MESA LABORATORIES INC /CO/

Mesa Laboratories, Inc.

Company and scope

• Legal name: Mesa Laboratories, Inc., a Colorado corporation
• Fiscal year end: March 31
• Headquarters: Lakewood, Colorado
• Primary business: Global design and manufacture of life sciences tools and critical quality-control solutions for regulated applications in the pharmaceutical, healthcare, and medical device industries
• Markets and sales:
  • Manufacturing operations in the United States and Europe
  • Products sold by direct sales in North America, Europe, and the Asia Pacific region (APAC), and through independent distributors worldwide
  • Nasdaq ticker: MLAB

Employees (as of March 31, 2026)

• Total: 717
  • Manufacturing and quality assurance: 347
  • Research and development and engineering: 99
  • Sales and marketing: 179
  • Administrative functions: 92

Business metrics and geography

• Non-U.S. operations:
  • About 8% of fiscal 2026 sales were from China
  • About 45% of fiscal 2026 sales were from other non-U.S. countries, primarily Europe
• Backlog (firm orders to be fulfilled within 12 months):
  • March 31, 2026: $33.6 million
  • March 31, 2025: $43.2 million
• The company realized higher revenues and higher adjusted operating income (a non-GAAP measure) in fiscal 2026 versus the prior year
• Customer concentration:
  • No single customer accounted for more than 10% of consolidated revenues in fiscal 2026
  • In the Clinical Genomics division, one customer accounted for approximately 20% of that division’s revenues in fiscal 2026

Segments

1) Sterilization and Disinfection Control (SDC)

• Focus: Biological indicators, chemical indicators, and cleaning indicators for assessing sterilization, decontamination, disinfection, and cleaning processes; sterility assurance testing and laboratory services (primarily dental and pharmaceutical customers)
• Products and formats:
  • Biological indicators: inoculated carriers (spore strips/discs), self-contained indicators with growth media, process challenge devices (PCDs)
  • Chemical indicators: color-change indicators for sterilization parameter exposure
  • Cleaning indicators: simulants for washer and ultrasonic cleaner performance
  • Growth media and related testing services
• Manufacturing locations: Bozeman, Montana; Waldems, Germany; Munich, Germany
• Brands/products produced: GKE Clean-Record indicators, Apex biological indicators, EZTest self-contained indicators, and PCDs
• Acquisition: GKE GmbH, SAL GmbH, and GKE China were acquired (GKE GmbH/SAL completed October 2023; GKE China completed December 31, 2023) for total consideration of $87.187 million (net of cash and liabilities, including working capital adjustments); $9.555 million was paid in April 2025 to settle the portion held back for indemnification
• Regulatory: Pursuing 510(k) clearance for certain GKE products in the U.S.

2) Biopharmaceutical Development

• Focus: Automated systems for protein analysis (immunoassays) and peptide synthesis solutions, plus service and support contracts
• Capabilities:
  • Protein analysis (immunoassays) to detect and quantify proteins for therapy development and bioprocess workflows
  • Automated peptide synthesis for longer and complex peptides used in therapeutics and research
• Key products and platforms:
  • Gyrolab xPand and Gyrolab xPlore hardware/software, Gyrolab Bioaffy consumable disks, Gyrolab kits, Rexxip buffers (developed/manufactured in Uppsala, Sweden)
  • PurePep Symphony and Chorus instruments (developed/manufactured in Tucson, Arizona)
• Production locations: Sweden (products shipped internationally; costs in Swedish krona) and Tucson, Arizona
• Revenue mix (fiscal 2026):
  • About 35% from consumables (routine purchases)
  • About 40% from hardware purchases (more discretionary)
  • Remainder from service and support agreements
• Sales channels: Direct sales and independent foreign distributors

3) Calibration Solutions

• Focus: Quality-control products that use metrology to calibrate critical parameters for renal care, gas/air flow, environmental/process monitoring, and torque testing
• Product families:
  • Calibration instruments for gas/air flow and environmental/process monitoring (data loggers)
  • Torque-testing systems
  • Renal care meters for dialysis machine calibration and consumable calibration solutions for dialysis clinics
  • Continuous monitoring systems: wireless sensors for temperature, humidity, pressure and differential pressure with cloud or local-server data transmission, alarms, and notifications
• Manufacturing: Lakewood, Colorado and Hanover, Germany
• Applications: Quality control and regulatory compliance across pharmaceutical, laboratory, medical device, manufacturing, industrial, and environmental settings

4) Clinical Genomics

• Focus: High-throughput genetic analysis instruments, consumables, and related services for clinical research labs and CROs
• Core platform: MassARRAY system (mass spectrometry with end-point PCR) enabling multiplexed genetic analysis
• Consumables: Chips, panels, and reagent solutions; consumables account for approximately 80% of division revenues (hardware sales are more cyclical)
• Services: Maintenance contracts and customized laboratory services
• Production: Instruments and consumables manufactured in San Diego, California
• Customers and channels: Direct sales and independent distributors; customers include clinical research labs, contract research organizations, specialty/reference/pathology labs, academic, hospital, and government facilities

Other business context

• Strategy and operating approach: Organic growth, targeted acquisitions, and continuous efficiency improvements through the Mesa Way — a lean-based improvement system with pillars: Measure what matters, Empower Teams, Sustainably Improve, Always Learn
• Intellectual property and regulatory: Portfolio of patents and trademarks; compliance with ISO standards and FDA requirements integrated into manufacturing and product development
• Corporate responsibility and human capital: Emphasis on an inclusive workforce, employee engagement, total rewards, health and safety, governance, and data privacy and cybersecurity governance
• Facilities and properties: Owned facilities in Lakewood (Calibration Solutions) and Bozeman (SDC); multiple leased facilities in Germany, Sweden, and the United States supporting the company’s divisions