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Mesa Laboratories Inc

mesalabs.com

Mesa Laboratories Inc (NASDAQ: MLAB) is a life sciences and industrial instrumentation company that develops, manufactures, and sells instruments, consumables, and services used in quality control, sterilization assurance, calibration, and biopharmaceutical research. Revenue is generated through direct instrument and consumable sales, service contracts, and sterility assurance testing services across four divisions: Sterilization and Disinfection Control, Clinical Genomics, Biopharmaceutical Development, and Calibration Solutions. The Sterilization and Disinfection Control division sells disposable biological indicators and cleaning indicators on a recurring basis, making that segment less sensitive to economic cycles than capital equipment businesses. Approximately 52% of revenues were earned outside the United States in FY2025. Customers span pharmaceutical manufacturers, medical device companies, hospitals, clinical research labs, contract research organizations, dialysis machine manufacturers, and food and tool industries. The company sells through both direct sales forces and independent distributors. Headquarters is in the United States, with manufacturing in Bozeman, Montana; San Diego, California; Waldems, Germany; and Munich, Germany.

Products & Services

Sterilization and Disinfection Control: GKE Clean-Record Indicators, Apex biological indicators, EZTest self-contained biological indicators, process challenge devices (PCDs), cleaning indicators, sterility assurance testing services. Calibration Solutions: continuous monitoring systems, data loggers (temperature, humidity, pressure), calibration instruments and services. Biopharmaceutical Development: automated immunoassay systems, peptide synthesis instruments and consumables. Clinical Genomics: genomic analysis instruments, reagents, and consumables. Renal Care: dialysate meters for dialysis machine calibration and clinical use.

Revenue Model

Transactional and recurring consumable sales (biological indicators, cleaning indicators, reagents, data loggers, accessories), instrument sales, service and recalibration contracts, and sterility assurance testing services to dental offices. Disposable sterilization and disinfection control products are purchased on a routine, repeat basis. Calibration Solutions generates recurring service revenue driven by customers' regulatory recertification requirements.

Customers & Markets

Pharmaceutical and medical device manufacturers, hospitals, blood banks, pharmacies, laboratory environments, dental offices (sterility assurance testing), clinical research labs, contract research organizations, specialty and reference pathology labs, academic and government research facilities, biopharmaceutical research and development teams, food industry, tool industry, dialysis machine manufacturers, and biomedical technicians.

Geographic Exposure

Approximately 52% of revenues earned outside the United States in FY2025. Strong competitive position in North America with limited presence outside the U.S. and Canada for certain product lines. Clinical Genomics derives the majority of revenues from the United States and China. Manufacturing in Bozeman, Montana; San Diego, California; Waldems, Germany; and Munich, Germany.

Financial Snapshot

Revenue
TTM
$249.1M
Gross Margin
TTM
63.48%
Net Income
TTM
$6.712M
Current Assets
2026 Q1
Current Liabilities
2026 Q1
Current Ratio
2026 Q1
171.68%
Total Assets
2026 Q1
Total Liabilities
2026 Q1
Book Value
2026 Q1
$186.2M
Cash
2026 Q1
P/E
TTM
84.05
Free Cash Flow
TTM
$39.58M

Stock Price

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Market Cap: $564.12 Million

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