v3.25.2
Segments and Geographic Information
 12 Months Ended
May 31, 2025
Segment Reporting [Abstract]  
SEGMENTS AND GEOGRAPHIC INFORMATION SEGMENTS AND GEOGRAPHIC INFORMATION
Segment information
The Company regularly reviews its segments and the approach used by the chief operating decision maker, the President and Chief Executive Officer ("CEO"), to evaluate performance and allocate resources. The Company manages its operations through two operating segments, Med Tech and Med Device. The CEO evaluates these two operating segments based on gross margin to, among other items, allocate resources and assess performance. The CEO uses gross margin in the budgeting and forecasting process to assess profitability and enable decision making regarding strategic initiatives, investments and personnel across the two operating segments. Executives reporting to the CEO include those responsible for commercial operations, manufacturing operations, regulatory and quality and certain corporate functions.
The Med Tech segment is comprised of our technology portfolio including Auryon, the thrombus management platform and NanoKnife. The Med Device segment is comprised of our Core, Venous, Ports and other Oncology products.
The Company manages its assets on a total company basis, not by operating segment; therefore, the CEO does not review any asset information by operating segment and, accordingly, asset information is not reported or evaluated by operating segment.
The table below summarizes net sales, cost of sales and gross margin by Med Tech and Med Device:
 Year ended May 31,
(in thousands)202520242023
Med Tech Net Sales$126,653 $106,403 $96,687 
Med Tech Cost of Sales (exclusive of intangible amortization)$48,138 $39,205 $34,721 
Gross Margin$78,515 $67,198 $61,966 
Gross Margin %62.0 %63.2 %64.1 %
Med Device Net Sales$165,845 $197,511 $242,065 
Med Device Cost of Sales (exclusive of intangible amortization)$86,655 $110,011 $129,785 
Gross Margin$79,190 $87,500 $112,280 
Gross Margin %47.7 %44.3 %46.4 %
Total Net Sales$292,498 $303,914 $338,752 
Total Cost of Sales (exclusive of intangible amortization)$134,793 $149,216 $164,506 
Gross Margin$157,705 $154,698 $174,246 
Gross Margin %53.9 %50.9 %51.4 %
Operating expenses(1)
$197,659 $401,632 $225,427 
Gain on sale of assets(2)
— 54,499 — 
Other income (expense), net(3)
5,922 797 (3,256)
Loss before income tax benefit $(34,032)$(191,638)$(54,437)
(1) Operating expenses include Research and development, Sales and marketing, General and administrative, Amortization of intangibles, Goodwill impairment, Change in fair value of contingent consideration and Acquisition, restructuring and other items, net.
(2) Gain on sale of assets includes the gain on the sale of divested products.
(3) Other income (expense), net includes interest income, interest expense, foreign currency impacts and bank fees.
Geographic information
The table below summarizes net sales by geographic area based on external customer location:
 Year ended May 31,
(in thousands)202520242023
Net sales by Geography
United States$250,983 $251,486 $282,713 
International41,515 52,428 56,039 
Total$292,498 $303,914 $338,752 
For fiscal years 2025, 2024 and 2023, international sales as a percentage of total net sales were 14%, 17% and 17%, respectively. Sales to any one country outside the U.S., as determined by shipment destination, did not comprise a material portion of net sales in any of the last three fiscal years. In addition, no one customer represents more than 10% of consolidated net sales. 65% of long-lived assets are located within the United States and 34% are located within Israel.