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Mirion Technologies(MIR) - 2024 Q3 - Quarterly Report
MIRMirion Technologies(MIR)2024-10-30 20:34
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Revenue Growth - The company reported a significant increase in revenue, with a year-over-year growth of 15% for the third quarter of 2024, reaching 500million[17].−Thecompanyanticipatesarevenuegrowthof10500 million[17]. - The company anticipates a revenue growth of 10% to 12% for the next quarter, projecting revenues between 550 million and 560million[17].−TotalrevenuesforthethreemonthsendedSeptember30,2024,were560 million[17]. - Total revenues for the three months ended September 30, 2024, were 206.8 million, an increase of 8.8% compared to 191.2millionforthesameperiodin2023[21].−TotalrevenuesfortheninemonthsendedSeptember30,2024,were191.2 million for the same period in 2023[21]. - Total revenues for the nine months ended September 30, 2024, were 606.5 million, a 6.3% increase from 570.5millionforthesameperiodin2023[156].−Thecompanyreportedarevenueof570.5 million for the same period in 2023[156]. - The company reported a revenue of 149.5 million for point-in-time recognition for the three months ended September 30, 2024, compared to 128.0millioninthesameperiodof2023,markinga16.7128.0 million in the same period of 2023, marking a 16.7% increase[157]. User Growth - User data showed a 20% increase in active users, totaling 2 million users as of September 30, 2024[17]. Market Expansion - The company is expanding its market presence in Asia, targeting a 25% increase in market share by the end of 2025[17]. - The company is actively exploring strategic partnerships to enhance its competitive positioning in the market[17]. Research and Development - Ongoing research and development efforts have led to advancements in technology, with a budget increase of 30% for R&D in 2024[17]. - Research and development expenses increased to 10.2 million for the three months ended September 30, 2024, compared to 7.9millioninthesameperiodlastyear,indicatingafocusoninnovation[21].FinancialPerformance−GrossprofitforthethreemonthsendedSeptember30,2024,was7.9 million in the same period last year, indicating a focus on innovation[21]. Financial Performance - Gross profit for the three months ended September 30, 2024, was 92.9 million, up from 80.8millioninthesameperiodlastyear,reflectingagrossmarginimprovement[21].−Thecompanyreportedagrossprofitmarginof44.980.8 million in the same period last year, reflecting a gross margin improvement[21]. - The company reported a gross profit margin of 44.9% for the three months ended September 30, 2024, compared to 42.3% for the same period in 2023[21]. - The net loss attributable to Mirion Technologies, Inc. for the three months ended September 30, 2024, was 13.6 million, compared to a net loss of 12.1millionforthesameperiodin2023[21].−OperatingexpensesforthethreemonthsendedSeptember30,2024,totaled12.1 million for the same period in 2023[21]. - Operating expenses for the three months ended September 30, 2024, totaled 94.5 million, slightly higher than 91.9millionintheprioryear[21].−Thecompanyexperiencedaforeigncurrencytranslationgainof91.9 million in the prior year[21]. - The company experienced a foreign currency translation gain of 29.5 million for the three months ended September 30, 2024, compared to a loss of 20.3millioninthesameperiodlastyear[23].AcquisitionsandIntegration−Thecompanyhassuccessfullyintegratedtworecentacquisitions,whichareprojectedtoenhanceoperationalefficiencyby1520.3 million in the same period last year[23]. Acquisitions and Integration - The company has successfully integrated two recent acquisitions, which are projected to enhance operational efficiency by 15%[17]. - The acquisition of ec Software Solutions, LLC and NUMA LLC was completed for a purchase price of 31.4 million, including 14.5millioninintangibleassetsand14.5 million in intangible assets and 17.4 million in goodwill[70]. - The Company recorded a 1.4millionnetincreaseingoodwillrelatedtotheecacquisitionduringtheninemonthsendedSeptember30,2024[70].DebtandFinancing−AsofSeptember30,2024,totalthird−partydebtamountedto1.4 million net increase in goodwill related to the ec acquisition during the nine months ended September 30, 2024[70]. Debt and Financing - As of September 30, 2024, total third-party debt amounted to 696.8 million, slightly increasing to 698.4millionbyDecember31,2023[8].−The2021CreditAgreementincludesan698.4 million by December 31, 2023[8]. - The 2021 Credit Agreement includes an 830.0 million senior secured first lien term loan facility and a 90.0millionseniorsecuredrevolvingfacility,withthetermloanmaturingonOctober20,2028[100].−Theinterestrateonthetermloanwas6.8590.0 million senior secured revolving facility, with the term loan maturing on October 20, 2028[100]. - The interest rate on the term loan was 6.85% as of September 30, 2024, down from 8.40% on December 31, 2023, following an amendment that reduced the applicable margin rate[106]. Operational Efficiency - Supply chain improvements have reduced costs by 10%, positively impacting the overall profit margins[17]. - Total accrued expenses and other current liabilities amounted to 103.4 million as of September 30, 2024, compared to 95.6milliononDecember31,2023,reflectinganincreaseof8.595.6 million on December 31, 2023, reflecting an increase of 8.5%[83]. Risks and Challenges - Future risks include potential impacts from geopolitical tensions, particularly between the United States and China, which could affect operations[17]. - The company is actively monitoring inflation and interest rates, which have increased debt service costs[206]. Stockholder Equity - As of September 30, 2023, total stockholders' equity was 1,543.3 million, with an accumulated deficit of 490.2million[28].−Thebalanceoftotalstockholders′equityasofDecember31,2023,was490.2 million[28]. - The balance of total stockholders' equity as of December 31, 2023, was 1,550.0 million, with an accumulated deficit of 505.4million[30].SegmentPerformance−Medicalsegmentrevenuesreached505.4 million[30]. Segment Performance - Medical segment revenues reached 74.1 million in Q3 2024, up from 68.8millioninQ32023,whileTechnologiessegmentrevenuesincreasedto68.8 million in Q3 2023, while Technologies segment revenues increased to 132.7 million from 122.4million[153].−TotalsegmentincomefromoperationsforQ32024was122.4 million[153]. - Total segment income from operations for Q3 2024 was 18.7 million, compared to 9.4millioninQ32023,indicatingasignificantimprovementinoperationalperformance[153].RestructuringandCosts−TotalrestructuringexpensesfortheninemonthsendedSeptember30,2024,amountedto9.4 million in Q3 2023, indicating a significant improvement in operational performance[153]. Restructuring and Costs - Total restructuring expenses for the nine months ended September 30, 2024, amounted to 4.7 million, compared to 1.6millionforthesameperiodin2023[189].−TheCompanyincurredseveranceandemployeecostsof1.6 million for the same period in 2023[189]. - The Company incurred severance and employee costs of 1.5 million for the three months ended September 30, 2024, and $0.3 million for the same period in 2023[184].