FORM 10-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

         (Mark One)   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                X          THE SECURITIES EXCHANGE ACT OF 1934
               ---

                     For the fiscal year ended May 31, 2000

                                       OR

                       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
               ---            THE SECURITIES EXCHANGE ACT OF 1934


                        For the transition period from       to

                         Commission file number 0-14820

                                  IMMUCOR, INC.
             (Exact name of registrant as specified in its charter)

                    Georgia                           22-2408354
       (State or other jurisdiction         (I.R.S. Employer Identification No.)
     of incorporation or organization)

               3130 GATEWAY DRIVE,                        30091
                  P.O. BOX 5625                         (Zip Code)
                Norcross, Georgia
         (Address of principal executive offices)

      Registrant's telephone number, including area code, is (770) 441-2051

           Securities registered pursuant to Section 12(b) of the Act:

                                      NONE

           Securities registered pursuant to Section 12(g) of the Act:

                          COMMON STOCK, $.10 PAR VALUE
                                (Title of Class)

                          COMMON STOCK PURCHASE RIGHTS
                                (Title of Class)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
Registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.
                                            YES     X         NO
                                                --------
         Indicate by a check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained  herein,  and will not be contained,
to the best of  registrant's  knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part  III of this  Form  10-K or any
amendment to this Form 10-K.
[    X   ]

         As of July 31,  2000,  the  aggregate  market value of the voting stock
held by non-affiliates of the registrant was $29,125,437.

         As of July 31,  2000,  there  were  7,277,617  shares of  common  stock
outstanding.



<PAGE>



                                     PART I

Item 1.--Business

         Founded in 1982, Immucor, Inc., a Georgia corporation ("Immucor" or the
"Company"),  develops,  manufactures  and sells a complete  line of reagents and
automated systems used primarily by hospitals,  clinical  laboratories and blood
banks in a number of tests performed to detect and identify  certain  properties
of the cell and serum components of human blood prior to blood transfusion.

         During  fiscal  1999 the Company  implemented  its  strategic  plans to
consolidate  the U.S.  blood bank  market,  leaving  Immucor and Ortho  Clinical
Diagnostics as the only two companies  offering a complete line of blood banking
reagents in the U.S., and to strengthen  Immucor's direct presence in Europe and
Canada.  The Company executed its plans through a series of acquisitions,  which
are listed below:

         Acquisition of Canadian  Distribution  Rights. On September 1, 1998 the
Company  acquired the Canadian  distribution  rights for the Company's  complete
line of reagents from its Canadian  distributor for a total transaction value of
approximately $2.1 million. Immucor's wholly owned Canadian subsidiary, Dominion
Biologicals,  Ltd.  ("Dominion"),  took over distribution of the entire range of
products.  Dominion  is  currently  the leader in the  market  for  conventional
reagents in Canada. See - Liquidity and Capital Resources.

         Acquisition of Gamma Biologicals, Inc. On October 27, 1998, the Company
completed  the  acquisition  of Gamma  Biologicals,  Inc.  ("Gamma") for a total
transaction  value  of  approximately  $27.8  million  (see  -  Note  3  to  the
Consolidated   Financial   Statements).   Located  in  Houston,   Texas,   Gamma
manufactures and distributes a wide variety of in-vitro  diagnostic  reagents to
blood  donation   centers,   transfusion   departments  of  hospitals,   medical
laboratories and research  institutions in the U.S. and  internationally.  Gamma
was  the  third  largest   domestic  blood  bank  serology  company  before  the
acquisition.   This   acquisition   significantly   strengthened  the  Company's
competitive  position  in the U.S.  market  and added to its  customer  base and
product  offerings,  thereby  extending the Company's  global  marketing  reach.
Combining Immucor's Automated Product Family and Capture(R) with Gamma's line of
monoclonal  reagents,  red  cell  products  and  ReACT-(TM)  ("ReACT")  products
represents  a natural fit and creates an enhanced  selection of products for our
customers worldwide (see - Products).

         Acquisition of French and Belgian  Distributor's  Rights.  On March 15,
1999,  the  Company  acquired  its  former  distributors  in France  (Immunochim
s.a.r.l.) and Belgium (Medichim S.A.), for a combination of cash,  Immucor stock
options and an incentive  earn out,  representing a total  transaction  value of
approximately  $1.8  million  (see  -  Note  3  to  the  Consolidated  Financial
Statements).  The Company's  direct  presence will allow it to take advantage of
the large  potential  for blood  bank  automation  installations  in the  French
market, which the Company believes is the second largest market in Europe.

         Acquisition   of  the  BCA  blood  bank  division   assets  of  Biopool
International,  Inc. On April 30, 1999 the Company  purchased  certain assets of
the BCA blood bank  division of Biopool  International,  Inc. for  approximately
$4.5  million  (see - Note 3 to the  Consolidated  Financial  Statements).  This
acquisition  added  three  well-accepted   products  to  the  Company's  reagent
portfolio.

         As a  result  of the  above  acquisitions,  Immucor  became  the  North
American  market leader in terms of sales and  strengthened  its market position
worldwide.  See -  Competition  and  Marketing  and  Distribution.  The  Company
financed the acquisitions with cash reserves and the proceeds of a loan from its
primary  U.S.  bank.  See-  Liquidity  and Capital  Resources  and Note 3 to the
Consolidated Financial Statements.

         Since  1992  the  Company  has  worked  with  the  medical   instrument
manufacturer Bio-Tek  Instruments,  Inc., a wholly owned subsidiary of Lionheart
Technologies,  Inc., to develop an automated,  "walk-away",  blood bank analyzer
called the ABS2000, using Immucor's proprietary Capture(R) technology.  In March
1996,  the  Company  filed a 510(k)  application  with  the  U.S.  Food and Drug
Administration  (the "FDA") for market  clearance.  On July 6, 1998, the Company
announced  that the FDA  cleared  the  ABS2000  for  marketing  in the U.S.  The
instrument is designed for patient testing in hospital transfusion  laboratories
and is the first  blood bank  system that fully  automates  blood  compatibility
tests  currently  performed  manually by blood bank  technologists.  The Company
introduced  the ABS2000 in the U.S.  market during the second  quarter of fiscal
1999.

         In March 1998, Immucor signed an exclusive  distribution agreement with
IBG Systems Limited ("IBG") headquartered in England whereby Immucor assumed the
sale,  marketing  and service of all  current  and future IBG  products in North
America.  IBG presently has the only semi-automated  microtitration plate reader
available for sale in the U.S., which  interprets  Immucor's  proprietary  solid
phase  Capture(R)  assays.  With this agreement  Immucor also obtained the North
American  distribution  rights for blood bank  applications  of the ROSYS  Plato
system  manufactured  by ROSYS  Anthos Ag of  Switzerland.  The system  provides
medium sized donor  centers and large  hospital  transfusion  laboratories  with
automated  liquid and sample handling for processing  microtitration  plates and
also uses  Immucor's  proprietary  solid phase  Capture(R)  assays.  The Company
introduced  the system in the U.S. and European  markets  during fiscal 1999. In
July 1999 the Company purchased the exclusive  distribution  rights of the ROSYS
Plato from IBG for approximately  $250,000 in cash. The Company has entered into
a distribution  agreement  directly with ROSYS Anthos Ag for the distribution of
the ROSYS Plato (marketed as ABS Precis in Europe) in North America and Europe.

         In 1998, the Company began marketing an automated  medical  instrument,
previously referred to as the ABSHV, utilizing DYNEX Technologies, Inc.'s 510(k)
clearance  for its product  called the DIAS PLUS.  The  instrument,  marketed as
ABSHV in Europe,  provides  large blood donor  centers  and  clinical  reference
laboratories  automated batch processing and positive sample  identification  of
routine blood donor tests, and uses the Company's solid phase Capture(R) assays.

         On September 1, 1999,  the Company  entered  into a  manufacturing  and
development  agreement with Stratec  Biomedical AG ("Stratec") with headquarters
in Germany.  Under the terms of the  agreement,  Stratec  will  manufacture  and
develop a fully  automated  analyzer  known as the Galileo and will be initially
targeted to the European community utilizing the Company's  Capture(R) and ReACT
technologies. The instrument will be marketed exclusively by Immucor to hospital
transfusion  laboratories  and blood  donor  centers for patient and donor blood
typing and antibody screening and identification. In order to maintain exclusive
European  distribution rights the Company must purchase 250 instruments over the
five year initial term of the agreement.  If the Company purchases less than 250
instruments  over the  period  it will be  allowed  to  negotiate  a good  faith
extension.


Industry

         Immucor is part of the immunohematology industry, which generally seeks
to prevent or cure certain  diseases or conditions  through the  transfusion  of
blood and blood components. In the U.S., the FDA regulates human blood as a drug
and as a biological  product,  and it regulates the  transfusion of blood as the
administration  of a drug and of a biological  product.  The FDA  regulates  all
phases of the  immunohematology  industry,  including  donor  selection  and the
collection, classification, storage, handling and transfusion of blood and blood
components.  The FDA requires all facilities that manufacture  products used for
any of those purposes, and the products themselves, to be registered or licensed
by the FDA. See Regulation of Business.

         The principal  components  of blood are plasma (the fluid  portion) and
cells. Blood also contains antibodies and antigens. Antibodies are proteins that
are  naturally  produced by the human body in response  to the  introduction  of
foreign  substances  (antigens).  Antigens are  substances  that  stimulate  the
production of antibodies. Red blood cells, which transport oxygen from the lungs
to other  parts of the  body,  and  return  carbon  dioxide  to the  lungs,  are
categorized  by four  blood  groups  (A,  B, AB and O) and two  blood  types (Rh
positive and Rh negative),  based on the presence or absence of certain antigens
on the  surface  of the  cells.  It is crucial  that the  health  care  provider
correctly  identify the  antibodies  and  antigens  present in patient and donor
blood.  For example,  if a donor's red blood cells  contain  antigens that could
react with the corresponding  antibody in the patient's plasma,  the transfusion
of  the  red  blood  cells  may  result  in  the  potentially  life  threatening
destruction of the patient's red blood cells.

         Because of the critical importance of matching patient and donor blood,
compatibility  testing  procedures  are generally  performed by highly  educated
technologists in hospitals,  blood banks and laboratories.  At present, with few
exceptions,  these  tests are  performed  manually  using  procedures  which the
Company believes can be  significantly  improved using its  instrumentation  and
solid phase and ReACT testing  systems to automate the testing  procedures.  See
Products -- Blood Bank Automation and Solid Phase and Microcolumn Technology.

         The Company  believes that the worldwide  market for traditional  blood
bank reagents is approximately $320 million,  and that this market is relatively
mature given current technology. The industry is labor-intensive and the Company
estimates  worldwide  industry labor costs approach $1 billion.  Therefore,  the
introduction  of  labor-saving  products will provide  additional  growth in the
market.  The Company  believes that its blood bank  automation,  solid phase and
ReACT blood testing  systems  improve test results and reduce the time necessary
to  perform  certain  test   procedures,   thereby   offering  a  cost-effective
alternative  for its customers.  See Products -- Blood Bank Automation and Solid
Phase and Microcolumn  Technology.  The Company anticipates that automation will
increase the available  market for  traditional  and automated  reagents to $425
million while decreasing the overall cost of blood testing by reducing the labor
component by approximately $400 million.

Immucor Strategy

         The  Company's  strategy  is  to  further  strengthen  its  competitive
position in the blood bank testing  market by  restructuring  the market through
automation of the transfusion  laboratory and to firmly establish Immucor as the
world leader in blood bank automation.  In order to implement this strategy, the
Company intends to:

         Maximize Instrument Placements.  The Company's market research has been
unable to find another  company that has filed an application  for FDA clearance
of an automated blood bank device. Management estimates that Immucor should have
a two-to-three  year window of  opportunity  to establish  itself as the leading
blood bank device  company in the United  States.  The Company's  strategy is to
strengthen  its  leadership  position in the automation of blood bank testing by
establishing a large base of installed  instruments  that future market entrants
must overcome. To facilitate instrument placements, the Company offers customers
a selection of automated  analyzers,  which  address the various  needs of low-,
medium-,  and  high-volume  testing  facilities.  In order to satisfy  the broad
spectrum of customers'  operational and financial criteria,  the Company intends
to  continue  to  offer  several  instrument   procurement  options,   including
third-party financing leases, direct sales and reagent rentals and to expand the
range and price points of its instrument offerings.

         Maximize Revenue Stream Per Placement. Each instrument placed typically
provides  the  Company  with a  recurring  revenue  stream  through  the sale of
reagents and supplies.  Immucor's  family of blood bank testing systems operates
exclusively with the Company's proprietary reagent lines,  Capture(R) and ReACT.
Because these  reagents  have been  developed  for  automated  technology,  they
command a premium price over  traditional  products.  The average annual revenue
per placement is $18,000 to $100,000,  depending on facility testing volume. The
Company also  continues to develop new reagent  applications  and upgrade system
software  and  hardware  in order  to  expand  instrument  test  menus,  thereby
increasing consumable usage per placement.

         Develop New and Enhanced Products. Immucor continually seeks to improve
existing  products and develop new ones to enhance its market share. The Company
has successfully  introduced and commercialized the ABS2000, the ROSYS Plato and
the  DIAS  PLUS  automated  analyzers,  all  of  which  operate  with  Immucor's
proprietary solid phase Capture(R) assays. The Company also developed the I-TRAC
Plus System, a comprehensive  transfusion management system that interfaces with
the Company's  automated  analyzers.  In fiscal 2000, Immucor began offering its
customers  located in Europe  online  assistance  with  antibody  identification
through the website  www.ready-id.com,  which the Company developed jointly with
Sanguin  International  Limited.  The website also provides  customers access to
continuing education and online consultation  services. The Company has launched
the service in Europe during  fiscal 2000 and is currently  awaiting a marketing
clearance from the United States Food and Drug Administration to begin marketing
the service in the United States.

         Expand Intellectual Property Position.  The Company seeks to expand its
intellectual  property position by entering into strategic alliances,  acquiring
rights of first refusal on future commercial developments and licensing existing
technologies.

Products

         Most of Immucor's  current reagent products are used in tests performed
prior to blood  transfusions  to determine the blood group and type of patients'
and  donors'  blood,  in  the  detection  and   identification  of  blood  group
antibodies, in platelet antibody detection, in paternity testing and in prenatal
care. The FDA requires the accurate  testing of blood and blood components prior
to transfusions  using only FDA licensed reagents such as those manufactured and
sold by the Company.

         The following  table sets forth the products sold by or exclusively for
the Company, most of which are manufactured by or exclusively for the Company.

Product Group                         Principal Use

ABO                                   Blood  Grouping  Detect and  identify  ABO
                                      antigens  on red  blood  cells in order to
                                      classify  a  specimen's   blood  group  as
                                      either A, B, AB or O.

Rh                                    Blood  Typing  Detect Rh antigens in order
                                      to   classify  a  specimen  as  either  Rh
                                      positive  or Rh  negative,  and to  detect
                                      other Rh-hr antigens.

Anti-human  Globulin                  Used with other  products for routine
 Serums  (Coombs  Serums)             crossmatching,  and antibody detection and
                                      identification; allows a reaction to occur
                                      by bridging  between  antibodies that by
                                      themselves could not cause a reaction.

Reagent Red Blood Cells               Detect and identify antibodies in patient
                                      or donor  blood,  confirm  ABO blood
                                      grouping results and validate the
                                      performance  of  anti-human  serum in the
                                      test system.

Rare Serums                           Detect the presence or absence of rare
                                      antigens.

Antibody Potentiators                 Increase the sensitivity of
                                      antigen-antibody tests.

Quality  Control  Systems             Daily  evaluation  of the  reactivity of
                                      routine blood testing reagents.

Monoclonal  (Hybridoma)               Detect and identify ABO and other antigens
   Antibody-based Reagents           on red blood cells.

Technical Proficiency  Systems        Reagent tests used to determine technical
                                      proficiency and provide continuing
                                      education for technical staff.

Fetal Bleed Screen Kit                Used to detect  excessive  fetal-maternal
                                      hemorrhage  in Rh-negative women.

Capture-P(R)                          Used for the detection of platelet
                                      antibodies.

Capture-R(R)                          Used to detect and identify unexpected
                                      blood group antibodies.

Capture-CMV(R)                        Used for the detection of antibodies to
                                      cytomegalovirus.

Capture(R)-S                          Used  for the  detection  of  antilipid
                                      antibodies  for  syphilis screening.

ReACT-(TM)-Test                       System  Microcolumn   technology  used  to
                                      detect and identify unexpected blood group
                                      antibodies.

SegmentSampler-(TM)                   Disposable blood handling safety device.

ABS2000                               Fully automated blood bank system used for
                                      patient    ABO/Rh    grouping,    antibody
                                      screening,   donor   ABO/Rh   confirmation
                                      testing and crossmatching.

The following table includes additional products not manufactured by the Company
but sold by the Company:

Product Group                          Principal Use

Rh(D) Immune  Globulin                 Administered by injection once during and
    (Human)                            once after pregnancy to an Rh negative
                                       woman who delivers an Rh positive  infant
                                       to prevent hemolytic disease of the
                                       newborn.

HLA Serums                             Transplant typing and paternity testing.

DNA Probes                             Transplant typing,  paternity testing,
                                       forensic medicine and genetic research.

Infectious                             Diseases  Diagnosis of certain infectious
                                       diseases   by  the   methods   of  ELISA,
                                       Immunofluorescence and Latex Slide Tests.

Clinical Chemistry                     Blood analysis and pathological testing.

Immunofluorescent  Monoclonal          Used in clinical  research to identify
     Antibodies                        rare cell surface antigens.

Automated  Microtitration  Plate       Instruments  providing  laboratories
  Processors  and  Liquid   Handlers   automated batch  processing and  positive
                                       sample identification of routine blood
                                       donor tests.

Microtitration                         Plate  Reader  Instrument  that reads and
                                       interprets   test  results  of  Immucor's
                                       proprietary Capture(R) products.

I-TRAC Plus                            Transfusion  management  system used
                                       to verify the  correct  patient  has been
                                       selected  to  receive  a blood  component
                                       before administration.

Microvolume                            Fluorimetry  Automated  cell  enumeration
                                       and    characterization    for   patients
                                       undergoing transfusion therapy.



Systems

         The  Company   believes  that  the  blood  banking  industry  today  is
labor-intensive,  and that a  market  exists  for  further  automation  of blood
compatibility  tests currently  being  performed  manually by hospital and donor
center blood bank  technologists.  Based on the results of independent  workflow
studies,   the  Company  believes  that  its  Blood  Bank  Automation   products
significantly  reduce the amount of blood bank  technologist  time  required  to
perform routine blood compatibility tests.

         ABS2000:  Fully  Automated  Blood Bank  System.  On July 6,  1998,  the
Company  announced it received  FDA  clearance to market the ABS2000 in the U.S.
This  automated,  "walk-away",  blood bank analyzer uses  Immucor's  proprietary
Capture(R)  reagent product technology to perform blood bank patient testing and
is manufactured  exclusively for Immucor by Bio-Tek Instruments,  Inc., a wholly
owned subsidiary of Lionheart Technologies, Inc. During fiscal 1999, the Company
began to implement its marketing plan for domestic sale of the product.

         ROSYS Plato: Microplate Liquid Handler and Sample Processor. The system
provides medium sized donor centers,  clinical reference  laboratories and large
hospital transfusion  laboratories with automated liquid and sample handling for
processing of  microtitration  plates and also uses Immucor's  proprietary solid
phase Capture(R) assays.

         DIAS PLUS: High Volume Microplate  Processor.  The instrument  provides
large blood donor centers and clinical  reference  laboratories  with  automated
batch  processing  and positive  sample  identification  of routine  blood donor
tests,  and uses the Company's  Capture-R(R),  Capture-CMV(R)  and  Capture(R)-S
products.


<PAGE>


         Multireader Plus: Microplate Reader. Semi-automated  spectraphotometric
microtitration  plate reader that reads and interprets test results of Immucor's
proprietary Capture(R) products. Together with the ROSYS Plato or the DIAS PLUS,
the Multireader Plus completes a semi-automated blood bank system ideally suited
for blood donor  centers,  large  hospital  transfusion  laboratories  and large
reference laboratories.

         I-TRAC  Plus:  I-TRAC Plus is a  comprehensive  transfusion  management
system that  documents and verifies  information  electronically,  giving health
care  professionals  the tools to ensure that the right blood is administered to
the right patient.  In an environment that demands accuracy,  Immucor recognized
the need for a system that could verify information and catch potential mistakes
before they are made. In response to this need the Company  developed the I-TRAC
Plus system,  which provides a closed-loop  process of  information  management.
This electronic tracking system incorporates portable data terminals,  automated
blood banking systems,  and lab information  management.  The system  identifies
each patient using barcoded  wristbands,  and uniquely  identifies each specimen
drawn from a patient using barcoded labels produced at the bedside.  I-TRAC Plus
verifies  the  correct  patient has been  selected to receive a blood  component
before administration, and prints a transfusion report at the bedside.

         Laboratory  Equipment.  Immucor also distributes  laboratory  equipment
designed to automate  certain blood testing  procedures  and used in conjunction
with the Company's Capture(R) and ReACT products.

         Microvolume  Fluorimetry.  Microvolume  fluorimetry  is  a  laser-based
imaging  system,  which detects  fluorescently-tagged  cells held in stasis in a
defined volume, enabling an automated cellular assay delivery system.

Proprietary Technology

         Under current agglutination blood testing techniques,  the technologist
mixes serum with red blood  cells in a test tube,  performs  several  additional
procedures, and then examines the mixture to determine whether there has been an
agglutination  reaction.  A positive  reaction will occur if the cells are drawn
together in clumps by the presence of  corresponding  antibodies  and  antigens.
However,  when the mixture remains in a fluid state,  it is sometimes  difficult
for the technologist to determine whether a positive reaction has occurred.

         Because of the critical importance of matching patient and donor blood,
testing procedures using agglutination techniques are usually performed manually
by highly educated technologists.  Depending on the technical proficiency of the
person  performing  the test,  the process can take from 30 minutes to one hour,
and if the  test  results  are  ambiguous  the  entire  process  may  need to be
repeated.  Thus, a significant  amount of expensive  labor is involved in manual
agglutination  testing.  Based on industry  sources,  the Company  believes that
labor costs are the largest  component of the total cost of operating a hospital
blood bank.  The Company  believes  that its solid phase and ReACT blood testing
systems  improve test results and reduce the time  necessary to perform  certain
blood  testing  procedures  related  to  the  transfusion  of  blood  and  blood
components.

         Solid Phase Technology.  In the Company's proprietary solid phase blood
test system,  one of the reactants (either an antigen or an antibody) is applied
or bound to a solid support,  such as a well in a microtitration  plate.  During
testing,  the bound reactant captures other reactants in a fluid state and binds
those fluid  reactants to the solid phase (the bound  reactant).  The binding of
the fluid  reactants  into the solid phase occurs rapidly and results in clearly
defined test  reactions  that are often easier to interpret  than the subjective
results  sometimes  obtained from existing  agglutination  technology.  Based on
results obtained with Capture-P(R), Capture-R(R),  Capture-CMV(R),  Capture(R)-S
and the Company's ongoing  research,  the Company believes that solid phase test
results,  in batch test mode,  can generally be obtained in  substantially  less
time than by existing techniques.

         Immucor has obtained FDA  clearance for sale of four test systems using
its solid phase technology: a Platelet Antibody Detection System,  Capture-P(R);
a Red Cell Antibody Detection System,  Capture-R(R);  and two Infectious Disease
Tests, Capture-CMV(R) and Capture(R)-S. In these four test systems, antigens are
applied  and bound to the  surface of a small  well in a plastic  microtitration
plate,  and  patient or donor  serum or plasma is placed in the well.  After the
addition  of  special  proprietary  indicator  cells  manufactured  by  Immucor,
positive  reactions  indicating the presence of blood group antibodies adhere to
the well as a thin layer and negative  reactions do not adhere but settle to the
bottom as a small cell button.


         Microcolumn  Technology  (ReACT-(TM)- Test System).  Gamma Biologicals,
Inc., the Company's wholly owned  subsidiary,  developed a patented  microcolumn
technology  to be used for red cell  affinity  testing.  Products  based on this
technology  should help Immucor  compete with other  microcolumn  tests marketed
very  successfully  in Europe since 1988 and recently  introduced  in the United
States.  The  acronym  ReACT  (Red Cell  Adherence  Technology)  was chosen as a
commercial  trade name for the product line.  The principle of ReACT is based on
the affinity  adherence of red cells to an  immunologically  active matrix.  The
matrix consists of specially  treated  agarose beads.  In September 1997,  Gamma
received FDA clearance to market the first ReACT products for antibody detection
and identification in the United States.  Since the purchase of Gamma in October
1998,  the  Company  has  modified  the  marketing  strategy  for  ReACT and has
re-launched the product both  internationally  and domestically.  See "Item 3. -
Legal Proceedings" regarding a claim of patent infringement against the Company.


<PAGE>


Products Under Development

         Immucor  continually  seeks to improve  its  existing  products  and to
develop new ones in order to enhance its market share.  Prior to their sale, any
new  products  will  require  licensing  or  premarket  approval by the FDA. The
Company employs  several  persons whose specific  duties are improving  existing
products and  developing  new products for the Company's  existing and potential
customers. The Company also has established relationships with other individuals
and  institutions  that provide similar services and the Company expects that it
will continue to form and maintain such  relationships.  The Company  intends to
continue  focusing  its product  development  efforts  primarily in the areas of
blood bank  automation,  microcolumn  and solid phase  technology and in several
other areas that may also be useful in connection  with the development of these
products.  For the fiscal years ended May 31, 2000,  1999 and 1998,  the Company
spent  $2,002,600,  $1,293,600  and  $970,900,  respectively,  for  research and
development.  The Company may in the future  acquire  related  technologies  and
product lines, or the companies that own them, to improve the Company's  ability
to meet the needs of its  customers.  For the  eight-year  period ending May 31,
2000  the  Company  has  invested  $5.9  million  in  instrument   research  and
development  principally  under  research  contracts  with Bio-Tek,  Stratec and
DYNEX.

         Blood Bank  Automation.  The Company  believes  that the blood  banking
industry  today  is  labor-intensive,  and  that a  market  exists  for  further
automation of blood  compatibility  tests currently being performed  manually by
hospital and donor center blood bank technologists.

         Since 1992 the Company has worked with  Bio-Tek  Instruments,  Inc.,  a
wholly owned subsidiary of Lionheart  Technologies,  Inc.,  combining  Immucor's
reagent manufacturing expertise with Bio-Tek's medical instrumentation expertise
to develop an automated,  "walk-away", blood bank analyzer, the ABS2000. Bio-Tek
has been responsible for engineering,  software  development and  manufacturing.
The Company  announced  clearance to market the ABS2000 in the U.S. from the FDA
on July 6, 1998 and continues to develop  system  software/hardware  upgrades to
add additional tests to its menu,  increase ease of use, improve  throughput and
add stat testing  capabilities.  Second generation ABS2000 software is currently
under  review  by the  FDA.  Since  the  close  of  the  fiscal  year,  isolated
performance issues have been experienced by certain ABS2000  installations.  The
Company has issued a safety notification requesting customers to confirm ABS2000
results  until the cause of the  difficulty  is  identified  and  corrected.  We
believe we have identified the factors which caused the  performance  issues and
are in the  process  of  submitting  this  information  to the  FDA.  If the FDA
concurs,  we will suspend our safety  notification and expect that our customers
may again use the ABS2000 without separate  verification.  We cannot predict how
long it will take to resolve  these issues with the FDA. See also,  Management's
Discussion and Analysis--Liquidity and Capital Resources.

         The Company is working with ROSYS Anthos AG of  Switzerland to automate
Immucor's  microcolumn  applications on the ROSYS Plato, known as the ABS Precis
in Europe.  The Company expects this application to be ready for European market
introduction during fiscal 2000. See Note 12.

         On September 1, 1999,  the Company  entered  into a  manufacturing  and
development  agreement with Stratec  Biomedical AG ("Stratec") with headquarters
in Germany.  Under the terms of the  agreement,  Stratec  will  manufacture  and
develop an fully automated analyzer known as the Galileo which will be initially
targeted to the European community utilizing the Company's  Capture(R) and ReACT
technologies. The instrument will be marketed exclusively by Immucor to hospital
transfusion  laboratories  and blood  donor  centers for patient and donor blood
typing and antibody screening and identification. In order to maintain exclusive
European  distribution rights the Company must purchase 250 instruments over the
five year initial term of the agreement.  If the Company purchases less than 250
instruments  over the  period  it will be  allowed  to  negotiate  a good  faith
extension.


         Antibody  Identification  Website.  During  fiscal  1999  the  Company,
together with Sanguin International Limited,  headquartered in England, began to
develop the industry's first dedicated  Internet  website for online  assistance
with   the   identification   of   unexpected   red  cell   antibodies,   called
www.ready-id.com.  Additionally,  www.ready-id.com will provide customers access
to continuing education,  guidance on serological  techniques,  industry related
topic searches and online consultation  services.  The Company believes that the
demand for this service will  increase in the future as more  customers  acquire
automated test systems and the number of laboratory workers with a high level of
technical  knowledge in the blood bank industry  begins to decline.  The Company
has launched the service in Europe during fiscal 2000 and is currently  awaiting
a marketing  clearance  from the United States Food and Drug  Administration  to
begin marketing the service in the United States.

         Additional Solid Phase  Applications.  The Company plans to continue to
develop and refine its patented solid phase technology.  Currently,  the Company
is developing a screening test for the detection of weak D antigens on donor red
cells.

         Additional  Microcolumn  Applications.  Products  to be used  for  red
cell  antigen  typing  in the  ReACT-(TM)-Test System are currently under
development.

<PAGE>



         Monoclonal  Antibodies.  Monoclonal antibodies are derived by fusing an
antibody-producing  cell with a tumor cell,  resulting in a hybridoma  cell that
manufactures  the  original  antibody.  The Company is  actively  engaged in the
development of additional monoclonal antibodies for a variety of uses, including
the detection of blood group and infectious disease antigens, and for use in its
solid phase test systems.  Monoclonal  antibodies are highly  specific,  a trait
which allows them to detect and identify  antigens with greater  efficiency than
other  reagents.  Product  quality and consistency is maintained from production
lot to production  lot. The Company  continues to pursue the development of such
antibodies  principally  through  Gamma and  Dominion,  the  Company's  Canadian
subsidiary.

Marketing and Distribution

         Immucor's potential U.S. customers are approximately 6,000 blood banks,
hospitals and clinical laboratories. The Company maintains an active client base
of over 5,500 customers worldwide, and no one customer purchases in excess of 5%
of the Company's  current  annual sales volume.  The Company  believes  there is
little  seasonality  to its sales  activity and there is no material  backlog of
orders.

         During fiscal 1999, the Company  increased its market share through the
successful  implementation  of its acquisition  strategy (see Item 1. Business).
The Company believes it is now the market leader in North America.  In addition,
the Company seeks to continue to increase its worldwide market share through the
use of its  experienced  direct  sales force and through  the  expansion  of its
product  line to offer  customers  a full range of  products  for their  reagent
needs.  The  Company  believes it can  increase  its market  share by  marketing
products  based on its blood bank  automation  strategy,  solid  phase and ReACT
technologies.

         The Company  markets and sells its products to its  customers  directly
through 125 sales,  marketing and support  personnel  employed by the Company in
the U.S., Canada,  Germany,  Portugal,  Italy,  Spain,  France,  Belgium and the
Netherlands.  In addition,  the Company  utilizes 16 sales agents in Italy.  The
Company has hired personnel whom the Company considers to be highly  experienced
and respected for their knowledge of the blood bank  diagnostic  business and/or
individuals  with previous  success in laboratory  instrument  reagent sales. To
effect  the  smooth  transition  to a systems  company,  the  Company  conducted
extensive  capital  sales  training  of  its  existing  sales  force  and  added
specialized  capital  sales  representatives  to  the  organization.  Continuing
technical  support  and  service  is also  provided  to  customers  through  the
Company's Consultation Laboratory, which was significantly strengthened with the
acquisition of Gamma in October 1998. The  Consultation  Laboratory  assists the
Company's  customers in identifying certain blood group antibodies that are rare
or difficult to detect.  Immucor also  sponsors  workshops in the U.S.,  Europe,
Latin  America  and Asia to  which  customers  are  invited  to hear the  latest
developments in the field.

         The  Company  also  markets  its   products   internationally   through
distributors  located  throughout the world.  For the fiscal years ended May 31,
2000,  1999 and 1998, the Company had foreign net sales,  including net domestic
export  sales  to  unaffiliated   customers,   of   approximately   $35,147,000,
$30,241,000, $24,101,000,  respectively. These sales accounted for approximately
46%, 51%, and 61% of the  Company's  total net sales for the  respective  fiscal
years.  See  Note  13 to the  Consolidated  Financial  Statements.  Most  of the
Company's  foreign  sales  occurred  in Europe  and  Canada  where  the  Company
maintains  subsidiaries.  Please  refer  to  Note  14 to our  audited  financial
statements for revenue and profit  information for each of our last three fiscal
years attributable to the different geographic areas in which we do business

Suppliers

         The Company obtains raw materials from numerous outside suppliers.  The
Company is not dependent on any single supplier except for certain manufacturers
of instrumentation, including Lionheart Technologies Inc. for the ABS2000, Dynex
Technologies  Inc.  for the DIAS Plus,  and ROSYS  Anthos AG for the ROSYS Plato
(see  Note  12  to  the  Consolidated  Financial  Statements),   and  the  joint
manufacturer of some of the Company's monoclonal  antibody-based  products.  The
Company  believes that its business  relationship  with  suppliers is excellent.
Management  believes  that if the supply of  instrumentation  were  interrupted,
alternate  suppliers could be found,  but the  commencement of supply could take
one to two years.

         Certain  of the  Company's  products  are  derived  from  blood  having
particular or rare combinations of antibodies or antigens,  which are found in a
limited number of individuals. The Company to date has not experienced any major
difficulty  in  obtaining  sufficient  quantities  of  such  blood  for  use  in
manufacturing  its  products,  but there can be no  assurance  that a sufficient
supply of such blood will always be available to the Company.


<PAGE>



Regulation of Business

         The  manufacture  and  sale  of  blood  banking  products  is a  highly
regulated business and is subject to continuing  compliance with various federal
and state statutes,  rules and  regulations  that generally  include  licensing,
product  testing,   facilities   compliance,   product  labeling,  and  consumer
disclosure (see Industry).  An FDA license is issued for an indefinite period of
time, subject to the FDA's right to revoke the license.  As part of its overview
responsibility,  the FDA makes plant and facility  inspections on an unannounced
basis.  Further,  a  sample  of each  production  lot of  many of the  Company's
products  must be  submitted  to and  approved  by the FDA  prior to its sale or
distribution.  The Company operates under U.S. Government  Establishment License
No. 886 granted by the FDA in December  1982 to the Company and U.S.  Government
Establishment  License No. 435, granted by the National  Institutes of Health in
1971 to Gamma Biologicals, Inc.

         On March 9, 2000 Dominion  Biologicals  Limited  received a letter from
the FDA detailing deficiencies found in the most recent inspection and providing
notice  that  unless  the  company  demonstrated  or  achieved  compliance  with
applicable  regulations  the FDA would begin action to revoke the  Establishment
License.  In reviewing the cost of bringing the facility to current standard and
in view  that the  licensed  product  generated  less  than  $200,000  in annual
revenues  the  company,  on March  20,  2000  voluntarily  surrendered  its U.S.
Government  Establishment  License No. 1151  granted by the FDA in May 1992.  On
June 20, 2000 the FDA revoked said license.

         On April 13, 2000 Gamma Biologicals, Inc received a letter from the FDA
detailing  deficiencies found in the most recent inspection and providing notice
that unless the company  demonstrated  or achieved  compliance  with  applicable
regulations the FDA would begin action to revoke the Establishment  License. The
Company  responded to the FDA on May 15, 2000 with a detailed  plan to bring the
Houston facility to current standard.  The FDA advised the Company,  on July 14,
2000 that its proposed corrective action plan was satisfactory.

         In addition  to its  facilities  license,  the  Company  holds  several
product  licenses to manufacture  blood grouping  reagents.  To obtain a product
license, the Company must submit the product  manufacturing  methods to the FDA,
perform a clinical trial of the product,  and demonstrate to the satisfaction of
the FDA that the product meets certain efficacy and safety standards.  There can
be no  assurance  that any  future  product  licenses  will be  obtained  by the
Company.

         To sell its products in Germany, Immucor GmbH must license its products
with the Paul-Ehrlich-Institute  prior to product introduction.  In addition, an
import license for products purchased outside the European Economic Community is
required.  To date,  Immucor  GmbH has been  able to obtain  licenses  needed to
effectively promote its products in Germany and throughout Europe.

         In North America,  the Company has hired and retained several employees
who are highly experienced in FDA and other regulatory authority compliance, and
the  Company  believes  that its  manufacturing  and  on-going  quality  control
procedures conform to the required federal and state rules and regulations.

Patents, Trademarks and Royalties

         Since 1986,  the U.S.  Patent  Office has issued to Immucor six patents
pertaining to its solid phase technology.

         Immucor's solid phase technology, including patent rights, was acquired
from five  researchers  at the  Community  Blood  Center of Greater  Kansas City
("Blood  Center")  pursuant to an agreement  entered into on March 11, 1983, and
amended in 1985 and 1987. In 1987, one of the researchers  joined the Company as
Director of Research and  Development  to continue to develop new products using
the solid phase  technology.  The agreement  terminates on August 26, 2006,  the
date on which the first patent issued on the technology expires. The Company has
agreed  to pay the Blood  Center  royalties  equal to 4% of the net  sales  from
products  utilizing the solid phase  technology.  For the fiscal years ended May
31,  2000,  1999  and 1998  the  Company  paid the  Blood  Center  royalties  of
approximately $409,300, $411,100, and $389,900 under this agreement. (See - Note
11)

         In May 1994, Gamma applied for United States and international  patents
covering a new antigen/antibody  detection procedure using an affinity adherence
technology (see Products).  The U.S. patent was issued in September 1997.  Gamma
obtained non-exclusive rights to sell products utilizing the technology,  called
ReACT, in certain European  countries by entering into a license  agreement with
Pasteur Sanofi  Diagnostics  ("Sanofi"),  a company with headquarters in France.
Under the terms of the agreement the Company will pay Sanofi  royalties equal to
12% of the net sales from the ReACT  products in six  countries  in Europe.  The
agreement expires on the expiration of the patent of the technology. To date the
Company  has made no  significant  payments  to Sanofi as the  product is in the
initial  stages of its market  launch.  However,  the  Company  expects  royalty
payments to increase  significantly  as sales of the product  increase in fiscal
2001. In addition Gamma has five royalty  agreements on various reagent products
with  royalties  being  paid at rates  between  2% and 5%.  During  fiscal  2000
approximately  $90,900 was paid under these royalty  agreements.  See- Products-
ReACT-TM-  Test  System and Item 3. - Legal  Proceedings,  regarding  a claim of
patent  infringement by the Company.  An additional patent  application has been
submitted covering the ReACT technology.


<PAGE>


         Through its development  activities involving its solid phase and ReACT
technology,  the Company  has  acquired  expertise  in such  technology  that it
considers  trade  secrets.  While  the  Company  will  continue  to seek  patent
protection  for its  solid  phase  and  ReACT  technology  and new  applications
thereof,  the  Company  believes  that  its  acquired  expertise  and  know-how,
including  the above  mentioned  trade  secrets,  will  provide  more  important
protection from competition.

         The Company has registered the trademark  "Immucor" and several product
names,  such  as  "ABS2000",  "ImmuAdd",  "Capture(R)",  "Capture-P(R)",  "MCP",
"Capture-R(R)",  "Ready-Screen", "Ready-ID", "Capture-CMV(R)" and "I-TRAC Plus".
Dominion Biologicals,  Limited has registered the trademark  "NOVACLONE".  Gamma
Biologicals, Inc. has registered the trademark "Gamma" and several product names
including "ReACT", "RQC", "ELU-Kit", "Quin", "EGA-Kit", "RiSE", "Tech-Chek", and
"SegmentSampler".

         Through  the  acquisition  of the BCA blood  bank  division  of Biopool
International,  Inc., the Company  acquired  several  registered  trademarks but
plans to continue  production  of only one of the products  with the  registered
trademark "RESt".

Competition

         With the Company's fiscal 1999 purchases of Gamma and the assets of the
BCA blood bank division of Biopool  International,  Inc.,  the Company  believes
that  Ortho-Clinical  Diagnostics,  a Johnson & Johnson company, is now its sole
competitor  with  licenses  to  manufacture  a  complete  line of blood  banking
reagents in the United  States.  The Company  believes  that it became the North
American market leader in terms of sales during fiscal 1999.

          Additional  European  competitors  for  blood  bank  products  include
Biotest, a German company; and Diamed, a Swiss company.  Both of these companies
have been established  longer and may have greater financial and other resources
than the  Company;  Diamed has a larger  global  market  share than the Company.
However, the Company believes that it is well positioned to compete favorably in
the business  principally because of the quality and price of its products,  the
sale of  innovative  products  such as  blood  bank  automation,  the  Company's
Capture(R) and ReACT products (see Products), continuing research efforts in the
area of blood bank automation (see Products Under  Development),  the experience
and expertise of its sales  personnel (see Marketing and  Distribution)  and the
expertise of its technical and customer support staff.

Employees

         At July 31, 2000, the Company and its  subsidiaries  had a total of 424
employees.

         At July 31, 2000,  the Company had 283 full time employees in the U.S.,
of whom 59 were in sales and marketing, 195 were in manufacturing,  research and
distribution, and 29 were in administration.

         At July 31, 2000, in Germany,  Portugal,  Italy, Spain, Canada, France,
Belgium, and the Netherlands,  the Company had 141 full-time employees,  of whom
66  were  in  sales  and  marketing,  47  were  in  research,  distribution  and
administration and 28 were in manufacturing.

         The Company has experienced a low turnover rate among its technical and
sales staff and none of the Company's  employees are represented by a union. The
Company considers its employee relations to be good.

Item 2.--Properties.

         The  Company  leases  approximately  81,000  square  feet in  Norcross,
Georgia,  a suburb  of  Atlanta,  as its  executive  offices,  laboratories  and
manufacturing  facilities.  Rent  charges for the fiscal year ended May 31, 2000
were $560,500. The term of the lease is for a six-year period ending August 2005
with a right to renew for an  additional  five years.  The Company owns a 41,000
square foot building on a three-acre tract of land in northwest  Houston,  which
is used  primarily for  manufacturing  and  shipping.  The land and building are
subject to a first lien mortgage.

         In Germany, the Company leases 1,566 square meters near Frankfurt. Rent
expense for the fiscal year ended May 31, 2000 totaled $172,100. The term of the
lease in Germany is through  April  2009.  In Italy rent  expense for the fiscal
year ended May 31, 2000 totaled  $79,700 for 850 square meters.  The Company has
four separate lease  agreements for the facility in Italy with terms expiring in
April 2000,  October 2000,  September  2002 and October 2003,  respectively.  In
Portugal,  the Company leases 120 square meters of office space and rent expense
for the fiscal year ended May 31, 2000 was $12,500. In Spain, the Company leases
165 square meters of office space and rent expense for the fiscal year ended May
31, 2000 was $23,400.  In the Netherlands,  the Company leases 232 square meters
of office and warehouse space near  Amsterdam.  Rent expense for the fiscal year
ended May 31, 2000  totaled  $21,300.  In France,  the Company  leases 60 square
meters and the term of the lease is through  October 2007.  Rent expense for the
fiscal year ended May 31, 2000  totaled  $36,500.  In Belgium,  the Company owns
land and a 575  square  meter  building  subject to a first  lien  mortgage.  In
Canada,  the  Company  owns  the  facility.  The  Company  believes  all  of its
facilities  and lease terms are adequate and suitable for the Company's  current
and anticipated business for the foreseeable future.


<PAGE>



Item 3.--Legal Proceedings.

         When the Company  acquired Gamma in October 1998,  Gamma was a party to
existing legal proceedings.  On May 12, 1998, Gamma received notice that a claim
of  patent  infringement  had been  filed on that date in U.S.  District  Court,
Southern District of Florida,  Miami Division, by Micro Typing Systems, Inc. and
Stiftung fur Diagnostiche Forschung (the Foundation).  Subsequently, in February
1999 the  Company  received  notice  that a second  claim  was filed in the U.S.
District  Court for the  Northern  District of Georgia,  against the Company and
Gamma for patent  infringement on the first patent  described above and a second
patent recently  granted to the Foundation.  The claim alleges that the recently
introduced  Gamma ReACT Test System  (See - Products - ReACT-TM-  Test  System")
infringes U.S. patent No. 5,512,432 granted to the Foundation April 30, 1996 and
U.S.  patent No.  5,863,802  granted to the  foundation on January 26, 1999. The
plaintiffs  seek a preliminary  and permanent  injunction  against the continued
alleged  infringement  by Gamma and Immucor,  an award of treble  damages,  with
interest and costs and reasonable  attorney's fees. The Company filed, on May 9,
2000,  a motion for summary  judgement  based on the belief that said patent was
not  timely  filed.  Management  believes  that the  ReACT  technology  does not
infringe  any claims made in either of the  Foundation's  patents;  however,  an
unfavorable outcome in this action could have a material adverse effect upon the
business and the results of operations in a given reporting  period.  Since this
matter is in the earliest stage of proceedings and due to uncertainties involved
in litigation, management cannot predict the likelihood of a particular outcome.

Item 4.--Submission of Matters to a Vote of Security Holders.

         Not applicable.


                                     PART II

Item 5.--Market for Registrant's Common Equity and Related Stockholder Matters.

         Immucor's  Common Stock trades on The NASDAQ  National Market System of
The NASDAQ Stock Market under the Symbol:  BLUD. The following  table sets forth
the  quarterly  high and low sale  prices of the  Common  Stock  for the  fiscal
periods indicated. These prices represent inter-dealer quotations without retail
markups, markdowns or commissions and may not represent actual transactions.


                                                High                  Low
                                          ----------------     ----------------

Period June 1 through July 31, 2000           $ 8.313              $ 3.625


Fiscal Year Ended May 31, 2000
First Quarter                                 $18.875              $11.500
Second Quarter                                 16.875               11.000
Third Quarter                                  15.313               11.250
Fourth Quarter                                 15.000                7.500


Fiscal Year Ended May 31, 1999
First Quarter                                 $11.188             $  8.000
Second Quarter                                 10.250                7.375
Third Quarter                                  10.000                7.750
Fourth Quarter                                 14.375                7.750


         As of July 31, 2000,  there were 387 holders of record of the Company's
Common Stock. The last reported sales price of the Common Stock on such date was
$4.250.

         Immucor has not declared any cash  dividends with respect to its Common
Stock.  The Company  presently  intends to  continue  to retain all  earnings in
connection with its business.


<PAGE>


Item 6.--Consolidated Selected Financial Data.

            (All amounts are in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                                          Year Ended May 31,
                                             ---------------------------------------------------------------------------------
                                                  2000          1999 (2)           1998           1997 (1)          1996
                                             ---------------  --------------   --------------  ---------------  --------------

<S>                                                 <C>            <C>               <C>             <C>              <C>

Statement of Income Data:
Net sales                                         $76,541          $59,525          $39,790         $35,653          $30,964
Cost of sales                                      36,408           27,551           18,168          15,055           12,005
                                             ---------------  --------------   --------------  ---------------  --------------
                                             ---------------  --------------   --------------  ---------------  --------------

Gross profit                                       40,133           31,974           21,622          20,598           18,959
                                             ---------------  --------------   --------------  ---------------  --------------
                                             ---------------  --------------   --------------  ---------------  --------------
Operating expenses:
Research and development                            2,003            1,294              971             907              998
Selling, general, and administrative               30,771           23,812           16,918          16,647           14,318
Merger-related expenses                                 -              559                -               -                -
                                             ---------------  --------------   --------------  ---------------  --------------

Total operating expenses                           32,774           25,665           17,889          17,554           15,316
                                             ---------------  --------------   --------------  ---------------  --------------
                                             ---------------  --------------   --------------  ---------------  --------------

Income from operations                              7,359            6,309            3,733           3,044            3,643
                                             ---------------  --------------   --------------  ---------------  --------------
                                             ---------------  --------------   --------------  ---------------  --------------

Other:
Interest income                                        31              313              789             848              868
Interest expense                                   (2,911)          (1,416)            (616)           (486)            (388)
Other                                                 231              202              (27)           (264)              53
                                             ---------------  --------------   --------------  ---------------  --------------
                                             ---------------  --------------   --------------  ---------------  --------------

Total other                                        (2,649)            (901)             146              98              533
                                             ---------------  --------------   --------------  ---------------  --------------
                                             ---------------  --------------   --------------  ---------------  --------------

Income before income taxes                          4,710            5,408            3,879           3,142            4,176
Income taxes                                        1,898            1,847            1,810           1,302            1,403
                                             ---------------  --------------   --------------  ---------------  --------------
                                             ---------------  --------------   --------------  ---------------  --------------

Net income                                         $2,812         $  3,561         $  2,069        $  1,840         $  2,773
                                             ===============  ==============   ==============  ===============  ==============
                                             ===============  ==============   ==============  ===============  ==============

Earnings per share:

     Basic                                        $   .36        $   .47            $ .26          $   .23           $  .35

                                             ===============  ==============   ==============  ===============  ==============

     Diluted                                      $     .33        $  .45           $ .25          $ .22             $  .32

                                             ===============  ==============   ==============  ===============  ==============
                                             ===============  ==============   ==============  ===============  ==============

Weighted average shares outstanding

     Basic                                          7,713            7,646            8,095           8,066            7,867
                                             ===============  ==============   ==============  ===============  ==============

     Diluted                                        8,520            7,959            8,443           8,535            8,653
                                             ===============  ==============   ==============  ===============  ==============
                                             ===============  ==============   ==============  ===============  ==============

Balance Sheet Data:
Working capital                                 $  21,868        $  21,141        $  32,948       $  31,868        $  32,524
Total assets                                      102,775           99,734           57,544          57,726           47,207
Long-term debt, less current portion               34,815           31,548            8,912          10,666            3,909
Retained earnings                                  28,311           25,499           21,938          19,869           18,029
Shareholders' equity                               40,919           40,053           42,433          41,221           39,345



<FN>


(1)    Includes results of Dominion Biologicals Limited since December 11, 1996.
(2)    Includes results of Gamma Biologicals, Inc. since October 27, 1998,
          Medichim and Immunochim since March 15, 1999 and BCA, a division of
          Biopool, since April 30, 1999.

</FN>
</TABLE>


<PAGE>


Item 7.--Management's Discussion and Analysis of Financial Condition and Results
 of Operations.

         Any  statements  contained  herein  that  are not  historical  fact are
forward-looking   statements  within  the  meaning  of  the  Private  Securities
Litigation  Reform  Act of  1995,  and  involve  risks  and  uncertainties.  All
forward-looking  statements  included in this document are based on  information
available  to the  Company  on the  date  hereof,  and the  Company  assumes  no
obligation  to update any such  forward-looking  statements.  Further  risks are
detailed in the Company's  filings with the Securities and Exchange  Commission,
including those set forth in this Form 10-K and Quarterly Reports on Form 10-Q.

 (a)     Liquidity and Capital Resources

         Net  cash  provided  by  operating   activities   totaled   $6,024,100,
$5,985,100,   and  $3,783,000  for  the  fiscal  years  2000,   1999  and  1998,
respectively.  As of May 31,  2000,  the  Company's  cash and  cash  equivalents
balance totaled $3.5 million.

         During  fiscal  2000,  the  Company  experienced  an  increase in trade
accounts receivable of $152,000 over the previous year principally due to higher
sales levels in the U.S. and Europe.  Accounts  receivable from a former officer
and director  decreased  $141,000  primarily as a result of this former director
repaying loans payable to the Company. See Note 6 to the Consolidated  Financial
Statements and Item 13 - Certain Relationships and Related Transactions.

         Since the close of the fiscal year,  isolated  performance  issues have
been  experienced with certain ABS2000  installations.  The Company has issued a
safety  notification  requesting  customers to confirm ABS2000 results until the
cause of the difficulty is identified and corrected. The Company believes it has
identified the factors which caused the performance issues and is in the process
of submitting this information to the FDA. If the FDA concurs,  the Company will
suspend the safety  notification  and expects that  customers  may again use the
ABS2000 without  separate  verification.  The Company cannot predict how long it
will take to resolve  these issues with the FDA.  These  performance  issues may
result in delays in  customers  accepting  instruments,  and may affect sales of
reagents used in the instruments, and both of these factors may adversely impact
sales and earnings. In addition, the Company may receive requests for refunds on
machines  already  placed in  service  or  requests  for  financial  concessions
attributable  to  inconveniences   associated  with  these  performance  issues,
although it has not yet  received any such  requests.  A private  label  leasing
company that finances our customers'  purchases of ABS2000  machines has advised
the Company that it is not willing to provide  financing for additional sales of
this machine until the performance issues related to the ABS2000 are resolved to
the satisfaction of the FDA.

         In fiscal 1998,  the Company  authorized a program to  repurchase up to
10% of its common stock in the open  market.  During  fiscal 2000 and 1999,  the
Company  repurchased  415,500  and  822,800  shares  of  its  common  stock  for
approximately  $3.5 and $7.4  million,  respectively.  The  Company  intends  to
repurchase additional shares as working capital permits.

         On  September 1, 1998 the Company  acquired  the Canadian  distribution
rights for the Company's complete line of reagents from its Canadian distributor
for a total transaction value of approximately $2 million.

         On October 27, 1998, the Company acquired Gamma Biologicals, Inc. for a
cash tender offer of $5.40 per share and certain  transaction  costs for a total
value of  $27,859,500.  In addition,  as of May 31,  2000,  the Company has made
severance payments related to the acquisition in the amount of $2,473,000.

         On March 15,  1999,  the Company  acquired the  distribution  rights to
market its  products  in France and Belgium  through the  purchase of its former
distributors,  Immunochim s.a.r.l.  (France) and Medichim S.A. (Belgium),  for a
combination of cash and Immucor stock options for a total  transaction  value of
approximately  $1.8  million.  The  purchase  price also  contains an  incentive
earnout (see Note 3 to the Consolidated Financial Statements).

          On April 30,  1999 the  Company  purchased  certain  assets of the BCA
blood bank  division  of Biopool  International,  Inc.  for  approximately  $4.5
million.

         In connection  with the  acquisition  of Gamma in October 1998, and the
subsequent  acquisitions  of Medichim  S.A.,  Immunochim  s.a.r.l.,  and the BCA
division  assets  of  Biopool  International,  Inc.,  the  Company  obtained  an
acquisition  term note of  $20,000,000  maturing in December 2005, an additional
term  loan of  $4,500,000  maturing  in  March  2004,  and a line of  credit  of
$2,000,000  maturing in October 2001. On November 4, 1998,  the Company  entered
into an interest rate swap agreement with an effective date of December 1, 1998,
for a  notional  amount  of  $15,000,000,  also  maturing  December  2005.  This
transaction  effectively converts the acquisition term loan's floating rate to a
fixed rate of 5.33% on the principal  balance of $15,000,000.  On April 30, 1999
the line of credit  for  $2,000,000  was  canceled  and a new line of credit was
executed for  $5,000,000.  These  borrowings,  other than the interest rate swap
notional amount, bear interest rates at LIBOR plus additional  percentage points
based on certain  calculations.  The interest rates have ranged from 6% to 8% on
the  Company  borrowings.  At May  31,  2000,  the  outstanding  balance  of the
acquisition term note was  $18,125,000,  the additional term loan was $4,250,000
and the line of credit was $5,000,000.  The fair value of the interest rate swap
agreement  of  $768,000  at May 31,  2000  is not  recognized  in the  financial
statements.

         In connection with the acquisition of Dominion  Biologicals  Limited in
December 1996, the Company entered into a $4,566,200 long-term revolving line of
credit facility with the Company's  primary U.S. bank maturing December 2001 and
bearing  interest at LIBOR plus .4375%.  At the same time,  the Company  entered
into an interest rate swap agreement with a notional  amount of $2,374,600  also
maturing December 2001. This transaction effectively converts the revolving line
of  credit's  floating  rate  to a  fixed  rate  on  the  principal  balance  of
$2,374,600. The interest rate on the remaining principal of $678,400 is adjusted
every 90 days. The balance of the  acquisition of Dominion was financed from the
issuance to Dominion's  former  shareholders  of subordinated  promissory  notes
totaling  $3,894,800  due December  1999 and from the issuance of warrants  (see
Note 4 to the  Consolidated  Financial  Statements).  On  December  17, 1999 the
Company entered into an additional term loan of $3,884,800  ($5,741,000 CDN$) to
retire the  Canadian  subordinated  promissory  notes.  Principal  and  interest
payments  are due  quarterly  commencing  March 1, 2000 and  continuing  through
September  1, 2002.  During  fiscal 2000 the Company  repaid  $69,000  under the
long-term  revolving  line of  credit  facility  leaving a  remaining  principal
balance at May 31, 2000 of $3,053,500.

         In March 1995, the Company  refinanced its remaining Deutsche Mark debt
with the  proceeds of a note  payable,  and entered  into an interest  rate swap
agreement  with  a  U.S.  bank  (see  Note  4  to  the  Consolidated   Financial
Statements). The note, which initially matured September 1998, has been extended
to September 2000 while the interest rate swap agreement expired September 1998.
At May 31,  2000,  the  outstanding  balance of the note  payable was  $719,200.
During fiscal 2000 and 1999, the Company repaid $0 and $603,500, respectively.

         The  Company's  Italian  and  Spanish  subsidiaries  had  approximately
$1,683,000  in  borrowings  under  lines of  credit  as of May 31,  2000 with an
additional $916,380  available.

         On August 11,  1999,  the Company  signed an amendment to its lease for
the expansion of the  facilities in the U.S. that provided an additional  13,500
square feet of office and  warehouse  space.  In fiscal 2000,  the Company spent
approximately $250,000 related to the expansion. During fiscal 1999, the Company
spent approximately  $750,000 to complete the expansion into an additional 6,000
square feet of laboratory, training facilities and office space and renovate its
Norcross manufacturing  facility.  Also, during fiscal 1999 and 2000 the Company
entered into capital  leases  related to the purchase and  implementation  of an
enterprise-wide  software  system with a cost of  $1,324,000  (see Note 5 to the
Consolidated Financial Statements).

         On April 20, 2000 the Company  entered into an additional  term loan of
$5,000,000 to finance the  repurchase  of common  stock.  Principal and interest
payments are due quarterly  commencing  September 1, 2001 and continuing through
June 1, 2006. The principal balance as of May 31, 2000 was $3,200,000.

         Management   believes  that  the   Company's   current  cash  and  cash
equivalents  balance,  internally  generated funds, and amounts  available under
lines of credit should be more than  sufficient to support  operations,  planned
product  introduction  and continued  improvement  and  development  of products
during the next 12 months.  Management  also  believes  additional  credit lines
would be available should the need arise for capital improvements,  acquisitions
or other corporate purposes.

(b)      Results of Operations

Comparison of Years Ended May 31, 2000  and May 31, 1999

Net Sales

         Net sales  realized a 29% increase from  $59,525,000  in fiscal 1999 to
$76,541,000 in fiscal 2000. Net sales from the operations of companies  acquired
during fiscal 1999  accounted  for  $10,091,000,  or 59%, of the sales  increase
($8,041,000 from Gamma, and $2,051,000 from Medichim, Immunochim, and BCA). (See
Liquidity and Capital  Resources).  Gamma product  sales,  on a proforma  basis,
realized a 9%  increase,  or  $1,300,000.  Blood bank  automation  products  and
reagent  products  used with  automation  had a 61%  increase  of  approximately
$4,000,000  reinforcing the Company's  strategy to  differentiate  itself in the
marketplace   via   instrumentation.   The   remaining   increase  in  sales  of
approximately $13,000,000 in traditional reagents represents a 25% increase over
fiscal 1999. The Company's European operations increased sales by $2,926,000, of
which  $1,581,000  was a result of the Company's  acquisitions.  Revenues of the
Company's European  affiliates were adversely affected by the strength of the US
Dollar   versus  the  Euro  which  caused  a  decrease  in  reported   sales  of
approximately $2,400,000.

Gross profit

         As a percent of sales revenue,  the gross profit margin  decreased from
54% to 52%.  The  decrease  was related to the  $6,400,000  increase in sales of
instruments  and  the  $10,091,000   sales  increase   related  to  fiscal  1999
acquisitions.  Such  sales  carry  lower  gross  margins  than  sales  of  other
proprietary products marketed by the Company.  Additionally, the strength of the
US Dollar  versus the Euro  reduced  European  Gross  margins  by  approximately
$1,102,400.


<PAGE>


Operating expenses

         When  compared  to the  prior  year,  research  and  development  costs
increased  $709,000.  This increase is due to  development  work the company has
undertaken  with  Stratec  Biomedical  Systems AG to  develop a fully  automated
instrument  designed to allow the Company to effectively compete in the European
market.

         Selling and  marketing  expenses for the year  increased  $1,779,000 as
compared  to last  fiscal  year.  Part of the  increase  was due to fiscal  1999
acquisitions,   with  Medichim  and  Immunochim  accounting  for  $534,000.  The
remainder  of the  increase  is  primarily  due to higher  payroll  expense  for
additional personnel required for the Company's  instrumentation  strategy,  the
reorganization  of the  marketing  organization  of  the  German  affiliate  and
increased expenses for the expansion of the Company's Spanish operations.

         Distribution expenses increased $2,318,000 when compared to last fiscal
year of which Gamma accounts for $1,047,000, and Medichim and Immunochim account
for $213,000. The remaining increase relates to increased shipping activity.

          General and  administrative  expenses  increased  $2,073,000  over the
previous year, with additional  personnel  expenses to support the growth of the
Company  through  acquisitions  and  implementation  of the new enterprise  wide
resource  planning  (ERP) system to give  management  more timely and  extensive
information on sales and operations.  The Company also experienced  increases in
operating costs such as rent,  utilities and depreciation in connection with the
Company's expansion at its U.S. headquarters.

Amortization Expense

         Amortization   expense   increased   $788,000  due  to  the   Company's
acquisition of Gamma, BCA, Medichim,  Immunochim,  and the Canadian distribution
rights during fiscal 1999.

Interest Income

         Interest  income  decreased  $282,000  for the year  due to lower  cash
balances as compared  to last year  caused by the fiscal  1999  acquisitions  of
Gamma,  Medichim and  Immunochim,  and BCA which were partially  funded with the
Company's cash. (See Liquidity and Capital Resources).

Interest Expense

         Interest expense increased from $1,416,000 in fiscal 1999 to $2,911,000
in fiscal 2000 as a result of financing the acquisitions of Gamma,  Medichim and
Immunochim, and BCA. (See Liquidity and Capital Resources).

Other income(expense)

         The  increase  in other  income of $29,000 as compared to last year was
caused by reduced foreign currency transaction losses recorded in Europe.

Income Taxes

         As a percent of pretax income, the provision for income taxes increased
in fiscal  2000 from 34% to 40%.  The  increase  is the  result of  minimum  tax
charges  in  Europe.  These  minimums  became  relevant  during  the year as the
strength of the US Dollar compared to the Euro caused local operating profits to
decline.

Comparison of Years Ended May 31, 1999 and May 31, 1998

Net Sales

         Net sales  increased from  $39,790,000 in fiscal 1998 to $59,525,000 in
fiscal 1999. Net sales from the operations of companies acquired during the year
accounted for $13,267,000 of the sales increase (Gamma acquired  October 1998 of
$11,425,000,  Medichim and Immunochim acquired March 15, 1999 of $1,359,000, and
BCA, a division of Biopool,  acquired in April 1999 of $483,000). (See Liquidity
and Capital Resources).  The remaining sales increase was caused by higher sales
in the U.S. of the Company's blood bank automation products and reagent products
used with  automation.  The Company's  European  operations  increased  sales by
$4,171,000, of which $2,536,000 was a result of the Company's acquisitions.  The
increase was primarily due to reagents used with blood bank automation.

Gross profit

         As a  percent  of sales  revenue,  the  gross  profit  margin  remained
constant at 54%.  Instrumentation  sales of  approximately  $6,400,000  at lower
gross  profit  margins were offset by  increased  reagent  sales at higher gross
profit margins.


<PAGE>


Operating expenses

         When  compared  to the  prior  year,  research  and  development  costs
increased  $323,000  with  $308,000  year-to-date  additional  research  expense
resulting from the acquisition of Gamma (see Liquidity and Capital Resources).

         Selling and  marketing  expenses for the year  increased  $3,357,000 as
compared to the prior fiscal year. Part of the increase was due to acquisitions:
Gamma had $1,391,000 and Medichim and Immunochim had $152,000.  The remainder of
the increase is  primarily  due to the effect of higher  payroll  expense due to
additional  personnel  required  for  the  Company's  instrumentation  strategy,
increased expenses for the launch of the ABS2000, and expansion of the Company's
Spanish operations.

         Distribution expenses increased $1,285,000 when compared to fiscal 1998
of which  Gamma  accounts  for  $741,000.  The  remaining  increase  related  to
increased shipping activity.

         General  and  administrative  expenses  increased  $1,750,000  over the
previous year, with additional  expenses of $674,000 resulting from the purchase
of Gamma  and the  remainder  due to higher  expenses  as the  Company  expanded
operations worldwide.

         Merger-related expenses were one-time expenses related to the Gamma and
BCA acquisitions.

Amortization Expense

         Amortization   expense   increased   $503,000  due  to  the   Company's
acquisition of Gamma, BCA, Medichim,  Immunochim,  and the Canadian distribution
rights.

Interest Income

         Interest  income  decreased  $476,000  for the year  due to lower  cash
balances as compared to fiscal 1998 caused by the  Company's  stock  repurchases
and acquisitions of Gamma, Medichim and Immunochim, and BCA which were partially
funded by the use of the Company's cash. (See Liquidity and Capital Resources).

Interest Expense

         Interest  expense  increased from $616,000 in fiscal 1998 to $1,416,000
in  fiscal  1999 as a result  of the  financing  of the  acquisitions  of Gamma,
Medichim and  Immunochim,  and BCA. The  increase  was  partially  offset by the
Company  reducing its outstanding  principal loan balance in Germany and Canada.
(See Liquidity and Capital Resources).

Other income (expense)

         The increase in other income of $229,000 as compared to fiscal 1998 was
caused by reduced foreign currency transaction losses recorded in Europe.

Income Taxes

         As a percent of pretax income, the provision for income taxes decreased
in fiscal 1999 from 47% to 34%. Lower taxes were provided in Germany as compared
to the prior year as a result of the  Company's  ongoing  implementation  of tax
planning  strategies.   Additionally,  the  Company  reduced  its  deferred  tax
valuation allowance due to the increased viability of anticipated future taxable
income in Italy combined with certain tax planning strategies.

(c)      Impact of Year 2000

         The Company and its  subsidiaries  have not  experienced  any  material
problems with network infrastructure, software, hardware or computer systems due
to the inability to recognize  appropriate  dates related to the year 2000.  The
Company and its subsidiaries do not anticipate  incurring  material  expenses or
experiencing any material  operational  disruptions as a result of any year 2000
issues.

(d) Impact of Recently Issued Accounting Standards

         In June  1998,  the FASB  issued  Statement  No.  133,  Accounting  for
Derivative  Instruments  and  Hedging  Activities.   Statement  133  establishes
accounting and reporting  standards for derivative  instruments  and for hedging
activities.  Statement 133, as amended by Statement 137, is effective for fiscal
quarters  of fiscal  years  beginning  after  June 15,  2000.  The  adoption  of
Statement 133, as amended by Statement  137, will not have a significant  impact
on the Company's consolidated financial statements.


<PAGE>



In December 1999, the SEC staff issued Staff Accounting  Bulletin (SAB) No. 101,
Revenue Recognition in Financial  Statements.  SAB 101 summaries the SEC staff's
views   regarding  the   recognition   and  reporting  of  revenues  in  certain
transactions.  The effective date of this pronouncement is the fourth quarter of
the fiscal year beginning after December 15, 1999. The company is evaluating SAB
101 and the  effect it will have on the  financial  statements  and its  current
revenue  recognition  policy.  At this time,  it is not possible to estimate the
impact of this change.

 (e)     Effects of Inflation on Operations

         Since the rate of inflation has slowed  during the past few years,  raw
material prices for the Company's  products have not materially  increased.  The
Company  believes  that any increase in  personnel-related  expenses or material
costs would also be experienced by others in the industry.

Item 7A.--Quantitative and Qualitative Disclosures About Market Risk

         Market Risk. The Company is exposed to various market risks,  including
changes in foreign  currency  exchange  rates and  interest  rates  which  could
adversely  impact its results of operations and financial  condition.  To manage
the volatility  relating to these typical  business  exposures,  the Company may
enter into various  derivative  transactions when appropriate.  The Company does
not  hold or issue  derivative  instruments  for  trading  or other  speculative
purposes.

         Interest Rate Risk. Interest rate swap agreements are entered into with
the objective of managing  exposure to interest  rate  changes.  The Company has
entered into  interest rate swaps to  effectively  convert a portion of variable
rate bank debt into fixed rates.  At May 31, 2000 and May 31, 1999,  the Company
had an  interest  rate swap  agreement  in the  Company's  functional  currency,
maturing in 2005 with an aggregate notional principal amount of $15 million.  At
May 31, 2000 and May 31, 1999,  the Company had an interest rate swap  agreement
in Canadian  dollars,  maturing  in 2001 with an  aggregate  notional  principal
amount of $2.4  million.  The fair value of the  interest  rate swap  agreements
represent the estimated receipts or payments that would be made to terminate the
agreements.  At May 31, 2000 and May 31, 1999,  the Company  would have received
$767,700 and $328,000, respectively, to terminate the agreement in the Company's
functional  currency.  At May 31, 2000 and May 31, 1999,  the Company would have
received $600 and  $278,500,  respectively,  to terminate  the Canadian  dollars
agreement. See - Note 4 to the Company's Consolidated Financial Statements.

         Foreign Currency.  Operating income generated outside the United States
was 44% in 2000, 54% in 1999 and 79% in 1998.  Fluctuations in foreign  exchange
rates  could  impact  operating  results  when  translations  of  the  Company's
subsidiaries'   financial   statements  are  made  in  accordance  with  current
accounting guidelines.  It has not been the Company's practice to actively hedge
its foreign  subsidiaries'  assets or liabilities  denominated in local currency
except for the occasional  purchase of forward exchange  contracts.  Most of the
foreign  currency  exposures  are  managed  locally  by  the  Company's  foreign
subsidiaries  through  the  hedging of  purchase  commitments  with the  advance
purchase  of  the  required  non-functional  currencies.  However,  the  Company
believes  that over time  weaknesses  in one  particular  currency are offset by
strengths  in others.  In 2000,  1999,  and 1998 the  Company  recorded  foreign
currency  transaction gains (losses) of approximately  $152,000,  $202,000,  and
$(27,400), respectively.

Item 8.--Financial Statements and Supplementary Data.

         The  following  consolidated  financial  statements  of the Company are
included under this item:

     -Report of Independent Auditors

     -Consolidated Balance Sheets, May 31, 2000 and 1999

     -Consolidated  Statements of Income for the Years Ended May 31, 2000,  1999
     and 1998

     -Consolidated  Statements of  Shareholders'  Equity for the Years Ended May
     31, 2000, 1999 and 1998

     -Consolidated  Statements  of Cash Flows for the Years Ended May 31,  2000,
     1999 and 1998

     -Notes to Consolidated Financial Statements

     -Consolidated Financial Statement Schedule


<PAGE>



                         REPORT OF INDEPENDENT AUDITORS


To the Board of Directors and Shareholders
   of Immucor, Inc.:

We have audited the accompanying consolidated balance sheets of Immucor, Inc. as
of May 31,  2000 and 1999 and the  related  consolidated  statements  of income,
shareholders'  equity,  and cash flows for each of the three years in the period
ended May 31, 2000.  Our audits also included the financial  statement  schedule
listed in the Index at Item 14(a).  These financial  statements and schedule are
the responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United  States.  Those  standards  require  that we plan and  perform the
audits to obtain reasonable assurance about whether the financial statements are
free of material  misstatement.  An audit includes  examining,  on a test basis,
evidence supporting the amounts and disclosures in the financial statements.  An
audit also includes  assessing the accounting  principles  used and  significant
estimates  made by  management,  as well as  evaluating  the  overall  financial
statement  presentation.  We believe that our audits provide a reasonable  basis
for our opinion.

In our opinion, the consolidated  financial statements referred to above present
fairly,  in all  material  respects,  the  consolidated  financial  position  of
Immucor,  Inc. at May 31,  2000 and 1999,  and the  consolidated  results of its
operations  and its cash flows for each of the three  years in the period  ended
May 31, 2000, in conformity with accounting principles generally accepted in the
United States.  Also, in our opinion,  the related financial statement schedule,
when considered in relation to the basic financial  statements taken as a whole,
presents fairly in all material respects the information set forth therein.

                                          /s/ Ernst & Young LLP

Atlanta, Georgia
August   22,  2000,  except  for  paragraph  8
     of Note 4 as to which the date is
     August 29, 2000






<PAGE>

IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>


                                                                                                        May 31,

                                                                                       ------------------------------------------
                                                                                                 2000                    1999
<S>                                                                                              <C>                      <C>

ASSETS

CURRENT ASSETS:
   Cash and cash equivalents                                                                   $ 3,505,926           $ 2,793,592
   Accounts receivable, trade (less allowance for doubtful accounts of
     $1,164,582 in 2000 and $804,470 in 1999)                                                   21,726,062            21,573,846
   Accounts receivable from former officer and director                                                  -               140,946
   Inventories                                                                                  16,813,239            16,065,190
   Income taxes receivable                                                                         752,470               553,451
   Deferred income taxes                                                                           902,409               907,530
   Prepaid expenses and other                                                                    1,321,363             1,587,817
                                                                                       --------------------  --------------------
                                                                                       --------------------  --------------------

     Total current assets                                                                       45,021,469            43,622,372

LONG-TERM INVESTMENT - At cost                                                                   1,000,000             1,000,000

PROPERTY, PLANT AND EQUIPMENT - Net                                                             17,475,882            15,697,328

DEFERRED INCOME TAXES                                                                            1,120,238             1,108,279

OTHER ASSETS - Net                                                                               2,251,293             2,363,243

DEFERRED LICENSING COSTS - Net                                                                   2,044,850             2,307,837

EXCESS OF COST OVER NET TANGIBLE ASSETS ACQUIRED - Net                                          33,861,147            33,634,458
                                                                                       --------------------  --------------------
                                                                                       --------------------  --------------------

                                                                                              $102,774,879          $ 99,733,517
                                                                                       ====================  ====================
                                                                                       ====================  ====================


</TABLE>





















See notes to consolidated financial statements.


<PAGE>


IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(continued)

<TABLE>
<CAPTION>


                                                                                                        May 31,
                                                                                       -------------------------------------------
                                                                                                     2000                  1999
<S>                                                                                                   <C>                  <C>

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
   Current portion of borrowings under bank line of credit agreements                      $    2,952,307         $    1,619,312
   Current portion of long-term debt                                                            4,277,598              5,000,062
   Note payable to related party                                                                        -              1,637,495
   Current portion of capital lease obligations                                                   618,240                194,476
   Accounts payable                                                                             9,442,977             10,039,489
   Income taxes payable                                                                            74,715                 27,739
   Accrued salaries and wages                                                                   1,346,874              1,125,216
   Deferred income taxes                                                                          164,243                118,280
   Other accrued liabilities                                                                    4,276,554              2,719,496
                                                                                       ---------------------  --------------------

     Total current liabilities                                                                 23,153,508             22,481,565

BORROWINGS UNDER BANK LINE OF CREDIT AGREEMENTS                                                 8,006,213              8,052,917
LONG-TERM DEBT                                                                                 25,144,272             22,694,938
CAPITAL LEASE OBLIGATIONS                                                                       1,664,165                800,117

DEFERRED INCOME TAXES                                                                           3,062,331              3,024,550

OTHER LIABILITIES                                                                                 825,592              2,626,763

SHAREHOLDERS' EQUITY:
   Common stock - authorized 30,000,000 shares, $.10 par value; issued and                        746,212
     outstanding 7,462,118 in 2000 and 7,488,411 in 1999                                                                 748,841
   Additional paid-in capital                                                                  16,848,804             16,945,885
   Retained earnings                                                                           28,310,741             25,498,721
   Accumulated other comprehensive loss                                                        (4,986,959)            (3,140,780)
                                                                                       ---------------------  --------------------
                                                                                       ---------------------  --------------------

     Total shareholders' equity                                                                40,918,798             40,052,667
                                                                                       ---------------------  --------------------
                                                                                                              --------------------

                                                                                           $  102,774,879         $   99,733,517
                                                                                       =====================  ====================



</TABLE>













See notes to consolidated financial statements.


<PAGE>


IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

<TABLE>
<CAPTION>


                                                                                        Year Ended May 31,
                                                                 -----------------------------------------------------------------
                                                                        2000                  1999                   1998
<S>                                                                     <C>                    <C>                      <C>


NET SALES                                                              $ 76,540,476          $ 59,524,539          $ 39,790,434

COST OF SALES                                                            36,407,764            27,550,548            18,167,840
                                                                 --------------------  --------------------  ---------------------
                                                                 --------------------  --------------------  ---------------------

GROSS PROFIT                                                             40,132,712            31,973,991            21,622,594

OPERATING EXPENSES:
   Research and development                                               2,002,597             1,293,576               970,924
   Selling and marketing                                                 12,391,837            10,612,516             7,255,579
   Distribution                                                           5,966,178             3,648,456             2,363,293
   General and administrative                                            10,533,826             8,460,525             6,710,838
   Merger-related expenses                                                        -               558,973                     -
   Amortization expense                                                   1,879,049             1,091,278               588,555
                                                                 --------------------  --------------------  ---------------------
                                                                 --------------------  --------------------  ---------------------
                                                                         32,773,487            25,665,324            17,889,189
                                                                 --------------------  --------------------  ---------------------
                                                                 --------------------  --------------------  ---------------------

INCOME FROM OPERATIONS                                                    7,359,225             6,308,667             3,733,405

OTHER:
   Interest income                                                           30,801               313,219               788,870
   Interest expense                                                      (2,911,029)           (1,416,179)             (615,705)
   Other, net                                                               230,658               202,093               (27,381)
                                                                 --------------------  --------------------  ---------------------
                                                                 --------------------  --------------------  ---------------------
                                                                         (2,649,570)             (900,867)              145,784
                                                                 --------------------  --------------------  ---------------------
                                                                 --------------------  --------------------  ---------------------

INCOME BEFORE INCOME TAXES                                                4,709,655             5,407,800             3,879,189

INCOME TAXES                                                              1,897,635             1,846,776             1,810,416
                                                                 --------------------  --------------------  ---------------------
                                                                 --------------------  --------------------  ---------------------

NET INCOME                                                             $  2,812,020          $  3,561,024          $  2,068,773
                                                                 ====================  ====================  =====================
                                                                 ====================  ====================  =====================

INCOME PER SHARE

    Basic                                                                 $  .36            $    .47                 $    .26
                                                                 ====================  ====================  =====================

    Diluted                                                               $  .33            $    .45                 $    .25
                                                                 ===================   ====================  =====================

</TABLE>















See notes to consolidated financial statements.


<PAGE>



IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                                                                                      Accumulated
                                                                       Additional                        Other              Total
                                                Common Stock             Paid-In        Retained      Comprehensive    Shareholders'
                                        --------------------------
                                           Shares          Amount        Capital        Earnings           Loss            Equity
                                        -----------   -------------   --------------  -------------   --------------  --------------
                                        -----------   -------------   --------------  -------------   --------------  --------------
<S>                                          <C>              <C>            <C>             <C>               <C>           <C>

BALANCE, JUNE 1, 1997                    8,078,737      $  807,873     $ 22,502,930     $19,868,924      $(1,958,859)   $41,220,868


Exercise of stock options                  119,774          11,978          602,419             -                  -        614,397
Tax benefits related to stock options                                       177,551             -                  -        177,551
Exchange of stock for cancellation of
   non-compete agreement                   (16,500)         (1,650)        (336,369)            -                  -       (338,019)
Stock repurchase                          (103,200)        (10,320)        (867,063)            -                  -       (877,383)
Comprehensive income:
   Foreign currency translation
     adjustment                                   -               -               -                         (433,637)      (433,637)
   Net income                                     -               -               -      2,068,773                 -      2,068,773
                                        -----------   ----  -------   -------------   -------------   ---------------  -------------

Total comprehensive income                        -               -               -      2,068,773           (433,637)    1,635,136
                                        ------------   ------------   --------------  -------------   ----------------  ------------

BALANCE, MAY 31, 1998                      8,078,811        807,881       22,079,468    21,937,697         (2,392,496)   42,432,550

Exercise of stock options and warrants       232,400         23,240        1,661,232             -                  -     1,684,472
Tax benefits related to stock options                                        188,855             -                  -       188,855
Issuance of warrants                                                         310,000             -                  -       310,000
Stock repurchase                            (822,800)        (82,280)     (7,293,670)            -                  -    (7,375,950)
Comprehensive income:
   Foreign currency translation
     adjustment                                   -               -               -              -           (748,284)     (748,284)
   Net income                                     -               -               -      3,561,024                 -      3,561,024
                                        -------------   -------------   ------------  -------------   ---------------  -------------
Total comprehensive income                         -               -                -    3,561,024           (748,284)    2,812,740
                                        -------------   -------------   --------------  -------------   ------------   ------------

BALANCE, MAY 31, 1999                      7,488,411          748,841    16,945,885     25,498,721         (3,140,780)   40,052,667


Exercise of stock options and warrants       389,207          38,921      2,947,602               -                -
                                                                                                           2,986,523
Tax benefits related to stock options                                                             -                -
                                                                            377,375                                         377,375
Stock repurchase                            (415,500)        (41,550)                             -                -
                                                                         (3,422,058)                                     (3,463,608)
Comprehensive income:
   Foreign currency translation
     adjustment                                    -               -              -               -       (1,846,179)    (1,846,179)
   Net income                                      -               -              -       2,812,020                -
                                                                                                                          2,812,020
                                        -----------   -----------     --------------   ------------   -------------  ---------------
Total comprehensive income                         -               -              -       2,812,020      (1,846,179)        965,841

                                        -------------   -------------   ------------  ------------   --------------  ---------------


BALANCE, MAY 31, 2000                      7,462,118    $   746,212      $16,848,804    $28,310,741     $(4,986,959)     $40,918,798

                                        =============   ===========   ============     ============   ==============  ==============

</TABLE>


<PAGE>


IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>


                                                                                       Year Ended May 31,
                                                                      -----------------------------------------------------
                                                                           2000               1999              1998

<S>                                                                         <C>                <C>                <C>

OPERATING ACTIVITIES:
   Net income                                                             $2,812,020        $3,561,024         $2,068,773
   Adjustments to reconcile net income to net cash provided by
     operating activities:
     Depreciation and amortization of property and equipment               2,936,615         2,215,848          1,392,534
     Amortization of other assets and excess of cost over net
       tangible assets acquired                                            1,879,049         1,091,278            588,555
     Deferred tax provision                                                  377,375           225,045            481,340
     Changes in operating assets and liabilities, net of effects of
       business acquisitions:
       Accounts receivable, trade                                           (227,173)       (2,382,232)        (1,147,751)
       Accounts receivable from former officer and director                  140,946           554,484            913,570
       Income taxes                                                           71,957           (34,608)            88,433
       Inventories                                                        (1,228,317)       (2,749,627)          (800,086)
       Other current assets                                                 (228,527)         (767,083)           146,934
       Accounts payable                                                     (675,764)        2,383,200            (66,145)
       Other current liabilities                                             165,920         1,887,806            117,154
                                                                      ----------------  -----------------  ----------------
                                                                      ----------------  -----------------  ----------------
         Total adjustments                                                 3,212,081         2,424,111          1,714,538
                                                                      ----------------  -----------------  ----------------
                                                                      ----------------  -----------------  ----------------

Cash provided by operating activities                                      6,024,101         5,985,135          3,783,311

INVESTING ACTIVITIES:
   Purchases of / deposits on property and equipment                      (5,063,167)       (3,564,804)        (1,506,005)
   Cash paid for acquisition, net of cash acquired                          (523,682)      (32,571,040)                 -
   Acquisition-related severance                                             (85,960)       (2,387,449)                 -
   Increase in other assets                                                 (258,972)       (2,709,599)           (35,014)
                                                                      ----------------  -----------------  ----------------
                                                                      ----------------  -----------------  ----------------

Cash used in investing activities                                        $(5,931,781)     $(41,232,892)       $(1,541,019)



</TABLE>
























See notes to consolidated financial statements.

<PAGE>


IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(continued)

<TABLE>
<CAPTION>

                                                                                         Year Ended May 31,
                                                                    -------------------------------------------------------------
                                                                           2000                 1999                 1998

<S>                                                                        <C>                   <C>                  <C>

FINANCING ACTIVITIES:
   Borrowings (repayments) under line of credit agreements              $    555,068         $  5,379,103          $   (86,363)
   Proceeds from issuance of long term debt and capital lease              9,118,933           24,566,514                    -
     obligations
   Repayment of long-term debt and capital lease obligations              (5,362,814)          (1,737,409)          (1,246,185)
   Repayment of long-term debt to related party                           (1,633,947)                   -                    -
   Exercise of stock options                                               2,986,523            1,684,472              614,397
   Stock repurchases                                                      (3,463,608)          (7,375,950)            (877,383)
                                                                    -------------------  -------------------  -------------------
                                                                    -------------------  -------------------  -------------------

Cash provided by (used in) financing activities                            2,200,155           22,516,730           (1,595,534)

EFFECT OF EXCHANGE RATE CHANGES ON CASH                                   (1,580,141)            (291,598)            (548,775)
                                                                    -------------------  -------------------  -------------------
                                                                    -------------------  -------------------  -------------------

INCREASE/(DECREASE) IN CASH
  AND CASH EQUIVALENTS                                                       712,334          (13,022,625)              97,983

CASH AND CASH EQUIVALENTS
  AT BEGINNING OF YEAR                                                     2,793,592           15,816,217           15,718,234
                                                                    -------------------  -------------------  -------------------
                                                                    -------------------  -------------------  -------------------

CASH AND CASH EQUIVALENTS
  AT END OF YEAR                                                          $3,505,926           $2,793,592          $15,816,217
                                                                    ===================  ===================  ===================
                                                                    ===================  ===================  ===================

Noncash investing and financing activities:
  Exchange of stock for cancellation of non-compete agreement       $                    $                       $     338,019
                                                                                   -                    -
  Transfer of equipment deposit to property and equipment                          -                    -              562,361
  Capital lease obligations                                                1,644,737              435,400                    -

  Fair value of assets acquired                                           (1,019,453)          25,463,127                    -
  Cost in excess of assets acquired                                        1,576,920           23,207,232                    -
  Liabilities assumed                                                        (33,785)         (15,789,319)                   -
  Notes and warrants / options issued for assets acquired                          -             (310,000)                   -
                                                                    -------------------  -------------------  -------------------
  Net cash paid for acquisition, net of cash acquired                 $      523,682        $  32,571,040     $
                                                                                                                             -
                                                                    ===================  ===================  ===================

CASH PAID DURING THE YEAR FOR:
   Interest                                                           $    2,886,256       $    1,270,147        $     662,185
   Income taxes                                                            1,225,635            1,459,500            1,143,802

</TABLE>


















See notes to consolidated financial statements.


<PAGE>

IMMUCOR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.   NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Nature of Business - The Company's  principal  business  activities are the
     development,  manufacture and marketing of immunological diagnostic medical
     products. The Company operates facilities in North America and Europe.

     Consolidation  Policy - The consolidated  financial  statements include the
     accounts of the Company and its wholly owned subsidiaries.  All significant
     intercompany   balances   and   transactions   have  been   eliminated   in
     consolidation.

     Use of Estimates - The  preparation  of financial  statements in conformity
     with generally accepted  accounting  principles requires management to make
     estimates and assumptions that affect the amounts reported in the financial
     statements and accompanying  notes.  Actual results could differ from those
     estimates.

     Reclassifications  - Certain prior year balances have been  reclassified to
     conform to the current year presentation.

     Concentration  of  Credit  Risk - At May 31,  2000 and  1999 the  Company's
     entire cash balance of  $3,505,926  and  $2,793,592,  respectively,  was on
     deposit with high quality U.S. financial institutions.

     The Company  obtains raw materials  from numerous  outside  suppliers.  The
     Company  is not  dependent  on  any  single  supplier  other  than  certain
     instrumentation  manufacturers  (see Note 13) and the joint manufacturer of
     some of the  Company's  monoclonal  antibody-based  products.  The  Company
     believes that its business relationship with suppliers is excellent.

     Certain of the Company's  products are derived from blood having particular
     or rare combinations of antibodies or antigens which are found in a limited
     number of  individuals.  The Company to date has not  experienced any major
     difficulty  in  obtaining  sufficient  quantities  of such blood for use in
     manufacturing its products,  but there can be no assurance that the Company
     will always have available to it a sufficient supply of such blood.

     The Company generally does not require collateral from its customers.

     Cash and  Cash  Equivalents  - The  Company  considers  all  highly  liquid
     investments  with an  original  maturity  of  three  months  or  less  when
     purchased to be cash and cash equivalents.

     Inventories  - Inventories  are stated at the lower of first-in,  first-out
     cost or market. Cost includes material, labor and manufacturing overhead.

     Long-Term Investment - The long-term investment, representing a 3.4% Common
     Stock investment in Lionheart  Technologies,  Inc., acquired in April 1992,
     is accounted for using the cost method of accounting.  Bio-Tek Instruments,
     Inc. (see Note 13) is a wholly owned subsidiary of Lionheart  Technologies,
     Inc.

     Property, Plant and Equipment - Property, plant and equipment are stated at
     cost less  accumulated  depreciation.  Depreciation  is computed  using the
     straight-line method over the estimated lives of the related assets ranging
     from three to 30 years.

     Interest Rate Swap - The Company uses interest rate swaps to hedge interest
     rate risk associated with its borrowings.  Any differences paid or received
     on interest rate swap  agreements are recognized as adjustments to interest
     expense  over  the  life of each  swap,  thereby  adjusting  the  effective
     interest rate on the  underlying  obligation.  The Company has  established
     strict  counterparty  credit  guidelines and only enters into  transactions
     with financial institutions of investment grade or better. As a result, the
     Company estimates the risk of counterparty default to be minimal.

     Fair Value of Financial  Instruments - The carrying amounts reported in the
     consolidated  balance  sheets  for  cash  and  cash  equivalents,  accounts
     receivable,  long-term  investment and accounts payable  approximate  their
     fair values.  The fair values of the Company's  long-term debt  approximate
     the reported  amounts in the  accompanying  consolidated  balance sheets as
     their interest rates approximate the May 31, 2000 and 1999 market rates for
     similar debt instruments.


     Intangible Assets

     Deferred  Licensing Costs - Deferred  licensing costs primarily  consist of
     distribution  rights for the Company's  complete line of reagents purchased
     from its Canadian distributor,  Immucor Canada, Inc., on September 1, 1998,
     which are being  amortized using the  straight-line  method over ten years.
     The  remaining  balance is  attributed  to  license  fees  acquired  in the
     purchase  of Gamma  Biologicals,  Inc.  Once a product  is  developed,  the
     related license fee is amortized over the term of the respective agreement,
     generally  five  years.   Accumulated   amortization  related  to  deferred
     licensing  costs  at May 31,  2000  and 1999  was  $445,600  and  $159,400,
     respectively.

     Excess of Cost Over Net  Assets  Acquired  - Excess of cost over net assets
     acquired  comprises  the cost of purchased  businesses  in excess of values
     assigned to net tangible assets received,  and is being amortized using the
     straight-line method over 20 to 30 years.  Accumulated  amortization at May
     31, 2000 and 1999 was $4,471,300 and $2,937,600 respectively.

     The Company  evaluates  long-lived  assets for  impairment  when events and
     circumstances  indicate  that the assets  might be impaired  and records an
     impairment loss if the undiscounted cash flows estimated to be generated by
     those  assets  are less  than the  carrying  amount  of those  assets.  The
     impairment  loss  recognized  is  equal  to  the  difference   between  the
     discounted  cash flows and the carrying  amount of the assets.  The Company
     believes  that the  carrying  value of  recorded  long-lived  assets is not
     impaired.

     Foreign  Currency   Translation  -  The  financial  statements  of  foreign
     subsidiaries have been translated into U.S. dollars in accordance with FASB
     Statement No. 52, Foreign Currency Translation.  All balance sheet accounts
     have been  translated  using the  exchange  rates in effect at the  balance
     sheet  dates.  Income  statement  amounts  have been  translated  using the
     average  exchange rates for each year. The gains and losses  resulting from
     the  changes  in  exchange  rates  from  year to year  have  been  reported
     separately as a component of  comprehensive  income.  The effect of foreign
     currency transaction gains and losses has been recorded in the accompanying
     statements of income.

     Revenue  Recognition - Revenue from the sale of the  Company's  reagents is
     recognized  upon  shipment,  and  revenue  from the  sale of the  Company's
     medical  instruments  is  recognized  based  on the  terms  of the  related
     agreement  (i.e.  F.O.B.   shipping  point  or  installation  and  customer
     acceptance).

     Stock Based  Compensation  - The Company  grants stock  options for a fixed
     number of shares to  employees  with an  exercise  price  equal to the fair
     value of the  shares at the date of the grant.  The  Company  accounts  for
     stock option grants in accordance  with APB Opinion No. 25,  Accounting for
     Stock Issued to Employees,  and accordingly does not recognize compensation
     expense for the stock option grants. As required by FASB Statement No. 123,
     Accounting for Stock-Based Compensation,  the Company presents supplemental
     information disclosing pro forma net income and net income per common share
     as if the  Company had  recognized  compensation  expense on stock  options
     granted  subsequent  to May 31,  1995 under the fair  value  method of that
     statement (see Note 8 of Notes to Consolidated Financial Statements).

     Impact of Recently  Issued  Accounting  Standards - In June 1998,  the FASB
     issued Statement No. 133, Accounting for Derivative Instruments and Hedging
     Activities.  Statement 133 establishes  accounting and reporting  standards
     for derivative  instruments  and for hedging  activities.  Statement 133 is
     effective  for fiscal  quarters of fiscal  years  beginning  after June 15,
     2000.  The adoption of Statement  133, as amended by Statement  137, is not
     expected  to  have  a  significant  impact  on the  Company's  consolidated
     financial statements.

     In December 1999, the SEC staff issued Staff Accounting  Bulletin (SAB) No.
     101, Revenue Recognition in Financial Statements. SAB 101 summaries the SEC
     staff's  views  regarding  the  recognition  and  reporting  of revenues in
     certain  transactions.  The  effective  date of this  pronouncement  is the
     fourth  quarter of the fiscal year  beginning  after December 15, 1999. The
     Company is evaluating  SAB 101 and the effect it will have on the financial
     statements and its current revenue  recognition policy. At this time, it is
     not possible to estimate the impact of this change.


<PAGE>



2.   BALANCE SHEET DETAIL

                                                           May 31,
                                              -------------------------------
                                                  2000               1999
    Inventories:

    Raw materials and supplies               $   4,983,303      $   3,856,309
    Work in process                              1,603,117            967,889
    Finished goods and goods
          purchased for resale                  10,226,819         11,240,992
                                              --------------   --------------

                                              $ 16,813,239       $ 16,065,190
                                             ===============   ================

    Property, Plant and Equipment:

    Land                                    $      347,579     $      351,111
    Buildings and improvements                   5,822,161          6,016,144
    Leasehold improvements                         951,420            749,738
    Furniture and fixtures                       1,453,071          1,407,133
    Machinery and equipment                     16,622,631         12,242,198
                                             ----------------   ----------------
                                                25,196,862         20,766,324
    Less accumulated depreciation               (7,720,980)        (5,068,996)
                                             ----------------   ----------------

    Property and equipment - net               $ 17,475,882       $ 15,697,328
                                             ================   ================

3.    ACQUISITIONS

     Gamma Biologicals, Inc.

     Pursuant to a definitive  merger  agreement  dated  September 21, 1998, the
     Company,   through   a  newly   formed   subsidiary   ("Gamma   Acquisition
     Corporation"),  acquired  on  October  27,  1998  94.27% of the  issued and
     outstanding  shares  of Gamma  Biologicals,  Inc.  ("Gamma").  The  Company
     purchased the shares from Gamma  shareholders  ("Shareholders")  for a cash
     tender  offer  of  $5.40  per  share  for  a  total  transaction  value  of
     $24,831,841  plus  acquisition  costs of  $3,027,615  for an  aggregate  of
     $27,859,456 ("Purchase Price").  According to the depository for the offer,
     4,361,110 shares were tendered  pursuant to the offer and Immucor purchased
     all shares tendered. On October 30, 1998 all remaining shares were acquired
     by merging Gamma Acquisition Corporation with and into Gamma which became a
     majority owned subsidiary of Immucor.  As a result of the merger, the 5.73%
     of the shares that had not been tendered were  cancelled and converted into
     a right  to  receive  $5.40  per  share.  As of May 31,  1999  Immucor  had
     purchased or satisfied  its  obligation to pay $5.40 per share with respect
     to a total of  4,598,489  (99.4%) of the issued and  outstanding  shares of
     Gamma.  The total  transaction  value of  $24,831,841  was  satisfied  with
     $5,000,000 paid in cash and $19,831,841  funded by a $20,000,000  loan from
     the Company's primary U.S. bank to Gamma Acquisition Corporation.  Included
     in the  liabilities  assumed  was an  accrual  for  severance  payments  of
     $2,474,000 to Gamma employees of which $2,387,000 was paid prior to May 31,
     1999,  with the remainder  paid during the year ended May 31, 2000.  During
     the years ended May 31, 1999 and 2000,  the Company paid out $2,516,875 and
     $510,740 in acquisition costs, respectively.

     Located in Houston,  Texas,  Gamma manufactures and sells a wide variety of
     in-vitro  diagnostic  reagents  to  blood  donation  centers,   transfusion
     departments of hospitals,  medical  laboratories and research  institutions
     through a direct sales force and distributor network. The Company accounted
     for the transaction as a purchase business combination.  The results of the
     operations of Gamma since October 27, 1998 are included in the Consolidated
     Statements  of  Income.  The  excess  of costs  over net  assets  acquired,
     including  goodwill  and  customer  lists,  is being  amortized  using  the
     straight-line  method over the related  assets' useful life ranging from 20
     to 30 years.

     The final purchase price allocation is as follows:

     Current assets                                                 $9,773,473
     Property, plant and equipment, net                              7,535,909
     Other assets                                                    2,584,253
     Excess of costs over net assets acquired                       18,798,691
     Less:  Liabilities assumed                                    (10,832,870)
                                                                ---------------

                                                                   $27,859,456
                                                                ===============



<PAGE>



     Medichim, S.A. and Immunochim, s.a.r.l.

     On March 15, 1999, the Company, through a newly formed subsidiary ("Immucor
     Acquisitions  Inc.,  S.A."),  acquired the available issued and outstanding
     shares of  Immunochim  s.a.r.l.  (France)  ("Immunochim)  and Medichim S.A.
     (Belgium)  ("Medichim")  for a cash  payment  of  $990,000,  Company  stock
     options valued at $310,000,  acquisition costs of $105,719 and an incentive
     earnout of up to  $501,000,  which is earned over the course of three years
     from the  acquisition  date based on  attaining  certain  operating  profit
     goals,  as  defined.   Amounts  earned,   if  any,  will  be  reflected  as
     compensation  expense in the Statement of Income.  In conjunction  with the
     acquisition,  a non-compete agreement and intellectual property rights were
     purchased for $100,000 and $257,148,  respectively.  Such amounts are being
     amortized  over the terms of the related  agreements  and are classified as
     other assets.

     The acquisition was accounted for as a purchase business  combination.  The
     results of the operations of Medichim and  Immunochim  since March 15, 1999
     are included in the Consolidated Statements of Income. Excess of costs over
     net assets acquired is being amortized using the straight-line  method over
     25 years.

     The final purchase price allocation is as follows:


     Fair value of assets acquired                                 $ 3,695,751
     Excess of costs over net assets acquired                        2,738,316
     Less:  Liabilities assumed                                     (4,671,200)
                                                                ---------------

                                                                   $ 1,762,867
                                                                ===============


     BCA

     On April 30, 1999,  the Company  acquired  certain  assets of the BCA blood
     bank division of Biopool  International,  Inc. ("BCA") for a total purchase
     price of  approximately  $4.5 million.  During the years ended May 31, 1999
     and 2000,  the Company  paid out $6,621 and $12,942 in  acquisition  costs,
     respectively.

     The acquisition was accounted for as a purchase business  combination.  The
     results of the  operations  of BCA since April 30, 1999 are included in the
     Consolidated Statements of Income. Excess of costs over net assets acquired
     is being amortized using the straight-line method over 20 years.

     The final purchase price allocation is as follows:


     Fair value of assets acquired                               $ 1,543,452
     Excess of costs over net assets acquired                      3,247,146
     Less:  Liabilities assumed                                     (319,034)
                                                                -------------

                                                                 $ 4,471,564
                                                                ==============


     The pro forma  unaudited  results of operations for the years ended May 31,
     1999 and May 31, 1998, assuming  consummation of all of the above purchases
     as of June 1, 1997,  including  financing  from the proceeds of a bank loan
     and ignoring any cost-saving initiatives are presented below:

                                     Year Ended                  Year Ended
                                    May 31, 1999                May 31, 1998
                                ------------------             ---------------

     Net sales                       $75,214,000                 $69,326,000
     Net income                        2,484,000                   2,857,000

     Net income per common share:
          Basic                              .32                         .35
          Diluted                            .31                         .34




<PAGE>


4.   BANK LINE OF CREDIT AGREEMENTS  AND DEBT OBLIGATIONS

<TABLE>
<CAPTION>

                                                                                         May 31,
                                                                            -----------------------------------
                                                                                 2000               1999
                                                                            ----------------  -----------------

<S>                                                                                 <C>               <C>



     Lines of  credit - for the  Italian  subsidiary  (denominated  in Lira with
         interest rates ranging from 5.650% to 8.625% maturing in
         fiscal 2001)                                                       $      369,785       $  661,858

     Line of credit - for the Spanish subsidiary (denominated in
         Pesetas with an interest rate of 4.75% maturing in fiscal
         2001)                                                                   1,313,268                 -
    Revolving line of credit - Canadian  subsidiary  (denominated  in  Canadian
         dollars with interest rates ranging from 5.31% to
         6.64% maturing December 2001)                                           3,053,523         3,122,680
    Subordinated promissory notes payable to non-related parties
         (denominated in Canadian dollars at an interest rate of 6%
         maturing December 1999)                                                         -         2,257,349
     Subordinated promissory notes payable to related party
         (denominated in Canadian dollars at an interest rate of 6%                      -         1,637,495
         maturing December 1999)
    Note payable - German subsidiary (denominated in Deutsche Marks at
         an interest rate of 4.14% maturing September 2000)                        719,217           799,233
    Mortgage note payable - Belgian subsidiary (denominated in Belgian
         Francs at an interest rate of 6.25% maturing November 2007)               247,133           280,084
    Notes payable - Belgian subsidiary (denominated in Belgian Francs
         at interest rates ranging from 5.03% to 10.29%)                            36,570            88,037
     Line of credit - Belgian subsidiary (denominated in Belgian
         Francs with interest rates ranging from 5.50% to 6.0%                     502,727           887,691
         maturing in fiscal 2001)
    Acquisition term note ($15,000,000 at 5.33% and remaining balance
         at 6.20% to 8.11% depending on LIBOR rate)                             18,125,000        19,625,000
    Additional term loan (interest rate ranging from 6.20% to 8.11%)             4,250,000         4,500,000
    Third additional term loan (interest rate ranging from 6.12% to              3,515,655                 -
         6.25%)
    Fourth additional term loan (interest rate ranging from 9.00% to             3,200,000                 -
         9.25%)
    Line of credit (interest rate ranging from 6.20% to 10.30%)                  5,000,000         5,000,000
    Mortgage note payable (interest rate of 10.50%)                                 47,512           145,297
                                                                            ----------------  -----------------
                                                                                40,380,390        39,004,724
    Less current portion                                                        (7,229,905)       (8,256,869)
                                                                            ----------------  -----------------

                                                                             $  33,150,485      $ 30,747,855
                                                                            ================  =================

</TABLE>

     The Company's Italian  subsidiary has $369,785 in line of credit agreements
     denominated  in Lira with three  Italian  banks  bearing  interest  between
     5.650% to 8.625%. At May 31, 2000, the Company had $729,600 available under
     these line of credit agreements.  The Company has an additional  $1,313,268
     line of credit agreement for the Spanish subsidiary  denominated in Pesetas
     with a Spanish bank bearing interest at 4.75%. At May 31, 2000, the Company
     had $186,700 available under the Spanish line of credit agreement.

     In  connection  with the  acquisition  of Dominion  Biologicals  Limited in
     December  1996,  the Company  entered into a $4,566,200  ($6,200,000  CDN$)
     long-term revolving line of credit facility with the Company's primary U.S.
     bank and bearing interest at LIBOR plus .4375%. The Company  simultaneously
     entered  into an interest  rate swap  agreement  with a notional  amount of
     $2,338,166  ($3,500,000  CDN$). This transaction  effectively  converts the
     revolver's  floating  rate to a  fixed  rate of  6.6375%  on the  principal
     balance of $2,338,166. The interest rate on the remaining principal balance
     of $715,357 ($1,000,000 CDN$) is LIBOR plus .4375%, which was 7.275% at May
     31, 2000,  and is adjusted  every 90 days. At May 31, 2000, the Company had
     $1,088,000 available under this line of credit agreement. The fair value of
     the interest rate swap  agreement is $390 at May 31, 2000. The Company also
     issued subordinated promissory notes to the former shareholders of Dominion
     bearing interest at 6% payable  semiannually with principal due in December
     1999. On December 17, 1999 the Company entered into an additional term loan
     of  $3,884,800  ($5,741,000  CDN$)  to  retire  the  Canadian  subordinated
     promissory  notes.  Principal  and  interest  payments  are  due  quarterly
     commencing March 1, 2000 and continuing through September 1, 2002.

     In March 1995, the Company  refinanced its Deutsche Mark  denominated  debt
     through the issuance of a note payable to the  Company's  primary U.S. bank
     in Deutsche Marks with interest of LIBOR plus .375%.  At the same time, the
     Company  entered into an interest rate swap  agreement  with the bank which
     expired  September  1998,  which  effectively  converted the note payable's
     floating rate to a fixed rate of 4.14% per annum up to September 1998.

     Upon the acquisition of Medichim, the Company assumed a mortgage note which
     is collateralized by a first lien on Medichim's land and building. Medichim
     has various notes payable with a local bank bearing  interest between 5.03%
     and  10.29%.  Medichim  also  has  $619,000  in line of  credit  agreements
     denominated  in  Belgian  Francs  with one  Belgian  bank.  Such  lines are
     guaranteed  by the  Company.  At May 31,  2000,  the Company  had  $116,200
     available under these line of credit agreements.


<PAGE>



     In  connection  with the  acquisition  of Gamma in  October  1998,  and the
     subsequent  acquisitions  of  Medichim,  Immunochim  and BCA,  the  Company
     entered  into a  bank  loan  agreement  (the  "Loan  Agreement")  with  the
     Company's   primary  U.S.  bank  including  an  acquisition  term  note  of
     $20,000,000   maturing  in  December  2005,  an  additional  term  loan  of
     $4,500,000  maturing  in March  2004  and a line of  credit  of  $2,000,000
     maturing in October 2001. On November 4, 1998, the Company  entered into an
     interest rate swap  agreement  with an effective  date of December 1, 1998,
     for a notional  amount of  $15,000,000,  also maturing  December 2005. This
     transaction  effectively converts the acquisition term note's floating rate
     to a fixed rate of 5.33% on the principal balance of $15,000,000.  On April
     30, 1999 the line of credit for  $2,000,000  was canceled and a new line of
     credit  was  executed  for  $5,000,000.  These  borrowings,  other than the
     interest  rate swap  notional  amount,  bear  interest  rates at LIBOR plus
     additional  percentage  points  ranging  from .5% to 1.4%  based on certain
     calculations as defined in the Loan Agreement.  Debt issue costs of $56,250
     for advisory fees were paid to an investment banker in conjunction with the
     acquisition  of Gamma.  These debt issue costs have been  deferred  and are
     being amortized over the life of the Loan Agreement.  The fair value of the
     interest rate swap agreement was $767,655 at May 31, 2000.


     On April 20,  2000 the  Company  entered  into an  additional  term loan of
     $5,000,000  to finance  the  repurchase  of 415,500  shares  common  stock.
     Principal and interest payments are due quarterly  commencing  September 1,
     2001 and continuing  through June 1, 2006. The principal  balance as of May
     31, 2000 was $3,200,000.

     When the  Company  acquired  Gamma,  it  assumed a  mortgage  note which is
     collateralized by a first lien on the Gamma  Biologicals' land and building
     located in northwest Houston.  The mortgage note, which matures in November
     2000, bears interest at the bank's base rate, but not less than 7% nor more
     than 13%.

     The Loan  Agreement,  Dominion  revolving  line of credit and Deutsche Mark
     note payable are  guaranteed by the Company and require the  maintenance of
     certain  income  and other  financial  ratios,  and place  certain  limited
     restrictions  on the  Company's  ability to  acquire  other  entities.  The
     Company was not in compliance with certain covenants as of May 31, 2000 but
     obtained  appropriate  waivers and amended its loan agreement with the U.S.
     bank effective  August 29, 2000. The interest rate swap agreements with the
     U.S.  bank are  guaranteed  by the Company.  In  addition,  the Company has
     pledged 66% of the shares of stock of the Company's subsidiaries,  whereby,
     in the event of default,  the bank would gain control of the shares' voting
     rights.

     Aggregate maturities of all long-term obligations for each of the next five
years and thereafter are as follows:

     Year Ending May 31:
     2001                                                          $ 7,229,905
     2002                                                           13,882,806
     2003                                                            6,132,762
     2004                                                            5,420,589
     2005                                                            4,170,941
     Thereafter                                                      3,543,387
                                                                 -------------
                                                                  $ 40,380,390
                                                                 ==============


     5.  CAPITAL LEASE OBLIGATIONS



<TABLE>
<CAPTION>
                                                                                              May 31,
                                                                                 -----------------------------------
                                                                                       2000              1999
                                                                                 -----------------  ----------------
           <S>                                                                            <C>               <C>
     Manufacturing equipment, bearing interest at rates ranging from 4.54%          $    985,666    $       588,503
         to 9.89% and with maturities ranging from April 2003 to July 2004.
     Enterprise  wide  resource  planning  (ERP)  computer  system  and  related
         equipment, bearing interest at rates ranging from 2.21% to 8.23%
         and with maturities ranging from June 2001 to February 2004.                    782,227            406,090
    Office furniture and build-outs for facility expansion, bearing
         interest at rates ranging from 5.6% to 7.63% and with maturities
         ranging from January 2002 to December 2004.                                     357,351                  -
    Office equipment, bearing interest at rates ranging from 4.53% to
         10.72% and with maturities ranging from December 2003 to May 2005.              157,161                  -
                                                                                 -----------------  ----------------
                                                                                       2,282,405            994,593
    Less current portion                                                                (618,240)          (194,476)
                                                                                 -----------------  ----------------
                                                                                     $ 1,664,165      $     800,117
                                                                                 =================  ================



<PAGE>



     All of the  above  capital  lease  obligations  are  collateralized  by the
     indicated   assets.   Amortization   on  related   assets  is  included  in
     depreciation  expense.  Aggregate  maturities of capital leases for each of
     the next five years and thereafter are as follows:

     Year Ending May 31:
     2001                                                  $ 618,240
     2002                                                    642,645
     2003                                                    583,338
     2004                                                    311,151
     2005                                                    127,031
                                                          -------------
                                                          $ 2,282,405
                                                         ===============

     Total imputed  interest to be paid out under existing  capital leases as of
May 31, 2000 is $321,795.


6.       ACCOUNTS RECEIVABLE FROM OFFICERS  AND DIRECTORS

     In July 1997,  management of the Company  discovered  that Mr. Josef Wilms,
     the former president of the Company's German  subsidiary,  Immucor GmbH had
     caused  Immucor  GmbH to make  unauthorized  loans to him since  1994.  The
     amounts advanced were documented in the records of Immucor GmbH,  including
     interest  rates ranging from 7.75% to 9.5%, and were generally paid down by
     the end of each accounting  period, but were not disclosed to the Company's
     management.  The largest  aggregate  amounts  outstanding under the Immucor
     GmbH loans were $29,600 in fiscal 1994,  $290,000 in fiscal 1995,  $669,000
     in fiscal 1996,  $1,311,000  in fiscal 1997 and $528,000 in fiscal 1998 and
     $141,000  in  fiscal  1999 and  2000.  As of  August  9,  1999  the  entire
     unauthorized  loan balance owed to the Company by Mr.  Wilms,  plus accrued
     interest and amounts of  incidental  collection  expenses  allowable  under
     German law, were paid to the Company. In addition, Mr. Wilms paid an amount
     equal to Immucor's  outstanding  trade  receivable  totaling  approximately
     $320,000 from Diag Human,  a company Mr. Wilms owed monies to, on behalf of
     Diag Human.

     Mr. Wilms has had no continuing employment or consulting relationships with
     Immucor, Inc. or Immucor GmbH since December 31, 1997.




7.   COMMON STOCK

     At May 31,  2000,  the  following  shares of Common  Stock are reserved for
future issuance:

         Common stock options - directors and employees         2,250,030

         Common stock warrants - other                            878,417
                                                                ---------
                                                                3,128,447

     In  connection  with the  acquisition  of Medichim,  S.A.  and  Immunochim,
     s.a.r.l.,  the Company issued to the seller an option to acquire,  in whole
     or in part,  100,000  shares of  Immucor  stock at $8.938  per  share.  The
     100,000  options become  exercisable at the rate of 33% per year commencing
     March  2001,  expire in fiscal year 2010 and were valued at $310,000 at the
     date of the acquisition.

     As part of the  acquisition of Dominion  Biologicals  Limited,  the Company
     issued to the sellers five and ten year warrants to acquire, in whole or in
     part,  478,417 and 150,000 shares of Immucor stock at $12.00 and $11.98 per
     share,  respectively.  These warrants became exercisable one year after the
     issuance  date,  with  the  five-year  warrants  expiring  in 2001  and the
     ten-year  warrants  expiring in 2006.  Immucor has  submitted  the required
     registration to the Securities and Exchange  Commission for approval of the
     resale of the shares covered by both sets of warrants.

     In connection  with other prior years' business  acquisitions,  the Company
     issued to the sellers warrants to acquire, in whole or in part, 150,000 and
     375,000 shares of the Company's Common Stock at $26.95 and $7.75 per share,
     respectively.  The 150,000  warrants became  exercisable at the rate of 20%
     per year  commencing  August  1993,  and expire in 2001.  At May 31,  2000,
     375,000 warrants had been exercised.


<PAGE>



     The Company has a  Shareholders'  Rights Plan under which one Common  Stock
     purchase  right is presently  attached to and trades with each  outstanding
     share of the Company's  Common Stock.  The rights  become  exercisable  and
     transferable  apart from the Common Stock ten days after a person or group,
     without the Company's  consent,  acquires  beneficial  ownership of, or the
     right to  obtain  beneficial  ownership  of,  20% or more of the  Company's
     Common Stock or  announces  or  commences a tender offer or exchange  offer
     that could result in at least 20% ownership.  Once exercisable,  each right
     entitles the holder to purchase one share of the Company's  Common Stock at
     an exercise price of $45,  subject to adjustment to prevent  dilution.  The
     rights have no voting power and, until exercised, no dilutive effect on net
     income per common share.  The rights expire on April 20, 2009,  and in most
     cases are  redeemable  at the  discretion of the Board of Directors at $.01
     each.  All  reservations  of shares of Common Stock for purposes other than
     the rights plan shall take precedence and be superior to any reservation of
     shares in connection with or under the rights plan.

     If a person or a group acquires at least 20% ownership,  except in an offer
     approved by the Company under the rights plan, then each right not owned by
     the acquirer or related parties will entitle its holder to purchase, at the
     right's exercise price,  Common Stock or Common Stock equivalents  having a
     market value immediately prior to the triggering of the right of twice that
     exercise  price.  In  addition,  after an  acquirer  obtains  at least  20%
     ownership,  if  the  Company  is  involved  in  certain  mergers,  business
     combinations,  or asset  sales,  each  right not owned by the  acquirer  or
     related  persons  will  entitle  its  holder to  purchase,  at the  right's
     exercise  price,  shares  of  Common  Stock  of  the  other  party  to  the
     transaction  having a market value  immediately  prior to the triggering of
     the right of twice that exercise price.



8.   STOCK OPTIONS

     The Company has various  stock option plans which  authorize  the Company's
     Compensation  Committee to grant employees,  officers and directors options
     to purchase shares of the Company's Common Stock.  Exercise prices of stock
     options are  determined by the  Compensation  Committee and have  generally
     been the fair market value at the date of the grant.

     The Company's 1995 Non-Incentive  Stock Option Plan authorizes the grant of
     options to employees,  officers and directors for up to 1,000,000 shares of
     the  Company's  common  stock.  All options have 10 year terms and vest and
     become  fully  exercisable  50% at the end of two years,  25% at the end of
     three years, and 25% at the end of four years of continued employment.

     The Company's 1998 Non-Incentive  Stock Option Plan authorizes the grant of
     options to employees,  officers and directors for up to 1,000,000 shares of
     the  Company's  common  stock.  All options have 10 year terms and vest and
     become  fully  exercisable  50% at the end of two years,  25% at the end of
     three years, and 25% at the end of four years of continued employment.

     The Company has elected to follow  Accounting  Principles Board Opinion No.
     25,  Accounting  for  Stock  Issued  to  Employees,  (APB  25) and  related
     Interpretations  in accounting for its employee  stock options  because the
     alternative  fair value  accounting  provided for under FASB  Statement No.
     123,  Accounting  for  Stock-Based  Compensation,  requires  use of  option
     valuation  models that were not developed for use in valuing employee stock
     options. Under APB 25, because the exercise price of the Company's employee
     stock options equals the market price of the  underlying  stock on the date
     of grant, no compensation is recognized.

     Pro forma  information  regarding  net  income  and  earnings  per share is
     required by Statement  123,  which also  requires that the  information  be
     determined as if the Company has  accounted for its employee  stock options
     granted  subsequent  to June 1, 1995  under the fair  value  method of that
     Statement.  The fair value for these  options was  estimated at the date of
     grant  using a  Black-Scholes  option  pricing  model  with  the  following
     weighted average assumptions: a risk-free interest rate of 6.27%, 5.34% and
     6.22% in fiscal 2000, 1999 and 1998  respectively,  no dividend  yields;  a
     volatility  factor of the  expected  market price of the  Company's  common
     stock of .584 for 2000, .525 for 1999, and .458 for 1998 based on quarterly
     closing  prices  since 1986;  and an expected  life of each option of eight
     years.


<PAGE>



     For  purposes of pro forma  disclosures,  the  estimated  fair value of the
     options is  amortized to expense over the  options'  vesting  periods.  The
     Company's pro forma information follows:

                                          2000            1999           1998
                                          ----            ----           ----

     Net income as reported           $2,812,020      $3,561,024     $2,068,773

     Pro forma net income             $1,753,101      $2,980,206     $1,646,037

     Earnings per share as reported:
          Basic                          $ .36           $ .47           $ .26
          Diluted                        $ .33           $ .45           $ .25

     Pro forma earnings per share:
          Basic                          $ .23           $ .39           $ .20
          Diluted                        $ .21           $ .37           $ .19

     Because  Statement 123 is applicable only to options granted  subsequent to
     May 31, 1995, its pro forma effect is not fully reflected until fiscal year
     2000.

     The Company is  authorized  to issue up to  2,250,030  shares of its Common
     Stock under various employee and director stock option arrangements.  These
     arrangements  include employee incentive plans and various voluntary salary
     reduction  plans.  Options granted under these plans become  exercisable at
     various  times and unless  exercised  expire at various dates through 2009.
     Transactions  involving these stock option  arrangements  are summarized as
     follows:



                                                                                      Range          Weighted Average
                                                                                  of Exercise            Exercise
                                                              Shares                 Prices               Price
                                                        -------------------  ------------------------------------------
<S>                                                              <C>                  <C>                  <C>

    Outstanding at May 31, 1997                               1,644,490        $3.000  -  15.375          $ 7.53
         Granted                                                343,500        $8.000  -  12.000          $ 8.20
         Exercised                                             (119,774)       $3.000  -   6.000          $ 5.13
         Canceled                                               (77,250)       $6.000  -  12.000          $ 7.10
                                                        -------------------

    Outstanding at May 31, 1998                               1,790,966        $3.130  -  15.375          $ 7.84
         Granted                                                779,750        $8.750  -   9.688          $ 9.35
         Exercised                                              (88,650)       $3.130  -   9.330          $ 6.43
         Canceled                                               (27,144)       $8.000  -  12.000          $ 8.41
                                                        -------------------

    Outstanding at May 31, 1999                               2,454,922        $3.330  -  15.375          $ 8.37
         Granted                                                114,400        $8.375  -  14.500         $ 11.93
         Exercised                                             (377,706)       $3.330  -  12.000          $ 7.67
         Canceled                                               (97,025)       $8.000  -  14.500          $ 9.32
                                                        -------------------

    Outstanding at May 31, 2000                               2,094,591        $5.400  -  15.375          $ 8.65
                                                        ===================
</TABLE>


     At May 31, 1999 and 1998,  options for 1,355,797  and  1,293,535  shares of
     Common Stock, respectively,  were exercisable, at weighted average exercise
     prices of $7.82 and $7.87, respectively.  At May 31, 2000 155,439 shares of
     Common Stock were available for future grants.

     The  following  table as of May 31,  2000 sets  forth by group of  exercise
     price ranges,  the number of shares,  weighted  average exercise prices and
     weighted average remaining  contractual lives of options  outstanding,  and
     the number  and  weighted  average  exercise  prices of  options  currently
     exercisable.


<TABLE>
<CAPTION>
                                              Options Outstanding                            Options Exercisable
                                   -------------------------------------------          -------------------------------
                                                                  Weighted
           Range of                   Number       Weighted        Average                 Number         Weighted
           Exercise                     of          Average      Contractual                 of            Average
            Prices                    Shares       Exercise     Life (Years)               Shares      Exercise Price
                                                     Price
     ---------------------         ------------- -------------- --------------          -------------- ----------------
 <S>      <C>        <C>                  <C>           <C>             <C>                    <C>               <C>

        $ 5.40     $ 5.50                15,854         $5.47            3.3                  15,854            $5.47
          6.00       9.88             1,946,112          8.44            5.5               1,087,612             7.88
         10.00      15.38               132,625         12.09            8.0                  37,250            11.00
                                   -------------                                        --------------
          5.40      15.38             2,094,591          8.65            5.6               1,140,716             7.95
                                   =============                                        ==============

</TABLE>


<PAGE>



9.       EARNINGS PER SHARE

      In 1997, the FASB issued  Statement No. 128 which replaced the calculation
      of primary  and fully  diluted  earnings  per share with basic and diluted
      earnings per share.  Unlike primary earnings per share, basic earnings per
      share  excludes  dilutive  effects of options,  warrants  and  convertible
      securities.  Diluted  earnings per share is very similar to the previously
      reported fully diluted  earnings per share. The following table sets forth
      the computation of basic and diluted earnings per share.


<TABLE>
<CAPTION>
                                                                                   Year Ended May 31,
                                                                   ----------------------------------------------------
                                                                         2000             1999              1998
<S>                                                                       <C>              <C>               <C>


 Numerator for basic and diluted earnings per share:
        Income available to common shareholders                        $2,812,020        $3,561,024       $2,068,773
                                                                   ====================================================

      Denominator:
        For basic earnings per share - weighted average basis            7,713,229         7,645,769        8,095,254

      Effect of dilutive stock options and warrants                        806,992           312,844          347,847
                                                                   ----------------------------------------------------

        Denominator for diluted earnings per share -
        Adjusted weighted-average shares                                 8,520,221         7,958,613        8,443,101
                                                                   ====================================================

      Basic earnings per share                                               $0.36             $0.47            $0.26
                                                                   ====================================================

      Diluted earnings per share                                             $0.33             $0.45            $0.25
                                                                   ====================================================
</TABLE>



10.  COMMITMENTS AND CONTINGENCIES

     Lease Commitments

     The  Company  leases  domestic  office and  warehouse  facilities  under an
     operating  lease  agreement  expiring  in 2003 with a right to renew for an
     additional  five years.  The Company  leases  foreign  office and warehouse
     facilities and automobiles  under operating  lease  agreements  expiring at
     various dates through 2009.  Total rental  expense,  principally for office
     and warehouse space,  was $945,300 in fiscal 2000,  $776,800 in fiscal 1999
     and $690,400 in fiscal 1998.

     In Germany, the office facility is leased from a company owned by Mr. Josef
     Wilms' family (see Note 6). Rental payments under this lease were $172,000,
     $189,000 and $184,500 for fiscal 2000, 1999 and 1998, respectively.

     The following is a schedule of  approximate  future  annual lease  payments
     under all  operating  leases that have initial or  remaining  noncancelable
     lease terms in excess of one year as of May 31, 2000:

     Year Ending May 31:
     2001                                             $ 902,965
     2002                                               944,085
     2003                                               961,879
     2004                                               905,517
     2005                                               830,974
     Thereafter                                         921,219
                                                   -----------------
                                                    $ 5,466,639
                                                   =================

     The Company may, at its option,  extend its office and warehouse facilities
lease terms through various dates.

     Other Commitments

     In connection with certain sales of the Company's  automated  systems,  the
     customers are committed to purchasing reagent products exclusively from the
     Company and the Company  supplies such  products  based on the terms of the
     agreements.


<PAGE>



     On July 1, 1999 the  Company  entered  into a  purchase  agreement  with an
     equipment  manufacturer for an instrument product currently marketed by the
     Company  which  requires  the  Company  to  purchase  a  minimum  number of
     instruments with an aggregate purchase price totaling $315,000 on or before
     July 1, 2001.  The Company has purchased  approximately  $121,000 as of May
     31, 2000.

     Contingencies

     Subsequent  to May 31,  2000,  isolated  performance  issues have arisen at
     certain ABS2000 installations. The Company has taken a prudent approach and
     issued a safety notification  requesting customers to confirm, by alternate
     method, ABS2000 results until the cause of the difficulty is identified and
     corrected.  These  performance  issues  may  result in  delays in  customer
     instrument acceptance, which would adversely affect revenues and earnings.

     When the Company  acquired  Gamma in October 1998,  Gamma was a party to an
     existing legal  proceeding.  On May 12, 1998,  Gamma received  notification
     that a claim of  patent  infringement  had been  filed on that date in U.S.
     District Court,  Southern  District of Florida,  Miami  Division,  by Micro
     Typing  Systems,   Inc.  and  Stiftung  fur  Diagnostiche   Forschung  (the
     Foundation).   Subsequently,   in  February   1999  the  Company   received
     notification  that a second claim was filed in the U.S.  District Court for
     the  Northern  District of Georgia,  against  Immucor,  Inc.  and Gamma for
     patent infringement on the first patent described above and a second patent
     recently  granted to the  Foundation.  The claim  alleges that the recently
     introduced  Gamma ReACT Test System  infringes  U.S.  patent No.  5,512,432
     granted to the  Foundation  April 30,  1996 and U.S.  patent No.  5,863,802
     granted to the  Foundation on January 26, 1999.  The estimated cost of this
     litigation  was  included  in the  Gamma  purchase  price  allocation.  The
     plaintiffs  seek  a  preliminary  and  permanent   injunction  against  the
     continued alleged infringement by Gamma and Immucor, and an award of treble
     damages, with interest and costs and reasonable attorney's fees. Management
     is confident  that ReACT  technology  does not  infringe  the  Foundation's
     patents;  however,  an  unfavorable  outcome  in this  action  could have a
     material  adverse effect upon the business and the results of operations in
     a given reporting period.  The Company filed a motion for summary judgement
     based on the  belief  that said  patent was not  timely  filed.  Since this
     matter is in the earliest  stage of  proceedings  and due to  uncertainties
     involved in  litigation,  management  cannot  predict the  likelihood  of a
     particular  outcome or  estimate  the  financial  impact of an  unfavorable
     resolution.  Management  believes it has a meritorious  defense against the
     alleged infringement.


11.  INCOME TAXES

     Sources of income before income taxes are summarized below:

                                            Year Ended May 31,
                             --------------------------------------------------
                                  2000              1999               1998

    Domestic Operations       $2,629,676         $2,799,843        $1,962,591
    Foreign Operations         2,079,979          2,607,957         1,916,598
                             ---------------  --------------  -----------------
         Total                 $4,709,655         $5,407,800        $3,879,189
                             ===============  ==============  =================


     The provision for income taxes is summarized as follows:

                                              Year Ended May 31,
                     -------------------------------------------------------
                                 2000               1999               1998

    Current:
         Federal             $448,706             $481,466           $652,941
         Foreign            1,317,178            1,083,622            645,914
         State                 52,641               56,643             30,221
                       -----------------  -----------------  -----------------
                            1,818,525              1,621,731         1,329,076
                       -----------------  -----------------  -----------------

    Deferred:
         Federal              123,913              181,162             10,394
         Foreign              (59,340)              22,570            469,723
         State                 14,537               21,313              1,223
                       -----------------  -----------------  -----------------
                               79,110              225,045            481,340
                       -----------------  -----------------  -----------------

    Income taxes             $1,897,635         $1,846,776         $1,810,416
                       =================  =================  =================



<PAGE>



          Deferred  income taxes  reflect the net tax effects of: (a)  temporary
          differences between the carrying amounts of assets and liabilities for
          financial  reporting  purposes  and  income  tax  purposes;   and  (b)
          operating loss  carryforwards.  Valuation  allowances are  established
          when necessary to reduce  deferred tax assets to the amounts  expected
          to be  realized.  Based on an  assessment  of all  available  evidence
          including,  but not  limited  to, the  operating  history  and lack of
          profitability of certain subsidiaries,  the Company is uncertain as to
          the   realizability   of  these   subsidiary's   net  operating   loss
          carryforwards  and,  as  a  result,  a  100%  deferred  tax  valuation
          allowance has been recorded against these deferred tax assets. The tax
          effects of significant items comprising the Company's net deferred tax
          liability at May 31, 2000 and 1999 are as follows:

                                                       Year Ended May 31,
                                             ----------------------------------
                                                  2000                  1999
    Deferred tax liabilities:
        Amortization                            $(902,368)         $(1,112,470)
        Depreciation                           (1,558,230)          (1,487,692)
             Other                               (768,023)            (753,251)
    Deferred tax assets:
        Reserves not currently deductible        1,411,319           1,307,655
        Foreign operating loss carryforwards       740,563             469,161
        Uniform capitalization                     594,958             702,478
                                           ----------------    ----------------
                                                  (481,781)           (874,119)
    Valuation allowance                           (722,146)           (252,902)
                                         ------------------    -----------------

    Net deferred tax liability            $     (1,203,927)      $  (1,127,021)
                                         ==================    =================


     The Company's effective tax rate differs from the federal statutory rate as
follows:

<TABLE>
<CAPTION>

                                                                                    Year Ended May 31,
                                                                      -----------------------------------------------
                                                                       2000                1999               1998

<S>                                                                     <C>                <C>                 <C>

    Federal statutory tax rate                                          34%                34%                34%
    State income taxes, net of federal tax benefit                       1                  1                  1
    Interest on state municipal obligations                              -                 (1)                (2)
    Foreign Sales Corporation commissions                               (5)                (4)                (5)
    Higher effective income tax rates of other countries                 9                  4                 10
    Excess of cost over tangible assets acquired - net                   6                  4                  3
    Reduction in deferred tax valuation allowance                        -                 (9)                 -
    Research and development tax credits                                 -                  -                 (1)
    Change in entity classification for Spanish subsidiary              (7)                 -                  -
    Other                                                                2                  5                  7
                                                                      --------           ---------          --------

                                                                        40%                34%                47%
                                                                      ========           =========          =========
</TABLE>


     As a result of utilizing compensation cost deductions arising from the
          exercise of nonqualified  employee stock options for federal and state
          income tax  purposes,  the  Company  realized  income tax  benefits of
          $320,027,  $133,713,  and  $122,409  in  fiscal  2000,  1999 and 1998,
          respectively.  Additionally,  the Company recorded income tax benefits
          of $57,348 in fiscal 2000 and $55,142 1999 and 1998,  caused by patent
          amortization  expense  deductions  resulting  from a 1993  exercise of
          stock options  previously issued in connection with the acquisition of
          certain  technology  (see Note 12).  These  income  tax  benefits  are
          recognized in the  accompanying  financial  statements as additions to
          additional paid-in capital rather than as reductions of the respective
          income tax provisions because the related compensation  deductions are
          not  recognized  as  compensation   expense  for  financial  reporting
          purposes.

          At May 31, 2000,  the Company's  Italian  subsidiary had net operating
          loss  carryforwards for income tax purposes of $366,000,  which expire
          in 2001.  The Company's  Spanish  subsidiary  had net  operating  loss
          carryforwards  for income tax  purposes of  $592,000,  which expire in
          2002, 2003 and 2004. The Company's French subsidiary had net operating
          loss  carryforwards for income tax purposes of $380,395,  which expire
          in 2002,  2003 and 2004.  The  Company's  Belgian  subsidiary  had net
          operating  loss  carryforwards  for income tax  purposes of  $492,440,
          which do not  expire.  The  Company's  Portuguese  subsidiary  had net
          operating  loss  carryforwards  for income tax  purposes of  $181,554,
          which expire in 2001, 2002 and 2003.


<PAGE>




12.   TECHNOLOGY RIGHTS

      In March 1983,  the Company  acquired  rights to  technology to be used in
      developing   diagnostic   testing   products.   In  connection  with  this
      acquisition,  the Company has agreed to pay to the Blood Center of Greater
      Kansas City royalties equal to 4% of the net sales from products utilizing
      the technology.  Royalties under this agreement  amounted to approximately
      $409,300,   $411,100  and   $389,900  in  fiscal  2000,   1999  and  1998,
      respectively.

      In May 1997 Gamma  entered into a license  agreement  with Pasteur  Sanofi
      Diagnostics ("Sanofi") with headquarters in France for the use and sale of
      their microcolumn test for the detection of antibodies called ReACT. Under
      the terms of the agreement the Company will pay Sanofi  royalties equal to
      12% of the net sales from the ReACT  products in six  countries of Europe.
      The agreement  expires on the expiration of the patent of the  technology.
      To date the Company has made  insignificant  payments as the product is in
      the initial stages of its market launch.

13.   INSTRUMENT DEVELOPMENT AND MANUFACTURING AGREEMENTS

      The Company has contracted with Bio-Tek Instruments, Inc. (see Note 1) for
      the development of a fully  automated,  "walk-away",  blood bank analyzer.
      Known  as the  ABS2000,  the  analyzer  utilizes  the  Company's  patented
      Capture(R)  technology  and is being  marketed  in Europe  and the  United
      States to hospital transfusion laboratories for patient testing. Under the
      terms  of  the  15  year  agreement,   the  Company   reimburses   Bio-Tek
      Instruments,  Inc. for its development  costs,  and the Company is granted
      worldwide  marketing  rights to sell the  instrument  for use in the human
      clinical  diagnostic market for testing of human blood or blood components
      with  centrifugation.  Bio-Tek  Instruments,  Inc. may sell the product in
      other markets  paying the Company up to a 4% royalty of the selling price.
      In order to maintain the exclusive  worldwide marketing rights the Company
      must purchase 250  instruments  over a six year period  beginning with the
      delivery of the first production instrument which occurred in fiscal 1997.
      If the Company  purchases less than 250 instruments over a six year period
      it  has  the  right  to  continue  to  purchase  the   instruments   on  a
      non-exclusive  basis.  Based upon the Company's current  projections,  the
      Company presently believes it will maintain its exclusivity rights for the
      term of the agreement.

      During  fiscal 1996,  the Company  entered into a second  development  and
      manufacturing agreement with DYNEX Technologies, Inc. ("DYNEX"). Under the
      terms  of the  agreement,  DYNEX  will  design  and  manufacture  a second
      analyzer  known as the ABSHV  utilizing  the  Company's  Capture  products
      technology  which will be marketed  by the Company to blood donor  centers
      for donor testing.  In exchange for reimbursing  DYNEX for its development
      costs and pursuing FDA 510(k) approval,  the Company is granted  exclusive
      distribution  rights to sell the instrument to blood banks and centralized
      and  hospital  transfusion  laboratories.  In order to maintain  exclusive
      distribution rights the Company must purchase 240 instruments over a three
      year period  beginning on the date FDA 510(k)  clearance  is granted.  The
      510(k)  application  has yet to be  submitted.  If the  Company  does  not
      purchase  the  minimum  amount  of  instruments  within  the  time  period
      specified the Company has the right to continue purchasing the instruments
      on a non-exclusive basis. Based upon the Company's current projections, it
      does not appear that these minimums will be met.

      In April 1999 the Company  entered into a  manufacturing  and  development
      agreement with Rosys Anthos AG ("Rosys") with headquarters in Switzerland.
      Under the terms of the agreement,  Rosys will  manufacture  and develop an
      analyzer known as the Rosys Plato in the U.S. and the ABS Precis in Europe
      utilizing the  Company's  Capture  technologies.  The  instrument  will be
      marketed exclusively by Immucor to hospital  transfusion  laboratories and
      blood  donor  centers for  patient  and donor  blood  typing and  antibody
      screening and  identification.  In order to maintain  exclusive  worldwide
      distribution  rights the Company must  purchase 120  instruments  over the
      three year initial term of the  agreement.  If the Company  purchases less
      than 120  instruments  over the  period  it will be  allowed  to  continue
      purchasing the instrument on a  non-exclusive  basis for an additional two
      year  period.  Based on  fiscal  2000  sales  and  purchases  the  Company
      presently believes it will maintain its exclusivity rights for the term of
      the agreement.

      On  September  1, 1999,  the  Company  entered  into a  manufacturing  and
      development   agreement  with  Stratec   Biomedical  AG  ("Stratec")  with
      headquarters  in Germany.  Under the terms of the agreement,  Stratec will
      manufacture and develop an fully  automated  analyzer known as the Galileo
      which will be initially targeted to the European  community  utilizing the
      Company's Capture and ReACT technologies.  The instrument will be marketed
      exclusively  by Immucor to  hospital  transfusion  laboratories  and blood
      donor  centers for patient and donor blood typing and  antibody  screening
      and identification.  In order to maintain exclusive European  distribution
      rights  the  Company  must  purchase  250  instruments  over the five year
      initial  term of the  agreement.  If the Company  purchases  less than 250
      instruments  over the period it will be allowed to  negotiate a good faith
      extension.

      In fiscal 2000, 1999 and 1998, the Company incurred $753,786, $161,480 and
      $302,850,  respectively,  in  instrument  research and  development  costs
      principally under these contracts.

14.   DOMESTIC AND FOREIGN OPERATIONS

      Information  concerning the Company's  domestic and foreign  operations is
summarized below (in 000s):

<TABLE>
<CAPTION>



                                                                Year Ended May 31, 2000
                          ----------------------------------------------------------------------------------------------------

                                                                                   Note 1
                            U.S.         Germany        Italy        Canada        Other        Eliminations    Consolidated
<S>                         <C>            <C>            <C>          <C>         <C>               <C>             <C>

Net sales:
   Unaffiliated            $48,105        $9,302        $6,656        $5,195        $7,283             -         $76,541
customers
   Affiliates                6,695           548             -           262         2,663      $(10,168)              -
                          ----------    ----------    ----------    ----------    ---------     ------------    --------------
      Total                 54,800         9,850         6,656         5,457         9,946       (10,168)         76,541

Income from operations       4,303           836           559         1,596           105           (40)          7,359


Interest expense            (2,354)          (32)          (26)         (345)         (154)            -          (2,911)
Interest income                  -             4            24             -             3             -              31

Income tax expense             640           470           147           580            78           (17)          1,898


Long-lived assets           63,477         3,340         2,415         7,551         4,826       (24,976)         56,633
Identifiable assets         94,406         7,526        10,386        10,052        12,683       (32,278)        102,775
Net assets                  43,965         4,482           802         2,284         2,730       (13,344)         40,919

</TABLE>

<TABLE>
<CAPTION>


                                                                Year Ended May 31, 1999
                          ----------------------------------------------------------------------------------------------------
                                                                                   Note 1
                            U.S.         Germany        Italy        Canada        Other        Eliminations    Consolidated
<S>                         <C>            <C>            <C>          <C>         <C>               <C>             <C>
Net sales:
   Unaffiliated            $34,842       $10,246        $6,804        $4,368        $3,265             -         $59,525
customers
   Affiliates                5,100           381            15           160           647       $(6,303)              -
                          ----------    ----------    ----------    ----------    ---------     ------------    --------------
      Total                 39,942        10,627         6,819         4,528         3,912        (6,303)         59,525

Income from operations       2,912         1,537           774         1,167           (96)           15           6,309


Interest expense              (909)          (44)           (2)         (436)          (25)            -          (1,416)
Interest income                241            44            28             -             -             -             313

Income tax expense             740           750           (65)          388            33             1           1,847


Long-lived assets           53,259         3,917         2,409         7,965         4,263       (16,810)         55,003
Identifiable assets         85,366         8,180        10,064         9,616         9,334       (22,826)         99,734
Net assets                  41,632         5,022        (1,286)        1,755         1,327        (8,397)         40,053

</TABLE>


<TABLE>
<CAPTION>


                                                                Year Ended May 31, 1998
                          ----------------------------------------------------------------------------------------------------
<S>                         <C>            <C>            <C>          <C>         <C>               <C>             <C>
                                                                                   Note 2
                            U.S.         Germany        Italy        Canada        Other        Eliminations    Consolidated
Net sales:
   Unaffiliated            $19,207        $9,493        $5,834        $4,439          $817             -         $39,790
customers
   Affiliates                3,716           285             -           149             -       $(4,150)              -
                          ----------    ----------    ----------    ----------    ---------     ------------    --------------
      Total                 22,923         9,778         5,834         4,588           817        (4,150)         39,790

Income from operations         756         1,015           567         1,290            84            21           3,733


Interest expense                 -          (122)           (1)         (466)          (27)            -            (616)
Interest income                621           137            31             -             -             -             789

Income tax expense             684           600             -           516             -            10           1,810

</TABLE>
[FN]



Note     1: Included in "Other" are net sales, income from operations,  interest
         expense,  interest  income,  income  tax  expense,  long-lived  assets,
         identifiable assets and net assets of Spain, Portugal, France, Belgium,
         and the Netherlands.

Note     2: Included in "Other" are net sales, income from operations,  interest
         expense, interest income and income tax expense of Spain and Portugal.
</FN>


<PAGE>


     During the years ended May 31,  2000,  1999 and 1998,  the  Company's  U.S.
     operations made net export sales to unaffiliated customers of approximately
     $6,712,000,  $5,558,000 and $3,518,000,  respectively. The Company's German
     operation  made net export sales to  unaffiliated  customers of $1,515,000,
     $1,309,000 and $1,191,000 for the years ended May 31, 2000, 1999, and 1998,
     respectively.  The Company's  Canadian  operation  made net export sales to
     unaffiliated  customers of  $2,224,000,  $2,542,000  and $3,137,000 for the
     years ending May 31, 2000, 1999, and 1998, respectively.

     Product sales to affiliates are valued at market prices.

15.   RETIREMENT PLAN

      The Company  maintains a 401(k)  retirement  plan  covering  its  domestic
      employees  who meet  certain  age and length of service  requirements,  as
      defined.  The Company matches a portion of employee  contributions  to the
      plan.  During the years ended May 31, 2000,  1999 and 1998,  the Company's
      matching  contributions  to the plan were $184,000,  $149,000 and $88,000,
      respectively.  Vesting in the Company's matching contributions is based on
      years of continuous service.

16.   QUARTERLY FINANCIAL DATA (UNAUDITED)

<TABLE>
<CAPTION>
                                                       (In thousands, except per share amounts)
                                                                                                Basic          Diluted
                                  Net            Gross        Operating          Net           Earnings        Earnings
                                 Sales          Margin          Income          Income        Per Share       Per Share
                             --------------- -------------- --------------- --------------- --------------- ---------------

<S>                               <C>              <C>            <C>             <C>             <C>             <C>

FISCAL 2000
First Quarter                  $18,930           $9,976          $2,233            $1,219            $.16            $.14
Second Quarter                  20,250           10,981           2,935             1,440             .19             .17
Third Quarter                   19,201           10,176           2,015               838             .11             .10
Fourth Quarter                  18,160            9,000             176             (685)            (.09)           (.09)

                             --------------- -------------- --------------- ---------------  --------------  --------------
                               $76,541          $40,133          $7,359            $2,812            $.36            $.33
                             =============== ============== =============== =============== =============== ===============

FISCAL 1999
First Quarter                  $10,358           $5,706          $1,033              $628            $.08            $.08
Second Quarter                  13,665            7,349           1,358               716             .09             .09
Third Quarter                   16,758            9,168           1,955               976             .13             .13
Fourth Quarter                  18,744            9,751           2,032             1,241             .17   .          16
                             --------------- -------------- --------------- --------------- --------------- ---------------
                               $59,525          $31,974          $6,378            $3,561            $.47            $.45
                             =============== ============== =============== =============== =============== ===============


</TABLE>


17.      SUBSEQUENT EVENT

      On June 6, 2000  Edward L.  Gallup,  President  and CEO of  Immucor,  Inc.
      entered into a loan agreement with Immucor,  Inc. to borrow up to $400,000
      in  order  to meet  margin  calls  related  to  loans  made  by  brokerage
      companies.  The Company acknowledges that certain benefits would accrue to
      Immucor,  Inc. and its  shareholders if such margin calls are satisfied by
      some means other than having those shares sold by the broker. The interest
      rate on the  loan  is  LIBOR  plus  1%,  which  is the  Company's  current
      borrowing  rate.  As of July 27, 2000 the amount owed to Immucor,  Inc. is
      $250,000 and is secured by 105,000 Immucor shares.

      During June 2000 the Company  repurchased an additional  184,500 shares of
      common  stock for  approximately  $1,500,000.  The  Company  financed  the
      repurchase  with an additional  term loan (see Note 4 to the  Consolidated
      Financial Statements).

      Since the close of the fiscal year, isolated  performance issues have been
      experienced with certain ABS2000  installations.  The Company has issued a
      safety notification  requesting customers to confirm ABS2000 results until
      the cause of the  difficulty  is  identified  and  corrected.  The Company
      believes it has identified the factors which caused the performance issues
      and is in the process of submitting  this  information  to the FDA. If the
      FDA concurs,  the Company will suspend the safety notification and expects
      that customers may again use the ABS2000  without  separate  verification.
      The Company  cannot  predict how long it will take to resolve these issues
      with the FDA. These  performance  issues may result in delays in customers
      accepting  instruments,  and may  affect  sales  of  reagents  used in the
      instruments,  and both of these  factors may  adversely  impact  sales and
      earnings.  In  addition,  the Company may receive  requests for refunds on
      machines  already placed in service or requests for financial  concessions
      attributable to inconveniences  associated with these performance  issues,
      although  it has not yet  received  any such  requests.  A  private  label
      leasing company that finances customers' purchases of ABS2000 machines has
      advised  the  Company  that it is not  willing  to provide  financing  for
      additional  sales of this machine until the performance  issues related to
      the ABS2000 are resolved to the satisfaction of the FDA.


<PAGE>




IMMUCOR, INC. AND SUBSIDIARIES

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
YEARS ENDED MAY 31, 2000, 1999 AND 1998

<TABLE>
<CAPTION>


                                                                            Charged
                                         Balance at       Charged to        to Other                          Balance
                                          Beginning        Costs and        Accounts         Deductions       at End
                                          of Period         Expense          (Note 1)        (Note 2)         of Period
<S>                                           <C>              <C>                <C>             <C>            <C>


2000:
   Allowance for doubtful accounts           $804,470         $452,983            $   0        $(92,871)      $1,164,582
                                             ========         ========            =====        =========      ==========

1999:
   Allowance for doubtful accounts           $502,372         $116,031         $236,902        $(50,835)        $804,470
                                             ========         ========         ========        =========        ========

1998:
   Allowance for doubtful accounts           $395,076         $114,334          $   0           $(7,038)        $502,372
                                             ========         ========          =======         ========        ========
</TABLE>
[FN]


Note       1:  "Charged to Other  Accounts"  represents  allowance  for doubtful
           accounts of acquired businesses at date of acquisition.

Note       2: "Deductions" represent accounts written off during the period less
           recoveries of accounts previously written off.

</FN>

<PAGE>


Item  9.--Changes  in and  Disagreements  with  Accountants  on  Accounting  and
Financial Disclosure.

         None.

                                    PART III

Item 10.--Directors and Executive Officers of the Registrant.

         The  information  contained under "Proposal One - The Election of Eight
Directors" and "Section 16(a) Beneficial Ownership Reporting  Compliance" in the
Company's  definitive  proxy  statement  related to its 2000  annual  meeting of
shareholders  which  the  Company  will file with the  Securities  and  Exchange
Commission  no  later  than  September  28,  2000,  is  incorporated  herein  by
reference.


Item 11.--Executive Compensation.

         The information  contained under "Executive  Compensation"  (except for
the  Compensation  Committee  Report  and  Performance  Graph  therein)  in  the
Company's  definitive  proxy  statement  related to its 2000  annual  meeting of
shareholders  which  the  Company  will file with the  Securities  and  Exchange
Commission  no  later  than  September  28,  2000,  is  incorporated  herein  by
reference.


Item 12.--Security Ownership of Certain Beneficial Owners and Management.

         The  information   contained  under  "Security   Ownership  of  Certain
Beneficial  Owners and Management" in the Company's  definitive  proxy statement
related to its 2000 annual meeting of  shareholders  which the Company will file
with the Securities and Exchange Commission no later than September 28, 2000, is
incorporated herein by reference.


Item 13.--Certain Relationships and Related Transactions.

         The  information  contained  under "Certain  Relationships  and Related
Transactions" in the Company's  definitive  proxy statement  related to its 2000
annual meeting of  shareholders  which the Company will file with the Securities
and Exchange Commission no later than September 28, 2000, is incorporated herein
by reference.


                                     PART IV

Item 14.--Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

(a)      Documents filed as part of this report:

         1.       Consolidated Financial Statements

         The Consolidated  Financial  Statements,  Notes thereto,  and Report of
         Independent  Auditors  thereon are  included in Part II, Item 8 of this
         report.

         2. Consolidated Financial Statement Schedule included in Part II, Item
          8 of this report

         Schedule II -- Valuation and Qualifying Accounts

         Other  financial  statement  schedules  are  omitted  as  they  are not
required or not applicable.

         3.       Exhibits

         3.1        Articles of  Correction  to the  Articles  of  Incorporation
                    (incorporated by reference to Exhibit 3.2 to Immucor, Inc.'s
                    Registration statement of Form S-3 filed on May 20, 1999).

         3.2        Amended and  Restated  Bylaws  (amended  and  restated as of
                    April 16,  1999)  (incorporated  by  reference  to  Immucor,
                    Inc.'s  Registration  statement of Form S-3 filed on May 20,
                    1999).

         4.1        Immucor,  Inc.  Shareholder  Rights Plan,  adopted April 16,
                    1999  (incorporated  by  reference  to Exhibit 1 to Immucor,
                    Inc.'s Current Report on Form 8-K dated April 16, 1999).

         10.1       Standard  Industrial Lease, dated July 21, 1982, between the
                    Company and Colony Center,  Ltd.  (incorporated by reference
                    to Exhibit  10.2 to Immucor,  Inc.'s  Annual  Report on Form
                    10-K for the fiscal year ended May 31, 1985).

         10.1-1     Lease Amendment dated June 28, 1989, between the Company and
                    Colony Center,  Ltd.  (incorporated  by reference to Exhibit
                    10.1-1  to  Immucor's  Annual  Report  on Form  10-K for the
                    fiscal year ended May 31, 1989).

         10.1-2     Lease Amendment dated November 8, 1991,  between the Company
                    and  Colony  Center,  Ltd.  (incorporated  by  reference  to
                    Exhibit  10.1-1 to Immucor's  Annual Report on Form 10-K for
                    the fiscal year ended May 31, 1992).

         10.1-3     Lease Agreement, dated February 2, 1996, between the Company
                    and Connecticut General Life Insurance Company (incorporated
                    by reference to Exhibit 10.1-3 to Immucor's Annual Report on
                    Form 10-K for the fiscal year ended May 31, 1996).

         10.1-4     Lease  Amendment,  dated March 8, 1998,  between the Company
                    and Connecticut General Life Insurance Company (incorporated
                    by reference to Exhibit 10.1-4 to Immucor's Annual Report on
                    Form 10-K for the fiscal year ended May 31, 1998).

         10.1-5     Lease Amendment,  dated August 11, 1999, between the Company
                    and Connecticut General Life Insurance Company (incorporated
                    by reference to Exhibit 10.1-5 to Immucor's Annual Report on
                    Form 10-K for the fiscal year ended May 31, 1999).

         10.2       Agreement, dated March 11, 1983, between the Company and The
                    Kansas  City  Group,  as amended  through  January  21, 1985
                    (incorporated  by reference to Exhibit 10.2 to  Registration
                    Statement No. 33-16275 on Form S-1).

         10.3       Agreement dated August 27, 1987, between the Company and the
                    Kansas City Group  amending  Exhibit 10.2  (incorporated  by
                    reference to Exhibit 10.3 to Immucor's Annual Report on Form
                    10-K for the fiscal year ended May 31, 1989).

         10.4       United  States  Department  of  Health  and  Human  Services
                    Establishment  License  dated  December  28,  1982,  for the
                    manufacture   of  biological   products   (incorporated   by
                    reference to Exhibit  10.12 to  Registration  Statement  No.
                    33-966 on Form S-1).

         10.5       United  States  Department  of  Health  and  Human  Services
                    Product License dated December 28, 1982, for the manufacture
                    and  sale  of  reagent  red  blood  cells  (incorporated  by
                    reference to Exhibit  10.13 to  Registration  Statement  No.
                    33-966 on Form S-1).

         10.6       United  States  Department  of  Health  and  Human  Services
                    Product  License dated May 20, 1983, for the manufacture and
                    sale of blood  grouping sera  (incorporated  by reference to
                    Exhibit 10.14 to  Registration  Statement No. 33-966 on Form
                    S-1).

         10.7       United  States  Department  of  Health  and  Human  Services
                    Product  License date November 18, 1983, for the manufacture
                    and sale of anti-human  serum  (incorporated by reference to
                    Exhibit 10.15 to  Registration  Statement No. 33-966 on Form
                    S-1).

         10.8*      Employment  Agreement  dated  October 13, 1998,  between the
                    Company and Edward L. Gallup  (incorporated  by reference to
                    Exhibit 10.8 to Immucor's Annual Report on Form 10-K for the
                    fiscal year ended May 31, 1999).

         10.9*      Employment  Agreement  dated  October 13, 1998,  between the
                    Company  and Ralph A. Eatz  (incorporated  by  reference  to
                    Exhibit 10.9 to Immucor's Annual Report on Form 10-K for the
                    fiscal year ended May 31, 1999).

         10.10*     Employment  Agreement  dated  September  12,  1990,  between
                    Immucor GmbH and Josef Wilms  (incorporated  by reference to
                    Exhibit  10.11 to Immucor,  Inc.  Annual Report on Form 10-K
                    for the fiscal year ended May 31, 1991).

         10.11*     Agreement dated December 31, 1993,  between Immucor Italia,
                    S.r.l. and Dr.  Gioacchino De Chirico (incorporated  by
                    reference to Exhibit 10.12 to Immucor,  Inc.  Annual Report
                    on Form 10-K for the fiscal year ended May 31, 1995).

         10.12*     Agreement dated December 31, 1993,  between Immucor Italia,
                    S.r.l. and Dr.  Gioacchino De Chirico (incorporated  by
                    reference to Exhibit 10.13 to Immucor,  Inc.  Annual Report
                    on Form 10-K for the fiscal year ended May 31, 1995).

         10.13*     Severance  Agreement dated October 13, 1998, between Immucor
                    Inc.  and  Dr.   Gioacchino  De  Chirico   (incorporated  by
                    reference  to Exhibit  10.13 to Immucor's  Annual  Report on
                    Form 10-K for the fiscal year ended May 31, 1999).

         10.14*     1999  Stock  Option  Plan,  including  form of Stock  Option
                    Agreement  used  thereunder  (incorporated  by  reference to
                    Exhibit  10.14 to Immucor's  Annual  Report on Form 10-K for
                    the fiscal year ended May 31, 1999).

         10.15*     1995  Stock  Option  Plan,  including  form of Stock  Option
                    Agreement  used  thereunder  (incorporated  by  reference to
                    Exhibit  10.14 to Immucor,  Inc.  Annual Report on Form 10-K
                    for the fiscal year ended May 31, 1995).

         10.16*     1990  Stock  Option  Plan,  including  form of Stock  Option
                    Agreement  used  thereunder  (incorporated  by  reference to
                    Exhibit  10.15 to Immucor,  Inc.  Annual Report on Form 10-K
                    for the fiscal year ended May 31, 1995).
         .
         10.17*     Description of 1983 and 1984 Salary  Reduction  Plans
                    (incorporated  by reference to Exhibit 10.9
                    to Immucor, Inc.'s Annual Report on Form 10-K for the fiscal
                    year ending May 31, 1985).

         10.18*     Description  of 1983 Stock Option Plan  (incorporated  by
                    reference to Exhibit  10.10 to Immucor, Inc.'s Annual
                    Report on Form 10-K for the fiscal year ending May 31,
                    1985).

         10.19*     1986  Incentive  Stock Option  Plan,  amended July 29, 1987,
                    including  form of Stock Option  Agreement  used  thereunder
                    (incorporated  by reference to Exhibit 10.9 to  Registration
                    Statement No. 33-16275 on Form S-1).

         10.20*     Employment  Agreement  dated  October 13, 1998,  between the
                    Company and Steven C. Ramsey  (incorporated  by reference to
                    Exhibit 10.2 to Immucor's Annual Report on Form 10-K for the
                    fiscal year ended May 31, 1999).

         10.21*     Agreement  dated July 26, 1997 between the Company and Josef
                    Wilms   (incorporated  by  reference  to  Exhibit  10.20  to
                    Immucor, Inc. Annual Report on Form 10-K for the fiscal year
                    ended May 31, 1998).
         .
         10.22*     Employment  Agreement  dated  October 13, 1998,  between the
                    Company and Patrick  Waddy  (incorporated  by  reference  to
                    Exhibit  10.22 to Immucor's  Annual  Report on Form 10-K for
                    the fiscal year ended May 31, 1999).

         10.23      Loan Agreement  between Immucor,  Inc. and Wachovia Bank,
                    National  Association dated October 27,
                    1998  (incorporated  by reference to Exhibit 10.1 to
                    Immucor,  Inc.  Quarterly Report on Form 10-Q
                    for the fiscal quarter ended November 30, 1998).

         10.24      First  Modification  of Loan Agreement  dated April 30, 1999
                    (incorporated  by  reference  to Exhibit  10.24 to Immucor's
                    Annual Report on Form 10-K for the fiscal year ended May 31,
                    1999).

         10.25      Second Modification of Loan Agreement dated
                    December 11, 1999.

         10.26      Third Modification of Loan Agreement dated
                    December 20, 1999.

         10.27      Fourth Modification of Loan Agreement dated April 20, 2000.

         21         Subsidiaries of the Registrant.

         23.1       Consent of Ernst & Young LLP.

         27         Financial Data Schedule

    *Denotes a management contract or compensatory plan or arrangement.


<PAGE>



(b)      Reports on Form 8-K

         The Company filed a Current  Report on Form 8-K April 19,1999  relating
         to its adoption of a Shareholder Rights Agreement on April 16, 1999.

(c)      Exhibits

         The exhibits  required to be filed with this Annual Report on Form 10-K
         pursuant to Item 601, of Regulation S-K are listed under  "Exhibits" in
         Part IV,  Item  14(a)(3) of this  Annual  Report on Form 10-K,  and are
         incorporated herein by reference.

(d)      Financial Statement Schedule

         The Financial  Statement Schedule required to be filed with this Annual
         Report on Form 10-K is listed under "Financial  Statement  Schedule" in
         Part IV,  Item  14(a)(2)  of this  Annual  Report on Form 10-K,  and is
         incorporated herein by reference.


<PAGE>


                                   SIGNATURES

         Pursuant to the  requirements  of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

IMMUCOR, INC.

By:      /s/ EDWARD L. GALLUP
         --------------------
         Edward L. Gallup, Chairman of the Board of Directors,
         President and Chief Executive Officer
         August 29, 2000

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following  persons on behalf of the  registrant and
in the capacities and on the dates indicated.

/s/ EDWARD L. GALLUP
Edward L. Gallup, Director, Chairman of the Board of Directors,
President and Chief Executive Officer
(Principal Executive Officer)
August 29, 2000

/s/ STEVEN C. RAMSEY
Steven C. Ramsey, Vice President - Chief Financial Officer and Secretary
(Principal Financial and Accounting Officer)
August 29, 2000

/s/RALPH A. EATZ
Ralph A. Eatz, Director, Senior Vice President - Operations
August 29, 2000

/s/ PATRICK WADDY
Patrick Waddy, European Finance Director and President of Dominion
Biologicals Limited
August 29, 2000

/s/DANIEL T. MCKEITHAN
Daniel T. McKeithan, Director
August 29, 2000

/s/G. BRUCE PAPESH
G. Bruce Papesh, Director
August 29, 2000

/s/ DIDIER L. LANSON
Didier L. Lanson, Director
August 29, 2000

/s/ DR. GIOACCHINO DE CHIRICO
Dr. Gioacchino De Chirico, Director, Director of European Operations and
President of Immucor Italia S.r.l.
August 29, 2000

/s/ DENNIS M. SMITH
Dennis M. Smith, Jr., M.D., Director
August 29, 2000

/s/JOSEPH E. ROSEN
Joseph E. Rosen, Director
August 29, 2000


<PAGE>


EXHIBIT INDEX

<TABLE>
<CAPTION>

                                                                                                            Sequential
Number                                      Description                                                     Page Number
<S>                                        <C>                                                                 <C>


3.1        Articles  of  Incorporation  (composite  as  of  December  22,  1989)
           (incorporated  by  reference  to  Exhibit  3.1  to  Immucor,   Inc.'s
           Quarterly  Report on Form 10-Q for the fiscal  quarter ended November
           30, 1989).

3.2        Bylaws (amended and restated as of August 28, 1991)  (incorporated by
           reference to Exhibit 19 to Immucor,  Inc.'s  Quarterly Report on Form
           10-Q for the fiscal quarter ended August 31, 1991).

4.1        Immucor,  Inc.  Shareholder  Rights  Plan,  adopted  April  16,  1999
           (incorporated  by reference to Exhibit 1 to Immucor,  Inc.'s  Current
           Report on Form 8-K dated April 16, 1999).

10.1       Standard  Industrial Lease,  dated July 21, 1982, between the Company
           and Colony Center, Ltd. (incorporated by reference to Exhibit 10.2 to
           Immucor,  Inc.'s Annual Report on Form 10-K for the fiscal year ended
           May 31, 1985).

10.1-1     Lease Amendment  dated June 28, 1989,  between the Company and Colony
           Center,  Ltd.   (incorporated  by  reference  to  Exhibit  10.1-1  to
           Immucor's  Annual  Report on Form 10-K for the fiscal  year ended May
           31, 1989).

10.1-2     Lease  Amendment  dated  November  8, 1991,  between  the Company and
           Colony Center,  Ltd.  (incorporated by reference to Exhibit 10.1-1 to
           Immucor's  Annual  Report on Form 10-K for the fiscal  year ended May
           31, 1992).

10.1-3     Lease  Agreement  dated  February  2, 1996,  between  the Company and
           Connecticut   General  Life  Insurance   Company.   (incorporated  by
           reference to Exhibit  10.1-3 to Immucor's  Annual Report on Form 10-K
           for the fiscal year ended May 31, 1996).

10.1-4     Lease  Amendment  dated  March  8,  1998,  between  the  Company  and
           Connecticut General Life Insurance Company.

10.1-5     Lease  Amendment  dated  August 11,  1999,  between  the  Company and
           Connecticut General Life Insurance Company.

10.2       Agreement,  dated March 11, 1983,  between the Company and The Kansas
           City Group,  as amended  through  January 21, 1985  (incorporated  by
           reference to Exhibit 10.2 to  Registration  Statement No. 33-16275 on
           Form S-1).

10.3       Agreement  dated August 27, 1987,  between the Company and the Kansas
           City Group  amending  Exhibit  10.2  (incorporated  by  reference  to
           Exhibit 10.3 to Immucor's  Annual  Report on Form 10-K for the fiscal
           year ended May 31, 1989).

10.4       United States  Department of Health and Human Services  Establishment
           License dated  December 28, 1982,  for the  manufacture of biological
           products  (incorporated by reference to Exhibit 10.12 to Registration
           Statement No. 33-966 on Form S-1).

10.5       United States Department of Health and Human Services Product License
           dated December 28, 1982, for the  manufacture and sale of reagent red
           blood  cells   (incorporated   by  reference  to  Exhibit   10.13  to
           Registration Statement No. 33-966 on Form S-1).

10.6       United States Department of Health and Human Services Product License
           dated May 20, 1983,  for the  manufacture  and sale of blood grouping
           sera  (incorporated  by  reference to Exhibit  10.14 to  Registration
           Statement No. 33-966 on Form S-1).

10.7       United States Department of Health and Human Services Product License
           date November 18, 1983,  for the  manufacture  and sale of anti-human
           serum  (incorporated  by reference to Exhibit  10.15 to  Registration
           Statement No. 33-966 on Form S-1).

10.8*      Employment Agreement dated October 13, 1998, between the Company and
               Edward L. Gallup.

10.9*      Employment Agreement dated October 13, 1998, between the Company and
               Ralph A. Eatz.

10.10*     Employment  Agreement dated September 12, 1990,  between Immucor GmbH
           and Josef  Wilms  (incorporated  by  reference  to  Exhibit  10.11 to
           Immucor,  Inc.  Annual  Report on Form 10-K for the fiscal year ended
           May 31, 1991).

10.11*     Agreement  dated December 31, 1993,  between  Immucor Italia,  S.r.l.
               and Dr.  Gioacchino De Chirico  (incorporated  by reference to
           Exhibit 10.12 to Immucor,  Inc. Annual Report on Form
           10-K for the fiscal year ended May 31, 1995).

10.12*     Agreement  dated December 31, 1993,  between  Immucor Italia,  S.r.l.
            and Dr.  Gioacchino De Chirico  (incorporated  by reference to
            Exhibit 10.13 to Immucor,  Inc. Annual Report on Form
           10-K for the fiscal year ended May 31, 1995).

10.13*     Severance  Agreement  dated October 13, 1998,  between  Immucor,
                Inc. and Dr.  Gioacchino De Chirico.

10.14*     1999 Stock Option Plan, including form of Stock Option Agreement used
               thereunder.

10.15*     1995 Stock Option Plan, including form of Stock Option Agreement used
           thereunder  (incorporated  by reference to Exhibit  10.14 to Immucor,
           Inc.  Annual  Report on Form 10-K for the  fiscal  year ended May 31,
           1995).

10.16*     1990 Stock Option Plan, including form of Stock Option Agreement used
           thereunder  (incorporated  by reference to Exhibit  10.15 to Immucor,
           Inc.  Annual  Report on Form 10-K for the  fiscal  year ended May 31,
           1995).

10.17*     Description of 1983 and 1984 Salary Reduction Plans  (incorporated by
           reference to Exhibit 10.9 to Immucor,  Inc.'s  Annual  Report on Form
           10-K for the fiscal year ending May 31, 1985).

10.18*     Description of 1983 Stock Option Plan  (incorporated  by reference to
           Exhibit  10.10 to Immucor,  Inc.'s Annual Report on Form 10-K for the
           fiscal year ending May 31, 1985).

10.19*     1986 Incentive  Stock Option Plan,  amended July 29, 1987,  including
           form of Stock  Option  Agreement  used  thereunder  (incorporated  by
           reference to Exhibit 10.9 to  Registration  Statement No. 33-16275 on
           Form S-1).

10.20*     Employment Agreement dated October 13, 1998, between the Company and
           Steven C. Ramsey.

10.21*     Agreement  date July 26,  1997,  between  the Company and Josef Wilms
           (incorporated  by reference to Exhibit 10.20 to Immucor,  Inc. Annual
           Report on Form 10-K for the fiscal year ended May 31, 1998).

10.22*     Employment Agreement dated October 13, 1998, between the Company and
               Patrick Waddy

10.23      Loan Agreement between Immucor,  Inc. and Wachovia Bank,  National
           Association dated October 27, 1998  (incorporated  by reference to
           Exhibit 10.1 to Immucor,  Inc.  Quarterly  Report on
           Form 10-Q for the fiscal quarter ended November 30, 1998).

10.24      First   Modification   of  Loan   Agreement   dated  April  30,  1999
           (incorporated  by  reference  to Exhibit  10.24 to  Immucor's  Annual
           Report on Form 10-K for the fiscal year ended May 31, 1999).

10.25      Second Modification of Loan Agreement dated December 11, 1999.

10.26      Third Modification of Loan Agreement dated December 20, 1999.

10.27      Fourth Modification of Loan Agreement dated April 20, 2000.

21         Subsidiaries of the Registrant.

23.1       Consent of Ernst & Young LLP

27         Financial Data Schedule

    *Denotes a management contract or compensatory plan or arrangement.

</TABLE>