Mesa Laboratories (MLAB) just posted its latest numbers with recent quarterly revenue of about US$60.7 million and basic EPS of US$0.45, while the trailing twelve months show revenue of roughly US$245.3 million and a small net loss of US$1.6 million. Over the past few quarters, the company has seen revenue move between US$57.8 million and US$62.8 million, with EPS ranging from a loss of US$1.31 per share to a profit of US$0.87 per share. This sets up a mixed picture on profitability, even as analysts point to forecast revenue growth of 3.7% a year and earnings growth of about 16.3% a year. Taken together, the latest results keep the focus squarely on how quickly margins can improve from here.

See our full analysis for Mesa Laboratories.

With the headline numbers on the table, the next step is to see how this earnings profile lines up with the widely followed narratives about growth, profitability and risk around Mesa Laboratories.

Profit swings around small quarterly net income

• Mesa reported net income excluding extra items of US$2.5 million in the latest quarter and US$4.7 million in the prior quarter, compared with losses of US$7.1 million and US$1.7 million in the two quarters before that, so the recent move back into profit sits next to a trailing twelve month loss of US$1.6 million.
• What stands out for a bullish view is how quickly the income line has moved between profit and loss, with quarterly net income swinging from a US$7.1 million loss in 2025 Q4 to US$4.7 million profit in 2026 Q1. This supports the idea that earnings can improve, but also shows how dependent that story is on keeping these small quarterly profits from slipping back into losses.
• Supporters often point to this kind of rebound as evidence of earnings power returning, and the move from a US$1.7 million loss in 2025 Q3 to US$2.5 million profit in the latest quarter is consistent with that angle.
• At the same time, the trailing twelve month figures still show a US$1.6 million loss, so anyone leaning on a bullish argument has to accept that the full year picture is not yet matching the last couple of quarters.

To see how these swings fit into the bigger story on growth, valuation, and long term expectations, it helps to look at the full narrative alongside the numbers. 📊 Read the full Mesa Laboratories Consensus Narrative.

Forecast 16.3% earnings growth vs modest 3.7% revenue

• Analysts in the dataset expect revenue to grow about 3.7% a year while earnings are forecast to grow about 16.3% a year, even though the trailing twelve months still show a small net loss of US$1.6 million.
• For a bullish angle, one point of interest is that the forecast 16.3% yearly earnings growth is much faster than the 3.7% revenue line. This implies the optimistic case leans heavily on margin improvement after a period where losses have grown at about 59.4% a year over five years and the latest four reported quarters only recently returned to quarterly profitability.
• Supporters might argue that the recent quarters of net income of US$3.4 million to US$4.7 million in early 2025 and 2026 show the operational base needed for that margin uplift.
• Critics can point out that the trailing twelve month net loss of US$1.6 million sits alongside those forecasts, so the path from reported history to that stronger earnings profile is still a key execution gap.

P/S of 2x and share price well below DCF fair value

• The stock is reported trading on a P/S of 2x compared with 2.8x for peers and 3.2x for the US Life Sciences industry, and the current share price of US$87.53 sits materially below the DCF fair value figure of US$147.77 provided in the data.
• Bears often focus on the trailing unprofitability, where losses have grown about 59.4% a year over five years and the last twelve months still show a US$1.6 million loss. Those same figures sit next to a lower than peer P/S multiple and a share price well below the DCF fair value, which means the cautious view is mainly anchored in whether that historical loss trend matters more than the valuation gap and the forecast shift toward profitability.
• On one side, the relatively low 2x P/S and the gap between US$87.53 and the US$147.77 DCF fair value suggest the market is not pricing Mesa the same way as its sector averages.
• On the other, the history of losses increasing over five years and a trailing twelve month loss, even after recent profitable quarters, gives bears a clear data point to justify that discount while they wait to see if the expected earnings growth actually comes through.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Mesa Laboratories's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

Mesa Laboratories still carries a trailing twelve month loss of US$1.6 million and a history of losses growing about 59.4% a year over five years.

If that patchy record makes you want steadier progress, check out stable growth stocks screener (2197 results) to focus on companies with more consistent revenue and earnings trends that are easier to follow.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.