli

Accounting Pronouncements (Policies)	6 Months Ended
	Jan. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Newly Adopted And Recently Issued Accounting Standards	Newly Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, “ (Topic 842) Leases ,” (“ASU 2016-02”). The new guidance requires the recording of assets and liabilities arising from leases on our condensed consolidated balance sheet accompanied by enhanced qualitative and quantitative disclosures in the notes to the financial statements. ASU 2016-02 is effective for fiscal years beginning after December 31, 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. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases,” and ASU 2018-11, “Leases (Topic 842) Targeted Improvements,” in December 2018, the FASB issued ASU 2018-20, “Narrow-Scope Improvements for Lessors” and in March 2019, the FASB issued ASU 2019-01 , “Leases (Topic 842): Codification Improvements.” These ASUs provide adjustments relating to ASU 2016-02 and improvements to comparative reporting requirements for initial adoption and for separating components of a contract for lessors. We adopted the collective standard “ASC 842” using the modified retrospective transition approach with optional transition relief, and recognized the cumulative effect of applying the new leasing standard to existing contracts on our condensed consolidated balance sheet on August 1, 2019. Therefore, results for reporting periods beginning after August 1, 2019 are presented under the new leasing standard; however, the comparative prior period amounts have not been restated and continue to be reported in accordance with historic accounting under ASC Topic 840. The most significant effects of adoption of the new leasing standard relate to the recognition of right-of-use assets of $35,842 and lease liabilities of $36,417 for operating leases, which we recorded on our condensed consolidated balance sheet on August 1, 2019. Additionally, the amortization of the right-of-use assets and the cash flow impact from lease liabilities are separately disclosed in the condensed consolidated statement of cash flows. The new leasing standard did not impact our condensed consolidated statements of income. See Note 6, “Leases” for a discussion of the impact to the condensed consolidated balance sheets and related disclosures. In February 2018, the FASB issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”) to allow for the reclassification from accumulated other comprehensive income to retained earnings of stranded tax effects resulting from the Tax Cuts and Jobs Act enacted in December 2017. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018 (our fiscal year 2020), including interim periods within that reporting period. Accordingly, we adopted ASU 2018-02 on August 1, 2019. The adoption of ASU 2018-02 did not have a material impact on our financial position, results of operations or cash flows. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, “(Topic 740) Simplifying the Accounting for Income Taxes,” (“ASU 2019-12”) to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 (our fiscal year 2022), including interim periods within that reporting period. The adoption of ASU 2019-12 is not expected to have a material impact on our financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”) to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 (our fiscal year 2021), including interim periods within that reporting period. The adoption of ASU 2018-15 is not expected to have a material impact on our financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) to modify the disclosure requirements on fair value measurements in ASC 820, “Fair Value Measurement” . ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 (our fiscal year 2021), including interim periods within that reporting period. The adoption of ASU 2018-13 is not expected to have a material impact on our financial position, results of operations or cash flows. In January 2017, the FASB issued ASU 2017-04, “(Topic 350) Simplifying the Test for Goodwill Impairment ,” (“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. 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 31, 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 material impact on our financial position, results of operations or cash flows. In June 2016, the FASB issued ASU 2016-13, “ Measurement of Credit Losses on Financial Instruments ,” (“ASU 2016-13”) to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this ASU replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 (our fiscal year 2021). The adoption of ASU 2016-13 is not expected to have a material impact on our financial position, results of operations or cash flows.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jan. 31, 2020
Business Combinations [Abstract]
Schedule of purchase price allocated to the assets acquired and assumed liabilities based on estimated fair values	The following table presents our purchase price allocations of our material acquisitions: 2020 2019 Purchase Price Allocation Hu-Friedy Omnia CES Business (1) (Preliminary) (Final) (Final) Purchase Price: Cash paid $ 662,151 $ 15,797 $ 17,047 Fair value of contingent consideration 38,371 — — Common stock issued 54,391 3,210 — Total $ 754,913 $ 19,007 $ 17,047 Allocation: Property and equipment 38,571 1,285 539 Intangible assets: Customer relationships 226,000 10,206 8,100 Technology 32,000 1,257 — Brand names 112,000 1,600 — Goodwill 278,001 10,539 6,137 Deferred income taxes — (2,346) — Inventories 60,596 — — Other working capital 7,745 1,673 2,271 Long-term debt — (5,207) — Total $ 754,913 $ 19,007 $ 17,047 _______________________________________________ (1) The excess purchase price over net assets acquired was assigned to goodwill, all of which is deductible for income tax purposes.
Schedule of pro forma summary of operations	The following pro forma summary of operations presents our operations as if the Hu-Friedy acquisition had occurred as of the beginning of fiscal 2019. In addition to including the results of operations of this acquisition, the pro forma information gives effect to amortization of the step-up in inventory, depreciation of the step-up in property and equipment, the interest on additional borrowings, the amortization of intangible assets and the issuance of shares of common stock. On an actual basis, the Hu-Friedy acquisition contributed $56,649 and $75,374 to our consolidated net sales for the three and six months ended January 31, 2020, respectively. Three Months Ended January 31, Six Months Ended January 31, Pro Forma Summary of Operations 2020 2019 2020 2019 Net sales $ 288,498 $ 277,532 $ 584,669 $ 557,805 Net (loss) income $ (2,263) $ 18,388 $ (1,514) $ 38,256 (Loss) earnings per common share: Basic $ (0.05) $ 0.43 $ (0.04) $ 0.90 Diluted $ (0.05) $ 0.43 $ (0.04) $ 0.90

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jan. 31, 2020
Share-based Payment Arrangement [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 components of stock-based compensation expense recognized in the condensed consolidated statements of income: Three Months Ended January 31, Six Months Ended January 31, 2020 2019 2020 2019 Cost of sales $ 390 $ 287 $ 650 $ 524 Operating expenses: Selling 609 575 1,145 1,146 General and administrative 2,306 2,665 3,833 4,375 Research and development 107 60 188 118 Total operating expenses 3,022 3,300 5,166 5,639 Stock-based compensation expense $ 3,412 $ 3,587 $ 5,816 $ 6,163
Schedule of weighted-average assumptions used to estimate fair value of stock options	We determined the fair value of our market-based restricted stock awards using a Monte Carlo simulation on the date of grant using the following assumptions: Six Months Ended January 31, 2020 2019 Volatility of common stock 30.73 % 27.54 % Average volatility of peer companies 36.28 % 36.55 % Average correlation coefficient of peer companies 24.63 % 27.18 % Risk-free interest rate 1.49 % 2.93 %
Summary of nonvested stock award activity	A summary of nonvested stock award activity for the six months ended January 31, 2020 follows: Number of Number of Performance-based Awards Number of Market-based Awards Number of Weighted Average Nonvested stock awards at July 31, 2019 234,864 40,210 32,079 307,153 $ 88.99 Granted 207,311 — 47,967 255,278 $ 73.66 Vested (1) (91,439) (8,475) (3,462) (103,376) $ 90.25 Forfeited (14,684) (1,165) (9,405) (25,254) $ 85.19 Nonvested stock awards at January 31, 2020 336,052 30,570 67,179 433,801 $ 79.81 _______________________________________________ (1) The aggregate fair value of all nonvested stock awards which vested was approximately $9,329.
Summary of stock option activity	A summary of stock option activity for the six months ended January 31, 2020 follows: Number of shares Weighted Average Exercise Price Weighted Average Contractual Life Remaining (Years) Aggregate Intrinsic Value Outstanding at July 31, 2019 40,000 $ 43.70 Exercised (25,000) $ 36.70 Outstanding at January 31, 2020 15,000 $ 55.36 0.70 $ 146 Exercisable at January 31, 2020 15,000 $ 55.36 0.70 $ 146

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jan. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of net sales disaggregated by geography and product line	The following table gives information as to the net sales disaggregated by geography and product line: Three Months Ended January 31, Six Months Ended January 31, Net sales by geography 2020 2019 2020 2019 United States $ 207,598 $ 165,164 $ 397,682 $ 334,102 Europe/Africa/Middle East 49,496 34,319 90,514 66,333 Asia/Pacific 22,266 15,568 39,331 31,320 Canada 7,745 8,138 15,578 15,509 Latin America/South America 1,393 1,349 2,639 2,863 Total $ 288,498 $ 224,538 $ 545,744 $ 450,127 Net sales by product line Capital equipment $ 59,724 $ 57,387 $ 118,472 $ 115,519 Consumables 154,209 135,731 307,488 272,552 Product service 31,563 30,525 63,131 60,354 Instrument sales 40,821 — 54,341 — All other (1) 2,181 895 2,312 1,702 Total $ 288,498 $ 224,538 $ 545,744 $ 450,127 _______________________________________________ (1) Primarily includes software licensing revenues.
Schedule of contract liabilities activity	A summary of contract liabilities activity follows: Six Months Ended January 31, 2020 2019 Beginning balance $ 28,235 $ 29,015 Revenue deferred in current year 27,197 31,525 Deferred revenue recognized (29,605) (32,444) Foreign currency translation 136 (443) Ending balance 25,963 27,653 Contract liabilities included in Other long-term liabilities (349) (517) Deferred revenue $ 25,614 $ 27,136

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jan. 31, 2020
Leases [Abstract]
Schedule of supplemental balance sheet information	Supplemental balance sheet information related to our leases follows: Lease Type January 31, 2020 Assets: Operating lease assets $ 47,329 Finance lease assets 4,685 Right-of-use assets, net $ 52,014 Liabilities: Operating lease liabilities $ 9,859 Finance lease liabilities 348 Current portion of lease liabilities 10,207 Operating lease liabilities 39,080 Finance lease liabilities 4,243 Long-term lease liabilities 43,323 Total lease liabilities $ 53,530 Weighted average remaining lease term: Operating leases 6.42 years Finance leases 6.29 years Weighted average discount rate: Operating leases 2.74 % Finance leases 23.69 %
Schedule of operating lease maturity	At January 31, 2020, maturities of lease liabilities for the periods set forth below were as follows: Fiscal year Operating Finance Total Remaining 2020 $ 5,561 $ 708 $ 6,269 2021 10,217 1,421 11,638 2022 8,317 1,406 9,723 2023 7,339 1,398 8,737 2024 6,390 1,407 7,797 Thereafter 16,038 2,457 18,495 Total lease payments 53,862 8,797 62,659 Less: interest (4,923) (4,206) (9,129) Present value of lease liabilities $ 48,939 $ 4,591 $ 53,530
Schedule of finance lease maturity	At January 31, 2020, maturities of lease liabilities for the periods set forth below were as follows: Fiscal year Operating Finance Total Remaining 2020 $ 5,561 $ 708 $ 6,269 2021 10,217 1,421 11,638 2022 8,317 1,406 9,723 2023 7,339 1,398 8,737 2024 6,390 1,407 7,797 Thereafter 16,038 2,457 18,495 Total lease payments 53,862 8,797 62,659 Less: interest (4,923) (4,206) (9,129) Present value of lease liabilities $ 48,939 $ 4,591 $ 53,530
Schedule of future minimum lease payments under non-cancelable operating leases	As previously disclosed in our 2019 Annual Report on Form 10-K and in accordance with our historical accounting under ASC 840, future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) for the periods set forth below were as follows: Fiscal year Total 2020 $ 9,099 2021 7,671 2022 6,021 2023 5,659 2024 5,159 Thereafter 15,251 Total $ 48,860
Schedule of supplemental income statement and cash flow information	Supplemental income statement information related to our leases follows: Six Months Ended January 31, 2020 Operating lease costs $ 5,684 Finance lease costs: Amortization of right-of-use assets 261 Interest on lease obligations 358 Variable lease costs 1,534 Short-term lease costs 591 Net lease cost $ 8,428 Supplemental cash flow information related to leases follows: Six Months Ended January 31, 2020 Right-of-use assets obtained in exchange for lease liabilities: Operating leases (1) $ 17,738 Finance leases (2) $ 4,798 _______________________________________________ (1) Primarily relates to new warehouse facility included in our Dental segment and operating leases acquired in the Hu-Friedy acquisition. (2) Includes finance leases acquired in the Hu-Friedy acquisition.

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Jan. 31, 2020
Inventory Disclosure [Abstract]
Summary of inventories	A summary of inventories, net is as follows: January 31, 2020 July 31, 2019 Raw materials and parts $ 70,068 $ 69,498 Work-in-process 8,946 5,801 Finished goods 121,853 73,050 Reserve for excess and obsolete inventory (16,690) (10,115) Total Inventories, net $ 184,177 $ 138,234

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jan. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of fair values of financial instruments measured on a recurring basis	The fair values of our financial instruments measured on a recurring basis were categorized as follows: January 31, 2020 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Money markets $ 107 $ — $ — $ 107 Prepaid and other current assets: Interest rate swap — 1,253 — 1,253 Other Assets: Interest rate swap — 4,071 — 4,071 Total assets $ 107 $ 5,324 $ — $ 5,431 Contingent consideration: 6,481 — 18,865 25,346 Total liabilities $ 6,481 $ — $ 18,865 $ 25,346 July 31, 2019 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Money markets $ 104 $ — $ — $ 104 Prepaid expenses and other current assets: Interest rate swap — 486 — 486 Other Assets: Interest rate swap — 2,826 — 2,826 Total assets $ 104 $ 3,312 $ — $ 3,416 Other long-term liabilities: Contingent consideration — — 1,411 1,411 Total liabilities $ — $ — $ 1,411 $ 1,411
Level 3 activity of financial liabilities	A reconciliation of our liabilities that are measured and recorded at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows: Aexis Contingent Consideration Hu-Friedy Contingent Consideration (Earnouts) Hu-Friedy Contingent Consideration (Stock Price) Total Balance, July 31, 2019 1,411 — — 1,411 Acquisitions — 35,100 3,272 38,372 Fair value adjustments included in general and administrative expenses 242 7,112 3,209 10,563 Settlements/payments — (25,000) — (25,000) Balance, January 31, 2020 $ 1,653 $ 17,212 $ 6,481 $ 25,346

Intangibles and Goodwill (Table

Intangibles and Goodwill (Tables)	6 Months Ended
	Jan. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	Our intangible assets consist of the following: January 31, 2020 July 31, 2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets with finite lives: Customer relationships $ 372,075 $ (65,049) $ 307,026 $ 146,204 $ (54,866) $ 91,338 Technology 90,840 (27,052) 63,788 60,032 (24,081) 35,951 Brand names 8,459 (3,649) 4,810 8,361 (3,256) 5,105 Non-compete agreements 2,850 (1,720) 1,130 2,880 (1,653) 1,227 Patents and other registrations 2,513 (810) 1,703 2,866 (1,252) 1,614 476,737 (98,280) 378,457 220,343 (85,108) 135,235 Trademarks and tradenames 118,278 — 118,278 6,278 — 6,278 Total intangible assets $ 595,015 $ (98,280) $ 496,735 $ 226,621 $ (85,108) $ 141,513
Schedule of changes in goodwill	Goodwill changed during the six months ended January 31, 2020 as follows: Medical Life Sciences Dental Dialysis Total Balance, July 31, 2019 $ 180,197 $ 64,481 $ 125,298 $ 8,133 $ 378,109 Acquisitions — — 277,200 — 277,200 Foreign currency translation 1,457 20 (174) — 1,303 Balance, January 31, 2020 $ 181,654 $ 64,501 $ 402,324 $ 8,133 $ 656,612

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jan. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Our long-term debt consists of the following: January 31, 2020 July 31, 2019 Revolving credit loans outstanding $ 340,000 $ 43,000 Tranche A term loans outstanding 585,250 190,000 Unamortized debt issuance costs (10,308) (2,149) Total long-term debt, net of unamortized debt issuance costs 914,942 230,851 Current portion of long-term debt (29,500) (10,000) Long-term debt, net of unamortized debt issuance costs and excluding current portion $ 885,442 $ 220,851

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jan. 31, 2020
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 January 31, Six Months Ended January 31, 2020 2019 2020 2019 Numerator for basic and diluted earnings per share: Net (loss) income $ (2,263) $ 18,800 $ 3,504 $ 38,042 Less income allocated to participating securities — (16) — (49) Net (loss) income available to common shareholders $ (2,263) $ 18,784 $ 3,504 $ 37,993 Denominator for basic and diluted (loss) earnings per share, adjusted for participating securities: Denominator for basic (loss) earnings per share - weighted average number of shares outstanding attributable to common stock 42,561,178 41,667,955 42,298,833 41,660,095 Dilutive effect of stock awards using the treasury stock method and the average market price for the year — 18,088 91,286 41,558 Denominator for diluted (loss) earnings per share - weighted average number of shares and common stock equivalents attributable to common stock 42,561,178 41,686,043 42,390,119 41,701,653 (Loss) earnings per share attributable to common stock: Basic (loss) earnings per share $ (0.05) $ 0.45 $ 0.08 $ 0.91 Diluted (loss) earnings per share $ (0.05) $ 0.45 $ 0.08 $ 0.91 Stock awards excluded because their inclusion would have been anti-dilutive 36,150 — — —
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 our total weighted average number of shares and common stock equivalents, including participating securities, is set forth in the following table: Three Months Ended January 31, Six Months Ended January 31, 2020 2019 2020 2019 Denominator for diluted (loss) earnings per share - weighted average number of shares and common stock equivalents attributable to common stock 42,561,178 41,686,043 42,390,119 41,701,653 Participating securities 2,981 33,400 9,962 55,436 Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities 42,564,159 41,719,443 42,400,081 41,757,089

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jan. 31, 2020
Accumulated Other Comprehensive Income (Loss)
Schedule of the components and changes in accumulated other comprehensive income (loss)	The components and changes in accumulated other comprehensive loss follow: Three Months Ended January 31, Six Months Ended January 31, 2020 2019 2020 2019 Beginning balance $ (17,020) $ (16,679) $ (22,197) $ (11,456) Foreign currency translation (140) (417) 3,792 (5,640) Interest rate swap, net of taxes (1) 246 — 1,491 — Ending balance $ (16,914) $ (17,096) $ (16,914) $ (17,096) _______________________________________________ (1) Includes tax effect of $375 and $521 for the three and six months ended January 31, 2020, respectively.

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Jan. 31, 2020
Segment Reporting [Abstract]
Information as to reportable segments	Information as to reportable segments is summarized below Three Months Ended January 31, Six Months Ended January 31, Net sales 2020 2019 2020 2019 Medical $ 130,959 $ 128,580 $ 264,312 $ 256,132 Life Sciences 50,122 50,516 99,263 102,358 Dental 101,044 37,286 168,287 75,417 Dialysis 6,373 8,156 13,882 16,220 Total net sales $ 288,498 $ 224,538 $ 545,744 $ 450,127 Three Months Ended January 31, Six Months Ended January 31, Income (loss) from operations 2020 2019 2020 2019 Medical $ 21,534 $ 25,525 $ 42,653 $ 50,736 Life Sciences 7,700 6,701 14,835 12,273 Dental (856) 5,510 4,148 12,194 Dialysis 1,507 1,193 3,129 2,577 29,885 38,929 64,765 77,780 General corporate expenses 22,289 12,733 42,745 23,906 Total income from operations $ 7,596 $ 26,196 $ 22,020 $ 53,874

Accounting Pronouncements (Deta

Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Aug. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	$ 47,329
Operating lease liability	$ 48,939
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets		$ 35,842
Operating lease liability		$ 36,417

Acquisitions Acquisitions - Hu-

Acquisitions Acquisitions - Hu-Friedy (Details) - USD ($)	Oct. 01, 2019	Jan. 31, 2020	Jan. 31, 2019	Jul. 31, 2019
Business Acquisition [Line Items]
Cash consideration		$ 686,350,000	$ 24,047,000
Contingent consideration		25,346,000		$ 0
Hu-Friedy
Business Acquisition [Line Items]
Consideration, excluding contingent consideration	$ 716,542,000
Cash consideration	662,151,000
Stock consideration	54,391,000
Contingent consideration		$ 38,371,000
Minimum | Hu-Friedy
Business Acquisition [Line Items]
Contingent consideration	0
Maximum | Hu-Friedy
Business Acquisition [Line Items]
Contingent consideration	$ 50,000,000

Acquisitions Acquisitions - Omn

Acquisitions Acquisitions - Omnia (Details) - USD ($)	Feb. 01, 2019	Jan. 31, 2020	Jan. 31, 2019	Jul. 31, 2019
Business Acquisition [Line Items]
Cash consideration		$ 686,350,000	$ 24,047,000
Contingent consideration		$ 25,346,000		$ 0
Omnia
Business Acquisition [Line Items]
Total consideration	$ 19,007,000
Cash consideration	15,797,000
Stock consideration	3,210,000
Minimum | Omnia
Business Acquisition [Line Items]
Contingent consideration	0
Maximum | Omnia
Business Acquisition [Line Items]
Contingent consideration	$ 5,800,000

Acquisitions - CES Business (De

Acquisitions - CES Business (Details) $ in Thousands	Aug. 01, 2018USD ($)
CES Business
Business Acquisition [Line Items]
Business acquisition, total consideration, excluding acquisition-related costs	$ 17,047

Acquisitions - Summary of Acqui

Acquisitions - Summary of Acquisitions (Details) - USD ($) $ in Thousands	Oct. 01, 2019	Feb. 01, 2019	Aug. 01, 2018	Jan. 31, 2020	Aug. 01, 2019	Jul. 31, 2019
Business Acquisition [Line Items]
Goodwill				$ 656,612		$ 378,109
Hu-Friedy
Business Acquisition [Line Items]
Cash paid	$ 662,151
Fair value of contingent consideration	38,371
Common stock issued	54,391
Total consideration	754,913
Property and equipment	38,571
Goodwill	278,001
Deferred income taxes	0
Inventories	60,596
Other working capital	7,745
Long-term debt	0
Total	754,913
Hu-Friedy | Customer relationships
Business Acquisition [Line Items]
Intangible assets:	226,000
Hu-Friedy | Technology
Business Acquisition [Line Items]
Intangible assets:	32,000
Hu-Friedy | Brand names
Business Acquisition [Line Items]
Intangible assets:	$ 112,000
Omnia
Business Acquisition [Line Items]
Cash paid		$ 15,797
Fair value of contingent consideration		0
Common stock issued		3,210
Total consideration		19,007
Property and equipment		1,285
Goodwill		10,539
Deferred income taxes		(2,346)
Inventories		0
Other working capital		1,673
Long-term debt		(5,207)
Total		19,007
Omnia | Customer relationships
Business Acquisition [Line Items]
Intangible assets:		10,206
Omnia | Technology
Business Acquisition [Line Items]
Intangible assets:		1,257
Omnia | Brand names
Business Acquisition [Line Items]
Intangible assets:		$ 1,600
CES Business
Business Acquisition [Line Items]
Cash paid			$ 17,047
Fair value of contingent consideration			0
Common stock issued			0
Total consideration			$ 17,047
Property and equipment					$ 539
Goodwill					6,137
Deferred income taxes					0
Inventories					0
Other working capital					2,271
Long-term debt					0
Total					17,047
CES Business | Customer relationships
Business Acquisition [Line Items]
Intangible assets:					8,100
CES Business | Technology
Business Acquisition [Line Items]
Intangible assets:					0
CES Business | Brand names
Business Acquisition [Line Items]
Intangible assets:					$ 0

Acquisitions Acquisitions - Pro

Acquisitions Acquisitions - Pro Forma Summary of Operations (Details) - Hu-Friedy - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Actual revenue from acquiree	$ 56,649		$ 75,374
Pro forma net sales	288,498	$ 277,532	584,669	$ 557,805
Pro forma net (loss) income	$ (2,263)	$ 18,388	$ (1,514)	$ 38,256
Pro forma (loss) earnings per common share, basic (in dollars per share)	$ (0.05)	$ 0.43	$ (0.04)	$ 0.90
Pro forma earnings per common share, diluted (in dollars per share)	$ (0.05)	$ 0.43	$ (0.04)	$ 0.90

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jul. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested restricted stock shares (in shares)	433,801		307,153
Outstanding options (in shares)	15,000		40,000
Total unrecognized stock-based compensation cost	$ 25,234
Remaining weighted average period for unrecognized compensation cost	18 months
Number of options exercised (in shares)	25,000
Deduction in income tax due to exercise of options and vesting of restricted stock	$ 2,022	$ 3,059
Reduction in income tax expense over the equity awards' vesting period	2,581	2,062
Excess tax benefit	$ (559)	$ 997
Employee and directors stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options exercised (in shares)	25,000
Aggregate fair value of exercised options	$ 1,067
2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested restricted stock shares (in shares)	433,801
Outstanding options (in shares)	0
Shares available under Plan (in shares)	524,775
2006 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding options (in shares)	15,000

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation expense	$ 3,412	$ 3,587	$ 5,816	$ 6,163
Cost of sales
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation expense	390	287	650	524
Total operating expenses
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation expense	3,022	3,300	5,166	5,639
Selling
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation expense	609	575	1,145	1,146
General and administrative
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation expense	2,306	2,665	3,833	4,375
Research and development
Income statement components of stock-based compensation expense recognized in Consolidated Statements of Income
Stock-based compensation expense	$ 107	$ 60	$ 188	$ 118

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Monte Carlo Simulation (Details) - Restricted Stock	6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility of common stock	30.73%	27.54%
Average volatility of peer companies	36.28%	36.55%
Average correlation coefficient of peer companies	24.63%	27.18%
Risk-free interest rate	1.49%	2.93%

Stock-Based Compensation - Nonv

Stock-Based Compensation - Nonvested Stock Award Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jan. 31, 2020USD ($)$ / sharesshares
Number of Shares
Nonvested stock awards at the beginning of the period (in shares)	307,153
Granted (in shares)	255,278
Vested (in shares)	(103,376)
Forfeited (in shares)	(25,254)
Nonvested stock awards at the end of the period (in shares)	433,801
Weighted Average Fair Value
Nonvested stock awards at the beginning of the period (in dollars per share) | $ / shares	$ 88.99
Granted (in dollars per share) | $ / shares	73.66
Vested (in dollars per share) | $ / shares	90.25
Forfeited (in dollars per share) | $ / shares	85.19
Nonvested stock awards at the end of the period (in dollars per share) | $ / shares	$ 79.81
Aggregate fair value of nonvested stock awards that vested | $	$ 9,329
Number of Time-based Awards
Number of Shares
Nonvested stock awards at the beginning of the period (in shares)	234,864
Granted (in shares)	207,311
Vested (in shares)	(91,439)
Forfeited (in shares)	(14,684)
Nonvested stock awards at the end of the period (in shares)	336,052
Number of Performance-based Awards
Number of Shares
Nonvested stock awards at the beginning of the period (in shares)	40,210
Granted (in shares)	0
Vested (in shares)	(8,475)
Forfeited (in shares)	(1,165)
Nonvested stock awards at the end of the period (in shares)	30,570
Number of Market-based Awards
Number of Shares
Nonvested stock awards at the beginning of the period (in shares)	32,079
Granted (in shares)	47,967
Vested (in shares)	(3,462)
Forfeited (in shares)	(9,405)
Nonvested stock awards at the end of the period (in shares)	67,179

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jan. 31, 2020
Number of shares
Outstanding, beginning balance (in shares)	40,000
Exercised (in shares)	(25,000)
Outstanding, ending balance (in shares)	15,000
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 43.70
Exercised (in dollars per share)	36.70
Outstanding, ending balance (in dollars per share)	$ 55.36
Stock Option Activity, Additional Disclosures
Options outstanding, weighted average contractual life remaining	8 months 12 days
Options outstanding, aggregate intrinsic value	$ 146
Options exercisable, number of options (in shares)	15,000
Options exercisable, weighted average exercise price (in dollars per share)	$ 55.36
Options exercisable, weighted average contractual life remaining	8 months 12 days
Options exercisable, aggregate intrinsic value	$ 146

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Jul. 31, 2019	Aug. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 538,130	$ 539,097
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings			$ 865

Revenue Recognition - Summary o

Revenue Recognition - Summary of Net Sales by Geography and Product Line (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 288,498	$ 224,538	$ 545,744	$ 450,127
Capital equipment
Disaggregation of Revenue [Line Items]
Net sales	59,724	57,387	118,472	115,519
Consumables
Disaggregation of Revenue [Line Items]
Net sales	154,209	135,731	307,488	272,552
Product service
Disaggregation of Revenue [Line Items]
Net sales	31,563	30,525	63,131	60,354
Instrument sales
Disaggregation of Revenue [Line Items]
Net sales	40,821	0	54,341	0
All other
Disaggregation of Revenue [Line Items]
Net sales	2,181	895	2,312	1,702
United States
Disaggregation of Revenue [Line Items]
Net sales	207,598	165,164	397,682	334,102
Europe/Africa/Middle East
Disaggregation of Revenue [Line Items]
Net sales	49,496	34,319	90,514	66,333
Asia/Pacific
Disaggregation of Revenue [Line Items]
Net sales	22,266	15,568	39,331	31,320
Canada
Disaggregation of Revenue [Line Items]
Net sales	7,745	8,138	15,578	15,509
Latin America/South America
Disaggregation of Revenue [Line Items]
Net sales	$ 1,393	$ 1,349	$ 2,639	$ 2,863

Revenue Recognition - Remaining

Revenue Recognition - Remaining performance obligations (Details) $ in Thousands	Jan. 31, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 72,451
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	60.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year 6 months

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Contract Liabilities Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jul. 31, 2019	Jan. 31, 2019
Contract Liability Activity
Beginning Balance	$ 28,235	$ 29,015
Revenue deferred in current year	27,197	31,525
Deferred revenue recognized	(29,605)	(32,444)
Foreign currency translation	136	(443)
Ending balance	$ 28,235	$ 29,015	$ 25,963	$ 28,235	$ 27,653
Contract liabilities included in Other long-term liabilities			(349)		(517)
Deferred revenue			$ 25,614	$ 27,840	$ 27,136

Leases - Narrative (Details)

Leases - Narrative (Details) - Real Estate	6 Months Ended
	Jan. 31, 2020contract
Lessee, Lease, Description [Line Items]
Number of lease contracts	90
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	16 years

Leases - Supplemental balance s

Leases - Supplemental balance sheet (Details) $ in Thousands	Jan. 31, 2020USD ($)
Assets:
Operating lease assets	$ 47,329
Finance lease assets	4,685
Right-of-use assets, net	52,014
Liabilities:
Operating lease liabilities	9,859
Finance lease liabilities	348
Current portion of lease liabilities	10,207
Operating lease liabilities	39,080
Finance lease liabilities	4,243
Long-term lease liabilities	43,323
Total lease liabilities	$ 53,530
Weighted average remaining lease term:
Operating leases	6 years 5 months 1 day
Finance leases	6 years 3 months 14 days
Weighted average discount rate:
Operating leases	2.74%
Finance leases	23.69%

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Details) $ in Thousands	Jan. 31, 2020USD ($)
Operating
Remaining 2020	$ 5,561
2021	10,217
2022	8,317
2023	7,339
2024	6,390
Thereafter	16,038
Total lease payments	53,862
Less: interest	(4,923)
Present value of lease liabilities	48,939
Finance
Remaining 2020	708
2021	1,421
2022	1,406
2023	1,398
2024	1,407
Thereafter	2,457
Total lease payments	8,797
Less: interest	(4,206)
Present value of lease liabilities	4,591
Total
Remaining 2020	6,269
2021	11,638
2022	9,723
2023	8,737
2024	7,797
Thereafter	18,495
Total lease payments	62,659
Less: interest	(9,129)
Total lease liabilities	$ 53,530

Leases - Future minimum lease p

Leases - Future minimum lease payments (Details) $ in Thousands	Jul. 31, 2019USD ($)
Leases [Abstract]
2020	$ 9,099
2021	7,671
2022	6,021
2023	5,659
2024	5,159
Thereafter	15,251
Total	$ 48,860

Leases - Supplemental income st

Leases - Supplemental income statement (Details) $ in Thousands	6 Months Ended
	Jan. 31, 2020USD ($)
Leases [Abstract]
Operating lease costs	$ 5,684
Finance lease costs:
Amortization of right-of-use assets	261
Interest on lease obligations	358
Variable lease costs	1,534
Short-term lease costs	591
Net lease cost	$ 8,428

Leases - Supplemental cash flow

Leases - Supplemental cash flow (Details) $ in Thousands	6 Months Ended
	Jan. 31, 2020USD ($)
Leases [Abstract]
Operating leases	$ 17,738
Finance leases	$ 4,798

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Jul. 31, 2019
Inventory Disclosure [Abstract]
Raw materials and parts	$ 70,068	$ 69,498
Work-in-process	8,946	5,801
Finished goods	121,853	73,050
Reserve for excess and obsolete inventory	(16,690)	(10,115)
Total Inventories, net	$ 184,177	$ 138,234

Derivatives (Details)

Derivatives (Details) - Designated as hedging instrument	6 Months Ended
	Jan. 31, 2020USD ($)instrument	Jul. 31, 2019USD ($)instrument
Foreign currency forward contracts | Fair value hedge instruments
Derivatives
Term of contracts	1 month
Number of contracts | instrument	6	6
Aggregate value of contracts	$ 69,302,000	$ 78,264,000
Interest rate swap
Derivatives
Number of contracts | instrument		2
Notional value		$ 150,000,000
Fixed interest rate		2.265%
Derivative short-term asset	1,253,000	$ 486,000
Derivative long-term asset	$ 4,071,000	$ 2,826,000

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	Feb. 13, 2020	Jan. 31, 2020	Jul. 31, 2019	Mar. 21, 2018
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Contingent consideration		$ 25,346,000	$ 0
Hu-Friedy
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Contingent consideration		38,371,000
Payment to settle portion of contingent consideration		25,000,000
Contingent consideration, high end of range		$ 35,000,000
Hu-Friedy | Subsequent Event
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Payment to settle portion of contingent consideration	$ 6,722,000
Aexis
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Contingent consideration				$ 1,292,000
Contingent consideration, high end of range				1,850,000
Contingent consideration, low end of range				$ 0

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy Levels (Details) - Recurring basis - USD ($) $ in Thousands	Jan. 31, 2020	Jul. 31, 2019
Other Assets:
Total assets	$ 5,431	$ 3,416
Other long-term liabilities:
Contingent consideration	25,346	1,411
Total liabilities	25,346	1,411
Money markets
Cash and cash equivalents:
Money markets	107	104
Level 1
Other Assets:
Total assets	107	104
Other long-term liabilities:
Contingent consideration	6,481	0
Total liabilities	6,481	0
Level 1 | Money markets
Cash and cash equivalents:
Money markets	107	104
Level 2
Other Assets:
Total assets	5,324	3,312
Other long-term liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Level 2 | Money markets
Cash and cash equivalents:
Money markets	0	0
Level 3
Other Assets:
Total assets	0	0
Other long-term liabilities:
Contingent consideration	18,865	1,411
Total liabilities	18,865	1,411
Level 3 | Money markets
Cash and cash equivalents:
Money markets	0	0
Interest rate swap
Prepaid and other current assets:
Interest rate swap	1,253	486
Other Assets:
Interest rate swap	4,071	2,826
Interest rate swap | Level 1
Prepaid and other current assets:
Interest rate swap	0	0
Other Assets:
Interest rate swap	0	0
Interest rate swap | Level 2
Prepaid and other current assets:
Interest rate swap	1,253	486
Other Assets:
Interest rate swap	4,071	2,826
Interest rate swap | Level 3
Prepaid and other current assets:
Interest rate swap	0	0
Other Assets:
Interest rate swap	$ 0	$ 0

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Rollforward (Details) $ in Thousands	6 Months Ended
	Jan. 31, 2020USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,411
Acquisitions	38,372
Fair value adjustments included in general and administrative expenses	10,563
Settlements/payments	(25,000)
Ending Balance	25,346
Aexis
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,411
Acquisitions	0
Fair value adjustments included in general and administrative expenses	242
Settlements/payments	0
Ending Balance	1,653
Hu-Friedy | Earnouts
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Acquisitions	35,100
Fair value adjustments included in general and administrative expenses	7,112
Settlements/payments	(25,000)
Ending Balance	17,212
Hu-Friedy | Stock Price
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Acquisitions	3,272
Fair value adjustments included in general and administrative expenses	3,209
Settlements/payments	0
Ending Balance	$ 6,481

Intangibles and Goodwill - Inta

Intangibles and Goodwill - Intangible Assets Summary (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Jul. 31, 2019
Intangible assets with finite lives:
Gross	$ 476,737	$ 220,343
Accumulated Amortization	(98,280)	(85,108)
Net	378,457	135,235
Intangible assets with indefinite lives:
Trademarks and tradenames	118,278	6,278
Total intangible assets
Gross	595,015	226,621
Accumulated Amortization	(98,280)	(85,108)
Net	496,735	141,513
Customer relationships
Intangible assets with finite lives:
Gross	372,075	146,204
Accumulated Amortization	(65,049)	(54,866)
Net	307,026	91,338
Total intangible assets
Accumulated Amortization	(65,049)	(54,866)
Technology
Intangible assets with finite lives:
Gross	90,840	60,032
Accumulated Amortization	(27,052)	(24,081)
Net	63,788	35,951
Total intangible assets
Accumulated Amortization	(27,052)	(24,081)
Brand names
Intangible assets with finite lives:
Gross	8,459	8,361
Accumulated Amortization	(3,649)	(3,256)
Net	4,810	5,105
Total intangible assets
Accumulated Amortization	(3,649)	(3,256)
Non-compete agreements
Intangible assets with finite lives:
Gross	2,850	2,880
Accumulated Amortization	(1,720)	(1,653)
Net	1,130	1,227
Total intangible assets
Accumulated Amortization	(1,720)	(1,653)
Patents and other registrations
Intangible assets with finite lives:
Gross	2,513	2,866
Accumulated Amortization	(810)	(1,252)
Net	1,703	1,614
Total intangible assets
Accumulated Amortization	$ (810)	$ (1,252)

Intangibles and Goodwill - Narr

Intangibles and Goodwill - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 15,003	$ 10,552
Future amortization - remainder of 2020	17,625
Future amortization - 2021	35,135
Future amortization - 2022	34,763
Future amortization - 2023	33,730
Future amortization - 2024	32,866
Future amortization - 2025	$ 30,024

Intangibles and Goodwill - Good

Intangibles and Goodwill - Goodwill Rollforward (Details) $ in Thousands	6 Months Ended
	Jan. 31, 2020USD ($)
Changes in Goodwill
Balance at the beginning of the period	$ 378,109
Acquisitions	277,200
Foreign currency translation	1,303
Balance at the end of the period	656,612
Medical
Changes in Goodwill
Balance at the beginning of the period	180,197
Acquisitions	0
Foreign currency translation	1,457
Balance at the end of the period	181,654
Life Sciences
Changes in Goodwill
Balance at the beginning of the period	64,481
Acquisitions	0
Foreign currency translation	20
Balance at the end of the period	64,501
Dental
Changes in Goodwill
Balance at the beginning of the period	125,298
Acquisitions	277,200
Foreign currency translation	(174)
Balance at the end of the period	402,324
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 - Schedu

Financing Arrangements - Schedule of long-term debt (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Jul. 31, 2019
Debt Instrument [Line Items]
Total long-term debt, net of unamortized debt issuance costs	$ 914,942	$ 230,851
Current portion of long-term debt	(29,500)	(10,000)
Long-term debt, net of unamortized debt issuance costs and excluding current portion	885,442	220,851
Line of Credit
Debt Instrument [Line Items]
Unamortized debt issuance costs	(10,308)	(2,149)
Revolving credit loan | Line of Credit
Debt Instrument [Line Items]
Loans outstanding	340,000	43,000
Tranche A term loan | Line of Credit
Debt Instrument [Line Items]
Loans outstanding	$ 585,250	$ 190,000

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) - USD ($)	6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Sep. 06, 2019	Jul. 31, 2019
Debt Instrument [Line Items]
Principal payment made	$ 4,750,000	$ 5,000,000
Line of Credit
Debt Instrument [Line Items]
Potential increased borrowing capacity			$ 300,000,000
Fees on unused portion of credit facilities (as a percent)	0.40%
Shares of foreign subsidiaries pledged as security (as a percent)	65.00%
Line of Credit | Minimum
Debt Instrument [Line Items]
Fees on unused portion of credit facilities (as a percent)	0.20%
Line of Credit | Maximum
Debt Instrument [Line Items]
Fees on unused portion of credit facilities (as a percent)	0.40%
Line of Credit | Lender's base rate
Debt Instrument [Line Items]
Margin on reference rate (as a percent)	1.25%
Reference rate (as a percent)	4.75%
Line of Credit | Lender's base rate | Minimum
Debt Instrument [Line Items]
Margin on reference rate (as a percent)	0.00%
Line of Credit | Lender's base rate | Maximum
Debt Instrument [Line Items]
Margin on reference rate (as a percent)	1.25%
Line of Credit | LIBOR
Debt Instrument [Line Items]
Margin on reference rate (as a percent)	2.25%
Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Margin on reference rate (as a percent)	1.00%
Reference rate (as a percent)	2.03%
Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Margin on reference rate (as a percent)	2.25%
Line of Credit | Delayed Draw Term Loan
Debt Instrument [Line Items]
Loans outstanding			$ 400,000,000
Line of Credit | Tranche A term loan
Debt Instrument [Line Items]
Loans outstanding	$ 585,250,000			$ 190,000,000
Term loan borrowings outstanding	585,250,000
Principal payment due 2020	19,500,000
Principal payment due 2021	29,500,000
Principal payment due 2022	29,500,000
Principal payment due 2023	29,500,000
Principal payment due 2024	29,500,000
Principal payment due at maturity	452,500,000
Principal payment made	$ 4,750,000
Interest rate (as a percent)	3.98%
Line of Credit | Revolving credit loan
Debt Instrument [Line Items]
Loans outstanding	$ 340,000,000			$ 43,000,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	Jan. 31, 2020USD ($)
Hu-Friedy
Business Acquisition [Line Items]
Assumed contingent obligation	$ 17,212
Equity consideration	6,481
Aexis
Business Acquisition [Line Items]
Assumed contingent obligation	$ 1,653

Earnings Per Common Share - Com

Earnings Per Common Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jan. 31, 2020	Oct. 31, 2019	Jan. 31, 2019	Oct. 31, 2018	Jan. 31, 2020	Jan. 31, 2019
Numerator for basic and diluted earnings per share:
Net (loss) income	$ (2,263)	$ 5,767	$ 18,800	$ 19,242	$ 3,504	$ 38,042
Less income allocated to participating securities	0		(16)		0	(49)
Net (loss) income available to common shareholders	$ (2,263)		$ 18,784		$ 3,504	$ 37,993
Denominator for basic and diluted (loss) earnings per share, adjusted for participating securities:
Denominator for basic (loss) earnings per share - weighted average number of shares outstanding attributable to common stock (in shares)	42,561,178		41,667,955		42,298,833	41,660,095
Dilutive effect of stock awards using the treasury stock method and the average market price for the year (in shares)	0		18,088		91,286	41,558
Denominator for diluted (loss) earnings per share - weighted average number of shares and common stock equivalents attributable to common stock (in shares)	42,561,178		41,686,043		42,390,119	41,701,653
(Loss) earnings per share attributable to common stock:
Basic (loss) earnings per share (in dollars per share)	$ (0.05)		$ 0.45		$ 0.08	$ 0.91
Diluted (loss) earnings per share (in dollars per share)	$ (0.05)		$ 0.45		$ 0.08	$ 0.91
Stock awards excluded from weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive (in shares)	36,150		0		0	0

Earnings Per Common Share - Wei

Earnings Per Common Share - Weighted Average Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
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)	42,561,178	41,686,043	42,390,119	41,701,653
Participating securities (in shares)	2,981	33,400	9,962	55,436
Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities (in shares)	42,564,159	41,719,443	42,400,081	41,757,089

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jan. 31, 2020	Oct. 31, 2019	Jan. 31, 2019	Oct. 31, 2018	Jan. 31, 2020	Jan. 31, 2019
Components and changes in accumulated other comprehensive (loss) income
Beginning Balance	$ 732,191	$ 661,537	$ 622,360	$ 608,867	$ 661,537	$ 608,867
Other comprehensive income (loss)	106	5,177	(417)	(5,223)	5,283	(5,640)
Ending Balance	723,281	732,191	641,603	622,360	723,281	641,603
Tax effect on interest rate swap	375				521
Accumulated Other Comprehensive Loss
Components and changes in accumulated other comprehensive (loss) income
Beginning Balance	(17,020)	(22,197)	(16,679)	(11,456)	(22,197)	(11,456)
Other comprehensive income (loss)	106	5,177	(417)	(5,223)
Ending Balance	(16,914)	$ (17,020)	(17,096)	$ (16,679)	(16,914)	(17,096)
Foreign Currency Translation
Components and changes in accumulated other comprehensive (loss) income
Other comprehensive income (loss)	(140)		(417)		3,792	(5,640)
Interest Rate Swap, net of taxes
Components and changes in accumulated other comprehensive (loss) income
Other comprehensive income (loss)	$ 246		$ 0		$ 1,491	$ 0

Reportable Segments - Concentra

Reportable Segments - Concentration Risk (Details) - Segment sales - Customer concentration	6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Life Sciences | Two customers
Concentration risk
Concentration risk within segment (as a percent)	45.00%	42.50%
Dental | Three customers
Concentration risk
Concentration risk within segment (as a percent)	43.30%	47.90%
Dialysis | Three customers
Concentration risk
Concentration risk within segment (as a percent)	50.70%	20.60%

Reportable Segments - Results (

Reportable Segments - Results (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Information as to operating segments
Net sales	$ 288,498	$ 224,538	$ 545,744	$ 450,127
Income (loss) from operations	7,596	26,196	22,020	53,874
General corporate expenses	62,051	37,358	117,338	73,893
Operating Segment
Information as to operating segments
Income (loss) from operations	29,885	38,929	64,765	77,780
General corporate expenses
Information as to operating segments
General corporate expenses	22,289	12,733	42,745	23,906
Medical
Information as to operating segments
Net sales	130,959	128,580	264,312	256,132
Medical | Operating Segment
Information as to operating segments
Income (loss) from operations	21,534	25,525	42,653	50,736
Life Sciences
Information as to operating segments
Net sales	50,122	50,516	99,263	102,358
Life Sciences | Operating Segment
Information as to operating segments
Income (loss) from operations	7,700	6,701	14,835	12,273
Dental
Information as to operating segments
Net sales	101,044	37,286	168,287	75,417
Dental | Operating Segment
Information as to operating segments
Income (loss) from operations	(856)	5,510	4,148	12,194
Dialysis
Information as to operating segments
Net sales	6,373	8,156	13,882	16,220
Dialysis | Operating Segment
Information as to operating segments
Income (loss) from operations	$ 1,507	$ 1,193	$ 3,129	$ 2,577

Subsequent Event (Details)

Subsequent Event (Details) - Hu-Friedy - USD ($) $ / shares in Units, $ in Thousands	Feb. 13, 2020	Feb. 12, 2020	Jan. 31, 2020
Subsequent Event [Line Items]
Contingent consideration, high end of range			$ 35,000
Subsequent Event | Dental Holdings
Subsequent Event [Line Items]
Repurchase of shares (in dollars per share)		$ 64.51
Contingent consideration, high end of range	$ 35,000
Payment to settle portion of contingent consideration	6,722
Consideration for the repurchase	$ 28,279

Uncategorized Items - cmd-20200

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 865,000
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 865,000