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Mirion Technologies(MIR) - 2024 Q3 - Quarterly Results
2024-10-29 20:49
Exhibit 99.1 News Release Mirion Announces Third Quarter 2024 Financial Results and Updates Full Year Guidance • Revenues for the third quarter increased 8.2% to $206.8 million, compared to $191.2 million in the same period in 2023. • Net loss was $14.0 million in the third quarter, compared to a net loss of $12.9 million in the same period last year. Adjusted EBITDA was $45.7 million, a 17.8% increase from $38.8 million in the same period last year. • Loss from operations margin was 0.8% in the third quart ...
Mirion Technologies(MIR) - 2024 Q2 - Quarterly Report
2024-08-02 20:13
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-39352 Mirion Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 83-0974996 (State or ...
Mirion Technologies(MIR) - 2024 Q2 - Earnings Call Transcript
2024-08-02 19:30
Financial Data and Key Metrics Changes - Revenue grew by 5% in Q2 2024, reaching $207.1 million, with organic growth at 3.6% [14] - Adjusted EBITDA increased by 10.2% to $48.8 million, with adjusted EBITDA margins expanding 110 basis points to 23.6% [14] - Adjusted free cash flow was nearly $9 million in the quarter, contributing to a cash flow positive first half of the year [6] Business Line Data and Key Metrics Changes - Medical segment revenue grew by 7.7% with organic growth of 2.6%, driven by Nuclear Medicine [15] - Technology segment revenue increased by 3.7% with organic growth of 4.1%, supported by strong performance in Nuclear Power [17] - Adjusted EBITDA margin for the Medical segment was 34.3%, a 150 basis point expansion from the previous year [15] Market Data and Key Metrics Changes - Order growth was relatively flat compared to the same period last year, with Nuclear Power orders up by more than 15% [5] - Medical segment order growth was approximately 3%, with strong performance in Dosimetry and Nuclear Medicine [7] - Anticipated changes by CMS for the reimbursement of radio diagnostic drugs in the US market are expected to positively impact market dynamics [31] Company Strategy and Development Direction - A strategic partnership agreement was signed with EDF, making Mirion an exclusive content supplier for their nuclear new build projects over the next two decades [3][4] - The company is focusing on margin performance, with a target of 30% long-term EBITDA margin through procurement initiatives and operational improvements [11][36] - Organizational changes include the appointment of a Chief Revenue Officer and the exit from the Medical Lasers and Alignment business to streamline operations [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall health of end markets, particularly in Nuclear Power and Nuclear Medicine, despite facing tough order growth comparisons in the second half of the year [5][25] - The company anticipates that the international markets will improve in 2025, driven by strengthening economic conditions [21][29] - Management remains optimistic about the order pipeline and backlog, expecting to maintain or grow backlog levels in the upcoming quarters [24][25] Other Important Information - The company updated its 2024 financial guidance, raising the adjusted EBITDA target to $195 million to $205 million [6][19] - The company completed the redemption of all outstanding public and private warrants, simplifying its capital structure [22] - An Investor Day is planned for early December to share updated strategy and long-term financial targets with the investment community [22] Q&A Session Summary Question: Health of the order pipeline and backlog expectations - Management indicated that while order rates may not be positive year-over-year in the second half, they expect backlog to be up compared to the same period last year [24][25] Question: Impact of the EDF partnership on existing relationships - The partnership streamlines commercial terms and strengthens competitive positioning, providing greater confidence in future investments [27] Question: Anticipated impact of anticorruption dynamics in China - Management expects 2024 to be the low point for the RTQA business, with improvements anticipated in late 2024 and into 2025 [28][29] Question: Potential impact of CMS changes on reimbursement - Management noted that changes in CMS reimbursement protocols could reduce friction for the prescription of radio diagnostic procedures, potentially increasing demand for their products [31][43] Question: Capital structure improvements - Management stated that significant progress has been made on the balance sheet, with a focus on executing growth plans and improving margins [32][33] Question: Visibility on cash flow generation - Management expressed confidence in generating cash in the second half of the year, aligning with historical performance [40]
Mirion Technologies(MIR) - 2024 Q2 - Quarterly Results
2024-08-01 20:25
Financial Performance - Revenues for Q2 2024 increased by 5.0% to $207.1 million, compared to $197.2 million in Q2 2023[1] - Net loss for Q2 2024 was $12.0 million, an improvement from a net loss of $28.4 million in the same period last year[1] - Adjusted EBITDA for Q2 2024 was $48.8 million, a 10.2% increase from $44.3 million in Q2 2023[1] - Adjusted EBITDA margin improved to 23.6% in Q2 2024, compared to 22.5% in Q2 2023[1] - Gross profit for the three months ended June 30, 2024, was $97.4 million, representing a gross margin of 46.9%, compared to $88.0 million and a gross margin of 44.7% in the prior year[15] - Net loss attributable to Mirion Technologies, Inc. for the three months ended June 30, 2024, was $11.7 million, compared to a net loss of $27.7 million for the same period in 2023[15] - Net loss for the six months ended June 30, 2024, was $38.5 million, a significant improvement from a net loss of $71.3 million for the same period in 2023[17] - Adjusted net income for the three months ended June 30, 2024, was $19.4 million, compared to $15.5 million for the same period in 2023[26] - The company reported a GAAP net loss of $12.0 million for the three months ended June 30, 2024, an improvement from a loss of $28.4 million in the same period of 2023[26] Guidance and Projections - Full year adjusted EBITDA guidance raised to $195 million to $205 million, with revenue growth guidance reiterated at 5% to 7%[2] - Organic revenue growth is expected to be 4% to 6%, with an inorganic growth of approximately 1.5% due to an acquisition[3] - The expected closure of the lasers business is projected to negatively impact organic revenue growth by approximately 30 basis points[3] - Adjusted EPS guidance remains unchanged at $0.37 to $0.42[3] Assets and Liabilities - Total current assets decreased to $515.4 million as of June 30, 2024, from $538.6 million as of December 31, 2023[13] - Total liabilities decreased to $1,063.2 million as of June 30, 2024, down from $1,168.5 million as of December 31, 2023[13] - Cash and cash equivalents as of June 30, 2024, were $122.2 million, a decrease from $128.8 million as of December 31, 2023[13] - Total stockholders' equity increased to $1,564.1 million as of June 30, 2024, from $1,550.0 million as of December 31, 2023[13] Operating Expenses - Operating expenses for the three months ended June 30, 2024, were $95.1 million, a decrease from $98.6 million in the same period of 2023[15] - Research and development expenses for the three months ended June 30, 2024, were $8.8 million, compared to $8.4 million in the prior year[15] - Stock-based compensation expense decreased to $4.0 million for the three months ended June 30, 2024, from $6.0 million in the same period of 2023[26] Strategic Initiatives - The company signed a strategic partnership agreement with EDF to strengthen its position in the nuclear new build market[2] Share Information - The company reported a weighted average of 202.197 million common shares outstanding for the three months ended June 30, 2024[15] - The company had 206,609,792 shares of Class A common stock outstanding as of June 30, 2024[18] - The weighted average common shares outstanding for adjusted earnings per share calculation was 203.005 million for the three months ended June 30, 2024[26] Cash Flow - Net cash provided by operating activities increased to $21.2 million for the six months ended June 30, 2024, compared to $4.4 million for the same period in 2023[17] - Cash, cash equivalents, and restricted cash at the end of the period were $123.8 million, up from $89.1 million at the end of June 30, 2023[17] Foreign Currency Impact - The company experienced a foreign currency loss of $0.3 million for the three months ended June 30, 2024, compared to a gain of $0.2 million in the same period of 2023[26]
The9 Obtained Exclusive Publishing License of "MIR M" IP, A New Chinese Edition of Mobile and PC Game from Wemade
prnewswire.com· 2024-05-24 06:00
SHANGHAI, May 24, 2024 /PRNewswire/ -- The9 Limited (Nasdaq: NCTY) (the "Company"), an established Internet company, today announced that its wholly-owned subsidiary China Crown Technology Limited ("China Crown"), a company incorporated in Hong Kong, entered into an exclusive publishing license agreement (the "License Agreement") with Wemade Co., Ltd. ("Wemade"). Pursuant to the License Agreement, China Crown will exclusively publish and service the new MIR M game in mainland China, in both Mobile and PC ve ...
Mirion Technologies(MIR) - 2024 Q1 - Earnings Call Transcript
2024-05-01 19:14
Mirion Technologies, Inc. (NYSE:MIR) Q1 2024 Earnings Conference Call May 1, 2024 9:00 AM ET Company Participants Alex Gaddy - Senior Vice President, Strategy and Investor Relations Tom Logan - Chief Executive Officer Brian Schopfer - Chief Financial Officer Conference Call Participants Chris Moore - CJS Securities Vlad Bystricky - Citigroup Andy Kaplowitz - Citigroup Yuan Zhi - B. Riley Securities Operator Hello and welcome to the Mirion Technologies First Quarter 2024 Earnings Conference Call. [Operator I ...
Mirion Technologies(MIR) - 2024 Q1 - Quarterly Report
2024-05-01 11:31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-39352 Mirion Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 83-0974996 (State or ...
Mirion Technologies(MIR) - 2024 Q1 - Quarterly Results
2024-04-30 20:23
Exhibit 99.1 Mirion Announces First Quarter 2024 Financial Results and Reaffirms Full Year Guidance News Release Other modeling and guidance assumptions include the following: • Revenues for the first quarter increased 5.8% to $192.6 million, compared to $182.1 million in the same period in 2023. • Net loss was $26.5 million in the first quarter, compared to a net loss of $42.9 million in the same period last year. Adjusted EBITDA was $39.5 million, a 7.9% increase from $36.6 million in the same period last ...
Mirion Technologies(MIR) - 2023 Q4 - Annual Report
2024-02-28 22:18
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-39352 Mirion Technologies, Inc. (Exact name of registrant as specified in its charter) (I.R.S. Employer ...
Mirion Technologies(MIR) - 2023 Q4 - Earnings Call Transcript
2024-02-14 17:40
Mirion Technologies, Inc. (NYSE:MIR) Q4 2023 Earnings Conference Call February 14, 2024 10:00 AM ET Company Participants Alex Gaddy - Senior Vice President of Strategy, Investor Relations and Treasurer Thomas Logan - Chief Executive Officer Brian Schopfer - Chief Financial Officer Conference Call Participants Joe Ritchie - Goldman Sachs Asset Management Chris Moore - CJS Securities Vlad Bystricky - Citigroup Yuan Zhi - B. Riley Securities Operator Greetings and welcome to Mirion Technologies Fourth Quarter ...