MESA LABORATORIES INC /CO/, 10-Q filed on 2/3/2026
Quarterly Report
v3.25.4
Document And Entity Information - shares
 9 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Document Information [Line Items]    
Entity Central Index Key 0000724004  
Entity Registrant Name MESA LABORATORIES INC /CO  
Amendment Flag false  
Current Fiscal Year End Date --03-31  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2025  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2025  
Document Transition Report false  
Entity File Number 0-11740  
Entity Incorporation, State or Country Code CO  
Entity Tax Identification Number 84-0872291  
Entity Address, Address Line One 12100 West Sixth Avenue  
Entity Address, City or Town Lakewood  
Entity Address, State or Province CO  
Entity Address, Postal Zip Code 80228  
City Area Code 303  
Local Phone Number 987-8000  
Title of 12(b) Security Common Stock, no par value  
Trading Symbol MLAB  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   5,524,813
v3.25.4
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Current assets:    
Cash and cash equivalents $ 28,975 $ 27,321
Accounts receivable, less allowance for credit losses of $2,523 and $1,186, respectively 40,233 41,970
Inventories 26,559 25,365
Prepaid expenses and other current assets 9,865 8,029
Total current assets 105,632 102,685
Noncurrent assets:    
Property, plant and equipment, net of accumulated depreciation of $29,901 and $26,421, respectively 31,599 32,333
Deferred tax asset 1,474 1,371
Other assets 17,195 18,324
Intangible assets 89,646 96,875
Goodwill 189,303 181,760
Total assets 434,849 433,348
Current liabilities:    
Accounts payable 5,253 5,747
Accrued payroll and benefits 13,879 17,858
Unearned revenues 14,558 14,710
Other accrued expenses 15,549 24,601
Term loan, current portion 5,156 3,750
Convertible notes, net of debt issuance costs 0 97,297
Total current liabilities 54,395 163,963
Noncurrent liabilities:    
Deferred tax liability 21,831 20,181
Other noncurrent liabilities 10,961 12,472
Term loan, noncurrent portion, net of debt issuance costs 62,721 66,902
Revolving line of credit 98,250 10,000
Total liabilities 248,158 273,518
Stockholders’ equity:    
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 5,524,813 and 5,455,421 shares, respectively (368,555) (358,541)
(Accumulated deficit) (180,727) (188,936)
Accumulated other comprehensive (loss) (1,137) (9,775)
Total stockholders’ equity 186,691 159,830
Total liabilities and stockholders’ equity 434,849 433,348
Customer Relationships [Member]    
Noncurrent assets:    
Intangible assets 67,898 72,880
Other Intangible Assets [Member]    
Noncurrent assets:    
Intangible assets $ 21,748 $ 23,995
v3.25.4
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ / shares in Thousands, $ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Allowance for doubtful accounts receivable $ 2,523 $ 1,186
Property, plant, and equipment accumulated depreciation $ 29,901 $ 26,421
Common stock, no par value (in dollars per share) $ 0 $ 0
Common stock, authorized (in shares) 25,000,000 25,000,000
Common stock, issued (in shares) 5,524,813 5,455,421
Common stock, outstanding (in shares) 5,524,813 5,455,421
v3.25.4
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Revenues $ 65,126 $ 62,840 $ 185,406 $ 178,843
Cost of revenues 23,331 23,086 69,341 66,385
Gross profit 41,795 39,754 116,065 112,458
Operating expense:        
Selling 9,986 10,450 30,715 30,415
General and administrative 18,805 18,472 54,526 52,754
Research and development 5,029 5,053 15,061 14,422
Total operating expense 33,820 33,975 100,302 97,591
Operating income 7,975 5,779 15,763 14,867
Non-operating expense (income):        
Interest expense and amortization of debt issuance costs 3,036 2,842 8,096 9,340
Gain on extinguishment of convertible notes 0 0 0 (2,887)
Other expense (income), net 343 5,154 (5,940) 2,914
Total non-operating expense, net 3,379 7,996 2,156 9,367
Earnings (loss) before income taxes 4,596 (2,217) 13,607 5,500
Income tax expense (benefit) 966 (541) 2,759 360
Net income (loss) $ 3,630 $ (1,676) $ 10,848 $ 5,140
Earnings (loss) per share:        
Basic (in dollars per share) $ 0.66 $ (0.31) $ 1.97 $ 0.95
Diluted (in dollars per share) $ 0.65 $ (0.31) $ 1.95 $ 0.94
Weighted-average common shares outstanding:        
Basic (in shares) [1] 5,532 5,429 5,504 5,413
Diluted (in shares) 5,565 5,429 5,552 5,464
[1] Weighted average outstanding shares includes awards that have not yet vested and are not yet legally outstanding, but for which all vesting criteria other than the passage of time have been satisfied. For example, this includes RSUs granted to retirement-eligible employees that are not subject to continued service requirements but have not yet vested.
v3.25.4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Net income (loss) $ 3,630 $ (1,676) $ 10,848 $ 5,140
Other comprehensive income (loss):        
Foreign currency translation 2,095 (6,951) 8,638 (1,867)
Comprehensive income (loss) $ 5,725 $ (8,627) $ 19,486 $ 3,273
v3.25.4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
Common Stock [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Total
Balance (in shares) at Mar. 31, 2024 5,394,491      
Balance at Mar. 31, 2024 $ 343,642,000 $ (183,494,000) $ (14,755,000) [1] $ 145,393,000
Vesting of restricted stock units (in shares) 20,858      
Vesting of restricted stock units $ 0 0 0 [1] 0
Tax withholding on vesting of net restricted stock units (in shares) (6,194)      
Tax withholding on vesting of net restricted stock units $ (571,000) 0 0 [1] (571,000)
Dividends paid, $0.16 per share 0 (863,000) 0 [1] (863,000)
Stock-based compensation expense 2,928,000     2,928,000
Foreign currency translation 0 0 452,000 [1] 452,000
Net income $ 0 3,388,000 0 [1] 3,388,000
Balance (in shares) at Jun. 30, 2024 5,409,155      
Balance at Jun. 30, 2024 $ 345,999,000 (180,969,000) (14,303,000) [1] 150,727,000
Dividends paid, $0.16 per share (0) 863,000 (0) [1] 863,000
Foreign currency translation $ 0 0 452,000 [1] 452,000
Balance (in shares) at Mar. 31, 2024 5,394,491      
Balance at Mar. 31, 2024 $ 343,642,000 (183,494,000) (14,755,000) [1] 145,393,000
Foreign currency translation       (1,867,000)
Net income       5,140,000
Balance (in shares) at Dec. 31, 2024 5,433,603      
Balance at Dec. 31, 2024 $ 352,788,000 (180,952,000) (16,622,000) [1] 155,214,000
Foreign currency translation       (1,867,000)
Balance (in shares) at Jun. 30, 2024 5,409,155      
Balance at Jun. 30, 2024 $ 345,999,000 (180,969,000) (14,303,000) [1] 150,727,000
Vesting of restricted stock units (in shares) 13,006      
Vesting of restricted stock units $ 0 0 0 [1] 0
Tax withholding on vesting of net restricted stock units (in shares) (2,306)      
Tax withholding on vesting of net restricted stock units $ (307,000) 0 0 [1] (307,000)
Dividends paid, $0.16 per share 0 (866,000) 0 [1] (866,000)
Stock-based compensation expense 3,837,000     3,837,000
Foreign currency translation 0 0 4,632,000 [1] 4,632,000
Net income $ 0 3,428,000 0 [1] 3,428,000
Balance (in shares) at Sep. 30, 2024 5,419,855      
Balance at Sep. 30, 2024 $ 349,529,000 (178,407,000) (9,671,000) [1] 161,451,000
Dividends paid, $0.16 per share (0) 866,000 (0) [1] 866,000
Foreign currency translation $ 0 0 4,632,000 [1] 4,632,000
Vesting of restricted stock units (in shares) 13,780      
Vesting of restricted stock units $ 23,000 0 0 [1] 23,000
Tax withholding on vesting of net restricted stock units (in shares) (32)      
Tax withholding on vesting of net restricted stock units $ (3,000) 0 0 [1] (3,000)
Dividends paid, $0.16 per share 0 (869,000) 0 [1] (869,000)
Stock-based compensation expense 3,239,000 0 0 [1] 3,239,000
Foreign currency translation 0 0 (6,951,000) [1] (6,951,000)
Net income $ 0 (1,676,000) 0 [1] (1,676,000)
Balance (in shares) at Dec. 31, 2024 5,433,603      
Balance at Dec. 31, 2024 $ 352,788,000 (180,952,000) (16,622,000) [1] 155,214,000
Dividends paid, $0.16 per share (0) 869,000 (0) [1] 869,000
Foreign currency translation $ 0 0 (6,951,000) [1] $ (6,951,000)
Balance (in shares) at Mar. 31, 2025 5,455,421     5,455,421
Balance at Mar. 31, 2025 $ 358,541,000 (188,936,000) (9,775,000) [2] $ 159,830,000
Vesting of restricted stock units (in shares) 57,348      
Vesting of restricted stock units $ 0 0 0 [2] 0
Tax withholding on vesting of net restricted stock units (in shares) (11,315)      
Tax withholding on vesting of net restricted stock units $ (1,061,000) 0 0 [2] (1,061,000)
Dividends paid, $0.16 per share 0 (873,000) 0 [2] (873,000)
Stock-based compensation expense 3,881,000     3,881,000
Foreign currency translation 0 0 5,977,000 [2] 5,977,000
Net income $ 0 4,742,000 0 [2] 4,742,000
Balance (in shares) at Jun. 30, 2025 5,501,454      
Balance at Jun. 30, 2025 $ 361,361,000 (185,067,000) (3,798,000) [2] 172,496,000
Dividends paid, $0.16 per share (0) 873,000 (0) [2] 873,000
Foreign currency translation $ 0 0 5,977,000 [2] $ 5,977,000
Balance (in shares) at Mar. 31, 2025 5,455,421     5,455,421
Balance at Mar. 31, 2025 $ 358,541,000 (188,936,000) (9,775,000) [2] $ 159,830,000
Foreign currency translation       8,638,000
Net income       $ 10,848,000
Balance (in shares) at Dec. 31, 2025 5,524,813     5,524,813
Balance at Dec. 31, 2025 $ 368,555,000 (180,727,000) (1,137,000) [2] $ 186,691,000
Foreign currency translation       8,638,000
Balance (in shares) at Jun. 30, 2025 5,501,454      
Balance at Jun. 30, 2025 $ 361,361,000 (185,067,000) (3,798,000) [2] 172,496,000
Vesting of restricted stock units (in shares) 9,287      
Vesting of restricted stock units $ 0 0 0 [2] 0
Tax withholding on vesting of net restricted stock units (in shares) 0      
Tax withholding on vesting of net restricted stock units $ 0 0 0 [2] 0
Dividends paid, $0.16 per share 0 (882,000) 0 [2] (882,000)
Stock-based compensation expense 3,812,000     3,812,000
Foreign currency translation 0 0 566,000 [2] 566,000
Net income $ 0 2,476,000 0 [2] 2,476,000
Balance (in shares) at Sep. 30, 2025 5,510,741      
Balance at Sep. 30, 2025 $ 365,173,000 (183,473,000) (3,232,000) [2] 178,468,000
Dividends paid, $0.16 per share (0) 882,000 (0) [2] 882,000
Foreign currency translation $ 0 0 566,000 [2] 566,000
Vesting of restricted stock units (in shares) 14,072      
Vesting of restricted stock units $ 0 0 0 [2] 0
Tax withholding on vesting of net restricted stock units (in shares) 0      
Tax withholding on vesting of net restricted stock units $ 0 0 0 [2] 0
Dividends paid, $0.16 per share 0 (884,000) 0 [2] (884,000)
Stock-based compensation expense 3,382,000 0 0 [2] 3,382,000
Foreign currency translation 0 0 2,095,000 [2] 2,095,000
Net income $ 0 3,630,000 0 [2] $ 3,630,000
Balance (in shares) at Dec. 31, 2025 5,524,813     5,524,813
Balance at Dec. 31, 2025 $ 368,555,000 (180,727,000) (1,137,000) [2] $ 186,691,000
Dividends paid, $0.16 per share (0) 884,000 (0) [2] 884,000
Foreign currency translation $ 0 $ 0 $ 2,095,000 [2] $ 2,095,000
[1] Accumulated Other Comprehensive (Loss) Income
[2] Accumulated Other Comprehensive (Loss) Income.
v3.25.4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares
 3 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dividends paid, per share (in dollars per share) $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16
v3.25.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income $ 10,848 $ 5,140
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 3,989 4,028
Amortization of intangible assets 13,532 13,002
Stock-based compensation expense 11,075 10,004
Gain on extinguishment of convertible notes 0 (2,887)
Amortization of step-up in inventory basis 0 1,232
Foreign currency adjustments (5,800) 2,492
Other 4,140 3,914
Cash from changes in operating assets and liabilities:    
Accounts receivable, net 921 91
Inventories (3,460) (539)
Prepaid expenses and other assets (1,538) 484
Accounts payable (873) (1,919)
Accrued liabilities and taxes payable (3,451) (50)
Unearned revenues (514) (849)
Net cash provided by operating activities 28,869 34,143
Cash flows from investing activities:    
Purchases of property, plant and equipment (2,833) (3,492)
Net cash (used in) investing activities (2,833) (3,492)
Cash flows from financing activities:    
Proceeds from debt borrowings 107,500 73,465
Repurchase and settlement of convertible note debt (97,500) (71,560)
Other debt principal repayments (22,062) (26,313)
Dividends paid (2,639) (2,598)
Other financing, net (1,839) (1,310)
Net cash (used in) financing activities (26,095) (28,316)
Cash and cash equivalents at beginning of period 27,321 28,214
Cash and cash equivalents at end of period 28,975 30,956
Effect of exchange rate changes on cash and cash equivalents 1,713 407
Net increase in cash and cash equivalents 1,654 2,742
Supplemental non-cash activity:    
Right of use assets obtained in exchange for lease liabilities 517 9,596
GKE Acquisition [Member]    
Cash flows from financing activities:    
GKE acquisition-related holdback payment $ (9,555) $ 0
v3.25.4
Note 1 - Description of Business and Summary of Significant Accounting Policies
 9 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

Note 1. Description of Business and Summary of Significant Accounting Policies

 

Description of Business

 

In this quarterly report on Form 10-Q, Mesa Laboratories, Inc., a Colorado corporation, together with its subsidiaries, is collectively referred to as “we,” “us,” “our,” the “Company,” or “Mesa.”

 

We are a global leader in the design and manufacture of life sciences tools and critical quality control solutions for regulated applications in the pharmaceutical, healthcare and medical device industries. We offer products and services to help our customers ensure product integrity, increase patient and worker safety, and improve the quality of life throughout the world. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe, and the Asia Pacific region ("APAC"), and by independent distributors throughout the world. 

 

As of December 31, 2025, we managed our operations in four reportable segments, or divisions:

 

 ●Sterilization and Disinfection Control - manufactures and sells biological, chemical and cleaning indicators used to assess the effectiveness of sterilization, decontamination, disinfection and cleaning processes in the pharmaceutical, medical device and healthcare industries. The division also provides testing and laboratory services, mainly to the dental and pharmaceutical industries. 
   
 

●

Biopharmaceutical Development - develops, manufactures, sells and services automated systems for protein analysis (immunoassays) and peptide synthesis solutions. Immunoassays and peptide synthesis solutions accelerate the discovery, development and manufacture of biotherapeutic therapies, among other applications. 
   
 

●

Calibration Solutions - develops, manufactures, sells and services quality control products using principles of advanced metrology to enable customers to measure and calibrate critical parameters in applications such as renal care, environmental and process monitoring, gas flow and torque testing.
   
 

●

Clinical Genomics - develops, manufactures and sells highly sensitive high-throughput genetic analysis tools and related consumables and services that enable clinical research labs and contract research organizations to perform genomic testing for a broad range of research applications in several therapeutic areas, such as screenings for hereditary diseases, pharmacogenetics, oncology related applications and toxicology research.

 

Basis of Presentation

 

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. In the opinion of management, such unaudited information includes all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of our financial position and results of operations. The results of operations for interim periods are not necessarily indicative of results that may be achieved for the entire year. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The Condensed Consolidated Financial Statements include the accounts of Mesa and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. We have made no material changes to the application of significant accounting policies disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025. This report should be read in conjunction with the consolidated financial statements included in that report.

 

Our fiscal year ends on March 31. References in this report to a particular “year” or “quarter” refer to our fiscal year or fiscal quarters, respectively. Unless otherwise indicated, amounts shown in this report are in thousands.

 

Risks and Uncertainties

 

The preparation of financial statements requires the use of estimates and assumptions that affect reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management's judgment about the outcome of future events. The global business environment continues to be impacted by cost pressures, the overall effects of economic uncertainty, regulatory changes, and other factors. Changes in, and the resulting effects of, potential government trade, stimulus or fiscal and monetary policies, interest rates, foreign currency values, supply chains, demand for goods and services, global or regional recession, or other circumstances cannot be reliably predicted. Actual results could differ from our estimates. Refer to Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

 

Recent Accounting Pronouncements

 

We have reviewed all recently issued accounting pronouncements and have concluded that, other than as described below, they are not applicable to us or are not expected to have a material impact on our consolidated financial statements. We have not adopted any new accounting standards in fiscal year 2026.

 

Recently Issued Accounting Pronouncements

 

In  December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency, effectiveness and comparability of annual income tax disclosures. The guidance is effective for public business entities for fiscal years beginning after  December 15, 2024 (our fiscal year 2026), with early adoption and prospective or retrospective application permitted. Other than presentation of additional disaggregated information related to the jurisdictions in which we pay income taxes and income tax rate reconciliations in our annual income tax footnote disclosures, we do not expect the adoption of ASU No. 2023-09 to have a material impact on our consolidated financial statements and disclosures.

 

In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU is effective for fiscal years beginning after December 15, 2026 (our fiscal year 2028 for annual periods) and interim periods within fiscal years beginning after December 15, 2027 (our fiscal year 2029 for interim periods), with early adoption and prospective or retrospective application permitted. We are currently assessing the effect the adoption of this standard will have on our consolidated financial statements and disclosures; we expect to disclose additional detail regarding the nature and classification of certain categories of expense once adopted.

 

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Improvements to the Measurement of Credit Losses for Receivables and Contract Assets. ASU 2025-05 introduces a practical expedient that removes the requirement to incorporate macroeconomic forecasts into the estimation of expected credit losses. The guidance is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. Prospective adoption is required, and early adoption is permitted. We intend to early adopt ASU 2025-05 for our fiscal year beginning April 1, 2026, including interim periods. Upon adoption, we plan to elect the practical expedient allowing us to assume conditions at the balance sheet date will remain unchanged for the remaining life of the asset. We do not expect adoption to have a material impact on our consolidated financial statements or related disclosures.

 

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other (Topic 350): Internal-Use Software. ASU 2025-06 modernizes accounting for costs incurred in the development of internal-use software by eliminating the requirement to evaluate distinct development stages. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. ASU 2025-06 permits prospective, retrospective or modified retrospective adoption. Early adoption is permitted as of the beginning of an entity's annual reporting period. We intend to early adopt ASU 2025-06 prospectively for our fiscal year beginning April 1, 2026, including interim periods. We do not expect the guidance to have a material impact on our consolidated financial statements or related disclosures.

 
v3.25.4
Note 2 - Revenue
 9 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 2. Revenue

 

We develop, manufacture, market, sell and maintain life sciences tools and quality control instruments and related consumables.

 

Hardware sales include physical products such as instruments used for molecular and genetic analysis, protein synthesizers, medical meters, wireless sensor systems, data loggers, and process challenge devices. Hardware sales  may be offered with accompanying perpetual or annual software licenses, which in some cases are required for the hardware to function.

 

Consumables sold by our Clinical Genomics and Biopharmaceutical Development divisions, such as reagents used for molecular and genetic analysis or solutions used for protein synthesis, are critical to the ongoing use of our instruments. Consumables such as biological and chemical indicator test strips sold by our Sterilization and Disinfection Control division are used on a standalone basis.

 

Revenues from hardware and consumables are recognized upon transfer of control to the customer. Control of hardware and consumables sold in the U.S. and Asia Pacific typically transfers at the point of shipment, whereas control of products sold in Europe more typically occurs upon delivery to the customer site.

 

We also offer maintenance, calibration and testing services. Services result in revenues recognized either over time, for example, when we are contractually obligated to perform labor and replace parts on an as-needed basis throughout a specified service period, or at a point in time, upon completion of a specific, discrete service.

 

We disclose revenues consistently with how management evaluates the business, i.e., based on business unit and the nature of goods and services provided.

 

The following tables present disaggregated revenues for the three and nine months ended December 31, 2025, respectively:

 

 

  

Three Months Ended December 31, 2025

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 
                     

Consumables

 $22,357  $4,880  $658  $8,836  $36,731 

Hardware and software

  152   6,277   8,904   2,011   17,344 

Services

  2,405   3,216   4,510   920   11,051 

Total revenues

 $24,914  $14,373  $14,072  $11,767  $65,126 

 

 

  

Three Months Ended December 31, 2024

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 
                     

Consumables

 $20,991  $4,909  $1,043  $9,866  $36,809 

Hardware and software

  52   4,534   9,333   1,877   15,796 

Services

  2,464   2,794   4,053   924   10,235 

Total revenues

 $23,507  $12,237  $14,429  $12,667  $62,840 

 

  

Nine Months Ended December 31, 2025

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 
                     

Consumables

 $64,650  $13,087  $2,251  $25,893  $105,881 

Hardware and software

  388   17,227   24,008   4,361   45,984 

Services

  7,393   9,465   13,733   2,950   33,541 

Total revenues

 $72,431  $39,779  $39,992  $33,204  $185,406 

 

 

  

Nine Months Ended December 31, 2024

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 
                     

Consumables

 $60,860  $12,657  $2,067  $26,156  $101,740 

Hardware and software

  365   14,539   24,067   6,511   45,482 

Services

  7,444   8,916   12,358   2,903   31,621 

Total revenues

 $68,669  $36,112  $38,492  $35,570  $178,843 

 

Revenues from external customers are attributed to individual countries based on the locations to which the products are shipped or exported, or locations where services are performed, as follows:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

United States

 $29,892  $30,476  $86,838  $85,415 

China

  5,645   6,322   16,389   20,271 

Other

  29,589   26,042   82,179   73,157 

Total revenues

 $65,126  $62,840  $185,406  $178,843 

 

No foreign country exceeded 10% of total revenues for the three and nine months ended December 31, 2025.

 

Contract Liabilities

Our contracts have varying payment terms and conditions. Some customers prepay for products and services, resulting in contract liabilities recorded as unearned revenues or within other noncurrent liabilities in our unaudited Condensed Consolidated Balance Sheets. The significant majority of our revenues, related receivables and contract liabilities arise from contracts with original durations of twelve months or less. Contract liabilities are recognized as revenue as we satisfy our obligations under the terms of the contracts. 

 

A summary of contract liabilities is as follows:

 

Contract liabilities as of March 31, 2025

 $14,803 

Prior year liabilities recognized in revenues during the nine months ended December 31, 2025

  (9,366)

Contract liabilities added during the nine months ended December 31, 2025, net of revenues recognized

  9,132 

Contract liabilities as of December 31, 2025

 $14,569 

 

 
v3.25.4
Note 3 - Fair Value Measurements and Concentrations of Credit Risk
 9 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 3. Fair Value Measurements and Concentrations of Credit Risk

 

Our financial instruments consist primarily of cash and cash equivalents, trade accounts receivable, obligations under trade accounts payable, and debt. Due to their short-term nature, the carrying values for cash and cash equivalents, trade accounts receivable, and trade accounts payable approximate fair value and are classified within Level 1 of the fair value hierarchy. 

 

The carrying amounts of our term loan and revolving line of credit (together, the "Credit Facility") approximate fair value due to variable interest rate pricing, with the balances bearing interest rates approximating current market rates. 

 

There were no nonrecurring fair value adjustments or transfers between the levels of the fair value hierarchy during the three and nine months ended December 31, 2025.

 

The financial instruments that subject us to the highest concentrations of credit risk are cash and accounts receivable. We maintain relationships and cash deposits at multiple banking institutions across the world in an effort to diversify and reduce risk of loss. Concentration of credit risk with respect to accounts receivable is limited to customers to whom we make significant sales. No customers accounted for more than 10% of total trade receivables as of December 31, 2025.

 
v3.25.4
Note 4 - Supplemental Information
 9 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Supplemental Balance Sheet Disclosures [Text Block]

Note 4. Supplemental Information

 

Inventories consisted of the following:

 

  

December 31, 2025

  

March 31, 2025

 

Raw materials

 $16,555  $14,775 

Work in process

  723   560 

Finished goods

  9,281   10,030 

Total inventories

 $26,559  $25,365 

 

Prepaid expenses and other current assets consisted of the following: 

 

  

December 31, 2025

  

March 31, 2025

 

Prepaid expenses

 $3,567  $2,364 

Deposits

  1,495   1,752 

Prepaid income taxes

  869   1,040 

Other current assets

  3,934   2,873 

Total prepaid expenses and other current assets

 $9,865  $8,029 

 

Accrued payroll and benefits consisted of the following:

 

  

December 31, 2025

  

March 31, 2025

 

Bonus payable

 $7,760  $10,891 

Wages and paid-time-off payable

  2,754   3,672 

Payroll related taxes

  2,303   2,475 

Other benefits payable

  1,062   820 

Total accrued payroll and benefits

 $13,879  $17,858 

 

Other accrued expenses consisted of the following: 

 

 

  

December 31, 2025

  

March 31, 2025

 

Accrued business taxes

 $7,150  $5,996 

Current operating lease liabilities

  3,891   3,523 

Income taxes payable

  2,072   2,157 

GKE acquisition holdback

  -   9,315 

Other

  2,436   3,610 

Total other accrued expenses

 $15,549  $24,601 

 

Depreciation expense was as follows:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

Depreciation expense in cost of revenues

 $775  $610  $2,376  $2,376 

Depreciation expense in operating expense

  495   496   1,613   1,652 

Total depreciation expense

 $1,270  $1,106  $3,989  $4,028 

 
v3.25.4
Note 5 - Goodwill and Intangible Assets, Net
 9 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

Note 5. Goodwill and Intangible Assets

 

Intangible assets other than goodwill consisted of the following:

 

  

December 31, 2025

  

March 31, 2025

 
  

Gross Carrying Amount

  

Accumulated Amortization

  

Net Carrying Amount

  

Gross Carrying Amount

  

Accumulated Amortization

  

Net Carrying Amount

 

Customer relationships

 $199,843  $(131,945) $67,898  $190,069  $(117,189) $72,880 

Other intangibles

  63,401   (41,653)  21,748   61,192   (37,197)  23,995 

Total finite-lived intangible assets

 $263,244  $(173,598) $89,646  $251,261  $(154,386) $96,875 

 

Amortization expense for intangible assets was as follows:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

Amortization in cost of revenues

 $695  $660  $2,104  $1,979 

Amortization in general and administrative

  3,750   3,731   11,428   11,023 

Total

 $4,445  $4,391  $13,532  $13,002 

 

Estimated future amortization expense for the fiscal years ending  March 31 is presented below, based on foreign currency exchange rates in effect as of December 31, 2025:

 

Fiscal Year

 

Amortization Expense

 

Remainder of 2026

 $4,463 

2027

  17,546 

2028

  16,903 

2029

  16,329 

2030

  11,538 

 

The change in the carrying amount of goodwill was as follows:

 

  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 

March 31, 2025

 $79,408  $48,211  $37,213  $16,928  $181,760 

Effect of foreign currency translation

  4,661   2,611   75   196   7,543 

December 31, 2025

 $84,069  $50,822  $37,288  $17,124  $189,303 

 

 
v3.25.4
Note 6 - Indebtedness
 9 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 6. Indebtedness

 

Credit Facility

Our secured credit agreement matures in April 2029 and includes:

 

(i)

 A revolving credit facility with an aggregate principal amount of up to $125,000 (the "Revolver"),

(ii)

 A term loan with a maximum principal amount of $75,000, which is subject to escalating quarterly principal payments (the "Term Loan"),

(iii)

 A swingline loan with an aggregate principal amount not exceeding $5,000, and 

(iv)

 Letters of credit with an aggregate stated amount not exceeding $2,500 at any time. 

 

We refer to the agreement in whole as the “Credit Facility.”

 

On  April 5, 2024, we borrowed $75,000 under the Credit Facility's Term Loan to fund privately negotiated repurchases of a portion of our convertible notes ("the Notes"). On  August 12, 2025, we borrowed $97,000 under the Revolver to fund the cash settlement of the remaining Notes, which matured on August 15, 2025 (see "Convertible Notes" below). 

 

Borrowings under our Credit Facility bear interest at a SOFR rate or a base rate, plus an applicable spread that varies with our total net leverage ratio. On October 10, 2025 we amended the Credit Facility to reduce the range of the spread from 1.5% - 3.0% to 1.25% - 2.50%. 

 

The weighted average interest rate on borrowings under the Credit Facility was 6.2% as of  December 31, 2025 and 7.2% as of March 31, 2025. 

 

The financial covenants in the Credit Facility include a maximum total net leverage ratio of 4.0 to 1.0 on each of the testing dates between March 31, 2025 and March 31, 2026 and 3.5 to 1.0 on each testing date thereafter. The Credit Facility also stipulates a minimum fixed charge coverage ratio of 1.25 to 1.0. Other covenants include restrictions on our ability to incur debt, grant liens, make fundamental changes to our business as defined in the contract, engage in certain transactions with affiliates, or conduct asset sales. As of  December 31, 2025, we were in compliance with all covenants under the Credit Facility.

 

Term Loan

During the three and nine months ended December 31, 2025, we made required quarterly principal payments on the Term Loan of $938 and $2,813, respectively.

 

We are required to make quarterly principal payments on the Term Loan. For the fiscal years ending March 31, future debt payments on the Term Loan are required as follows:

 

Fiscal Year

 

Amount

 

Remainder of 2026

 $938 

2027

  5,625 

2028

  5,625 

2029

  7,500 

2030

  48,750 

Total principal remaining

 $68,438 

 

A reconciliation of the carrying amount of the Term Loan to principal outstanding was as follows:

 

  

December 31, 2025

  

March 31, 2025

 

Current portion

 $5,156  $3,750 

Noncurrent portion

  62,721   66,902 

Debt issuance costs

  561   598 

Term Loan principal outstanding

 $68,438  $71,250 

 

We recognized interest expense on the Term Loan as follows:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

Interest expense (6.2% and 7.5% as of December 31, 2025 and 2024, respectively)

 $1,159  $1,450  $3,756  $4,551 

Amortization of debt issuance costs

  43   38  

118

   111 

Total interest and amortization of debt issuance costs

 $1,202  $1,488  $3,874  $4,662 

 

 

Revolver

As of  December 31, 2025, the outstanding balance under the Revolver was $98,250 and $26,750 remained available to be borrowed. Subsequent to December 31, 2025, we repaid an additional $4,000 on the Revolver.

 

We are obligated to pay quarterly unused commitment fees of between 0.20% and 0.35% of the Revolver’s aggregate principal amount, based on our leverage ratio.

 

The balance of unamortized customary lender fees related to the Revolver was $1,103 and $1,203 as of  December 31, 2025 and  March 31, 2025, respectively.

 

Convertible Notes

 

On August 15, 2025, our outstanding 1.375% convertible notes (the "Notes") matured. We settled the aggregate principal balance of $97,500 as well as $670 of accrued interest in cash by drawing $97,000 under our Revolver and using $1,170 of cash on hand.

 

Interest expense recognized in connection with the Notes during the three and nine months ended December 31, 2025 and 2024 respectively, was as follows:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

Coupon interest expense at 1.375%

 $-  $335  $503  $1,037 

Amortization of debt issuance costs

  -   134   203   412 

Total interest and amortization of debt issuance costs

 $-  $469  $706  $1,449 

 

The effective interest rate on the Notes was approximately 1.9%.

 

The net carrying amount of the Notes was as follows:

 

  

December 31, 2025

  

March 31, 2025

 

Principal outstanding

 $-  $97,500 

Unamortized debt issuance costs

  -   (203)

Net carrying value

 $-  $97,297 

 

 
v3.25.4
Note 7 - Stockholders' Equity
 9 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 7. Stockholders' Equity

 

Stock-Based Compensation

On August 22, 2025, our shareholders approved an amendment to the Mesa Laboratories Inc. 2021 Amended and Restated Equity Incentive Plan (the "2021 Equity Plan"), increasing the number of shares authorized for issuance from 660 shares to 1,156 shares, an increase of 496 shares.

 

During the nine months ended December 31, 2025, we issued time-based restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") pursuant to the 2021 Equity Plan.

 

Stock-based compensation expense is included in cost of revenues, selling, general and administrative, and research and development expense in the accompanying unaudited Condensed Consolidated Statements of Operations.

 

The following is a summary of RSU and PSU award activity for the nine months ended December 31, 2025:

 

  

Time-Based Restricted Stock Units

  

Performance-Based Restricted Stock Units

 
  

Number of Shares

  

Weighted- Average Grant Date Fair Value per Share

  

Number of Shares

  

Weighted- Average Grant Date Fair Value per Share

 

Nonvested as of March 31, 2025

  145  $106.54   85  $166.31 

Awards granted(1)

  108   90.87   44   99.56 

Awards forfeited

  (11)  97.91   

-

   - 

Awards distributed

  (65)  117.08   (16)  265.32 

Nonvested as of December 31, 2025

  177  $93.65   113  $126.12 

 

(1)

Balances for PSUs granted are reflected at target.

 

Time-based RSUs vest and settle in shares of our common stock on a one-for-one basis. The significant majority of RSUs granted to employees during the nine months ended December 31, 2025 vest in equal installments on June 15, 2026, June 13, 2027 and June 13, 2028. RSUs granted to non-employee directors during the nine months ended December 31, 2025 vest one year from the grant date. We generally recognize expense relating to RSUs, net of estimated forfeitures, on a straight-line basis over the vesting period. For time-based RSUs granted to participants who qualify as retirement-eligible under the 2021 Equity Plan, we recognize expense either upon grant or over a shortened service period, depending on the retirement notification requirements applicable to participants.

 

During the nine months ended December 31, 2025, the Compensation Committee of the Board of Directors approved a grant of 44 PSUs at target (the "FY26 PSUs") to eligible employees. The FY26 PSUs are subject to market-based performance conditions and service conditions. The market performance measurement period and service period is from June 15, 2025 through June 15, 2028. The number of shares that will be earned is based on market performance and will range from 0% to 200% of the target number of shares. If defined minimum targets are not met, no shares will vest.

 

As of December 31, 2025, there were 133 shares subject to options outstanding, with a weighted average exercise price per share of $191.04, an intrinsic value of $0 and a remaining contractual life of 2.3 years. Our Compensation Committee has not granted options to any plan participants in the current or prior fiscal year.

 

 
v3.25.4
Note 8 - Earnings per Share
 9 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 8. Earnings (Loss) Per Share

 

The following table presents a reconciliation of the denominators used in the computation of basic and diluted earnings (loss) per share ("EPS"):

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

Net income (loss) available for shareholders

 $3,630  $(1,676) $10,848  $5,140 

Weighted average outstanding shares of common stock(1)

  5,532   5,429   5,504   5,413 

Dilutive effect of RSUs

  33   -   48   51 

Fully diluted shares

  5,565   5,429   5,552   5,464 
                 

Basic earnings (loss) per share

 $0.66  $(0.31) $1.97  $0.95 

Diluted earnings (loss) per share

 $0.65  $(0.31) $1.95  $0.94 

(1) Weighted average outstanding shares includes awards that have not yet vested and are not yet legally outstanding, but for which all vesting criteria other than the passage of time have been satisfied. For example, this includes RSUs granted to retirement-eligible employees that are not subject to continued service requirements but have not yet vested. 

 

The following potentially dilutive securities were excluded from the calculation of diluted EPS:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

Assumed conversion of the Notes

  -   344   171   354 

Stock awards that were anti-dilutive

  228   406   228   202 

Total stock awards excluded from diluted EPS

  228   750   399   556 

 

Potentially dilutive securities include stock options and unvested time and performance based RSUs (collectively "stock awards"). Stock awards are excluded from the calculation of diluted EPS if their inclusion would be antidilutive, or if achievement of performance-based thresholds as of our reporting date would not result in the awards vesting. Shares underlying the Notes were also potentially dilutive until maturity on August 15, 2025; however, these shares have been excluded from the diluted EPS calculation for the amount of time they remained outstanding during three and nine months ended December 31, 2025 and 2024, as assumed conversion under the if-converted method was antidilutive in each period. 

 
v3.25.4
Note 9 - Income Taxes
 9 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

Note 9. Income Taxes

 

We reported an income tax provision as follows:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

Income tax (benefit) expense

 $966  $(541) $2,759  $360 

Effective tax rate

  21.0%  24.4%  20.3%  6.5%

 

For interim income tax reporting, we estimate our annual effective tax rate and apply this effective tax rate to our year-to-date pre-tax income. Each quarter, our estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. Additionally, the tax effects of significant unusual or infrequently occurring items are recognized as discrete items in the interim period in which the events occur. There is a potential for volatility in the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which they relate, changes in tax laws and foreign tax holidays, settlement with taxing authorities, and foreign currency fluctuations.

 

The effective tax rate for the three months ended December 31, 2025 approximated the federal statutory rate of 21%; the effective rate was impacted by the valuation allowance on U.S. deferred taxes, offset by the foreign differential rate. The effective tax rate for the nine months ended December 31, 2025 differed from the statutory federal rate of 21% due to the impact of the valuation allowance on U.S. deferred taxes, partially offset by the foreign rate differential. 

 

In July 2025, the One Big Beautiful Bill Act (“OBBBA”) introduced several changes to U.S. tax legislation, with certain provisions becoming applicable to us in fiscal year 2026. These changes include the immediate expensing of domestic research and experimental expenditures, accelerated tax deductions for qualified property, and modifications to certain international tax frameworks. We have incorporated the applicable provisions of OBBBA into our income tax provision as of December 31, 2025, resulting in a reduction of U.S. current tax expense. We are continuing to evaluate the impacts of the legislation on our Consolidated Financial Statements for the annual period.
v3.25.4
Note 10 - Commitments and Contingencies
 9 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

Note 10. Commitments and Contingencies

 

We are party to various legal proceedings arising in the ordinary course of business. As of  December 31, 2025, we are not party to any legal proceeding that management believes could have a material adverse effect on our unaudited consolidated financial position, results of operations, or cash flows. 

 

 
v3.25.4
Note 11 - Segment Information
 9 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 11. Segment Information

 

Segment information is prepared on the same basis our chief operating decision maker ("CODM"), our CEO, uses to assess segment performance, allocate resources, evaluate financial results, and make key operating decisions. Our four reportable segments are organized primarily by the nature of the goods and services they sell. Our CODM regularly reviews segment-level U.S. GAAP revenues and gross profit relative to forecasted and prior period amounts, as well as non-GAAP adjusted operating expense compared to budgeted amounts. Our CODM also regularly reviews non-GAAP organic revenues growth to support strategic planning and resource deployment.

 

The following tables set forth our segment information:

 

Three months ended December 31, 2025

 

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 

Revenues (a):

 $24,914  $14,373  $14,072  $11,767  $65,126 

Less

                    

Depreciation in cost of revenues

  438   88   116   133   775 

Amortization in cost of revenues

  125   379   -   191   695 

Other cost of revenues (b)

  7,040   4,986   5,506   4,329   21,861 

Total segment cost of revenues

  7,603   5,453   5,622   4,653   23,331 

Gross Profit (c)

 $17,311  $8,920  $8,450  $7,114  $41,795 

Reconciling items:

                    

Operating expense

                 $33,820 

Operating income

                  7,975 

Nonoperating expense, net

                  3,379 

Earnings before income taxes

                 $4,596 

 

Three months ended December 31, 2024

 

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 

Revenues (a):

 $23,507  $12,237  $14,429  $12,667  $62,840 

Less

                    

Depreciation in cost of revenues

  321   63   207   19   610 

Amortization in cost of revenues

  131   338   -   191   660 

Other cost of revenues (b)

  6,594   4,297   5,416   5,509   21,816 

Total segment cost of revenues

  7,046   4,698   5,623   5,719   23,086 

Gross Profit (c)

 $16,461  $7,539  $8,806  $6,948  $39,754 

Reconciling items:

                    

Operating expense

                 $33,975 

Operating income

                  5,779 

Nonoperating expense, net

                  7,996 

(Loss) before income taxes

                 $(2,217)

 

 

Nine months ended December 31, 2025

 

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 

Revenues (a):

 $72,431  $39,779  $39,992  $33,204  $185,406 

Less

                    

Depreciation in cost of revenues

  1,349   243   333   451   2,376 

Amortization in cost of revenues

  404   1,126   -   574   2,104 

Other cost of revenues (b)

  20,331   15,055   15,932   13,543   64,861 

Total segment cost of revenues

  22,084   16,424   16,265   14,568   69,341 

Gross Profit (c)

 $50,347  $23,355  $23,727  $18,636  $116,065 

Reconciling items:

                    

Operating expense

                 $100,302 

Operating income

                  15,763 

Nonoperating expense, net

                  2,156 

Earnings before income taxes

                 $13,607 

 

 

Nine months ended December 31, 2024

 

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 

Revenues (a):

 $68,669  $36,112  $38,492  $35,570  $178,843 

Less

                    

Depreciation in cost of revenues

  1,114   149   599   514   2,376 

Amortization in cost of revenues

  376   1,029   -   574   1,979 

Non-cash GKE inventory step-up amortization

  1,232   -   -   -   1,232 

Other cost of revenues (b)

  18,756   12,269   14,635   15,138   60,798 

Total segment cost of revenues

  21,478   13,447   15,234   16,226   66,385 

Gross Profit (c)

 $47,191  $22,665  $23,258  $19,344  $112,458 

Reconciling items:

                    

Operating expense

                 $97,591 

Operating income

                  14,867 

Nonoperating expense, net

                  9,367 

Earnings before income taxes

                 $5,500 

 

 

(a)

Intersegment revenues are eliminated to arrive at consolidated totals. Revenues as presented are consistent with U.S. GAAP measurement principles and our CODM's review of segment information.

 

(b)

Other segment cost of revenues for each reportable segment includes product costs, personnel costs (including stock-based compensation), and other manufacturing and overhead costs necessary to produce and sell our products and services, excluding depreciation, amortization and any non-cash GKE inventory step-up amortization expense.

 (c)Gross profit as presented is consistent with U.S. GAAP measurement principles and our CODM's review of segment information.

 

 

The following table sets forth inventories by reportable segment. Our CODM is not provided with and does not regularly review any other segment asset information.

 

  

December 31,

  

March 31,

 
  

2025

  

2025

 

Sterilization and Disinfection Control

 $6,075  $5,545 

Biopharmaceutical Development

  5,887   4,934 

Calibration Solutions

  5,846   5,110 

Clinical Genomics

  8,751   9,776 

Total inventories

 $26,559  $25,365 

 
v3.25.4
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Trading Arrangements, by Individual [Table]    
Material Terms of Trading Arrangement [Text Block]  

Item 5. Other Information

 

During the three months ended December 31, 2025, none of our directors or officers entered into new or amended written plans for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c).

 
Rule 10b5-1 Arrangement Terminated [Flag] false  
Non-Rule 10b5-1 Arrangement Terminated [Flag] false  
Non-Rule 10b5-1 Arrangement Adopted [Flag] false  
Rule 10b5-1 Arrangement Adopted [Flag] false  
v3.25.4
Significant Accounting Policies (Policies)
 9 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Description of Business [Policy Text Block]

Description of Business

 

In this quarterly report on Form 10-Q, Mesa Laboratories, Inc., a Colorado corporation, together with its subsidiaries, is collectively referred to as “we,” “us,” “our,” the “Company,” or “Mesa.”

 

We are a global leader in the design and manufacture of life sciences tools and critical quality control solutions for regulated applications in the pharmaceutical, healthcare and medical device industries. We offer products and services to help our customers ensure product integrity, increase patient and worker safety, and improve the quality of life throughout the world. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe, and the Asia Pacific region ("APAC"), and by independent distributors throughout the world. 

 

As of December 31, 2025, we managed our operations in four reportable segments, or divisions:

 

 ●Sterilization and Disinfection Control - manufactures and sells biological, chemical and cleaning indicators used to assess the effectiveness of sterilization, decontamination, disinfection and cleaning processes in the pharmaceutical, medical device and healthcare industries. The division also provides testing and laboratory services, mainly to the dental and pharmaceutical industries. 
   
 

●

Biopharmaceutical Development - develops, manufactures, sells and services automated systems for protein analysis (immunoassays) and peptide synthesis solutions. Immunoassays and peptide synthesis solutions accelerate the discovery, development and manufacture of biotherapeutic therapies, among other applications. 
   
 

●

Calibration Solutions - develops, manufactures, sells and services quality control products using principles of advanced metrology to enable customers to measure and calibrate critical parameters in applications such as renal care, environmental and process monitoring, gas flow and torque testing.
   
 

●

Clinical Genomics - develops, manufactures and sells highly sensitive high-throughput genetic analysis tools and related consumables and services that enable clinical research labs and contract research organizations to perform genomic testing for a broad range of research applications in several therapeutic areas, such as screenings for hereditary diseases, pharmacogenetics, oncology related applications and toxicology research.
Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

 

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. In the opinion of management, such unaudited information includes all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of our financial position and results of operations. The results of operations for interim periods are not necessarily indicative of results that may be achieved for the entire year. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The Condensed Consolidated Financial Statements include the accounts of Mesa and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. We have made no material changes to the application of significant accounting policies disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025. This report should be read in conjunction with the consolidated financial statements included in that report.

 

Our fiscal year ends on March 31. References in this report to a particular “year” or “quarter” refer to our fiscal year or fiscal quarters, respectively. Unless otherwise indicated, amounts shown in this report are in thousands.
Risk and Uncertainties, Policy [Policy Text Block]

Risks and Uncertainties

 

The preparation of financial statements requires the use of estimates and assumptions that affect reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management's judgment about the outcome of future events. The global business environment continues to be impacted by cost pressures, the overall effects of economic uncertainty, regulatory changes, and other factors. Changes in, and the resulting effects of, potential government trade, stimulus or fiscal and monetary policies, interest rates, foreign currency values, supply chains, demand for goods and services, global or regional recession, or other circumstances cannot be reliably predicted. Actual results could differ from our estimates. Refer to Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.
New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

 

We have reviewed all recently issued accounting pronouncements and have concluded that, other than as described below, they are not applicable to us or are not expected to have a material impact on our consolidated financial statements. We have not adopted any new accounting standards in fiscal year 2026.

 

Recently Issued Accounting Pronouncements

 

In  December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency, effectiveness and comparability of annual income tax disclosures. The guidance is effective for public business entities for fiscal years beginning after  December 15, 2024 (our fiscal year 2026), with early adoption and prospective or retrospective application permitted. Other than presentation of additional disaggregated information related to the jurisdictions in which we pay income taxes and income tax rate reconciliations in our annual income tax footnote disclosures, we do not expect the adoption of ASU No. 2023-09 to have a material impact on our consolidated financial statements and disclosures.

 

In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU is effective for fiscal years beginning after December 15, 2026 (our fiscal year 2028 for annual periods) and interim periods within fiscal years beginning after December 15, 2027 (our fiscal year 2029 for interim periods), with early adoption and prospective or retrospective application permitted. We are currently assessing the effect the adoption of this standard will have on our consolidated financial statements and disclosures; we expect to disclose additional detail regarding the nature and classification of certain categories of expense once adopted.

 

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Improvements to the Measurement of Credit Losses for Receivables and Contract Assets. ASU 2025-05 introduces a practical expedient that removes the requirement to incorporate macroeconomic forecasts into the estimation of expected credit losses. The guidance is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. Prospective adoption is required, and early adoption is permitted. We intend to early adopt ASU 2025-05 for our fiscal year beginning April 1, 2026, including interim periods. Upon adoption, we plan to elect the practical expedient allowing us to assume conditions at the balance sheet date will remain unchanged for the remaining life of the asset. We do not expect adoption to have a material impact on our consolidated financial statements or related disclosures.

 

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other (Topic 350): Internal-Use Software. ASU 2025-06 modernizes accounting for costs incurred in the development of internal-use software by eliminating the requirement to evaluate distinct development stages. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. ASU 2025-06 permits prospective, retrospective or modified retrospective adoption. Early adoption is permitted as of the beginning of an entity's annual reporting period. We intend to early adopt ASU 2025-06 prospectively for our fiscal year beginning April 1, 2026, including interim periods. We do not expect the guidance to have a material impact on our consolidated financial statements or related disclosures.
v3.25.4
Note 2 - Revenue (Tables)
 9 Months Ended
Dec. 31, 2025
Notes Tables  
Disaggregation of Revenue [Table Text Block]
  

Three Months Ended December 31, 2025

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 
                     

Consumables

 $22,357  $4,880  $658  $8,836  $36,731 

Hardware and software

  152   6,277   8,904   2,011   17,344 

Services

  2,405   3,216   4,510   920   11,051 

Total revenues

 $24,914  $14,373  $14,072  $11,767  $65,126 
  

Three Months Ended December 31, 2024

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 
                     

Consumables

 $20,991  $4,909  $1,043  $9,866  $36,809 

Hardware and software

  52   4,534   9,333   1,877   15,796 

Services

  2,464   2,794   4,053   924   10,235 

Total revenues

 $23,507  $12,237  $14,429  $12,667  $62,840 
  

Nine Months Ended December 31, 2025

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 
                     

Consumables

 $64,650  $13,087  $2,251  $25,893  $105,881 

Hardware and software

  388   17,227   24,008   4,361   45,984 

Services

  7,393   9,465   13,733   2,950   33,541 

Total revenues

 $72,431  $39,779  $39,992  $33,204  $185,406 
  

Nine Months Ended December 31, 2024

 
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 
                     

Consumables

 $60,860  $12,657  $2,067  $26,156  $101,740 

Hardware and software

  365   14,539   24,067   6,511   45,482 

Services

  7,444   8,916   12,358   2,903   31,621 

Total revenues

 $68,669  $36,112  $38,492  $35,570  $178,843 
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

United States

 $29,892  $30,476  $86,838  $85,415 

China

  5,645   6,322   16,389   20,271 

Other

  29,589   26,042   82,179   73,157 

Total revenues

 $65,126  $62,840  $185,406  $178,843 
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

Contract liabilities as of March 31, 2025

 $14,803 

Prior year liabilities recognized in revenues during the nine months ended December 31, 2025

  (9,366)

Contract liabilities added during the nine months ended December 31, 2025, net of revenues recognized

  9,132 

Contract liabilities as of December 31, 2025

 $14,569 
v3.25.4
Note 4 - Supplemental Information (Tables)
 9 Months Ended
Dec. 31, 2025
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
  

December 31, 2025

  

March 31, 2025

 

Raw materials

 $16,555  $14,775 

Work in process

  723   560 

Finished goods

  9,281   10,030 

Total inventories

 $26,559  $25,365 
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]
  

December 31, 2025

  

March 31, 2025

 

Prepaid expenses

 $3,567  $2,364 

Deposits

  1,495   1,752 

Prepaid income taxes

  869   1,040 

Other current assets

  3,934   2,873 

Total prepaid expenses and other current assets

 $9,865  $8,029 
Schedule of Employee Related Liabilities [Table Text Block]
  

December 31, 2025

  

March 31, 2025

 

Bonus payable

 $7,760  $10,891 

Wages and paid-time-off payable

  2,754   3,672 

Payroll related taxes

  2,303   2,475 

Other benefits payable

  1,062   820 

Total accrued payroll and benefits

 $13,879  $17,858 
Schedule of Accrued Liabilities [Table Text Block]
  

December 31, 2025

  

March 31, 2025

 

Accrued business taxes

 $7,150  $5,996 

Current operating lease liabilities

  3,891   3,523 

Income taxes payable

  2,072   2,157 

GKE acquisition holdback

  -   9,315 

Other

  2,436   3,610 

Total other accrued expenses

 $15,549  $24,601 
Property, Plant and Equipment [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

Depreciation expense in cost of revenues

 $775  $610  $2,376  $2,376 

Depreciation expense in operating expense

  495   496   1,613   1,652 

Total depreciation expense

 $1,270  $1,106  $3,989  $4,028 
v3.25.4
Note 5 - Goodwill and Intangible Assets, Net (Tables)
 9 Months Ended
Dec. 31, 2025
Notes Tables  
Schedule of Finite-Lived Intangible Assets [Table Text Block]
  

December 31, 2025

  

March 31, 2025

 
  

Gross Carrying Amount

  

Accumulated Amortization

  

Net Carrying Amount

  

Gross Carrying Amount

  

Accumulated Amortization

  

Net Carrying Amount

 

Customer relationships

 $199,843  $(131,945) $67,898  $190,069  $(117,189) $72,880 

Other intangibles

  63,401   (41,653)  21,748   61,192   (37,197)  23,995 

Total finite-lived intangible assets

 $263,244  $(173,598) $89,646  $251,261  $(154,386) $96,875 
Finite-Lived Intangible Assets Amortization Expense [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

Amortization in cost of revenues

 $695  $660  $2,104  $1,979 

Amortization in general and administrative

  3,750   3,731   11,428   11,023 

Total

 $4,445  $4,391  $13,532  $13,002 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Fiscal Year

 

Amortization Expense

 

Remainder of 2026

 $4,463 

2027

  17,546 

2028

  16,903 

2029

  16,329 

2030

  11,538 
Schedule of Goodwill [Table Text Block]
  

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 

March 31, 2025

 $79,408  $48,211  $37,213  $16,928  $181,760 

Effect of foreign currency translation

  4,661   2,611   75   196   7,543 

December 31, 2025

 $84,069  $50,822  $37,288  $17,124  $189,303 
v3.25.4
Note 6 - Indebtedness (Tables)
 9 Months Ended
Dec. 31, 2025
Notes Tables  
Schedule of Maturities of Long-Term Debt [Table Text Block]

Fiscal Year

 

Amount

 

Remainder of 2026

 $938 

2027

  5,625 

2028

  5,625 

2029

  7,500 

2030

  48,750 

Total principal remaining

 $68,438 
Convertible Debt [Table Text Block]
  

December 31, 2025

  

March 31, 2025

 

Principal outstanding

 $-  $97,500 

Unamortized debt issuance costs

  -   (203)

Net carrying value

 $-  $97,297 
Interest Expense on Convertible Debt [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

Interest expense (6.2% and 7.5% as of December 31, 2025 and 2024, respectively)

 $1,159  $1,450  $3,756  $4,551 

Amortization of debt issuance costs

  43   38  

118

   111 

Total interest and amortization of debt issuance costs

 $1,202  $1,488  $3,874  $4,662 
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

Coupon interest expense at 1.375%

 $-  $335  $503  $1,037 

Amortization of debt issuance costs

  -   134   203   412 

Total interest and amortization of debt issuance costs

 $-  $469  $706  $1,449 
Term Loan [Member]  
Notes Tables  
Convertible Debt [Table Text Block]
  

December 31, 2025

  

March 31, 2025

 

Current portion

 $5,156  $3,750 

Noncurrent portion

  62,721   66,902 

Debt issuance costs

  561   598 

Term Loan principal outstanding

 $68,438  $71,250 
v3.25.4
Note 7 - Stockholders' Equity (Tables)
 9 Months Ended
Dec. 31, 2025
Notes Tables  
Share-Based Payment Arrangement, Activity [Table Text Block]
  

Time-Based Restricted Stock Units

  

Performance-Based Restricted Stock Units

 
  

Number of Shares

  

Weighted- Average Grant Date Fair Value per Share

  

Number of Shares

  

Weighted- Average Grant Date Fair Value per Share

 

Nonvested as of March 31, 2025

  145  $106.54   85  $166.31 

Awards granted(1)

  108   90.87   44   99.56 

Awards forfeited

  (11)  97.91   

-

   - 

Awards distributed

  (65)  117.08   (16)  265.32 

Nonvested as of December 31, 2025

  177  $93.65   113  $126.12 
v3.25.4
Note 8 - Earnings per Share (Tables)
 9 Months Ended
Dec. 31, 2025
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

Net income (loss) available for shareholders

 $3,630  $(1,676) $10,848  $5,140 

Weighted average outstanding shares of common stock(1)

  5,532   5,429   5,504   5,413 

Dilutive effect of RSUs

  33   -   48   51 

Fully diluted shares

  5,565   5,429   5,552   5,464 
                 

Basic earnings (loss) per share

 $0.66  $(0.31) $1.97  $0.95 

Diluted earnings (loss) per share

 $0.65  $(0.31) $1.95  $0.94 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

Assumed conversion of the Notes

  -   344   171   354 

Stock awards that were anti-dilutive

  228   406   228   202 

Total stock awards excluded from diluted EPS

  228   750   399   556 
v3.25.4
Note 9 - Income Taxes (Tables)
 9 Months Ended
Dec. 31, 2025
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2025

  

2024

  

2025

  

2024

 

Income tax (benefit) expense

 $966  $(541) $2,759  $360 

Effective tax rate

  21.0%  24.4%  20.3%  6.5%
v3.25.4
Note 11 - Segment Information (Tables)
 9 Months Ended
Dec. 31, 2025
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]

Three months ended December 31, 2025

 

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 

Revenues (a):

 $24,914  $14,373  $14,072  $11,767  $65,126 

Less

                    

Depreciation in cost of revenues

  438   88   116   133   775 

Amortization in cost of revenues

  125   379   -   191   695 

Other cost of revenues (b)

  7,040   4,986   5,506   4,329   21,861 

Total segment cost of revenues

  7,603   5,453   5,622   4,653   23,331 

Gross Profit (c)

 $17,311  $8,920  $8,450  $7,114  $41,795 

Reconciling items:

                    

Operating expense

                 $33,820 

Operating income

                  7,975 

Nonoperating expense, net

                  3,379 

Earnings before income taxes

                 $4,596 

Three months ended December 31, 2024

 

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 

Revenues (a):

 $23,507  $12,237  $14,429  $12,667  $62,840 

Less

                    

Depreciation in cost of revenues

  321   63   207   19   610 

Amortization in cost of revenues

  131   338   -   191   660 

Other cost of revenues (b)

  6,594   4,297   5,416   5,509   21,816 

Total segment cost of revenues

  7,046   4,698   5,623   5,719   23,086 

Gross Profit (c)

 $16,461  $7,539  $8,806  $6,948  $39,754 

Reconciling items:

                    

Operating expense

                 $33,975 

Operating income

                  5,779 

Nonoperating expense, net

                  7,996 

(Loss) before income taxes

                 $(2,217)

Nine months ended December 31, 2025

 

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 

Revenues (a):

 $72,431  $39,779  $39,992  $33,204  $185,406 

Less

                    

Depreciation in cost of revenues

  1,349   243   333   451   2,376 

Amortization in cost of revenues

  404   1,126   -   574   2,104 

Other cost of revenues (b)

  20,331   15,055   15,932   13,543   64,861 

Total segment cost of revenues

  22,084   16,424   16,265   14,568   69,341 

Gross Profit (c)

 $50,347  $23,355  $23,727  $18,636  $116,065 

Reconciling items:

                    

Operating expense

                 $100,302 

Operating income

                  15,763 

Nonoperating expense, net

                  2,156 

Earnings before income taxes

                 $13,607 

Nine months ended December 31, 2024

 

Sterilization and Disinfection Control

  

Biopharmaceutical Development

  

Calibration Solutions

  

Clinical Genomics

  

Total

 

Revenues (a):

 $68,669  $36,112  $38,492  $35,570  $178,843 

Less

                    

Depreciation in cost of revenues

  1,114   149   599   514   2,376 

Amortization in cost of revenues

  376   1,029   -   574   1,979 

Non-cash GKE inventory step-up amortization

  1,232   -   -   -   1,232 

Other cost of revenues (b)

  18,756   12,269   14,635   15,138   60,798 

Total segment cost of revenues

  21,478   13,447   15,234   16,226   66,385 

Gross Profit (c)

 $47,191  $22,665  $23,258  $19,344  $112,458 

Reconciling items:

                    

Operating expense

                 $97,591 

Operating income

                  14,867 

Nonoperating expense, net

                  9,367 

Earnings before income taxes

                 $5,500 
Schedule of Segment Reporting Information, by Inventory Segment [Table Text Block]
  

December 31,

  

March 31,

 
  

2025

  

2025

 

Sterilization and Disinfection Control

 $6,075  $5,545 

Biopharmaceutical Development

  5,887   4,934 

Calibration Solutions

  5,846   5,110 

Clinical Genomics

  8,751   9,776 

Total inventories

 $26,559  $25,365 
v3.25.4
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Revenues $ 65,126 $ 62,840 $ 185,406 $ 178,843
Consumables [Member] | Transferred at Point in Time [Member]        
Revenues 36,731 36,809 105,881 101,740
Hardware and Software [Member] | Transferred at Point in Time [Member]        
Revenues 17,344 15,796 45,984 45,482
Service [Member] | Transferred at Point in Time [Member]        
Revenues 11,051 10,235 33,541 31,621
Operating Segments [Member] | Sterilization and Disinfection Control [Member]        
Revenues [1] 24,914 23,507 72,431 68,669
Operating Segments [Member] | Biopharmaceutical Development [Member]        
Revenues [1] 14,373 12,237 39,779 36,112
Operating Segments [Member] | Calibration Solutions [Member]        
Revenues [1] 14,072 14,429 39,992 38,492
Operating Segments [Member] | Clinical Genomics [Member]        
Revenues [1] 11,767 12,667 33,204 35,570
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member]        
Revenues 22,357 20,991 64,650 60,860
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member]        
Revenues 4,880 4,909 13,087 12,657
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member]        
Revenues 658 1,043 2,251 2,067
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member]        
Revenues 8,836 9,866 25,893 26,156
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member]        
Revenues 152 52 388 365
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member]        
Revenues 6,277 4,534 17,227 14,539
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member]        
Revenues 8,904 9,333 24,008 24,067
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member]        
Revenues 2,011 1,877 4,361 6,511
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member]        
Revenues 2,405 2,464 7,393 7,444
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member]        
Revenues 3,216 2,794 9,465 8,916
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member]        
Revenues 4,510 4,053 13,733 12,358
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member]        
Revenues $ 920 $ 924 $ 2,950 $ 2,903
[1] Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. Revenues as presented are consistent with GAAP measurement principles and our CODM's review of segment information.
v3.25.4
Note 2 - Revenue - Revenues From External Customers (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Revenues (a): $ 65,126 $ 62,840 $ 185,406 $ 178,843
UNITED STATES        
Revenues (a): 29,892 30,476 86,838 85,415
CHINA        
Revenues (a): 5,645 6,322 16,389 20,271
Other [Member]        
Revenues (a): $ 29,589 $ 26,042 $ 82,179 $ 73,157
v3.25.4
Note 2 - Revenue - Contract Liabilities (Details)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
USD ($)
Contract liabilities, balance $ 14,803
Prior year liabilities recognized in revenues during the nine months ended December 31, 2025 (9,366)
Contract liabilities added during the nine months ended December 31, 2025, net of revenues recognized 9,132
Contract liabilities, balance $ 14,569
v3.25.4
Note 3 - Fair Value Measurements and Concentrations of Credit Risk (Details Textual)
Pure in Thousands
 9 Months Ended
Dec. 31, 2025
Accounts Receivable [Member] | Customer Concentration Risk [Member]  
Number of Major Customers 0
v3.25.4
Note 4 - Supplemental Information - Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Raw materials $ 16,555 $ 14,775
Work in process 723 560
Finished goods 9,281 10,030
Total inventories $ 26,559 $ 25,365
v3.25.4
Note 4 - Supplemental Information - Prepaid and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Prepaid expenses $ 3,567 $ 2,364
Deposits 1,495 1,752
Prepaid income taxes 869 1,040
Other current assets 3,934 2,873
Total prepaid expenses and other current assets $ 9,865 $ 8,029
v3.25.4
Note 4 - Supplemental Information - Accrued Payroll and Benefits (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Bonus payable $ 7,760 $ 10,891
Wages and paid-time-off payable 2,754 3,672
Payroll related taxes 2,303 2,475
Other benefits payable 1,062 820
Total accrued payroll and benefits $ 13,879 $ 17,858
v3.25.4
Note 4 - Supplemental Information - Other Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Current operating lease liabilities $ 3,891 $ 3,523
Income taxes payable 2,072 2,157
Other 2,436 3,610
Total other accrued expenses 15,549 24,601
GKE Acquisition [Member]    
GKE acquisition holdback 0 9,315
Other Accrued Expenses [Member]    
Accrued business taxes $ 7,150 $ 5,996
v3.25.4
Note 4 - Supplemental Information - Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Depreciation, Total $ 1,270 $ 1,106 $ 3,989 $ 4,028
Cost of Sales [Member]        
Depreciation, Total 775 610 2,376 2,376
Operating Expense [Member]        
Depreciation, Total $ 495 $ 496 $ 1,613 $ 1,652
v3.25.4
Note 5 - Goodwill and Intangible Assets, Net - Other Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Gross carrying amount $ 263,244 $ 251,261
Accumulated amortization (173,598) (154,386)
Net carrying amount 89,646 96,875
Customer Relationships [Member]    
Gross carrying amount 199,843 190,069
Accumulated amortization (131,945) (117,189)
Net carrying amount 67,898 72,880
Other Intangible Assets [Member]    
Gross carrying amount 63,401 61,192
Accumulated amortization (41,653) (37,197)
Net carrying amount $ 21,748 $ 23,995
v3.25.4
Note 5 - Goodwill and Intangible Assets, Net - Amortization Expense for Finite-lived Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Amortization of Intangible Assets $ 4,445 $ 4,391 $ 13,532 $ 13,002
Cost of Sales [Member]        
Amortization of Intangible Assets 695 660 2,104 1,979
General and Administrative Expense [Member]        
Amortization of Intangible Assets $ 3,750 $ 3,731 $ 11,428 $ 11,023
v3.25.4
Note 5 - Goodwill and Intangible Assets, Net - Estimated Amortization Expense (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
2026 $ 4,463
2027 17,546
2028 16,903
2029 16,329
2030 $ 11,538
v3.25.4
Note 5 - Goodwill and Intangible Assets, Net - Change in the Carrying Amount of Goodwill (Details)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
USD ($)
Goodwill $ 181,760
Effect of foreign currency translation 7,543
Goodwill 189,303
Operating Segments [Member] | Sterilization and Disinfection Control [Member]  
Goodwill 79,408
Effect of foreign currency translation 4,661
Goodwill 84,069
Operating Segments [Member] | Biopharmaceutical Development [Member]  
Goodwill 48,211
Effect of foreign currency translation 2,611
Goodwill 50,822
Operating Segments [Member] | Calibration Solutions [Member]  
Goodwill 37,213
Effect of foreign currency translation 75
Goodwill 37,288
Operating Segments [Member] | Clinical Genomics [Member]  
Goodwill 16,928
Effect of foreign currency translation 196
Goodwill $ 17,124
v3.25.4
Note 6 - Indebtedness (Details Textual)
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended
Aug. 15, 2025
USD ($)
Apr. 05, 2024
Jan. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Oct. 09, 2025
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2025
Aug. 12, 2025
USD ($)
Apr. 05, 2025
USD ($)
Mar. 31, 2025
USD ($)
Sep. 30, 2024
Oct. 05, 2023
USD ($)
Mar. 05, 2021
USD ($)
Aug. 12, 2019
Long-Term Debt       $ 68,438,000 $ 68,438,000   $ 68,438,000                  
Repayments of Debt             22,062,000 $ 26,313,000                
Senior Secured Credit Agreement [Member]                                
Long-Term Debt       98,250 98,250   98,250                  
Line of Credit Facility, Remaining Borrowing Capacity       26,750 26,750   26,750                  
Senior Secured Credit Agreement [Member] | Prepaid Expenses, Other and Other Assets [Member]                                
Debt Issuance Costs, Net       $ 1,103,000 $ 1,103,000   $ 1,103,000         $ 1,203,000        
Senior Secured Credit Agreement [Member] | Subsequent Event [Member]                                
Repayments of Lines of Credit     $ 4,000                          
Senior Secured Credit Agreement [Member] | Revolving Credit Facility [Member]                                
Line of Credit Facility, Maximum Borrowing Capacity                             $ 75,000,000  
Long-Term Debt                   $ 97,000,000            
Debt, Weighted Average Interest Rate       6.20% 6.20%   6.20%         7.20%        
Proceeds from Lines of Credit $ 97,000,000                              
Senior Secured Credit Agreement [Member] | Maximum [Member]                                
Debt Instrument, Basis Spread on Variable Rate           3.00%                    
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage             0.35%                  
Senior Secured Credit Agreement [Member] | Maximum [Member] | Swingline Loan [Member]                                
Line of Credit Facility, Maximum Borrowing Capacity                             5,000,000  
Senior Secured Credit Agreement [Member] | Maximum [Member] | Revolving Credit Facility [Member]                                
Line of Credit Facility, Maximum Borrowing Capacity                           $ 125,000,000    
Debt Instrument, Basis Spread on Variable Rate         2.50%                      
Senior Secured Credit Agreement [Member] | Maximum [Member] | Letter of Credit [Member]                                
Line of Credit Facility, Maximum Borrowing Capacity                             $ 2,500,000  
Senior Secured Credit Agreement [Member] | Minimum [Member]                                
Debt Instrument, Basis Spread on Variable Rate           1.50%                    
Fixed Charge Coverage Ratio   1.25                            
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage             0.20%                  
Senior Secured Credit Agreement [Member] | Minimum [Member] | Revolving Credit Facility [Member]                                
Debt Instrument, Basis Spread on Variable Rate         1.25%                      
Term Loan [Member]                                
Long-Term Debt, Gross       $ 68,438,000 $ 68,438,000   $ 68,438,000       $ 75,000,000 $ 71,250,000        
Debt Instrument, Periodic Payment, Principal       938,000     2,813,000                  
Debt Instrument, Interest Rate, Effective Percentage                 6.20%       7.50%      
The Credit Facility Term Loan [Member]                                
Debt Instrument, Covenant, Maximum Total Leverage Ratio for the Sixth, Seventh, and Eighth Testing Dates   4                            
Debt Instrument, Covenant, Maximum Total Leverage Ratio Following the Ninth Testing date   3.5                            
The Notes [Member]                                
Debt Instrument, Interest Rate, Stated Percentage                 1.375%       1.375%      
The Notes [Member] | Senior Notes [Member]                                
Long-Term Debt, Gross       0 0   0         97,500,000        
Long-Term Debt       0 0   0         97,297,000        
Debt Issuance Costs, Net       $ (0) $ (0)   $ (0)         $ 203,000        
Debt Instrument, Interest Rate, Stated Percentage                               1.375%
Debt Instrument, Interest Rate, Effective Percentage       1.90% 1.90%   1.90%                  
2025 Convertible Notes [Member]                                
Debt Instrument, Repurchased Face Amount 97,500,000                              
Interest Paid, Financing Activity 670,000                              
Repayments of Debt $ 1,170,000                              
v3.25.4
Note 6 - Indebtedness - Quarterly Periodic Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Remainder of 2026 $ 938
2027 5,625
2028 5,625
2029 7,500
2030 48,750
Total principal remaining $ 68,438
v3.25.4
Note 6 - Indebtedness - Carrying Amount of the Term Loan (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Apr. 05, 2025
Mar. 31, 2025
Current portion $ 5,156   $ 3,750
Noncurrent portion 62,721   66,902
Term Loan [Member]      
Current portion 5,156   3,750
Noncurrent portion 62,721   66,902
Debt issuance costs 561   598
Long-Term Debt, Gross $ 68,438 $ 75,000 $ 71,250
v3.25.4
Note 6 - Indebtedness - Interest Expense on the Notes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Term Loan [Member]        
Interest expense $ 1,159 $ 1,450 $ 3,756 $ 4,551
Amortization of debt issuance costs 43 38 118 111
Total interest and amortization of debt issuance costs 1,202 1,488 3,874 4,662
Coupon interest expense at 1.375% 1,159 1,450 3,756 4,551
Amortization of debt issuance costs 43 38 118 111
The Notes [Member]        
Interest expense 0 335 503 1,037
Amortization of debt issuance costs 0 134 203 412
Total interest and amortization of debt issuance costs 0 469 706 1,449
Coupon interest expense at 1.375% 0 335 503 1,037
Amortization of debt issuance costs $ 0 $ 134 $ 203 $ 412
v3.25.4
Note 6 - Indebtedness - Interest Expense on the Notes (Details) (Parentheticals)
Sep. 30, 2025
Sep. 30, 2024
Term Loan [Member]    
Debt Instrument, Interest Rate, Effective Percentage 6.20% 7.50%
The Notes [Member]    
Debt Instrument, Interest Rate, Stated Percentage 1.375% 1.375%
v3.25.4
Note 6 - Indebtedness - Carrying Amount of the Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Total principal remaining $ 68,438  
The Notes [Member] | Senior Notes [Member]    
Principal outstanding 0 $ 97,500
Unamortized debt issuance costs 0 (203)
Total principal remaining $ 0 $ 97,297
v3.25.4
Note 7 - Stockholders' Equity (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended
Aug. 22, 2025
Dec. 31, 2025
Jun. 30, 2025
The FY26 PSUs [Member] | Eligible Employees [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)   44,000  
The FY26 PSUs [Member] | Eligible Employees [Member] | Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage   0.00%  
The FY26 PSUs [Member] | Eligible Employees [Member] | Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage   200.00%  
Stock Option Units [Member] | Eligible Employees [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)   133,000  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)   $ 191.04  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value   $ 0  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)   2 years 3 months 18 days  
The 2021 Equity Plan [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) 1,156   660,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) 496    
v3.25.4
Note 7 - Stockholders' Equity - Restricted Stock Unit Activity (Details)
 9 Months Ended
Dec. 31, 2025
$ / shares
shares
Restricted Stock Units (RSUs) [Member]  
Awards outstanding (in shares) | shares 145
Awards outstanding, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 106.54
Awards granted (in shares) | shares 108 [1]
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 90.87 [1]
Awards forfeited (in shares) | shares (11)
Awards forfeited or expired, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 97.91
Awards distributed (in shares) | shares (65)
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 117.08
Awards outstanding (in shares) | shares 177
Awards outstanding, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 93.65
Performance Stock Units [Member]  
Awards outstanding (in shares) | shares 85
Awards outstanding, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 166.31
Awards granted (in shares) | shares 44 [1]
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 99.56 [1]
Awards distributed (in shares) | shares (16)
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 265.32
Awards outstanding (in shares) | shares 113
Awards outstanding, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 126.12
[1] Balances for PSUs granted are reflected at target.
v3.25.4
Note 8 - Earnings per Share - Computation of Net Income per Share, Basic & Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Net income $ 3,630 $ (1,676) $ 10,848 $ 5,140
Weighted average outstanding shares of common stock (in shares) [1] 5,532 5,429 5,504 5,413
Dilutive effect of RSUs (in shares) 33 0 48 51
Fully diluted shares (in shares) 5,565 5,429 5,552 5,464
Basic (in dollars per share) $ 0.66 $ (0.31) $ 1.97 $ 0.95
Diluted (in dollars per share) $ 0.65 $ (0.31) $ 1.95 $ 0.94
[1] Weighted average outstanding shares includes awards that have not yet vested and are not yet legally outstanding, but for which all vesting criteria other than the passage of time have been satisfied. For example, this includes RSUs granted to retirement-eligible employees that are not subject to continued service requirements but have not yet vested.
v3.25.4
Note 8 - Earnings per Share - Antidilutive Securities Excluded From Computation of Earnings per Share (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Total stock awards excluded from diluted EPS (in shares) 228 750 399 556
Assumed Conversion of Convertible Debt [Member]        
Total stock awards excluded from diluted EPS (in shares) 0 344 171 354
Stock Awards that were Antidilutive [Member]        
Total stock awards excluded from diluted EPS (in shares) 228 406 228 202
v3.25.4
Note 9 - Income Taxes (Details Textual)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00%
v3.25.4
Note 9 - Income Taxes - Provisions for Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income tax expense (benefit) $ 966 $ (541) $ 2,759 $ 360
Effective tax rate 21.00% 24.40% 20.30% 6.50%
v3.25.4
Note 11 - Segment Information (Details Textual)
 9 Months Ended
Dec. 31, 2025
Number of Reportable Segments 4
v3.25.4
Note 11 - Segment Data - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Revenues (a): $ 65,126 $ 62,840 $ 185,406 $ 178,843
Total segment cost of revenues 23,331 23,086 69,341 66,385
Gross Profit (c) 41,795 39,754 116,065 112,458
Operating expense 33,820 33,975 100,302 97,591
Operating income 7,975 5,779 15,763 14,867
Nonoperating expense, net (3,379) (7,996) (2,156) (9,367)
Nonoperating expense, net 3,379 7,996 2,156 9,367
Non-cash GKE inventory step-up amortization     0 1,232
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]        
Revenues (a): [1] 65,126 62,840 185,406 178,843
Depreciation in cost of revenues 775 610 2,376 2,376
Amortization in cost of revenues 695 660 2,104 1,979
Other cost of revenues (b) [2] 21,861 21,816 64,861 60,798
Total segment cost of revenues 23,331 23,086 69,341 66,385
Gross Profit (c) [3] 41,795 39,754 116,065 112,458
Operating expense 33,820 33,975 100,302 97,591
Operating income 7,975 5,779 15,763 14,867
Nonoperating expense, net 3,379 (7,996) (2,156) (9,367)
Earnings before income taxes 4,596 (2,217) 13,607 5,500
Nonoperating expense, net (3,379) 7,996 2,156 9,367
Non-cash GKE inventory step-up amortization       1,232
Sterilization and Disinfection Control [Member] | Operating Segments [Member]        
Revenues (a): [1] 24,914 23,507 72,431 68,669
Depreciation in cost of revenues 438 321 1,349 1,114
Amortization in cost of revenues 125 131 404 376
Other cost of revenues (b) [2] 7,040 6,594 20,331 18,756
Total segment cost of revenues 7,603 7,046 22,084 21,478
Gross Profit (c) [3] 17,311 16,461 50,347 47,191
Non-cash GKE inventory step-up amortization       1,232
Biopharmaceutical Development [Member] | Operating Segments [Member]        
Revenues (a): [1] 14,373 12,237 39,779 36,112
Depreciation in cost of revenues 88 63 243 149
Amortization in cost of revenues 379 338 1,126 1,029
Other cost of revenues (b) [2] 4,986 4,297 15,055 12,269
Total segment cost of revenues 5,453 4,698 16,424 13,447
Gross Profit (c) [3] 8,920 7,539 23,355 22,665
Non-cash GKE inventory step-up amortization       0
Calibration Solutions [Member] | Operating Segments [Member]        
Revenues (a): [1] 14,072 14,429 39,992 38,492
Depreciation in cost of revenues 116 207 333 599
Amortization in cost of revenues 0 0 0 0
Other cost of revenues (b) [2] 5,506 5,416 15,932 14,635
Total segment cost of revenues 5,622 5,623 16,265 15,234
Gross Profit (c) [3] 8,450 8,806 23,727 23,258
Non-cash GKE inventory step-up amortization       0
Clinical Genomics [Member] | Operating Segments [Member]        
Revenues (a): [1] 11,767 12,667 33,204 35,570
Depreciation in cost of revenues 133 19 451 514
Amortization in cost of revenues 191 191 574 574
Other cost of revenues (b) [2] 4,329 5,509 13,543 15,138
Total segment cost of revenues 4,653 5,719 14,568 16,226
Gross Profit (c) [3] $ 7,114 $ 6,948 $ 18,636 19,344
Non-cash GKE inventory step-up amortization       $ 0
[1] Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. Revenues as presented are consistent with GAAP measurement principles and our CODM's review of segment information.
[2] Other segment cost of revenues for each reportable segment includes product costs, personnel costs (including stock-based compensation), and other manufacturing and overhead costs necessary to produce and sell our products and services, excluding depreciation, amortization and any non-cash inventory step-up amortization expense.
[3] Gross profit as presented is consistent with GAAP measurement principles and our CODM's review of segment information.
v3.25.4
Note 11 - Segment Data - Segment Inventory (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Total inventories $ 26,559 $ 25,365
Operating Segments [Member] | Sterilization and Disinfection Control [Member]    
Total inventories 6,075 5,545
Operating Segments [Member] | Biopharmaceutical Development [Member]    
Total inventories 5,887 4,934
Operating Segments [Member] | Calibration Solutions [Member]    
Total inventories 5,846 5,110
Operating Segments [Member] | Clinical Genomics [Member]    
Total inventories $ 8,751 $ 9,776