22.

CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF GUARANTOR SUBSIDIARIES

The Company has certain outstanding indebtedness that is guaranteed by its U.S. subsidiaries. However, the indebtedness is not guaranteed by the Company’s foreign subsidiaries or its consolidated variable interest entity. The guarantor subsidiaries are all wholly owned and the guarantees are made on a joint and several basis and are full and unconditional. Separate consolidated financial statements of the guarantor subsidiaries have not been presented because management believes that such information would not be material to investors. However, condensed consolidating financial information is presented.

Refer to Note 4 for information on assets and liabilities of Sentilus LLC, a consolidated variable interest entity, that are included in the Company’s consolidated balance sheet as of May 31, 2016. These assets and liabilities cannot be used to settle the obligations of Immucor, and are not Immucor’s obligation to pay. Accordingly, the condensed consolidated financial information reflects the activity of Sentilus LLC and its related eliminations under the VIE and VIE Eliminations heading. The condensed consolidating financial information of the Company is as follows:

Balance Sheets

IMMUCOR, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2016

(in thousands)

	Immucor, Inc.		Guarantors			Non-Guarantors		Eliminations			Immucor, Inc. and Subsidiaries		VIE and VIE eliminations			Total
ASSETS

Current Assets:
Cash and cash equivalents	$	4,058		(187	)		6,356		-			10,227		36			10,263
Accounts receivable, net		28,314		5,866			27,863		-			62,043		-			62,043
Intercompany receivable		98,375		26,311			24,710		(148,502	)		894		(894	)		-
Inventories, net		19,853		17,321			11,415		(1,695	)		46,894		-			46,894
Prepaid expenses and other current assets		3,381		449			4,649		-			8,479		-			8,479
Total current assets		153,981		49,760			74,993		(150,197	)		128,537		(858	)		127,679

Property and equipment, net		39,724		14,713			20,934		-			75,371		644			76,015
Investment in subsidiaries		211,451		20,033			3,019		(234,503	)		-		-			-
Goodwill		744,044		62,771			50,103		-			856,918		105			857,023
Other intangible assets, net		489,871		92,500			31,906		-			614,277		18,820			633,097
Other assets		30,346		274			360		(9,728	)		21,252		(7,433	)		13,819
Total assets	$	1,669,417		240,051			181,315		(394,428	)		1,696,355		11,278			1,707,633

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:
Accounts payable	$	10,622		5,517			5,346		-			21,485		744			22,229
Intercompany payable		18,293		117,516			12,693		(148,502	)		-		-			-
Accrued interest and interest rate swap liability		18,869		-			-		-			18,869		-			18,869
Accrued expenses and other current liabilities		10,700		5,230			6,075		-			22,005		4			22,009
Income taxes payable		30,190		(29,838	)		2,233		-			2,585		-			2,585
Deferred revenue, current portion		1,785		-			1,079		-			2,864		-			2,864
Current portion of long-term debt		6,634		172			-		-			6,806		-			6,806
Total current liabilities		97,093		98,597			27,426		(148,502	)		74,614		748			75,362

Long-term debt, excluding current portion		1,007,888		60			-		-			1,007,948		-			1,007,948
Deferred income tax liabilities		201,489		7,070			8,245		(654	)		216,150		6,207			222,357
Other long-term liabilities		22,724		43,099			1,325		(9,728	)		57,420		-			57,420
Total liabilities		1,329,194		148,826			36,996		(158,884	)		1,356,132		6,955			1,363,087
Equity:
Shareholders' equity of Immucor, Inc.		340,223		91,225			144,319		(235,544	)		340,223		-			340,223
Noncontrolling interest		-		-			-		-			-		4,323			4,323
Total equity		340,223		91,225			144,319		(235,544	)		340,223		4,323			344,546
Total liabilities and equity	$	1,669,417		240,051			181,315		(394,428	)		1,696,355		11,278			1,707,633

IMMUCOR, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2015

(in thousands)

	Immucor, Inc.		Guarantors			Non-Guarantors		Eliminations			Total

ASSETS

Current Assets:
Cash and cash equivalents	$	7,080		(263	)		11,546		-			18,363
Accounts receivable, net		30,442		6,014			31,218		-			67,674
Intercompany receivable		68,815		24,201			8,861		(101,877	)		-
Inventories, net		18,361		13,706			11,830		(2,050	)		41,847
Prepaid expenses and other current assets		5,178		426			5,557		-			11,161
Total current assets		129,876		44,084			69,012		(103,927	)		139,045

Property and equipment, net		38,915		13,849			20,810		-			73,574
Investment in subsidiaries		220,412		5,021			3,019		(228,452	)		-
Goodwill		744,149		47,640			50,469		-			842,258
Other intangible assets, net		557,133		59,164			33,997		-			650,294
Other assets		14,533		310			324		-			15,167
Total assets	$	1,705,018		170,068			177,631		(332,379	)		1,720,338

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:
Accounts payable	$	6,297		2,604			4,965		-			13,866
Intercompany payable		2,389		91,547			7,941		(101,877	)		-
Accrued interest and interest swap liability		19,288		-			-		-			19,288
Accrued expenses and other current liabilities		13,758		5,131			7,243		-			26,132
Income taxes payable		30,061		(30,074	)		3,509		-			3,496
Deferred revenue, current portion		1,498		7			1,198		-			2,703
Current portion of long-term debt		6,633		7			-		-			6,640
Total current liabilities		79,924		69,222			24,856		(101,877	)		72,125

Long-term debt, excluding current portion		1,004,706		-			-		-			1,004,706
Deferred income tax liabilities		220,720		1,386			9,299		(791	)		230,614
Other long-term liabilities		15,987		11,908			1,317		-			29,212
Total liabilities		1,321,337		82,516			35,472		(102,668	)		1,336,657
Shareholders' Equity:
Total shareholders' equity		383,681		87,552			142,159		(229,711	)		383,681
Total liabilities and shareholders' equity	$	1,705,018		170,068			177,631		(332,379	)		1,720,338

Statements of Operations Year to Date

IMMUCOR, INC.

CONSOLIDATING STATEMENTS OF OPERATIONS

For the Year Ended May 31, 2016

(in thousands)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Immucor, Inc. and Subsidiaries			VIE and VIE eliminations			Total

Net sales	$	248,717			58,163			139,959			(66,867	)		379,972			-			379,972
Cost of sales (exclusive of amortization shown separately below)		84,442			35,159			91,235			(66,867	)		143,969			-			143,969
Gross profit		164,275			23,004			48,724			-			236,003			-			236,003

Operating expenses:
Research and development		12,500			16,296			679			-			29,475			780			30,255
Selling and marketing		25,983			9,850			20,822			-			56,655			-			56,655
Distribution		9,548			1,405			6,509			-			17,462			-			17,462
General and administrative		30,367			5,326			8,745			-			44,438			24			44,462
Amortization expense		47,887			4,919			2,129			-			54,935			2			54,937
Impairment loss		818			2,500			-			-			3,318			-			3,318
Total operating expenses		127,103			40,296			38,884			-			206,283			806			207,089

Income (loss) from operations		37,172			(17,292	)		9,840			-			29,720			(806	)		28,914

Non-operating (expense) income:
Interest income		415			-			189			(225	)		379			(244	)		135
Interest expense		(89,534	)		(1,174	)		(52	)		225			(90,535	)		-			(90,535	)
Other, net		5,261			505			(4,327	)		-			1,439			(1,683	)		(244	)
Total non-operating expense		(83,858	)		(669	)		(4,190	)		-			(88,717	)		(1,927	)		(90,644	)

(Loss) income before income taxes		(46,686	)		(17,961	)		5,650			-			(58,997	)		(2,733	)		(61,730	)
(Benefit) provision for income taxes		(12,548	)		(6,619	)		2,260			-			(16,907	)		(1,056	)		(17,963	)
Net (loss) income before earnings of consolidated subsidaries		(34,138	)		(11,342	)		3,390			-			(42,090	)		(1,677	)		(43,767	)
Net income (loss) of consolidated subsidiaries		(7,952	)		-			-			7,952			-			-			-
Net (loss) income		(42,090	)		(11,342	)		3,390			7,952			(42,090	)		(1,677	)		(43,767	)
Net loss attributable to noncontrolling interest		-			-						-			-			(1,677	)		(1,677	)
Net loss attributable to Immucor, Inc.	$	(42,090	)		(11,342	)		3,390			7,952			(42,090	)		-			(42,090	)

IMMUCOR, INC.

CONSOLIDATING STATEMENTS OF OPERATIONS

For the Year Ended May 31, 2015

(in thousands)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total

Net sales	$	250,714			56,844			153,768			(72,026	)		389,300
Cost of sales (exclusive of amortization shown separately below)		80,606			37,470			97,609			(72,026	)		143,659
Gross profit		170,108			19,374			56,159			-			245,641

Operating expenses:
Research and development		11,633			16,331			827			-			28,791
Selling and marketing		24,878			10,133			22,822			-			57,833
Distribution		10,814			1,612			7,596			-			20,022
General and administrative		27,438			4,520			9,233			-			41,191
Amortization expense		47,887			4,309			2,335			-			54,531
Total operating expenses		122,650			36,905			42,813			-			202,368

Income (loss) from operations		47,458			(17,531	)		13,346			-			43,273

Non-operating (expense) income:
Interest income		64			-			192			(111	)		145
Interest expense		(88,957	)		(507	)		(68	)		111			(89,421	)
Other, net		3,000			(552	)		(1,570	)		-			878
Total non-operating net expense		(85,893	)		(1,059	)		(1,446	)		-			(88,398	)

(Loss) income before income taxes		(38,435	)		(18,590	)		11,900			-			(45,125	)
Provision (benefit) for income taxes		17,631			(5,806	)		3,775			-			15,600
Net (loss) income before earnings of consolidated subsidiaries		(56,066	)		(12,784	)		8,125			-			(60,725	)
Net (loss) income of consolidated subsidiaries		(4,659	)		-			-			4,659			-
Net (loss) income	$	(60,725	)		(12,784	)		8,125			4,659			(60,725	)

IMMUCOR, INC.

CONSOLIDATING STATEMENTS OF OPERATIONS

For the Year Ended May 31, 2014

(in thousands)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total

Net sales	$	251,079			55,457			149,725			(68,205	)		388,056
Cost of sales (exclusive of amortization shown separately below)		82,485			32,936			92,418			(68,205	)		139,634
Gross profit		168,594			22,521			57,307			-			248,422

Operating expenses:
Research and development		13,514			15,180			376			-			29,070
Selling and marketing		24,701			9,188			25,168			-			59,057
Distribution		11,199			1,484			7,482			-			20,165
General and administrative		25,412			7,362			8,829			-			41,603
Amortization expense		47,883			2,700			2,382			-			52,965
Acquisition-related items		(4,638	)		-			-			-			(4,638	)
Impairment loss		160,000			150			-			-			160,150
Total operating expenses		278,071			36,064			44,237			-			358,372

(Loss) income from operations		(109,477	)		(13,543	)		13,070			-			(109,950	)

Non-operating (expense) income:
Interest income		-			8			84			(56	)		36
Interest expense		(88,314	)		-			(46	)		56			(88,304	)
Other, net		819			153			(927	)		-			45
Total non-operating net (expense) income		(87,495	)		161			(889	)		-			(88,223	)

(Loss) income before income taxes		(196,972	)		(13,382	)		12,181			-			(198,173	)
(Benefit) provision for income taxes		(14,381	)		(5,060	)		3,525			-			(15,916	)
Net (loss) income before earnings of consolidated subsidiaries		(182,591	)		(8,322	)		8,656			-			(182,257	)
Net income (loss) of consolidated subsidiaries		334			-			-			(334	)		-
Net (loss) income	$	(182,257	)		(8,322	)		8,656			(334	)		(182,257	)

Statements of Cash Flows

IMMUCOR, INC.

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Year Ended May 31, 2016

(in thousands)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Immucor, Inc. and Subsidiaries			VIE and VIE eliminations			Total

Net cash provided by (used in) operating activities	$	34,344			1,637			(47	)		(3,610	)		32,324			(5,233	)		27,091
Net cash (used in) provided by investing activities		(24,539	)		(1,497	)		(1,581	)		(6,008	)		(33,625	)		5,269			(28,356	)
Net cash (used in) provided by financing activities		(12,984	)		(64	)		(3,517	)		9,517			(7,048	)		-			(7,048	)
Effect of exchange rate changes on cash and cash equivalents		157			-			(45	)		101			213			-			213
(Decrease) increase in cash and cash equivalents		(3,022	)		76			(5,190	)		-			(8,136	)		36			(8,100	)
Cash and cash equivalents at beginning of period		7,080			(263	)		11,546			-			18,363			-			18,363
Cash and cash equivalents at end of period	$	4,058			(187	)		6,356			-			10,227			36			10,263

IMMUCOR, INC.

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Year Ended May 31, 2015

(in thousands)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total

Net cash provided by (used in) operating activities	$	20,299			2,814			4,548			(2,071	)		25,590
Net cash used in investing activities		(11,487	)		(2,648	)		(8,954	)		-			(23,089	)
Net cash (used in) provided by financing activities		(6,633	)		(20	)		(556	)		556			(6,653	)
Effect of exchange rate changes on cash and cash equivalents		38			-			(2,659	)		1,515			(1,106	)
Increase (decrease) in cash and cash equivalents		2,217			146			(7,621	)		-			(5,258	)
Cash and cash equivalents at beginning of period		4,863			(409	)		19,167			-			23,621
Cash and cash equivalents at end of period	$	7,080			(263	)		11,546			-			18,363

IMMUCOR, INC.

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Year Ended May 31, 2014

(in thousands)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total

Net cash provided by (used in) operating activities	$	15,530			(1,540	)		12,221			(610	)		25,601
Net cash provided by (used in) investing activities		1,209			(14,972	)		(11,233	)		(197	)		(25,193	)
Net cash (used in) provided by financing activities		(6,633	)		(40	)		(786	)		785			(6,674	)
Effect of exchange rate changes on cash and cash equivalents		(179	)		-			656			22			499
Increase (decrease) in cash and cash equivalents		9,927			(16,552	)		858			-			(5,767	)
Cash and cash equivalents at beginning of period		6,971			4,107			18,310			-			29,388
Cash and cash equivalents at end of period	$	16,898			(12,445	)		19,168			-			23,621