v3.25.2
Segment Information
 12 Months Ended
May 31, 2025
Segment Information

15. Segment Information

 

The Company has two reportable segments: Food Safety and Animal Safety. The Food Safety segment is primarily engaged in the development, production and marketing of diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation. The Animal Safety segment is primarily engaged in the development, production and marketing of products dedicated to animal safety, including a complete line of consumable products marketed to veterinarians and animal health product distributors. This segment also provides genomic identification and related interpretive bioinformatic services. Additionally, the Animal Safety segment produces and markets biosecurity products to assist in the control of rodents, insects and disease in and around agricultural, food production and other facilities. The results of each segment are regularly reviewed by the chief operating decision maker ("CODM") to assess the performance of the segments and make decisions regarding the allocation of resources to the segments. Our CODM is our Chief Executive Officer. The performance measure that the CODM uses is operating income.

Many of our international operations originally focused on the Company’s food safety products, and each of these units reports through the Food Safety segment. In recent years, these operations have expanded to offer the Company’s complete line of products and services, including those usually associated with the Animal Safety segment such as biosecurity products, veterinary instruments and genomics services. These additional products and services are managed and directed by existing management and are reported through the Food Safety segment.

 

 

Segment information is as follows:

 

 

Year Ended May 31, 2025

 

 

 

Food Safety

 

 

Animal Safety

 

 

Corporate and
Eliminations (1)

 

 

Total

 

Total Revenues

 

$

638,140

 

 

$

256,521

 

 

 

 

 

$

894,661

 

Total Cost of Revenues

 

 

308,715

 

 

 

164,570

 

 

 

 

 

 

473,285

 

Operating Expenses

 

 

1,315,095

 

 

 

84,704

 

 

 

82,574

 

 

 

1,482,373

 

Operating Income (Loss)

 

$

(985,670

)

 

$

7,247

 

 

$

(82,574

)

 

$

(1,060,997

)

 

 

Depreciation and Amortization

 

$

105,022

 

 

$

14,461

 

 

 

—

 

 

$

119,483

 

Interest Expense

 

 

—

 

 

 

—

 

 

$

71,622

 

 

$

71,622

 

Total Assets

 

$

2,991,767

 

 

$

323,065

 

 

$

129,004

 

 

$

3,443,836

 

Expenditures for long-lived assets

 

$

96,698

 

 

$

7,897

 

 

 

—

 

 

$

104,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended May 31, 2024

 

 

 

Food Safety

 

 

Animal Safety

 

 

Corporate and
Eliminations (1)

 

 

Total

 

Total Revenues

 

$

655,341

 

 

$

268,881

 

 

 

 

 

$

924,222

 

Total Cost of Revenues

 

 

301,634

 

 

 

158,688

 

 

 

 

 

 

460,322

 

Operating Expenses

 

 

271,261

 

 

 

70,873

 

 

 

63,103

 

 

 

405,237

 

Operating Income (Loss)

 

$

82,446

 

 

$

39,320

 

 

$

(63,103

)

 

$

58,663

 

 

 

Depreciation and Amortization

 

$

102,328

 

 

$

14,389

 

 

 

—

 

 

$

116,717

 

Interest Expense

 

 

—

 

 

 

—

 

 

$

73,394

 

 

$

73,394

 

Total Assets

 

$

4,035,257

 

 

$

342,640

 

 

$

170,936

 

 

$

4,548,833

 

Expenditures for long-lived assets

 

$

93,036

 

 

$

18,385

 

 

 

—

 

 

$

111,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended May 31, 2023

 

 

 

Food Safety

 

 

Animal Safety

 

 

Corporate and
Eliminations (1)

 

 

Total

 

Total Revenues

 

$

546,797

 

 

$

275,650

 

 

 

 

 

$

822,447

 

Total Cost of Revenues

 

 

257,655

 

 

 

158,837

 

 

 

 

 

 

416,492

 

Operating Expenses

 

 

228,728

 

 

 

73,481

 

 

 

66,231

 

 

 

368,440

 

Operating Income (Loss)

 

$

60,414

 

 

$

43,332

 

 

$

(66,231

)

 

$

37,515

 

 

 

Depreciation and Amortization

 

$

76,841

 

 

$

11,536

 

 

 

—

 

 

$

88,377

 

Interest Expense

 

 

—

 

 

 

—

 

 

$

55,961

 

 

$

55,961

 

Total Assets

 

$

3,970,356

 

 

$

338,507

 

 

$

245,569

 

 

$

4,554,432

 

Expenditures for long-lived assets

 

$

52,169

 

 

$

13,588

 

 

 

—

 

 

$

65,757

 

 

(1)
Includes corporate assets, including cash and cash equivalents, marketable securities, current and deferred tax accounts, and overhead expenses not allocated to specific business segments. Also includes the elimination of intersegment transactions.

The following table presents the Company’s revenue disaggregated by geographical location. Country information has not been disclosed as it is impracticable to do so.

 

 

Year Ended May 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Domestic

 

$

445,935

 

 

$

465,242

 

 

$

424,005

 

International

 

 

448,726

 

 

 

458,980

 

 

 

398,442

 

Total Revenue

 

$

894,661

 

 

$

924,222

 

 

$

822,447

 

 

 

The following table presents the Company's net property and equipment amounts disaggregated by country.

 

 

Year Ended May 31,

 

 

 

2025

 

 

2024

 

United States

 

$

278,447

 

 

$

209,778

 

United Kingdom

 

 

12,512

 

 

 

19,231

 

Other

 

 

48,172

 

 

 

48,095

 

Total Property, Plant, and Equipment

 

$

339,131

 

 

$

277,104