olivLaw · US equity research
Mesa Laboratories, Inc. MLAB
Industrial Instruments For Measurement, Display, and Control · SIC 3823 · Vertical: Industrial Instruments For Measurement, Display, and Control (SIC 3823)
Mesa Laboratories designs and manufactures life sciences tools and quality control solutions for regulated pharmaceutical, healthcare and medical device applications. Revenue grew 3.4% to 249.1 million USD in fiscal 2026, and in the first quarter of fiscal 2027 the company returned to positive core organic growth, making execution under new leadership the key point to watch.
At the close of 04 Nov 2026, Mesa Laboratories, Inc. (MLAB) stock was 126.19 USD (+0.57% on the day), with market capitalisation 706.1 m USD, P/E 148.1 on diluted EPS of 0.85 USD over the last 12 months, dividend yield 0.51%, beta 1.44, 52-week range 70.60–142.23 USD. Latest reported quarter (Q1 2027): revenue of 60.1 m USD (+1.0% YoY), net income of 2.8 m USD (−40.3% YoY), diluted EPS 0.49 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 47.7
- neutral
- Bollinger (20, 2)
- 121.84 – 132.75
- in the lower half of the band · %B 0.40 · band width 8.6%
- SMA 50 / 200
- 128.46 / 104.75
- mixed trend
- MACD (12, 26, 9)
- -0.29 / 0.19
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.3% | −1.1% | −10.2 pp | — |
| 3 months | +23.0% | −0.5% | +23.4 pp | — |
| 6 months | +19.1% | +4.4% | +14.7 pp | — |
| Year to date | +60.8% | +12.3% | +48.4 pp | — |
| 1 year | +71.1% | +13.5% | +57.6 pp | +24.7% |
| 3 years | +35.4% | +76.4% | −41.0 pp | +5.2% |
| 5 years | −60.9% | +63.7% | −124.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 57.8 m | 62.8 m | 62.1 m | 59.5 m | 60.7 m | 65.1 m | 63.7 m | 60.1 m |
| Cost of revenue | 22.4 m | 23.1 m | 23.7 m | 22.6 m | 23.4 m | 23.3 m | 21.5 m | 21.1 m |
| Gross profit | 35.5 m | 39.8 m | 38.4 m | 36.9 m | 37.3 m | 41.8 m | 42.2 m | 39.0 m |
| Research & development | 4.6 m | 5.1 m | 5.1 m | 5.0 m | 5.0 m | 5.0 m | 5.2 m | 4.7 m |
| Operating income | 3.5 m | 5.8 m | 1.5 m | 3.1 m | 4.7 m | 8.0 m | 2.7 m | 7.0 m |
| Interest expense | 3.0 m | 2.8 m | 2.5 m | 2.2 m | 2.9 m | 3.0 m | 2.6 m | 2.4 m |
| Pre-tax income | 3.8 m | -2.2 m | 461.0 k | 7.0 m | 2.0 m | 4.6 m | -1.6 m | 4.4 m |
| Income tax | 384.0 k | -541.0 k | 7.6 m | 2.3 m | -477.0 k | 966.0 k | 2.5 m | 1.5 m |
| Net income | 3.4 m | -1.7 m | -7.1 m | 4.7 m | 2.5 m | 3.6 m | -4.1 m | 2.8 m |
| Diluted EPS | 0.63 | -0.31 | -1.34 ≈ | 0.85 | 0.45 | 0.65 | -0.74 ≈ | 0.49 |
| Operating cash flow | 5.3 m ≈ | 18.1 m ≈ | 12.7 m | 1.9 m | 8.2 m ≈ | 18.8 m ≈ | 14.0 m | 14.7 m |
| Capex | 1.8 m ≈ | 813.0 k ≈ | 757.0 k | 1.0 m | 1.1 m ≈ | 732.0 k ≈ | 417.0 k | 559.0 k |
| Dividends paid | 866.0 k ≈ | 869.0 k ≈ | 870.0 k | 873.0 k | 882.0 k ≈ | 884.0 k ≈ | 884.0 k | 884.0 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 52 percentile of its own 21-quarter history (min 40.0, median 129.7, max 1,068.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 103.1 m | 117.7 m | 133.9 m | 184.3 m | 219.1 m | 216.2 m | 241.0 m | 249.1 m |
| Revenue YoY | +7.2% | +14.1% | +13.8% | +37.6% | +18.8% | −1.3% | +11.5% | +3.4% |
| Net income | unavailable | unavailable | 3.3 m | 1.9 m | 930.0 k | -254.2 m | -2.0 m | 6.7 m |
| Net income YoY | unavailable | unavailable | unavailable | −42.9% | −50.3% | −27,438.3% | unavailable | unavailable |
| Diluted EPS | 1.86 | 0.41 | 0.64 | 0.35 | 0.17 | -47.20 | -0.36 | 1.21 |
| Diluted EPS YoY | unavailable | −78.0% | +56.1% | −45.3% | −51.4% | −27,864.7% | unavailable | unavailable |
| net % | unavailable | unavailable | 2.4% | 1.0% | 0.4% | -117.6% | -0.8% | 2.7% |
| Free cash flow | 29.3 m | 25.5 m | 35.1 m | 34.8 m | 23.4 m | 41.6 m | 42.6 m | 39.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 26.9 m USD
- Financial debt
- 67.5 m USD
- Net debt
- 40.6 m USD
- Equity
- 186.2 m USD
- Total assets
- 427.7 m USD
- Debt / equity
- 0.36x
- Current ratio
- 1.72x
- ROE
- 3.9%
- ROA
- 1.6%
- FCF margin
- 15.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 133.9 m | 184.3 m | 219.1 m | 216.2 m | 241.0 m | 249.1 m | SEC (XBRL)· 03 Jun 2026verified |
| Cost of revenue | 46.9 m | 75.2 m | 85.4 m | 82.9 m | 90.1 m | 90.9 m | SEC (XBRL)· 03 Jun 2026verified |
| Gross profit | 87.0 m | 109.1 m | 133.7 m | 133.3 m | 150.9 m | 158.3 m | SEC (XBRL)· 03 Jun 2026verified |
| Research & development | 10.4 m | 15.8 m | 20.5 m | 19.3 m | 19.5 m | 20.3 m | SEC (XBRL)· 03 Jun 2026verified |
| Operating income | 12.4 m | 4.7 m | 3.3 m | -272.1 m | 16.3 m | 18.5 m | SEC (XBRL)· 03 Jun 2026verified |
| Depreciation & amortisation | 17.7 m | 25.1 m | 33.8 m | — | — | — | SEC (XBRL)· 30 May 2023verified |
| EBITDA | 30.0 m ≈ | 29.8 m ≈ | 37.1 m ≈ | — | — | — | SEC (XBRL)· 30 May 2023derived |
| Interest expense | 8.0 m | 3.9 m | 4.8 m | 5.7 m | 11.9 m | 10.7 m | SEC (XBRL)· 03 Jun 2026verified |
| Pre-tax income | 2.3 m | 3.6 m | -389.0 k | -275.6 m | 6.0 m | 12.0 m | SEC (XBRL)· 03 Jun 2026verified |
| Income tax | -971.0 k | 1.7 m | -1.3 m | -21.4 m | 7.9 m | 5.3 m | SEC (XBRL)· 03 Jun 2026verified |
| Net income | 3.3 m | 1.9 m | 930.0 k | -254.2 m | -2.0 m | 6.7 m | SEC (XBRL)· 03 Jun 2026verified |
| Diluted EPS | 0.64 | 0.35 | 0.17 | -47.20 | -0.36 | 1.21 | SEC (XBRL)· 03 Jun 2026verified |
| Weighted average diluted shares | 5.1 m | 5.3 m | 5.4 m | 5.4 m | 5.4 m | 5.6 m | SEC (XBRL)· 03 Jun 2026verified |
| Dividend per share | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | SEC (XBRL)· 03 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 263.9 m | 49.3 m | 32.9 m | 28.2 m | 27.3 m | 26.9 m | SEC (XBRL)· 03 Jun 2026verified |
| Receivables | 23.8 m | 41.2 m | 42.6 m | 39.1 m | 42.0 m | 44.1 m | SEC (XBRL)· 03 Jun 2026verified |
| Inventories | 11.2 m | 24.6 m | 34.6 m | 32.7 m | 25.4 m | 26.4 m | SEC (XBRL)· 03 Jun 2026verified |
| Current assets | 303.7 m | 124.3 m | 119.0 m | 109.4 m | 102.7 m | 106.3 m | SEC (XBRL)· 03 Jun 2026verified |
| Property, plant & equipment, net | 22.0 m | 28.6 m | 28.1 m | 31.8 m | 32.3 m | 30.6 m | SEC (XBRL)· 03 Jun 2026verified |
| Goodwill | 160.8 m | 291.2 m | 286.4 m | 180.1 m | 181.8 m | 186.9 m | SEC (XBRL)· 03 Jun 2026verified |
| Intangibles (excl. goodwill) | 111.7 m | 250.1 m | 216.8 m | 113.8 m | 96.9 m | 83.3 m | SEC (XBRL)· 03 Jun 2026verified |
| Total assets | 601.5 m | 707.4 m | 661.8 m | 446.8 m | 433.3 m | 427.7 m | SEC (XBRL)· 03 Jun 2026verified |
| Accounts payable | 4.5 m | 7.9 m | 6.1 m | 6.0 m | 5.7 m | 4.9 m | SEC (XBRL)· 03 Jun 2026verified |
| Long-term debt | — | — | — | — | 71.3 m | 67.5 m | SEC (XBRL)· 03 Jun 2026verified |
| Current liabilities | 32.6 m | 48.1 m | 43.4 m | 44.3 m | 164.0 m | 61.9 m | SEC (XBRL)· 03 Jun 2026verified |
| Total liabilities | 195.2 m | 313.6 m | 268.4 m | 301.4 m | 273.5 m | 241.5 m | SEC (XBRL)· 03 Jun 2026verified |
| Equity | 406.2 m † | 393.8 m † | 393.5 m † | 145.4 m † | 159.8 m † | 186.2 m † | SEC (XBRL)· 03 Jun 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 37.1 m | 39.2 m | 28.0 m | 44.1 m | 46.8 m | 42.8 m | SEC (XBRL)· 03 Jun 2026verified |
| Capex | 2.0 m | 4.4 m | 4.5 m | 2.6 m | 4.2 m | 3.3 m | SEC (XBRL)· 03 Jun 2026verified |
| Free cash flow | 35.1 m ≈ | 34.8 m ≈ | 23.4 m ≈ | 41.6 m ≈ | 42.6 m ≈ | 39.6 m ≈ | SEC (XBRL)· 03 Jun 2026derived |
| Investing cash flow | -2.0 m | -305.2 m | -9.5 m | -81.3 m | -4.5 m | -3.3 m | SEC (XBRL)· 03 Jun 2026verified |
| Financing cash flow | 146.2 m | 52.6 m | -33.3 m | 32.8 m | -44.5 m | -41.9 m | SEC (XBRL)· 03 Jun 2026verified |
| Dividends paid | 3.2 m | 3.3 m | 3.4 m | 3.4 m | 3.5 m | 3.5 m | SEC (XBRL)· 03 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 51 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 706.1 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation42
- Returns44
- Quality57
- Balance sheet38
- Growth68
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.41 – 224.16 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)139.84 – 224.16 (Mid 171.98)WACC 8.8% · starting FCFF 58.4 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -8.1%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E24.03 – 32.90 (Mid 28.11)8 companies used · median multiple 33.0x · quartiles 28.2x – 38.6xAME, CGNX, DHR, FTV, KEYS, MKSI, ROP, ST
- Dividend discount (DDM)8.41 – 11.31 (Mid 9.65)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 51/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.2% | 36 (vs peers) | 13% |
| Net margin · Quality | 1.9% | 47 (vs peers) | 8% |
| FCF conversion · Quality | 1,101.5% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 4.4% | 36 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 92.4% | 100 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.1x | 9 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.8x | 83 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 148.1x | 0 (vs peers) | 13% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.5% | 94 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 0.5% | 7 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 6.7% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet38/100 · 2/3 factors with a value
- Growth68/100 · 2/2 factors with a value
- Quality57/100 · 3/3 factors with a value
- Returns44/100 · 2/2 factors with a value
- Valuation42/100 · 2/3 factors with a value
Memo
MESA LABORATORIES INC /CO (MLAB). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 249.1 m USD in 2026; YoY growth 3.4%; net margin 1.9%; ROE 2.7%.
The estimated value range is 24.03–32.90 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 28.11 USD, the price of 126.19 USD leaves a potential of -77.7% (value / price − 1) and a margin of safety of -348.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 51/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 1,101.5%
- EPS CAGR 3Y: 92.4%
- Current ratio: 1.8x
- FCF yield: 7.5%
- Payout ratio (FCF): 6.7%
What contradicts it
- Interest coverage: 2.1x
- P/E (TTM): 148.1x
- Shareholder yield (distributions): 0.5%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Industrial Instruments For Measurement, Display, and Control (SIC 3823) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DHRDanaher Corporation | 165.3 bn | 38.4 | 8.3% | 16.9% | +2.9% | +4% / +5% |
| AMEAMETEK, Inc. | 54.4 bn | 33.4 | 14.7% | 19.9% | +6.6% | +20% / +53% |
| ROPRoper Technologies, Inc. | 48.7 bn | 19.4 | 13.2% | 30.7% | +12.3% | +10% / −9% |
| KEYSKeysight Technologies, Inc. | 48.7 bn | 39.2 | 20.6% | 19.1% | +8.0% | +44% / +110% |
| FTVFortive Corporation | 20.3 bn | 32.5 | 10.5% | 14.8% | +1.9% | +28% / +31% |
| MKSIMks Inc. | 13.2 bn | 31.1 | 15.9% | 10.1% | +9.6% | +25% / +136% |
| CGNXCognex Corp | 8.9 bn | 51.3 | 11.1% | 16.1% | +8.7% | +39% / +41% |
| RALRalliant Corporation | 7.9 bn | — | -51.8% | -52.1% | −4.0% | +45% / unavailable |
| STSensata Technologies Holding PLC | 6.0 bn | 16.5 | 12.7% | 9.5% | −5.8% | +28% / +26% |
| MLABMesa Laboratories Inc | 706.1 m | 148.1 | 2.7% | 1.9% | +3.4% | +71% / +35% |
| SENSSenseonics Holdings, Inc. | 476.9 m | — | -118.2% | -225.3% | +56.9% | +46% / −24% |
| HURCHurco Companies, Inc. | 137.6 m | — | -3.3% | -3.6% | −4.3% | +31% / +1% |
| SYPRSypris Solutions, Inc. | 29.2 m | — | -69.9% | -9.2% | −14.5% | −42% / −33% |
| CLIRClearsign Technologies Corporation | 16.5 m | — | -51.7% | -96.1% | +45.6% | −67% / −80% |
| FCUVFocus Universal Inc. | 2.2 m | — | -106.0% | -637.2% | −35.9% | −98% / −99% |
| POASPhaos Technology Holdings (Cayman) Limited | — | — | -363.8% | -4,662.3% | −19.3% | −98% / unavailable |
1- and 3-year price returns: for MLAB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 75.00 Total return -40% · Per year -40% | 132.60 Total return 6% · Per year 6% | 199.74 Total return 59% · Per year 59% |
| 3 years | 72.61 Total return -41% · Per year -16% | 144.46 Total return 16% · Per year 5% | 238.96 Total return 91% · Per year 24% |
| 5 years | 70.29 Total return -42% · Per year -10% | 157.39 Total return 28% · Per year 5% | 285.88 Total return 130% · Per year 18% |
- Exit P/E± 36.12
- Net margin± 25.28
- Annual revenue growth± 20.78
- Annual dilution± 2.12
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Mesa Laboratories designs and manufactures life sciences tools and quality control solutions for regulated pharmaceutical, healthcare and medical device applications. Revenue grew 3.4% to 249.1 million USD in fiscal 2026, and in the first quarter of fiscal 2027 the company returned to positive core organic growth, making execution under new leadership the key point to watch.
SWOT
Strengths
- A product portfolio tied to regulatory requirements and recurring validation needs supports long-term demand.
- Global presence with manufacturing in the United States and Europe and sales networks across several continents.
- A high share of recurring consumables across several divisions provides relatively predictable revenue.
Weaknesses
- Dependence on a small number of key customers in Clinical Genomics, where a single customer accounts for a significant share of sales.
- Significant currency exposure, especially in the biopharmaceutical division, where production costs are in a different currency from sales.
- Commercial execution and delivery problems in several divisions weighed on volumes in the first quarter of fiscal 2027.
Opportunities
- Possible 510(k) clearance for GKE products in the United States could expand organic sales.
- Growing demand for calibration and monitoring solutions, if quality control investment stays high.
- Lower debt and leverage could provide flexibility for strategic acquisitions.
Threats
- Tariffs and trade tensions could raise costs and reduce demand for exported products.
- Sales declines in China could continue if trade relations deteriorate further.
- Dialysis machines with built-in calibration could reduce demand for clinician-facing meters.
Risks
- Exposure to international tradehigh
Tariffs, export restrictions and diplomatic tensions can delay orders, raise costs and weigh on margins, particularly for products exported from Europe.
- Customer concentration in Clinical Genomicsmedium
A small number of customers account for a meaningful part of division sales, so losing a key customer could have a visible effect on revenue.
- Currency riskmedium
Movements between the dollar, euro and Swedish krona can change reported revenue and production costs and complicate comparisons between periods.
- Leadership transitionmedium
A change in chief executive can disrupt strategy and execution, and the new leadership must show consistency across existing divisions.
- Reliance on distributorslow
Distributors are not directly controlled by the company, and breaches of export rules or changes in those relationships could create legal and financial risk.
Investment thesis
What would need to be true (bull case)
- Organic growth returned in the first quarter of fiscal 2027 and adjusted division margins improved, which could indicate better execution under new leadership.
- Products tied to regulation and recurring validation can provide steady revenue, especially where consumables make up most sales.
- Debt reduction and a leverage ratio below the stated target could provide room for investment or acquisitions.
What would break the thesis
- Revenue grew only modestly in fiscal 2026 and the first quarter of fiscal 2027 showed 1.0% growth, which could signal that underlying momentum is slowing.
- Exposure to tariffs, China and currency swings could keep affecting results and make performance harder to predict.
- Delivery problems in sterilization and the leadership change could delay recovery and weaken confidence among customers and partners.
What to watch
- Full-year fiscal 2027 guidance promised by new leadership alongside first-half resultsQ2 2027
- Organic growth trend in the Sterilization and Disinfection Control division after delivery problemsQ2 2027
- Sales trajectory in China within Clinical Genomics and the effect of tariffs on orders2027
- Demand for GKE products if 510(k) clearance is obtained in the United Statesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Mesa Laboratories, Inc., headquartered in Lakewood, Colorado and listed on Nasdaq under MLAB, describes itself as a global leader in the design and manufacture of life sciences tools and critical quality control solutions for regulated applications. Its products and services aim to ensure product integrity and improve patient and worker safety, with revenue coming from consumables and hardware as well as maintenance, calibration and testing services. The company has manufacturing in the United States and Europe and sells through its own sales staff in North America, Europe and Asia Pacific as well as independent distributors. In fiscal 2026 about 53% of revenue was earned outside the United States, so foreign currency and trade policy are central to the profile.
The stated strategy combines organic growth through a larger customer base, higher volumes, new products and price increases with acquisitions that complement the portfolio and extend global reach. A lean-based operating system called the Mesa Way, built on four pillars, aims to improve efficiency in manufacturing and administration. The company also announced a CEO transition, with Siddhartha Kadia appointed effective in fiscal 2027.
The GKE acquisition, completed in October 2023 with subsidiaries in Germany and China, added chemical sterilization indicators and expanded healthcare reach in Europe and Asia, and it sits within the Sterilization and Disinfection Control division. The company said it is working to obtain 510(k) clearance for certain GKE products in the United States, which could be a future source of organic growth.
Segments
Sterilization and Disinfection Control (SDC)
The largest division, with revenue of 101.6 million USD in fiscal 2026 and growth of 8.7%, partly driven by a weaker dollar and price increases. It makes biological, chemical and cleaning indicators, mainly single-use consumables used in pharmaceutical, medical device and healthcare settings.
Biopharmaceutical Development (BPD)
The division for immunoassay protein analysis and peptide synthesis, with revenue of 48.6 million USD in fiscal 2026, broadly flat. Declines in immunoassays were partly offset by peptide growth, and part of sales comes from discretionary hardware.
Calibration Solutions (CS)
The division for metrology-based calibration, continuous monitoring and renal care meters, with revenue of 53.6 million USD in fiscal 2026. Demand is linked to quality control and regulatory compliance, and it was the strongest division in the first quarter of fiscal 2027.
Clinical Genomics (CG)
The division behind the MassARRAY system, with revenue of 45.4 million USD in fiscal 2026 and a decline of 3.6%, driven by weakness in China. Roughly 80% of its revenue comes from consumables, and a single customer accounts for about 20% of division revenue.
Market context
Mesa serves pharmaceutical, healthcare and medical device markets where product safety and quality are critical, and demand depends on customer capital spending, research funding and regulation. Sterilization and calibration demand is tied to recurring validation and recertification needs, which could support revenue if customer investment stays steady. Hardware is more sensitive to the economic cycle, and tariffs and trade tensions can delay orders.
The company notes that expansion into higher-growth markets and adaptation to new regulations and technologies are both opportunities and challenges. Outcomes depend on how well it responds, and first-quarter fiscal 2027 revenue of 60.1 million USD suggests quarterly revenue remains close to prior levels.
Trends
- Tariffs and trade tensionsheadwind
Tariffs on imported materials and exported products have raised costs and delayed some customer orders, and in some cases price adjustments or recovery surcharges have been used. If tensions persist, pressure on margins could continue.
- Weaker dollarmixed
A weaker dollar against the euro and Swedish krona raised reported revenue and operating expense and complicated period comparisons. Currency exposure is greatest in the BPD division, where production costs are incurred in Swedish krona.
- China recovery and supply chainmixed
Weakness in China weighed on Clinical Genomics, but the first-quarter fiscal 2027 decline there was much smaller than in the prior year. Supply chain efficiencies helped margins in the CG and BPD divisions.
- Automation and artificial intelligencetailwind
The company is pursuing administrative efficiency through automation and artificial intelligence. Adoption could reduce costs but also introduces reputational and data-use risks.
Competitive position
The company says it competes against a wide range of rivals, including some with larger sales forces and greater capital resources, and distributors that also sell rival products can add competitive pressure. Competition may force price reductions or concessions that weigh on margins.
In renal care meters, competition is intense because dialysis machines are increasingly able to calibrate themselves, which could reduce demand for clinician-facing meters. In sterilization markets competition centers on quality, flexibility and cost effectiveness.
- Rivals with larger sales forces and capital
The company notes that some competitors have greater commercial and capital resources, without naming them in the sources reviewed.
- Distributors that also sell rival products
Some distribution partners sell competing products or compete directly with Mesa, which can influence demand.
- Dialysis equipment makers with built-in calibration
Technological advances in dialysis machines with built-in calibrators compete with clinician-facing meters.
- Sterilization control suppliers
Competition in sterilization focuses on quality, flexibility and suitability for intended use, and the sources do not name specific suppliers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Mesa Merges A Common Vulkan Layer For Working Around Cross-Driver Game BugsPhoronix · 05 Nov 2026 · EN
- Mesa 27.0 Switching To Kraid Compiler By Default For Arm Mali GPUsPhoronix · 26 Oct 2026 · EN
- Borealis: Asahi Linux's Apple Silicon Mesa Vulkan Driver Forked For Vibe CodingPhoronix · 23 Oct 2026 · EN
- Mesa Loosens Rules Around AI Agents For Code Comments / Commit MessagesPhoronix · 22 Oct 2026 · EN
- Mesa RADV Change Satisfies More Steam Play Games On Aging AMD GFX8 GPUsPhoronix · 22 Oct 2026 · EN
- Casalux.ro - Mesa House: luxul unei case care știe când să se retragăProfit.ro · 18 Oct 2026 · RO
- Costa Mesa Council candidates forum marks 4 GOP no - showsSurge — GDELT DOC · 17 Oct 2026 · RO
- AI Resurrects AVX-512 Support For Mesa's LLVMpipe Software DriverPhoronix · 16 Oct 2026 · EN
- Mesa's Zink Now Offers VA-API Video Acceleration Atop Vulkan VideoPhoronix · 16 Oct 2026 · EN
- Mesa Expands NPU Capabilities With Support For YOLOX With PyTorchPhoronix · 14 Oct 2026 · EN
- ROCm 10 OpenCL vs. Mesa 26.3-dev Rusticl Performance On AMD Strix HaloPhoronix · 12 Oct 2026 · EN
- Valve Lands VK_AMD_anti_lag Support For AMD RADV Driver In Mesa 26.3Phoronix · 09 Oct 2026 · EN
- Rays sweep Yankees to reach ALCS after Mesa homer , fan interference callSurge — GDELT DOC · 08 Oct 2026 · RO
- Vulkan API Improvements Coming For The AMD Polaris GPUs With Mesa RADVPhoronix · 06 Oct 2026 · EN
- Mesa Developers Looking At A Formal Governance ModelPhoronix · 05 Oct 2026 · EN
- Apex Compute Developing Open-Source Mesa Vulkan Driver For Their HardwarePhoronix · 02 Oct 2026 · EN
- Mesa Drops Its Poorly Maintained & Rarely Used Direct3D 10 User-Mode DriverPhoronix · 01 Oct 2026 · EN
- Rusticl Had A Great Year For Rust OpenCL In Mesa With 3.1 Support, More DriversPhoronix · 30 Sept 2026 · EN
- Mesa Developers To Work Toward Eliminating TGSI IRPhoronix · 30 Sept 2026 · EN
- NOCL Making Progress As Mesa Gallium/OpenCL Atop NVIDIA CUDAPhoronix · 29 Sept 2026 · EN
SEC filings
- Current report13 Oct 2026Exit or disposal costs · Regulation FD disclosure · Financial statements and exhibits
- Current report08 Sept 2026Shareholder vote
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report30 Jul 2026Item 5.05 · Financial statements and exhibits
- Proxy statement22 Jul 2026
- Current report15 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Annual report03 Jun 2026
- Current report27 May 2026Results of operations · Financial statements and exhibits
- Current report23 Mar 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Mesa Laboratories, Inc. · 03 Jun 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Mesa Laboratories, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Mesa Laboratories, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.