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News Article | May 22, 2017
Site: www.prnewswire.com

Browse 79 market data Tables and 43 Figures spread through 184 Pages and in-depth TOC on "Sterilization Monitoring Market" Early buyers will receive 10% customization on this report. Sterilization Monitoring Market Report provides a detailed overview of the major drivers, restraints, and threat impacting the high-resolution melting analysis market along with the estimates and forecasts of the revenue and market share analysis. A number of factors such as technological advancements in sterilization monitoring products; rising incidence of hospital-acquired infections; increasing number of surgical procedures coupled with rising geriatric population and chronic disease incidence; and the growing focus on food sterilization are the major factors driving the growth of this market. On the other hand, dearth of skilled professionals and lack of awareness about sterilization monitoring are some of the key factors limiting the growth of the global sterilization monitoring market. On the basis of technology, the sterilization monitoring market is broadly classified into three segments, namely, biological monitoring, chemical monitoring, and mechanical monitoring. Based on product, the biological indicators market is categorized into self-contained vials, spore strips, spore ampoules, and spore suspensions. The chemical indicators market is categorized into internal chemical indicators and external chemical indicators. On the basis of method of sterilization, the global the sterilization monitoring market is categorized into steam sterilization, ethylene oxide sterilization, hydrogen peroxide sterilization, and formaldehyde sterilization. On the basis of process, the sterilization monitoring market is segmented into pack monitoring, load monitoring, equipment/process monitoring, and exposure monitoring. Based on end user, the sterilization monitoring market is segmented into hospitals; pharmaceutical, biotechnology, and medical device companies; research & academic institutes; food & beverage industry; and other end users. Geographically, North America is expected to hold the largest share of the global sterilization monitoring market in 2016, followed by Europe. However, the Asia-Pacific market is expected to register the highest CAGR during the forecast period. Factors such as increase in the number of surgical procedures, growth in geriatric population, growth in per capita income, increasing number of hospitals, rise in health awareness, growing medical tourism industry in the region, and growth in the pharmaceutical and medical devices industry are stimulating the growth of the sterilization monitoring market in the Asia-Pacific region. The Major Players in The Global Sterilization Monitoring Market include 3M Company (U.S.), Getinge Group (Sweden), Cantel Medical Corp. (U.S.), STERIS plc (U.S.), Cardinal Health, Inc. (U.S.), Mesa Laboratories, Inc. (U.S.), Propper Manufacturing Co. Inc. (U.S.), PMS Healthcare Technologies (Turkey), Hu-Friedy Mfg. Co., LLC (U.S.), and gke-GmbH (Germany). MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Visit our Blog @ http://mnmblog.org/market-research/healthcare/analytical-scientific-instrumentation Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets


News Article | May 22, 2017
Site: www.prnewswire.co.uk

Browse 79 market data Tables and 43 Figures spread through 184 Pages and in-depth TOC on "Sterilization Monitoring Market" Early buyers will receive 10% customization on this report. Sterilization Monitoring Market Report provides a detailed overview of the major drivers, restraints, and threat impacting the high-resolution melting analysis market along with the estimates and forecasts of the revenue and market share analysis. A number of factors such as technological advancements in sterilization monitoring products; rising incidence of hospital-acquired infections; increasing number of surgical procedures coupled with rising geriatric population and chronic disease incidence; and the growing focus on food sterilization are the major factors driving the growth of this market. On the other hand, dearth of skilled professionals and lack of awareness about sterilization monitoring are some of the key factors limiting the growth of the global sterilization monitoring market. On the basis of technology, the sterilization monitoring market is broadly classified into three segments, namely, biological monitoring, chemical monitoring, and mechanical monitoring. Based on product, the biological indicators market is categorized into self-contained vials, spore strips, spore ampoules, and spore suspensions. The chemical indicators market is categorized into internal chemical indicators and external chemical indicators. On the basis of method of sterilization, the global the sterilization monitoring market is categorized into steam sterilization, ethylene oxide sterilization, hydrogen peroxide sterilization, and formaldehyde sterilization. On the basis of process, the sterilization monitoring market is segmented into pack monitoring, load monitoring, equipment/process monitoring, and exposure monitoring. Based on end user, the sterilization monitoring market is segmented into hospitals; pharmaceutical, biotechnology, and medical device companies; research & academic institutes; food & beverage industry; and other end users. Geographically, North America is expected to hold the largest share of the global sterilization monitoring market in 2016, followed by Europe. However, the Asia-Pacific market is expected to register the highest CAGR during the forecast period. Factors such as increase in the number of surgical procedures, growth in geriatric population, growth in per capita income, increasing number of hospitals, rise in health awareness, growing medical tourism industry in the region, and growth in the pharmaceutical and medical devices industry are stimulating the growth of the sterilization monitoring market in the Asia-Pacific region. The Major Players in The Global Sterilization Monitoring Market include 3M Company (U.S.), Getinge Group (Sweden), Cantel Medical Corp. (U.S.), STERIS plc (U.S.), Cardinal Health, Inc. (U.S.), Mesa Laboratories, Inc. (U.S.), Propper Manufacturing Co. Inc. (U.S.), PMS Healthcare Technologies (Turkey), Hu-Friedy Mfg. Co., LLC (U.S.), and gke-GmbH (Germany). MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Visit our Blog @ http://mnmblog.org/market-research/healthcare/analytical-scientific-instrumentation Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets


News Article | July 31, 2017
Site: globenewswire.com

LAKEWOOD, Colo., July 31, 2017 (GLOBE NEWSWIRE) -- Mesa Laboratories, Inc. (NASDAQ:MLAB) (we, us, our, “Mesa” or the “Company”) today reported record revenues for the first quarter ended June 30, 2017. Revenues for the first quarter increased seven percent to $22,673,000 as compared to $21,114,000 for the same quarter last year.  Operating income for the first quarter decreased 23 percent to $1,982,000 as compared to $2,575,000 for the same quarter last year.  Net income for the first quarter decreased 21 percent to $1,517,000 or $0.39 per diluted share of common stock as compared to $1,930,000 or $0.51 per diluted share of common stock for the same quarter last year.  Operating and net income for the first quarter ended June 30, 2017 were impacted by unusual items consisting of a $522,000 expense, before tax, related to relocation costs associated with the consolidation of our current Biological Indicator facilities in Omaha, Nebraska, Bozeman, Montana and Traverse City, Michigan into our new building in Bozeman, Montana and a $406,000 expense, before tax, related to a reserve for slow moving inventory associated with the discontinuance for sale of certain products due to the recent introduction of new or modified products and the consolidation of other product sets.   Net income for the first quarter ended June 30, 2017 was also impacted by an unusual item consisting of a $300,000 expense (included in other expense, net), before tax, related to an increase in the PCD earn-out liability which resulted from higher revenues in the product line than were forecasted. On a non-GAAP basis, adjusted operating income1 (which excludes the non-cash impact of amortization of intangible assets and stock compensation expense) for the first quarter decreased 11 percent to $4,126,000 or $1.05 per diluted share of common stock as compared to $4,625,000 or $1.22 per diluted share of common stock for the same quarter last year.  Adjusted operating income for the first quarter ended June 30, 2017 was impacted by the first two items noted above. “Mesa started out fiscal 2018 with a solid first quarter from a revenues perspective,” said John J. Sullivan, President and Chief Executive Officer. “Overall revenues were up seven percent compared to the first quarter of last year, with three of our four Divisions posting increases.  Organic growth this quarter was six percent, with the Cold Chain Monitoring Division leading the way at 13 percent, along with contributions from the Instruments and Biological Indicators Divisions at five percent and eight percent, respectively.  Our Cold Chain Packaging (“CCP”) Division had a difficult quarter, and revenues were 12 percent below this quarter last year.  The CCP business is seasonal, with higher revenues in the summer and fall associated with flu vaccines shipments.  Additionally, our revenues can vary quarter-to-quarter depending on orders from our largest CCP customer, as they adjust their packaging inventory based on anticipated demand.” “As mentioned above, profitability for the first quarter was negatively impacted by several expenses that were one-time in nature,” Mr. Sullivan continued. “These included inventory reserves associated with product end-of-life actions across three of our Divisions and facility relocation expenses within our Biological Indicators Division.  Absent these additional expenses, gross margin percentage would have increased by two percentage points, operating income would have increased 13 percent and adjusted operating income (see definition below) would have increased nine percent, all compared to this quarter last year.  While we will continue to experience Biological Indicator facility relocation expenses for the remainder of the fiscal year, these should be at a lower level than the first quarter, as we have now closed the facility in Omaha, Nebraska.  We will closely monitor profitability for the remainder of the fiscal year and take appropriate actions, if required.  Net income was also impacted by the same expenses discussed above, partially offset by a significant decrease in our effective tax rate due to substantial tax benefits associated with stock option exercises by our employees.” “Starting this quarter, we are changing our non-GAAP profitability metric.  For many years we have been using Adjusted Net Income (“ANI”), which is GAAP net income with the addition of tax-effected intangible asset amortization.  We have been using ANI and ANI per share as our primary profitability metrics, by which we measure our success, and as a component in all of Mesa’s incentive compensation plans.  Upon our adoption of ASU 2016-09 at the beginning of fiscal 2016, the cumulative gains from stock option exercises by our employees and directors have resulted in a highly variable corporate tax rate.  Since ANI is an after-tax metric, it has been subject to wide fluctuations based on our effective tax rate, making meaningful quarterly and annual profit comparisons difficult.  We are replacing ANI with Adjusted Operating Income (“AOI”), which is calculated by adding back two of our larger non-cash expenses, intangible asset amortization and stock based compensation expense, to GAAP operating income.  We believe AOI is a better reflection of the underlying strength of the core business.  As this is a pre-tax calculation, it will not be subject to the same fluctuations as ANI.  As has been our practice, we will not be adjusting AOI for any one-time or unusual expenses.  For the current fiscal year, we have also adopted AOI as our profitability metric for our incentive compensation plans for everyone in the company.” 1 The non-GAAP measures of adjusted operating income and adjusted operating income per diluted share are defined to exclude the non-cash impact of amortization of intangible assets and stock-based compensation expense. A reconciliation between these non-GAAP measures and their GAAP counterparts is set forth in the table below, along with additional information regarding their use. Financial Summary (Unaudited except for the information as of March 31, 2017) The non-GAAP measures of adjusted operating income and adjusted operating income per share presented in the reconciliation above are defined to exclude the non-cash impact of amortization of intangible assets and stock-based compensation. We believe that excluding these non-cash expenses provides the ability to better understand the operations of the Company. We provide non-GAAP adjusted operating income and non-GAAP adjusted operating income per share amounts in order to provide meaningful supplemental information regarding our operational performance. Our management uses non-GAAP measures to evaluate the performance of our business and to compensate employees. This information facilitates management's internal comparisons to our historical operating results as well as to the operating results of our competitors. Since management finds this measure to be useful, we believe that our investors can benefit by evaluating both non-GAAP and GAAP results. Our management recognizes that items such as amortization of intangible assets and stock-based compensation expense can have a material impact on our operating and net income. To gain a complete picture of all effects on our profit and loss from any and all events, management does (and investors should) rely upon the GAAP consolidated statements of income. The non-GAAP numbers focus instead upon our core operating business. Readers are reminded that non-GAAP measures are merely a supplement to, and not a replacement for, or superior to financial measures prepared according to GAAP. They should be evaluated in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies. We pursue a strategy of focusing primarily on quality control products and services, which are sold into niche markets that are driven by regulatory requirements.  We prefer markets that have limited competition where we can establish a strong presence and achieve high gross margins.  We are organized into four divisions across eight physical locations.  Our Instruments Division designs, manufactures and markets quality control instruments and disposable products utilized in the healthcare, pharmaceutical, food and beverage, medical device, industrial hygiene, environmental air sampling and semiconductor industries. Our Biological Indicators Division provides testing services, along with the manufacturing and marketing of biological indicators and distribution of chemical indicators used to assess the effectiveness of sterilization processes, including steam, hydrogen peroxide, ethylene oxide and radiation, in the hospital, dental, medical device and pharmaceutical industries.  Our Cold Chain Monitoring Division designs, develops and markets systems which are used to monitor various environmental parameters such as temperature, humidity and differential pressure to ensure that critical storage and processing conditions are maintained in hospitals, pharmaceutical and medical device manufacturers, blood banks, pharmacies and other laboratory and industrial environments.  Our Cold Chain Monitoring Division also provides parameter (primarily temperature) monitoring of products during transport in a cold chain and consulting services such as compliance monitoring and validation or mapping of transport and storage containers.  Our Cold Chain Packaging Division provides packaging development consulting services and thermal packaging products such as coolers, boxes, insulation materials and phase-change products to control temperature during transport. This press release may contain information that constitutes "forward-looking statements." Generally, the words "believe," “estimate,” "expect," "project," “anticipate,” “intend,” "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to revenue growth and statements expressing general views about future operating results — are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and present expectations or projections. These risks and uncertainties include, but are not limited to, those described in our Annual Report on Form 10-K for the year ended March 31, 2017, and those described from time to time in our subsequent reports filed with the Securities and Exchange Commission. For more information about the Company, please visit its website at www.mesalabs.com


News Article | July 5, 2017
Site: globenewswire.com

LAKEWOOD, Colo., July 05, 2017 (GLOBE NEWSWIRE) -- Mesa Laboratories, Inc. (NASDAQ:MLAB) (we, us, our, “Mesa” or the “Company”) today announced that its Board of Directors has declared a regular quarterly dividend of $0.16 per share of common stock.  The dividend will be payable on September 15, 2017, to shareholders of record at the close of business on August 31, 2017. We pursue a strategy of focusing primarily on quality control products and services, which are sold into niche markets that are driven by regulatory requirements.  We prefer markets that have limited competition where we can establish a strong presence and achieve high gross margins.  We are organized into four divisions across nine physical locations.  Our Instruments Division designs, manufactures and markets quality control instruments and disposable products utilized in connection with the healthcare, pharmaceutical, food and beverage, medical device, industrial hygiene, environmental air sampling and semiconductor industries. Our Biological Indicators Division provides testing services, along with the manufacturing and marketing of biological indicators and distribution of chemical indicators used to assess the effectiveness of sterilization processes, including steam, hydrogen peroxide, ethylene oxide and radiation, in the hospital, dental, medical device and pharmaceutical industries.  Our Cold Chain Monitoring Division designs, develops and markets systems which are used to monitor various environmental parameters such as temperature, humidity and differential pressure to ensure that critical storage and processing conditions are maintained in hospitals, pharmaceutical and medical device manufacturers, blood banks, pharmacies and a number of other laboratory and industrial environments.  Our Cold Chain Monitoring Division also provides parameter (primarily temperature) monitoring of products during transport in a cold chain and consulting services such as compliance monitoring and validation or mapping of transport and storage containers.  Our Cold Chain Packaging Division provides packaging development consulting services and thermal packaging products such as coolers, boxes, insulation materials and phase-change products to control temperature during transport. This press release may contain information that constitutes "forward-looking statements." Generally, the words "believe," "expect," “estimate,” "project," “anticipate,” “intend,” "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to revenue growth and statements expressing general views about future operating results — are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and present expectations or projections. These risks and uncertainties include, but are not limited to, those described in our Annual Report on Form 10-K for the year ended March 31, 2017, and those described from time to time in our subsequent reports filed with the Securities and Exchange Commission. For more information about the Company, please visit its website at www.mesalabs.com 


News Article | June 7, 2017
Site: globenewswire.com

LAKEWOOD, Colo., June 07, 2017 (GLOBE NEWSWIRE) -- Mesa Laboratories, Inc. (NASDAQ:MLAB) (we, us, our, “Mesa” or the “Company”) today reported record net income and adjusted net income for the year ended March 31, 2017. Highlights for the year ended March 31, 2017 as compared to last year: Revenues for the fourth quarter decreased two percent to $24,299,000 as compared to $24,812,000 for the same quarter last year.  Operating income for the fourth quarter decreased nine percent to $5,340,000 as compared to $5,843,000 for the same quarter last year.  Net income for the fourth quarter decreased nine percent to $3,643,000 or $0.94 per diluted share of common stock as compared to $3,991,000 or $1.06 per diluted share of common stock for the same quarter last year. Operating and net income for the fourth quarter ended March 31, 2017 were impacted by unusual items consisting of a $488,000 expense (included in operating expenses), before tax, related to relocation costs associated with the consolidation of our current Biological Indicator facilities in Omaha, Nebraska, Bozeman, Montana and Traverse City, Michigan into our new building in Bozeman, Montana and a $580,000 expense (included in operating expenses), before tax, related to a reserve for slow moving inventory associated with a specific model of our cold chain monitoring sensors. Revenues for the year ended March 31, 2017 increased 11 percent to $93,665,000 as compared to $84,659,000 last year.  Operating income for the year ended March 31, 2017 was flat at $16,313,000 as compared to $16,323,000 last year. Net income for the year ended March 31, 2017 was flat at $11,183,000 or $2.91 per diluted share of common stock as compared to $11,169,000 or $2.97 per diluted share of common stock last year. Operating and net income for the year ended March 31, 2017 were impacted by the same relocation expenses ($725,000, before tax for the year ended March 31, 2017) and inventory reserve described above. Net income for the year ended March 31, 2017 was also impacted by an unusual item consisting of a $450,000 expense (included in other expense, net), before tax, related to an increase in the PCD earn-out liability which resulted from higher revenues in the product line than were originally forecasted at the time the earn-out liability was booked in purchase accounting.  Operating income and net income for the year ended March 31, 2016 were impacted by an unusual item consisting of $1,709,000 expense, before tax, related to a litigation settlement associated with the Amega Acquisition. On a non-GAAP basis, adjusted net income (which excludes the non-cash impact of amortization of intangible assets, net of tax) for the fourth quarter decreased three percent to $4,799,000 or $1.24 per diluted share of common stock as compared to $4,973,000 or $1.33 per diluted share of common stock for the same quarter last year.  Adjusted net income for the year ended March 31, 2017 increased six percent to $16,228,000 or $4.22 per diluted share of common stock as compared to $15,324,000 or $4.08 per diluted share of common stock last year.  Adjusted net income for the three months ended March 31, 2017 and the years ended March 31, 2017 and 2016 was impacted by the same items noted above. “Mesa completed fiscal 2017 with a solid fourth quarter,” said John J. Sullivan, President and Chief Executive Officer.  “Revenues nearly matched the record fourth quarter of last year and profitability, as measured by adjusted net income (“ANI”), was strong.  Absent the unusual items mentioned above, ANI in the fourth quarter would have been $5,572,000 which is 23 percent of revenues and 12 percent above last year’s fourth quarter.  For the full year, I am very pleased that revenues increased 11 percent and ANI increased six percent to a new record of $16,228,000.  Profitability for fiscal 2017 was negatively impacted by the unusual expenses mentioned above, along with the ramp up of a sales organization for our Cold Chain Packaging division.  On an annual basis, these unusual expenses were partially offset by a lower tax rate for the full year of fiscal 2017.” “During fiscal 2017 we continued our growth strategy and we made progress in our infrastructure investments,” continued John J. Sullivan.  “Our Biological Indicators (“BI”) division grew 15 percent compared to fiscal 2016, through seven percent organic growth and eight percent due to acquisitions.  Instruments division revenues declined four percent compared to fiscal 2016, due primarily to a large one-time order in the previous year and the timing of shipments in our DryCal product line, which were partially offset by 13 percent organic growth of the Dialyguard product line.  Cold Chain Monitoring revenues grew nine percent, driven primarily by the November 2016 acquisition of Freshloc, and our Cold Chain Packaging division grew 114 percent.  We made good progress in completing the new building in Bozeman, Montana to house our BI operations, which is the largest infrastructure project in Mesa’s history.  The building was substantially completed by the end of fiscal 2017, and the move of production equipment from our other facilities started in the first quarter of fiscal 2018, which is expected to be completed by March 31, 2018.  While there will be additional expenses of approximately $1,400,000 in fiscal 2018 associated with the relocation, we expect that the annual savings will approximate $600,000 once the relocation is completed.  More importantly, the new facility provides much-needed additional space for future growth.” “I am looking forward to Mesa’s fiscal 2018.  I believe we will see continued growth of revenues, both organically and through acquisitions.  We are implementing expense reduction initiatives designed to improve operating income, which was flat this year.  Earnings will be tempered by the continuing expenses for the BI business relocation, but these will gradually wind down through the end of fiscal 2018.  Due to the fiscal 2016 adoption of ASU No. 2016-09, our tax rate is now significantly impacted by employee stock option exercises, which are quite variable, so you can expect to see continued volatility in our post-tax earnings metrics on a quarter over quarter and year over year basis.  Our strategy of profitable growth is intact and I expect continued progress in fiscal 2018 and the years ahead.” 1 The non-GAAP measures of adjusted net income and adjusted net income per diluted share are defined to exclude the non-cash impact of amortization of intangible assets, net of tax. A reconciliation between these non-GAAP measures and their GAAP counterparts is set forth in the table below, along with additional information regarding their use. Financial Summary (Unaudited, except for the information as of and for the years ended March 31, 2017 and 2016) The non-GAAP measures of adjusted net income and adjusted net income per share presented in the reconciliation above are defined to exclude the non-cash impact of amortization of intangible assets, net of tax. We believe that excluding these acquisition related expenses provides the ability to understand the benefits of acquisitions based on their cash return. We provide non-GAAP adjusted net income and non-GAAP adjusted net income per share amounts in order to provide meaningful supplemental information regarding our operational performance. Our management uses non-GAAP measures to evaluate the performance of our business and to compensate employees. This information facilitates management's internal comparisons to our historical operating results as well as to the operating results of our competitors. Since management finds this measure to be useful, we believe that our investors can benefit by evaluating both non-GAAP and GAAP results. Our management recognizes that items such as amortization of intangible assets can have a material impact on our net income. To gain a complete picture of all effects on our profit and loss from any and all events, management does (and investors should) rely upon the GAAP consolidated statements of income. The non-GAAP numbers focus instead upon our core operating business. Readers are reminded that non-GAAP measures are merely a supplement to, and not a replacement for, or superior to financial measures prepared according to GAAP. They should be evaluated in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies. We pursue a strategy of focusing primarily on quality control products and services, which are sold into niche markets that are driven by regulatory requirements.  We prefer markets that have limited competition where we can establish a strong presence and achieve high gross margins.  We are organized into four divisions across nine physical locations.  Our Instruments Division designs, manufactures and markets quality control instruments and disposable products utilized in connection with the healthcare, pharmaceutical, food and beverage, medical device, industrial hygiene, environmental air sampling and semiconductor industries. Our Biological Indicators Division provides testing services, along with the manufacturing and marketing of biological indicators and distribution of chemical indicators used to assess the effectiveness of sterilization processes, including steam, hydrogen peroxide, ethylene oxide and radiation, in the hospital, dental, medical device and pharmaceutical industries.  Our Cold Chain Monitoring Division designs, develops and markets systems which are used to monitor various environmental parameters such as temperature, humidity and differential pressure to ensure that critical storage and processing conditions are maintained in hospitals, pharmaceutical and medical device manufacturers, blood banks, pharmacies and a number of other laboratory and industrial environments.  Our Cold Chain Monitoring Division also provides parameter (primarily temperature) monitoring of products during transport in a cold chain and consulting services such as compliance monitoring and validation or mapping of transport and storage containers.  Our Cold Chain Packaging Division provides packaging development consulting services and thermal packaging products such as coolers, boxes, insulation materials and phase-change products to control temperature during transport. This press release may contain information that constitutes "forward-looking statements." Generally, the words "believe," "expect," "project," “anticipate,” “intend,” "estimate," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to revenue growth and statements expressing general views about future operating results — are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and present expectations or projections. These risks and uncertainties include, but are not limited to, those described in our Annual Report on Form 10-K for the year ended March 31, 2016, and those described from time to time in our subsequent reports filed with the Securities and Exchange Commission. For more information about the Company, please visit its website at www.mesalabs.com.


News Article | June 7, 2017
Site: globenewswire.com

LAKEWOOD, Colo., June 07, 2017 (GLOBE NEWSWIRE) -- Mesa Laboratories, Inc. (NASDAQ:MLAB) (we, us, our, “Mesa” or the “Company”) today reported record net income and adjusted net income for the year ended March 31, 2017. Highlights for the year ended March 31, 2017 as compared to last year: Revenues for the fourth quarter decreased two percent to $24,299,000 as compared to $24,812,000 for the same quarter last year.  Operating income for the fourth quarter decreased nine percent to $5,340,000 as compared to $5,843,000 for the same quarter last year.  Net income for the fourth quarter decreased nine percent to $3,643,000 or $0.94 per diluted share of common stock as compared to $3,991,000 or $1.06 per diluted share of common stock for the same quarter last year. Operating and net income for the fourth quarter ended March 31, 2017 were impacted by unusual items consisting of a $488,000 expense (included in operating expenses), before tax, related to relocation costs associated with the consolidation of our current Biological Indicator facilities in Omaha, Nebraska, Bozeman, Montana and Traverse City, Michigan into our new building in Bozeman, Montana and a $580,000 expense (included in operating expenses), before tax, related to a reserve for slow moving inventory associated with a specific model of our cold chain monitoring sensors. Revenues for the year ended March 31, 2017 increased 11 percent to $93,665,000 as compared to $84,659,000 last year.  Operating income for the year ended March 31, 2017 was flat at $16,313,000 as compared to $16,323,000 last year. Net income for the year ended March 31, 2017 was flat at $11,183,000 or $2.91 per diluted share of common stock as compared to $11,169,000 or $2.97 per diluted share of common stock last year. Operating and net income for the year ended March 31, 2017 were impacted by the same relocation expenses ($725,000, before tax for the year ended March 31, 2017) and inventory reserve described above. Net income for the year ended March 31, 2017 was also impacted by an unusual item consisting of a $450,000 expense (included in other expense, net), before tax, related to an increase in the PCD earn-out liability which resulted from higher revenues in the product line than were originally forecasted at the time the earn-out liability was booked in purchase accounting.  Operating income and net income for the year ended March 31, 2016 were impacted by an unusual item consisting of $1,709,000 expense, before tax, related to a litigation settlement associated with the Amega Acquisition. On a non-GAAP basis, adjusted net income (which excludes the non-cash impact of amortization of intangible assets, net of tax) for the fourth quarter decreased three percent to $4,799,000 or $1.24 per diluted share of common stock as compared to $4,973,000 or $1.33 per diluted share of common stock for the same quarter last year.  Adjusted net income for the year ended March 31, 2017 increased six percent to $16,228,000 or $4.22 per diluted share of common stock as compared to $15,324,000 or $4.08 per diluted share of common stock last year.  Adjusted net income for the three months ended March 31, 2017 and the years ended March 31, 2017 and 2016 was impacted by the same items noted above. “Mesa completed fiscal 2017 with a solid fourth quarter,” said John J. Sullivan, President and Chief Executive Officer.  “Revenues nearly matched the record fourth quarter of last year and profitability, as measured by adjusted net income (“ANI”), was strong.  Absent the unusual items mentioned above, ANI in the fourth quarter would have been $5,572,000 which is 23 percent of revenues and 12 percent above last year’s fourth quarter.  For the full year, I am very pleased that revenues increased 11 percent and ANI increased six percent to a new record of $16,228,000.  Profitability for fiscal 2017 was negatively impacted by the unusual expenses mentioned above, along with the ramp up of a sales organization for our Cold Chain Packaging division.  On an annual basis, these unusual expenses were partially offset by a lower tax rate for the full year of fiscal 2017.” “During fiscal 2017 we continued our growth strategy and we made progress in our infrastructure investments,” continued John J. Sullivan.  “Our Biological Indicators (“BI”) division grew 15 percent compared to fiscal 2016, through seven percent organic growth and eight percent due to acquisitions.  Instruments division revenues declined four percent compared to fiscal 2016, due primarily to a large one-time order in the previous year and the timing of shipments in our DryCal product line, which were partially offset by 13 percent organic growth of the Dialyguard product line.  Cold Chain Monitoring revenues grew nine percent, driven primarily by the November 2016 acquisition of Freshloc, and our Cold Chain Packaging division grew 114 percent.  We made good progress in completing the new building in Bozeman, Montana to house our BI operations, which is the largest infrastructure project in Mesa’s history.  The building was substantially completed by the end of fiscal 2017, and the move of production equipment from our other facilities started in the first quarter of fiscal 2018, which is expected to be completed by March 31, 2018.  While there will be additional expenses of approximately $1,400,000 in fiscal 2018 associated with the relocation, we expect that the annual savings will approximate $600,000 once the relocation is completed.  More importantly, the new facility provides much-needed additional space for future growth.” “I am looking forward to Mesa’s fiscal 2018.  I believe we will see continued growth of revenues, both organically and through acquisitions.  We are implementing expense reduction initiatives designed to improve operating income, which was flat this year.  Earnings will be tempered by the continuing expenses for the BI business relocation, but these will gradually wind down through the end of fiscal 2018.  Due to the fiscal 2016 adoption of ASU No. 2016-09, our tax rate is now significantly impacted by employee stock option exercises, which are quite variable, so you can expect to see continued volatility in our post-tax earnings metrics on a quarter over quarter and year over year basis.  Our strategy of profitable growth is intact and I expect continued progress in fiscal 2018 and the years ahead.” 1 The non-GAAP measures of adjusted net income and adjusted net income per diluted share are defined to exclude the non-cash impact of amortization of intangible assets, net of tax. A reconciliation between these non-GAAP measures and their GAAP counterparts is set forth in the table below, along with additional information regarding their use. Financial Summary (Unaudited, except for the information as of and for the years ended March 31, 2017 and 2016) The non-GAAP measures of adjusted net income and adjusted net income per share presented in the reconciliation above are defined to exclude the non-cash impact of amortization of intangible assets, net of tax. We believe that excluding these acquisition related expenses provides the ability to understand the benefits of acquisitions based on their cash return. We provide non-GAAP adjusted net income and non-GAAP adjusted net income per share amounts in order to provide meaningful supplemental information regarding our operational performance. Our management uses non-GAAP measures to evaluate the performance of our business and to compensate employees. This information facilitates management's internal comparisons to our historical operating results as well as to the operating results of our competitors. Since management finds this measure to be useful, we believe that our investors can benefit by evaluating both non-GAAP and GAAP results. Our management recognizes that items such as amortization of intangible assets can have a material impact on our net income. To gain a complete picture of all effects on our profit and loss from any and all events, management does (and investors should) rely upon the GAAP consolidated statements of income. The non-GAAP numbers focus instead upon our core operating business. Readers are reminded that non-GAAP measures are merely a supplement to, and not a replacement for, or superior to financial measures prepared according to GAAP. They should be evaluated in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies. We pursue a strategy of focusing primarily on quality control products and services, which are sold into niche markets that are driven by regulatory requirements.  We prefer markets that have limited competition where we can establish a strong presence and achieve high gross margins.  We are organized into four divisions across nine physical locations.  Our Instruments Division designs, manufactures and markets quality control instruments and disposable products utilized in connection with the healthcare, pharmaceutical, food and beverage, medical device, industrial hygiene, environmental air sampling and semiconductor industries. Our Biological Indicators Division provides testing services, along with the manufacturing and marketing of biological indicators and distribution of chemical indicators used to assess the effectiveness of sterilization processes, including steam, hydrogen peroxide, ethylene oxide and radiation, in the hospital, dental, medical device and pharmaceutical industries.  Our Cold Chain Monitoring Division designs, develops and markets systems which are used to monitor various environmental parameters such as temperature, humidity and differential pressure to ensure that critical storage and processing conditions are maintained in hospitals, pharmaceutical and medical device manufacturers, blood banks, pharmacies and a number of other laboratory and industrial environments.  Our Cold Chain Monitoring Division also provides parameter (primarily temperature) monitoring of products during transport in a cold chain and consulting services such as compliance monitoring and validation or mapping of transport and storage containers.  Our Cold Chain Packaging Division provides packaging development consulting services and thermal packaging products such as coolers, boxes, insulation materials and phase-change products to control temperature during transport. This press release may contain information that constitutes "forward-looking statements." Generally, the words "believe," "expect," "project," “anticipate,” “intend,” "estimate," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to revenue growth and statements expressing general views about future operating results — are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and present expectations or projections. These risks and uncertainties include, but are not limited to, those described in our Annual Report on Form 10-K for the year ended March 31, 2016, and those described from time to time in our subsequent reports filed with the Securities and Exchange Commission. For more information about the Company, please visit its website at www.mesalabs.com.


News Article | June 7, 2017
Site: globenewswire.com

LAKEWOOD, Colo., June 07, 2017 (GLOBE NEWSWIRE) -- Mesa Laboratories, Inc. (NASDAQ:MLAB) (we, us, our, “Mesa” or the “Company”) today reported record net income and adjusted net income for the year ended March 31, 2017. Highlights for the year ended March 31, 2017 as compared to last year: Revenues for the fourth quarter decreased two percent to $24,299,000 as compared to $24,812,000 for the same quarter last year.  Operating income for the fourth quarter decreased nine percent to $5,340,000 as compared to $5,843,000 for the same quarter last year.  Net income for the fourth quarter decreased nine percent to $3,643,000 or $0.94 per diluted share of common stock as compared to $3,991,000 or $1.06 per diluted share of common stock for the same quarter last year. Operating and net income for the fourth quarter ended March 31, 2017 were impacted by unusual items consisting of a $488,000 expense (included in operating expenses), before tax, related to relocation costs associated with the consolidation of our current Biological Indicator facilities in Omaha, Nebraska, Bozeman, Montana and Traverse City, Michigan into our new building in Bozeman, Montana and a $580,000 expense (included in operating expenses), before tax, related to a reserve for slow moving inventory associated with a specific model of our cold chain monitoring sensors. Revenues for the year ended March 31, 2017 increased 11 percent to $93,665,000 as compared to $84,659,000 last year.  Operating income for the year ended March 31, 2017 was flat at $16,313,000 as compared to $16,323,000 last year. Net income for the year ended March 31, 2017 was flat at $11,183,000 or $2.91 per diluted share of common stock as compared to $11,169,000 or $2.97 per diluted share of common stock last year. Operating and net income for the year ended March 31, 2017 were impacted by the same relocation expenses ($725,000, before tax for the year ended March 31, 2017) and inventory reserve described above. Net income for the year ended March 31, 2017 was also impacted by an unusual item consisting of a $450,000 expense (included in other expense, net), before tax, related to an increase in the PCD earn-out liability which resulted from higher revenues in the product line than were originally forecasted at the time the earn-out liability was booked in purchase accounting.  Operating income and net income for the year ended March 31, 2016 were impacted by an unusual item consisting of $1,709,000 expense, before tax, related to a litigation settlement associated with the Amega Acquisition. On a non-GAAP basis, adjusted net income (which excludes the non-cash impact of amortization of intangible assets, net of tax) for the fourth quarter decreased three percent to $4,799,000 or $1.24 per diluted share of common stock as compared to $4,973,000 or $1.33 per diluted share of common stock for the same quarter last year.  Adjusted net income for the year ended March 31, 2017 increased six percent to $16,228,000 or $4.22 per diluted share of common stock as compared to $15,324,000 or $4.08 per diluted share of common stock last year.  Adjusted net income for the three months ended March 31, 2017 and the years ended March 31, 2017 and 2016 was impacted by the same items noted above. “Mesa completed fiscal 2017 with a solid fourth quarter,” said John J. Sullivan, President and Chief Executive Officer.  “Revenues nearly matched the record fourth quarter of last year and profitability, as measured by adjusted net income (“ANI”), was strong.  Absent the unusual items mentioned above, ANI in the fourth quarter would have been $5,572,000 which is 23 percent of revenues and 12 percent above last year’s fourth quarter.  For the full year, I am very pleased that revenues increased 11 percent and ANI increased six percent to a new record of $16,228,000.  Profitability for fiscal 2017 was negatively impacted by the unusual expenses mentioned above, along with the ramp up of a sales organization for our Cold Chain Packaging division.  On an annual basis, these unusual expenses were partially offset by a lower tax rate for the full year of fiscal 2017.” “During fiscal 2017 we continued our growth strategy and we made progress in our infrastructure investments,” continued John J. Sullivan.  “Our Biological Indicators (“BI”) division grew 15 percent compared to fiscal 2016, through seven percent organic growth and eight percent due to acquisitions.  Instruments division revenues declined four percent compared to fiscal 2016, due primarily to a large one-time order in the previous year and the timing of shipments in our DryCal product line, which were partially offset by 13 percent organic growth of the Dialyguard product line.  Cold Chain Monitoring revenues grew nine percent, driven primarily by the November 2016 acquisition of Freshloc, and our Cold Chain Packaging division grew 114 percent.  We made good progress in completing the new building in Bozeman, Montana to house our BI operations, which is the largest infrastructure project in Mesa’s history.  The building was substantially completed by the end of fiscal 2017, and the move of production equipment from our other facilities started in the first quarter of fiscal 2018, which is expected to be completed by March 31, 2018.  While there will be additional expenses of approximately $1,400,000 in fiscal 2018 associated with the relocation, we expect that the annual savings will approximate $600,000 once the relocation is completed.  More importantly, the new facility provides much-needed additional space for future growth.” “I am looking forward to Mesa’s fiscal 2018.  I believe we will see continued growth of revenues, both organically and through acquisitions.  We are implementing expense reduction initiatives designed to improve operating income, which was flat this year.  Earnings will be tempered by the continuing expenses for the BI business relocation, but these will gradually wind down through the end of fiscal 2018.  Due to the fiscal 2016 adoption of ASU No. 2016-09, our tax rate is now significantly impacted by employee stock option exercises, which are quite variable, so you can expect to see continued volatility in our post-tax earnings metrics on a quarter over quarter and year over year basis.  Our strategy of profitable growth is intact and I expect continued progress in fiscal 2018 and the years ahead.” 1 The non-GAAP measures of adjusted net income and adjusted net income per diluted share are defined to exclude the non-cash impact of amortization of intangible assets, net of tax. A reconciliation between these non-GAAP measures and their GAAP counterparts is set forth in the table below, along with additional information regarding their use. Financial Summary (Unaudited, except for the information as of and for the years ended March 31, 2017 and 2016) The non-GAAP measures of adjusted net income and adjusted net income per share presented in the reconciliation above are defined to exclude the non-cash impact of amortization of intangible assets, net of tax. We believe that excluding these acquisition related expenses provides the ability to understand the benefits of acquisitions based on their cash return. We provide non-GAAP adjusted net income and non-GAAP adjusted net income per share amounts in order to provide meaningful supplemental information regarding our operational performance. Our management uses non-GAAP measures to evaluate the performance of our business and to compensate employees. This information facilitates management's internal comparisons to our historical operating results as well as to the operating results of our competitors. Since management finds this measure to be useful, we believe that our investors can benefit by evaluating both non-GAAP and GAAP results. Our management recognizes that items such as amortization of intangible assets can have a material impact on our net income. To gain a complete picture of all effects on our profit and loss from any and all events, management does (and investors should) rely upon the GAAP consolidated statements of income. The non-GAAP numbers focus instead upon our core operating business. Readers are reminded that non-GAAP measures are merely a supplement to, and not a replacement for, or superior to financial measures prepared according to GAAP. They should be evaluated in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies. We pursue a strategy of focusing primarily on quality control products and services, which are sold into niche markets that are driven by regulatory requirements.  We prefer markets that have limited competition where we can establish a strong presence and achieve high gross margins.  We are organized into four divisions across nine physical locations.  Our Instruments Division designs, manufactures and markets quality control instruments and disposable products utilized in connection with the healthcare, pharmaceutical, food and beverage, medical device, industrial hygiene, environmental air sampling and semiconductor industries. Our Biological Indicators Division provides testing services, along with the manufacturing and marketing of biological indicators and distribution of chemical indicators used to assess the effectiveness of sterilization processes, including steam, hydrogen peroxide, ethylene oxide and radiation, in the hospital, dental, medical device and pharmaceutical industries.  Our Cold Chain Monitoring Division designs, develops and markets systems which are used to monitor various environmental parameters such as temperature, humidity and differential pressure to ensure that critical storage and processing conditions are maintained in hospitals, pharmaceutical and medical device manufacturers, blood banks, pharmacies and a number of other laboratory and industrial environments.  Our Cold Chain Monitoring Division also provides parameter (primarily temperature) monitoring of products during transport in a cold chain and consulting services such as compliance monitoring and validation or mapping of transport and storage containers.  Our Cold Chain Packaging Division provides packaging development consulting services and thermal packaging products such as coolers, boxes, insulation materials and phase-change products to control temperature during transport. This press release may contain information that constitutes "forward-looking statements." Generally, the words "believe," "expect," "project," “anticipate,” “intend,” "estimate," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to revenue growth and statements expressing general views about future operating results — are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and present expectations or projections. These risks and uncertainties include, but are not limited to, those described in our Annual Report on Form 10-K for the year ended March 31, 2016, and those described from time to time in our subsequent reports filed with the Securities and Exchange Commission. For more information about the Company, please visit its website at www.mesalabs.com.


Patent
Mesa Laboratories | Date: 2016-12-16

A SCBI useful in ambient air pressure systems is disclosed. The SCBI includes a body which serves as the culture tube, a glass media ampoule, an inoculated stainless steel disc positioned on the top of the glass media ampoule so that the spores are close to the top/opening of the SCBI, filter paper on the top of the body and overlying the disc, and a cap.


News Article | June 7, 2017
Site: globenewswire.com

LAKEWOOD, Colo., June 07, 2017 (GLOBE NEWSWIRE) -- Mesa Laboratories, Inc. (NASDAQ:MLAB) (we, us, our, “Mesa” or the “Company”) today reported record net income and adjusted net income for the year ended March 31, 2017. Highlights for the year ended March 31, 2017 as compared to last year: Revenues for the fourth quarter decreased two percent to $24,299,000 as compared to $24,812,000 for the same quarter last year.  Operating income for the fourth quarter decreased nine percent to $5,340,000 as compared to $5,843,000 for the same quarter last year.  Net income for the fourth quarter decreased nine percent to $3,643,000 or $0.94 per diluted share of common stock as compared to $3,991,000 or $1.06 per diluted share of common stock for the same quarter last year. Operating and net income for the fourth quarter ended March 31, 2017 were impacted by unusual items consisting of a $488,000 expense (included in operating expenses), before tax, related to relocation costs associated with the consolidation of our current Biological Indicator facilities in Omaha, Nebraska, Bozeman, Montana and Traverse City, Michigan into our new building in Bozeman, Montana and a $580,000 expense (included in operating expenses), before tax, related to a reserve for slow moving inventory associated with a specific model of our cold chain monitoring sensors. Revenues for the year ended March 31, 2017 increased 11 percent to $93,665,000 as compared to $84,659,000 last year.  Operating income for the year ended March 31, 2017 was flat at $16,313,000 as compared to $16,323,000 last year. Net income for the year ended March 31, 2017 was flat at $11,183,000 or $2.91 per diluted share of common stock as compared to $11,169,000 or $2.97 per diluted share of common stock last year. Operating and net income for the year ended March 31, 2017 were impacted by the same relocation expenses ($725,000, before tax for the year ended March 31, 2017) and inventory reserve described above. Net income for the year ended March 31, 2017 was also impacted by an unusual item consisting of a $450,000 expense (included in other expense, net), before tax, related to an increase in the PCD earn-out liability which resulted from higher revenues in the product line than were originally forecasted at the time the earn-out liability was booked in purchase accounting.  Operating income and net income for the year ended March 31, 2016 were impacted by an unusual item consisting of $1,709,000 expense, before tax, related to a litigation settlement associated with the Amega Acquisition. On a non-GAAP basis, adjusted net income (which excludes the non-cash impact of amortization of intangible assets, net of tax) for the fourth quarter decreased three percent to $4,799,000 or $1.24 per diluted share of common stock as compared to $4,973,000 or $1.33 per diluted share of common stock for the same quarter last year.  Adjusted net income for the year ended March 31, 2017 increased six percent to $16,228,000 or $4.22 per diluted share of common stock as compared to $15,324,000 or $4.08 per diluted share of common stock last year.  Adjusted net income for the three months ended March 31, 2017 and the years ended March 31, 2017 and 2016 was impacted by the same items noted above. “Mesa completed fiscal 2017 with a solid fourth quarter,” said John J. Sullivan, President and Chief Executive Officer.  “Revenues nearly matched the record fourth quarter of last year and profitability, as measured by adjusted net income (“ANI”), was strong.  Absent the unusual items mentioned above, ANI in the fourth quarter would have been $5,572,000 which is 23 percent of revenues and 12 percent above last year’s fourth quarter.  For the full year, I am very pleased that revenues increased 11 percent and ANI increased six percent to a new record of $16,228,000.  Profitability for fiscal 2017 was negatively impacted by the unusual expenses mentioned above, along with the ramp up of a sales organization for our Cold Chain Packaging division.  On an annual basis, these unusual expenses were partially offset by a lower tax rate for the full year of fiscal 2017.” “During fiscal 2017 we continued our growth strategy and we made progress in our infrastructure investments,” continued John J. Sullivan.  “Our Biological Indicators (“BI”) division grew 15 percent compared to fiscal 2016, through seven percent organic growth and eight percent due to acquisitions.  Instruments division revenues declined four percent compared to fiscal 2016, due primarily to a large one-time order in the previous year and the timing of shipments in our DryCal product line, which were partially offset by 13 percent organic growth of the Dialyguard product line.  Cold Chain Monitoring revenues grew nine percent, driven primarily by the November 2016 acquisition of Freshloc, and our Cold Chain Packaging division grew 114 percent.  We made good progress in completing the new building in Bozeman, Montana to house our BI operations, which is the largest infrastructure project in Mesa’s history.  The building was substantially completed by the end of fiscal 2017, and the move of production equipment from our other facilities started in the first quarter of fiscal 2018, which is expected to be completed by March 31, 2018.  While there will be additional expenses of approximately $1,400,000 in fiscal 2018 associated with the relocation, we expect that the annual savings will approximate $600,000 once the relocation is completed.  More importantly, the new facility provides much-needed additional space for future growth.” “I am looking forward to Mesa’s fiscal 2018.  I believe we will see continued growth of revenues, both organically and through acquisitions.  We are implementing expense reduction initiatives designed to improve operating income, which was flat this year.  Earnings will be tempered by the continuing expenses for the BI business relocation, but these will gradually wind down through the end of fiscal 2018.  Due to the fiscal 2016 adoption of ASU No. 2016-09, our tax rate is now significantly impacted by employee stock option exercises, which are quite variable, so you can expect to see continued volatility in our post-tax earnings metrics on a quarter over quarter and year over year basis.  Our strategy of profitable growth is intact and I expect continued progress in fiscal 2018 and the years ahead.” 1 The non-GAAP measures of adjusted net income and adjusted net income per diluted share are defined to exclude the non-cash impact of amortization of intangible assets, net of tax. A reconciliation between these non-GAAP measures and their GAAP counterparts is set forth in the table below, along with additional information regarding their use. Financial Summary (Unaudited, except for the information as of and for the years ended March 31, 2017 and 2016) The non-GAAP measures of adjusted net income and adjusted net income per share presented in the reconciliation above are defined to exclude the non-cash impact of amortization of intangible assets, net of tax. We believe that excluding these acquisition related expenses provides the ability to understand the benefits of acquisitions based on their cash return. We provide non-GAAP adjusted net income and non-GAAP adjusted net income per share amounts in order to provide meaningful supplemental information regarding our operational performance. Our management uses non-GAAP measures to evaluate the performance of our business and to compensate employees. This information facilitates management's internal comparisons to our historical operating results as well as to the operating results of our competitors. Since management finds this measure to be useful, we believe that our investors can benefit by evaluating both non-GAAP and GAAP results. Our management recognizes that items such as amortization of intangible assets can have a material impact on our net income. To gain a complete picture of all effects on our profit and loss from any and all events, management does (and investors should) rely upon the GAAP consolidated statements of income. The non-GAAP numbers focus instead upon our core operating business. Readers are reminded that non-GAAP measures are merely a supplement to, and not a replacement for, or superior to financial measures prepared according to GAAP. They should be evaluated in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies. We pursue a strategy of focusing primarily on quality control products and services, which are sold into niche markets that are driven by regulatory requirements.  We prefer markets that have limited competition where we can establish a strong presence and achieve high gross margins.  We are organized into four divisions across nine physical locations.  Our Instruments Division designs, manufactures and markets quality control instruments and disposable products utilized in connection with the healthcare, pharmaceutical, food and beverage, medical device, industrial hygiene, environmental air sampling and semiconductor industries. Our Biological Indicators Division provides testing services, along with the manufacturing and marketing of biological indicators and distribution of chemical indicators used to assess the effectiveness of sterilization processes, including steam, hydrogen peroxide, ethylene oxide and radiation, in the hospital, dental, medical device and pharmaceutical industries.  Our Cold Chain Monitoring Division designs, develops and markets systems which are used to monitor various environmental parameters such as temperature, humidity and differential pressure to ensure that critical storage and processing conditions are maintained in hospitals, pharmaceutical and medical device manufacturers, blood banks, pharmacies and a number of other laboratory and industrial environments.  Our Cold Chain Monitoring Division also provides parameter (primarily temperature) monitoring of products during transport in a cold chain and consulting services such as compliance monitoring and validation or mapping of transport and storage containers.  Our Cold Chain Packaging Division provides packaging development consulting services and thermal packaging products such as coolers, boxes, insulation materials and phase-change products to control temperature during transport. This press release may contain information that constitutes "forward-looking statements." Generally, the words "believe," "expect," "project," “anticipate,” “intend,” "estimate," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to revenue growth and statements expressing general views about future operating results — are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and present expectations or projections. These risks and uncertainties include, but are not limited to, those described in our Annual Report on Form 10-K for the year ended March 31, 2016, and those described from time to time in our subsequent reports filed with the Securities and Exchange Commission. For more information about the Company, please visit its website at www.mesalabs.com.


Patent
Mesa Laboratories | Date: 2011-05-11

A biological indicator for determining the effectiveness of a sterilization process is disclosed having a package and carrier integral therewith. The package includes a first sheet and a second sheet having a bottom portion, side portions and a top portion. The first and second sheets are joined together generally along a periphery of the first and second sheets by a peelable adhesive. A carrier having a plurality of spores thereon for determining the effectiveness of a sterilization process is attached to the package between the first and second sheets and at least a portion of the resealable adhesive. The package may be opened and subsequently partially or fully closed to enclose the carrier.

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