A modulated reflectance measurement system includes three monochromatic diode-based lasers. Each laser can operate as a probe beam or as a pump beam source. The laser outputs are redirected using a series of mirrors and beam splitters to reach an objective lens. The objective lens focuses the laser outputs on a sample. Reflected energy returns through objective and is redirected by a beam splitter to a detector. A lock-in amplifier converts the output of the detector to produce quadrature (Q) and in-phase (I) signals for analysis. A Processor uses the Q and/or I signals to analyze the sample. By changing the number of lasers used as pump or probe beam sources, the measurement system can be optimized to measure a range of different samples types.