Exhibit 99.3

UNAUDITED PRO FORMA COMBINED

STATEMENT OF OPERATIONS AND UNAUDITED PRO FORMA

COMBINED BALANCE SHEET

The following unaudited pro forma combined balance sheet as of March 31, 2010 and the unaudited pro forma combined statement of operations for the year ended March 31, 2010 give effect to Mesa Laboratories, Inc.’s (“Mesa”) acquisition of all the issued and outstanding shares of common stock of SGM Biotech, Inc. and the purchase of real estate held by SGM’s affiliate, Surreal, LLC, (“SGM”) effective April 27, 2010, including the related pro forma adjustments described in the notes thereto.

The unaudited pro forma balance sheet has been prepared as if the transaction was recorded on Mesa’s books as of March 31, 2010. The unaudited pro forma combined statement of operation has been prepared as if the proposed transaction occurred on the first day of the fiscal year presented.  These pro forma statements are not necessarily indicative of the results of operations or the financial position as they may be in the future or as they might have been had the transaction become effective on the above mentioned date.

The historical data for Mesa as of and for the fiscal year ended March 31, 2010 has been derived from the audited financial statements of Mesa.  The historical data for SGM as of March 31, 2010 has been derived from the unaudited consolidated financial statements for SGM.  The historical data for the twelve months ended March 31, 2010 was derived from the audited financial statement of Mesa for the twelve months ended March 31, 2010, and the audited consolidated financial statements of SGM for the twelve months ended December 31, 2009.

The unaudited pro forma combined statements of operations and the unaudited pro forma combined balance sheets should be read in conjunction with the separate historical financial statements and notes thereto of Mesa Laboratories, Inc. and SGM Biotech, Inc.

UNAUDITED PRO FORMA COMBINED BALANCE SHEET

March 31, 2010

	Mesa		SGM		Subtotal
	Laboratories,		Biotech		Pro Forma		Pro Forma			Pro Forma
	Inc.		Inc.		Combined		Adjustments			Combined
Assets
Current assets
Cash and cash equivalents	$	10,471,000	$	794,000	$	11,265,000	$	(1) (12,000,000	)	$	842,000
							$	(4) 4,521,000
							$	(1) (2,150,000	)
							$	(2) (794,000	)
Accounts receivable, net	4,421,000		1,113,000		5,534,000					5,534,000
Other current receivables	5,000				5,000					5,000
Inventories, net	4,820,000		706,000		5,526,000					5,526,000
Prepaid expenses and other current assets	381,000		8,000		389,000					389,000
Deferred income taxes	376,000		45,000		421,000					421,000
Total current assets	20,474,000		2,666,000		23,140,000		(10,423,000		)	12,717,000
Non-current assets
Property, plant and equipment	4,239,000		1,746,000		5,985,000		(1) 1,593,000			7,518,000
							(2) (60,000		)
Other long term receivables			45,000		45,000					45,000
Goodwill	6,265,000				6,265,000		(1) 5,621,000			11,886,000
Other intangible assets, net	2,661,000				2,661,000		(1) 6,491,000			9,152,000
Total non-current assets	13,165,000		1,791,000		14,956,000		13,645,000			28,601,000
Total assets	$	33,639,000	$	4,457,000	$	38,096,000	$	3,222,000		$	41,318,000

	Mesa		SGM		Subtotal
	Laboratories,		Biotech		Pro Forma		Pro Forma			Pro Forma
	Inc.		Inc.		Combined		Adjustments			Combined
Liabilities and Stockholders’ (Deficit) Equity
Current liabilities
Accounts payable, trade	$	480,000	$	278,000	$	758,000				$	758,000
Accrued salaries and payroll taxes	1,190,000		241,000		1,431,000					1,431,000
Accrued warranty expense	30,000				30,000					30,000
Due to Vibrac, LLC	100,000				100,000					100,000
Current portion of long-term debt			338,000		338,000		(4) 940,000			1,000,000
							(2) (278,000		)
Current portion of capital lease obligation			19,000		19,000					19,000
Other accrued liabilities	11,000				11,000		(5) 147,000			158,000
Taxes payable	133,000				133,000					133,000
Total current liabilities	1,944,000		876,000		2,820,000		809,000			3,629,000
Long-term debt, less current portion			1,067,000		1,067,000		(4) 3,521,000			3,521,000
							(2) (1,067,000		)
Deferred income taxes	498,000		163,000		661,000		(1) 2,310,000			2,971,000
Total liabilities	2,442,000		2,106,000		4,548,000		5,573,000			10,121,000
Stockholders’ equity
Common stock	4,883,000		—		4,883,000					4,883,000
Members’ equity			589,000		589,000		(1) (589,000		)	—
Retained earnings	26,314,000		1,762,000		28,076,000		(2) (1,762,000		)	26,314,000
Total stockholders’ equity	31,197,000		2,351,000		33,548,000		(2,351,000		)	31,197,000
Total liabilities and stockholders’ equity	$	33,639,000	$	4,457,000	$	38,096,000	$	3,222,000		$	41,318,000

UNAUDITED PRO FORMA COMBINED STATEMENT OF OPERATIONS

Year Ended March 31, 2010

	Mesa		SGM			Subtotal
	Laboratories,		Biotech			Pro Forma			Pro Forma			Pro Forma
	Inc.		Inc.			Combined			Adjustments			Combined
	(March 31, 2010)		(December 31, 2009)
Sales	$	21,929,000	$	6,230,000		$	28,159,000					$	28,159,000
Cost of goods sold	8,735,000		3,214,000			11,949,000						11,949,000
Gross margin	13,194,000		3,016,000			16,210,000						16,210,000
Selling	2,616,000		399,000			3,015,000						3,015,000
									(3) 670,000
General and administrative	2,541,000		1,465,000			4,006,000			(7) (34,000		)	4,642,000
Research and development	669,000		322,000			991,000						991,000
Total operating expenses	5,826,000		2,186,000			8,012,000			636,000			8,648,000
Income (loss) from operations	7,368,000		830,000			8,198,000			(636,000		)	7,562,000
Other income (expense)
									(5)(147,000		)
Interest income (expense)	36,000		(98,000		)	(62,000		)	(6) 98,000			(111,000		)
Other income			3,000			3,000						3,000
Total other income (expense)	36,000		(95,000		)	(59,000		)	(49,000		)	(108,000		)
Net income (loss) before income taxes	7,404,000		735,000			8,139,000			(685,000		)	7,454,000
Income tax expense	2,635,000		164,000			2,799,000			(8)(146,000		)	2,653,000
Net income	$	4,769,000	$	571,000		$	5,340,000		$	(539,000	)	$	4,801,000
Net income per share (basic)	$	1.49	$	11.42								$	1.50
Net income per share (diluted)	$	1.45	$	11.42								$	1.46
Shares outstanding — basic	3,194,000		50,000						50,000			3,194,000
Shares outstanding — diluted	3,293,000		50,000						50,000			3,293,000

Notes to Unaudited Pro Forma Combined Financial Statements

The following notes and adjustments are related to Mesa Laboratories, Inc.’s acquisition of certain assets of SGM Biotech, Inc.

(1)The acquisition price of $12,000,000 for the stock of SGM Biotech, Inc. was comprised of $11,722,000 in cash and $278,000 of loans repaid to the shareholders of SGM Biotech, Inc. following the acquisition.  The purchase price has been preliminarily allocated to the assets and liabilities based on management’s estimates as follows:

Property plant and equipment	2,073,000
Goodwill	3,311,000
Other intangible assets	6,491,000

The other intangible assets acquired during the acquisition created a deferred tax liability and increased goodwill by $2,310,000 using an effective tax rate of 35.5%.

The purchase price  for the building housing SGM Biotech, Inc. was $2,150,000 and was allocated to property, plant and equipment.

The Company is in the process of obtaining a valuation from a third party to be used to allocate the purchase price.  The Company will adjust its allocation estimate when the valuation is complete.

(2)To record the effect of assets and liabilities purchased or paid off prior to closing.

(3)To record depreciation of property, plant and equipment and intangible assets acquired in the acquisition:  property, plant and equipment over 7 years and intangible assets over 5 to 7 years.

(4)Mesa Labs, Inc. incurred $4,521,000 in debt to acquire SGM Biotech, Inc. and Affiliate consisting of $3,000,000 payable in quarterly installments of $250,000 maturing 4/27/2013 and $1,521,000 maturing  4/27/2011.

(5)To reflect interest expense on debt incurred to acquire SGM Biotech, Inc. and Affiliate.

(6)To eliminate interest expense on shareholder notes and mortgage payable that were paid off when SGM was acquired

(7)To eliminate SGM acquisition costs recorded on the historical financial statements of Mesa Laboratories, Inc.

(8)Pro forma income tax adjustment at a 35.5% effective tax rate.