Mirion Technologies(MIR)2024-08-01 20:25Financial Performance - Revenues for Q2 2024 increased by 5.0% to 197.2 million in Q2 2023[1] - Net loss for Q2 2024 was 28.4 million in the same period last year[1] - Adjusted EBITDA for Q2 2024 was 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 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 27.7 million for the same period in 2023[15] - Net loss for the six months ended June 30, 2024, was 71.3 million for the same period in 2023[17] - Adjusted net income for the three months ended June 30, 2024, was 15.5 million for the same period in 2023[26] - The company reported a GAAP net loss of 28.4 million in the same period of 2023[26] Guidance and Projections - Full year adjusted EBITDA guidance raised 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 0.42[3] Assets and Liabilities - Total current assets decreased to 538.6 million as of December 31, 2023[13] - Total liabilities decreased to 1,168.5 million as of December 31, 2023[13] - Cash and cash equivalents as of June 30, 2024, were 128.8 million as of December 31, 2023[13] - Total stockholders' equity increased to 1,550.0 million as of December 31, 2023[13] Operating Expenses - Operating expenses for the three months ended June 30, 2024, were 98.6 million in the same period of 2023[15] - Research and development expenses for the three months ended June 30, 2024, were 8.4 million in the prior year[15] - Stock-based compensation expense decreased to 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 4.4 million for the same period in 2023[17] - Cash, cash equivalents, and restricted cash at the end of the period were 89.1 million at the end of June 30, 2023[17] Foreign Currency Impact - The company experienced a foreign currency loss of 0.2 million in the same period of 2023[26]