Mirion Technologies(MIR)

Search documents
Mirion Technologies(MIR) - 2021 Q4 - Annual Report
2022-02-28 22:17
Financial Performance - The Business Combination consideration paid by the Company to pre-Business Combination stockholders was approximately $1.3 billion in cash, along with 30,401,902 newly issued shares of Class A common stock and 8,560,540 newly issued shares of Class B common stock[31]. - Approximately 19.5% of GSAH's issued and outstanding Class A common stock was redeemed by stockholders prior to the Business Combination[28]. - The Company’s financial performance is driven by the replacement of products and recurring services in core end markets, as well as the construction of new nuclear power plants globally[27]. - Approximately 45% of total revenue for fiscal 2021 came from sales to customers outside the United States and Canada, highlighting the company's global footprint and market reach[78]. - Total backlog as of December 31, 2021, was $747.5 million, an increase from $715.8 million on June 30, 2021[92]. - Deferred contract revenue increased to $73.0 million as of December 31, 2021, compared to $50.4 million on June 30, 2021[92]. - Approximately 45% of the backlog is expected to be recognized in calendar year 2022[91]. - The top five customers accounted for approximately 14% of consolidated revenue during the reporting periods[101]. Market Opportunities - The Company aims to capitalize on growth opportunities in medical, defense, and nuclear power sectors[26]. - The global nuclear medicine market is expected to grow approximately 7% per year from 2020 through 2030, driven by the increase in cancer prevalence and incidences[58]. - The global radiotherapy market is projected to grow approximately 6% per year from 2020 through 2030, influenced by growing awareness and technological advancements[58]. - The core dosimetry market is expected to grow 3 to 4% per year from 2020 through 2026, driven by an increase in healthcare workers exposed to radiation[59]. - The existing global installed base of nuclear reactors has a median age of 34 years, necessitating frequent product replacements and upgrades[65]. - The total number of nuclear power plant shutdowns under decontamination and decommissioning is expected to increase over the next decade, particularly in the U.S. market[66]. - The global nuclear reactor construction market is expected to grow, with 57 reactors currently under construction and 423 planned or proposed, providing significant revenue opportunities for the company[69]. - The company aims to exploit under-penetrated market opportunities, particularly in the U.S. dosimetry services market and the nuclear sector in Europe[81]. Product Development and Innovation - The Company has successfully leveraged its expertise in ionizing radiation to drive innovation and expand commercial applications[22]. - New product development includes the evrCAM for radiation oncology, leveraging core technology from the nuclear power industry[83]. - The company has developed a new personal radiation detector, Accurad, to expand its presence in civil services markets such as police and fire departments[84]. - The company has successfully integrated fourteen acquisitions since 2016, enhancing its product offerings and market presence in the radiation detection sector[79]. Regulatory Compliance - The company is subject to various environmental regulations, including the Comprehensive Environmental Response, Compensation and Liability Act, which may impose future remediation expenditures[117]. - The company must comply with the Resource Conservation and Recovery Act, which regulates hazardous waste management and imposes civil liabilities for non-compliance[117]. - The company is subject to inspections by the Nuclear Regulatory Commission to ensure compliance with safety and quality assurance regulations in the nuclear power industry[131]. - The company holds numerous licenses for radioactive materials across various jurisdictions, with typical license terms ranging from two to five years[129]. - The company incurs costs associated with obtaining and maintaining approvals for medical devices from regulatory bodies such as the FDA and the European Medicines Agency[147]. - Medical devices must comply with the FDA's regulations, including safety and effectiveness standards, and any significant changes may require new approvals[149]. - The company must navigate complex regulatory requirements for marketing medical devices in non-U.S. countries, which can vary significantly[154]. - Compliance with privacy and information security laws, such as the GDPR and CCPA, is essential for the company as it processes personal information[161]. Workforce and Operations - The engineering and research and development organization consists of 356 scientists, engineers, and technicians, representing approximately 14% of the workforce as of December 31, 2021[26]. - The company employed 2,630 full-time and part-time employees as of December 31, 2021[105]. - The production personnel consisted of 1,176 employees, representing approximately 45% of the total workforce as of December 31, 2021[102]. - The company has a seasoned management team with an average tenure of over 15 years, supported by a skilled engineering and R&D organization of 356 professionals[80]. - The company has 30 sales offices across North America, Europe, and Asia as of December 31, 2021[96]. Economic Factors - The company is experiencing inflationary pressure on operating costs, including increased personnel costs and higher commodity prices[601]. - Freight costs for inbound and outbound shipments have increased, expected to persist into 2022[602]. - A hypothetical 10% change in foreign currencies would have impacted revenues by approximately $8.7 million during the Successor Period[598]. - The effect of a hypothetical 1% change in exchange rates would have impacted accumulated other comprehensive income by approximately $2.5 million during the Successor Period[599]. - If market interest rates increase by 100 basis points, year-to-date interest expense would increase by approximately $8.4 million[600]. - Changes in foreign exchange rates could impact the price and demand for products, affecting competitiveness[599]. Compliance and Legal Risks - The company is affected by multi-jurisdictional legal and regulatory environments, which impose extensive and changing laws governing its operations[121]. - The company is subject to various economic sanctions imposed by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), which restrict transactions with certain countries and entities[138]. - Violations of U.S. export control regulations or OFAC sanctions can lead to significant penalties, including criminal and civil fines, imprisonment, and loss of export privileges[140]. - The company has implemented compliance policies and procedures to address challenges related to anti-corruption laws, including the U.S. Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act[144].
Mirion Technologies(MIR) - 2021 Q4 - Earnings Call Transcript
2022-02-23 18:41
Mirion Technologies, Inc. (NYSE:MIR) Q4 2021 Earnings Conference Call February 23, 2022 10:00 AM ET Company Representatives Larry Kingsley - Chairman Tom Logan - Founding, Chief Executive Officer Brian Schopfer - Chief Financial Officer Alex Gaddy - Vice President of Finance, Investor Relations Conference Call Participants Joe Ritchie - Goldman Sachs Ronny Scardino - Goldman Sachs Operator Greetings! And welcome to Mirion Technologies Fourth Quarter and Full Year 2021 Earnings Conference Call. At this time ...
Mirion Technologies(MIR) - 2021 Q4 - Earnings Call Presentation
2022-02-23 15:14
MIRITO N TECHNOLOGIES MIR LISTED NYSE Fiscal Quarter and Fiscal Year Ended December 31, 2021 Earnings Presentation February 23, 2022 Disclaimer Forward-Looking Statements This presentation and the accompanying oral commentary contain 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", "should", "would", "will", "understand" and simil ...
Mirion Technologies(MIR) - 2021 Q3 - Quarterly Report
2021-11-10 21:06
Financial Position - As of September 30, 2021, the company had current assets of $750,621,780 and current liabilities of $99,502,777[133]. - The company had cash held in a custodian account of $195,542 and working capital of $651,119,003 as of September 30, 2021[148]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2021[152]. Business Combination - The company completed its business combination on October 20, 2021, with a total consideration of $1.3 billion in cash and newly issued shares[137]. - Stockholders elected to redeem 14,628,610 shares of Class A common stock, representing approximately 19.5% of the issued and outstanding shares before the business combination[135]. - After the business combination, there were 199,523,292 shares of Class A common stock and 8,560,540 shares of Class B common stock issued and outstanding[141]. Financial Performance - For the nine months ended September 30, 2021, the company reported a net loss of $(10,341), with general and administrative expenses primarily related to the proposed business combination totaling $(11,631,971)[145]. - The company incurred expenses of $90,000 under an administrative support agreement for the nine months ended September 30, 2021[154]. Capital Raising - The company raised $900,000,000 through a PIPE investment, subscribing for 90,000,000 shares of Class A common stock[140]. - The underwriters of the public offering received underwriting discounts and commissions of 5.5%, totaling $41,250,000, with $15,000,000 paid at closing and $26,250,000 deferred[155]. Securities and Derivatives - As of September 30, 2021, the company had outstanding warrants to purchase up to 27,250,000 shares of Class A common stock, which were excluded from the diluted net income per share calculation due to contingent exercise conditions[158]. - All 75,000,000 shares of Class A common stock sold in the Public Offering contained a redemption feature and were classified as redeemable securities[159]. - The company accounts for warrants as derivative liabilities, adjusting their fair value at each reporting period, with changes recognized in the statement of operations[160]. Risk Management - The net proceeds from the Public Offering and Private Placement Warrants were invested in money market funds, resulting in no material exposure to interest rate risk as of September 30, 2021[165]. - The company has not engaged in any hedging activities since inception and does not expect to do so regarding market risk[166].
Mirion Technologies(MIR) - 2021 Q2 - Quarterly Report
2021-08-13 23:02
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-39352 GS Acquisition Holdings Corp II (Exact name of registrant as specified in its charter) (State or other jurisdic ...
Mirion Technologies(MIR) - 2021 Q1 - Quarterly Report
2021-05-17 12:32
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-39352 GS Acquisition Holdings Corp II (Exact name of registrant as specified in its charter) (State or other jurisdi ...
Mirion Technologies(MIR) - 2020 Q4 - Annual Report
2021-03-31 21:15
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K For the transition period from to To Commission File No. 001-39352 GS Acquisition Holdings Corp II (Exact name of registrant as specified in its charter) Delaware 81-0974996 (State or other jurisdiction of incorporation or organization) 200 West Street New York, New York 10282 (Address of Principal Executive Offices) (Zip Code) (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHA ...
Mirion Technologies(MIR) - 2020 Q3 - Quarterly Report
2020-11-13 16:54
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-39352 GS Acquisition Holdings Corp II (Exact name of registrant as specified in its charter) Delaware 83-0974996 ...
Mirion Technologies(MIR) - 2020 Q2 - Quarterly Report
2020-08-14 14:13
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-39352 GS Acquisition Holdings Corp II (Exact name of registrant as specified in its charter) Delaware 83-0974996 (Sta ...