Core Viewpoint - Mirion Technologies, Inc. (MIR) is showing a significantly improving earnings outlook, making it a potentially solid investment choice as analysts continue to raise their earnings estimates for the company [1][2]. Earnings Estimates - Analysts' optimism regarding Mirion Technologies' earnings prospects is leading to higher estimates, which is expected to positively impact the stock price [2]. - The consensus earnings estimates for the next quarter have increased considerably, with a current expectation of $0.13 per share, reflecting a year-over-year change of +62.5% [5]. - For the full year, the expected earnings are $0.53 per share, indicating a year-over-year increase of +29.3% [6]. Estimate Revisions - Over the past 30 days, the Zacks Consensus Estimate for Mirion Technologies has risen by 33.33%, with one estimate moving higher and no negative revisions [5]. - The consensus estimate for the current year has also increased by 12.5% during this timeframe [7]. Zacks Rank - Mirion Technologies has achieved a Zacks Rank 2 (Buy), indicating favorable estimate revisions that suggest strong investment potential [8]. - Stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) have historically outperformed the S&P 500 [8]. Stock Performance - Shares of Mirion Technologies have increased by 6.3% over the past four weeks, indicating investor confidence in the company's earnings growth prospects [9].

Core Insights - Mirion Technologies reported Q2 2025 GAAP revenue of $222.9 million, exceeding analyst expectations of $216.2 million, and achieved adjusted EPS of $0.11, surpassing the consensus estimate of $0.10 [1][2] - The company experienced year-over-year growth in both GAAP revenue and net income, marking a significant turnaround from a GAAP net loss of $12.0 million in Q2 2024 to a net profit of $8.5 million in Q2 2025 [1][6] - Mirion raised its full-year revenue growth target to approximately 7.0%–9.0% for fiscal year 2025, while adjusting its organic revenue growth expectations down to 5.0%–7.0% due to challenges in specific submarkets [10] Financial Performance - Q2 2025 GAAP revenue increased by 7.6% year-over-year, and adjusted EBITDA rose by 4.9% from the previous year [2][5] - The adjusted EBITDA margin slightly decreased to 23.0% compared to 23.6% in Q2 2024 [2][6] - Cash from operations more than doubled in the first half of 2025, with cash on hand increasing from $175.2 million at the end of 2024 to $262.6 million by June 30, 2025 [6] Strategic Focus - Mirion specializes in radiation monitoring and measurement systems, serving nuclear energy plants, research labs, and hospitals [3][4] - The company is focusing on high-growth areas in nuclear power and medical radiation, relying on recurring revenue from system replacements and services [4] - Recent strategic moves include a $400 million convertible debt offering, refinancing of Term Loan B, and the acquisition of Certrec to enhance its nuclear offerings [7] Market Dynamics - The nuclear and safety segment benefited from strong installation and replacement cycles, supported by policy backing for nuclear energy [5] - The medical segment's growth is driven by rising cancer incidence and aging populations, although there are concerns regarding demand trends in China and the impact of tariffs on U.S.-made medical equipment [5][8] - Management is actively addressing tariff challenges through local sourcing and pricing adjustments, estimating a potential net impact on adjusted EBITDA between a $3 million gain and an $8 million loss [9]

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section provides Mirion Technologies, Inc.'s unaudited financial statements, management's discussion and analysis of financial performance, market risk disclosures, and internal controls [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=ITEM%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for Mirion Technologies, Inc. as of June 30, 2025, and for the three and six-month periods then ended, including Balance Sheets, Statements of Operations, Comprehensive Income, Stockholders' Equity, and Cash Flows, along with detailed notes Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $262.6 | $175.2 | | Total current assets | $693.2 | $594.7 | | Goodwill | $1,470.7 | $1,426.2 | | Total assets | $2,737.8 | $2,636.0 | | **Liabilities & Equity** | | | | Total current liabilities | $272.4 | $263.4 | | Debt, non-current | $444.5 | $685.2 | | Convertible debt | $387.9 | $— | | Total liabilities | $1,224.2 | $1,076.9 | | Total stockholders' equity | $1,513.6 | $1,559.1 | Condensed Consolidated Statements of Operations Highlights (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $222.9 | $207.1 | $424.9 | $399.7 | | Gross profit | $102.5 | $97.4 | $198.6 | $184.5 | | Income (loss) from operations | $9.9 | $2.3 | $18.6 | $(2.6) | | Net income (loss) | $8.5 | $(12.0) | $8.9 | $(38.5) | | Diluted EPS | $0.03 | $(0.06) | $0.04 | $(0.19) | Condensed Consolidated Statements of Cash Flows Highlights (in millions) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $48.0 | $21.2 | | Net cash used in investing activities | $(15.7) | $(21.8) | | Net cash provided by (used in) financing activities | $41.2 | $(2.8) | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The notes provide detailed disclosures on accounting policies, business combinations, debt, segment information, and other financial items, including recent financing activities and the acquisition of Certrec Corporation - The company operates through two reportable segments: Medical and Nuclear & Safety, providing radiation oncology QA and dosimetry solutions, and radiation detection for power plants, labs, and defense, respectively[33](index=33&type=chunk)[37](index=37&type=chunk) - In May 2025, the Company issued **$400.0 million** of 0.25% Convertible Senior Notes due 2030, with an initial conversion price of approximately **$23.11 per share**[44](index=44&type=chunk)[102](index=102&type=chunk)[104](index=104&type=chunk) - On June 5, 2025, the Company used proceeds from the convertible notes to repay **$244.6 million** of its term loan principal, extend the maturity to June 2032, and recorded a **$5.8 million** loss on debt extinguishment[87](index=87&type=chunk) - Total remaining performance obligations were approximately **$819.0 million** as of June 30, 2025, up from **$811.9 million** at year-end 2024, with **37%** expected to be recognized as revenue during the remainder of 2025[48](index=48&type=chunk) - On July 31, 2025, the Company signed an agreement to acquire Certrec Corporation, a leader in regulatory compliance for the nuclear industry, for **$81.0 million** in cash[191](index=191&type=chunk) - In June 2023, a Russian customer demanded the return of **$10.2 million** for a cancelled project, leading to a September 2024 settlement for the company to refund **€4.4 million**, which was paid in June 2025[123](index=123&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results, highlighting a **7.6%** revenue increase in Q2 2025 to **$222.9 million**, driven by growth in both the Medical and Nuclear & Safety segments, with net income turning positive to **$8.5 million** in Q2 2025 from a **$12.0 million** loss in Q2 2024, primarily due to higher revenue, a significant foreign currency gain, and lower interest expense, despite a **$5.8 million** loss on debt extinguishment [Results of Operations](index=53&type=section&id=Results%20of%20Operations) For Q2 2025, revenue increased by **$15.8 million (7.6%)** to **$222.9 million**, and for H1 2025, revenue grew by **$25.2 million (6.3%)** to **$424.9 million**, driven by organic volume, price increases, and favorable foreign exchange rates in both Medical and Nuclear & Safety segments, resulting in a net income of **$8.5 million** for Q2 2025, a significant improvement from a net loss of **$12.0 million** in Q2 2024 Comparison of Results of Operations (in millions) | Metric | Q2 2025 | Q2 2024 | Change | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | $222.9 | $207.1 | +$15.8 | $424.9 | $399.7 | +$25.2 | | Gross Profit | $102.5 | $97.4 | +$5.1 | $198.6 | $184.5 | +$14.1 | | Income from Operations | $9.9 | $2.3 | +$7.6 | $18.6 | $(2.6) | +$21.2 | | Net Income (Loss) | $8.5 | $(12.0) | +$20.5 | $8.9 | $(38.5) | +$47.4 | - The increase in net income for Q2 2025 was primarily driven by a **$13.5 million** unrealized foreign currency gain, increased revenues, decreased interest expense, and lower amortization, partially offset by a **$5.8 million** loss on debt extinguishment[221](index=221&type=chunk) - Selling, general and administrative (SG&A) expenses decreased by **$4.9 million** in Q2 2025 compared to Q2 2024, mainly due to lower amortization expense for intangible assets and reduced stock compensation and professional service spend[227](index=227&type=chunk)[228](index=228&type=chunk)[230](index=230&type=chunk) [Segment Analysis](index=55&type=section&id=Segment%20Analysis) In Q2 2025, the Medical segment's revenue grew **10.9%** to **$81.2 million**, with operating income increasing significantly to **$10.9 million** from **$5.0 million** year-over-year, driven by volume growth and lower amortization, while the Nuclear & Safety segment's revenue rose **5.8%** to **$141.7 million**, with operating income slightly up at **$19.0 million**, as revenue growth and lower amortization were partially offset by inflation and higher material costs Medical Segment Performance - Q2 (in millions) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $81.2 | $73.2 | +10.9% | | Income from operations | $10.9 | $5.0 | +118.0% | | Income from operations as a % of revenues | 13.4% | 6.8% | +6.6 p.p. | - Medical segment revenue growth in Q2 was driven by **$4.7 million** in domestic volume growth, **$2.0 million** in Asia-Pacific growth, and **$1.0 million** in price increases[243](index=243&type=chunk) Nuclear & Safety Segment Performance - Q2 (in millions) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $141.7 | $133.9 | +5.8% | | Income from operations | $19.0 | $18.5 | +2.7% | | Income from operations as a % of revenues | 13.4% | 13.8% | -0.4 p.p. | - Nuclear & Safety segment revenue growth in Q2 was due to **$2.9 million** in organic volume growth, **$2.5 million** in price increases, and **$2.4 million** in positive foreign exchange fluctuations[245](index=245&type=chunk) [Liquidity and Capital Resources](index=61&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company had **$263.0 million** in cash and cash equivalents, an increase from **$175.6 million** at year-end 2024, with liquidity significantly impacted by financing activities in H1 2025, including the issuance of **$400.0 million** in convertible notes and the subsequent use of proceeds to repay **$244.6 million** of the term loan, repurchase **$31.0 million** in stock, and pay for **$44.6 million** in capped call transactions - Cash and cash equivalents stood at **$263.0 million** as of June 30, 2025, with approximately **$157.7 million** available under its revolving credit facility[283](index=283&type=chunk) - In May 2025, the company issued **$400.0 million** in 0.25% Convertible Senior Notes due 2030, with net proceeds of **$387.7 million** used to repurchase stock (**$31.0 million**), pay for capped calls (**$44.6 million**), and refinance the term loan (**$256.0 million**)[294](index=294&type=chunk)[300](index=300&type=chunk) - On June 5, 2025, the company repaid **$244.6 million** of its term loan principal and extended the maturity to June 5, 2032, reducing the outstanding balance to **$450.0 million**[291](index=291&type=chunk) - Net cash provided by operating activities increased by **$26.8 million** to **$48.0 million** for the six months ended June 30, 2025, primarily due to a **$47.4 million** increase in net income[307](index=307&type=chunk) - The company has a share repurchase program for up to **$100 million**, authorized until November 2029, with **1.2 million** shares repurchased under this program as of June 30, 2025[302](index=302&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=61&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company states that there have been no material changes to its quantitative and qualitative disclosures about market risk from those reported in its Annual Report on Form 10-K for the year ended December 31, 2024 - There are no material changes to the disclosures on market risk compared to the Annual Report on Form 10-K for the year ended December 31, 2024[314](index=314&type=chunk) [Item 4. Controls and Procedures](index=62&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025, with no material changes to the company's internal control over financial reporting during the quarter - The CEO and CFO concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[316](index=316&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[318](index=318&type=chunk) [PART II - OTHER INFORMATION](index=62&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, key risk factors, details on unregistered equity sales and use of proceeds, and other relevant corporate information [Item 1. Legal Proceedings](index=63&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is subject to various legal proceedings in the ordinary course of business, with specific details on commitments and contingencies referenced in Note 11 of the financial statements, and management does not expect the outcomes to have a material effect on the business - The company is subject to legal actions arising from the ordinary course of business, but does not expect them to have a material effect; for details, see Note 11, Commitments and Contingencies[321](index=321&type=chunk) [Item 1A. Risk Factors](index=63&type=section&id=ITEM%201A.%20Risk%20Factors) This section highlights that the company's operating results are subject to risks from worldwide economic conditions, international trade issues, tariffs, and geopolitical tensions, particularly involving Russia and China, which could increase costs, disrupt supply chains, and adversely affect business, revenue, and financial condition - The company's business is subject to global economic and geopolitical risks, including tariffs, trade barriers, and conflicts, which could increase costs and adversely affect operations[324](index=324&type=chunk) - Significant uncertainty exists regarding trade relationships between the U.S. and other countries, notably Russia and China, which could lead to further tariffs, export controls, and supply chain disruptions[325](index=325&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company has a share repurchase program for up to **$100 million**, expiring in November 2029, and during Q2 2025, it repurchased **1,777,523** shares of its Class A common stock at an average price of **$17.44** per share, which was an open-market transaction connected to the May 2025 convertible notes offering and separate from the publicly announced repurchase program Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Approx. Dollar Value Remaining in Program (in millions) | | :--- | :--- | :--- | :--- | | April 1 - 30, 2025 | — | $— | $81.4 | | May 1 - 31, 2025 | 1,777,523 | $17.44 | $81.4 | | June 1 - 30, 2025 | — | $— | $81.4 | - The **1,777,523** shares repurchased in May 2025 were part of an open-market transaction connected to the company's convertible notes offering and were not under the publicly announced repurchase plan[328](index=328&type=chunk) [Item 5. Other Information](index=64&type=section&id=ITEM%205.%20Other%20Information) The company reports that during the three months ended June 30, 2025, no director or officer adopted or terminated a Rule 10b5-1 trading plan or any non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a Rule 10b5-1 trading plan during the second quarter of 2025[335](index=335&type=chunk)

Financial Data and Key Metrics Changes - Second quarter revenue totaled $222.9 million, reflecting a 5.4% increase in organic revenue and a 7.6% increase in total revenue compared to Q2 2024 [6][28] - Adjusted EBITDA for the second quarter was $51.2 million, up 4.9% year-over-year [7][29] - Adjusted EPS increased by 10% to $0.11 per share, with a note that excluding certain shares, adjusted EPS would have been $0.13 [30] Business Line Data and Key Metrics Changes - The Nuclear and Safety segment revenue grew 5.8% to $141.7 million, with organic revenue growth of 2.9% [31] - The Medical segment revenue grew 10.9% to $81.2 million, with organic revenue growth of 10.1% [33] - Adjusted EBITDA for the Medical segment was $30.1 million, up nearly 20% year-over-year, with margins increasing approximately 280 basis points [34] Market Data and Key Metrics Changes - Year-to-date, nuclear power orders grew 10%, reflecting strong momentum in the North American and French nuclear power installed base [25] - Approximately $9 million in small modular reactor (SMR) related orders were booked year-to-date, with a total of $17 million in aggregate SMR orders historically disclosed [10][21] - The project pipeline for 2026 is building, indicating a positive outlook for future orders [70] Company Strategy and Development Direction - The company is focusing on increasing adjusted free cash flow generation, optimizing capital structure, and pursuing mergers and acquisitions (M&A) [4][5] - The acquisition of Certrek is expected to enhance growth through commercial synergies and support the nuclear power sector's objectives [21][52] - The company is actively introducing new products and technologies, such as the Vital platform and LightLink technology, to meet customer needs and improve operational efficiency [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the nuclear power sector, citing increasing capital budgets and modernization opportunities within the installed fleet [12][60] - The company anticipates double-digit organic growth from the nuclear power end market in 2025, reflecting a bullish outlook [39] - Management is cautious about the SMR market but acknowledges accelerating activity and engagement with key players [80] Other Important Information - The company successfully completed a $400 million convertible note offering and refinanced its term loan, improving its capital structure [8][36] - Adjusted free cash flow for Q2 was $6 million, with expectations to reach $95 million to $115 million for the full year [9][40] Q&A Session Summary Question: Can you quantify the number of new nuclear opportunities compared to two years ago? - Management noted that both the number of new projects and their desired timing are accelerating, with significant discussions around new utility-scale nuclear projects in the US [44][47] Question: Can you elaborate on the Surtrac acquisition and its synergies? - The acquisition is seen as a strategic fit, with Surtrac's strong revenue from nuclear power customers and significant data assets that can enhance regulatory processes [48][50] Question: How bankable is the growth rate from the installed base? - Management indicated that the fundamentals are strong, with increasing capital budgets and modernization efforts expected to drive growth [60][62] Question: Is there a possibility of a $300 million order quarter? - Management expressed that while unlikely, they are optimistic about their position in the opportunity set and expect to win their fair share of large orders [66][68] Question: What is the outlook for margins in the nuclear segment? - Management reassured that project margins are expected to align with initial expectations, despite some fluctuations in accounting [72][74] Question: How resilient are the medical and lab businesses moving forward? - Management highlighted that the medical markets have held up well, driven by a higher proportion of Medicare reimbursements and efficiency improvements [84][85] Question: What is the current supply and demand dynamic in nuclear medicine? - Demand is growing faster than supply, with improved margin profiles due to pricing power and a shift towards software sales [88] Question: What is the growth from conventional nuclear power excluding SMR? - Management confirmed positive order growth in the nuclear power segment, even when excluding SMR orders [91]

Financial Data and Key Metrics Changes - Second quarter revenue totaled $222.9 million, reflecting a 5.4% increase in organic revenue and a 7.6% increase in total revenue compared to Q2 2024 [6][27] - Adjusted EBITDA for Q2 was $51.2 million, up 4.9% year-over-year, with adjusted EPS increasing by 10% to $0.11 per share [6][30] - Adjusted free cash flow generated in Q2 was $6 million, representing an 11% conversion of adjusted EBITDA [8] Business Line Data and Key Metrics Changes - The Nuclear and Safety segment revenue grew 5.8% to $141.7 million, with organic revenue growth of 2.9% [31] - The Medical segment revenue increased by 10.9% to $81.2 million, with organic revenue growth of 10.1% [33] - Adjusted EBITDA for the Medical segment was $30.1 million, up nearly 20% year-over-year, with margins increasing approximately 280 basis points [34] Market Data and Key Metrics Changes - Year-to-date nuclear power orders grew 10%, with significant engagement in the North American and French nuclear power installed base [25] - Approximately $9 million in small modular reactor (SMR) related orders were booked year-to-date, indicating accelerating growth in this sector [10] - The project pipeline for 2026 is building, with expectations for continued growth in the nuclear power market [69] Company Strategy and Development Direction - The company is focusing on increasing adjusted free cash flow generation, optimizing capital structure, and pursuing mergers and acquisitions, including the recent acquisition of Certrek [4][5] - There is a bullish outlook for the nuclear power sector, with expectations for double-digit organic growth in 2025 [39] - The company is actively introducing new products and enhancing its digital offerings, such as the Vital platform for real-time monitoring and data collection [17][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growing momentum in the nuclear power sector and the opportunities presented by modernization and life extensions of existing reactors [12][14] - The company is cautious about the SMR market but acknowledges the acceleration in activity and engagement with key players [78] - Management is closely monitoring the medical segment's performance amid budgetary uncertainties but has not seen significant negative impacts yet [84] Other Important Information - The company raised and tightened key 2025 guidance metrics, including total revenue growth and adjusted EBITDA, while slightly lowering organic revenue growth expectations for the labs and research business [38] - The acquisition of Certrek is expected to enhance growth through commercial synergies and a strong position in the regulatory compliance solutions market [21][22] Q&A Session Summary Question: Can you quantify the number of new nuclear opportunities compared to two years ago? - Management noted that both the number and timing of new projects are accelerating, with significant discussions around new utility-scale nuclear projects in the US [45][48] Question: Can you elaborate on the Surtrac acquisition and its synergies? - The Surtrac acquisition is seen as a unique asset with strong revenue and margin profiles, and it aligns with the company's focus on nuclear power and digital solutions [49][53] Question: How bankable is the growth rate from the installed base? - Management indicated that the fundamentals for nuclear power are strong, with increasing capital budgets and modernization efforts expected to drive growth [60][62] Question: What is the outlook for the $350 million order pipeline? - Management expects to win a fair share of the opportunities in the pipeline, although some government-related orders may shift to the right [66][69] Question: Are there lingering margin issues from project cost increases? - Management clarified that while project costs can impact margins in the short term, they expect to achieve the margin rates initially anticipated for the project [71] Question: Will the SMR orders become a more meaningful part of the order ramp-up? - Management remains cautious but acknowledges that SMR activity has accelerated faster than expected, with ongoing engagement with key players [78][80] Question: How resilient is the medical business amid funding uncertainties? - Management has not seen significant negative impacts on the medical segment and believes their solutions align well with the need for efficiency in radiation therapy [84][86]

Financial Performance - Mirion's Q2 2025 revenue reached $222.9 million, reflecting a 7.6% total increase, including a 5.4% organic growth compared to Q2 2024[11] - Adjusted EBITDA for Q2 2025 was $51.2 million, a 4.9% increase compared to Q2 2024, with the Medical segment's margin expansion offsetting impacts in the Nuclear & Safety segment[11] - Adjusted Free Cash Flow generation for Q2 was +$6 million, with $35 million generated Year-To-Date (YTD), representing a 35% YTD conversion rate[11] - Adjusted diluted EPS increased by 10% to $0.11, excluding impacts from warrants, founders' shares, and convertible notes, reaching $0.13 per share[36] Orders and Backlog - Total orders increased by 1.6% in Q2 2025 compared to Q2 2024, driven by higher orders in the Medical segment, while the Nuclear & Safety segment faced a tough comparison and timing impacts[11] - The company anticipates accelerating order rates in the second half of 2025[23] - The backlog reached $825 million, a 10.2% increase compared to adjusted Q2 2023 and a 1.9% increase compared to adjusted Q2 2024[60] Segment Performance - Nuclear & Safety segment revenue increased by 5.8% to $141.7 million in Q2 2025, with 2.9% organic growth[39] - Medical segment revenue increased by 10.9% to $81.2 million in Q2 2025, with 10.1% organic growth[46] Strategic Initiatives and Outlook - Mirion successfully completed a $400 million convertible note offering and refinanced its Term Loan B, improving its capital structure[12] - The company updated its 2025 guidance, projecting organic revenue growth of 5.0-7.0% and total revenue growth of 7.0-9.0%, including an FX tailwind of approximately 125 basis points and acquisition-related tailwind of approximately 100 basis points[55] - The company expects Adjusted EBITDA to be in the range of $223-$233 million, with a margin of 24.0-25.0%, and Adjusted Free Cash Flow to be in the range of $95-$115 million, representing a 43-49% conversion rate[55]

Core Viewpoint - Mirion Technologies, Inc. reported quarterly earnings of $0.11 per share, exceeding the Zacks Consensus Estimate of $0.10 per share, marking a 10% earnings surprise [1][2] Financial Performance - The company achieved revenues of $222.9 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 4.21% and showing an increase from $207.1 million year-over-year [2] - Over the last four quarters, Mirion Technologies has exceeded consensus EPS estimates two times and topped revenue estimates three times [2] Stock Performance - Mirion Technologies shares have increased approximately 28.5% since the beginning of the year, significantly outperforming the S&P 500's gain of 8.2% [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.13 on revenues of $224.7 million, and for the current fiscal year, it is $0.53 on revenues of $911 million [7] - The estimate revisions trend for Mirion Technologies was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Technology Services industry, to which Mirion Technologies belongs, is currently ranked in the top 38% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8]

[Financial Results and Business Highlights](index=1&type=section&id=Financial%20Results%20and%20Business%20Highlights) Mirion reported strong Q2 2025 results and updated full-year guidance, reflecting robust market dynamics and strategic capital structure optimization [Second Quarter 2025 Performance](index=1&type=section&id=Second%20Quarter%202025%20Performance) Mirion achieved strong Q2 2025 results with a 7.6% revenue increase to $222.9 million and a significant shift to net income of $8.5 million Q2 2025 Financial Highlights (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $222.9M | $207.1M | +7.6% | | GAAP Net Income (Loss) | $8.5M | ($12.0M) | +171% | | Adjusted EBITDA | $51.2M | $48.8M | +4.9% | | GAAP EPS | $0.04 | ($0.06) | - | | Adjusted EPS | $0.11 | $0.10 | +10.0% | - The company's performance was driven by robust market dynamics in nuclear power and cancer care[3](index=3&type=chunk) - Key strategic actions in Q2 include: Completed a **$400 million** convertible notes offering; Refinanced the Term Loan B to optimize the capital structure; Announced the acquisition of Certrec to expand services and software offerings in the nuclear power market[3](index=3&type=chunk) [Updated Full Year 2025 Guidance](index=1&type=section&id=2025%20Guidance) The company raised its full-year 2025 guidance for key financial metrics, driven by strong first-half performance and favorable foreign exchange rates Full Year 2025 Guidance Update | Metric | New Guidance | Previous Guidance | | :--- | :--- | :--- | | Total Revenue Growth | 7.0% – 9.0% | 5.0% – 7.0% | | Organic Revenue Growth | 5.0% – 7.0% | 5.5% – 7.5% | | Adjusted EBITDA | $223M – $233M | $215M - $230M | | Adjusted EBITDA Margin | 24.0% – 25.0% | 24.0% – 25.5% | | Adjusted Free Cash Flow | $95M – $115M | $85M - $110M | | Adjusted EPS | $0.48 – $0.52 | $0.45 – $0.50 | - The guidance increase is attributed to strong first-half performance, foreign exchange tailwinds, and improved visibility for the rest of the year[4](index=4&type=chunk) - The revision in organic revenue growth reflects stronger expectations for the Nuclear Power end-market, which are more than offset by reductions in Labs & Research and Dosimetry Services end-markets[10](index=10&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) Mirion's financial statements show increased assets driven by cash and convertible debt, improved net income, and strong operating cash flow [Condensed Consolidated Balance Sheets](index=5&type=section&id=Mirion%20Technologies%2C%20Inc.%20Condensed%20Consolidated%20Balance%20Sheets) Mirion's total assets increased to $2,737.8 million as of June 30, 2025, driven by higher cash and convertible debt, with a decrease in non-current debt Key Balance Sheet Items (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $262.6 | $175.2 | | Total current assets | $693.2 | $594.7 | | Total assets | $2,737.8 | $2,636.0 | | Debt, non-current | $444.5 | $685.2 | | Convertible debt | $387.9 | $0.0 | | Total liabilities | $1,224.2 | $1,076.9 | | Total stockholders' equity | $1,513.6 | $1,559.1 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Mirion%20Technologies%2C%20Inc.%20Condensed%20Consolidated%20Statements%20of%20Operations) Mirion's Q2 2025 revenues rose 7.6% to $222.9 million, achieving a net income of $8.5 million, a significant improvement from the prior-year net loss Statement of Operations Highlights (Three Months Ended June 30, in millions) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Total revenues | $222.9 | $207.1 | | Gross profit | $102.5 | $97.4 | | Income (loss) from operations | $9.9 | $2.3 | | Net income (loss) | $8.5 | ($12.0) | | Diluted EPS | $0.03 | ($0.06) | [Consolidated Statements of Cash Flows](index=7&type=section&id=Mirion%20Technologies%2C%20Inc.%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities more than doubled to $48.0 million for the six months ended June 30, 2025, significantly boosting the company's cash position Cash Flow Summary (Six Months Ended June 30, in millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $48.0 | $21.2 | | Net cash used in investing activities | ($15.7) | ($21.8) | | Net cash provided by (used in) financing activities | $41.2 | ($2.8) | | Net increase (decrease) in cash | $87.4 | ($6.7) | | Cash at end of period | $263.0 | $123.8 | [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) Mirion provides reconciliations for non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS, to offer a clearer view of operational performance [Reconciliation of Adjusted EBITDA](index=10&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Mirion's Adjusted EBITDA for Q2 2025 increased to $51.2 million, with the margin slightly decreasing to 23.0% from 23.6% in the prior-year quarter Reconciliation of Adjusted EBITDA (Three Months Ended June 30, in millions) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | Income from operations | $9.9 | $2.3 | | Amortization | $25.2 | $31.0 | | Depreciation | $8.7 | $7.5 | | Stock-based compensation | $3.4 | $4.0 | | Non-operating expenses | $4.0 | $4.3 | | **Adjusted EBITDA** | **$51.2** | **$48.8** | | Adjusted EBITDA margin | 23.0% | 23.6% | [Reconciliation of Adjusted Earnings per Share (EPS)](index=10&type=section&id=Reconciliation%20of%20Adjusted%20Earnings%20per%20Share) Adjusted EPS for Q2 2025 increased to $0.11 from $0.10, driven by a rise in adjusted net income to $26.2 million from $19.4 million Reconciliation of Adjusted EPS (Three Months Ended June 30) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | GAAP net income (loss) | $8.5M | ($12.0M) | | Key Adjustments (net) | $17.7M | $21.4M | | **Adjusted net income** | **$26.2M** | **$19.4M** | | Adjusted weighted average shares - diluted | 243.058M | 203.005M | | **Adjusted EPS** | **$0.11** | **$0.10** | [Other Information](index=2&type=section&id=Other%20Information) This section provides important context on forward-looking statements, non-GAAP financial measures, and the company's share count [Forward-Looking Statements and Non-GAAP Disclosures](index=2&type=section&id=Forward-Looking%20Statements%20and%20Non-GAAP%20Disclosures) The report contains forward-looking statements subject to risks and uses non-GAAP measures to supplement GAAP results, without forward-looking reconciliations - The report includes forward-looking statements concerning future results, strategy, and market trends, which are not guarantees of future performance and are subject to significant risks[11](index=11&type=chunk) - The company utilizes non-GAAP measures (e.g., Organic Revenue, Adjusted EBITDA, Adjusted EPS, Adjusted Free Cash Flow) to provide supplemental information on business trends[13](index=13&type=chunk)[24](index=24&type=chunk) - Reconciliations for forward-looking non-GAAP measures are not provided due to the inherent difficulty in predicting certain adjusting items[7](index=7&type=chunk) [Share Count](index=8&type=section&id=Share%20Count) As of June 30, 2025, Mirion had 224,354,723 Class A common shares outstanding, excluding Class B shares and other potential equity awards - Class A common stock outstanding: **224,354,723** as of June 30, 2025[23](index=23&type=chunk) - The outstanding count excludes **6,074,885** Class B shares, which are redeemable for Class A stock or cash on a one-for-one basis[23](index=23&type=chunk) - Also excludes shares underlying RSUs, PSUs, and other potential equity awards from the 2021 Omnibus Incentive Plan[23](index=23&type=chunk)

Company Overview - JBT Marel is part of the Business Services group, which consists of 258 companies and currently ranks 7 in the Zacks Sector Rank [2] - The company has a Zacks Rank of 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] Performance Analysis - Year-to-date, JBT Marel has increased by approximately 6.6%, outperforming the average gain of 2.1% for Business Services stocks [4] - In comparison, Mirion Technologies, Inc. has shown a significant return of 24.6% since the beginning of the year [4] Earnings Estimates - The Zacks Consensus Estimate for JBT Marel's full-year earnings has risen by 1% over the past quarter, reflecting improved analyst sentiment [3] - In contrast, Mirion Technologies, Inc. has seen a 12.5% increase in its consensus EPS estimate over the last three months [5] Industry Context - JBT Marel operates within the Technology Services industry, which includes 122 companies and currently ranks 85 in the Zacks Industry Rank [6] - Stocks in the Technology Services industry have gained about 12.3% year-to-date, indicating that JBT Marel is slightly underperforming its industry [6] Future Outlook - Investors are encouraged to monitor JBT Marel and Mirion Technologies, Inc. for potential continued strong performance in the Business Services sector [7]

Industry Overview - The artificial intelligence (AI)-powered data center industry is thriving, leading to increased interest in nuclear energy as a hot sector over the past year [1] - The demand for nuclear energy is being driven by the energy-intensive nature of AI technologies [1] Company Profiles Mirion Technologies - Mirion Technologies, based in Atlanta, GA, specializes in radiation detection, measurement, analysis, and monitoring products and services across North America, Europe, and the Asia Pacific [2] - The company is focusing on digital innovation in the nuclear and radiation safety sectors, recently partnering with Westinghouse Electric Company to enhance nuclear instrumentation with digital solutions [3][4] - Mirion's digital systems provide precise measurements and are less affected by environmental changes, ensuring high-quality data collection [5] - The transition to digital systems allows for standardized data recording and remote monitoring capabilities, enhancing operational efficiency [6] BWX Technologies - BWX Technologies, headquartered in Lynchburg, VA, manufactures and sells nuclear components in the U.S., Canada, and internationally [2] - The company is expanding its commercial power segment and benefiting from strong bookings and government contracts, particularly in nuclear demand [8] - BWXT has secured contracts with the U.S. Department of Defense for developing a micro-nuclear reactor and is collaborating with commercial nuclear energy companies [9] - The company is preparing for growth in the small modular reactors market, anticipating multiple follow-on orders in North America and Europe [12] Financial Performance Mirion Technologies - Mirion expects total revenues to grow by 5-7% year-over-year in 2025, with organic revenue growth projected at 5.5-7.5% [7] - Adjusted EBITDA is anticipated to be in the range of $215-$230 million, and adjusted free cash flow is projected between $85-$110 million [7] - The company forecasts adjusted earnings per share (EPS) in the range of 45-50 cents [7] BWX Technologies - BWXT's 2025 sales and EPS estimates imply a year-over-year improvement of 12.9% and 6.6%, respectively [19] - The company faces challenges from zirconium cost impacts and an unfavorable mix in its commercial operations [13][22] Market Performance - Over the past year, BWXT shares have increased by 45.1%, while Mirion shares have surged over 101% [14] - Mirion Technologies is perceived to have a better price performance and focus on digital innovation compared to BWX Technologies [22]