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Investor Relations Presentation J.P . Morgan 2026 Healthcare Conference Gary Owens, President and CEO John Sakys, CFO
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2 The information provided in this presentation contains forward-looking statements within the meaning of the federal securities laws. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, including statements relating to: projections of revenues, growth, operating results, profit margins, expenses, earnings, margins, tax rates, tax provisions, cash flows, liquidity, demand, competition, the effects of additional actions taken to become more efficient or lower costs; restructuring activities; acquisitions or divest itures and the integration of and future performance of acquired businesses; our ability to integrate the acquired business and personnel and to achieve expect ed synergies; our ability to maintain or expand the historical sales of the acquired business; our ability to accurately forecast the acquisition, related restructuring costs and allocation of the purchase price, goodwill and other acquired intangibles and other asset adjustments; the risk of any litigation relating to the transaction; changes in legal and regulatory matters; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilit ies; ability of the Company to achieve its financial and strategic objectives and continue to increase its revenues; foreign currency exchange rates and flu ctuations in those rates; general economic, industry, and capital markets conditions; supply chain challenges; cost pressures and the overall effects of the cu rrent high inflation environment on customers; the timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Mesa intends or believes will or may occur in the future. Without limiting the foregoing, the words “expect ,” “anticipate,” “seek,” “intend,” “plan,” “believe,” “could,” “estimate,” “may,” “target,” “project,” and similar expressions identify forward-looking statements. However, the absence of these words or similar expressions does not mean that a statement is not forward -looking. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to risks and uncertainties relating to our operat ions and business environments, all of which are difficult to predict and many of which are beyond our control, that could cause our actual res ults to differ materially from those matters expressed or implied by these forward-looking statements. Such risks and uncertainties include, but are not limited to, those described in our Annual Report on Form 10-K for the year ended March 31, 2025, and those described from time to time in our subsequent reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this presentation and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. In this presentation, we refer to non-GAAP financial measures including adjusted operating income (AOI) which is defined to exclude the non -cash impact of amortization of intangible assets acquired in a business combination, stock -based compensation, depreciation and impairment of g oodwill and long-lived assets. We also present this information excluding unusual items. See reconciliations of the non -GAAP financial measures to the most directly comparable GAAP financial statements in this presentation. We are unable to provide a reconciliation of forward-looking AOI or adjusted gross profit because components of the calculations are inherently unpredictable and currently unknown. Safe Harbor Statement
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Life Science Tools for Protect the Vulnerable. Our purpose is to 3 mission critical quality control in regulated markets
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4 Mesa Laboratories, Inc. (NASDAQ:MLAB), is a global leader in the design and manufacture of life science tools and critical quality control solutions. About Mesa labs Clinical Genomics Biopharmaceutical Development Calibration Solutions Sterilization & Disinfection Control $47.1M 21% $93.4M 39% $48.7M 20% $51.8M 21% • Leading diversified biopharma tools and solutions provider • Operating in highly-regulated end markets with ‘sticky’ revenue streams • Little to no exposure to NIH funding • Broad platform for accretive, strategic M&A opportunities • Disciplined and incentivized management team, deep operating experience, and focus on deploying firm wide lean operating model – “The Mesa Way” Fiscal 2025 Revenue
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Life Science Tools for Quality Control 5 * See reconciliation table at the back of this presentation for definitions and items adjusted for AOI and AOI excluding unusual items ** High Growth Verticals include Biopharmaceutical, Medical Device, and Genomics Note: Any reference to the term “year” in this presentation refers to our fiscal year ending March, 31 ∆ Core Organic Revenues CAGR FY17 vs FY20-FY25 CAGR ~1% to ~3.6% Accelerating core organic revenues growth via strong commercial execution as overall LST market slows Lean Events last year 42 Continuously improving execution - the Mesa Way! ∆ High Growth Vertical exposure last 5 years ** 50% to 69% Transforming our strategic options and long-term growth potential FY25 GP% and AOI excluding unusual items* 62.6% / 23.5% Possessing strong operating leverage and bottom-line profitability 5-year Revenues CAGR +15.4% Continuing a long track record of high growth driven both organically and via M&A FY25 Revenues $241M Diversified Life Sciences Tools company in highly regulated markets
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6 $0 $10 $20 $30 $40 $50 $60 $0 $50 $100 $150 $200 $250 $300 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Revenues AOI AOI excluding unusual items Revenues ($M) AOI & AOI ex unusual items ($M) Long history of compounding financial returns: 2015-25 CAGR = 13% Revenues; 9% AOI and 9% AOI excluding unusual items FYE: March 31 Long Term Financial Performance
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Genomics 7 Divisions & Solutions (Growth drivers, headwinds, tailwinds) Quality control tools vital to patient health Clinical Genomics $47.1M / MSD* Calibration Solutions - $51.8M / LSD* Biopharmaceutical Development - $48.7M / LDD* Sterilization & Disinfection Control $93.4M / MSD+* * FY25 revenues / long term core revenue CAGR potential Proteins Microorganisms Physical & Chemical • Largest business unit • >99% consumables and services • Healthy biopharma and med device demand drive MSD+ growth over the long term • Orders growth currently outpacing revenues growth • Accelerating IAS demand in China • IAS consumables and services growing MSD • Strong demand for GLP-1’s driving peptide demand • Strong execution in renal & continuous monitoring business • Modest benefit from pricing • Driving LDD growth ex-China in FY’26 • China continues to contract due to macroeconomic and tariff uncertainty as well as ongoing regulatory headwinds • China now less than 10% of revenues so future downside is limited • Expect PGx testing to be a growth driver as states mandate reimbursement
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8 Biopharma Driven Application Examples Mission critical quality control applications across regulated Biopharma, Medical Device, Genomics, and other regulated verticals Healthcare ServicesDevelopment Key: PK/PD/Tox Immunogenicity Affinity Biomarkers Titer Impurity Affinity PGx Contract Studies Sterility Control Titer Impurity Affinity Sterility Control IQOQ IQOQ Monitoring PGx* DPYD* Sterility Control IQOQ Monitoring Bioprocessing / Manufacturing * Research use only Clinical Genomics Calibration SolutionsBiopharmaceutical Development Sterilization & Disinfection Control Product Patients
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9 Preclinical Development to Personalized Medicine FDA guidelines require robust data supporting safety, efficacy, and dosing in drug development which later supports personalized medicine in healthcare services * Research use only What does the body do to the drug? Drug absorption, distribution, metabolism, and excretion PHARMACOKINETICS (PK) How does the immune system respond to the drug? Immune system impact on safety, efficacy, and side effects IMMUNOGENICITY PHARMACODYNAMICS (PD) What does the drug do to the body? The relationship between drug concentration and its effects How do genes shape the body’s response? Genetic markers that influence drug metabolism and response PHARMACOGENETICS (PGx)
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Biopharmaceutical Medical Device Medical Device Heathcare Services Heathcare Services Food, Other Food, Other 0% 20% 40% 60% 80% 100% FY19 FY25 10 Increased exposure to higher growth verticals* with strong opportunities for innovation * High Growth Verticals = Biopharmaceutical, Medical Device, and Genomics Vertical Market Exposure Percentage of FY25 Revenue Biopharmaceutical Long Term Growth Drivers • Discoveries linking genotype to phenotype • Greater adoption of proactive screening • Adoption outside the USA • Increasing device complexity • Strong R&D investment in biologics over last 15+ years • Increased IND submissions for protein and other advanced therapeutics • Increasing costs / time pressure to bring new molecules from IND to approval $103M $241M Clinical Genomics
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Consumables Service OPEX Hardware* CAPEX HW Biopharmaceutical Medical Device Healthcare Services 0% 20% 40% 60% 80% 100% Verticals Revenue Type Equipment / Process Validation Data Loggers 11 Strong regulatory drivers + high recurring revenue mix = lower revenue volatility * <$15,000 per order Diversified Revenue Mix Percentage of FY25 Revenue Food, Other Examples Dialysis Calibration Meters Protein Analysis Consumables & Reagents Biologic & Chemical Sterility Indicators Clinical Genomics Consumables & Reagents Centralized Service Field ServiceClinical Genomics
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13 M&A Example: GKE Differentiated, proven, flexible platform of sterilization indicators targeting healthcare services Broad indicator portfolio focused on healthcare sterilization workflows Initial Wash Sterilization Cycle Medical Procedure Sterilization Prep Sterile Storage Cleaning Indicators Biological & Chemical Indicators Chemical Indicators Routine monitoring of validated instrument wash cycles Validate sterility Proof of sterilization and data tracking Chemical Indicators Indicators added to each instrument package Chemical Indicators Medical instrument sterility assurance
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14 M&A Example: GKE Strategic Rationale Complementary Products Complementary Customer Access The Mesa Way Strength in chemical indicators complementing Mesa’s strength in biologic indicators which are used in the same sterility validation workflows Deep healthcare focused commercial capability and geographic coverage complement Mesa’s life science expertise Opportunity to leverage The Mesa Way to accelerate sustainable growth in a highly attractive business Accretive to Mesa on multiple levels Projected* Revenues $21M-$22M MSD Long Term Core Revenues Growth GP%^ low 70s AOI%*^ 37% – 40% *Represents Mesa’s first full year of ownership ^Excluding the impact of purchase accounting and integration expenses Actual* Revenues $24.4M
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15 Future • Strong long term organic growth in high quality verticals • Penetrating new applications in advanced therapeutics, applications complimentary to NGS and niche sterility solutions • Expanding geographically with a focus on leveraging APAC team • Strong commercial execution by leveraging The Mesa Way • Robust cash flow and high operating leverage • Improving balance sheet with $21.3M in Cash and Total Net Leverage Ratio* of 3.02 • Experienced acquirer prepared to capitalize on inorganic opportunities Strategic focus to improve balance sheet and position Mesa for sustainable, high quality future growth * Total Net Leverage Ratio under our Credit Facility is defined as the ratio of total debt minus unrestricted cash in excess of $10 million as compared to 12 months trailing EBITDA. EBITDA, a non-GAAP metric, for purposes of this calculation, is defined as net income plus the sum of interest expense, income tax expense, depreciation, amortization, unusual or non-recurring non-cash charges and stock compensation expense.
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16 Appendix
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17 Financial Details – Fiscal Year (Dollars in Thousands) FY25 FY24 FY23 FY22 FY21 Revenues $240,978 $216,187 $219,080 $184,335 $133,937 (% YoY) 11.5% (1.3)% 18.8% 37.6% 13.8% Sterilization and Disinfection Control (Organic % YoY) 4.7% 1.9% 9.4% 11.2% 7.0% Calibration Solutions (Organic % YoY) 8.3% 6.6% (4.4%) (0.1)% (9.3%) Biopharmaceutical Development (Organic % YoY) 19.7% (14.3)% 3.8% 34.5% 19.3% Clinical Genomics (Organic % YoY) (10.5)% (15.6)% (12.9)% NA NA Total (Organic % YoY) 4.6% (5.6)% 0.6% 13.1% 1.2% Gross profit $150,870 $133,250 $133,693 $109,090 $87,014 (% Rev) 62.6% 61.6% 61.0% 59.2% 65.0% AOI excluding unusual items (non-GAAP) $56,737 $50,505 $50,134 $49,867 $39,155 (% Rev) 23.5% 23.4% 22.9% 27.1% 29.2% Operating income (loss) $16,336 $(272,075) $3,320 $4,702 $12,358 (% Rev) 6.8% (125.8)% 1.5% 2.6% 9.2% Net (loss) income $(1,974) $(254,246) $930 $1,871 $3,274 (% Rev) (0.8)% (117.6)% 0.4% 1.0% 2.4%
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18 Financial Details - Quarterly (Dollars in Thousands) 1Q26 2Q26 YTD 1Q25 2Q25 YTD Revenues $59,543 $60,737 $120,280 $58,170 $57,833 $116,003 (% YoY) 2.4% 5.0% 3.7% 14.9% 8.8% 11.7% Sterilization and Disinfection Control (Organic % YoY) 10.7% (0.4)% 5.2% 4.9% (4.3)% 0.1% Calibration Solutions (Organic % YoY) 4.7% 10.7% 7.7% 3.0% 8.2% 5.6% Biopharmaceutical Development (Organic % YoY) (4.3)% 17.3% 6.4% 21.4% 28.9% 25.0% Clinical Genomics (Organic % YoY) (9.7)% (3.1)% (6.4)% (14.7)% (26.0)% (20.8)% Total (Organic % YoY) 2.4% 5.0% 3.7% 2.5% (2.2)% 0.1% Gross Profit $36,939 $37,331 $74,270 $37,249 $35,455 $72,704 (% Rev) 62.0% 61.5% 61.7% 64.0% 61.3% 62.7% AOI excluding unusual items (non-GAAP) $ 12,902 $15,233 $28,135 $ 15,341 $14,352 29,693 (% Rev) 21.7% 25.1% 23.4% 26.4% 24.8% 25.6% Operating income (Loss) $3,064 $4,724 $7,788 $5,580 $3,508 $9,088 (% Rev) 5.1% 7.8% 6.5% 9.6% 6.1% 7.8% Net income (Loss) $4,742 $2,476 $7,218 $3,388 $3,428 $6,816 (% Rev) 8.0% 4.1% 6.0% 5.8% 5.9% 5.9%
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19 Financial Details – Fiscal Year (Dollars in Thousands) FY25 FY24 FY23 Revenues $240,978 $216,187 $ 219,080 (% YoY) 11.5% (1.3)% 18.8% Sterilization and Disinfection Control (Core Organic* % YoY) 5.2% 0.6% 12.2% Calibration Solutions (Core Organic* % YoY) 8.3% 6.6% (4.1)% Biopharmaceutical Development (Core Organic* % YoY) 20.3% (13.4)% 10.9% Clinical Genomics (Core Organic* % YoY) (10.1)% (14.2)% (0.9)%^ Total (Core Organic* % YoY) 5.0% (5.4)% 5.2% * Core organic revenues growth, a non-GAAP measure, is reported revenues growth excluding the impact of acquisitions and currency translation. Core organic revenues growth was not tracked prior to FY23. ^ Core organic revenues growth for the Clinical Genomics segment for the year ended March 31, 2023 consists of the period October 20, 2022 through March 31, 2023 as compared to the same period in the prior year.
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20 Financial Details – Quarterly (Dollars in Thousands) 1Q26 2Q26 YTD 1Q25 2Q25 YTD Revenues $59,543 $60,737 $120,280 $58,170 $57,833 $116,003 (% YoY) 2.4% 5.0% 3.7% 14.9% 8.8% 11.7% Sterilization and Disinfection Control (Core Organic* % YoY) 7.5% (3.2)% 2.2% 5.2% (5.2)% (0.2)% Calibration Solutions (Core Organic* % YoY) 4.8% 10.8% 7.8% 2.6% 8.2% 5.4% Biopharmaceutical Development (Core Organic* % YoY) (7.0)% 16.4% 4.6% 23.5% 27.9% 25.6% Clinical Genomics (Core Organic* % YoY) (10.7)% (3.6)% (7.1)% (14.3)% (26.5)% (20.8)% Total (Core Organic* % YoY) 0.4% 3.7% 2.1% 3.0% (2.8)% 0% * Core organic revenues growth, a non-GAAP measure, is reported revenues growth excluding the impact of acquisitions and currency translation.
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21 (Dollars in Thousands) FY25 FY24 FY23 FY22 FY21 Operating Income (loss) $16,336 $(272,075) $3,320 $4,702 $12,358 Amortization of intangible assets 19,145 27,341 28,821 21,806 14,513 Stock-based compensation expense 13,142 11,936 12,538 11,391 9,268 Depreciation expense 5,382 4,233 4,313 3,262 3,147 Impairment loss on goodwill and long-lived assets -- 274,533 -- -- -- Adjusted Operating Income* $54,005 $45,968 $48,992 $41,161 $39,286 Non-cash GKE inventory step-up 1,232 1,229 -- -- -- Restructuring costs -- 1,073 -- -- -- GKE acquisition/integration costs 1,500 2,235 -- -- -- Belyntic/Agena/GPT acquisition/integration costs -- -- 1,142 1,244 1,962 Amortization/true-up of GPT/Agena inventory step-up -- -- -- 7,462 (436) Conversion of cash compensation to equity -- -- -- -- (2,245) Business consolidation costs -- -- -- -- 588 Adjusted Operating Income excluding unusual items* $56,737 $50,505 $50,134 $49,867 $39,155 Percentage of Revenues 23.5% 23.4% 22.9% 27.1% 29.2% * Adjusted operating income is defined to exclude the non-cash impact of amortization of intangible assets acquired in a business combination, stock-based compensation, depreciation and impairment of goodwill and long-lived assets. This measure is also presented to excluded unusual items. These metrics are used by management as suppl emental performance and liquidity measures, primarily to exclude the impact of acquisition-related intangible assets in order to compare current financial performance to historical performance, assess the ability of our assets to generate cash and the evaluation of potential acquisitions. Adjusted operating income and adjusted operating income excluding unusual items should not be considered an alternative to, o r more meaningful than, net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance or liquidity. Reconciliation of Non-GAAP Measures – AOI ex Unusual Items
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22 (Dollars in Thousands) 1Q26 2Q26 YTD 1Q25 2Q25 YTD Operating income (Loss) $3,064 $4,724 $7,788 $5,580 $3,508 $9,088 Amortization of intangible assets 4,553 4,534 9,087 4,061 4,550 8,611 Stock-based compensation expense 3,881 3,812 7,693 2,928 3,837 6,765 Depreciation expense 1,404 1,315 2,719 1,404 1,518 2,922 Adjusted Operating Income* $12,902 $14,385 $27,287 $13,973 $13,413 $27,386 Non-cash GKE inventory step-up -- -- -- 778 454 1,232 GKE integration costs -- -- -- 590 485 1,075 Severance Costs -- 848 848 Adjusted Operating Income excluding unusual items* $12,902 $15,233 $28,135 $15,341 $14,352 $29,693 Percentage of Revenues 21.7% 25.1% 23.4% 26.4% 24.8% 25.6% * Adjusted operating income is defined to exclude the non-cash impact of amortization of intangible assets acquired in a business combination, stock-based compensation, depreciation and impairment of goodwill and long-lived assets. This measure is also presented to excluded unusual items. These metrics are used by management as supplemental performance and liquidity measures, primarily to exclude the impact of acquisition-related intangible assets in order to compare current financial performance to historical performance, assess the ability of our assets to generate cash and the evaluation of potential acquisitions. Adjusted operating income and adjusted operating income excluding unusual items should not be considered an alternative to, or more meaningful than, net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance or liquidity. Reconciliation of Non-GAAP Measures - Quarterly
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23 (Dollars in Thousands) FY25 FY24 FY23 FY22 FY21 Total Revenues Growth 11.5% (1.3)% 18.8% 37.6% 13.8% Impact of acquisitions (6.9)% (4.3)% (18.2)% (24.5)% (12.6)% Organic Revenues Growth (reportable segments)* 4.6% (5.6)% 0.6% 13.1% 1.2% Currency translation 0.4% --% 3.4% NA NA COVID related revenues --% 0.2% 1.2% NA NA Core Organic Revenues Growth (reportable segments) 5.0% (5.4)% 5.2% NA NA * Core organic revenues growth, a non-GAAP measure, is reported revenues growth excluding the impact of acquisitions and currency translation. Core Organic Revenues Growth was not tracked prior to FY23 and as a result is listed as NA for FY21-FY22. Reconciliation of Non-GAAP Measures – Core Revenues Growth
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24 (Dollars in Thousands) 1Q26 2Q26 YTD 1Q25 2Q25 YTD Total Revenues Growth 2.4% 5.0% 3.7% 14.9% 8.8% 11.7% Impact of acquisitions --% --% --% (12.4)% (11.0)% (11.6)% Organic Revenues Growth* 2.4% 5.0% 3.7% 2.5% (2.2)% 0.1% Currency translation (2.0)% (1.3)% (1.6)% 0.5% (0.6)% (0.1)% Core Organic Revenues Growth (reportable segments) 0.4% 3.7% 2.1% 3.0% (2.8)% 0% * Core organic revenues growth, a non-GAAP measure, is reported revenues growth excluding the impact of acquisitions and currency translation. Reconciliation of Non-GAAP Measures – Quarterly