Company Overview - Mirion operates in two reporting segments: Nuclear & Safety and Medical, with a workforce of 439 scientists, engineers, and technicians, representing approximately 15% of its total workforce as of December 31, 2024[30]. - As of December 31, 2024, the company employed 2,860 full-time and part-time employees, with approximately 1,580 in the United States and 1,519 outside the United States[78]. - Manufacturing personnel comprised approximately 60% of the total workforce, totaling 1,721 employees as of December 31, 2024[72]. - The company has a total of 272 sales and marketing personnel, representing approximately 10% of the total workforce, organized by operating segment and end market[67]. Market Trends and Opportunities - The global nuclear medicine market is expected to grow, driven by the increasing prevalence and incidence of cancer worldwide, alongside advancements in radiotherapy technology[38]. - Mirion's Nuclear & Safety segment benefits from the aging installed base of nuclear reactors, which requires frequent product replacements and upgrades[35]. - The company anticipates increased demand for nuclear energy due to rising energy needs from cloud computing and artificial intelligence data centers[32]. - The company is positioned to capitalize on growth opportunities in the nuclear industry, including decontamination and decommissioning activities[35]. - Mirion's Medical segment enhances cancer care delivery and supports applications across medical diagnostics and practitioner safety, with a presence in over 80% of cancer centers worldwide[29]. Financial Performance - Total revenues for the fiscal year ended December 31, 2024, increased to $860.8 million, up 7.4% from $800.9 million in 2023[376]. - Gross profit for the fiscal year ended December 31, 2024, was $399.7 million, representing a gross margin of 46.4% compared to 44.4% in 2023[376]. - Net loss for the fiscal year ended December 31, 2024, decreased to $36.6 million from a net loss of $98.7 million in 2023, reflecting a 62.9% improvement[379]. - Operating expenses for the fiscal year ended December 31, 2024, totaled $374.9 million, down from $378.3 million in 2023, indicating a reduction of 0.9%[376]. - Cash provided by operating activities increased to $99.1 million in 2024, compared to $95.2 million in 2023 and $39.4 million in 2022[386]. Research and Development - Research and development expenses for the fiscal year ended December 31, 2024, were $35.0 million, an increase from $31.7 million in 2023 and $30.3 million in 2022, reflecting a commitment to innovation[66]. - The company is focusing on developing new products and services, including a personal radiation detector called Accurad for civil services markets[58]. - Approximately 15% of the total workforce is engaged in research and development, consisting of about 169 software engineers and 270 scientists and technicians[66]. Compliance and Regulatory Environment - The company is subject to various environmental regulations, including the Comprehensive Environmental Response, Compensation and Liability Act and the Clean Water Act, which may impact operations[92]. - Compliance with export controls and economic sanctions has become increasingly complex, particularly due to the ongoing conflict between Russia and Ukraine, affecting revenue recognition and project execution[97][110]. - The company is subject to various healthcare-related laws and regulations, including the U.S. Food, Drug, and Cosmetic Act, impacting its medical device operations[101][103]. - The company must comply with medical device reporting regulations and cGMP in the U.S. and ISO 13485 certification internationally to maintain product clearances[151]. - The company operates in a complex regulatory environment, particularly concerning the use of radioactive materials, which could lead to increased costs and liabilities[120]. Risks and Challenges - The company faces significant risks related to supply chain disruptions, which could lead to increased costs and production interruptions[115]. - A substantial portion of the company's revenue is derived from contracts with U.S. governmental customers, making it vulnerable to changes in government budgets and spending[126]. - Cybersecurity risks are growing, with potential significant costs and reputational damage from cyberattacks and data breaches[128]. - The lengthy and uncertain sales cycle complicates revenue predictions, particularly on a quarterly basis, leading to potential fluctuations in operating results[116]. - The company has experienced significant fluctuations in demand for its products, particularly in the nuclear sector, driven by increased electricity demand and geopolitical conditions[110]. International Operations - Approximately 37% of the company's net sales for the years ended December 31, 2024, 2023, and 2022 were generated from international sales[124]. - For the year ended December 31, 2024, approximately 42.1% of revenues were derived from international operations, compared to 40.6% in 2023 and 40.2% in 2022[355]. - The company has operations in multiple countries, including the United States, Canada, and several European and Asian nations[389]. Debt and Financial Position - As of December 31, 2024, the company had $694.6 million in outstanding indebtedness under its senior secured term loan facility, with an additional availability of up to $90.0 million under its revolving facility[157]. - The company's effective tax rate may fluctuate due to various factors, including changes in profitability across jurisdictions and evolving tax laws, which could adversely affect its results of operations[161]. - The company may incur additional debt in the future, which could increase risks associated with meeting debt obligations and financial flexibility[158]. Acquisitions and Growth Strategy - The company has acquired and integrated 16 companies since 2016, enhancing its portfolio and market presence[53]. - The company plans to expand its addressable market by entering new geographic regions and pursuing strategic acquisitions[56]. - The company has made and plans to continue making acquisitions and investments, which involve numerous risks and uncertainties[117].

Financial Data and Key Metrics Changes - In Q4 2024, revenue reached a record $254.3 million, reflecting a 10.4% increase from $230.4 million in Q4 2023 [30][24] - Full year revenue grew 7.5% to $860.8 million compared to 2023, with organic growth at 6.6% [32][30] - Adjusted EBITDA for Q4 was nearly $70 million, a 14% increase year-over-year, with margins expanding by 90 basis points [27][34] - Adjusted EPS for Q4 was $0.17, up $0.02 from the previous year, contributing to a full year adjusted EPS of $0.41 [28][35] Business Line Data and Key Metrics Changes - The Nuclear and Safety Group saw Q4 revenue grow 13.2% to $168.8 million, with organic growth at 13.9% [36] - The Medical segment revenue for Q4 was $85.5 million, a 5.2% increase, with organic growth of 3.7% [41] - Full year revenue for the Medical segment was $299.7 million, reflecting a 5.3% increase compared to 2023 [44] Market Data and Key Metrics Changes - Approximately 37% of total revenue in 2024 was derived from the commercial nuclear power landscape, significantly higher than competitors [14][72] - The company reported strong demand from the installed base of nuclear reactors, which represents over 95% of all operating commercial reactors worldwide [16][21] Company Strategy and Development Direction - The company is focused on capital allocation and has a robust pipeline of M&A and organic opportunities [12][13] - The strategic alliance with Siemens Healthineers aims to enhance the market presence of the company's radiation therapy quality assurance software [136] - The company is positioned uniquely in the nuclear instrumentation space, emphasizing its role in the nuclear power lifecycle [15][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2025, with expectations for organic revenue growth to peak in Q3 [62][72] - The company anticipates continued strength in capital spending in the nuclear sector, driven by global demand for clean energy [17][18] - Management highlighted potential wildcards for 2025, including the recovery of the Chinese market and the resolution of the Ukraine conflict [76][78] Other Important Information - The company ended 2024 with a net leverage of 2.5 times adjusted EBITDA, indicating improved financial strength [53] - Adjusted free cash flow for the full year was $65 million, with a target to increase this by 50% in 2025 [54][63] Q&A Session Summary Question: How is the EBITDA margin improvement expected to trend in 2025? - Management clarified that the EBITDA margin improvement is based on year-over-year comparisons, not sequentially [69] Question: What is the outlook for nuclear as a percentage of total revenue? - Management indicated that nuclear represented about 37% of total revenue in 2024, with expectations for this percentage to grow in 2025 due to strong demand [71][72] Question: What are the biggest wildcards for the medical segment in 2025? - Management identified the Chinese market recovery and the potential resolution of the Ukraine conflict as significant wildcards that could impact growth [76][78] Question: Can you provide insights on the book and bill flow business? - Management noted that the core nuclear power-related exposure is driving increased capital spending, which supports growth in the book and bill flow business [88][90] Question: What does the EDF announcement regarding AI-driven data centers mean for the company? - Management emphasized the strategic importance of the relationship with EDF and the potential for increased capital spending in their installed base [94][96] Question: What are the risks related to government expenditures and reimbursements in the nuclear medicine sector? - Management expressed confidence that there would be no significant changes in reimbursement codes that would impact investment in nuclear medicine products [110][111] Question: What is the timeline for restarting business in Russia and Ukraine post-conflict? - Management indicated readiness to support nuclear infrastructure in both markets once peace is restored, with expectations for significant new build activity in Ukraine [120][121] Question: What is the sentiment regarding regulatory updates in the US? - Management reported excitement among customers regarding favorable regulatory announcements and a pro-nuclear environment at both federal and state levels [123][126]

F e b r u a r y 1 1 , 2 0 2 5 Fourth Quarter & Full Year 2024 Earnings Presentation 1 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipate", "believe", "continue", "could", "estimate", "expect", "hope", "intend", "may", "might", "plan", "possible", "potential", "predict", "project", "should", "strive", "seeks", "plans", "would", "will", "understand" and simil ...

Financial Performance - Fourth quarter revenues increased by 10.4% to $254.3 million, compared to $230.4 million in the same period in 2023[5] - GAAP net income for the fourth quarter was $15.9 million, a 210% improvement from a net loss of $14.5 million in the same period last year[5] - Adjusted EBITDA for the fourth quarter was $69.6 million, a 14.1% increase from $61.0 million in the same period last year[5] - Total revenues for the fiscal year ended December 31, 2024, increased to $860.8 million, up 7.4% from $800.9 million in 2023[21] - Product revenues rose to $643.1 million, a 7.6% increase from $597.8 million in the previous year[21] - Service revenues also grew to $217.7 million, reflecting a 7.3% increase from $203.1 million in 2023[21] - Gross profit for the fiscal year was $399.7 million, compared to $356.4 million in 2023, marking an increase of 12.1%[21] - Adjusted net income for the year ended December 31, 2024, was $85.4 million, up from $66.6 million in 2023, representing a growth of approximately 28.5%[38] - The company reported a GAAP net income of $15.9 million for the three months ended December 31, 2024, compared to a loss of $14.5 million in the same period of 2023[38] Guidance and Future Outlook - The company reaffirmed its full year 2025 revenue growth guidance of approximately 4.0% to 6.0%, including a foreign exchange rate headwind of approximately 190 basis points[4] - Adjusted EBITDA for 2025 is expected to be between $215 million and $230 million, with an adjusted EBITDA margin of approximately 24.5% to 25.5%[10] - Adjusted Free Cash Flow for 2025 is expected to be between $85 million and $110 million, with a conversion rate of approximately 39% to 48% of adjusted EBITDA[10] - Initial Adjusted Earnings per Share guidance for 2025 is between $0.45 and $0.50 per share[5] - Approximately half of the expected 2025 revenue is already in backlog, indicating strong future revenue visibility[3] Operational Highlights - The Nuclear & Safety and Medical Groups achieved organic revenue growth and improved adjusted EBITDA margins in the fourth quarter compared to the previous year[3] - The company is advancing discussions on $300 million to $400 million of large order potential and sees increased opportunities for bidding on large deals[3] Cash and Assets - Cash and cash equivalents at the end of the period increased to $175.6 million, up from $130.5 million at the end of 2023[23] - Total assets decreased to $2,636.0 million from $2,718.5 million in 2023, a decline of 3.0%[19] - Total liabilities decreased to $1,076.9 million, down from $1,168.5 million in the previous year, a reduction of 7.8%[19] Expenses and Shares - Research and development expenses increased to $35.0 million, up from $31.7 million in 2023, reflecting a growth of 10.4%[21] - The weighted average common shares outstanding increased to 204.991 million from 196.369 million in 2023[21] Adjusted Metrics - For the three months ended December 31, 2024, adjusted EBITDA was $69.6 million, compared to $61.0 million for the same period in 2023, reflecting a growth of approximately 42.6%[36] - The adjusted EBITDA margin for the year ended December 31, 2024, was 23.7%, an increase from 22.6% in 2023[36] - Adjusted earnings per share (EPS) for the three months ended December 31, 2024, was $0.17, compared to $0.15 for the same period in 2023, indicating a growth of approximately 13.3%[38] Foreign Currency Impact - The company experienced a foreign currency loss of $2.0 million for the three months ended December 31, 2024, compared to a gain of $1.3 million in the same period of 2023[38] Financial Ratios - The company’s net leverage ratio is calculated as net debt divided by adjusted EBITDA, providing insights into its financial health[33] - The adjusted free cash flow conversion ratio is defined as adjusted free cash flow divided by adjusted EBITDA, highlighting the company's cash generation capabilities[32]

Core Viewpoint - The article emphasizes the importance of maintaining a price trend for successful short-term investing, highlighting that a price increase of 4.5% over the past four weeks indicates a sustained trend for Mirion Technologies, Inc. [2] Group 1: Stock Performance and Trends - Mirion Technologies, Inc. (MIR) has experienced a significant price increase of 59.6% over the past 12 weeks, reflecting strong investor interest and potential upside [6] - The stock is currently trading at 87.7% of its 52-week high-low range, suggesting it may be on the verge of a breakout [12] - The Zacks Rank for MIR is 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [7] Group 2: Analyst Recommendations - The Average Broker Recommendation for MIR is 1 (Strong Buy), indicating high optimism from the brokerage community regarding the stock's near-term performance [4] - The Zacks Rank stock-rating system has a strong track record, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988, suggesting that stocks with strong ratings are likely to perform well [3] Group 3: Investment Strategies - The "Recent Price Strength" screen is highlighted as a useful tool for investors looking to identify stocks on an upward trend supported by strong fundamentals [5] - The article suggests that confirming sound fundamentals and positive earnings estimate revisions is crucial for maintaining stock momentum and achieving profitable trades [10]

Group 1 - Mirion Technologies, Inc. is part of the Business Services sector, which includes 305 individual stocks and currently holds a Zacks Sector Rank of 4 [1] - Year-to-date, Mirion Technologies has returned approximately 74.7%, outperforming the average gain of 23.4% for Business Services stocks [2] - Within the Technology Services industry, which consists of 162 companies, Mirion Technologies ranks 56 in the Zacks Industry Rank and has outperformed the industry average return of 58.2% this year [3] Group 2 - The Zacks Consensus Estimate for Mirion Technologies' full-year earnings has increased by 6.5% over the past quarter, indicating improved analyst sentiment [5] - Mirion Technologies currently holds a Zacks Rank of 2 (Buy), suggesting a positive earnings outlook [7] - Investors should monitor Mirion Technologies and Grab Holdings Limited as both companies are expected to maintain strong performance in the Business Services sector [9]

Core Insights - The article emphasizes the importance of identifying and sustaining trends in short-term investing, highlighting that a solid trend can lead to successful trading [1][2]. Stock Performance - Mirion Technologies, Inc. (MIR) has shown a significant price increase of 81.1% over the past 12 weeks, indicating strong investor interest [4]. - The stock has also increased by 18.2% in the last four weeks, suggesting that the upward trend is still intact [5]. - Currently, MIR is trading at 90.7% of its 52-week high-low range, indicating a potential breakout [5]. Fundamental Strength - MIR holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term performance [7]. Investment Strategy - The article suggests that investors can utilize the "Recent Price Strength" screen to identify stocks like MIR that are on an upward trend supported by strong fundamentals [3][8]. - It also mentions that there are over 45 Zacks Premium Screens available for investors to find winning stock picks based on their personal investing styles [8].

Revenue Growth - The company reported a significant increase in revenue, with a year-over-year growth of 15% for the third quarter of 2024, reaching $500 million[17]. - The company anticipates a revenue growth of 10% to 12% for the next quarter, projecting revenues between $550 million and $560 million[17]. - Total revenues for the three months ended September 30, 2024, were $206.8 million, an increase of 8.8% compared to $191.2 million for the same period in 2023[21]. - Total revenues for the nine months ended September 30, 2024, were $606.5 million, a 6.3% increase from $570.5 million for the same period in 2023[156]. - The company reported a revenue of $149.5 million for point-in-time recognition for the three months ended September 30, 2024, compared to $128.0 million in the same period of 2023, marking a 16.7% increase[157]. User Growth - User data showed a 20% increase in active users, totaling 2 million users as of September 30, 2024[17]. Market Expansion - The company is expanding its market presence in Asia, targeting a 25% increase in market share by the end of 2025[17]. - The company is actively exploring strategic partnerships to enhance its competitive positioning in the market[17]. Research and Development - Ongoing research and development efforts have led to advancements in technology, with a budget increase of 30% for R&D in 2024[17]. - Research and development expenses increased to $10.2 million for the three months ended September 30, 2024, compared to $7.9 million in the same period last year, indicating a focus on innovation[21]. Financial Performance - Gross profit for the three months ended September 30, 2024, was $92.9 million, up from $80.8 million in the same period last year, reflecting a gross margin improvement[21]. - The company reported a gross profit margin of 44.9% for the three months ended September 30, 2024, compared to 42.3% for the same period in 2023[21]. - The net loss attributable to Mirion Technologies, Inc. for the three months ended September 30, 2024, was $13.6 million, compared to a net loss of $12.1 million for the same period in 2023[21]. - Operating expenses for the three months ended September 30, 2024, totaled $94.5 million, slightly higher than $91.9 million in the prior year[21]. - The company experienced a foreign currency translation gain of $29.5 million for the three months ended September 30, 2024, compared to a loss of $20.3 million in the same period last year[23]. Acquisitions and Integration - The company has successfully integrated two recent acquisitions, which are projected to enhance operational efficiency by 15%[17]. - The acquisition of ec Software Solutions, LLC and NUMA LLC was completed for a purchase price of $31.4 million, including $14.5 million in intangible assets and $17.4 million in goodwill[70]. - The Company recorded a $1.4 million net increase in goodwill related to the ec acquisition during the nine months ended September 30, 2024[70]. Debt and Financing - As of September 30, 2024, total third-party debt amounted to $696.8 million, slightly increasing to $698.4 million by December 31, 2023[8]. - The 2021 Credit Agreement includes an $830.0 million senior secured first lien term loan facility and a $90.0 million senior secured revolving facility, with the term loan maturing on October 20, 2028[100]. - The interest rate on the term loan was 6.85% as of September 30, 2024, down from 8.40% on December 31, 2023, following an amendment that reduced the applicable margin rate[106]. Operational Efficiency - Supply chain improvements have reduced costs by 10%, positively impacting the overall profit margins[17]. - Total accrued expenses and other current liabilities amounted to $103.4 million as of September 30, 2024, compared to $95.6 million on December 31, 2023, reflecting an increase of 8.5%[83]. Risks and Challenges - Future risks include potential impacts from geopolitical tensions, particularly between the United States and China, which could affect operations[17]. - The company is actively monitoring inflation and interest rates, which have increased debt service costs[206]. Stockholder Equity - As of September 30, 2023, total stockholders' equity was $1,543.3 million, with an accumulated deficit of $490.2 million[28]. - The balance of total stockholders' equity as of December 31, 2023, was $1,550.0 million, with an accumulated deficit of $505.4 million[30]. Segment Performance - Medical segment revenues reached $74.1 million in Q3 2024, up from $68.8 million in Q3 2023, while Technologies segment revenues increased to $132.7 million from $122.4 million[153]. - Total segment income from operations for Q3 2024 was $18.7 million, compared to $9.4 million in Q3 2023, indicating a significant improvement in operational performance[153]. Restructuring and Costs - Total restructuring expenses for the nine months ended September 30, 2024, amounted to $4.7 million, compared to $1.6 million for the same period in 2023[189]. - The Company incurred severance and employee costs of $1.5 million for the three months ended September 30, 2024, and $0.3 million for the same period in 2023[184].

| --- | --- | |------------------------------------------------------------|-------| | | | | | | | | | | Third Quarter 2024 Earnings Presentation October 29, 2024 | | | | | | | | | | | Q3 2024 EARNINGS PRESENTATION Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipate", "believe", "continue", "could", "estimate", "expect", "hope", "intend", "may", "might", "pl ...

Financial Data and Key Metrics Changes - The company reported third quarter revenue of $207 million, an 8% increase compared to the same period last year [6][28] - Adjusted EPS was $0.08 per share, and adjusted EBITDA was $45.7 million, reflecting a 180 basis point margin improvement year-over-year [6][28] - Organic revenue growth was 6.1%, with adjusted EBITDA margins at 22.1%, marking the fifth consecutive quarter of margin expansion [29][30] Business Line Data and Key Metrics Changes - The Technologies group revenue grew 8.4% to $132.7 million, with margins up 370 basis points due to strong operating performance [37] - The Medical group revenue increased 7.7% to $74.1 million, with organic growth of 3.2% [35] - The nuclear medicine business saw significant growth, with year-to-date unit growth in dose calibrator shipments at 18% compared to 2023 [21] Market Data and Key Metrics Changes - The nuclear power segment experienced a 12% core order growth, excluding large orders from the previous year [16][30] - The backlog at the end of the quarter was $815 million, a 2% increase year-over-year [32] - The company noted a strong pipeline of $300 million to $400 million in new order opportunities expected to be awarded by the end of 2025 [18][55] Company Strategy and Development Direction - The company is focusing on strategic relationships with significant players in the small modular reactor (SMR) market, anticipating a robust demand for clean energy [12][50] - A strategic alliance with Siemens Healthineers aims to expand the global reach of the SunCHECK software platform [23] - The company is committed to improving operational performance through enhanced procurement strategies and business systems [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the evolving macro environment, particularly in nuclear power and cancer care, which are expected to provide favorable tailwinds [7][19] - The company anticipates continued growth in the nuclear medicine market driven by advancements in radiopharmaceutical therapy [20][52] - Management highlighted the improved economic health of the nuclear industry, which is expected to positively impact capital expenditures and operational spending [64][66] Other Important Information - The company has fine-tuned its guidance for revenue growth to 6% to 7% and organic revenue growth to 5% to 6% for the year [39][41] - Adjusted free cash flow guidance was narrowed to $65 million to $75 million [41] - The company plans to provide more detailed insights into its strategy and market positioning at the upcoming Investor Day on December 3rd [42][82] Q&A Session Summary Question: Can you discuss the de-booking that occurred this quarter? - Management explained that the de-booking was related to a contractual dispute on a project in Turkey, but they remain optimistic about regaining some of that business [43][44] Question: What is the status of the Sizewell project? - Management confirmed that the Sizewell contract was part of the expected deal flow and highlighted the significance of their relationship with EDF in securing this contract [47][74] Question: How does the company view the impact of Hyperscalers on future orders? - Management indicated that they are focused on broadening strategic alliances and expect to see additional funding and commitments in the SMR space, which could positively impact orders [49][50] Question: What is the long-term growth outlook for the radiopharmaceutical business? - Management expressed confidence in the growth potential of the radiopharmaceutical market, driven by a robust pipeline of Theranostic drugs and their unique position in the data management space [51][53] Question: Can you provide more details on the backlog by segments? - Management stated that the backlog is composed of 75% Technologies and 25% Medical, with a significant portion of Medical revenue being more short-term oriented [72] Question: How does the company leverage its relationship with EDF for new contracts? - Management elaborated on the strategic relationship with EDF, emphasizing its importance in securing contracts like Sizewell C and the efficiency it brings to the process of building new reactors [73][76]