Mirion Technologies(MIR) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter revenues increased by 10.4% to $254.3 million, compared to$230.4 million in the same period in 2023[5] - GAAP net income for the fourth quarter was $15.9 million, a 210$14.5 million in the same period last year[5] - Adjusted EBITDA for the fourth quarter was $69.6 million, a 14.1$61.0 million in the same period last year[5] - Total revenues for the fiscal year ended December 31, 2024, increased to $860.8 million, up 7.4$800.9 million in 2023[21] - Product revenues rose to $643.1 million, a 7.6$597.8 million in the previous year[21] - Service revenues also grew to $217.7 million, reflecting a 7.3$203.1 million in 2023[21] - Gross profit for the fiscal year was $399.7 million, compared to$356.4 million in 2023, marking an increase of 12.1%[21] - Adjusted net income for the year ended December 31, 2024, was $85.4 million, up from$66.6 million in 2023, representing a growth of approximately 28.5%[38] - The company reported a GAAP net income of $15.9 million for the three months ended December 31, 2024, compared to a loss of$14.5 million in the same period of 2023[38] Guidance and Future Outlook - The company reaffirmed its full year 2025 revenue growth guidance of approximately 4.0% to 6.0%, including a foreign exchange rate headwind of approximately 190 basis points[4] - Adjusted EBITDA for 2025 is expected to be between $215 million and$230 million, with an adjusted EBITDA margin of approximately 24.5% to 25.5%[10] - Adjusted Free Cash Flow for 2025 is expected to be between $85 million and$110 million, with a conversion rate of approximately 39% to 48% of adjusted EBITDA[10] - Initial Adjusted Earnings per Share guidance for 2025 is between $0.45 and$0.50 per share[5] - Approximately half of the expected 2025 revenue is already in backlog, indicating strong future revenue visibility[3] Operational Highlights - The Nuclear & Safety and Medical Groups achieved organic revenue growth and improved adjusted EBITDA margins in the fourth quarter compared to the previous year[3] - The company is advancing discussions on $300 million to$400 million of large order potential and sees increased opportunities for bidding on large deals[3] Cash and Assets - Cash and cash equivalents at the end of the period increased to $175.6 million, up from$130.5 million at the end of 2023[23] - Total assets decreased to $2,636.0 million from$2,718.5 million in 2023, a decline of 3.0%[19] - Total liabilities decreased to $1,076.9 million, down from$1,168.5 million in the previous year, a reduction of 7.8%[19] Expenses and Shares - Research and development expenses increased to $35.0 million, up from$31.7 million in 2023, reflecting a growth of 10.4%[21] - The weighted average common shares outstanding increased to 204.991 million from 196.369 million in 2023[21] Adjusted Metrics - For the three months ended December 31, 2024, adjusted EBITDA was $69.6 million, compared to$61.0 million for the same period in 2023, reflecting a growth of approximately 42.6%[36] - The adjusted EBITDA margin for the year ended December 31, 2024, was 23.7%, an increase from 22.6% in 2023[36] - Adjusted earnings per share (EPS) for the three months ended December 31, 2024, was $0.17, compared to$0.15 for the same period in 2023, indicating a growth of approximately 13.3%[38] Foreign Currency Impact - The company experienced a foreign currency loss of $2.0 million for the three months ended December 31, 2024, compared to a gain of$1.3 million in the same period of 2023[38] Financial Ratios - The company’s net leverage ratio is calculated as net debt divided by adjusted EBITDA, providing insights into its financial health[33] - The adjusted free cash flow conversion ratio is defined as adjusted free cash flow divided by adjusted EBITDA, highlighting the company's cash generation capabilities[32]