Mesa Labs Reports First Quarter Results

About this update from Mesa Laboratories, Inc.

[{"type":"text","content":"LAKEWOOD, Colo., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Mesa Laboratories, Inc. (NASDAQ:MLAB) today announced results for the first quarter (“1Q21”).\n Financial highlights for the quarter ended June 30, 2020 as compared to last year: Revenues increased 14%Operating income decreased 41%Non-GAAP adjusted operating income1 excluding unusual items decreased 2% Financial Results (amounts in thousands, except per share data) In comparison to the same quarter in the prior year, 1Q21 revenues increased 14% to $29,941, operating income decreased 41% to $3,198, and net income was $1,025, a decrease of 78% or $0.22 per diluted share of common stock. As detailed in the Unusual Items table below, operating income for 1Q21 was impacted by unusual items totaling $(364). Total revenues, excluding the Cold Chain Packaging division (which we exited during 3Q20) increased 20% for 1Q21, while organic revenues declined 4% quarter over quarter. On a non-GAAP basis, in comparison to the same quarter in the prior year, 1Q21 adjusted operating income (“AOI”) decreased 1% to $7,820 or $1.67 per diluted share of common stock. As detailed in the Unusual Items table below, AOI for 1Q21 was impacted by unusual items totaling $(20). Excluding the unusual items, AOI would have decreased 2% to $7,800 for 1Q21. A reconciliation of non-GAAP measures is provided in the tables below. Division Performance Sterilization and Disinfection Control (44% of revenues in 1Q21) delivered strong results in the quarter with total and organic revenues growth of 8%. The primary performance driver was accelerated ordering in 4Q20 which was fulfilled in this quarter. Without the associated backlog draw down, revenues would have been roughly flat year over year. Increased volumes again delivered strong margin performance with gross profit percentage expanding 610 bps year over year. We expect revenues growth to slow, perhaps in a significant fashion in 2Q21 as customer level inventories correct after the run up in 4Q20 and 1Q21. Instruments (25% of revenues in 1Q21) organic revenues contracted 20% in the quarter. With greater exposure to industrial capital equipment and governmental spending, we expect continued weakness in Instruments orders and revenues to persist throughout the COVID-19 pandemic. Division gross profit percentage contracted 270 bps quarter over quarter primarily due ...

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