10-K · June 2, 2026
Mesa Laboratories reported a 3.4% revenue growth to $249.1M for fiscal year 2026, attributed to strong performances in its Sterilization and Disinfection Control and Calibration Solutions divisions. The company's…
Earnings analysis · 10-Q
MLAB earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Mesa reported $60.138 million of revenue and $0.49 diluted EPS for the quarter. Revenue missed the $60.667 million consensus estimate, while operating margin improved sequentially to 5.2%; supplied earnings data also…
Read full summary
Mesa reported $60.138 million of revenue and $0.49 diluted EPS for the quarter. Revenue missed the $60.667 million consensus estimate, while operating margin improved sequentially to 5.2%; supplied earnings data also showed adjusted EPS of $2.68 versus a $2.40 estimate. Cash generation weakened sharply, with free cash flow of approximately $0.884 million versus $14 million in the prior quarter, and management deferred full-year guidance until November.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.49
What stood out
-
Revenue missed consensus; margin improved sequentially
Revenue was $60.138 million, approximately 1.2% below the $60.667 million consensus estimate and below the prior-quarter $64 million level. Gross margin was 62.0%, up from 61.5% in the prior quarter but below 66.2% in 2025Q4.
-
Operating margin recovered sequentially
Operating margin improved to 5.2% from 2.4% in 2025Q4, although it remained below the 12.3% level reported in 2026Q3.
-
Adjusted EPS beat, but GAAP earnings lagged
Diluted EPS was $0.49, while the supplied earnings data reported adjusted EPS of $2.68 versus a $2.40 estimate, a 11.67% adjusted EPS beat. The filing analysis attributed the difference between operating improvement and GAAP earnings to nonoperating expense, which reduced net income by 40.3%.
-
BPD and CS supported growth
BPD and CS were identified as growth drivers, while SDC execution issues pressured sales and China weakness constrained CG. Segment revenue amounts were not disclosed in the supplied filing extract.
-
Free cash flow declined materially
Free cash flow was approximately $0.884 million, sharply below $14 million in the prior quarter and $18 million in 2026Q3, indicating materially weaker cash conversion despite positive reported earnings.
-
Controls and market-risk profile stable
The company reported no material changes to market-risk exposure during the three months ended June 30, 2026, and management concluded disclosure controls were effective as of June 30, 2026.
What to watch
-
Nonoperating expense pressured GAAP earnings
The filing states that nonoperating expense drove a 40.3% decline in net income, creating a significant gap between operating improvement and GAAP diluted EPS of $0.49.
-
Cash conversion deteriorated
Free cash flow fell to approximately $0.884 million from $14 million in the prior quarter, increasing the risk that earnings are not converting into cash at the recent historical rate.
-
Existing operating risks remain
Management reported no material changes to the risk factors in its March 31, 2026 Form 10-K during the three months ended June 30, 2026. Existing risks nevertheless included SDC execution pressure and China weakness affecting CG, with no quantitative segment data provided in the filing extract.
Management's outlook
No quantitative guidance was provided in the filing. Management indicated full-year guidance will be provided in November alongside first-half results; no updated FY2027 outlook was issued.
Earlier filings 4
10-Q · February 3, 2026
Mesa Laboratories reported quarterly revenue of $65,126,000 (up from $62,840,000 a year ago) and produced net income of $3,630,000 for the three months ended December 31, 2025 (versus a net loss of $1,676,000 in the…
10-Q · August 5, 2025
Mesa Laboratories reported quarter revenue of $59,543,000 (up $1,373,000 vs. $58,170,000 a year ago) and GAAP diluted EPS of $0.85 (vs. $0.62 prior year). Gross margin compressed to ~62.0% while operating income…
10-K · May 28, 2025
Mesa Laboratories positions itself as a niche, high-margin supplier of life-science tools and quality-control solutions, growing organically (consumables/higher-usage products) and inorganically via targeted…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.