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MLAB

Mesa Laboratories, Inc.

MLAB

Mesa Laboratories, Inc. • NASDAQ
$80.20 ▼ -0.19% (-0.15)
Market Cap $442.89 M
52w High $155.12
52w Low $55.45
Dividend Yield 0.64%
P/E -258.71
Volume 38.01K
Outstanding Shares 5.52M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $60.737M ▲ $32.607M ▲ $2.476M ▼ 4.077% ▼ $0.45 ▼ $10.71M ▼
Q1-2026 $59.543M ▼ $29.43M ▼ $4.742M ▲ 7.964% ▲ $0.87 ▲ $15.167M ▲
Q4-2025 $62.135M ▼ $36.943M ▲ $-7.114M ▼ -11.449% ▼ $-1.31 ▼ $10.477M ▲
Q3-2025 $62.84M ▲ $33.975M ▲ $-1.676M ▼ -2.667% ▼ $-0.31 ▼ $6.122M ▼
Q2-2025 $57.833M $31.947M $3.428M 5.927% $0.63 $12.898M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $20.422M ▼ $430.351M ▼ $251.883M ▼ $178.468M ▲
Q1-2026 $21.279M ▼ $435.743M ▲ $263.247M ▼ $172.496M ▲
Q4-2025 $27.321M ▼ $433.348M ▼ $273.518M ▼ $159.83M ▲
Q3-2025 $30.956M ▲ $437.148M ▼ $281.934M ▼ $155.214M ▼
Q2-2025 $24.337M $454.098M $292.647M $161.451M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $2.476M ▼ $8.222M ▲ $-1.092M ▼ $-7.883M ▲ $-857K ▲ $7.13M ▲
Q1-2026 $4.742M ▲ $1.893M ▼ $-1.009M ▼ $-8.427M ▲ $-6.042M ▼ $884K ▼
Q4-2025 $-7.114M ▼ $12.665M ▼ $-1.007M ▼ $-16.193M ▼ $-3.635M ▼ $11.658M ▼
Q3-2025 $-1.676M ▼ $18.439M ▲ $-813K ▲ $-10.597M ▼ $6.619M ▲ $17.626M ▲
Q2-2025 $3.428M $5.271M $-1.788M $-8.61M $-4.135M $3.483M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
Biopharmaceutical Development
Biopharmaceutical Development
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Calibration Solutions
Calibration Solutions
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Clinical Genomics
Clinical Genomics
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Sterilization and Disinfection Control
Sterilization and Disinfection Control
 $0 ▲$0 ▲$30.00M ▲$20.00M ▼
Product
Product
 $60.00M ▲$20.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed steadily over the past several years, and gross margins look strong for a specialized hardware and life-sciences tools company. The main issue is earnings volatility: Mesa swung to a sizeable loss recently, then moved back toward roughly breakeven, suggesting that one‑time charges, integration costs, or restructuring have been meaningful. Operating profitability is improving again, but the margin of safety is thin, so even small disruptions in sales or costs can push results back into the red. Overall, the business appears fundamentally sound at the top line but still working through profitability normalization after a disruptive year.

Balance Sheet

Balance Sheet The balance sheet shows a smaller asset base and much lower equity than a few years ago, pointing to write‑downs, acquisitions, or other hits to book value. Debt is meaningful relative to the company’s size, while the cash balance is modest, leaving less of a cushion if conditions worsen. Equity remains positive, but the loss of balance‑sheet strength reduces flexibility for large bets or prolonged downturns. The company now has less room for financial missteps than it once did.

Cash Flow

Cash Flow Despite the earnings volatility, cash flow from operations has been consistently positive and fairly steady, which is a notable strength. Free cash flow has also been positive, helped by very light capital spending requirements. This suggests the core business converts a reasonable share of revenue into cash and does not need heavy ongoing investment just to stand still. The flip side is that modest cash generation, combined with the existing debt load, leaves limited capacity for aggressive expansion without external financing.

Competitive Edge

Competitive Edge Mesa operates in tightly regulated niches—sterilization monitoring, data logging, and specialized life-science tools—where reliability and regulatory compliance matter more than price. Once Mesa’s products are validated in a customer’s process, switching is painful and costly, creating sticky, recurring revenue from consumables and services. The firm competes with much larger players but offsets this with depth in its chosen niches, strong customer relationships, and a reputation for quality. Its focus on regulation‑driven markets and a lean operating culture together form a meaningful competitive moat, though size and resource advantages still sit with the biggest competitors.

Innovation and R&D

Innovation and R&D Innovation is centered on precise, compliant monitoring and life-science tools that solve specific, hard problems for customers. In sterilization and data logging, Mesa keeps enhancing products like DataTrace to handle harsh environments and deliver better data and software integration. Through Agena and Gyros, it has expanded into targeted genomics and miniaturized protein analysis—areas tied to fast‑growing biopharma and personalized medicine. The company appears to favor steady product improvement and targeted acquisitions over splashy bets, which can deepen the moat but also requires disciplined execution to keep pace with rapid scientific and regulatory change.

Summary

Mesa Laboratories combines a sticky, regulation‑driven niche business with a history of steady cash generation, but its recent financials show that it is not immune to shocks or integration challenges. The core model—recurring consumables and services, embedded in critical customer processes—looks structurally attractive and supports good gross margins. At the same time, the balance sheet is weaker than in the past, and earnings have been uneven, leaving less room for error as the company pushes further into biopharma and genomics. The long‑term story hinges on Mesa’s ability to stabilize profitability, manage its leverage conservatively, and successfully grow its higher‑potential life‑science segments without overextending financially.

NEWS

November 12, 2025 · 3:14 PM UTC

Mesa Laboratories, Inc. to Participate in Upcoming Investor Conferences

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October 3, 2025 · 11:46 AM UTC

Mesa Laboratories, Inc. to Announce Second Quarter Results on November 6, 2025

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