Business
Mesa Labs Announces Unaudited Fourth Quarter and Full Fiscal Year 2023 Results
LAKEWOOD, Colo., May 25, 2023 (GLOBE NEWSWIRE) -- Mesa Laboratories, Inc. (NASDAQ:MLAB), a global leader in the design and manufacturing of life science tools
About this update from Mesa Laboratories, Inc.
[{"type":"text","content":"LAKEWOOD, Colo., May 25, 2023 (GLOBE NEWSWIRE) -- Mesa Laboratories, Inc. (NASDAQ:MLAB), a global leader in the design and manufacturing of life science tools and critical quality control solutions, today announced results for its fourth fiscal quarter (“4Q23”) and fiscal year (“FY23”) ended March 31, 2023. Fourth quarter highlights: Fourth quarter revenues decreased 5.6%Fourth quarter Non-GAAP core organic revenues3 decreased 1.6%Fourth quarter operating income increased 570%Fourth quarter Non-GAAP adjusted operating income1 excluding unusual items decreased 21.1% Full FY23 highlights: FY23 revenues increased 18.8%FY23 Non-GAAP core organic revenues growth was 5.2%FY23 operating income decreased 29.4%FY23 Non-GAAP adjusted operating income excluding unusual items decreased 1.7% Executive Commentary (amounts in thousands) “Revenues of $55,591 in the quarter resulted in an organic revenues (“organic”) decline of 5.6% for the quarter. This was influenced by currency headwinds across the company, slower Biopharmaceutical spending primarily impacting our Biopharmaceutical Development Division, as well as a significant decrease in COVID related revenues and the previously disclosed closure of Sema4’s expanded carrier screening business both of which impacted the Clinical Genomics division. Excluding currency and COVID related revenues, core organic revenues (“core organic”) declined 1.6%. For the year, organic revenues growth was 0.6% and core organic revenues growth was 5.2%, within striking distance of our long-term core growth aspirations despite multiple headwinds faced throughout the year” said Gary Owens, Chief Executive Officer of Mesa Labs. “Profitability for the fourth quarter, as measured by our primary metric of adjusted operating income (“AOI”) excluding unusual items, came in at $10,712 or 19.3% of revenues, as we absorbed the previously disclosed loss of the high margin Sema4 business in Clinical Genomics, faced currency headwinds and saw a significant increase in fourth quarter payroll taxes associated with the exercise of expiring stock options. For the full fiscal year, the same metric was $45,821 or 20.9% of revenues” added Mr. Owens. “In fiscal 2024, as the world and Life Science Tools sector continues to experience a period of economic uncertainty, we are biasing toward conservatism while maintaining our long-term...