Mesa Laboratories : Non-GAAP Reconciliation

About this update from Mesa Laboratories, Inc.

GAAP/NON-GAAP RECONCILIATIONS First Quarter Fiscal Year 2027 Earnings Conference Call Use of Non-GAAP Financial Measures In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), Mesa Laboratories, Inc. (Mesa) uses certain non-GAAP financial measures, including adjusted operating income (AOI), AOI excluding unusual items, AOI per share, AOI excluding unusual items per share, organic revenues growth and core organic revenues growth, in order to provide meaningful supplemental information regarding our operational performance. We believe that the use of these non-GAAP financial measures, in addition to GAAP financial measures, helps investors to gain a better understanding of our operating results, consistent with how management measures and forecasts our operating performance, especially when comparing such results to previous periods and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes. This information facilitates management's internal comparisons to our historical operating results as well as to the operating results of our competitors. Since management finds these measures to be useful, we believe that our investors can benefit by evaluating both GAAP and non-GAAP results. The non-GAAP measures of adjusted operating income and adjusted operating income per share presented in the reconciliation below are defined to exclude the non-cash impact of amortization of intangible assets acquired in a business combination, stock-based compensation, depreciation and impairment of goodwill and long-lived assets. To calculate adjusted operating income, we exclude, as applicable: Impairments of long-lived assets, as such charges are outside of our normal operations and in most cases are difficult to accurately forecast. Stock-based compensation expense, as it is a non-cash charge and costs calculated for this expense vary in accordance with the stock price on the date of grant. Depreciation expense, as it is a non-cash charge. The expense associated with the amortization of acquisition-related intangible assets, as a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have lives of up to 20 years. Exclusion of amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies. Use of Non-GAAP Financial Measures The non-GAAP measures of adjusted operating income excluding unusual items and adjusted operating income excluding unusual items per share presented in the reconciliation below are defined as adjusted operating income less unusual items that are not ongoing and are related to a specific transaction. We exclude these unusual items as they are outside of normal operations and are not ongoing. Our management recognizes that items such as amortization of intangible assets, stock-based compensation expense, depreciation expense and impairment losses on goodwill and long-lived assets can have a material impact on our operating and net income. To gain a complete picture of all effects on our profit and loss from any and all events, management relies (and investors should rely) on the GAAP consolidated statements of operations. The non-GAAP numbers focus instead on our core operating business. Readers are reminded that non-GAAP measures are merely a supplement to, and not a replacement for, or superior to, financial measures prepared according to GAAP. They should be evaluated in conjunction with the GAAP financial measures. Our non-GAAP information may be different from the non-GAAP information provided by other companies. GAAP Operating Income to Non-GAAP Adjusted Operating Income Unaudited (Amounts in thousands, except per share and percent data) TTM Ended June 30, 2026 As % of Revenue Three Months Ended June 30, 2026 As % of Revenue Three Months Ended June 30, 2025 As % of Revenue Revenue $ 249,725 $ 60,138 $ 59,543 Operating income (GAAP) 22,478 9.0% 7,031 11.7% 3,064 5.1% Amortization of intangible assets 17,856 7.2% 4,392 7.3% 4,553 7.6% Stock-based compensation expense 16,346 6.5% 2,359 3.9% 3,881 6.5% Depreciation expense 5,103 2.0% 1,253 2.1% 1,404 2.4% AOI (non-GAAP) 61,783 24.7% 15,035 25.0% 12,902 21.7% Unusual items - before tax Legal settlement 382 0.2% 382 0.6% - - Severance costs 848 0.3% - - - - CEO transition costs 2,989 1.2% - - - - Total impact of unusual items on AOI - before tax 4,219 1.7% 382 0.6% - - AOI excluding unusual items (non-GAAP) 66,002 26.4% 15,417 25.6% 12,902 21.7% AOI per share - basic (non-GAAP) $ 2.66 $ 2.36 AOI per share - diluted (non-GAAP) $ 2.61 $ 2.32 AOI excluding unusual items per share - basic (non-GAAP) $ 2.73 $ 2.36 AOI excluding unusual items per share - diluted (non-GAAP) $ 2.68 $ 2.32 Weighted average common shares outstanding: Basic 5,657 5,465 Diluted 5,757 5,553 Note: AOI excluding unusual items for the fiscal year 2026 (as disclosed in the press release dated May 27, 2026 was $63,487. GAAP Revenue Growth to Non-GAAP Organic and Core Organic Revenue Growth Unaudited Three Months Ended June 30, 2026 Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics Total Total revenue growth (GAAP) (3.6)% 5.0% 7.6% (0.1)% 1.0% Impact of acquisitions -% -% -% -% -% Organic revenue growth (non-GAAP) (3.6)% 5.0% 7.6% (0.1)% 1.0% Currency translation (1.0)% 0.2% (0.1)% (1.0)% (0.6)% Core organic revenue growth (non-GAAP) (4.6)% 5.2% 7.5% (1.1)% 0.4%

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