MLAB · Mesa Laboratories Inc /Co/
One customer — 20% of revenue (fiscal 2026)
“In our Clinical Genomics division, a significant portion of revenues is generated from ongoing purchases by a relatively small number of established customers, with a single customer accounting for approximately 20% of the division's revenues in fiscal 2026.”
Price & Indicators
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Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q1 FY27 earnings call · Aug 10, 2026TL;DR. New CEO Kadia delivered his first call, returning Mesa to positive core organic growth (0.4%, with revenues of $60.1M, +1%) driven by BPD (+5%) and Calibration Solutions (+7.6%), while SDC declined 3.6% on delivery execution issues; AOI excluding unusual items jumped 19.5% to 25.6% of revenues, and net leverage was cut to 1.85x. Full-year fiscal 2027 guidance was deferred to the November call.
- + Returned to positive core organic growth of 0.4% on revenue of $60.1M, up 1%, as expected
- + AOI excluding unusual items rose 19.5% to 25.6% of revenues, a ~390 bps margin expansion
- + Repaid $8.7M of debt, cutting net leverage to 1.85x, below the 2.0x target
- + Next-generation GyroLab platform launch pulled forward to fiscal 2028 with reprioritized R&D investment
- − SDC gross margin contracted 150 bps on lower volumes against a partially fixed cost base
- − GAAP net income fell 40.3% to $2.8M ($0.49/diluted share) on a swing to non-operating expense from FX losses
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| AOI non-GAAP | $15.04M | 1Q27 | — |
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GAAP → non-GAAP reconciliationGAAP Operating income (GAAP) 7.03M
+4.39M Amortization of intangible assets
+2.36M Stock-based compensation expense
+1.25M Depreciation expense
= AOI 15.04M
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| AOI excluding unusual items non-GAAP | $15.42M | 1Q27 | — |
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GAAP → non-GAAP reconciliationGAAP AOI (non-GAAP) 15.04M
+382K Legal settlement
= AOI excluding unusual items 15.42M
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| AOI excluding unusual items per share – basic (non-GAAP) non-GAAP | $2.73 | Three Months Ended June 30, 2026 | — |
| AOI excluding unusual items per share – diluted (non-GAAP) non-GAAP | $2.68 | Three Months Ended June 30, 2026 | — |
| AOI per share - basic (non-GAAP) non-GAAP | $2.66 | Three Months Ended June 30, 2026 | — |
| AOI per share - diluted (non-GAAP) non-GAAP | $2.61 | Three Months Ended June 30, 2026 | — |
| Core organic revenues growth non-GAAP | 0.4% | 1Q27 | — |
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GAAP → non-GAAP reconciliationGAAP Organic revenues growth (non-GAAP) 1%
-0.6% Currency translation
= Core organic revenues growth 0.4%
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| Non-GAAP organic revenues growth non-GAAP | 1% | 1Q27 | — |
| Organic revenues growth - BPD non-GAAP | 5% | 1Q27 | — |
| Organic revenues growth - CS non-GAAP | 7.6% | 1Q27 | — |
| Total Net Leverage Ratio non-GAAP | 1.85 | 1Q27 | — |
| Total revenues growth | 1% | Three Months Ended June 30, 2026 | — |
| Adjusted operating income (non-GAAP) non-GAAP | 59.65M | fiscal year 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Operating income (loss) 18.51M
+18.02M Amortization of intangible assets acquired in a business combination
+5.25M Depreciation of long-lived assets
+17.87M Stock-based compensation
+0K Impairment losses on goodwill and finite-lived intangible assets
= Adjusted operating income (non-GAAP) 59.65M
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| Biopharmaceutical Development revenues from consumables | 35% | fiscal year 2026 filing | — |
| Organic Revenues Growth (non-GAAP) non-GAAP | 3.4% | fiscal year ended March 31, 2026 filing | -26.1% |
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| Single customer share of Clinical Genomics division revenues | 20% | fiscal 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Scientific & Technical Instruments — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
MLAB
this stock
Mesa Laboratories Inc /Co/
|
$690.00M | +57.1% | +2.7% | 145.1 | 8.0% |
|
KEYS
Keysight Technologies, Inc.
|
$57.18B | +65.3% | +8.0% | 46.0 | 1.4% |
|
GRMN
Garmin Ltd
|
$55.19B | +41.1% | +15.1% | 29.5 | 1.7% |
|
COHR
Coherent Corp.
|
$45.44B | +25.7% | +19.2% | 56.3 | 5.6% |
|
TDY
Teledyne Technologies Inc
|
$28.73B | +21.3% | -4.6% | 30.0 | 2.4% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| MLAB | -3.7% | -6.5% | +24.0% | -5.1% | +57.1% |
| SPY | -1.5% | -0.9% | +7.7% | +0.5% | +12.4% |
| vs SPY | -2.2% | -5.6% | +16.3% | -5.6% | +44.7% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.