Kewaunee Scientific Corp (NASDAQ: KEQU) is a laboratory and healthcare furniture manufacturing company that designs and produces casework, fume hoods, and related equipment for scientific and research environments. Revenue is generated through purchase orders and contracts submitted directly by customers, through dealers, subsidiaries in Singapore and India, and a national distributor, on a transactional basis with prices quoted firm at order. The company sells principally to pharmaceutical, biotechnology, industrial, chemical and commercial research laboratories, educational institutions, healthcare institutions, governmental entities, and manufacturing facilities. Kewaunee operates manufacturing facilities in Statesville, North Carolina and Bangalore, India, with international sales and administrative offices in Singapore, India, and Saudi Arabia. As of April 30, 2025, the company employed 793 domestic and 446 international employees. The Nu Aire acquisition, completed prior to the FY2025 10-K filing, added operations in Long Lake, Plymouth, and Crystal, Minnesota. The market is described in the filing as highly competitive, with a significant portion requiring competitive public bidding.

Revenue model

Transactional revenue from firm-price purchase orders and contracts for laboratory and healthcare furniture and equipment, sold directly to end customers, through dealers, through subsidiaries in Singapore and India, and through a national distributor. Prices are quoted firm at order, placing cost-inflation risk between order and delivery on Kewaunee.

Products and services

Laboratory casework, fume hoods, and related laboratory and healthcare furniture and equipment. Post-acquisition, the product line includes Nu Aire products manufactured in Minnesota. Primary raw materials include cold-rolled carbon and stainless steel, hardwood lumber and plywood, paint, chemicals, resins, hardware, and plumbing and electrical components.

Customers and end markets

Pharmaceutical companies, biotechnology firms, industrial and commercial research laboratories, chemical research laboratories, educational institutions, healthcare institutions, governmental entities, and manufacturing facilities. Some customers rely on government grants and reimbursement programs as funding sources, making them subject to fluctuations in government appropriations.

Value-chain role

Manufacturer and direct seller of laboratory and healthcare furniture. Operates its own manufacturing facilities in North Carolina, Minnesota, and India. Distributes through direct sales, dealers, company-owned international subsidiaries, and a national distributor.

Geographic exposure

Domestic manufacturing and headquarters in Statesville, North Carolina. Manufacturing also in Long Lake, Plymouth, and Crystal, Minnesota (Nu Aire). International manufacturing in Bangalore, India. International sales and administrative offices in Singapore, India, and Saudi Arabia.

Source: SEC 10-K, filed 2025-07-02

Industry: Laboratory Apparatus & Furniture Peers: Abbott Laboratories Modular Medical Inc Cytosorbents Corp Daxor Corp Eargo, Inc. enVVeno Medical Corp Lucira Health, Inc. Pro-Dex Inc