Core Insights - Mirion Technologies, Inc. (NYSE:MIR) achieved an all-time high stock price following strong Q3 earnings and a positive growth outlook for 2025 [1][3][4] Financial Performance - The company reported a net income of $2.9 million for Q3, a significant turnaround from a net loss of $13.6 million in the same quarter last year [3] - Total revenues increased by 7.88% year-on-year, reaching $223.1 million compared to $206.8 million [4] Growth Outlook - For the full year 2025, Mirion Technologies maintained its revenue growth forecast of 7% to 9%, with adjusted EBITDA projected between $223 million and $233 million, and adjusted EPS expected to be between $0.48 and $0.52 [5] - The company revised its organic revenue growth forecast down to 4.5% to 6% from a previous range of 5% to 7% [6]

Financial Performance - Total revenues for Q3 2025 reached $223.1 million, a 7.5% increase from $206.8 million in Q3 2024[18] - Net income attributable to Mirion Technologies, Inc. for Q3 2025 was $2.9 million, a significant improvement from a net loss of $13.6 million in Q3 2024[18] - The company reported a comprehensive income of $2.5 million for Q3 2025, compared to a comprehensive income of $6.3 million for Q3 2024[21] - Net income for the nine months ended September 30, 2025, was $12.0 million, a significant improvement from a net loss of $52.5 million for the same period in 2024[32] - The consolidated income before income taxes for the three months ended September 30, 2025, was $1.2 million, a recovery from a loss of $13.0 million in the same period of 2024[172] Revenue Segments - The Medical segment generated revenues of $78.5 million for the three months ended September 30, 2025, compared to $74.1 million in the same period of 2024, reflecting a 5.9% increase[172] - The Nuclear & Safety segment reported revenues of $144.6 million for the three months ended September 30, 2025, up from $132.7 million in the same period of 2024, marking a 9.5% increase[172] - Cancer care revenue increased to $62.0 million for the three months ended September 30, 2025, compared to $57.1 million in 2024, representing an increase of 15.6%[178] - The Nuclear & Safety segment's revenues for the nine months ended September 30, 2025, were $419.7 million, up from $392.4 million in the same period of 2024, representing a 7.0% growth[173] Cash and Liquidity - Cash and cash equivalents increased to $933.2 million as of September 30, 2025, up from $175.2 million at December 31, 2024[16] - The total cash, cash equivalents, and restricted cash at the end of the period was $933.6 million, a substantial increase from $133.7 million at the end of September 2024[32] - The company maintains cash in bank accounts that may exceed insured limits but has not experienced any losses[61] Assets and Liabilities - Total assets grew to $3,495.8 million as of September 30, 2025, compared to $2,636.0 million at December 31, 2024, marking a 32.6% increase[16] - Total liabilities rose to $1,603.8 million as of September 30, 2025, compared to $1,076.9 million at December 31, 2024[16] - Total debt as of September 30, 2025, was $451.6 million, down from $697.4 million as of December 31, 2024, reflecting a decrease of approximately 35.3%[93] Stock and Equity - The weighted average diluted shares outstanding increased to 255.662 million for Q3 2025, compared to 206.676 million for Q3 2024[19] - As of September 30, 2024, total stockholders' equity is $2,137.2 million, a decrease of $556.5 million from the previous period[24] - The company issued 19,906,322 shares of Class A common stock under a direct registered offering, generating $409.6 million in net proceeds[29] Expenses - Research and development expenses for the nine months ended September 30, 2025, were $28.8 million, compared to $26.9 million for the same period in 2024[18] - Stock-based compensation expense for the quarter is $4.2 million, reflecting an increase from $3.9 million in the previous quarter[24] - The company incurred restructuring expenses totaling $1.0 million for the three months ended September 30, 2025, compared to $1.8 million for the same period in 2024[204] Acquisitions and Investments - The Company acquired Certrec for approximately $82.2 million, which included $29.9 million in intangible assets and $54.6 million in goodwill[67] - The company reported a net cash used in investing activities of $103.8 million, up from $34.1 million in the previous year, primarily due to acquisitions of businesses[32] Debt and Financing - The Company completed a private offering of $400.0 million in Convertible Senior Notes due 2030, with a conversion price of approximately $23.11 per share[115][117] - The Company also completed a private offering of $375.0 million in Convertible Senior Notes due 2031, intended to fund the acquisition of WCI-Gigawatt Intermediate Holdco, LLC for approximately $585.0 million[121] - The term loan was refinanced, reducing the applicable margin rate from 2.75% to 2.25%, with a maturity date extended to June 5, 2032[99] Comprehensive Income and Other Adjustments - Other comprehensive income for the quarter is $20.5 million, compared to a loss of $5.5 million in the previous quarter[24] - Accumulated other comprehensive loss decreased from $93.0 million as of December 31, 2024, to $57.1 million as of September 30, 2025[211] - Cumulative foreign currency translation adjustment improved from $(93.6) million to $(28.5) million during the same period[211] Forward-Looking Statements - The discussion includes forward-looking statements that involve risks and uncertainties, indicating potential variability in actual results[213] - The company expects to recognize approximately 26%, 35%, 14%, and 7% of the remaining performance obligations as revenue during 2025, 2026, 2027, and 2028, respectively[51]

Core Insights - Mirion Technologies is expected to close with gains today, contrasting with the likely declines of the Dow Jones Industrial Average and S&P 500 [1] - As of 1:46 p.m. ET, shares of Mirion Technologies increased by 17.1% [2] Financial Performance - For Q3 2025, Mirion reported revenue of $223.1 million and adjusted earnings per share (EPS) of $0.12, surpassing analysts' expectations of $222.2 million in revenue and $0.10 in EPS [4] - The company's Q3 2025 revenue showed a year-over-year increase of 7.3%, while adjusted EPS reflected a 50% increase compared to the same period in 2024 [5] Future Guidance - Management reaffirmed its 2025 financial guidance, projecting revenue growth of 7% to 9% year-over-year and adjusted EBITDA between $223 million and $233 million, indicating a potential 12% year-over-year increase at the midpoint [6] Market Position - The acquisition of Paragon positions Mirion favorably within the small modular reactor (SMR) market, providing exposure without the associated risks of investing in SMR companies like NuScale Power and Oklo [7][9]

Core Insights - Mirion Technologies' shares surged 18.2% following a strong earnings report, driven by growth in its nuclear energy-related business [1] Financial Performance - In Q3, Mirion reported a revenue increase of 7.9% to $223.1 million and a 50% rise in non-GAAP earnings per share to $0.12, both exceeding expectations [2] - The company anticipates 7% to 9% growth for the year, with approximately 1 percentage point attributed to recent acquisitions in the nuclear segment [3] - Adjusted EPS is projected at $0.50 at the midpoint, with adjusted free cash flow expected between $100 million and $115 million, with the lower end of guidance raised since the last quarter [3] Segment Analysis - The nuclear segment is the larger and faster-growing part of Mirion's business, achieving 9% growth last quarter to $144.6 million, making up nearly two-thirds of total revenue, while the medical segment grew only 5.9% [4] - A 21% increase in the nuclear safety segment order book was reported, driven by a significant order from a small modular reactor customer, although the medical order book declined [5] Market Trends - The nuclear energy sector has seen substantial growth, with Mirion's stock up 70.3% for 2025, currently trading at over 70 times this year's adjusted free cash flow estimates [7] - Despite strong results, the stock is considered expensive, with expectations of mid-single-digit organic growth this year [9]

Financial Data and Key Metrics Changes - Third quarter revenue totaled $223 million, an increase of nearly 8% from the previous year, with organic revenue growth of 4.7% [7][20] - Adjusted EBITDA for the quarter was $52.4 million, up 14.7% year-over-year, with margin expansion contributing to the increase [8][21] - Adjusted free cash flow for the third quarter was $18 million, contributing to a year-to-date total of $53 million, leading to an increase in adjusted free cash flow guidance for 2025 to between $100 million and $115 million [8][25] - Adjusted EPS was $0.12 per share, a 50% increase compared to the same quarter last year [21] Business Line Data and Key Metrics Changes - The nuclear and safety segment revenue grew 9% to $144.6 million, with organic growth of 4.4% [23] - The medical segment revenue totaled $78.5 million, up 5.9%, with organic revenue growth of 5.2% [24] - Adjusted orders in the nuclear power end market grew 21%, reflecting strong demand across new builds, SMRs, and the installed base [10][16] Market Data and Key Metrics Changes - Year-to-date orders in the U.S. nuclear power end market increased by 44%, primarily driven by SMR activity [16] - The global nuclear fleet's average capacity factor reached 83% in 2024, indicating potential for increased operational efficiency [11] - The IAEA has raised its nuclear capacity forecast, expecting nearly a terawatt of nuclear capacity by 2050 [11] Company Strategy and Development Direction - The company is focused on broadening its nuclear power portfolio through acquisitions, including the recent Paragon Energy Solutions deal [6][14] - The strategy includes enhancing software solutions for regulatory compliance and expanding the U.S. presence with additional products and services [13][14] - The company aims to capitalize on the nuclear renaissance and is optimistic about the growth potential in the nuclear power sector [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the nuclear power market's growth, citing strong order flow and favorable trends in SMR orders [9][10] - The medical segment is expected to normalize despite current pressures, with continued demand driven by aging populations and increased cancer incidence [35][37] - Management remains optimistic about achieving a level of equilibrium in the U.S. healthcare environment, which has been impacted by budgetary constraints [71][72] Other Important Information - The company expects to maintain a blended cost of debt of 2.8% into 2026, reflecting a significant improvement over the past year [8] - The company has a robust opportunity pipeline, with $285 million still to be awarded, of which $175 million is expected to be awarded by year-end [19][42] Q&A Session Summary Question: Regarding the commercial nuclear backlog and potential acceleration - Management indicated that the installed base and new utility scale builds are key drivers for future backlog growth, with government support expected to streamline project timelines [31][32] Question: Insights on the medical business amidst current pressures - Management remains positive about the medical business, citing strong demand drivers and expecting normalization in the RTQA segment [35][37] Question: Confidence in the $175 million pipeline and potential awards - Management expressed confidence in the pipeline, noting that timing is unpredictable but they feel they have a strong right to win on these opportunities [42] Question: Discussion on SMR opportunities and related projects - Management highlighted the expanding SMR opportunity set, with over 120 projects in development and significant government support aiding market evolution [46][62] Question: Pricing power trends in nuclear safety versus medical - Management noted that pricing power remains strong, particularly in the nuclear segment, while being more cautious in the medical segment due to current market conditions [68] Question: U.S. healthcare environment impacts on business - Management explained that Medicaid cuts and overall market noise have created a defensive CapEx environment, but they expect demand dynamics to normalize [71][72]

Financial Data and Key Metrics Changes - Third quarter revenue totaled $223 million, an increase of nearly 8% from the previous year, with organic revenue growth of 4.7% [6][19] - Adjusted EBITDA for the quarter was $52.4 million, up 14.7% year-over-year, with margin expansion contributing to the increase [7][20] - Adjusted free cash flow for the third quarter was $18 million, contributing to a year-to-date total of $53 million, leading to an increase in adjusted free cash flow guidance for 2025 to between $100 million and $115 million [7][24] - Adjusted EPS was $0.12 per share, a 50% increase compared to the same quarter last year [20] Business Line Data and Key Metrics Changes - Nuclear and safety segment revenue grew 9% to $144.6 million, with organic growth of 4.4% [22] - Medical segment revenue totaled $78.5 million, up 5.9%, with organic revenue growth of 5.2% [23] - Adjusted orders in the nuclear power end market grew 21%, reflecting strong demand across new builds, SMRs, and the installed base [9][15] Market Data and Key Metrics Changes - Year-to-date orders in the U.S. nuclear power end market increased by 44%, primarily driven by SMR activity [15] - The global nuclear fleet's average capacity factor reached 83% in 2024, indicating a positive trend for nuclear power utilization [10] - The IAEA has increased its nuclear capacity forecast, expecting nearly a terawatt of nuclear capacity by 2050 [10] Company Strategy and Development Direction - The company is focused on expanding its nuclear power portfolio through acquisitions, including the recent Paragon Energy Solutions deal [5][12] - The strategy includes enhancing software solutions for regulatory compliance and broadening product offerings in the nuclear power sector [12][13] - The company remains optimistic about the nuclear renaissance and its positioning to benefit from it [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the nuclear power market's growth, citing strong order flow and government support for new projects [31][32] - The medical segment is expected to normalize despite current pressures, with continued demand for cancer care solutions [36][71] - Management anticipates a rebound in the RTQA business as funding dynamics stabilize [36] Other Important Information - The company expects to close the Paragon acquisition by year-end, which will enhance its U.S. presence and product offerings [5][12] - The company is actively managing supply chain risks and has developed strategies to mitigate exposure to critical commodities [65][66] Q&A Session Summary Question: Regarding the commercial nuclear backlog and project activity - Management indicated that the installed base and new utility scale builds are key drivers for future backlog growth, with government support expected to streamline project timelines [30][31] Question: Insights on the medical business amidst current pressures - Management remains optimistic about the medical segment, citing strong demand drivers and expecting normalization in the RTQA business [34][36] Question: Confidence in the $175 million pipeline and potential awards - Management expressed confidence in the pipeline, noting that timing for large opportunities can be unpredictable but remains optimistic about winning a significant portion [41] Question: Clarification on SMR opportunities and project details - Management highlighted the expanding SMR project pipeline and the importance of government support in accelerating market growth [44][61] Question: Pricing power trends in nuclear safety versus medical - Management noted positive pricing dynamics in the nuclear segment, while being more cautious in the medical segment due to current market conditions [68] Question: Impact of U.S. healthcare environment on business - Management discussed the effects of Medicaid cuts and overall market noise on capital expenditures, but remains confident in the underlying demand for their solutions [71]

Financial Data and Key Metrics Changes - Third quarter revenue totaled $223 million, an increase of nearly 8% from the previous year, with organic revenue growth of 4.7% [5][17] - Adjusted EBITDA for the quarter was $52.4 million, up 14.7% year-over-year, with margin expansion contributing to the increase [6][18] - Adjusted free cash flow for the third quarter was $18 million, contributing to a year-to-date total of $53 million, with an increase in the low end of adjusted free cash flow guidance to between $100 million and $115 million for 2025 [6][22] Business Line Data and Key Metrics Changes - The nuclear and safety segment revenue grew 9% to $144.6 million, with organic growth of 4.4% driven by nuclear power end market growth of 9% [20] - The medical segment revenue totaled $78.5 million, up 5.9%, with organic revenue growth of 5.2% [21] - Adjusted orders in the nuclear power end market grew 21%, reflecting strong demand across new builds, SMRs, and the installed base [8][14] Market Data and Key Metrics Changes - Year-to-date orders in the U.S. nuclear power end market increased by 44%, primarily due to SMR activity [14] - The global nuclear fleet's average capacity factor reached 83% in 2024, indicating potential for increased operational efficiency [9] - The IAEA has raised its nuclear capacity forecast, expecting nearly a terawatt of nuclear capacity by 2050 [9] Company Strategy and Development Direction - The company is focused on broadening its nuclear power portfolio through acquisitions, including the recent Paragon Energy Solutions deal [5][11] - The strategy includes enhancing software solutions for regulatory compliance and expanding product offerings in the nuclear power sector [11] - The company remains optimistic about the nuclear renaissance and its positioning to benefit from it [5][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the nuclear power market's growth, citing strong order flow and government support for new projects [28][30] - The medical segment is expected to normalize despite current pressures, with continued demand driven by demographic trends and cancer care needs [31][32] - Management anticipates a rebound in the RTQA business as funding dynamics stabilize [32] Other Important Information - The company expects a blended cost of debt of 2.8% by year-end 2025, reflecting a significant improvement over the past year [6] - Adjusted EPS for the third quarter was $0.12, a 50% increase compared to the same quarter last year [18] Q&A Session Summary Question: Regarding the commercial nuclear backlog and project activity - Management indicated that the installed base and new utility scale builds are key drivers for future growth, with expectations for a growing nuclear power-related backlog [25][27] Question: Insights on the medical business amidst current pressures - Management remains optimistic about the medical business, citing strong demand drivers and expecting a return to trend as market conditions normalize [31][32] Question: Confidence in the $175 million pipeline and potential awards - Management expressed confidence in the pipeline, noting that timing for large opportunities can be unpredictable but remains optimistic about winning contracts [36][37] Question: Discussion on SMR opportunities and project pipeline - Management highlighted the expanding SMR project landscape and the importance of government support in accelerating project development [39][54] Question: Impact of larger one-time orders on margin profiles - Management confirmed a commitment to maintaining a 30% adjusted EBITDA margin target, with expectations that new builds may have lower margins compared to installed base work [71]

Q3 2025 Performance - Revenue reached $223.1 million, with organic growth of 4.7% compared to Q3 2024[12] - Adjusted EBITDA increased by 14.7% to $52.4 million compared to Q3 2024, with contributions from both segments[15] - Adjusted Free Cash Flow generation was $18 million in Q3 2025, with $53 million YTD and a 35% YTD conversion rate[12] - Adjusted diluted EPS increased by 50% to $0.12[41] Nuclear Power Momentum - Nuclear Power end-market organic revenue grew by 11% YTD[8] - Adjusted Orders in Nuclear Power end-market increased by 21% in Q3 2025 compared to Q3 2024[16] - SMR-related orders amounted to $17 million in Q3 2025, a 9% increase compared to Q3 2024[17] - A $10 million SMR new build order was secured in Q3 2025, and a $55 million installed base order was secured in October 2025[8] Medical Segment Update - Approximately 75% of the Medical segment's revenue is directly related to cancer care[27] - Dosimetry organic revenue grew by 7%[57] 2025 Guidance - The company is on track for 2025 guidance[11] - Organic Revenue Growth is projected between 4.5% and 6.0%, and Total Revenue Growth between 7.0% and 9.0%[62]

Core Insights - Mirion Technologies, Inc. reported quarterly earnings of $0.12 per share, exceeding the Zacks Consensus Estimate of $0.11 per share, and showing an increase from $0.08 per share a year ago, resulting in an earnings surprise of +9.09% [1] - The company posted revenues of $223.1 million for the quarter ended September 2025, slightly missing the Zacks Consensus Estimate by 0.07%, but up from $206.8 million year-over-year [2] - Mirion Technologies shares have increased approximately 40.6% since the beginning of the year, outperforming the S&P 500's gain of 16.9% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.17 on revenues of $273.88 million, and for the current fiscal year, it is $0.48 on revenues of $922 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 32% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8]

Financial Performance - Revenue for Q3 2025 increased by 7.9% to $223.1 million, compared to $206.8 million in Q3 2024[5] - GAAP net income for Q3 2025 was $3.1 million, a 122% improvement from a GAAP net loss of $14.0 million in Q3 2024[5] - Adjusted EBITDA for Q3 2025 was $52.4 million, a 14.7% increase from $45.7 million in Q3 2024[5] - Adjusted EPS for Q3 2025 was $0.12, compared to $0.08 in Q3 2024[5] - Total revenues for the three months ended September 30, 2025, were $223.1 million, a 7.5% increase from $206.8 million in the same period of 2024[21] - Net income attributable to Mirion Technologies, Inc. for the three months ended September 30, 2025, was $2.9 million, a significant improvement from a net loss of $13.6 million in the same period of 2024[21] - The net income attributable to Mirion Technologies for the three months ended September 30, 2025, was $2.9 million, compared to a loss of $13.6 million in the same period of 2024, indicating a significant turnaround in profitability[38] - Adjusted net income for the same period was $31.4 million, up from $17.4 million year-over-year, showcasing strong operational performance[38] - The company reported a GAAP earnings per share of $0.01 for the three months ended September 30, 2025, compared to a loss of $0.07 per share in the prior year[38] - Adjusted earnings per share increased to $0.12 from $0.08, reflecting improved profitability and operational efficiency[38] Revenue Guidance and Expectations - The company expects total revenue growth of approximately 7.0% – 9.0% for 2025, including a foreign exchange rate tailwind of approximately 180 basis points[6] - The company reaffirmed its 2025 guidance for total revenue growth, organic revenue growth, adjusted EBITDA, and adjusted EPS[5] Cash Flow and Financial Position - Adjusted Free Cash Flow is projected to be approximately $100 million – $115 million for 2025, with a conversion rate of approximately 45% – 49% of Adjusted EBITDA[11] - Cash and cash equivalents increased to $933.6 million as of September 30, 2025, up from $175.6 million at the beginning of the period[23] - Total assets reached $3,495.8 million as of September 30, 2025, compared to $2,636.0 million at December 31, 2024, marking a 32.6% increase[19] - Total liabilities increased to $1,603.8 million as of September 30, 2025, compared to $1,076.9 million at December 31, 2024[19] - Operating cash flow for the nine months ended September 30, 2025, was $70.3 million, compared to $38.3 million for the same period in 2024[23] Acquisitions and Business Development - Mirion announced an agreement to acquire Paragon Energy Solutions to enhance its U.S. nuclear power presence, expected to increase nuclear power-based revenue to approximately 45% of total revenue[3] - The company was awarded a $10 million order for small modular reactor new builds and a $55 million order for the Asia installed base in Q3 2025[4] - There remains a $285 million large opportunity pipeline, with $175 million of orders expected to be awarded in 2025 and $110 million in 2026[4] - The company completed acquisitions totaling $79.9 million during the nine months ended September 30, 2025[23] Operational Efficiency - For the three months ended September 30, 2025, Mirion Technologies reported an Adjusted EBITDA of $52.4 million, an increase from $45.7 million in the same period of 2024, reflecting a margin improvement from 22.1% to 23.5%[37] - The income from operations margin improved to 3.3% in Q3 2025, compared to a negative margin of 0.8% in Q3 2024, indicating better cost management[37] - Non-operating expenses for the three months ended September 30, 2025, were reported at $5.4 million, up from $4.1 million in the same period of 2024, highlighting ongoing restructuring and operational synergy costs[37] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $28.8 million, compared to $26.9 million for the same period in 2024[21] Shareholder Information - The company reported a total of 244,370,206 shares of Class A common stock outstanding as of September 30, 2025[24] - The weighted average common shares outstanding increased to 224.583 million in Q3 2025 from 206.676 million in Q3 2024, impacting per-share metrics[38] Non-GAAP Measures - The company emphasized the importance of non-GAAP measures for evaluating ongoing operations, with organic revenue defined as revenue excluding the impact of foreign exchange and M&A activities[26] - Adjusted free cash flow conversion was defined as adjusted free cash flow divided by adjusted EBITDA, providing insights into cash generation capabilities for future investments[32]