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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
May 31, 2023
May 31, 2022
May 31, 2021
Cash flows from operating activities:      
Net loss $ (52,442,000) $ (26,547,000) $ (31,548,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 30,873,000 29,349,000 25,916,000
Non-cash lease expense 2,484,000 2,439,000 2,456,000
Goodwill impairment 14,549,000 0 0
Stock based compensation 11,158,000 10,692,000 8,625,000
Change in fair value of contingent consideration 2,320,000 1,212,000 89,000
Deferred income tax provision (2,311,000) (3,708,000) (4,805,000)
Changes in accounts receivable allowances 695,000 118,000 207,000
Asset impairments and disposals 291,000 391,000 14,228,000
Other (513,000) (93,000) (147,000)
Changes in operating assets and liabilities:      
Accounts receivable (1,299,000) (17,151,000) (4,162,000)
Inventories (8,198,000) (2,796,000) 11,539,000
Prepaid expenses and other 332,000 (5,012,000) (3,181,000)
Accounts payable, accrued and other liabilities 2,139,000 3,912,000 4,876,000
Net cash provided by (used in) operating activities 78,000 (7,194,000) 24,093,000
Cash flows from investing activities:      
Additions to property, plant and equipment (3,812,000) (4,297,000) (5,187,000)
Additions to placement and evaluation units (5,394,000) (11,410,000) (8,524,000)
Cash paid for acquisitions 0 (3,600,000) 0
Acquisition of intangibles (540,000) 0 0
Net cash used in investing activities (9,746,000) (19,307,000) (13,711,000)
Cash flows from financing activities:      
Proceeds from issuance of and borrowings on long-term debt 70,000,000 0 0
Repayment of long-term debt (45,000,000) 0 (20,000,000)
Proceeds from borrowings on long-term debt 0 5,000,000 0
Deferred financing costs on long-term debt (751,000) 0 0
Proceeds from exercise of stock options and employee stock purchase plan 1,171,000 2,683,000 3,014,000
Net cash provided by (used in) financing activities 25,420,000 7,683,000 (16,986,000)
Effect of exchange rate changes on cash and cash equivalents 43,000 (518,000) 330,000
Increase (decrease) in cash and cash equivalents 15,795,000 (19,336,000) (6,274,000)
Cash and cash equivalents at beginning of year 28,825,000 48,161,000 54,435,000
Cash and cash equivalents at end of year 44,620,000 28,825,000 48,161,000
Supplemental disclosure of non-cash investing and financing activities:      
Increase (decrease) in accounts payable for purchases of fixed assets 124,000 14,000 (139,000)
Cash paid during the year for:      
Interest 2,577,000 562,000 731,000
Income taxes $ 342,000 $ 329,000 $ 313,000