Mesa Laboratories : Investor Presentation November 6, 2023

Investor Presentation

November 6, 2023

Gary Owens, President and CEO

John Sakys, CFO

John Sullivan, Chairman and Investor Relations

Safe Harbor Statement

The information provided in this presentation contains forward-looking statements within the meaning of the federal securities laws. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, including statements relating to: projections of revenues, growth, operating results, profit margins, expenses, earnings, margins, tax rates, tax provisions, cash flows, liquidity, demand, competition, the effects of additional actions taken to become more efficient or lower costs; restructuring activities; acquisitions or divestitures and the integration of and

future performance of acquired businesses; our ability to integrate the acquired business and personnel and to achieve expected synergies; our ability to

maintain or expand the historical sales of the acquired business; our ability to accurately forecast the acquisition, related restructuring costs and allocation of the purchase price, goodwill and other acquired intangibles and other asset adjustments; the risk of any litigation relating to the transaction; changes in

legal and regulatory matters; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; the duration and impact of the COVID-19 pandemic and the myriad of its effects on our business including related decreases in customer demand and spending; ability of the Company to achieve its financial and strategic objectives and continue to increase its revenues; foreign currency exchange rates and fluctuations in those rates; general economic, industry, and capital markets conditions; supply chain challenges; cost pressures and the overall effects of the current high inflation environment on customers; the timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Mesa intends or believes will or may occur in the future. Without limiting the foregoing, the words "expect," "anticipate," "seek," "intend," "plan," "believe," "could," "estimate," "may," "target," "project," and similar expressions identify forward-looking statements. However, the

absence of these words or similar expressions does not mean that a statement is not forward-looking. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to risks and uncertainties relating to our operations and business environments, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed or implied by these forward-looking statements. Such 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, 2023, and those described from time to time in our subsequent reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this presentation and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

In this presentation, we refer to non-GAAP financial measures including adjusted operating income (AOI) which is defined to exclude the non-cash impact of amortization of intangible assets acquired in a business combination, stock-based compensation, and impairment of goodwill and long-lived assets. See reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial statements in this presentation. We are unable to provide a reconciliation of forward-looking AOI or adjusted gross profit because components of the calculations are inherently unpredictable and currently

2 unknown.

Life Science Tools for Quality Control

$219M

FY23 Revenues

+18%

5-year Revenues CAGR*

61% / 20%

GP % and AOI Margin %**

1% to 7%

∆ Organic Revenues CAGR FY17 vs FY22 / FY23 Average

48% to 74%

∆ High Growth Vertical exposure last 5 years *,***

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Lean Events last year

• Diversified Life Sciences Tools company in highly regulated markets.
• Continuing a long track record of high growth driven organically and via M&A. 3-year Revenues CAGR = 23%
• Strong operating leverage and bottom-line profitability. 3-year AOI CAGR = 22%
• Increasing organic growth via strong commercial execution and portfolio evolution
• While transforming our strategic options and long-term growth potential
• And continuously improving execution the Mesa Way!

• Reportable segments
• See reconciliation table at the back of this presentation for definitions and items adjusted for AOI
• High Growth Verticals include Biopharmaceutical, Medical Device, and Clinical Genomics

3 Note: Any reference to the term "year" in this presentation refers to our fiscal year ending March, 31

Long Term Financial Performance

								Revenues		AOI		AOI excluding unusual items
	$250															$50
($M)	$200															$40
$150															$30
Revenues
$100															$20
	$50															$10
	$0															$0
	FY13			FY16				FY19
		FY14	FY15	FY17	FY18		FY20		FY21	FY22	FY23

Long history of compounding financial returns: 2013-23 CAGR = 17% Revenues; 10% AOI

and 10% AOI excluding unusual items

AOI & AOI excluding unusual items ($M)

4 FYE: March 31

Divisions & Solutions

Clinical Genomics $62M / HSD*		Biopharmaceutical Development - $47M / DD*
Genomics			Proteins

Physical & Chemical			Microorganisms
Calibration Solutions - $45M / LSD*		Sterilization & Disinfection Control $65M / MSD+*

Quality control tools vital to patient health

* FY23 revenues / long term core revenue CAGR potential

5

Served Markets and Applications

Biopharmaceuticals

Development

Medical Devices	Clinical Genomics	Healthcare	Food, Other
Manufacturing	Diagnosis		Delivery

Mission critical quality control applications from Development through Delivery in regulated markets

6

Vertical Market Exposure

	100%
		Food, Other		Food, Other
	80%				Heathcare Services
(%)*
		Heathcare Services		Medical Device
Revenueof	60%
		Clinical Genomics
Percentage	40%		Medical Device
20%				Biopharmaceutical

Biopharmaceutical

0%

FY18FY23

Growth Drivers

• Increasing device complexity
• Deepening regulatory scrutiny
• Discoveries linking genotype to phenotype
• Greater adoption of proactive screening for Hereditary disease risks and PGx designations
• Deep industry investment in Oncology
• Adoption outside the USA
• Strong R&D investment in biologics over last 15+ years
• Increased IND submissions for Protein-based therapeutics
• Acceleration of funding, IND submissions, and approvals for Cell & Gene therapies and other innovative modalities
• Increasing costs / time pressure to bring new molecules from IND to approval (aka the Development phase)

Increased exposure to higher growth verticals** with strong opportunities for innovation

• Reportable segments
• High Growth Verticals = Biopharmaceutical, Medical Device, and Clinical Genomics

7

Defensible Revenues Profile

100%

			Food, Other		CAPEX HW
	80%		Healthcare
(%)		Services		OPEX Hardware*
		Medical Device
Revenue
60%				Service
FY23		Clinical Genomics
40%
of
Percentage					Consumables
	20%		Biopharmaceutical
	0%
		Verticals		Revenue Type

		Examples
	Equipment /		Dialysis
	Process Validation		Calibration
	Data Loggers		Meters
	Centralized		Field
	Service		Service

		Biologic &
		Chemical Sterility
		Indicators
	Protein Analysis	Clinical Genomic
Consumables & Reagents	Consumables & Reagents

Defensible vertical markets and steady revenue streams lower revenue volatility

* <$15,000 per order

8

Life Science Tools for

mission critical quality control in regulated markets

Our purpose is to

Protect the Vulnerable.

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