Mesa Laboratories Inc. (NASDAQ: NASDAQ:MLAB), a Colorado-based industrial instruments manufacturer, has announced a change in its independent registered public accounting firm.
On September 6, 2024, the company's Audit Committee approved the engagement of Moss Adams LLP to audit the financial statements for the fiscal year ending March 31, 2025, replacing the previous auditor RSM US LLP with immediate effect.
The decision to switch to Moss Adams followed a formal request for proposal process initiated by the Audit Committee. Mesa Laboratories confirmed that there were no disagreements or reportable events with the outgoing firm RSM or with Plante & Moran, PLLC, which audited the company's financials for the fiscal year ended March 31, 2023.
During a recent annual meeting, shareholders elected seven directors to serve a one-year term and ratified the appointment of RSM US LLP as the independent registered public accounting firm for the fiscal year ending March 31, 2025. A non-binding advisory vote also led to the approval of the compensation for Mesa's named executive officers.
In addition to these governance decisions, Mesa Laboratories announced a regular quarterly dividend of $0.16 per share for shareholders of record by the end of business. This move underscores the company's commitment to returning value to its shareholders.
Furthermore, the company retained its Outperform rating and $120.00 stock price target from analysts at Evercore ISI following its recent fourth-quarter earnings release. The analysts highlighted the company's strong performance in its Biopharmaceutical Development segment and suggested that Mesa Laboratories is well-positioned to return to mid-single-digit organic growth once certain hurdles are overcome.
InvestingPro Insights
As Mesa Laboratories Inc. (NASDAQ:MLAB) navigates changes in its financial oversight, investors may be keen to understand the company's current financial health and prospects. According to recent data from InvestingPro, Mesa Laboratories has a market capitalization of $642.55 million, reflecting its standing in the industrial instruments manufacturing sector. Despite facing profitability challenges with a negative P/E ratio of -2.54 over the last twelve months, analysts are optimistic about the company's future, expecting net income growth this year. This anticipation is supported by the company's consistent dividend payments over the past 22 years, a testament to its commitment to shareholder returns.
InvestingPro Tips highlight Mesa Laboratories' robust gross profit margin of 63.17% in the last twelve months as of Q1 2023, indicating efficient cost management relative to its revenues. Additionally, the company has demonstrated resilience with a strong 24.43% return over the last three months. While the company is trading at high EBIT and EBITDA valuation multiples, suggesting a premium market valuation, it is important to note that Mesa Laboratories is predicted to return to profitability this year. For investors interested in a deeper dive, there are more InvestingPro Tips available at: https://www.investing.com/pro/MLAB.
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