{"url_path":"/sec/mlab/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-06-03","source_url":"https://www.sec.gov/Archives/edgar/data/724004/0000724004-26-000047-index.html","accession_number":"0000724004-26-000047","cik":"0000724004","ticker":"MLAB","issuer_name":"MESA LABORATORIES INC /CO/","edgar_url":"https://www.sec.gov/Archives/edgar/data/724004/0000724004-26-000047-index.html","primary_entity_key":"0000724004","primary_entity_name":"MESA LABORATORIES INC /CO/"},"word_count":1839,"has_tables":true,"body_markdown":"mlab20260331_10k.htm\n\n0000724004\nMESA LABORATORIES INC /CO\nfalse\n--03-31\nFY\n2026\ntrue\ntrue\ntrue\ntrue\ntrue\nfalse\n2,569\n1,186\n\n0\n0\n25,000,000\n25,000,000\n5,524,931\n5,524,931\n5,455,421\n5,455,421\n0.64\n0.64\n0.64\n186,245\n40\n10\n7\n3\n1\n3\n15\n3\n6\n3\n1\n0\nhttp://fasb.org/us-gaap/2026#OtherAssetsNoncurrent\nhttp://fasb.org/us-gaap/2026#OtherAssetsNoncurrent\nhttp://fasb.org/us-gaap/2026#AccruedLiabilitiesCurrent\nhttp://fasb.org/us-gaap/2026#AccruedLiabilitiesCurrent\nhttp://fasb.org/us-gaap/2026#OtherLiabilitiesNoncurrent\nhttp://fasb.org/us-gaap/2026#OtherLiabilitiesNoncurrent\n5.9\n7.2\n0\n24\n0\n0\n21\nMarch 31, 2039\nMarch 31, 2037\n0\n0\n0\n0\n2022 2023 2024\n2022 2023 2024\n2021 2022 2023 2024\n2019 2020 2021 2022 2023 2024\n4\nfalse\nfalse\nfalse\nfalse\ntrue\nfalse\nGross profit as presented is consistent with GAAP measurement principles and our CODM's review of segment information.\nDuring fiscal year 2026, the performance period for the market-based portion of PSUs granted in fiscal 2024 concluded. Based on actual performance during the performance period, 13 of these PSUs are expected to vest, net of estimated forfeitures.\nState income taxes in Montana, Maryland and Minnesota comprised the majority (greater than 50%) of the tax effect in this category.\nIncludes GKE results beginning upon acquisition in fiscal year 2024.\nIntersegment revenues are eliminated to arrive at consolidated totals. Revenues as presented are consistent with GAAP measurement principles and our CODM's review of segment information.\nUnallocated corporate expenses and other business activities are reported within Corporate and Other. Certain depreciation expense classified reflected in Corporate and Other in fiscal years 2024 and 2023 has been recast to conform to current year presentation.\nRevenues of $9,289 from GKE are included in the Sterilization and Disinfection Control division during the year ended March 31, 2024 and represent sales of consumables made beginning from the acquisition date.\nAccumulated Other Comprehensive (Loss) Income.\nWeighted 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.\nOther 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 non-cash inventory step-up amortization 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10-K**\n\n \n\n[Table of Contents](#toc)\n\n \n\n**U****NITED STATES ****SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n** **\n\n \n\n**FORM 10-K**\n\n** **\n\n**(Mark********one)**\n\n☒**ANNUAL REPORT****PURSUANT TO********SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193****4**\n\n** **\n\n**For the fiscal year ended March 31, 2026**\n\n \n\n☐**TRANSITION REPORT****PURSUANT TO********SECTION 13 OR 15(****d****) OF THE SECURITIES EXCHANGE ACT OF 1934**    \n\n** **\n\n**For****the transition period****f****rom********____********to********____**\n\n** **\n\n**Commission File No: 0-11740**\n\n** **\n\n** **\n\n**MESA LAB****O****RATORIES, INC.**\n\n(Exact name of registrant as specified in its charter)\n\n \n\n**Colorado**\n\n**84-0872291**\n\n(State or other jurisdiction of\n\n(I.R.S. Employer\n\nIncorporation or organization)\n\nIdentification number)\n\n \n\n******12100 West**** ****Sixth Avenue******\n \n\n**Lakewood, Colorado**\n\n**80228**\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n** **\n\nRegistrant’s telephone number, including area code: **(303) 987-8000**\n\n \n\nSecurities registered under Section 12(b) of the Act:\n\n \n\n**Title of each class**\n \n**Trading Symbol**\n \n**Name of each exchange on which registered**\n\nCommon stock, no par value\n \nMLAB\n \nThe Nasdaq Stock Market LLC\n\n \n\n \n\nSecurities registered under Section 12(g) of the Act: **None**\n\n \n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  **Yes** ☐ **No **☒\n\n** **\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  **Yes** ☐ **No**** **☒\n\n** **\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  **Yes** ☒ **No**** **☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). **Yes** ☒ **No**** **☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (check one):\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☒\n\nNon-accelerated filer\n\n☐\n\nSmaller reporting\n\ncompany ☐\n\nEmerging growth\n\ncompany ☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐\n\n \n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ \n\n \n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\n \n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). **Yes** ☐ **No**** **☒\n\n \n\nThe aggregate market value of voting stock held by non-affiliates of the registrant was $358 million based upon the closing market price and common shares outstanding as of September 30, 2025.\n\n** **\n\nThe number of outstanding shares of the Registrant’s common stock as of May 21, 2026 was 5,524,931.\n\n \n\nThis document (excluding exhibits) contains 77 pages.\n\n \n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\n \n\nPart III is incorporated by reference from the registrant’s definitive Proxy Statement for its 2026 Annual Meeting of Stockholders or an amendment to this report to be filed no later than 120 days after the close of the registrant's fiscal year.\n\n \n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n \n\n**Table of Contents**\n\n** **\n\n \n\n \n\n[Part I](#part1)\n\n[1](#part1)\n\n[Item 1.  Business](#item1)\n\n[1](#item1)\n\n[Item 1A.  Risk Factors](#item1a)\n\n[8](#item1a)\n\n[Item 1B.  Unresolved Staff Comments](#item1b)\n\n[23](#item1b)\n\n[Item 1C.  Cybersecurity](#item1c)\n[23](#item1b)\n\n[Item 2.  Properties](#item2)\n\n[24](#item2)\n\n[Item 3.  Legal Proceedings](#item3)\n\n[24](#item3)\n\n[Item 4.  Mine Safety Disclosures](#item4)\n\n[24](#item4)\n\n \n \n\n[Part II](#part2)\n\n[25](#part2)\n\n[Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#item5)\n\n[25](#item5)\n\n[Item 6.  Reserved](#item6)\n\n[26](#item7)\n\n[Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item7)\n\n[26](#item7)\n\n[Item 7A.  Quantitative and Qualitative Disclosures About Market Risk](#item7a)\n\n[36](#item7a)\n\n[Item 8.  Financial Statements and Supplementary Data](#item8) \n\n[37](#item8)\n\n[Consolidated Balance Sheets](#bal)\n[40](#bal)\n\n[Consolidated Statements of Operations](#ops)\n[41](#ops)\n\n[Consolidated Statements of Comprehensive Income (Loss)](#inc)\n[42](#inc)\n\n[Consolidated Statements of Stockholders’ Equity](#eq)\n[43](#eq)\n\n[Consolidated Statements of Cash Flows](#cf)\n[44](#cf)\n\n[Notes to Consolidated Financial Statements](#notes)\n[45](#notes)\n\n[Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#item9)\n\n[72](#item9)\n\n[Item 9A.  Controls and Procedures](#item9a)\n\n[72](#item9a)\n\n[Item 9B.  Other Information](#item9b)\n\n[73](#item9b)\n\n[Item 9C.  Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#Item9c)\n[73](#item9b)\n\n \n \n\n[Part III](#part3)\n\n[73](#part3)\n\n[Item 10.  Directors, Executive Officers and Corporate Governance](#item10)\n\n[73](#part3)\n\n[Item 11.  Executive Compensation](#item11)\n\n[74](#item11)\n\n[Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#item12)\n\n[74](#item12)\n\n[Item 13.  Certain Relationships and Related Transactions, and Director Independence](#item13)\n\n[74](#item13)\n\n[Item 14.  Principal Accountant Fees and Services](#item14)\n\n[74](#item14)\n\n \n \n\n[Part IV](#part4)\n\n[75](#part4)\n\n[Item 15.  Exhibits and Financial Statement Schedules](#item15)\n\n[75](#item15)\n\n[Item 16.  Form 10-K Summary](#Item16)\n[76](#Item16)\n\n[Signatures](#sigs)\n\n[77](#sigs)\n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n \n\n**Forward-Looking Statements**\n\n \n\n*This Annual* *Report on Form 10-K* *(\"this annual report\") contains forward-looking statements which are made pursuant to the safe harbor provisions of Section* *27A of the Securities Act of 1933, as amended, and Section* *21E of the Securities Exchange Act of 1934, as amended (the*“*Exchange Act*”*). The forward-looking statements in this annual report **do not constitute guarantees of future performance. Investors are cautioned that statements in this annual report**which are not strictly historical statements, including, without limitation, express or implied statements or guidance regarding current or future financial performance and position, management*’*s strategy, plans and objectives for future operations or acquisitions, product development and sales, product research and development, regulatory approvals, selling, general and administrative expenditures, intellectual property, development and manufacturing plans, availability of materials and products, the direct and indirect effects of tariffs and uncertainty regarding tariff policies, adequacy of capital resources and financing plans constitute forward-looking statements, competitive factors, tax rates and cost savings. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which the Company operates, and management*’*s current beliefs and assumptions. In addition, other written and oral statements that constitute forward-looking statements may be made by the Company or on the Company*’*s behalf. Words such as*“*expect,*”**“*anticipate,*”**“*intend,*”**“*plan,*”**“*seek,*”**“*believe,*”**“*could,*”**“*estimate,*”**“*may,*”**“*target,*”**“*project,*”*or variations of such words and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including those discussed in Item 1A.*“*Risk Factors,*”*and elsewhere in this report. We disclaim any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.*\n\n \n\n**Part I**"}