| Summary of Net Sales and Gross Margin by 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) | 2025 | | 2024 | | 2023 | | | | | | | | 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.
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| Summary of Net Sales by Geographic Area |
The table below summarizes net sales by geographic area based on external customer location: | | | | | | | | | | | | | | | | | | | | Year ended May 31, | | (in thousands) | 2025 | | 2024 | | 2023 | | Net sales by Geography | | | | | | | United States | $ | 250,983 | | | $ | 251,486 | | | $ | 282,713 | | | International | 41,515 | | | 52,428 | | | 56,039 | | | Total | $ | 292,498 | | | $ | 303,914 | | | $ | 338,752 | |
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