MESA LABORATORIES INC /CO/ 10-Q

Item 1A. Risk factors   We are dependent on our   suppliers to deliver components, and a shortage of key components have and could continue to disrupt our production and delay order fulfillment.     Products sold by our Instruments division, and to a lesser extent, our Biopharmaceutical Development, and Continuous Monitoring divisions contain components, including electronic components, glass, plastics, and packaging that we source globally from suppliers who, in turn, source components from their suppliers. If there is a shortage of a key component in our supply chain, and the component cannot be easily sourced from a different supplier, the shortage may disrupt our production which may, in turn, delay order fulfillment.  We are experiencing long lead times, and in some cases, difficulty obtaining components from our existing suppliers, which has resulted in delayed order fulfillment in our Instruments division.  In addition, costs for components, and freight for components has increased, which may reduce our gross profit margins until we are able to pass the cost increases along to our customers. There are several reasons for the supply chain disruptions to components that we rely on to manufacture our products including: increased demand for other products that use the same components as those we purchase, manufacturing shut-downs during the past 18 months that reduced production of components, labor issues, and long lead times for raw materials used in the production of components.  A continued shortage of components or other key materials that comprise the components could cause a significant disruption to our production schedule and have a substantial adverse effect on our financial condition or results of operations.   Additional risks related to our supply chain include those in our FY21 Form10-K risk factors, “ We face numerous manufacturing and supply chain risks. In addition, our reliance upon sole or limited sources of supply for certain materials, components and services could cause production interruptions, delays and inefficiencies. ”   During the quarter there were no other material changes from the risk factors described in Item 1A.  Risk Factors of our Annual Report on Form 10-K for the year ended March 31, 2021.    I tem 2. Unregistered Sales of Equity Securities and Use of Proceeds   On November 7, 2005, our Board of Directors adopted a share repurchase plan which allows for the repurchase of up to 300,000 of our common shares, of which 162,486 have been purchased to date; however, no shares have been purchased under the plan in the last three fiscal years. This plan will continue until the maximum is reached or the plan is terminated by further action of the Board of Directors.      Page 24 Table of Contents   Item 6. Exhibits   Exhibit No. Description of Exhibit 10.2.3 Mesa Laboratories, Inc. 2021 Equity Incentive Plan  (incorporated by reference from exhibit 10.2.3 to Mesa Laboratories, Inc.'s Form S-8 filed on August 30, 2021 (Commission File Number: 333-259154) 10.3.7 Form of 2021 Equity Incentive Plan Option Award Agreement  (incorporated by reference from exhibit 10.3.7 to Mesa Laboratories, Inc.'s Form S-8 filed on August 30, 2021 (Commission File Number: 333-259154) 10.3.8 Form of 2021 Equity Incentive Plan Restricted Stock Unit Agreement  (incorporated by reference from exhibit 10.3.8 to Mesa Laboratories, Inc.'s Form S-8 filed on August 30, 2021 (Commission File Number: 333-259154) 31.1+ Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2+ Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1* Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.2* Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS+ XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH+ Inline XBRL Taxonomy Extension Schema Document. 101.CAL+ Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF+ Inline XBRL Taxonomy Extension Definitions Linkbase Document 101.LAB+ Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE+ Inline XBRL Taxonomy Extension Presentation Linkbase Document 104+ Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*).   + Filed herewith * Furnished herewith   Page 25 Table of Contents   Signatures   Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.     MESA LABORATORIES, INC. (Registrant)     DATED: November 4, 2021 BY: /s/ Gary M. Owens . Gary M. Owens Chief Executive Officer             DATED: November 4, 2021 BY: /s/ John V. Sakys John V. Sakys Chief Financial Officer                         Page 26