Exhibit 99.1

NEWS RELEASE

Transcat, Inc. 35 Vantage Point Drive • Rochester • NY • 14624 • Phone: (585) 352-7777

IMMEDIATE RELEASE

Transcat Reports Record First Quarter Results on 23% Revenue Growth and Solid Gross Margin Expansion

ROCHESTER, NY, July 27, 2021 – Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading provider of accredited calibration, repair, inspection and laboratory instrument services and value-added distributor of professional grade handheld test, measurement and control instrumentation, today reported financial results for its first quarter ended June 26, 2021 (the “first quarter”) of fiscal year 2022, which ends March 26, 2022 (“fiscal 2022”). Results include the previously reported acquisitions of Bio Tek Services, Inc. (“Bio Tek”) effective December 16, 2020 and Upstate Metrology (“Upstate”) effective April 29, 2021.

“The start to our fiscal year 2022 was very strong and allowed us to achieve record first quarter revenue, gross margin, operating income and EBITDA,” commented Lee D. Rudow, President and CEO. “Our Service segment continued to perform at a high level, growing revenue 20% and increasing gross margin 540 basis points from the prior-year period. We reported 16.6% organic revenue growth as our highly-regulated end markets, including life sciences, remained strong, and we compared against a COVID-19 impacted prior year quarter. Our gross margin improvement was driven by operating leverage on our fixed costs from the strong organic growth and to a lesser degree continued strong technician productivity”

“We were also pleased with the sequential improvement in our Distribution business, with first quarter revenue increasing 27% on improving order trends and an easier comparison against a prior-year period that was significantly impacted by the onset of the COVID-19 pandemic. Overall, our Service segment performance drove first quarter consolidated operating income of $3.7 million, exceeding our expectations and increasing $2.7 million from prior year.”

Mr. Rudow added, “Cash flow from operations in the first quarter was in line with our expectations and our balance sheet remains strong. We recently announced an amendment to our credit facility which favorably updates certain terms and increases our available revolving line of credit from $40 million to $80 million to support future growth investments and a robust acquisition pipeline.”

Transcat Reports Operating Income of $3.7 Million from Revenue and Margin Growth for Fiscal 2022 First Quarter
July 27, 2021
Page 2 of 10

First Quarter Fiscal 2022 Review
(Results are compared with the first quarter of the fiscal year ended March 27, 2021 (“fiscal 2021”))

*See Note 1 on page 4 for a description of this non-GAAP financial measure and page 9 for the Adjusted EBITDA Reconciliation table.

Consolidated revenue increased 22.8% to $47.8 million. Consolidated gross profit was $13.5 million, an increase of $4.1 million, or 43.7%, while gross margin expanded 410 basis points due to strong performance in both the Service and Distribution segments. Operating expenses increased $1.4 million, or 16.4%, driven by incremental expenses from acquired businesses, investments in technology and higher performance-related employee costs. Net income per diluted share increased to $0.49 from $0.11.

Service segment delivers record first quarter results

Represents the accredited calibration, repair, inspection and laboratory instrument services business (58% of total revenue for the first quarter of fiscal 2021).

*See Note 1 on page 4 for a description of this non-GAAP financial measure and page 9 for the Adjusted EBITDA Reconciliation table.

Service segment revenue increased 20.0% to a record $27.6 million and included $0.8 million of incremental revenue from acquisitions. Organic revenue growth was 16.6% and was driven by improvement in end market conditions, continued market share gains and an easier comparison over the prior-year quarter, which was impacted by the COVID-19 pandemic.

Continued strong technician productivity and operating leverage on fixed costs resulted in an increase of Service gross margin by 540 basis points over prior year.

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Transcat Reports Operating Income of $3.7 Million from Revenue and Margin Growth for Fiscal 2022 First Quarter
July 27, 2021
Page 3 of 10

Distribution segment revenue and margins rebounded in the first quarter

Represents the sale and rental of new and used professional grade handheld test, measurement and control instrumentation (42% of total revenue for the first quarter of fiscal 2022).

*See Note 1 on page 4 for a description of this non-GAAP financial measure and page 9 for the Adjusted EBITDA Reconciliation table.

Distribution sales increased 27.0% on improving order trends and an easier comparison to the prior year period, which was significantly impacted by the COVID-19 pandemic. Distribution gross margin increased 260 basis points on a favorable mix of products sold.

Balance Sheet Highlights

At June 26, 2021, the Company had $27.9 million available for borrowing under its secured revolving credit facility. Total debt of $22.2 million was up $2.6 million from fiscal 2021 year-end. The Company’s leverage ratio, as defined in the credit agreement, was 0.96 at June 26, 2021, compared with 0.94 at March 27, 2021.

On July 7, 2021, the Company amended its revolving credit facility to include a $40.0 million increase in borrowing capacity, a reduced LIBOR floor on its revolving line of credit borrowings, a reduced interest rate on its Term Loan and certain financial covenant modifications, among other customary provisions.

Outlook

Mr. Rudow concluded, “The results of the first quarter were excellent and we are pleased with the continued strong performance of our Service segment and improving trends in our Distribution segment. We have a strong balance sheet, sustainable Service segment gross margins and an active M&A pipeline. We are confident that the strength of our unique value proposition and our new customer pipeline positions us well for continued strong organic growth.

“For the second quarter of fiscal 2022, we expect Service organic growth to be similar to what we achieved in the first quarter. We expect more modest improvement in Service gross margin than we have experienced over the last several quarters, largely due to a more difficult technician productivity comparison versus the second quarter of fiscal 2021. Distribution is expected to achieve high teens growth in the second quarter on improved order trends and a prior-year comparison that includes lower levels of demand due to the COVID-19 pandemic.”

Transcat revised its fiscal year 2022 income tax rate to a range between 16% and 18% from the previous estimated range of 20% to 22%. This estimate includes Federal, various state, and Canadian income taxes and reflects the discrete tax benefit associated with share-based payment and stock option activity.

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Transcat Reports Operating Income of $3.7 Million from Revenue and Margin Growth for Fiscal 2022 First Quarter
July 27, 2021
Page 4 of 10

The Company anticipates total capital expenditures to be approximately $7.5 million to $8.5 million in fiscal 2022, with the majority of the capital expenditures planned for growth-oriented opportunities within both operating segments.

Webcast and Conference Call

Transcat will host a conference call and webcast on Wednesday, July 28, 2021 at 11:00 a.m. ET. Management will review the financial and operating results for the first quarter, as well as the Company’s strategy and outlook. A question and answer session will follow the formal discussion. The review will be accompanied by a slide presentation, which will be available at www.transcat.com/investor-relations. The conference call can be accessed by calling (201) 689-8471. Alternatively, the webcast can be monitored at www.transcat.com/investor-relations.

A telephonic replay will be available from 2:00 p.m. ET on the day of the call through Wednesday, August 4, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13721676, or access the webcast replay at www.transcat.com/investor-relations, where a transcript will be posted once available.

NOTE 1 – Non-GAAP Financial Measures

In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, we present Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, non-cash stock compensation expense, restructuring expense, and non-cash loss on sale of building), which is a non-GAAP measure. The Company’s management believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the performance of its core operations from period to period by removing the impact of the capital structure (interest), tangible and intangible asset base (depreciation and amortization), taxes, and stock-based compensation expense, which is not always commensurate with the reporting period in which it is included. As such, the Company uses Adjusted EBITDA as a measure of performance when evaluating its business segments and as a basis for planning and forecasting. Adjusted EBITDA is not a measure of financial performance under GAAP and is not calculated through the application of GAAP. As such, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. Adjusted EBITDA, as presented, may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies. See the attached Adjusted EBITDA Reconciliation table below.

ABOUT TRANSCAT

Transcat, Inc. is a leading provider of accredited calibration, repair, inspection and laboratory instrument services. The Company is focused on providing best-in-class services and products to highly regulated industries, particularly the Life Science industry, which includes pharmaceutical, biotechnology, medical device and other FDA-regulated businesses; as well as aerospace and defense, and energy and utilities. Transcat provides periodic on-site services, mobile calibration services, pickup and delivery, in-house services at its 22 Calibration Service Centers strategically located across the United States, Puerto Rico and Canada, and services at 20 imbedded customer-site locations. The breadth and depth of measurement parameters addressed by Transcat’s ISO/IEC 17025 scopes of accreditation are believed to be the best in the industry.

Transcat also operates as a leading value-added distributor that markets, sells and rents new and used national and proprietary brand instruments to customers primarily in North America. The Company believes its combined Service and Distribution segment offerings, experience, technical expertise and integrity create a unique and compelling value proposition for its customers.

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Transcat Reports Operating Income of $3.7 Million from Revenue and Margin Growth for Fiscal 2022 First Quarter
July 27, 2021
Page 5 of 10

Transcat’s strategy is to leverage the complementary nature of its two operating segments, its comprehensive service capabilities, strong brand, enhanced e-commerce capabilities and leading distribution platform to drive organic sales growth. The Company will also look to expand its addressable calibration market through acquisitions and capability investments to further realize the inherent leverage of its business model.

More information about Transcat can be found at: Transcat.com.

Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact and thus are subject to risks, uncertainties and assumptions. Forward-looking statements are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” “plans,” “aims” and other similar words. All statements addressing operating performance, events or developments that Transcat, Inc. expects or anticipates will occur in the future, including but not limited to statements relating to anticipated revenue, profit margins, the Company’s response to the coronavirus (COVID-19) pandemic, the commercialization of software projects, sales operations, capital expenditures, cash flows, operating income, growth strategy, segment growth, potential acquisitions, integration of acquired businesses, market position, customer preferences, outlook and changes in market conditions in the industries in which Transcat operates are forward-looking statements. Forward-looking statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties include those more fully described in Transcat’s Annual Report and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled “Risk Factors.” Should one or more of these risks or uncertainties materialize, or should any of the Company’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company’s forward-looking statements, which speak only as of the date they are made. Except as required by law, the Company disclaims any obligation to update, correct or publicly announce any revisions to any of the forward-looking statements contained in this news release, whether as the result of new information, future events or otherwise.

For more information contact:

Mark A. Doheny, Chief Financial Officer
Phone: (585) 563-5766
Email: mark.doheny@transcat.com

FINANCIAL TABLES FOLLOW.

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Transcat Reports Operating Income of $3.7 Million from Revenue and Margin Growth for Fiscal 2022 First Quarter
July 27, 2021
Page 6 of 10

TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Amounts)

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Transcat Reports Operating Income of $3.7 Million from Revenue and Margin Growth for Fiscal 2022 First Quarter
July 27, 2021
Page 7 of 10

TRANSCAT, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)

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Transcat Reports Operating Income of $3.7 Million from Revenue and Margin Growth for Fiscal 2022 First Quarter
July 27, 2021
Page 8 of 10

TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)

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Transcat Reports Operating Income of $3.7 Million from Revenue and Margin Growth for Fiscal 2022 First Quarter
July 27, 2021
Page 9 of 10

TRANSCAT, INC.
Adjusted EBITDA Reconciliation Table
(In thousands)
(Unaudited)

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Transcat Reports Operating Income of $3.7 Million from Revenue and Margin Growth for Fiscal 2022 First Quarter
July 27, 2021
Page 10 of 10

TRANSCAT, INC.
Additional Information - Business Segment Data
(Dollars in thousands)
(Unaudited)