Basis of Presentation, Business Description and Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2023

Refer below for useful lives by category:


			Estimated useful lives
Building and building improvements			4 to 39 years
Computer software and equipment			2 to 5 years
Machinery and equipment			5 to 8 years
Placement and evaluation units			5 years

Property, plant and equipment are summarized as follows:


(in thousands)	May 31, 2023		May 31, 2022
Building and building improvements	$	29,660	$	29,425
Computer software and equipment	27,435		27,292
Machinery and equipment	17,023		15,453
Placement and evaluation units	26,355		21,009
Construction in progress	2,444		2,402
	102,917		95,581
Less accumulated depreciation	(59,026)		(51,069)
	43,891		44,512
Land and land improvements	493		493
	$	44,384	$	45,005

Recently Issued Accounting Pronouncements - Adopted


Standard	Description	Effective Date	Effect on the Consolidated Financial Statements
ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance	This ASU increases the transparency of government assistance to include the disclosure of (1) the types of assistance, (2) an entity's accounting for the assistance, and (3) the effect of the assistance on an entity's financial statements.	June 1, 2022	The Company adopted the new standard in the first quarter of fiscal year 2023 and it did not have an impact on the Company's consolidated financial statements.


Recently Issued Accounting Pronouncements - Not Yet Applicable or Adopted
Standard	Description	Effective Date	Effect on the Consolidated Financial Statements
ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	This ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer.	June 1, 2023	The Company plans to adopt the new standard in the first quarter of fiscal year 2024 and does not expect there to be a material impact to the consolidated financial statements.