Kewaunee Scientific Corp /De/ (NASDAQ: KEQU)

Kewaunee Scientific Corporation designs, manufactures, and installs laboratory, healthcare, and technical furniture and infrastructure products. Its product line includes steel and wood casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin work surfaces and sinks. The acquisition of Nu Aire adds biological safety cabinets, CO2 incubators, ultralow freezers, and related laboratory equipment. International subsidiaries provide facility design, detailed engineering construction, and project management from planning through testing and commissioning of laboratories.

The company generates revenue through the sale of its products via purchase orders and contracts placed directly by customers or through dealers, its subsidiaries in Singapore and India, and a national distributor. Sales are made to pharmaceutical, biotechnology, industrial, chemical, and commercial research laboratories, educational institutions, healthcare institutions, governmental entities, and manufacturing facilities. Revenue is recognized upon shipment, with order backlog indicating future sales; the backlog was $214.6 million as of April 30, 2025, with an estimated 93% expected to ship in fiscal year 2026.

The company operates through the following segments:

• Domestic: The domestic segment comprises the Company's operations in Statesville, North Carolina and Nu Aire, Inc. in Plymouth, Minnesota, focusing on the design, manufacture, and installation of laboratory, healthcare, and technical furniture and infrastructure products.

• International: The international segment consists of foreign subsidiaries that deliver facility design, detailed engineering construction, and project management services for laboratories from the planning stage through testing and commissioning.

Kewaunee Scientific Corporation competes in highly competitive industries where price, product performance, and customer service are the primary decision factors. A significant portion of its business is won through competitive public bidding. The company's advantages include a broad product portfolio, integrated solutions, an international footprint, and the expanded capabilities from the Nu Aire acquisition that strengthen its market position.

The customer base includes pharmaceutical, biotechnology, industrial, chemical, and commercial research laboratories, educational institutions, healthcare institutions, governmental entities, and manufacturing facilities. The company also sells through dealers, its subsidiaries in Singapore and India, and a national stocking distributor.