Here’s Why Mesa Laboratories (MLAB) Declined in Q3

Conestoga Capital Advisors, an asset management company, released its “Small Cap Growth Fund” third-quarter investor letter. A copy of the same can be downloaded here. The fund declined 4.56% net of fees in the third quarter, compared to a 0.24% return for Russell 2000 Growth Index. Stock selection and negative sector allocation impacted the fund’s performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Conestoga Capital Advisors highlighted stocks like Mesa Laboratories, Inc. (NASDAQ:MLAB) in its Q3 2022 investor letter. Headquartered in Lakewood, Colorado, Mesa Laboratories, Inc. (NASDAQ:MLAB) is a manufacturer and distributor of life sciences tools and quality control products and services. On December 15, 2022, Mesa Laboratories, Inc. (NASDAQ:MLAB) stock closed at $166.49 per share. One-month return of Mesa Laboratories, Inc. (NASDAQ:MLAB) was -9.25%, and its shares lost 47.74% of their value over the last 52 weeks. Mesa Laboratories, Inc. (NASDAQ:MLAB) has a market capitalization of $888.526 million.

Conestoga Capital Advisors made the following comment about Mesa Laboratories, Inc. (NASDAQ:MLAB) in its Q3 2022 investor letter:

Mesa Laboratories, Inc. (NASDAQ:MLAB): MLAB’s 1Q23 revenues and earnings were below consensus estimates. These disappointing results came after five straight quarters of double-digit organic revenue growth. The weak results were a combination of numerous factors including currency, shutdown in China, and labor and material shortages. While the company is addressing a number of these issues, we believe near-term results may remain challenged by these factors.”

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Mesa Laboratories, Inc. (NASDAQ:MLAB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Mesa Laboratories, Inc. (NASDAQ:MLAB) at the end of the third quarter, which was 9 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.