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Transcat Inc
Transcat, Inc. engages in provision of calibration and laboratory instrument services. The company is headquartered in Rochester, New York and currently employs 765 full-time employees. Transcat is focused on providing services and products to the life science industry, which includes pharmaceutical, biotechnology, medical device, and other FDA-regulated businesses. Transcat operates through two segments: Service and Distribution. Its Service segment offers calibration, repair, inspection, analytical qualifications, preventative maintenance, consulting, and other related services. Its distribution segment it sells and rent national and brand instruments to customers globally. Its other industries served includes industrial manufacturing; energy and utilities, including oil and gas; chemical manufacturing; FAA-regulated businesses, including aerospace and defense and other industries.
Transcat, Inc. engages in provision of calibration and laboratory instrument services. The company is headquartered in Rochester, New York and currently employs 765 full-time employees. Transcat is focused on providing services and products to the life science industry, which includes pharmaceutical, biotechnology, medical device, and other FDA-regulated businesses. Transcat operates through two segments: Service and Distribution. Its Service segment offers calibration, repair, inspection, analytical qualifications, preventative maintenance, consulting, and other related services. Its distribution segment it sells and rent national and brand instruments to customers globally. Its other industries served includes industrial manufacturing; energy and utilities, including oil and gas; chemical manufacturing; FAA-regulated businesses, including aerospace and defense and other industries.
Strong Revenue Growth: Transcat reported second quarter revenue of $82.3 million, up 21% year-over-year, with double-digit growth in both service and distribution segments.
Margin Expansion: Consolidated gross margin expanded by 120 basis points and distribution gross margin jumped 530 basis points, mainly due to a higher mix of rental revenue.
Adjusted EBITDA: Adjusted EBITDA rose 37% to $12.1 million, with 160 basis points of margin expansion, reflecting strong operating leverage.
Service Segment Resilience: Service revenue grew 20% and marked the 66th consecutive quarter of year-over-year growth, though organic growth is currently low single digits.
Acquisition Success: Recent acquisitions (Essco and Martin Calibration) are performing above expectations with double-digit growth and smooth integrations.
Outlook: Management continues to expect a return to high single-digit organic service growth and further margin expansion in the second half, based on recently won accounts and improving customer momentum.
Headwinds Noted: Net income declined due to higher interest expense, tax rate, and CEO succession costs; management acknowledges macroeconomic and customer decision delays but remains optimistic.
