# EDGAR Filing Document

**Accession Number:** 0000724004
**File Stem:** 0001437749-25-024715
**Filing Date:** 2025-8
**Character Count:** 179880
**Document Hash:** f3d60475f46c70348e9968816d72ef59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-024715.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001437749-25-024715

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MESA LABORATORIES INC /CO/
- **CENTRAL INDEX KEY:** 0000724004
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 840872291
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-11740
- **FILM NUMBER:** 251182876

**BUSINESS ADDRESS:**
- **STREET 1:** 12100 W 6TH AVE
- **CITY:** LAKEWOOD
- **STATE:** CO
- **ZIP:** 80228
- **BUSINESS PHONE:** 3039878000

**MAIL ADDRESS:**
- **STREET 1:** 12100 W 6TH AVE
- **CITY:** LAKEWOOD
- **STATE:** CO
- **ZIP:** 80228

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MESA LABORATORIES INC /CO
- **DATE OF NAME CHANGE:** 19951117

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MESA MEDICAL INC
- **DATE OF NAME CHANGE:** 19921123

?xml version='1.0' encoding='ASCII'? mlab20250630_10q.htm

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**United States**

**Securities and Exchange Commission**

**Washington, D.C. 20549**

------

**FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended June 30, 2025**

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ___ to ___**

**Commission File No: 0-11740**

------

**MESA LABORATORIES, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Colorado** | **84-0872291** |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification number) |
| **12100 West Sixth Avenue** |  |
| **Lakewood, Colorado** | **80228** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(303) 987-8000**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name on each exchange on which registered** |
| Common Stock, no par value | MLAB | The Nasdaq Stock Market LLC |

---

Indicate 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 ☐

Indicate 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 ☒&nbsp;&nbsp;&nbsp;&nbsp; No ☐

Indicate 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☒ | Non-accelerated filer ☐ | Smaller reporting company ☐ | Emerging growth company ☐ |

---

If 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 ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐&nbsp;&nbsp;&nbsp;&nbsp; No ☒

Indicate the number of shares outstanding of each of the Issuer's classes of common stock, as of the latest practicable date:

There were 5,501,454 shares of the Issuer's common stock, no par value, outstanding as of July 29, 2025.

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[**Table of Contents**](#toc)

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**Table of Contents**

---

| | | |
|:---|:---|:---|
| [Part I. Financial Information](#part1) | [Part I. Financial Information](#part1) | [1](#part1) |
|  | [Item 1. Financial Statements (unaudited)](#anchor-1item1)  | [1](#part1) |
|  | [Condensed Consolidated Balance Sheets](#balsheet) | [1](#anchor-1item1) |
|  | [Condensed Consolidated Statements of Income](#operations) | [2](#operations) |
|  | [Condensed Consolidated Statements of Comprehensive Income](#income) | [3](#income) |
|  | [Condensed Consolidated Statements of Stockholders' Equity](#equity) | [4](#equity) |
|  | [Condensed Consolidated Statements of Cash Flows](#cashflow) | [5](#cashflow) |
|  | [Notes to Condensed Consolidated Financial Statements](#notes) | [6](#notes) |
|  | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#anchor-1item2) | [19](#anchor-1item2) |
|  | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](#anchor-1item3) | [29](#anchor-1item3) |
|  | [Item 4. Controls and Procedures](#anchor-1item4) | [29](#anchor-1item4) |
| [Part II. Other Information](#part2) | [Part II. Other Information](#part2) | [30](#part2) |
|  | [Item 1. Legal Proceedings](#anchor-2item1) | [30](#anchor-2item1) |
|  | [Item 1A. Risk factors](#anchor-2item1a) | [30](#anchor-2item1a) |
|  | [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#anchor-2item2) | [30](#anchor-2item2) |
|  | [Item 5. Other Information](#item5otherinformation) | [30](#anchor-2item2) |
|  | [Item 6. Exhibits](#anchor-2item6) | [31](#anchor-2item6) |
|  | [Signatures](#sigs) | [32](#sigs) |
|  | Exhibit 31.1 Certifications Pursuant to Rule 13a-14(a) |  |
|  | Exhibit 31.2 Certifications Pursuant to Rule 13a-14(a) |  |
|  | Exhibit 32.1 Certifications Pursuant to Rule 13a-14(b) and 18 U.S.C Section 1350 |  |
|  | Exhibit 32.2 Certifications Pursuant to Rule 13a-14(b) and 18 U.S.C Section 1350 |  |

---

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[**Table of Contents**](#toc)

**Part I. Financial Information**

**Item 1. *Financial Statements***

**Mesa Laboratories, Inc.**

**Condensed Consolidated Balance Sheets**

(unaudited)

(in thousands, except share amounts)

---

| | | |
|:---|:---|:---|
|  | ***June 30,*** | ***March 31,*** |
|  | ***2025*** | ***2025*** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $21279 | $27321 |
| Accounts receivable, less allowance for credit losses of $1,190 and $1,186, respectively | 39068 | 41970 |
| Inventories | 28106 | 25365 |
| Prepaid expenses and other current assets | 9805 | 8029 |
| Total current assets | 98258 | 102685 |
| Noncurrent assets: |  |  |
| Property, plant and equipment, net of accumulated depreciation of $27,827 and $26,421, respectively | 31692 | 32333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax asset | 1474 | 1371 |
| Other assets | 18868 | 18324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships, net | 73524 | 72880 |
| Other intangibles, net | 23877 | 23995 |
| Goodwill | 188050 | 181760 |
| Total assets | $435743 | $433348 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $6270 | $5747 |
| Accrued payroll and benefits | 10426 | 17858 |
| Unearned revenues | 15077 | 14710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 16070 | 24601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term loan, current portion | 4219 | 3750 |
| Convertible notes, current portion, net of debt issuance costs | 97432 | 97297 |
| Total current liabilities | 149494 | 163963 |
| Noncurrent liabilities: |  |  |
| Deferred tax liability | $21563 | 20181 |
| Other noncurrent liabilities | 12657 | 12472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term loan, noncurrent portion, net of discounts and debt issuance costs | 65533 | 66902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolving line of credit | 14000 | 10000 |
| Total liabilities | 263247 | 273518 |
| Stockholders' equity: |  |  |
| Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 5,501,454 and 5,455,421 shares, respectively | 361361 | 358541 |
| (Accumulated deficit) | (185067) | (188936) |
| Accumulated other comprehensive (loss) | (3798) | (9775) |
| Total stockholders' equity | 172496 | 159830 |
| Total liabilities and stockholders' equity | $435743 | $433348 |

---

*See accompanying notes to Condensed Consolidated Financial Statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 1

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**Mesa Laboratories, Inc.**

**Condensed Consolidated Statements of Income**

(unaudited)

(in thousands, except per share data)

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** |
|  | ***2025*** | ***2024*** |
| Revenues | $59543 | $58170 |
| Cost of revenues | 22604 | 20921 |
| Gross profit | 36939 | 37249 |
| Operating expense: |  |  |
| Selling | 10933 | 10116 |
| General and administrative | 17958 | 16818 |
| Research and development | 4984 | 4735 |
| Total operating expense | 33875 | 31669 |
| Operating income | 3064 | 5580 |
| Non-operating (income) expense: |  |  |
| Interest expense and amortization of debt issuance costs | 2198 | 2842 |
| (Gain) on extinguishment of convertible notes |  | (2887) |
| Other (income) expense, net | (6146) | 1720 |
| Total non-operating (income) expense, net | (3948) | 1675 |
| Earnings before income taxes | 7012 | 3905 |
| Income tax expense | 2270 | 517 |
| Net income | $4742 | $3388 |
| Earnings per share: |  |  |
| Basic | $0.87 | $0.63 |
| Diluted | $0.85 | $0.62 |
| Weighted-average common shares outstanding: |  |  |
| Basic | 5465 | 5397 |
| Diluted | 5553 | 5424 |

---

*See accompanying notes to Condensed Consolidated Financial Statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 2

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**Mesa Laboratories, Inc.**

**Condensed Consolidated Statements of Comprehensive Income**

(unaudited)

(in thousands) 

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** |
|  | ***2025*** | ***2024*** |
| Net income | $4742 | $3388 |
| Other comprehensive income: |  |  |
| Foreign currency translation adjustments | 5977 | 452 |
| Comprehensive income | $10719 | $3840 |

---

*See accompanying notes to Condensed Consolidated Financial Statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 3

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**Mesa Laboratories, Inc.**

**Condensed Consolidated Statements of Stockholders' Equity**

(unaudited)

(dollars in thousands, except per share data)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ***Common Stock*** | ***Common Stock*** |  |  |  |
|  | ***Number of Shares*** | ***Amount*** | ***(Accumulated Deficit) Retained Earnings*** | ***AOCI\**** | ***Total*** |
| **March 31, 2025** | 5455421 | $358541 | $(188936) | $(9775) | $159830 |
| Vesting of restricted stock units | 57348 |  |  |  |  |
| Tax withholding on vesting of restricted stock units | (11315) | (1061) |  |  | (1061) |
| Dividends paid, $0.16 per share | *-* | *-* | (873) | *-* | (873) |
| Stock-based compensation expense | *-* | 3881 | *-* | *-* | 3881 |
| Foreign currency translation | *-* | *-* | *-* | 5977 | 5977 |
| Net income | *-* | *-* | 4742 | *-* | 4742 |
| **June 30, 2025** | 5501454 | $361361 | $(185067) | $(3798) | $172496 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ***Common Stock*** | ***Common Stock*** |  |  |  |
|  | ***Number of Shares*** | ***Amount*** | ***(Accumulated Deficit) Retained Earnings*** | ***AOCI\**** | ***Total*** |
| **March 31, 2024** | 5394491 | $343642 | $(183494) | $(14755) | $145393 |
| Vesting of restricted stock units | 20858 |  |  |  |  |
| Tax withholding on vesting of restricted stock units | (6194) | (571) |  |  | (571) |
| Dividends paid, $0.16 per share | *-* | *-* | (863) | *-* | (863) |
| Stock-based compensation expense | *-* | 2928 | *-* | *-* | 2928 |
| Foreign currency translation |  | *-* | *-* | 452 | 452 |
| Net income | *-* |  | 3388 |  | 3388 |
| **June 30, 2024** | 5409155 | $345999 | $(180969) | $(14303) | $150727 |

---

\*Accumulated Other Comprehensive (Loss) Income

*See accompanying notes to Condensed Consolidated Financial Statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 4

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**Mesa Laboratories, Inc.**

**Condensed Consolidated Statements of Cash Flows**

(unaudited)

(in thousands)

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** |
|  | ***2025*** | ***2024*** |
| **Cash flows from operating activities:** |  |  |
| Net income | $4742 | $3388 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| Depreciation of property, plant and equipment | 1404 | 1404 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets | 4553 | 4061 |
| Stock-based compensation expense | 3881 | 2928 |
| Gain on extinguishment of convertible notes |  | (2887) |
| Amortization of step-up in inventory basis |  | 778 |
| &nbsp;&nbsp;&nbsp; Foreign currency adjustments | (5986) | 826 |
| Other | 1250 | 583 |
| Cash from changes in operating assets and liabilities: |  |  |
| Accounts receivable, net | 3436 | 3482 |
| Inventories | (3290) | (671) |
| Prepaid expenses and other assets | (2436) | (451) |
| Accounts payable | 212 | (388) |
| Accrued liabilities and taxes payable | (5928) | (1391) |
| Unearned revenues | 55 | (919) |
| Net cash provided by operating activities | 1893 | 10743 |
| **Cash flows from investing activities:** |  |  |
| Purchases of property, plant and equipment | (1009) | (891) |
| Net cash (used in) investing activities | (1009) | (891) |
| **Cash flows from financing activities:** |  |  |
| Proceeds from debt borrowings | 10500 | 73465 |
| Debt repayments | (7438) | (9438) |
| GKE acquisition-related holdback payment | (9555) |  |
| Repurchase of convertible notes |  | (71560) |
| Dividends paid | (873) | (863) |
| Other financing, net | (1061) | (1023) |
| Net cash (used in) financing activities | (8427) | (9419) |
| Effect of exchange rate changes on cash and cash equivalents | 1501 | (175) |
| Net (decrease) increase in cash and cash equivalents | (6042) | 258 |
| Cash and cash equivalents at beginning of period | 27321 | 28214 |
| Cash and cash equivalents at end of period | $21279 | $28472 |

---

*See accompanying notes to Condensed Consolidated Financial Statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 5

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**Mesa Laboratories, Inc.**

**Notes to Condensed Consolidated Financial Statements**

**(unaudited)**

(dollar and share amounts in thousands, unless otherwise specified)

**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 Asia Pacific, and by independent distributors throughout the world.

As of *June 30, 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 made *no* material changes to the application of our significant accounting policies disclosed in our annual report on Form *10*-K. This report should be read in conjunction with the consolidated financial statements included in our Annual Report on Form *10*-K for the year ended *March 31, 2025*.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page *6*

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***Risks and Uncertainties***

The preparation of financial statements requires the use of estimates and assumptions that affect the 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.

***Recent Accounting Pronouncements***

We have reviewed all recently issued accounting pronouncements and have concluded that, other than as described below, they are either *not* applicable to us or are *not* expected to have a significant 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 FASB issued ASU *No. 2023*-*09,* "Income Taxes (Topic *740*): Improvements to Income Tax Disclosures." ASU *No. 2023*-*09,* which enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. 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 data in our income tax footnote disclosures for annual periods, 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 *No. 2024*-*03,* "Expense Disaggregation Disclosures (Subtopic *220*-*40*): Disaggregation of Income Statement Expenses." ASU *No. 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, and we currently expect to increase the level of disclosed detail once adopted.

**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 are single-use products and require frequent replacement in our customers' operating cycles. 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 to the customer, typically at the point of shipment.

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

We evaluate our revenues internally based on business division and the nature of goods and services provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page *7*

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The following tables present disaggregated revenues for the *three* months ended *June 30, 2025* and *2024*, respectively:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30, 2025*** | ***Three Months Ended June 30, 2025*** | ***Three Months Ended June 30, 2025*** | ***Three Months Ended June 30, 2025*** | ***Three Months Ended June 30, 2025*** |
|  | ***Sterilization and Disinfection Control*** | ***Biopharmaceutical Development*** | ***Calibration Solutions*** | ***Clinical Genomics*** | ***Total*** |
| Consumables | $23011 | $3836 | $841 | $8085 | $35773 |
| Hardware and software | 89 | 4288 | 6975 | 1217 | 12569 |
| Services | 2310 | 3362 | 4534 | 995 | 11201 |
| Total revenues | $25410 | $11486 | $12350 | $10297 | $59543 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30, 2024*** | ***Three Months Ended June 30, 2024*** | ***Three Months Ended June 30, 2024*** | ***Three Months Ended June 30, 2024*** | ***Three Months Ended June 30, 2024*** |
|  | ***Sterilization and Disinfection Control*** | ***Biopharmaceutical Development*** | ***Calibration Solutions*** | ***Clinical Genomics*** | ***Total*** |
| Consumables | $20396 | $3922 | $580 | $8112 | $33010 |
| Hardware and software | 169 | 4837 | 6886 | 2183 | 14075 |
| Services | 2392 | 3249 | 4335 | 1109 | 11085 |
| Total revenues | $22957 | $12008 | $11801 | $11404 | $58170 |

---

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 June 30,*** | ***Three Months Ended June 30,*** |
|  | ***2025*** | ***2024*** |
| United States | $27646 | $26861 |
| China | 5429 | 6559 |
| Other | 26468 | 24750 |
| Total revenues | $59543 | $58170 |

---

*No* foreign country exceeded *10%* of total revenues for the *three* months ended *June 30, 2025*.

**Contract Balances**

Our contracts have varying payment terms and conditions. Some customers prepay for products and services resulting in unearned revenues or customer deposits called contract liabilities, which are included within unearned revenues or other noncurrent liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. The significant majority of our revenues, related receivables and contract liabilities are generated from contracts with customers with original durations of *12* months or less. Contract liabilities will be 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 | $14803 |
| Prior year liabilities recognized in revenues during the three months ended June 30, 2025 | (4385) |
| Contract liabilities added during the three months ended June 30, 2025, net of revenues recognized | 4669 |
| Contract liabilities as of June 30, 2025 | $15087 |

---

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**Note *3.* Fair Value Measurements**

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; they are classified within Level *1* of the fair value hierarchy.

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 *June 30, 2025*.

On *April 5, 2024,* we entered into separate, privately negotiated purchase agreements with a limited number of holders of our 1.375% convertible notes due *August 15, 2025 (*the "Notes"), through which we repurchased $75,000 in aggregate principal amount of the Notes. See Note *6.* "Indebtedness" for further information. As of *June 30, 2025*, we had remaining outstanding $97,500 aggregate principal amount of the Notes. We estimate the fair value of the Notes using Level *2* inputs based on the last actively traded price or observable market input preceding the end of the reporting period. The fair value of the Notes is approximately correlated to our stock price.

The estimated fair value and carrying amount of the Notes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***June 30, 2025*** | ***June 30, 2025*** | ***March 31, 2025*** | ***March 31, 2025*** |
|  | ***Carrying Value*** | ***Fair Value (Level 2)*** | ***Carrying Value*** | ***Fair Value (Level 2)*** |
| Notes | $97432 | $96708 | $97297 | $95063 |

---

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

There were *no* nonrecurring fair value adjustments or transfers between the levels of the fair value hierarchy during the *three* months ended *June 30, 2025*.

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**Note *4.* Supplemental Information**

Inventories consisted of the following:

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***March 31, 2025*** |
| Raw materials | $16089 | $14775 |
| Work in process | 626 | 560 |
| Finished goods | 11391 | 10030 |
| Total inventories | $28106 | $25365 |

---

Prepaid expenses and other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***March 31, 2025*** |
| Prepaid expenses | $4302 | $2364 |
| Deposits | 1732 | 1752 |
| Prepaid income taxes | 465 | 1040 |
| Other current assets | 3306 | 2873 |
| Total prepaid expenses and other current assets | $9805 | $8029 |

---

Accrued payroll and benefits consisted of the following:

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***March 31, 2025*** |
| Wages and paid-time-off payable | $4013 | $3672 |
| Payroll related taxes | 3277 | 2475 |
| Bonus payable | 2269 | 10891 |
| Other benefits payable | 867 | 820 |
| Total accrued payroll and benefits | $10426 | $17858 |

---

In *June 2025* we paid fiscal year *2025* bonuses that were accrued as of *March 31, 2025.*

Other accrued expenses consisted of the following:

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***March 31, 2025*** |
| Accrued business taxes | $6039 | $5996 |
| Current operating lease liabilities | 3752 | 3523 |
| Income taxes payable | 2419 | 2157 |
| GKE acquisition holdback |  | 9315 |
| Other | 3860 | 3610 |
| Total other accrued expenses | $16070 | $24601 |

---

In *April 2025,* we remitted payment to the GKE sellers to settle the GKE acquisition holdback liability in full.

Depreciation expense was as follows:

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** |
|  | ***2025*** | ***2024*** |
| Depreciation expense in cost of revenues | $810 | $862 |
| Depreciation expense in operating expense | 594 | 542 |
| Total depreciation expense | $1404 | $1404 |

---

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**Note *5.* Goodwill and Intangible Assets, Net**

Intangible assets other than goodwill consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***June 30, 2025*** | ***June 30, 2025*** | ***June 30, 2025*** | ***March 31, 2025*** | ***March 31, 2025*** | ***March 31, 2025*** |
|  | ***Gross Carrying Amount*** | ***Accumulated Amortization*** | ***Net Carrying Amount*** | ***Gross Carrying Amount*** | ***Accumulated Amortization*** | ***Net Carrying Amount*** |
| Customer relationships | $197565 | $(124041) | $73524 | $190069 | $(117189) | $72880 |
| Other intangibles | 62849 | (38972) | 23877 | 61192 | (37197) | 23995 |
| Total intangible assets | $260414 | $(163013) | $97401 | $251261 | $(154386) | $96875 |

---

Amortization expense for intangible assets was as follows:

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** |
|  | ***2025*** | ***2024*** |
| Amortization in cost of revenues | $702 | $647 |
| Amortization in general and administrative | 3851 | 3414 |
| Total | $4553 | $4061 |

---

For the following fiscal years ending *March 31,* future amortization expense is estimated as follows, based on foreign currency exchange rates as of *June 30, 2025:*

---

| | |
|:---|:---|
| **Fiscal Year** | **Amortization Expense** |
| Remainder of 2026 | $13338 |
| 2027 | 17261 |
| 2028 | 16620 |
| 2029 | 16047 |
| 2030 | 11360 |

---

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 | $79408 | $48211 | $37213 | $16928 | $181760 |
| Effect of foreign currency translation | 4450 | 1632 | 73 | 135 | 6290 |
| June 30, 2025 | $83858 | $49843 | $37286 | $17063 | $188050 |

---

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**Note *6*. Indebtedness**

**Credit Facility**

Our senior secured credit agreement, as previously amended, 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." The Credit Facility matures in *April 2029* and allows us to use proceeds from borrowings to redeem some or all of our Notes.

Amounts borrowed under the Credit Facility bear interest at either a base rate or a SOFR rate plus an applicable spread ranging from 1.5% to 3.5%, depending on our total net leverage ratio. The weighted average interest rate on borrowings under the Credit Facility as of *June 30, 2025* was 7.2%.

The financial covenants in the Credit Facility include a maximum 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* and a maximum senior net leverage ratio of 3.5 to *1.* 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 *June 30, 2025*, we were in compliance with all covenants under the Credit Facility.

***Term Loan***

We borrowed $75,000 under the Term Loan on *April 5, 2024,* to fund the privately negotiated repurchases of a portion of our Notes (see "Convertible Notes" below). During the *three* months ended *June 30, 2025*, we made required quarterly principal payments on the Term Loan of $938.

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

---

| | |
|:---|:---|
| **Fiscal Year** | ***Amount*** |
| Remainder of 2026 | $2813 |
| 2027 | 5625 |
| 2028 | 5625 |
| 2029 | 7500 |
| 2030 | 48750 |
| &nbsp;&nbsp;&nbsp; Total principal remaining | $70313 |

---

The net carrying amount of the Term Loan was as follows:

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***March 31, 2025*** |
| Term Loan | $70313 | $71250 |
| Less: discount and debt issuance costs | (561) | (598) |
| Less: current portion | (4219) | (3750) |
| Noncurrent portion | $65533 | $66902 |

---

We recognized interest expense on the Term Loan as follows:

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** |
|  | ***2025*** | ***2024*** |
| Interest expense (7.2% and 8.4% as of June 30, 2025 and 2024, respectively) | $1292 | $1439 |
| Amortization of discount and debt issuance costs | 37 | 35 |
| Total interest and amortization of discount and debt issuance costs | $1329 | $1474 |

---

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***Revolver***

As of *June 30, 2025*, the outstanding balance under the Revolver was $14,000, and $111,000 was available for borrowing. Subsequent to *June 30, 2025*, we repaid an additional $3,000 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. In *July 2025,* we paid $77 in unused commitment fees for the *three* months ended *June 30, 2025.*

The balance of unamortized customary lender fees related to the Revolver was $1,128 and $1,203 as of *June 30, 2025* and *March 31, 2025,* respectively.

**Convertible Notes** 

On *August 12, 2019,* we issued an aggregate principal amount of $172,500 of the Notes. The net proceeds from the Notes, after deducting underwriting discounts and commissions and other related offering expenses payable by us, were approximately $167,056. The Notes mature on *August 15, 2025,* unless earlier repurchased or converted, and bear interest at a rate of 1.375% payable semi-annually in arrears on *February 15* and *August 15* each year. The Notes are initially convertible, subject to certain conditions, at a conversion rate of 3.5273 shares of common stock per *$1,000* principal amount of Notes, which is equivalent to an initial conversion price of approximately $283.50 per share of common stock.

On *April 5, 2024,* we entered into separate, privately negotiated transactions with certain holders of the Notes to repurchase $75,000 aggregate principal amount of the Notes for an aggregate repurchase price of $71,250 in cash, plus accrued and unpaid interest of $160. We accounted for the partial repurchase of the Notes as a debt extinguishment, which resulted in the recognition of a gain on extinguishment of $2,887 in other income on the unaudited Condensed Consolidated Statements of Income during the *three* months ended *June 30, 2024.* As of *June 30, 2025*, $97,500 in aggregate principal amount of the Notes remained outstanding, which we intend to pay using a combination of cash on hand and a draw on our Revolver.

Upon conversion, we will pay or deliver, as the case *may* be, cash, shares of our common stock, or a combination of both. Under the terms of the indenture, the Notes became convertible *April 15, 2025,* and will remain convertible until the close of business on the *second* scheduled trading day immediately preceding the maturity date (*August 13, 2025). No* Notes have been converted as of the date of this filing. As of *June 30, 2025*, the Notes were classified as a current liability on our unaudited Condensed Consolidated Balance Sheets. The if-converted value of the Notes did *not* exceed the principal balance as of *June 30, 2025*.

The net carrying amount of the Notes was as follows:

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***March 31, 2025*** |
| Principal outstanding | $97500 | $97500 |
| Unamortized debt issuance costs | (68) | (203) |
| Net carrying value | $97432 | $97297 |

---

We recognized interest expense on the Notes as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  | **2025** | **2024** |
| Coupon interest expense at 1.375% | $335 | $367 |
| Amortization of debt issuance costs | 135 | 145 |
| Total interest and amortization of debt issuance costs | $470 | $512 |

---

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

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**Note *7.* Stockholders' Equity**

*Stock-Based Compensation*

During the *three* months ended *June 30, 2025*, we issued time-based restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") pursuant to the Mesa Laboratories, Inc. Amended and Restated *2021* Equity Incentive Plan, which authorizes the issuance of 660 shares of common stock to eligible participants. 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 Income.

The following is a summary of RSU and PSU award activity for the *three* months ended *June 30, 2025*:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Time-Based Restricted Stock Units*** | ***Time-Based Restricted Stock Units*** | ***Performance-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*** |
| Outstanding as of March 31, 2025 | 145 | $106.54 | 85 | $166.31 |
| Awards granted<sup>(1)</sup> | 90 | 95.31 | 44 | 99.56 |
| Awards forfeited | (2) | 104.02 | - | *-* |
| Awards distributed | (53) | 114.67 | (4) | 174.73 |
| Outstanding as of June 30, 2025 | 180 | $98.57 | 125 | $142.39 |

---

<sup>(*1*)</sup> Balances for PSUs granted are reflected at target.

Outstanding time-based RSUs vest and settle in shares of our common stock on a *one*-for-*one* basis. RSUs granted to employees during the *three* months ended *June 30, 2025* vest in equal installments on *June 15, 2026, June 13, 2027* and *June 13, 2028.* We generally recognize the expense relating to RSUs, net of estimated forfeitures, on a straight-line basis over the vesting period, or for time-based RSUs granted to participants who qualify as retirement-eligible under our plan, over a shortened service period.

We grant PSUs to certain key employees. The number of shares earned is determined at the end of each performance period based on our achievement of certain pre-defined targets in accordance with the related award agreement. Outstanding PSUs vest upon completion of service periods described in the award agreements. We recognize expense for PSUs based on the probable outcome of achieving performance targets on a straight-line basis over the service period.

During the *three* months ended *June 30, 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 have a grant date fair value of $99.56 per unit and are subject to both service and market-based performance conditions. The service period and market performance measurement period is from *June 15, 2025* through *June 15, 2028.* The number of shares that will be earned based on market performance will range from 0% to 200% of the target number of shares. If the defined minimum targets are *not* met, *no* shares will vest.

As of *June 30, 2025,* there were 134 shares subject to options outstanding, with a weighted average exercise price per share of $190.87 and a remaining contractual life of 2.8 years. Our Compensation Committee has *not* granted options to any plan participants in the past *two* fiscal years.

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**Note *8*. Earnings Per Share**

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

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** |
|  | ***2025*** | ***2024*** |
| Net income available for shareholders | $4742 | $3388 |
| Weighted average outstanding shares of common stock | 5465 | 5397 |
| Dilutive effect of stock options |  |  |
| Dilutive effect of RSUs and PSUs | 88 | 27 |
| Fully diluted shares | 5553 | 5424 |
| Basic earnings per share | $0.87 | $0.63 |
| Diluted earnings per share | $0.85 | $0.62 |

---

Potentially dilutive securities include stock options and unvested time and performance based RSUs (collectively "stock awards"), as well as common shares underlying our Notes. Stock awards are excluded from the calculation of diluted EPS if they are subject to performance or market conditions that have *not* yet been achieved as of our reporting date, or if they are antidilutive.

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

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** |
|  | ***2025*** | ***2024*** |
| Assumed conversion of the Notes | 344 | 373 |
| Stock awards that were anti-dilutive | 161 | 209 |
| Total securities excluded from diluted EPS | 505 | 582 |

---

Shares underlying the Notes were excluded from the diluted EPS calculation for the *three* months ended *June 30, 2025* and *2024* as the impact of the assumed conversion of the Notes calculated under the if-converted method was antidilutive.

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**Note *9*. Income Taxes**

We reported an income tax provision as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  | **2025** | **2024** |
| Income tax expense | $2270 | $517 |
| Effective tax rate | 32.4% | 13.2% |

---

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 change in the effective tax rate for *three* months ended *June 30, 2025* compared to the prior year period is primarily due to prior year valuation allowance adjustments related to our operations in Germany, as well as an increase in German statutory taxes in the current fiscal year. The effective tax rate for the *three* months ended *June 30, 2025* differed from the statutory federal rate of 21% primarily due to the valuation allowances previously established on the U.S. deferred taxes and varying applicable tax rates in foreign jurisdictions.

In *July 2025,* certain key elements of the Tax Cuts and Jobs Act that were previously temporary were made permanent, including *100%* bonus depreciation, the expensing of domestic research costs, and the limitation on business interest expense deductions. Accounting Standards Codification Topic *740, Income Taxes*, requires the effects of enacted changes in tax laws and rates on deferred tax balances to be recognized in the period of enactment. We are currently evaluating the impact updated regulations will have on our Consolidated Financial Statements beginning in the *second* quarter of fiscal year *2026.*

**Note *10*. Commitments and Contingencies**

We are party to various legal proceedings arising in the ordinary course of business. As of *June 30, 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.

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**Note *11*. Segment Information**

Segment information is prepared on the same basis that our chief operating decision maker ("CODM"), our CEO, uses to manage our segments, 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 uses segment revenues, organic revenues growth (non-GAAP), and gross profit to allocate resources and to assess segment performance. Monthly, the CODM reviews forecast-to-actual and prior-to-current period variances in segment revenue and in segment gross profit to inform decisions regarding capital and personnel deployment. Our CODM also reviews non-GAAP adjusted operating income, defined as operating income excluding non-cash items such as depreciation, amortization and stock-based compensation, to further manage operations.

The following tables set forth our segment information:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended June 30, 2025** | ***Sterilization and Disinfection Control*** |  | ***Biopharmaceutical Development*** | ***Calibration Solutions*** | ***Clinical Genomics*** | ***Total*** |
| **Revenues (a):** | $25410 |  | $11486 | $12350 | $10297 | $59543 |
| *Less* |  | |  |  |  |  |
| Depreciation in cost of revenues | 450 |  | 89 | 105 | 166 | 810 |
| Amortization in cost of revenues | 139 |  | 372 |  | 191 | 702 |
| Other cost of revenues (b) | 6655 |  | 4719 | 5203 | 4515 | 21092 |
| Total segment cost of revenues | 7244 |  | 5180 | 5308 | 4872 | 22604 |
| **Gross Profit (c)** | $18166 |  | $6306 | $7042 | $5425 | $36939 |
| **Reconciling items:** |  |  |  |  |  |  |
| Operating expense |  |  |  |  |  | $33875 |
| Operating income |  |  |  |  |  | 3064 |
| Nonoperating (income), net |  |  |  |  |  | (3948) |
| **Earnings before income taxes** |  |  |  |  |  | $7012 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended June 30, 2024** | ***Sterilization and Disinfection Control*** |  | ***Biopharmaceutical Development*** | ***Calibration Solutions*** | ***Clinical Genomics*** | ***Total*** |
| **Revenues (a):** | $22957 |  | $12008 | $11801 | $11404 | $58170 |
| *Less* |  | |  |  |  |  |
| Depreciation in cost of revenues | 419 |  | 46 | 185 | 212 | 862 |
| Amortization in cost of revenues | 111 |  | 345 |  | 191 | 647 |
| Non-cash GKE inventory step-up amortization | 778 |  |  |  |  | 778 |
| Other cost of revenues (b) | 6091 |  | 3658 | 4374 | 4511 | 18634 |
| Total segment cost of revenues | 7399 |  | 4049 | 4559 | 4914 | 20921 |
| **Gross Profit (c)** | $15558 |  | $7959 | $7242 | $6490 | $37249 |
| **Reconciling items:** |  |  |  |  |  |  |
| Operating expense |  |  |  |  |  | $31669 |
| Operating income |  |  |  |  |  | 5580 |
| Nonoperating expense, net |  |  |  |  |  | 1675 |
| **Earnings before income taxes** |  |  |  |  |  | $3905 |

---

<sup>(a)</sup> 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.

<sup>(b)</sup> 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.

<sup>(c)</sup> Gross profit as presented is consistent with GAAP measurement principles and our CODM's review of segment information.

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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.

---

| | | |
|:---|:---|:---|
|  | ***June 30,*** | ***March 31,*** |
|  | ***2025*** | ***2025*** |
| Sterilization and Disinfection Control | $6269 | $5545 |
| Biopharmaceutical Development | 5944 | 4934 |
| Calibration Solutions | 5887 | 5110 |
| Clinical Genomics | 10006 | 9776 |
| Total inventories | $28106 | $25365 |

---

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**Item 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations***

*(Dollars in thousands, except per share amounts)*

**Forward-Looking Statements**

 

*This Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q do not constitute guarantees of future performance. Investors are cautioned that statements in this Quarterly Report on Form 10-Q which are not strictly historical statements, including, without limitation, express or implied statements or guidance regarding current or future financial performance and position; results of acquisitions; management*'*s strategy, plans and objectives for future operations or acquisitions, product development and sales; and adequacy of capital resources and financing plans constitute forward-looking statements. 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 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* "*seek,*" "*believe,*" "*may,*" "*intend,*" "*could,*" "*target,*" "*expect,*" "*anticipate,*" "*plan,*" "*estimate,*" "*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 risks associated with: our ability to successfully grow our business, including as a result of acquisitions; the effect that acquisitions have on our operations; our ability to consummate acquisitions at our historical rate and at appropriate prices, and our ability to effectively integrate acquired businesses and achieve desired results; the market acceptance of our products; technological or market viability of our products; potential reduced demand for our products, including as a result of competitive factors; conditions in the global economy and the particular markets we serve; significant developments or uncertainties stemming from governmental actions, including changes in trade policies such as tariffs, and changes in medical device regulations; the timely development and commercialization, and customer acceptance, of enhanced and new products and services; retirement of old products and customer migration to new products; the potential inaccuracy of projections of revenues, growth, operating results, profit margins, earnings, expenses, margins, tax rates, tax provisions, liquidity, cash flows, demand, and competition; the effects of actions taken to become more efficient or lower costs*; *supply chain challenges; cost pressures; laws regulating fraud and abuse in our industries, privacy and security of health and personal information; product liability; information security; outstanding claims, legal and regulatory proceedings; international business challenges including anti-corruption and sanctions laws and political developments; tax audits and assessments and other contingent liabilities; foreign currency exchange rates and fluctuations in those rates; general economic, industry, and capital markets conditions*; *the timing of any of the foregoing*; *and assumptions underlying any of the foregoing. Such risks and uncertainties also include those listed in Item 1A.* "*Risk Factors*" *in our Annual Report on Form 10-K for the year ended March 31, 2025 and in this report. The foregoing list sets forth many, but not all, of the factors that could impact our ability to achieve results described in any forward-looking statements. We disclaim any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.*

**Overview**

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 Asia Pacific, and by independent distributors throughout the world.

As of June 30, 2025, we managed our operations in four reportable segments, or divisions: Sterilization and Disinfection Control, Biopharmaceutical Development, Calibration Solutions, and Clinical Genomics. Each of our divisions is described further in "Results of Operations" below. Unallocated corporate expenses and other business activities are reported within Corporate and Other.

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***Corporate Strategy***

We strive to create stakeholder value and further our purpose of Protecting the Vulnerable® by growing our business both organically and through acquisitions, by improving our operating efficiency, and by continuing to hire, develop and retain top talent. We commit to our purpose of Protecting the Vulnerable® every day by taking a customer-focused approach to developing, building and delivering our products and services. We serve a broad set of industries, in particular the pharmaceutical, healthcare and medical device sectors, in which the safety, quality and efficacy of products is critical. By delivering the highest quality products possible, we are committed to protecting the communities we serve.

*Organic Revenues Growth*

Organic revenues growth is driven by expansion of our customer base, increases in sales volumes, new product offerings and price increases, and may be affected positively or negatively by the impact of changes in foreign currency rates on our reported revenues. Our ability to increase organic revenues is affected by general economic conditions, both domestic and international, customer capital spending trends, competition, currency exchange rates, and the introduction of new products. Our policy is to price our products and services competitively and, where possible, we pass along cost increases to our customers in order to maintain our margins. We typically evaluate costs and pricing annually, with price increases effective January 1. We evaluate the need to increase prices at other times of the year in response to significant facts and circumstances that may arise, such as increases in the price of inputs to our products, or in response to changes in government or regulatory policies, for example, due to the imposition of tariffs.

*Inorganic Growth - Acquisitions*

Over the past decade, we have consummated a number of acquisitions of businesses, technologies, or intangibles such as customer lists, as part of our growth strategy. Our acquisitions have allowed us to expand our product offerings and the industries we serve, globalize our company, and increase the scale at which we operate. In turn, this growth affords us the ability to improve our operating efficiency, extend our customer base, and further the pursuit of our purpose: Protecting the Vulnerable®.

*Improving Our Operating Efficiency*

Our ongoing goal is to maximize value in our businesses by implementing efficiencies in our manufacturing, commercial, engineering and administrative operations. We achieve efficiencies using the *Mesa Way*, our customer-centric, lean-based system for continuously improving our operations. The *Mesa Way* is built on four key pillars: "Measuring What Matters" based on our customers' perspectives and setting high standards of performance; "Empowering Teams" to improve operationally and to exceed customer expectations; "Sustainably Improving" using lean-based tools designed to help us identify and prioritize the best opportunities; and "Always Learning" to continuously build knowledge and capabilities to drive long-term performance.

Our gross profit is affected by many factors, including the types of products and services sold and the geographical region in which we sell them, labor and product costs (including costs of transporting, importing and exporting goods, and associated tariffs), manufacturing efficiencies, foreign currency rates and price competition. Historically, as we have integrated acquisitions into our business and taken advantage of manufacturing efficiencies, our gross profit percentages for some products have improved. There are, however, differences in gross profit percentages between product lines, and ultimately our mix of revenues will continue to impact our overall gross profit.

We continuously pursue opportunities to improve the efficiency of our administrative functions, including through the use of process automation and artificial intelligence.

*Hire, Develop, and Retain Top Talent*

At the center of our organization are talented people who are capable of taking on new challenges using a team-based approach. Indeed, it is our exceptionally talented workforce that works together to find ways to continuously and sustainably improve our products, our services, and ourselves, resulting in long-term value creation for our stakeholders.

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***General Trends***

We are a global company with multinational operations. During the three months ended June 30, 2025, approximately 54% of our revenues were earned outside of the United States. Our geographic and industry diversity presents both opportunities and challenges, including those associated with operating in varied economic environments, complying with increasing regulatory requirements including tariffs and reciprocal tariffs, navigating global labor trends and costs, adapting to technology changes in served markets, pursuing expansion opportunities in high-growth markets, and monitoring foreign currency impacts against the U.S. dollar ("USD"). Our continued revenues growth will depend on our ability to (i) expand business with new and existing customers through ongoing commercial efforts, (ii) identify, consummate and integrate acquisitions successfully, and (iii) develop or acquire differentiated products and services. We strive to maintain our profitability by improving the effectiveness of our sales force, by continuing to pursue cost reduction initiatives, and by taking a long-term strategic approach to investments in our business that we believe will support future commercial success.

During the first quarter of fiscal year 2026, our revenues increased 2.4% versus the comparable prior year period, primarily as a result of organic revenues growth in our Sterilization and Disinfection Control and Calibration Solutions divisions, partially offset by revenues declines in our Clinical Genomics and Biopharmaceutical Development divisions.

Gross profit as a percentage of revenues decreased 2.0 percentage points to 62.0% in the first quarter of fiscal year 2026 versus the comparable prior year period; however, the direct impact of tariffs on our gross profit percentage for the first quarter of fiscal year 2026 was modest. Operating expenses increased 7.0% for the three months ended June 30, 2025 versus the comparable prior year period. Changes in global markets, including the weakening of the U.S. dollar, current tariffs and inflationary pressures, and economic uncertainty during the three months ended June 30, 2025 have resulted in higher reported costs of revenues and operating expenses. We expect that the impact of current tariffs will continue to apply upward pressure on our costs. In future periods, we expect to partially offset the operating profit impact of the enacted tariff with price increases, supply chain adjustments, surcharges, and additional productivity and cost savings actions; however, we cannot predict the impact rising costs will ultimately have on our operating profits.

We source parts and materials from vendors and sell to customers throughout the world. Beginning in the first quarter of fiscal year 2026, the U.S. implemented significant tariffs on imports from a wide range of countries, which prompted retaliatory tariffs by a number of countries, resulting in some cases in a cycle of further retaliatory tariffs by both the U.S. and other countries. In early April 2025, actions were taken by the U.S. and certain other countries to delay the effective date of certain of these tariffs, but a number of the new tariffs remain in effect, including significant tariffs between the U.S. and China. In addition to changes in trade policy, there have been a number of international and domestic policy and regulatory changes in recent years that have resulted in uncertainty and in some cases, slower selling cycles for our instruments.

Our Sterilization and Disinfection Control and Calibration Solutions division benefited from strong commercial execution and increased orders in the first quarter of fiscal year 2026 compared to the same period in fiscal year 2025. Both the Biopharmaceutical Development and Clinical Genomics divisions experienced challenges presented by changing global trade and regulatory environments, including the impact of tariffs and uncertainty regarding their duration and magnitude, which contributed to delays in customer purchasing decisions.

The strengthening of foreign currencies against the U.S. dollar increases our reported revenues, gross profit margins, operating expenses and other income, and impacts the comparability of our results between periods. Conversely, the strengthening of the U.S. dollar against other major currencies would adversely impact our revenues and results of operations overall.

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**Results of Operations**

Our results of operations and period-over-period changes are discussed in the following section. The tables and discussion below should be read in conjunction with the accompanying unaudited Condensed Consolidated Financial Statements and the notes thereto appearing in Item 1. *Financial Statements (Unaudited)*.

Results by reportable segment are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Revenues** | **Revenues** | **Organic Revenues Growth (non-GAAP) <sup>(a)</sup>** | **Organic Revenues Growth (non-GAAP) <sup>(a)</sup>** | **Gross Profit as a % of Revenues** | **Gross Profit as a % of Revenues** |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| *amounts in thousands, except percent data* | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Sterilization and Disinfection Control | $25410 | $22957 | 10.7% | 4.9% | 71.5% | 67.8% |
| Biopharmaceutical Development | 11486 | 12008 | (4.3%) | 21.4% | 54.9% | 66.3% |
| Calibration Solutions | 12350 | 11801 | 4.7% | 3.0% | 57.0% | 61.4% |
| Clinical Genomics | 10297 | 11404 | (9.7%) | (14.7%) | 52.7% | 56.9% |
| Total | $59543 | $58170 | 2.4% | 2.5% | 62.0% | 64.0% |

---

<sup>(a)</sup> Organic revenues growth is a non-GAAP measure of financial performance. See "Non-GAAP Measures" below for further information and for a reconciliation of organic revenues growth to total revenues growth. Organic revenues growth in our Sterilization and Disinfection Control division for the three months ended June 30, 2024 differed from total GAAP revenues growth due to the acquisition of GKE; for all other amounts presented, GAAP revenues growth is equivalent to organic revenues growth.

Our unaudited condensed consolidated results of operations are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Total** |
| *amounts in thousands, except percent data* | **2025** | **2024** | **Change** |
| Revenues | $59543 | $58170 | 2.4% |
| Gross profit | 36939 | 37249 | (0.8%) |
| Operating expense | 33875 | 31669 | 7.0% |
| Operating income | 3064 | 5580 | (45.1%) |
| Net income | $4742 | $3388 | 40.0% |

---

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**Reportable Segments**

***Sterilization and Disinfection Control***

Our Sterilization and Disinfection Control division 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. Sterilization and Disinfection Control products are disposable and are used on a routine basis.

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Total** |
| *amounts in thousands, except percent data* | **2025** | **2024** | **Change** |
| Revenues | $25410 | $22957 | 10.7% |
| Gross profit | 18166 | 15558 | 16.8% |
| Gross profit as a % of revenues | 71.5% | 67.8% | 3.7 pt |

---

The Sterilization and Disinfection Control division's revenues increased 10.7% for the three months ended June 30, 2025 versus the comparable prior year period. Growth was driven by strong commercial execution resulting in increased sales volumes, and to a lesser extent, increased order fulfillments of our past due backlog as our manufacturing productivity increased, as well as the benefit of higher reported revenues as the euro strengthened against the U.S. dollar. We reduced our past due backlog by approximately $0.8 million compared to March 31, 2025.

Gross profit as a percentage of revenues increased 3.7 percentage points for three months ended June 30, 2025, primarily as a result of a $0.8 million charge for non-cash inventory step-up amortization related to the GKE acquisition that was recorded in the comparable prior year period, and to a lesser extent, favorable foreign currency impacts. Excluding the impact of non-cash inventory step-up amortization, gross profit as a percentage of revenue would have been 71.5% and 71.2% for the three months ended June 30, 2025 and 2024, respectively.

***Biopharmaceutical Development***

Our Biopharmaceutical Development division ("BPD") 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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Total** |
| *amounts in thousands, except percent data* | **2025** | **2024** | **Change** |
| Revenues | $11486 | $12008 | (4.3%) |
| Gross profit | 6306 | 7959 | (20.8%) |
| Gross profit as a % of revenues | 54.9% | 66.3% | (11.4 pt) |

---

The Biopharmaceutical Development division's revenues decreased 4.3% for the three months ended June 30, 2025 versus the comparable prior year period. The decline in revenues for the three months ended June 30, 2025 was driven by the timing of customer immunoassays order placements, including order delays as customers navigate purchasing decisions amid evolving macroeconomic uncertainty and tariff conditions, partially offset by higher reported revenues from the strengthening of the euro against the U.S. dollar. While revenues from hardware, and to a lesser extent consumables, declined, revenues from services increased 3.5% for the three months ended June 30, 2025 versus the comparable prior year period.

Gross profit as a percentage of revenues for the Biopharmaceutical Development division decreased 11.4 percentage points for the three months ended June 30, 2025. The decrease was primarily due to unfavorable product mix as higher-margin immunoassays revenues comprised approximately 68% of the division's total revenues, versus approximately 76% in the comparable prior year period, and decreased revenues. Additionally, a large percentage of the division's cost of goods is denominated in Swedish krona, which appreciated approximately 12% against the U.S. dollar for the three months ended June 30, 2025 versus the comparable prior year period. We do not expect the peptides mix to remain at elevated levels throughout the rest of fiscal year 2026, and as a result, we anticipate gross margin percentage for the Biopharmaceutical Development division will improve.

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***Calibration Solutions***

The Calibration Solutions division 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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Total** |
| *amounts in thousands, except percent data* | **2025** | **2024** | **Change** |
| Revenues | $12350 | $11801 | 4.7% |
| Gross profit | 7042 | 7242 | (2.8%) |
| Gross profit as a % of revenues | 57.0% | 61.4% | (4.4 pt) |

---

The Calibration Solutions division's revenues increased 4.7% for the three months ended June 30, 2025 versus the comparable prior year period, primarily due to commercial efforts to renew contracts with larger customers that incentivized utilization of our service offerings, particularly in our renal care product line and, to a lesser extent, price increases.

The Calibration Solutions division's gross profit as a percentage of revenues decreased 4.4 percentage points for the three months ended June 30, 2025 versus the comparable prior year period, primarily due to increased labor costs, as we have hired additional employees to support future growth, and to a lesser extent as a result of increased manufacturing input costs, primarily due to tariffs, and product mix.

***Clinical Genomics***

The Clinical Genomics division 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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Total** |
| *amounts in thousands, except percent data* | **2025** | **2024** | **Change** |
| Revenues | $10297 | $11404 | (9.7%) |
| Gross profit | 5425 | 6490 | (16.4%) |
| Gross profit as a % of revenues | 52.7% | 56.9% | (4.2 pt) |

---

The Clinical Genomics division's revenues decreased 9.7% for the three months ended June 30, 2025 versus the comparable prior year period, primarily due to lower sales in China as a result of macroeconomic, regulatory and tariff uncertainty. Decreases in China were partially offset by 18.6% increases in revenues in the United States, primarily from consumables, as we execute our new product development and commercial strategy. While we anticipate revenues growth in the U.S. and Europe in the remainder of the fiscal year, we expect revenues from China over the remainder of the fiscal year to continue to decrease compared to the prior year.

Gross profit percentage for the Clinical Genomics division decreased 4.2 percentage points for the three months ended June 30, 2025 versus the comparable prior year period, primarily due to lower revenues on a partially fixed cost base.

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***Operating Expense***

Operating expense increased 7.0% for the three months ended June 30, 2025 versus the comparable prior year period. Reported selling, general and administrative, and research and development expenses increased due to the weakening of the U.S. dollar against the euro and Swedish krona for the three months ended June 30, 2025 compared to the prior year period.

***Selling Expense***

Selling expense is driven primarily by labor costs, including salaries and commissions; accordingly, it may vary with sales levels.

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Total** |
| *amounts in thousands, except percent data* | **2025** | **2024** | **Change** |
| Selling expense | $10933 | $10116 | 8.1% |
| As a percentage of revenues | 18.4% | 17.4% | 1.0 pt |

---

Selling expense for the three months ended June 30, 2025 increased 8.1% versus the comparable prior year period. The increase is primarily attributable to investments in additional personnel expenses in an effort to continue to drive higher organic growth.

***General and Administrative Expense***

Labor costs, amortization of intangible assets, and non-cash stock-based compensation drive the substantial majority of our general and administrative expense.

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Total** |
| *amounts in thousands, except percent data* | **2025** | **2024** | **Change** |
| General and administrative expense | $17958 | $16818 | 6.8% |
| As a percentage of revenues | 30.2% | 28.9% | 1.3 pt |

---

General and administrative expense increased 6.8%, primarily due to higher personnel costs, including increased non-cash stock-based compensation resulting from an adjustment to performance-based awards to reflect achievement against targets through June 30, 2025. Increases to stock-based compensation expense were partially offset by lower consulting and professional services expenses, as our prior year results included consulting costs related to integrating GKE into our enterprise resource planning system.

***Research and Development Expense***

Research and development expense is predominantly comprised of labor costs and costs of third-party consultants.

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Total** |
| *amounts in thousands, except percent data* | **2025** | **2024** | **Change** |
| Research and development expense | $4984 | $4735 | 5.3% |
| As a percentage of revenues | 8.4% | 8.1% | 0.3 pt |

---

Research and development expenses increased slightly for the three months ended June 30, 2025 versus the comparable prior year period, primarily as a result of purchases of supplies to support project-specific research and development activities.

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***Non-Operating (Income) Expense, Net***

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Total** |
| *amounts in thousands, except percent data* | **2025** | **2024** | **Change** |
| Interest expense and amortization of debt issuance costs | $2198 | $2842 | (22.7%) |
| (Gain) on extinguishment of convertible senior notes |  | (2887) | N/A |
| Other (income) expense, net | (6146) | 1720 | (457.3%) |
| Non-operating (income) expense, net | $(3948) | $1675 | (335.7%) |

---

During the three months ended June 30, 2025, the U.S. dollar weakened against the euro. As a result, we recognized unrealized foreign currency gains of approximately $6.1 million from an intercompany U.S. dollar-denominated loan issued in fiscal year 2024 to one of our wholly owned, euro-denominated subsidiaries.

We incurred less interest expense during the three months ended June 30, 2025 versus the comparable prior year period primarily due to lower balances outstanding under our revolving line of credit in fiscal 2026, and to a lesser extent due to lower interest rates on our floating rate debt. We expect interest expense to increase in each remaining quarter of fiscal year 2026 compared to the first quarter of 2026 as our convertible notes mature in August 2025 and will be replaced with a borrowings under our revolving line of credit that will bear interest at a higher rate.

The $2.9 million gain on extinguishment of the convertible notes reported in the first quarter of fiscal year 2025 was a result of the settlement of $75.0 million aggregate principal of the notes during that period.

***Income Taxes***

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Total** |
| *amounts in thousands, except percent data* | **2025** | **2024** | **Change** |
| Income tax expense | $2270 | $517 | 339.1% |
| Effective tax rate | 32.4% | 13.2% | 19.2 pt |

---

Our effective income tax rate was 32.4% for three months ended June 30, 2025 compared to 13.2% for the three months ended June 30, 2024. The change in the effective tax rate for three months ended June 30, 2025 compared to the prior year period is primarily due to prior year valuation allowance adjustments related to our operations in Germany and an increase in German statutory taxes in the current fiscal year. The effective tax rate for the three months ended June 30, 2025 differed from the statutory federal rate of 21% primarily due to the valuation allowances previously established on the U.S. deferred taxes and varying applicable tax rates in foreign jurisdictions.

Our future effective income tax rate depends on various factors, such as changes in tax laws, regulations, accounting principles, or interpretations thereof, and the geographic composition of our pre-tax income. We carefully monitor these factors and adjust our effective income tax rate accordingly.

***Net Income***

Net income varies with changes in revenues, gross profit, operating expense, and currency exchange rate fluctuations. Net income included $4.6 million, $3.9 million and $1.4 million of non-cash amortization of intangible assets, stock-based compensation expense, and depreciation expense, respectively, and currency gains of $6.2 million for the three months ended June 30, 2025.

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**Liquidity and Capital Resources**

Our sources of liquidity include cash generated from operations, cash and cash equivalents on hand, and cash available from borrowings under our Credit Facility. We believe these sources of cash are sufficient to meet our ongoing operating requirements, scheduled debt service obligations, dividend payments and anticipated capital expenditures.

Historically, our more significant uses of cash have included acquisitions, payments on debt principal and interest obligations, and quarterly dividends paid to shareholders. In April 2025, we released a $9.6 million holdback payment related to the GKE acquisition. This amount was previously withheld from GKE's purchase price to cover potential post-closing adjustments and indemnification obligations.

Working capital is the amount by which current assets exceed current liabilities. We had negative working capital of $(51.2) million and $(61.3) million as of June 30, 2025 and March 31, 2025, respectively. Our negative working capital balances are primarily due to the classification of the $97.5 million remaining principal on our Notes, due August 15, 2025, as a current liability on our Condensed Consolidated Balance Sheets. We held $21.3 million and $27.3 million in cash and cash equivalents as of June 30, 2025 and March 31, 2025, respectively.

We have an outstanding Revolver that allows us to borrow to up to $125.0 million. During fiscal year 2024, we borrowed a total of $71.0 million under the Revolver to fund the majority of the GKE acquisition and since then we have borrowed against the revolver from time to time to fund general corporate needs. As of June 30, 2025, $14.0 million remained outstanding. Subsequent to June 30, 2025, we repaid an additional $3,000 on the Revolver.

Including the current portion of our Term Loan and the Notes, principal debt payments due within the next twelve months total $101.7 million. We plan to fund the amounts due using a combination of cash on hand, draws against our Revolver, which had $111.0 million available as of June 30, 2025, and cash generated from operating activities until maturity.

Based on applicable interest rates and debt balances outstanding as of June 30, 2025, we expect to incur approximately $12.3 million in cash interest expense over the next twelve months, adjusted for scheduled principal payments and anticipated borrowings under the Credit Facility to settle the Notes.

We routinely evaluate opportunities for strategic acquisitions. Future material acquisitions may require us to obtain additional capital, assume additional third-party debt or incur other long-term obligations. We believe that we have the ability to issue more equity or debt in the future in order to finance our acquisition and investment activities; however, additional equity or debt financing, or other transactions, may not be available on acceptable terms, if at all.

We may from time to time repurchase or take other steps to reduce our debt. These actions may include retirements or refinancing of outstanding debt through tender offers, privately negotiated transactions, or otherwise. The amount of debt that may be retired, if any, could be material. Retirement would be decided at the sole discretion of our Board of Directors and would depend on market conditions, our cash position and other considerations.

***Dividends***

We have paid regular quarterly dividends since 2003. We paid dividends of $0.16 per share during the three months ended June 30, 2025, as well as each quarter of fiscal year 2025.

In July 2025, we announced that our Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on September 15, 2025, to shareholders of record at the close of business on August 29, 2025.

***Goodwill Impairment Testing***

We perform analyses at least quarterly to identify potential impairment indicators and to assess whether it is more likely than not that any of our five goodwill reporting units (Sterilization and Disinfection Control, Immunoassays (BPD), Peptides (BPD), Calibration Solutions, and Clinical Genomics) is impaired. As of June 30, 2025, we concluded that our reporting units are not impaired; however, adverse economic, market or industry-specific conditions (including declines in our market capitalization), adverse or expected adverse changes in the business climate or in our operational performance, adverse changes in legal or regulatory environments, failure to achieve forecasted cash flows, or any combination of these or other such factors could result in future impairment losses in our reporting units in the future.

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Our Clinical Genomics and Peptides reporting units remain particularly sensitive to significant changes in assumptions and therefore have a heightened risk of future impairment losses. The valuation of our reporting units for impairment testing purposes relies on significant management judgment and the use of unobservable Level 3 inputs, including discount rates, forecasted results such as earnings before interest, taxes, depreciation and amortization ("EBITDA"), revenue growth rates, operating expense projections, the identification of comparable public entities, and applied market multiples.

We continue to monitor the impact of tariffs imposed in calendar year 2025. Depending on the persistence and magnitude of the tariffs and other factors, it is reasonably possible our Clinical Genomics and Peptides reporting units will incur impairment losses in the future. As of our most recent annual impairment test on January 1, 2025, the estimated fair values of the Clinical Genomics and Peptides reporting units exceeded their carrying values by approximately 40% and 20%, respectively. As of June 30, 2025, the carrying values of goodwill and other intangible assets associated with our Clinical Genomics reporting unit were $17.1 million and $8.9 million, respectively. The carrying values of goodwill and other intangible assets associated with our Peptides reporting unit were $13.7 million and $0.8 million, respectively, as of June 30, 2025.

***Cash Flows***

Our cash flows from operating, investing and financing activities were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| *amounts in thousands* | **2025** | **2024** |
| Net cash provided by operating activities | $1893 | $10743 |
| Net cash (used in) investing activities | (1009) | (891) |
| Net cash (used in) financing activities | (8427) | (9419) |

---

Cash flows from operating activities provided $1.9 million, for the three months ended June 30, 2025, a decrease of $8.8 million versus the comparable prior year period. The decrease in cash flows from operating activities was primarily a result of:

● lower gross margins,

● higher cash payments in the first quarter of fiscal year 2026 to settle accrued bonus and commissions that were accrued at the end of fiscal year 2025; and

● increased cash spent on inventory as we purchase finished goods and warehouse them in international locations as part of our tariff strategy.

Cash used in investing activities increased modestly for the three months ended June 30, 2025 compared to the prior year period as we invested in property, plant and equipment across several manufacturing sites. Cash used in financing activities resulted in a $8.4 million use of cash for the three months ended June 30, 2025. We borrowed $10.5 million under the Revolver largely to fund a $9.6 million payment of the GKE acquisition-related holdback and for other general corporate needs. We repaid $7.4 million of principal on our debt in the three months ended June 30, 2025, compared to $9.4 million in the prior year period.

**Recent Accounting Pronouncements**

For a discussion of the new accounting standards impacting the Company, refer to Note 1. "Description of Business and Summary of Significant Accounting Policies" in Item I. *Financial Statements (Unaudited).*

**Contractual Obligations and Other Commercial Commitments**

We are party to contractual obligations that involve commitments to remit payments to third parties in the ordinary course of business. On a consolidated basis, as of June 30, 2025, we had contractual obligations for open purchase orders of approximately $14.2 million for routine purchases of supplies and inventory, of which the substantial majority are payable in less than one year.

See "Liquidity and Capital Resources" for information related to future required debt and other payments. For a description of our contractual obligations and other commercial commitments as of March 31, 2025, see our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission on May 28, 2025.

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**Critical Accounting Estimates**

Critical accounting estimates are those that we consider both significant to the preparation of our financial statements and that require complex, subjective, or highly judgmental assessments. These estimates often involve assumptions about inherently uncertain matters and are based on our historical experience, as well as other factors we believe to be appropriate under the circumstances. For example, we incorporate expert input when developing estimates used in the valuation of reporting units for goodwill impairment testing. The accounting estimates that require significant management judgment and are deemed critical to our results of operations or financial position are discussed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, in "Critical Accounting Policies and Estimates" in Part II, Item 7. *Management's Discussion and Analysis of Financial Condition and Results of Operations*. While we believe our estimates, assumptions and judgements are reasonable, actual results may differ materially from these estimates.

**Non-GAAP Measures**

In addition to financial measures prepared in accordance with generally accepted accounting principles, we present organic revenues growth, defined as reported revenues growth excluding revenues from recent acquisitions, as a supplemental non-GAAP financial measure. We believe this measure facilitates comparability between current and prior period information and provides insight into Mesa's short-term and long-term performance and growth trends. We use organic revenues growth internally for forecasting, evaluating operating performance, comparing current and historical revenue results, and informing financial and operating decision-making, including for compensation-setting purposes.

A reconciliation of organic revenues growth to total revenues growth is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Revenues Growth** | **Total Revenues Growth** | **Impact of Acquisitions** | **Impact of Acquisitions** | **Organic Revenues Growth (non-GAAP)** | **Organic Revenues Growth (non-GAAP)** |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Sterilization and Disinfection Control | 10.7% | 44.1% | -% | (39.2%) | 10.7% | 4.9% |
| Biopharmaceutical Development | (4.3%) | 21.4% | -% | -% | (4.3%) | 21.4% |
| Calibration Solutions | 4.7% | 3.0% | -% | -% | 4.7% | 3.0% |
| Clinical Genomics | (9.7%) | (14.7%) | -% | -% | (9.7%) | (14.7%) |
| **Total Company** | **2.4%** | **14.9%** | **-%** | **(12.4** **%)** | **2.4%** | **2.5%** |

---

**Item 3. *Quantitative and Qualitative Disclosures about Market Risk***

For information regarding our exposure to certain market risks, see Part II, Item 7A, "Quantitative and Qualitative Disclosures About Market Risk," of our Annual Report on Form 10-K for the year ended March 31, 2025. There were no material changes to our market risk exposure during the three months ended June 30, 2025.

**Item 4. *Controls and Procedures***

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Exchange Act) that are designed to ensure that information required to be disclosed in Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

**Evaluation of Disclosure Controls and Procedures**

As of June 30, 2025, we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

**Changes in Internal Control Over Financial Reporting**

During the three months ended June 30, 2025, there have been no changes to our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that materially affected or are reasonably likely to materially affect our internal control over financial reporting.

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**Part II. Other Information**

**Item 1. *Legal Proceedings***

 ****

See Note 10. "Commitments and Contingencies" within Item 1. *Financial Statements* for information regarding any legal proceedings in which we may be involved.

**Item 1A. *Risk Factors***

During the three months ended June 30, 2025, there were no material changes from the risk factors described in Part I, Item 1A. *Risk Factors* of our Annual Report on Form 10-K for the year ended March 31, 2025.

**Item 2. *Unregistered Sales of Equity Securities and Use of Proceeds***

**Issuer Purchases of Equity Securities**

The following table provides information about the Company's purchases of equity securities for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Number of Shares Purchased<sup>(1)</sup>** | **Average Price Paid Per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs<sup>(2)</sup>** | **Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs** |
| April 2025 | 2 | 124.64 | – | 162486 |
| May 2025 |  |  | – | 162486 |
| June 2025 | 11313 | 93.71 | – | 162486 |
| Total | 11315 | 93.72 | – | 162486 |

---

<sup>(1)</sup> Shares purchased during the period were transferred to the Company from employees in satisfaction of minimum tax withholding obligations associated with the vesting of restricted stock awards during the period.

<sup>(2)</sup> On November 7, 2005, our Board of Directors adopted a share repurchase plan which allows for the repurchase of up to 300,000 of our common shares; however, no shares have been purchased under the plan in any period presented. This plan will continue until the maximum is reached or the plan is terminated by further action of the Board of Directors.

**Item *5. Other Information***

During the *three* months ended *June 30, 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).

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**Item 6. *Exhibits***

---

| | |
|:---|:---|
| Exhibit No. | Description of Exhibit |
| 3.1 | [<u>Amended and Restated Articles of Incorporation of Mesa Laboratories, Inc. (incorporated by reference from Exhibit 3.1 to the Company's Current Report on Form 8-K filed August 25, 2023).</u>](http://www.sec.gov/Archives/edgar/data/724004/000143774923024684/ex_564613.htm) |
| 3.2 | [<u>Amended and Restated Bylaws of Mesa Laboratories, Inc. (incorporated by reference from Exhibit 3.1 to the Company's Current Report on Form 8-K filed May 10, 2019).</u>](http://www.sec.gov/Archives/edgar/data/724004/000143774919009346/ex_143960.htm) |
| 10.3.1 | [Form of 2026 Restricted Stock Unit Agreement, issued under the 2021 Equity Plan](ex_844469.htm) |
| 10.3.2 | [Form of 2026 Performance Stock Unit Agreement, issued under the 2021 Equity Plan](ex_844470.htm) |
| 10.5.1\*\* α | [Form of Amendment to Executive Employment Agreements, by and among Mesa Laboratories, Inc. and Messrs. Owens, Sakys and Archbold](ex_845591.htm) |
| 31.1+ | [Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex_827150.htm) |
| 31.2+ | [Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex_827151.htm) |
| 32.1\* | [Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex_827152.htm) |
| 32.2\* | [Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex_827153.htm) |
| 101.INS+ | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH+ | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL+ | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF+ | Inline XBRL Taxonomy Extension Definitions Linkbase Document |
| 101.LAB+ | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE+ | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104+ | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.\*). |

---

------

+ Filed herewith

\* Furnished herewith

α Mesa Laboratories, Inc. has entered into an Executive Employment Agreement with each of Gary M. Owens, John V. Sakys and Brian Archbold.

\*\* Indicates a management contract or compensatory plan, contract or arrangement, or an amendment thereto.

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**<u>Signatures</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

<u>MESA LABORATORIES, INC.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)

---

| | | |
|:---|:---|:---|
| DATED: August 5, 2025 | BY: | <u>/s/ Gary M. Owens</u><u>.</u><br> Gary M. Owens<br> Chief Executive Officer |
| DATED: August 5, 2025 | BY: | <u>/s/</u> <u>John V. Sakys</u><br> John V. Sakys<br> Chief Financial Officer |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 32

## Exhibit 10.31

**Exhibit 10.3.1**

Note: Do not sign and return this document to the Company. By **clicking on the** "**ACCEPT**" **box**, you acknowledge that you have read the information below and agree to be bound by the terms of the Plan and this Agreement. **Please provide such acceptance within ninety (90) days of the Grant Date.**

**Mesa Laboratories Inc.** <br> **2021 Equity Incentive Plan**

**<u>Restricted Stock Unit Award Agreement</u>**

#GrantDate#

#ParticpantName#

Dear #ParticpantName#:

We are pleased to inform you that Mesa Laboratories, Inc. (the "<u>Company</u>") has made an award of restricted stock units (the "<u>Restricted Stock Units</u>") to you as indicated in this Restricted Stock Unit Award Agreement (this "<u>Agreement</u>"). The award of Restricted Stock Units is made pursuant to the Company's 2021 Equity Incentive Plan (the "<u>Plan</u>") and is subject to and governed by the Plan generally. All capitalized terms not defined herein shall have the meanings given to such terms in the Plan.

---

| | | |
|:---|:---|:---|
| Grant Date | #GrantDate# | #GrantDate# |
| Number of Restricted Stock Units | #QuantityGranted# | #QuantityGranted# |
| Vesting Schedule | <u>General</u><br>Except as set forth below, your Restricted Stock Units shall vest in accordance with the following schedule, subject to your Continuous Service (as defined below) with the Company or its Subsidiaries through each applicable Vesting Date. | <u>General</u><br>Except as set forth below, your Restricted Stock Units shall vest in accordance with the following schedule, subject to your Continuous Service (as defined below) with the Company or its Subsidiaries through each applicable Vesting Date. |
|  | <u>Vesting Date</u> | <u>RSUs that Vest</u> |
|  | #VestDate_1# | #Vest%_1# |
|  | #VestDate_2# | #Vest%_2# |
|  | #VestDate_3# | #Vest%_3# |
|  | For purposes of this Agreement, the term "<u>Continuous Service</u>" shall mean your uninterrupted service to the Company or any Subsidiary as an employee, non-employee director, or consultant. The Administrator shall determine in its discretion whether and when your Continuous Service has ended (including as a result of any leave of absence); provided, however, that your Continuous Service shall not be deemed to have ended in the event you retire or otherwise terminate as an employee but continue to perform services for the Company as a non-employee director or consultant. | For purposes of this Agreement, the term "<u>Continuous Service</u>" shall mean your uninterrupted service to the Company or any Subsidiary as an employee, non-employee director, or consultant. The Administrator shall determine in its discretion whether and when your Continuous Service has ended (including as a result of any leave of absence); provided, however, that your Continuous Service shall not be deemed to have ended in the event you retire or otherwise terminate as an employee but continue to perform services for the Company as a non-employee director or consultant. |

---

------

---

| | |
|:---|:---|
| Termination of Continuous<br> Service | <u>General</u><br>Except as set forth below or in the Section entitled "Other Agreements," any unvested Restricted Stock Units shall be automatically cancelled immediately upon the termination of your Continuous Service with the Company or its Subsidiaries for any or no reason.<br><u>Normal Retirement</u><br>In the event you terminate Continuous Service as a result of Normal Retirement, any unvested portion of the Restricted Stock Unit shall remain outstanding and shall vest on the Vesting Date on which it otherwise would have vested had you not terminated Continuous Service. |
| Payment | The Company shall issue to you one share of Common Stock for each Restricted Stock Unit that vests hereunder, with the delivery of such Common Stock to occur within ten (10) business days following the applicable Vesting Date; provided, however, that in no event shall you be able to designate (directly or indirectly) the taxable year in which the Common Stock is delivered to you. |
| Change of Control | The provisions of Section 8.2 of the Plan shall apply upon the occurrence of a Change of Control. |
| Specific Provisions | You acknowledge that you have read and understand the provisions of Section 10.12 of the Plan (which states, in part, that your right to earn, exercise or receive payment under Awards after termination of employment is subject to your compliance with any restrictive covenant or similar agreement(s) to which you are subject) and Section 10.13 of the Plan (regarding compliance with the Company's Executive Compensation Clawback Policy, if applicable). |
| Other Agreements | The terms of this Restricted Stock Unit Award, including the provisions above regarding your termination of Continuous Service, are subject to and are modified by any contrary terms in any employment agreement, severance letter, of similar agreement between you and the Company that may be in effect from time to time (an "<u>Other Agreement</u>"). |

---

------

Other Terms and Conditions Are set forth in the accompanying Restricted Stock Unit Award Terms and Conditions and the Plan.

**<u>Online Acceptance of Restricted Stock Unit Award Agreement</u>**

By your online acceptance, you and the Company agree that the Restricted Stock Units granted hereby are granted under and governed by the terms and conditions of this Restricted Stock Unit Award Agreement and the accompanying Restricted Stock Unit Award Terms and Conditions (the "<u>Award Documents</u>"), and the terms of the Plan. You hereby represent and acknowledge that you have been provided the opportunity to review the Plan and the Award Documents in their entirety, and you hereby agree to accept as binding, conclusive, and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and the Award Documents.

------

**<u>Restricted Stock Unit Award Terms and Conditions</u>**

The following terms and conditions apply to the Restricted Stock Units granted to you by the Company, as specified in the accompanying Restricted Stock Unit Award Agreement (the "<u>Award</u> <u>Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Award of Restricted Stock Units</u>. The Company has issued to you the number of Restricted Stock Units set forth above in the Award Agreement, effective on the Grant Date, and subject to the terms and conditions set forth in the Award Agreement and these Restricted Stock Unit Award Terms and Conditions (together, the "<u>Award Documents</u>"), and the Plan (which is incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Restricted Stock Units Non-Transferable</u>. Restricted Stock Units (and related rights) may not be sold, assigned, alienated, transferred by gift or otherwise, pledged, hypothecated, or otherwise disposed of, by operation of law or otherwise. Any attempt to assign, alienate, transfer, pledge, sell or otherwise dispose of the Restricted Stock Units or its related rights shall be ineffective and, if any such attempt is made, the Restricted Stock Units will be cancelled and all of your rights under the Plan and the Award Documents shall immediately terminate without any payment or consideration by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Vesting</u>. Unless otherwise provided in the Plan, your Restricted Stock Units shall vest in accordance with the Vesting Schedule and/or upon the other events set forth in the Award Agreement or as set forth in the "Other Agreements" section of the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Payment</u>. Payment in respect of vested Restricted Stock Units shall be made at the time(s) and in the form(s) set forth in the Award Agreement. Any distribution or delivery to be made to you under the Award Documents will, if you are then deceased, be made to the administrator or executor of your estate. Any such administrator or executor must furnish the Company or its designated agent with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company or its designated agent to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Stockholder Rights</u>. Your and your estate or heirs shall not have any rights as a stockholder of the Company until you become the holder or record of any Shares issued as payment pursuant to Section 4, above, and no adjustments shall be made for dividends or other distributions or other rights as to which there is a record date prior to the date you become the holder of record of such Shares unless specifically provided otherwise in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Additional Requirements</u>. The transfer of any Shares hereunder shall be effective only at such time as the company shall have determined that the issuance and delivery of such Shares is in compliance with all applicable laws and the requirements of any securities exchange on which the Shares are then traded. You acknowledge that Shares acquired as payment pursuant to Section 4, above, may bear such legends as the Company deems appropriate to comply with applicable federal, state or foreign securities laws. In connection therewith and prior to the issuance of the Shares, you may be required to deliver to the Company such other documents as may be reasonably necessary to ensure compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Termination of Service</u>. Upon the termination of your continued employment or service for any reason, any Restricted Stock Units that have not vested or are not eligible to vest in the future in accordance with Section 3 and the Award Agreement (after taking into account the "Other Agreements" section of the Award Agreement) shall immediately be cancelled. Upon cancellation, you shall have no further rights with respect to such Restricted Stock Units.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Tax Treatment; Section 409A</u>. You may incur tax liability as a result of the receipt of Restricted Stock Units and payments thereunder. You should consult your own tax adviser for tax advice. You acknowledge that the Administrator, in the exercise of its sole discretion and without your consent, may amend or modify the Award Documents in any manner, and delay the payment of any amounts thereunder, to the minimum extent necessary to satisfy the requirements of Section 409A. The Company will provide you with notice of any such amendment or modification. This Section 6 does not, and shall not be construed so as to, create any obligation on the part of the Company to adopt any such amendments or to take any other actions or to indemnify you for any failure to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Tax Withholding</u>. You shall make appropriate arrangements with the Company's agent to provide for payment of any federal, state, local or foreign taxes of any kind required by law to be withheld in respect of your Restricted Stock Units. Such arrangements may include, but are not limited to, the payment of the withholding amount by you in cash, withholding from proceeds of the sale of Shares acquired as payment for the RSUs either through a voluntary sale or through a mandatory sale arranged by the Company's agent (on your behalf pursuant to this authorization without further consent), non-discretionary withholding by the Company's agent of Shares that would otherwise be issuable to you as payment in respect of your Restricted Stock Units, or voluntary share withholding as described below. Voluntary Share withholding is subject to the prior approval of the Administrator, which may be withheld by the Administrator in its sole discretion. If approved, you may elect to satisfy the statutory withholding obligations, in whole or in part, by having the Company's agent withhold Shares otherwise issuable to you hereunder. The Shares delivered or withheld shall have an aggregate fair market value not in excess of the maximum statutory tax rates in your applicable jurisdictions. The fair market value of the Shares used to satisfy the withholding obligation shall be determined by the Company's agent as of the date on which taxation occurs. Shares used to satisfy any tax withholding obligation must be vested and cannot be subject to any repurchase, forfeiture, or other similar requirements. Any election by you to have Shares withheld shall be irrevocable, made in writing (or electronically), signed by you (including electronically), and shall be subject to any restrictions or limitations that the Administrator, in its sole discretion, deems appropriate. Further, if you become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, you acknowledge that the Company and/or its Subsidiaries (or former employer, as applicable) may be required to withhold or account for federal, state, local or foreign taxes of any kind in more than one jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Acknowledgements</u>. If you reside outside the U.S., the following additional provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Restricted Stock Units and the Shares subject to the Restricted Stock Units are not intended to replace any pension rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. no claim or entitlement to compensation or damages shall arise from cancellation of the Restricted Stock Units resulting from termination of your employment or services by the Company or its Subsidiaries (whether or not in breach of employment laws in the country where you resides and whether or not later found to be invalid) and in consideration of the Restricted Stock Units to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company or its Subsidiaries, waive your ability, if any, to bring any such claim, and releases the Company and its Subsidiaries from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claims;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. in the event of termination of your Continuous Service (regardless of the reason for such termination and whether or not in breach of employment laws in the country where you reside or are employed or provide services or the terms of your employment agreement, if any, and whether or not later found to be invalid), your right to vest in the Restricted Stock Units under the Plan, if any, will terminate effective as of the date that you are no longer actively providing services and will not be extended by any notice period mandated under employment laws in the country where you reside or are employed or provide services (e.g., active employment would not include any contractual notice period or any period of "garden leave" or similar period mandated in the country in which you reside or are employed or provide services or the terms of your employment agreement, if any); the Administrator shall have the exclusive discretion to determine when you are no longer actively providing services for purposes of the Restricted Stock Units (including whether or not you may still be considered as actively providing services while on an approved leave of absence);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the Restricted Stock Units and the Shares subject to the Restricted Stock Units are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or you, and are outside the scope of your employment or service contract, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. neither the Company nor any Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amount due to you pursuant to this Award or upon the subsequent sale of Shares acquired hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Personal Information</u>. The Company and its Subsidiaries may collect, store, disclose, use, or otherwise process certain personal information about you for the purpose of managing and administering the Plan, such as your name, home address and telephone number, date of birth, social security number or other employee identification number, e-mail address, salary, nationality, job title, any shares or directorships held in the Company, details of all Restricted Stock Units and other equity awards or any other entitlement to shares awarded, canceled, purchased, vested, unvested or outstanding in your favor ("<u>Data</u>"). The Company and/or its Subsidiaries may disclose Data among themselves as necessary for the purpose of implementation, administration and management of your participation in the Plan and the Company and/or any of its Subsidiaries may each further disclose Data to any third parties assisting the Company in the implementation, administration and management of the Plan, including the Company's stock plan administrative agent and the Plan recordkeeper. These recipients may be located throughout the world, including the United States. You understand and agree that these parties may receive, possess, use, retain, transfer, and otherwise process the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer or disclosure of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares on your behalf to a broker or other third party with whom you may elect to deposit any shares acquired pursuant to the Plan. Notwithstanding anything to the contrary in this Section 9, you acknowledge and agree that the Company and its Subsidiaries may also collect, store, use, disclose, and otherwise process your Data where such processing is necessary to comply with a legal obligation, for the Company or its Subsidiaries' legitimate business purposes, or with your consent if applicable law requires consent. You may, at any time, request to access, correct, delete or restrict processing of your Data by contacting the Company in writing. Applicable law may allow or require the Company to refuse to provide you with access to, delete, or restrict processing of some or all of the Data that the Company or its Subsidiaries hold about you, or the Company or its Subsidiaries may have destroyed, erased, or made such Data anonymous in accordance with applicable record retention obligations and practices. If the Company cannot provide you with access to, delete or restrict processing of your Data, the Company will inform you of the reasons why, subject to any legal or regulatory restrictions. For more information on the processing of your Data, contact your human capital representative.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Other Employee Benefits</u>. Except as specifically provided otherwise in any relevant employee benefit plan, program, or arrangement, the Restricted Stock Units evidenced hereby are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Electronic Delivery</u>. BY YOUR ELECTRONIC ACCEPTANCE OF THIS AWARD, YOU HEREBY CONSENT TO ELECTRONIC DELIVERY OF THE PLAN, AND ANY DISCLOSURE OR OTHER DOCUMENTS RELATED TO THE PLAN, INCLUDING FUTURE AWARD DOCUMENTS (COLLECTIVELY, THE "<u>PLAN DOCUMENTS</u>"). THE COMPANY (THROUGH ITS' STOCK PLAN ADMINISTRATIVE AGENT) MAY DELIVER THE PLAN DOCUMENTS ELECTRONICALLY TO YOU BY E-MAIL, BY POSTING SUCH DOCUMENTS ON THE AGENT'S WEBSITE OR BY ANOTHER MODE OF ELECTRONIC DELIVERY AS DETERMINED BY THE COMPANY'S AGENT IN ITS SOLE DISCRETION. YOU ACKNOWLEDGE THAT YOU ARE ABLE TO ACCESS, VIEW AND RETAIN AN E-MAIL ANNOUNCEMENT INFORMING YOU THAT THE PLAN DOCUMENTS ARE AVAILABLE IN EITHER HTML, PDF OR SUCH OTHER FORMAT AS THE COMPANY'S AGENT DETERMINES IN ITS SOLE DISCRETION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>. Any notice required or permitted to be given hereunder shall be in writing and shall be given by hand delivery, by e-mail, by facsimile, or by first class registered or certified mail, postage prepaid, addressed, if to the Company, to its Corporate Secretary, and if to you, to your address now on file with the Company, or to such other address as either may designate in writing. Any notice shall be deemed to be duly given as of the date delivered in the case of personal delivery, e-mail, or facsimile, or as of the second day after enclosed in a properly sealed envelope and deposited, postage prepaid, in a United States post office, in the case of mailed notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Amendment</u>. Except as provided herein, the Award Documents may not be amended or otherwise modified unless evidenced in writing and signed by the Company and you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Relationship to Plan</u>. Nothing in the Award Documents shall alter the terms of the Plan. If there is a conflict between the terms of the Plan and the terms of the Award Documents, the terms of the Plan shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Construction; Severability</u>. The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of the Award Documents. The invalidity or unenforceability of any provision of the Award Documents shall not affect the validity or enforceability of any other provision hereof, and each other provision hereof shall be severable and enforceable to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Waiver</u>. Any provision contained in the Award Documents may be waived, either generally or in any particular instance, by the Administrator appointed under the Plan, but only to the extent permitted under the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Binding Effect</u>. The Award Documents shall be binding upon and inure to the benefit of the Company and to you and your respective heirs, executors, administrators, legal representatives, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Rights to Employment or Service</u>. Nothing contained in the Award Documents shall be construed as giving you any right to be retained in the Continuous Service of the Company or any of its Subsidiaries and the Award Documents are limited solely to governing your rights and obligations with respect to the Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Governing Law</u>. The Award Documents shall be governed by and construed in accordance with the laws of the State of Colorado, without regard to the choice of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Company Policies to Apply; Potential Clawback</u>. The sale of any shares of Common Stock received as payment under the Restricted Stock Units is subject to the Company's policies regulating securities trading by employees, all relevant federal and state securities laws and the listing requirements of any stock exchange on which the shares of the Company's Common Stock are then traded. In addition, participation in the Plan and receipt of remuneration as a result of the Restricted Stock Units is subject in all respects to any laws, rules, and regulations related to the clawback of compensation that may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Section 409A Compliance</u>. The Restricted Stock Units granted hereunder are intended to comply with or be exempt from the requirements of Section 409A, and the Award Documents shall be interpreted and administered in a manner consistent with such intent. You shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on you in connection with the Restricted Stock Units granted hereunder (including any taxes and penalties under Section 409A), and neither the Company nor any of its Affiliates shall have any obligation to indemnify or otherwise hold you harmless from any or all of such taxes or penalties. Notwithstanding anything in the Plan to the contrary, in the event the Restricted Stock Units granted hereunder are "non-qualified deferred compensation" subject to Code Section 409A, then in no event may you receive payment in respect of such Restricted Stock Units upon a Change in Control of the Company unless such Change in Control also qualifies as a "change in control event" under Treasury Regulation Section 1.409A-3(i)(5) and the payment is otherwise permitted under Code Section 409A.

## Exhibit 10.32

**Exhibit 10.3.2**

Note: Do not sign and return this document to the Company. By **clicking on the** "**ACCEPT**" **box**, you acknowledge that you have read the information below and agree to be bound by the terms of the Plan and this Agreement. **Please provide such acceptance within ninety (90) days of the Grant Date.**

**Mesa Laboratories, Inc.**<br> **2021 Equity Incentive Plan** 

**<u>Performance Stock Unit Award Agreement</u>**

#GrantDate#

#ParticipantName#

Dear #ParticipantName#:

We are pleased to inform you that Mesa Laboratories, Inc. (the "<u>Company</u>") has made an award of performance stock units to you (the "<u>Performance Stock Units</u>") as indicated in this Performance Stock Unit Award Agreement (this "<u>Award Agreement</u>"). The Performance Stock Units are issued pursuant to the Company's 2021 Equity Incentive Plan (the "<u>Plan</u>") and are subject to and governed by the Plan generally. All capitalized terms not defined herein shall have the meanings given to such terms in the Plan.

**<u>Notice of Award</u>**

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| | |
|:---|:---|
| Grant Date | #GrantDate# |
| Target Performance Stock Units | #QuantityGranted# ("<u>Target PSUs</u>") |
| Performance Period | June 15, 2025 – June 14, 2028 |
| Time-Vesting Date | June 15, 2028 |
| Settlement Date | #DistributionDateandQuantity# |
| Overview | This award of Performance Stock Units entitles you to earn shares of Common Stock based on the satisfaction of the performance goals set forth in <u>Appendix A</u> and your Continuous Service (defined below) thereafter through the Time-Vesting Date. |
| General Vesting and Payment Provisions | The actual number of shares of Common Stock earned, if any, is equal to the number of Performance Stock Units that become vested ("<u>Vested PSUs</u>"), determined as follows (except as otherwise set forth herein):<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● First, at the end of the Performance Period, the Company will determine the number of Performance Stock Units that are eligible to vest (the "<u>Conditional PSUs</u>") by applying the formula(s) in <u>Appendix A</u> taking into account the level of achievement of the relevant performance goals and the Target PSUs awarded to you. The Conditional PSUs, if any, may be greater than or less than the Granted PSUs. |

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Next, the Conditional PSUs, if any, shall become Vested PSUs based on your Continuous Service with the Company or its Subsidiaries following the end of the Performance Period through the Time-Vesting Date. The Company shall issue you one share of Common Stock for each Vested PSU, as described in the "Payment" section below.<br>You have no rights as a stockholder of the Company pursuant to this Agreement until such time, if any, as shares of Common Stock are issued to you. |
| Award Determination | The Company shall determine the number of your Conditional PSUs as soon as practicable following the end of the Performance Period, and in all events within sixty (60) days following the last day of the Performance Period. |
| Vesting | Subject to your Continuous Service with the Company or Subsidiaries from the Grant Date through the Time-Vesting Date, all Conditional PSUs shall become Vested PSUs on the Time-Vesting Date.<br>For purposes of this Agreement, the term "<u>Continuous Service</u>" shall mean your uninterrupted service to the Company or any Subsidiary as an employee, non-employee director, or consultant. The Administrator shall determine in its discretion whether and when your Continuous Service has ended (including as a result of any leave of absence); provided, however, that your Continuous Service shall not be deemed to have ended in the event you retire or otherwise terminate as an employee but continue to perform services for the Company as a non-employee director or consultant. |
| Termination of Continuous Service | <u>General</u><br>In the event that your Continuous Service with the Company or its Subsidiaries is terminated prior to the Time-Vesting Date for any reason other than for "Cause," "Normal Retirement," death or "Disability," then (i) if less than 12 months have elapsed between the Grant Date and the date of termination, the Performance Stock Units shall be unearned and terminated and cancelled in full without payment, and you shall thereafter cease to have any rights with respect to such cancelled Performance Stock Units, or (ii) if 12 months or more have elapsed between the Grant Date and the date of termination, you shall be entitled to receive a number of Vested PSUs (if any) equal to the product of (x) a number of PSUs equal to the lesser of (i) the Target PSUs, or (ii) the number of PSUs determined in accordance with <u>Appendix A</u> based on the performance through the end of the Performance Period, *multiplied by* (y) a fraction, (i) numerator of which shall be the number of whole and partial calendar months of service from the Grant Date through the date of termination, and (ii) the denominator of which is the total number of whole and partial months between the Grant Date and the Time-Vesting Date. Vested PSUs, if any, shall be payable on the Settlement Date as set forth in the "Payment" section below.<sup>1</sup> |

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<sup>1</sup> NTD: NEOs are entitled to specialized vesting upon termination as set forth in their employment agreements. Revised provision would apply for all non-NEO participants. Discuss whether to create separate NEO form.

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<u>Termination for Cause</u><br>In the event that your Continuous Service with the Company or its Subsidiaries is terminated prior to the Time-Vesting Date for Cause, then all Performance Stock Units shall be unearned and terminated and cancelled in full without payment, and you shall thereafter cease to have any rights with respect to such cancelled Performance Stock Units.<br><u>Normal Retirement</u><br>*Prior to the End of Performance Period.* <br>In the event that your Continuous Service with the Company or its Subsidiaries is terminated during the Performance Period because of your "Normal Retirement," then you shall be entitled to receive a number of Vested PSUs (if any) determined in accordance with <u>Appendix A</u> based on the performance through the end of the Performance Period. Vested PSUs, if any, shall be payable on the Settlement Date as set forth in the "Payment" section below.<br>*On or After the End of the Performance Period.*<br>In the event that your Continuous Service with the Company or its Subsidiaries is terminated following the end of the Performance Period and prior to the Time-Vesting Date because of your "Normal Retirement," your Conditional PSUs, if any, shall immediately become Vested PSUs. Vested PSUs, if any, shall be payable on the Settlement Date as set forth in the "Payment" section below.<br><u>Disability</u><br>*Prior to the End of Performance Period.* <br>In the event that your Continuous Service with the Company or its Subsidiaries is terminated during the Performance Period as a result of "Disability," then you shall be entitled to receive a number of Vested PSUs equal to the product of (x) the Target PSUs, *multiplied by* (y) a fraction, (i) numerator of which shall be the number of whole and partial calendar months of service during the Performance Period through the date of termination, with any partial calendar months credited as whole calendar months, and (ii) the denominator of which is the total number of months in the Performance Period. Vested PSUs shall be payable on the Settlement Date as set forth in the "Payment" section below.<br>*On or After the End of the Performance Period.*<br>In the event that your Continuous Service with the Company or its Subsidiaries is terminated following the end of the Performance Period and prior to the Time-Vesting Date as a result of "Disability," your Conditional PSUs, if any, shall immediately become Vested PSUs. Vested PSUs, if any, shall be payable on the Settlement Date as set forth in the "Payment" section below.<br><u>Death</u><br>*Prior to the End of Performance Period.* <br>In the event that your Continuous Service with the Company or its Subsidiaries is terminated during the Performance Period as a result of your death, then you shall be entitled to receive a number of Vested PSUs equal to the Target PSUs. Vested PSUs, if any, shall be payable within 90 days of your death, as set forth in the "Payment" section below.<br>

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| | |
|:---|:---|
|  | *On or After the End of the Performance Period.*<br>In the event that your employment with the Company or its Subsidiaries is terminated following the end of the Performance Period and prior to the Time-Vesting Date as a result of your death, your Conditional PSUs, if any, shall immediately become Vested PSUs. Vested PSUs, if any, shall be payable within 90 days of your death, as set forth in the "Payment" section below. |
| Payment | <u>General</u><br>The Company shall issue to you one share of Common Stock for each Vested PSU hereunder, with the delivery of such Common Stock to occur on the Settlement Date (except as set forth below under the headings entitled "Death" and "Change of Control").<br><u>Death</u><br>Notwithstanding the foregoing, in the event you terminate Continuous Service as a result of your death, delivery of Common Stock shall occur within 90 days after the date of death; provided, however, that in the event such 90-day period spans more than one taxable year, the issuance of Common Stock shall occur in the later taxable year. |
| Required Holding Period | You hereby agree not to sell or otherwise transfer shares of Common Stock received in settlement of Vested PSUs for a period of one (1) year following the date on which such shares of Common Stock are issued to you. To enforce the foregoing limitation, you acknowledge and agree that such shares of Common Stock may be held in a captive brokerage account and that you shall complete such forms or other documents and shall take such other actions as may be reasonably requested by the Administrator. The foregoing limitation on sales and transfers shall not apply to (i) transfers following your death, (ii) transfers required by state domestic relations laws, (iii) transfers coincident with or following a Change of Control, and (iv) any other transfers that may be approved by the Administrator. |
| Change of Control | The provisions of Section 8.2 of the Plan shall apply upon the occurrence of a Change of Control. |
| Specific Provisions | You acknowledge that you have read and understand the provisions of Section 10.12 of the Plan (which states, in part, that your right to earn, exercise or receive payment under Awards after termination of employment is subject to your compliance with any restrictive covenant or similar agreement(s) to which you are subject) and Section 10.13 of the Plan (regarding compliance with the Company's Executive Compensation Clawback Policy, if applicable). |
| Other Agreements | The terms of this Performance Stock Unit Award, including the provisions above regarding your termination of Continuous Service, are subject to and are modified by any contrary terms in any employment agreement, severance letter, of similar agreement between you and the Company that may be in effect from time to time (an "<u>Other Agreement</u>"). |

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Other Terms and Conditions Are set forth in the accompanying Performance Stock Unit Award Terms and Conditions and the Plan.

**<u>Online Acceptance of Performance Stock Unit Award Agreement</u>**

By your online acceptance, you and the Company agree that the Performance Stock Units granted hereby are granted under and governed by the terms and conditions of this Performance Stock Unit Award Agreement and the accompanying Performance Stock Unit Award Terms and Conditions (the "<u>Award Documents</u>"), and the terms of the Plan. You hereby represent and acknowledge that you have been provided the opportunity to review the Plan and the Award Documents in their entirety, and you hereby agree to accept as binding, conclusive, and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and the Award Documents.

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**Appendix A to Performance Stock Unit Award Agreement**

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**<u>Performance Stock Unit Award Terms and Conditions</u>**

The following terms and conditions apply to the Performance Stock Units granted to you by the Company, as specified in the accompanying Performance Stock Unit Award Agreement (the "<u>Award Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Award of Performance Stock Units</u>. The Company has issued to you the Performance Stock Units set forth above in the Award Agreement, effective on the Grant Date, and subject to the terms and conditions set forth in the Award Agreement and the Performance Stock Unit Award Terms and Conditions (together, the "<u>Award Documents</u>"), and the Plan (which is incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Performance Stock Units Non-Transferable</u>. Performance Stock Units (and related rights) may not be sold, assigned, alienated, transferred by gift or otherwise, pledged, hypothecated, or otherwise disposed of, by operation of law or otherwise. Any attempt to assign, alienate, transfer, pledge, sell or otherwise dispose of the Performance Stock Units or its related rights shall be ineffective and, if any such attempt is made, the Performance Stock Units will be cancelled and all of your rights under the Plan and the Award Documents shall immediately terminate without any payment or consideration by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Vesting</u>. Unless otherwise provided in the Plan, your Performance Stock Units shall vest and become Vested PSUs in accordance with the terms and conditions of the Award Agreement, or as set forth in the "Other Agreements" section of the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Payment</u>. Payment in respect of Vested PSUs shall be made at the time(s) and in the form(s) set forth in the Award Agreement. Any distribution or delivery to be made to you under the Award Documents will, if you are then deceased, be made to the administrator or executor of your estate. Any such administrator or executor must furnish the Company or its designated agent with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company or its designated agent to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Stockholder Rights</u>. You and your estate or heirs shall not have any rights as a stockholder of the Company until you become the holder or record of any Shares issued as payment pursuant to Section 4, above, and no adjustments shall be made for dividends or other distributions or other rights as to which there is a record date prior to the date you become the holder of record of such Shares unless specifically provided otherwise in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Additional Requirements</u>. The transfer of any Shares hereunder shall be effective only at such time as the company shall have determined that the issuance and delivery of such Shares is in compliance with all applicable laws and the requirements of any securities exchange on which the Shares are then traded. You acknowledge that Shares acquired as payment pursuant to Section 4, above, may bear such legends as the Company deems appropriate to comply with applicable federal, state or foreign securities laws. In connection therewith and prior to the issuance of the Shares, you may be required to deliver to the Company such other documents as may be reasonably necessary to ensure compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Termination of Employment</u>. Upon the termination of your continued employment or service for any reason, any Performance Stock Units that have not become or are not eligible to become Vested PSUs in accordance with Section 3 and the Award Agreement (after taking into account the "Other Agreements" section of the Award Agreement) shall be unearned and immediately cancelled. Upon cancellation, you shall have no further rights with respect to such Performance Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Tax Treatment; Section 409A</u>. You may incur tax liability as a result of the receipt of Performance Stock Units and payments thereunder. You should consult your own tax adviser for tax advice. You acknowledge that the Administrator, in the exercise of its sole discretion and without your consent, may amend or modify the Award Documents in any manner, and delay the payment of any amounts thereunder, to the minimum extent necessary to satisfy the requirements of Section 409A. The Company will provide you with notice of any such amendment or modification. This Section 8 does not, and shall not be construed so as to, create any obligation on the part of the Company to adopt any such amendments or to take any other actions or to indemnify you for any failure to do so.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Tax Withholding</u>. You shall make appropriate arrangements with the Company's agent to provide for payment of any federal, state, local or foreign taxes of any kind required by law to be withheld in respect of your Performance Stock Units. Such arrangements may include, but are not limited to, the payment of the withholding amount by you in cash, withholding from proceeds of the sale of Shares acquired as payment for the PSUs either through a voluntary sale or through a mandatory sale arranged by the Company's agent (on your behalf pursuant to this authorization without further consent), non-discretionary withholding by the Company's agent of Shares that would otherwise be issuable to you as payment in respect of your Performance Stock Units, or voluntary share withholding as described below. Voluntary Share withholding is subject to the prior approval of the Administrator, which may be withheld by the Administrator in its sole discretion. If approved, you may elect to satisfy the statutory withholding obligations, in whole or in part, by having the Company's agent withhold Shares otherwise issuable to you hereunder. The Shares delivered or withheld shall have an aggregate fair market value not in excess of the maximum statutory tax rates in your applicable jurisdictions. The fair market value of the Shares used to satisfy the withholding obligation shall be determined by the Company's agent as of the date on which taxation occurs. Shares used to satisfy any tax withholding obligation must be vested and cannot be subject to any repurchase, forfeiture, or other similar requirements. Any election by you to have Shares withheld shall be irrevocable, made in writing (or electronically), signed by you (including electronically), and shall be subject to any restrictions or limitations that the Administrator, in its sole discretion, deems appropriate. Further, if you become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, you acknowledge that the Company and/or its Subsidiaries (or former employer, as applicable) may be required to withhold or account for federal, state, local or foreign taxes of any kind in more than one jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Acknowledgements</u>. If you reside outside the U.S., the following additional provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Performance Stock Units and the Shares issuable pursuant to the Performance Stock Units are not intended to replace any pension rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. no claim or entitlement to compensation or damages shall arise from cancellation of the Performance Stock Units resulting from termination of your employment or services by the Company or its Subsidiaries (whether or not in breach of employment laws in the country where you resides and whether or not later found to be invalid) and in consideration of the Performance Stock Units to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company or its Subsidiaries, waive your ability, if any, to bring any such claim, and releases the Company and its Subsidiaries from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. in the event of termination of your Continuous Service (regardless of the reason for such termination and whether or not in breach of employment laws in the country where you reside or are employed or provide services or the terms of your employment agreement, if any, and whether or not later found to be invalid), your right to vest in the Performance Stock Units under the Plan, if any, will terminate effective as of the date that you are no longer actively providing services and will not be extended by any notice period mandated under employment laws in the country where you reside or are employed or provide services (e.g., active employment would not include any contractual notice period or any period of "garden leave" or similar period mandated in the country in which you reside or are employed or provide services or the terms of your employment agreement, if any); the Administrator shall have the exclusive discretion to determine when you are no longer actively providing services for purposes of the Performance Stock Units (including whether or not you may still be considered as actively providing services while on an approved leave of absence);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the Performance Stock Units and the Shares issuable pursuant to the Performance Stock Units are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or you, and are outside the scope of your employment or service contract, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. neither the Company nor any Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amount due to you pursuant to this Award or upon the subsequent sale of Shares acquired hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Personal Information</u>. The Company and its Subsidiaries may collect, store, disclose, use, or otherwise process certain personal information about you for the purpose of managing and administering the Plan, such as your name, home address and telephone number, date of birth, social security number or other employee identification number, e-mail address, salary, nationality, job title, any shares or directorships held in the Company, details of all Performance Stock Units and other equity awards or any other entitlement to shares awarded, canceled, purchased, vested, unvested or outstanding in your favor ("<u>Data</u>"). The Company and/or its Subsidiaries may disclose Data among themselves as necessary for the purpose of implementation, administration and management of your participation in the Plan and the Company and/or any of its Subsidiaries may each further disclose Data to any third parties assisting the Company in the implementation, administration and management of the Plan, including the Company's stock plan administrative agent and the Plan recordkeeper. These recipients may be located throughout the world, including the United States. You understand and agree that these parties may receive, possess, use, retain, transfer, and otherwise process the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer or disclosure of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares on your behalf to a broker or other third party with whom you may elect to deposit any shares acquired pursuant to the Plan. Notwithstanding anything to the contrary in this Section 8, you acknowledge and agree that the Company and its Subsidiaries may also collect, store, use, disclose, and otherwise process your Data where such processing is necessary to comply with a legal obligation, for the Company or its Subsidiaries' legitimate business purposes, or with your consent if applicable law requires consent. You may, at any time, request to access, correct, delete or restrict processing of your Data by contacting the Company in writing. Applicable law may allow or require the Company to refuse to provide you with access to, delete, or restrict processing of some or all of the Data that the Company or its Subsidiaries hold about you, or the Company or its Subsidiaries may have destroyed, erased, or made such Data anonymous in accordance with applicable record retention obligations and practices. If the Company cannot provide you with access to, delete or restrict processing of your Data, the Company will inform you of the reasons why, subject to any legal or regulatory restrictions. For more information on the processing of your Data, contact your human capital representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Other Employee Benefits</u>. Except as specifically provided otherwise in any relevant employee benefit plan, program, or arrangement, the Performance Stock Units evidenced hereby are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Electronic Delivery</u>. BY YOUR ELECTRONIC ACCEPTANCE OF THIS AWARD, YOU HEREBY CONSENT TO ELECTRONIC DELIVERY OF THE PLAN, AND ANY DISCLOSURE OR OTHER DOCUMENTS RELATED TO THE PLAN, INCLUDING FUTURE AWARD DOCUMENTS (COLLECTIVELY, THE "<u>PLAN DOCUMENTS</u>"). THE COMPANY (THROUGH ITS' STOCK PLAN ADMINISTRATIVE AGENT) MAY DELIVER THE PLAN DOCUMENTS ELECTRONICALLY TO YOU BY E-MAIL, BY POSTING SUCH DOCUMENTS ON THE AGENT'S WEBSITE OR BY ANOTHER MODE OF ELECTRONIC DELIVERY AS DETERMINED BY THE COMPANY'S AGENT IN ITS SOLE DISCRETION. YOU ACKNOWLEDGE THAT YOU ARE ABLE TO ACCESS, VIEW AND RETAIN AN E-MAIL ANNOUNCEMENT INFORMING YOU THAT THE PLAN DOCUMENTS ARE AVAILABLE IN EITHER HTML, PDF OR SUCH OTHER FORMAT AS THE COMPANY'S AGENT DETERMINES IN ITS SOLE DISCRETION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Notices</u>. Any notice required or permitted to be given hereunder shall be in writing and shall be given by hand delivery, by e-mail, by facsimile, or by first class registered or certified mail, postage prepaid, addressed, if to the Company, to its Corporate Secretary, and if to you, to your address now on file with the Company, or to such other address as either may designate in writing. Any notice shall be deemed to be duly given as of the date delivered in the case of personal delivery, e-mail, or facsimile, or as of the second day after enclosed in a properly sealed envelope and deposited, postage prepaid, in a United States post office, in the case of mailed notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Amendment</u>. Except as provided herein, the Award Documents may not be amended or otherwise modified unless evidenced in writing and signed by the Company and you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Relationship to Plan</u>. Nothing in the Award Documents shall alter the terms of the Plan. If there is a conflict between the terms of the Plan and the terms of the Award Documents, the terms of the Plan shall prevail.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Construction; Severability</u>. The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of the Award Documents. The invalidity or unenforceability of any provision of the Award Documents shall not affect the validity or enforceability of any other provision hereof, and each other provision hereof shall be severable and enforceable to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Waiver</u>. Any provision contained in the Award Documents may be waived, either generally or in any particular instance, by the Administrator appointed under the Plan, but only to the extent permitted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Binding Effect</u>. The Award Documents shall be binding upon and inure to the benefit of the Company and to you and your respective heirs, executors, administrators, legal representatives, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Rights to Employment or Service</u>. Nothing contained in the Award Documents shall be construed as giving you any right to be retained in the Continuous Service of the Company or any of its Subsidiaries and the Award Documents are limited solely to governing your rights and obligations with respect to the Performance Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Governing Law</u>. The Award Documents shall be governed by and construed in accordance with the laws of the State of Colorado, without regard to the choice of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Company Policies to Apply; Potential Clawback</u>. The sale of any shares of Common Stock received as payment under the Performance Stock Units is subject to the Company's policies regulating securities trading by employees, all relevant federal and state securities laws and the listing requirements of any stock exchange on which the shares of the Company's Common Stock are then traded. In addition, participation in the Plan and receipt of remuneration as a result of the Performance Stock Units is subject in all respects to any laws, rules, and regulations related to the clawback of compensation that may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Section 409A Compliance</u>. The Performance Stock Units granted hereunder are intended to comply with or be exempt from the requirements of Section 409A, and the Award Documents shall be interpreted and administered in a manner consistent with such intent. You shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on you in connection with the Performance Stock Units granted hereunder (including any taxes and penalties under Section 409A), and neither the Company nor any of its Affiliates shall have any obligation to indemnify or otherwise hold you harmless from any or all of such taxes or penalties.

## Exhibit 10.51

**Exhibit 10.5.1**

**AMENDMENT TO EMPLOYMENT AGREEMENT**

The following Amendment ("Amendment") to that certain [First Amended and Restated] Executive Employment Agreement dated as of September 27, 2021, by and between [named executive officer] and Mesa Laboratories, Inc. (the "Employment Agreement"), is made effective as of [effective date, 2025] (the "Effective Date").

**WHEREAS**, Mesa Laboratories, Inc. (the "Company") and [named executive officer] ("Executive") entered into the Employment Agreement in order to set forth the terms and conditions of Executive's continued employment with the Company; and

**WHEREAS**, the Company and Executive now wish to amend the Employment Agreement to change the definition of "Normal Retirement" and to make certain other modifications to the Employment Agreement.

**NOW THEREFORE**, in consideration of the promises set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and Executive hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Normal Retirement.</u> As of the Effective Date, Section 5(g) of the Employment Agreement is deleted in its entirety and replaced with the following:

"(g) <u>Normal Retirement.</u> Executive may retire from employment at any time pursuant to a Normal Retirement, as defined below. For purposes of this Agreement, "<u>Normal Retirement</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Effective prior to June 8th, 2025 for purposes of Section 7(f)(i) and (ii), and effective for awards issued prior to June 8th, 2025 for purposes of Section 7(f)(iii), Normal Retirement shall mean that Executive retires from employment on or after attaining age 65 and providing 90 days' Notice of Termination to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Effective on and after June 8, 2025 for purposes of Section 7(f)(i) and (ii), and effective for awards issued on or after June 8th, 2025 for purposes of Section 7(f)(iii), Normal Retirement shall mean that Executive voluntarily terminates employment at or after reaching age 60 with at least 5 years of employment service with the Company, an Affiliate, and any predecessor entity acquired by the Company, provided that (i) Executive has provided at least twelve months advance written Notice of Termination to the Company (which period may be waived or shortened in either case if the Company determines that (I) the amount of notice given is sufficient to allow the Company ample time to ensure that its operations are not disrupted as a result of the Executive's termination, (II) the Executive's termination was initiated for health, personal or family reasons, or (III) the Company otherwise determines that retirement on an accelerated timeline is in the best interests of the Company), (ii) the Executive is not leaving to take a job with a competitor of the Company or an Affiliate in any country in which the Company or any Affiliate does business or has material plans to do business (including a remote position whose functions involve such a country), and the Executive's post-termination activities are not expected to violate any restrictive covenants applicable to the Executive, and (iii) the Executive has engaged in appropriate succession planning activities, including, but not limited to (A) identifying and mentoring internal succession candidates, (B) coordinating with Human Resources and external executive search consulting firms (if applicable) with respect to locating and hiring an external successor, (C) developing a strategic succession plan, (D) agreeing to an appropriate and reasonable overlap or transition period with any successor (that does not extend past the end of the required notice period above), and (E) taking any other actions necessary or appropriate to otherwise minimize disruption to the Company's operations post-retirement. The Company and Executive agree that the purpose of Normal Retirement is to assist Executive in transitioning from being a full-time participant in the workforce in an orderly manner that respects the Company's best interests, and this definition shall be construed consistent with such purpose."

2. <u>Clawback.</u> As of the Effective Date, Section 11 of the Employment Agreement is<br> deleted in its entirety and replaced with the following:

"11. <u>Clawback.</u> Executive hereby agrees to comply with the Company's Executive Compensation Clawback Policy as well as any "clawback" obligations pursuant to applicable law, rules, and regulations, including NASDAQ (or other national securities exchange, if applicable) listing rules."

3. <u>Restrictive Covenants.</u> As of the Effective Date, Section 13 of the Employment Agreement is deleted in its entirety and replaced with the following:

"13. <u>Other Agreements.</u> Executive agrees to adhere to the terms of the separate agreement(s) involving restrictive covenants (including non-competition and non-solicitation), confidentiality, intellectual property protection, or assignment of inventions agreements executed in connection with Executive's employment with the Company, which agreement(s) survive and remain in force in accordance with their terms. Executive understands that his receipt of benefits under this Agreement (including, without limitation, the ability to exercise or receive payment under any equity incentive awards that remain outstanding after termination of employment) are conditioned on Executive's compliance with such agreement(s)."

4. <u>Effect on Employment Agreement.</u> The Employment Agreement shall remain unchanged and in full force and effect except as otherwise set forth in this Amendment.

5. <u>Execution of Confidentiality, Non-Compete, and Non-Solicitation Agreement.</u> Executive's execution of the Confidentiality, Non-Compete, and Non-Solicitation Agreement attached hereto as Exhibit A is a condition of this Amendment, and this Amendment shall not be effective until such agreement is executed by Executive.

[Signature Page Omitted]

## Exhibit 31.1

**Exhibit 31.1 Certifications Pursuant to Rule 13a-14(a)**

I, Gary M. Owens, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Mesa Laboratories, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 5, 2025 | <u>/s/</u> <u>Gary M. Owens</u><br> Gary M. Owens<br> Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2 Certifications Pursuant to Rule 13a-14(a)**

I, John V. Sakys, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Mesa Laboratories, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 5, 2025 | <u>/s/</u> <u>John V. Sakys</u><br> John V. Sakys<br> Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1 Certifications Pursuant to Rule 13a-14(b) and 18 U.S.C Section 1350**

In connection with the Quarterly Report of Mesa Laboratories, Inc. (the "Company") on Form 10-Q for the fiscal quarter ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Gary M. Owens, Chief Executive Officer of the Company, certify, pursuant to Rule 13a-14(b) and 18 U.S.C. § 1350, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: August 5, 2025 | <u>/s/ Gary M. Owens</u><br> Gary M. Owens<br> Chief Executive Officer |

---

## Exhibit 32.2

**Exhibit 32.2 Certifications Pursuant to Rule 13a-14(b) and 18 U.S.C Section 1350**

In connection with the Quarterly Report of Mesa Laboratories, Inc. (the "Company") on Form 10-Q for the fiscal quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John V. Sakys, Chief Financial Officer of the Company, certify, pursuant to Rule 13a-14(b) and 18 U.S.C. § 1350, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: August 5, 2025 | <u>/s/</u><u> </u><u>John V. Sakys</u><br> John V. Sakys<br> Chief Financial Officer |

---