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Mesa Laboratories, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $57,833,000 from $53,165,000 in the same quarter the previous year. This increase is primarily driven by the acquisition of GKE, which contributed $5,863,000 in revenues.
Gross profit for the quarter was $35,455,000, compared to $32,109,000 in the previous year, with the increase attributed to the GKE acquisition and lower amortization expenses.
Operating expenses for the quarter were $31,947,000, slightly down from $32,169,000 in the previous year, despite the inclusion of expenses from the GKE acquisition.
Net income for the quarter was $3,428,000, up from a loss of $1,230,000 in the previous year. This improvement is attributed to increased revenues and controlled operating expenses.
The company reported cash provided by operating activities of $15,704,000, while cash used in investing and financing activities was $2,679,000 and $17,719,000, respectively.
Mesa Laboratories had a working capital of $(45,252,000) as of September 30, 2024. The negative working capital is primarily due to the classification of the Notes as current liabilities.
The filing also details the amendment and restatement of the company's Credit Facility, which now includes a $75,000,000 term loan.
Mesa Laboratories does not anticipate any immediate changes to its dividend policy and continues to focus on its strategy of organic growth and acquisitions.
The company identified a material weakness in its internal controls over financial reporting related to IT general controls, which it is in the process of remediating.
Mesa Laboratories continues to focus on expanding its market presence and product offerings, particularly in the pharmaceutical and healthcare industries.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mesa Laboratories Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.