1. Mettler-Toledo for critical lab and industrial measurement and sterilization validation.

2. A focused Teledyne Technologies for lab and industrial environmental monitoring and sterilization validation.

3. National Instruments specializing in critical environmental monitoring and sterilization validation for regulated industries.

• Biological & Chemical Indicators: These products are used to monitor and validate the effectiveness of sterilization processes for medical devices and pharmaceutical products.
• Sterilization & Disinfection Monitoring Instruments: Mesa provides instruments for real-time monitoring of sterilization and disinfection processes, ensuring compliance and safety in critical environments.
• Calibration & Validation Equipment: This category includes high-precision instruments for measuring and validating temperature, humidity, pressure, and other environmental parameters in regulated industries.
• Gas Flow Measurement Devices: Mesa offers a range of instruments designed for accurate measurement and control of gas flow rates in laboratory, medical, and industrial applications.
• Medical Device Testing Services: The company provides contract testing services to medical device manufacturers, supporting regulatory submissions and quality assurance through biocompatibility and sterility testing.

Mesa Laboratories (symbol: MLAB) primarily sells its products and services to other companies and institutions (B2B) rather than directly to individuals. According to their latest Annual Report (10-K), Mesa Laboratories states that no single customer accounted for 10% or more of their consolidated revenue in fiscal years 2023, 2022, or 2021. Therefore, specific names of major customer companies are not publicly disclosed.

However, Mesa Laboratories describes its diverse customer base within several highly regulated markets. The major categories of customers they serve include:

• Pharmaceutical and Medical Device Manufacturers: Companies involved in the production of drugs, biologics, and medical devices, utilizing Mesa's sterility assurance and environmental monitoring solutions.
• Hospitals and Research Institutions: Healthcare providers and scientific research facilities that use Mesa's products for sterility assurance, environmental monitoring, and critical equipment calibration.
• Industrial Hygiene and Calibration Laboratories: Laboratories focused on workplace safety, environmental monitoring, and precise measurement, relying on Mesa's calibration and analytical instrument solutions.

Additionally, Mesa Laboratories serves government agencies and other life science and industrial applications, including the semiconductor industry.

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Gary Owens, President & Chief Executive Officer

Gary Owens joined Mesa Laboratories in March 2017 as Chief Operating Officer, and was promoted to President and Chief Executive Officer in September 2017. Prior to joining Mesa, Mr. Owens spent 11 years at Danaher Corporation, a multi-billion dollar global science and technology innovator. At Danaher, he held various Vice President positions, with responsibilities including acquiring and integrating new companies, and leading portions of Beckman Coulter Life Sciences as General Manager. Before his tenure at Danaher, Mr. Owens worked in the technology sector, where he successfully oversaw the development of several software product lines and expanded sales channels and networks.

John V. Sakys, Vice President, Chief Financial Officer & Chief Accounting Officer

John V. Sakys was appointed Chief Financial Officer of Mesa Laboratories in October 2012. From 2009 through October 2012, Mr. Sakys held several positions with The Berry Company, LLC, and its predecessor company, Local Insight Regatta Holdings, Inc., most recently as Vice President and Chief Accounting Officer. Between 2001 and 2009, he served as Vice President and Chief Financial Officer of Isonics Corporation, a NASDAQ-listed manufacturing company based in the Denver area. His earlier experience includes serving as Controller of AuraServ Communications from September 2000 to April 2001, Director of Financial Reporting for Media One, Inc. from July 1998 to September 2000, and an audit manager at Ernst and Young LLP from December 1994 to July 1998.

Brian Archbold, Senior Vice President, Continuous Improvement

Brian Archbold joined Mesa Laboratories in January 2018 as Senior Vice President, Continuous Improvement. From January 2015 to 2018, Mr. Archbold worked for Quadion LLC as Vice President of Global Operations. Prior to that, from September 2012 to January 2015, he was Director of Operations for Beckman Coulter, which is part of Danaher Corporation. Before joining Danaher, Mr. Archbold held various senior leadership positions in Operations at Thermo Fisher Scientific, and he began his career in Supply Chain Management at IBM.

Glenn Adriance, VP and Chief Sales & Marketing Officer

Glenn Adriance is an accomplished executive with over 30 years of experience in sales, management, and operations, particularly within the technology and healthcare sectors. Currently serving as the VP and Chief Sales & Marketing Officer at Mesa Laboratories, he has a proven track record of driving sales growth and operational excellence. His career includes significant leadership roles at both IBM and various smaller firms, showcasing his adaptability and strategic vision. Mr. Adriance's expertise spans multiple domains, including business development, change management, and quality assurance.

Mesa Laboratories (MLAB) operates in several key markets, providing life science tools and critical quality control solutions. The addressable markets for its main products and services are sized as follows:

Sterilization and Disinfection Control

• Mesa Laboratories manufactures and sells biological and chemical indicators used to assess the effectiveness of sterilization and disinfection processes.
• The global biological indicators market was estimated at USD 534.80 million in 2024 and is projected to reach USD 1.11 billion by 2033, growing at a compound annual growth rate (CAGR) of 8.59% from 2025 to 2033.
• Another estimate places the global biological indicators market size at USD 799.4 million in 2024, with a projected growth to USD 1,164.5 million by 2032, exhibiting a CAGR of 4.9%.
• The combined global biological and chemical indicators market is estimated to be valued at USD 549.8 million in 2025 and is projected to reach USD 904.2 million by 2035, registering a CAGR of 5.1% over the forecast period.
• North America dominated the global biological indicators industry with a 42.42% revenue share in 2024. The U.S. alone accounted for 90.01% of the North American biological indicators market in 2024. North America also held a 37.24% market share in the biological indicators market in 2024.

Calibration Solutions

• Mesa Laboratories designs, manufactures, and markets quality control and calibration products that measure or calibrate parameters such as temperature, pressure, and humidity. This segment also includes continuous monitoring systems, data loggers, gas flow calibration, and dialysate meters.
• The global calibration equipment market was valued at USD 0.56 billion in 2025 and is expected to reach USD 0.92 billion by 2035, with a CAGR of 5.1% from 2025 to 2035.
• Another report projects the global calibration equipment market to grow from USD 1.1 billion in 2023 to USD 1.7 billion by 2032, at a CAGR of 5.1%.
• North America leads the calibration equipment market with a 38% market share.

Continuous Environmental Monitoring

• Mesa Laboratories offers continuous monitoring products to ensure the safety, quality, and integrity of environmentally sensitive assets and processes. This falls under the broader environmental monitoring market.
• The global environmental monitoring market is projected to reach USD 33.9 billion by 2031, growing at a CAGR of 8.4% from 2024 to 2031.
• Another valuation of the global environmental monitoring market size was USD 16.78 billion in 2024 and is expected to reach USD 24.80 billion by 2032, at a CAGR of 5.00%.
• The global environmental monitoring market reached USD 23.28 billion in 2024 and is expected to reach USD 40.60 billion by 2033, exhibiting a CAGR of 6.05% during 2025-2033.
• North America is expected to account for the largest share, over 34.4%, of the environmental monitoring market in 2024. North America's market share is anticipated to be 36.22%.

Laboratory Testing Equipment and Services

• Mesa Laboratories provides contract laboratory testing services and equipment for various laboratory and healthcare environments.
• The global laboratory equipment market was estimated at USD 22.7 billion in 2024 and is expected to grow from USD 23.9 billion in 2025 to USD 39.8 billion in 2034, at a CAGR of 5.8%.
• Another report valued the global laboratory equipment market size at USD 30.9 billion in 2023, with an expectation to reach USD 60.25 billion by 2032, growing at a CAGR of 7.7% over the forecast period 2024-2032.
• North America emerged as the leading region in the laboratory equipment market in 2023, holding a substantial share of 39%. The U.S. laboratory equipment market is projected to increase from USD 10.00 billion in 2023 to USD 19.46 billion by 2032, reflecting a strong CAGR of 7.70%.

Biopharmaceutical Development

• Mesa Laboratories develops, manufactures, and sells automated systems for protein analysis (immunoassays) and peptide synthesis solutions.
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Clinical Genomics

• Mesa Laboratories' Clinical Genomics segment develops, manufactures, and sells genetic analysis tools, including the MassARRAY system and consumables, used for genomic clinical testing.
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Mesa Laboratories (MLAB) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives, strong performance in key divisions, and operational efficiencies.

Here are 3-5 expected drivers of future revenue growth:

1. Growth in Key Product Divisions: Mesa Laboratories anticipates continued strong performance from its Biopharmaceutical Development and Calibration Solutions divisions. The Biopharmaceutical Development division has seen robust core organic revenue increases, driven by higher sales of Peptides instruments and previously delayed bookings. Similarly, the Calibration Solutions division has achieved significant core organic revenue growth through strong commercial execution and strategic price increases. Continued focus and innovation within these high-performing segments are expected to be a primary growth driver.
2. Backlog Fulfillment and Contribution from Acquisitions: The Sterilization and Disinfection Control (SDC) division is addressing a substantial backlog of orders, which is expected to translate into increased revenue as manufacturing productivity improves and past-due orders are fulfilled. Additionally, the successful acquisition of GKE in 2023 has already contributed significantly to the SDC segment's annual revenue growth, a positive impact expected to continue in the coming years.
3. Strategic Pricing Initiatives: Mesa Laboratories has implemented price increases, particularly in its Calibration Solutions division and across North America, which have positively impacted revenue and helped to mitigate other financial headwinds like tariffs. The ability to strategically adjust pricing in response to market conditions is a key factor in driving future revenue growth.
4. Strategic Reinvestment and Operational Efficiency: The company is focused on cost management and plans to reinvest savings into its Sterilization and Disinfection Control division to support long-term growth. This strategic reinvestment, coupled with efforts to enhance operational efficiency and product offerings, is expected to boost top-line performance and drive revenue expansion.

Capital Allocation Decisions of Mesa Laboratories (MLAB) Over the Last 3-5 Years

Share Repurchases

• Mesa Laboratories has an authorized share repurchase plan from November 2005 for up to 300,000 common shares, but no shares have been purchased under this plan in any period presented within the last five years.
• In April 2024, the company repurchased $75 million face value of its 1.375% convertible notes due 2025.
• On August 15, 2025, Mesa Laboratories repaid the remaining $97.5 million aggregate principal of its 1.375% Convertible Senior Notes due August 2025, effectively retiring the notes.

Share Issuance

• On June 9, 2020, Mesa Laboratories completed a public offering of 600,000 shares of common stock at $225.00 per share, generating gross proceeds of approximately $135 million.

Outbound Investments (Acquisitions)

• Mesa Laboratories acquired Agena Bioscience, Inc. for a cash purchase price of $300 million. This acquisition was announced in September 2021 and completed in Mesa's third fiscal quarter ending December 31, 2021 (fiscal year 2022).
• In October 2023, Mesa Laboratories completed the acquisition of GKE-GmbH's sterilization indicators business and its testing lab, SAL GmbH. Additionally, the acquisition of GKE's Chinese sales entity was completed on December 31, 2023. The total purchase price for the GKE entities was €85 million (approximately $90-95 million).

Capital Expenditures

• Mesa Laboratories reported capital expenditures of approximately $4.37 million for fiscal year 2025 (ending March 31, 2025), $4.50 million for fiscal year 2024, and $2.57 million for fiscal year 2023.
• Capital spending in the Biopharmaceutical Development division has been consistently strong, particularly noted in the second fiscal quarter of 2026 (ended September 30, 2025).
• Improved capital spending in biopharmaceutical markets contributed to increased hardware and software sales for the Biopharmaceutical Development division in fiscal year 2025.