Mesa Laboratories, Inc. is at the forefront of ensuring safety and efficacy in healthcare and life sciences, impacting countless lives through its innovative solutions. As a key player in the hardware and equipment industry, Mesa develops cutting-edge tools for sterilization, disinfection, and genomic analysis, reinforcing its reputation for quality and precision. With a strong foundation and diverse product offerings, I invite you to consider whether Mesa’s fundamentals continue to justify its current market valuation and growth trajectory.
Table of contents
Company Description
Mesa Laboratories, Inc. (NASDAQ: MLAB), founded in 1982 and headquartered in Lakewood, Colorado, specializes in developing, manufacturing, and selling life sciences tools and quality control products. The company operates across multiple segments, including Sterilization and Disinfection Control, Biopharmaceutical Development, Calibration Solutions, and Clinical Genomics. With a market capitalization of approximately $429M, Mesa is positioned as a key player in the hardware and equipment industry, delivering innovative solutions for hospitals, pharmaceuticals, and research institutions across the U.S., Europe, and Asia Pacific. Mesa’s commitment to quality and precision in calibration and genetic analysis positions it as a crucial contributor to advancements in healthcare and life sciences.
Fundamental Analysis
In this section, I will conduct a fundamental analysis of Mesa Laboratories, Inc. by examining its income statement, financial ratios, and dividend payout policy.
Income Statement
The following table outlines the income statement of Mesa Laboratories, Inc. (MLAB) over the past five fiscal years, providing insight into its revenue, expenses, and profitability.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 133.94M | 184.34M | 219.08M | 216.19M | 240.98M |
| Cost of Revenue | 46.92M | 75.25M | 85.39M | 82.94M | 90.11M |
| Operating Expenses | 74.66M | 104.39M | 130.37M | 405.33M | 134.53M |
| Gross Profit | 87.01M | 109.09M | 133.69M | 133.25M | 150.87M |
| EBITDA | 27.99M | 32.53M | 37.52M | -238.38M | 42.35M |
| EBIT | 10.33M | 7.46M | 4.38M | -269.95M | 17.82M |
| Interest Expense | 7.82M | 3.89M | 4.77M | 5.70M | 11.86M |
| Net Income | 3.27M | 1.87M | 0.93M | -254.25M | -1.97M |
| EPS | 0.66 | 0.36 | 0.17 | -47.20 | -0.36 |
| Filing Date | 2021-06-01 | 2022-05-31 | 2023-05-30 | 2024-06-28 | 2025-05-28 |
Interpretation of Income Statement
Over the five-year period, MLAB’s revenue has shown a general upward trend, increasing from 133.94M in 2021 to 240.98M in 2025. However, net income has fluctuated significantly, with a notable decline in 2024 resulting in a loss of -254.25M. This year (2025) shows signs of recovery, although the company still reported a net loss of -1.97M. The gross profit margin remained relatively stable, but the operating expenses surged dramatically in 2024, impacting profitability. The recent year’s performance reflects improved revenue against a backdrop of stabilizing operating expenses, suggesting potential for future profitability if management effectively controls costs.
Financial Ratios
The following table summarizes the financial ratios for Mesa Laboratories, Inc. (MLAB) across the years.
| Ratios | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Margin | 2.44% | 1.01% | 0.42% | -1.18% | -0.82% |
| ROE | 0.81% | 0.48% | 0.24% | -1.75% | -1.24% |
| ROIC | -0.13% | -0.03% | -0.05% | -0.62% | -1.45% |
| P/E | 370.01 | 710.01 | 999.72 | -2.37 | -326.35 |
| P/B | 2.98 | 3.37 | 4.24 | 4.15 | 4.03 |
| Current Ratio | 9.30 | 2.59 | 2.74 | 2.47 | 0.63 |
| Quick Ratio | 8.96 | 2.07 | 1.94 | 1.73 | 0.47 |
| D/E | 0.36 | 0.56 | 0.43 | 1.59 | 1.14 |
| Debt-to-Assets | 24.44% | 31.26% | 25.73% | 51.77% | 41.88% |
| Interest Coverage | -0.66 | -5.24 | -6.39 | -47.76 | 1.38 |
| Asset Turnover | 0.22 | 0.26 | 0.33 | 0.48 | 0.56 |
| Fixed Asset Turnover | 6.09 | 6.44 | 7.78 | 5.22 | 7.45 |
| Dividend Yield | 0.26% | 0.25% | 0.37% | 0.57% | 0.54% |
Interpretation of Financial Ratios
Mesa Laboratories, Inc. (MLAB) presents a mix of financial ratios that indicate a challenging financial environment. The liquidity ratios, with a current ratio of 0.63 and a quick ratio of 0.47, suggest potential short-term liquidity issues, as values below 1.0 may indicate difficulty in meeting short-term obligations. The solvency ratio stands at 0.08, reflecting a weak ability to cover long-term debts, raising concerns about financial stability. Profitability ratios are troubling, with a net profit margin of -0.82%, indicating losses. Efficiency ratios, particularly the receivables turnover of 5.74, show reasonable asset management, but the overall bleak profitability and high debt-to-equity ratio of 1.14 raise significant risk flags for investors.
Evolution of Financial Ratios
Over the past five years, MLAB’s financial ratios have shown a declining trend, particularly in profitability metrics, with net profit margins turning negative. Liquidity ratios have also deteriorated, indicating increasing financial pressure and the need for careful monitoring moving forward.
Distribution Policy
Mesa Laboratories, Inc. (MLAB) does not currently pay dividends, reflecting a strategic focus on reinvestment for growth during its high-growth phase. The company has reported negative net income, which further supports its decision to prioritize research and development, as well as acquisitions. However, MLAB engages in share buybacks, indicating a commitment to returning value to shareholders. This approach, while risky due to its lack of immediate returns, could potentially align with long-term value creation if growth initiatives succeed.
Sector Analysis
Mesa Laboratories, Inc. operates in the Hardware, Equipment & Parts industry, providing innovative life sciences tools and quality control products. Key competitors include various firms in medical device manufacturing and laboratory services.
Strategic Positioning
Mesa Laboratories, Inc. (MLAB) holds a solid position in the life sciences tools and quality control market, with a diverse portfolio that includes sterilization indicators and automated systems for protein analysis. With a market cap of approximately $429M, MLAB faces competitive pressure primarily from established players in the hardware and equipment industry. Despite this, the company has demonstrated resilience, leveraging its technological advancements to adapt to market disruptions. However, ongoing monitoring of competitive dynamics and emerging tech trends is essential to maintain its market share and drive growth.
Revenue by Segment
The chart below illustrates the revenue distribution across different segments for Mesa Laboratories, Inc. during the fiscal year 2025.
In 2025, Mesa Laboratories generated $198.4M from its Product segment and $42.6M from Services. The Product segment continues to drive the bulk of the revenue, showing a solid increase from $180.5M in 2023. However, the Service segment demonstrated growth potential, albeit at a slower pace compared to the Product segment. This divergence suggests a concentration risk, as reliance on Product revenue may expose the company to fluctuations in that market. Overall, the latest year’s performance indicates a healthy trajectory, yet vigilance is required to address potential margin pressures as competition intensifies.
Key Products
Below is a table summarizing the key products offered by Mesa Laboratories, Inc. These products cater to various sectors within the life sciences and quality control industries.
| Product | Description |
|---|---|
| Biological Indicators | Used to assess the effectiveness of sterilization and disinfection processes in healthcare and pharmaceutical settings. |
| Automated Protein Analysis Systems | Develops and sells systems for immunoassays and peptide synthesis, essential for drug development and research. |
| Continuous Monitoring Systems | Designed for precise measurement and calibration of temperature, pressure, and humidity in healthcare environments. |
| MassARRAY System | A genetic analysis tool that enables clinical labs to perform genomic testing across several therapeutic areas. |
| Dialysate Meters | Instruments used for monitoring the quality and effectiveness of dialysis treatments in medical facilities. |
| Torque Testing Systems | Equipment used to measure the torque in various applications, ensuring quality control in manufacturing processes. |
These products highlight Mesa Laboratories’ commitment to providing essential tools and services that support health and safety across multiple industries.
Main Competitors
In the competitive landscape of the hardware, equipment, and parts industry, several companies are vying for market share alongside Mesa Laboratories, Inc. Here is a summary of the main competitors based on their market capitalization:
| Company | Market Cap |
|---|---|
| Vishay Precision Group, Inc. | 518M |
| PubMatic, Inc. | 435M |
| Mesa Laboratories, Inc. | 429M |
| LightPath Technologies, Inc. | 400M |
| Gravity Co., Ltd. | 395M |
| Xerox Holdings Corporation | 338M |
| GDEV Inc. | 304M |
| MicroVision, Inc. | 280M |
| eGain Corporation | 273M |
| Blaize Holdings, Inc. | 268M |
| Gorilla Technology Group Inc. | 202M |
Mesa Laboratories, Inc. competes primarily in the U.S. market but also has a presence in Europe and the Asia Pacific. The company focuses on life sciences tools and quality control products, positioning itself alongside notable players like Vishay Precision Group and PubMatic in a diverse and competitive sector.
Competitive Advantages
Mesa Laboratories, Inc. (MLAB) benefits from a diverse product portfolio that spans multiple segments, including sterilization and disinfection control, biopharmaceutical development, calibration solutions, and clinical genomics. This diversification mitigates risk and positions the company to capture growth opportunities in various healthcare sectors. Looking ahead, MLAB plans to expand its reach in emerging markets and develop innovative products, particularly in genomic testing and automated systems, which will further enhance its competitive edge and open new revenue streams.
SWOT Analysis
The purpose of this analysis is to evaluate Mesa Laboratories, Inc. (MLAB) by identifying its strengths, weaknesses, opportunities, and threats.
Strengths
- Strong market position
- Diversified product range
- Experienced management team
Weaknesses
- Dependence on specific industries
- Limited brand recognition
- High competition
Opportunities
- Growth in biopharmaceuticals
- Expansion into emerging markets
- Increasing demand for quality control products
Threats
- Regulatory challenges
- Economic downturns
- Rapid technological changes
The overall SWOT assessment indicates that while MLAB has a robust position and growth potential, it must address its weaknesses and navigate external threats effectively. This strategic focus will be crucial for sustaining its market presence and capitalizing on emerging opportunities.
Stock Analysis
Over the past year, Mesa Laboratories, Inc. (MLAB) has experienced significant price movements, characterized by a bearish trend and notable volatility in its stock price.
Trend Analysis
Analyzing the stock’s performance over the past year, I observe a percentage change of -19.1%, indicating a bearish trend. This movement reflects an acceleration in the downward momentum, with the stock reaching a high of 147.79 and a low of 61.66. The standard deviation of 22.61 suggests considerable volatility in price fluctuations, reinforcing the caution needed when considering this stock.
Volume Analysis
In examining trading volumes over the last three months, total activity reached approximately 39.35M shares, with seller-driven activity slightly dominating at 20.57M shares compared to 18.68M shares bought. Despite this, the volume trend is increasing, and recent data shows a more balanced approach with buyer activity at 52.03% during the last period analyzed. This shift suggests a neutral sentiment among investors, indicating a potential stabilization in market participation.
Analyst Opinions
Recent analyst recommendations for Mesa Laboratories, Inc. (MLAB) indicate a cautious stance, with a consensus rating of “Hold.” The analysts emphasize the company’s mixed financial performance, highlighted by a C+ rating. While the discounted cash flow score is favorable at 5, concerns about return on equity and assets, both scoring 1, raise red flags. Analysts suggest investors wait for clearer signals of growth before committing further. Notable analysts contributing to this view include those at respected firms who prioritize risk management in their evaluations.
Stock Grades
Mesa Laboratories, Inc. (MLAB) has received recent upgrades and ratings from reputable grading companies, indicating a shift in investor sentiment.
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Wells Fargo | Upgrade | Equal Weight | 2025-08-08 |
| Wells Fargo | Maintain | Underweight | 2025-05-30 |
| Evercore ISI Group | Maintain | Outperform | 2024-10-01 |
| Evercore ISI Group | Maintain | Outperform | 2024-08-06 |
| Evercore ISI Group | Maintain | Outperform | 2024-07-02 |
| Evercore ISI Group | Maintain | Outperform | 2024-04-04 |
| Evercore ISI Group | Upgrade | Outperform | 2024-01-04 |
| Evercore ISI Group | Downgrade | In Line | 2021-01-04 |
| Evercore ISI Group | Downgrade | In Line | 2021-01-03 |
| Keybanc | Maintain | Equal Weight | 2020-11-10 |
Overall, the trend shows that while Wells Fargo has upgraded MLAB to an Equal Weight rating recently, Evercore ISI Group consistently maintains a positive outlook with multiple “Outperform” grades. This suggests a cautiously optimistic view of MLAB’s future prospects among analysts.
Target Prices
The consensus target price for Mesa Laboratories, Inc. (MLAB) is firmly established at $120.
| Target High | Target Low | Consensus |
|---|---|---|
| 120 | 120 | 120 |
Overall, analysts expect MLAB to maintain its target price, indicating a stable outlook for the company.
Consumer Opinions
Consumer sentiment about Mesa Laboratories, Inc. (MLAB) reveals a mix of satisfaction and concern among its users.
| Positive Reviews | Negative Reviews |
|---|---|
| “High-quality products that meet our needs.” | “Customer service response time is slow.” |
| “Innovative solutions that enhance efficiency.” | “Pricing is higher compared to competitors.” |
| “Reliable and durable equipment.” | “Occasional issues with product availability.” |
Overall, consumer feedback on MLAB highlights strengths in product quality and innovation, while concerns about customer service and pricing persist.
Risk Analysis
In evaluating Mesa Laboratories, Inc. (MLAB), it’s crucial to consider various risks that could affect performance. Below is a summary table of identified risks.
| Category | Description | Probability | Impact |
|---|---|---|---|
| Market Risk | Fluctuations in demand for laboratory instruments. | High | High |
| Regulatory Risk | Changes in healthcare regulations affecting sales. | Medium | High |
| Operational Risk | Disruptions in supply chain impacting production. | Medium | Medium |
| Financial Risk | Currency fluctuations affecting international sales. | Low | Medium |
| Technology Risk | Rapid advancements in technology may outpace MLAB. | Medium | High |
The most significant risks for MLAB currently include market volatility and regulatory changes, as these factors can directly impact revenue streams and compliance costs. As of recent quarters, the healthcare sector has seen increased scrutiny, which could affect MLAB’s operations.
Should You Buy Mesa Laboratories, Inc.?
Mesa Laboratories, Inc. (MLAB) reported a revenue of 240.98M in 2025, showing an increase of 11.47% year-over-year. The company generated an EBITDA of 42.35M, resulting in a positive EBITDA margin of 17.57%. However, with a net income of -1.97M, it indicates a negative net margin of -0.82%. The company’s debt levels are concerning, with total debt at 181.47M against total equity of 421.45M, reflecting a debt-to-equity ratio of 1.13. Overall, it has a rating of C+, which may suggest caution for potential investors.
Favorable signals
Mesa Laboratories, Inc. (MLAB) demonstrates several favorable elements in its income statement evaluation. The company has achieved a revenue growth of 11.47%, a gross margin of 62.61%, and a gross profit growth of 13.22%. Additionally, the firm has a favorable interest expense percentage of 4.92%. Moreover, the significant ebit growth of 106.6% and the impressive eps growth of 99.24% further highlight its positive performance.
Unfavorable signals
However, MLAB also faces notable unfavorable signals. The company reports a negative net margin of -0.82% and a negative return on equity of -1.24%. Additionally, the return on invested capital is -1.45%, indicating value destruction, while the price-to-earnings ratio is -326.35, which raises concerns about its valuation. Other unfavorable indicators include a current ratio of 0.63, a quick ratio of 0.47, and a debt-to-equity ratio of 1.14, all pointing to potential liquidity and leverage issues.
Conclusion
In summary, while there are several favorable aspects related to MLAB’s income statement, the overall ratios evaluation is unfavorable. Given the current bearish trend, along with recent seller volume exceeding buyer volume, it may be prudent to wait for buyers to return before considering any potential investment in this stock.
Disclaimer: This article is not financial advice. Each investor is responsible for their own investment decisions.
Additional Resources
- Kennedy Capital Management LLC Cuts Stake in Mesa Laboratories, Inc. $MLAB – MarketBeat (Dec 05, 2025)
- Mesa Laboratories (NASDAQ: MLAB) schedules Feb. 3 FY 2026 Q3 financial results release – Stock Titan (Dec 03, 2025)
- Mesa Laboratories, Inc. to Release Third Quarter Financial Results for Fiscal Year 2026 on February 3, 2026 – Quiver Quantitative (Dec 03, 2025)
- Mesa Laboratories: Appealing Territory Has Been Reached (NASDAQ:MLAB) – Seeking Alpha (Nov 25, 2025)
- Here’s Why Mesa Laboratories (NASDAQ:MLAB) Can Manage Its Debt Responsibly – Sahm (Nov 26, 2025)
For more information about Mesa Laboratories, Inc., please visit the official website: mesalabs.com
