Mesa Laboratories (MLAB) Q2 FY2027 earnings: revenue $62 million, up 2.6% on the year

Mesa Laboratories Inc. (MLAB) reported revenue of $62 million for Q2 FY2027, the quarter ended 30 September 2026, up 2.6% on the same quarter a year earlier. Net income was $4 million, up 75.3% on the year, and diluted earnings per share $0.75. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2026.

Revenue

$62 million

+2.6% on the year · +3.7% on the quarter

Q3 FY2025Q2 FY2027

Operating margin

13.5%

7.8% a year earlier

Q3 FY2025Q2 FY2027

Net income

$4 million

+75.3% on the year · +53.4% on the quarter

Q3 FY2025Q2 FY2027

Diluted EPS

$0.75

+66.7% on the year · +53.1% on the quarter

Q3 FY2025Q2 FY2027

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 9 new.

Revenue up 2.6% on organic basis: Revenue was $62,336, with constant currency organic growth of 3.1%. Management said organic growth has been positive in each FY27 quarter to date.
SDC revenue up 14.6% organically: SDC was 40.7% of revenues. Management attributed the rise largely to the 2Q26 comparison, when production challenges delayed product fulfillment.
BPD revenue down on peptide hardware: BPD revenue was $12,779, an organic decline of 8.2%, mainly from lower peptide hardware sales.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Revenue	62.3	60.1	60.7	+3.7%	+2.6%
Cost of revenue	22.5	21.1	23.4	+6.3%	-4.1%
Gross profit	39.9	39.0	37.3	+2.2%	+6.8%
Gross margin	64.0%	64.9%	61.5%
Research and development	5.1	4.7	5.0	+6.9%	+0.1%
Operating income	8.4	7.0	4.7	+19.3%	+77.6%
Operating margin	13.5%	11.7%	7.8%
Interest expense	2.1	2.4	2.9	-9.6%	-25.3%
Pre-tax income	6.0	4.4	2.0	+38.6%	+201.9%
Income tax	1.7	1.5	-0.5	+11.2%
Effective tax rate	28.1%	35.0%	-23.9%
Net income	4.3	2.8	2.5	+53.4%	+75.3%
Net margin	7.0%	4.7%	4.1%
Diluted EPS	$0.75	$0.49	$0.45	+53.1%	+66.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Operating cash flow	4.1	14.7	8.2	-72.2%	-50.2%
Capital expenditure	0.4	0.6	1.1	-30.8%	-64.6%
Free cash flow	3.7	14.2	7.1	-73.8%	-48.0%
Free cash flow margin	6.0%	23.6%	11.7%
Cash from investing	-0.4	-0.6	-1.1
Cash from financing	-12.3	-10.5	-7.9
Depreciation and amortisation	5.6	5.6	5.8	-1.5%	-4.9%
Share-based compensation	3.4	2.4	3.8	+43.2%	-11.4%
Dividends paid	0.9	0.9	0.9	+1.6%	+1.8%
Dividend per share	$0.16	$0.16	$0.16	0.0%	0.0%
Diluted shares, weighted	6m	6m	6m	+0.1%	+4.1%
Shares outstanding at period end	6m	6m	6m	+0.3%	+1.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Shareholders' equity	195	189	178	+3.1%	+9.0%
Debt	132	143	175	-8.0%	-24.8%
Operating lease liabilities	15.8	15.9	n/a	-0.6%
Other liabilities	65.9	71.7	77.0	-8.2%	-14.5%
Total liabilities and equity	408	419	430	-2.7%	-5.3%
Fixed assets	29.3	30.1	31.8	-2.5%	-7.8%
Goodwill	185	186	188	-0.4%	-1.7%
Intangible assets	73.5	78.4	93.3	-6.2%	-21.2%
Cash and equivalents	22.3	30.7	20.4	-27.3%	+9.3%
Receivables	39.4	34.4	40.1	+14.5%	-1.8%
Inventory	26.6	27.2	27.7	-2.5%	-4.3%
Other assets	31.4	32.4	28.5	-3.0%	+10.1%
Total assets	408	419	430	-2.7%	-5.3%

Questions

What was Mesa Laboratories' revenue in Q2 FY2027?

Mesa Laboratories (MLAB) reported revenue of $62 million for Q2 FY2027, the quarter ended 30 September 2026, up 2.6% on the same quarter a year earlier.

How much did Mesa Laboratories earn in Q2 FY2027?

Net income for Q2 FY2027 was $4 million, up 75.3% on the year, and diluted earnings per share $0.75.

When did Mesa Laboratories report Q2 FY2027 results?

Mesa Laboratories filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 9 November 2026.

Quarterly results, the last 20 quarters

	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	54.7	58.9	50.5	58.7	54.3	55.6	50.6	53.2	53.5	58.9	58.2	57.8	62.8	62.1	59.5	60.7	65.1	63.7	60.1	62.3
Cost of revenue	26.1	23.8	19.1	22.4	21.5	22.4	19.5	21.1	20.1	22.3	20.9	22.4	23.1	23.7	22.6	23.4	23.3	21.5	21.1	22.5
Gross profit	28.6	35.1	31.3	36.4	32.8	33.2	31.2	32.1	33.4	36.6	37.2	35.5	39.8	38.4	36.9	37.3	41.8	42.2	39.0	39.9
Gross margin	52%	60%	62%	62%	60%	60%	62%	60%	62%	62%	64%	61%	63%	62%	62%	61%	64%	66%	65%	64%
R&D	5.2	5.2	5.7	5.0	4.8	5.0	4.8	5.0	4.3	5.2	4.7	4.6	5.1	5.1	5.0	5.0	5.0	5.2	4.7	5.1
Operating income	-2.5	-0.1	-4.6	4.0	3.4	0.5	-0.7	-0.1	-0.1	-271	5.6	3.5	5.8	1.5	3.1	4.7	8.0	2.7	7.0	8.4
Operating margin	-5%	-0%	-9%	7%	6%	1%	-1%	-0%	-0%	-461%	10%	6%	9%	2%	5%	8%	12%	4%	12%	13%
Interest expense	1.0	1.2	1.0	1.2	1.2	1.4	1.0	0.9	1.9	1.9	2.8	3.0	2.8	3.2	2.2	2.9	3.0	2.6	2.4	2.1
Pre-tax income	-2.3	-0.0	-5.4	3.4	1.9	-0.3	-0.9	-1.3	1.9	-275	3.9	3.8	-2.2	0.5	7.0	2.0	4.6	-1.6	4.4	6.0
Tax rate	n/a	n/a	n/a	61%	76%	n/a	n/a	n/a	-9%	n/a	13%	10%	n/a	1643%	32%	-24%	21%	n/a	35%	28%
Net income	-2.1	-1.8	-1.4	1.3	0.5	0.6	-0.5	-1.2	2.1	-255	3.4	3.4	-1.7	-7.1	4.7	2.5	3.6	-4.1	2.8	4.3
Net margin	-4%	-3%	-3%	2%	1%	1%	-1%	-2%	4%	-432%	6%	6%	-3%	-11%	8%	4%	6%	-6%	5%	7%
Diluted EPS	-$0.39	-$0.34	-$0.27	$0.24	$0.08	$0.11	-$0.10	-$0.23	$0.39	-$47.20	$0.62	$0.63	-$0.31	-$1.31	$0.85	$0.45	$0.65	-$0.75	$0.49	$0.75
Operating cash flow	15.9	9.3	-2.8	10.6	7.7	12.5	9.9	9.8	11.5	12.9	10.7	5.3	18.4	12.7	1.9	8.2	18.8	14.0	14.7	4.1
Capital expenditure	2.1	0.8	0.2	1.6	1.7	1.0	0.3	0.6	1.1	0.5	0.9	1.8	0.8	0.8	1.0	1.1	0.7	0.4	0.6	0.4
Free cash flow	13.8	8.5	-3.0	8.9	6.1	11.5	9.7	9.1	10.4	12.3	9.9	3.5	17.6	11.9	0.9	7.1	18.0	13.5	14.2	3.7
Dividends paid	0.8	0.8	0.8	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
Shares outstanding	5m	5m	5m	5m	5m	5m	5m	5m	5m	5m	5m	5m	5m	5m	6m	6m	6m	6m	6m	6m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 9 November 2026: the filing.