Mirion Technologies(MIR) - 2024 Q2 - Quarterly Results

Financial Performance - Revenues for Q2 2024 increased by 5.0% to $207.1 million, compared to $197.2 million in Q2 2023[1] - Net loss for Q2 2024 was $12.0 million, an improvement from a net loss of $28.4 million in the same period last year[1] - Adjusted EBITDA for Q2 2024 was $48.8 million, a 10.2% increase from $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 $97.4 million, representing a gross margin of 46.9%, compared to $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 $11.7 million, compared to a net loss of $27.7 million for the same period in 2023[15] - Net loss for the six months ended June 30, 2024, was $38.5 million, a significant improvement from a net loss of $71.3 million for the same period in 2023[17] - Adjusted net income for the three months ended June 30, 2024, was $19.4 million, compared to $15.5 million for the same period in 2023[26] - The company reported a GAAP net loss of $12.0 million for the three months ended June 30, 2024, an improvement from a loss of $28.4 million in the same period of 2023[26] Guidance and Projections - Full year adjusted EBITDA guidance raised to $195 million 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 $0.37 to $0.42[3] Assets and Liabilities - Total current assets decreased to $515.4 million as of June 30, 2024, from $538.6 million as of December 31, 2023[13] - Total liabilities decreased to $1,063.2 million as of June 30, 2024, down from $1,168.5 million as of December 31, 2023[13] - Cash and cash equivalents as of June 30, 2024, were $122.2 million, a decrease from $128.8 million as of December 31, 2023[13] - Total stockholders' equity increased to $1,564.1 million as of June 30, 2024, from $1,550.0 million as of December 31, 2023[13] Operating Expenses - Operating expenses for the three months ended June 30, 2024, were $95.1 million, a decrease from $98.6 million in the same period of 2023[15] - Research and development expenses for the three months ended June 30, 2024, were $8.8 million, compared to $8.4 million in the prior year[15] - Stock-based compensation expense decreased to $4.0 million for the three months ended June 30, 2024, from $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 $21.2 million for the six months ended June 30, 2024, compared to $4.4 million for the same period in 2023[17] - Cash, cash equivalents, and restricted cash at the end of the period were $123.8 million, up from $89.1 million at the end of June 30, 2023[17] Foreign Currency Impact - The company experienced a foreign currency loss of $0.3 million for the three months ended June 30, 2024, compared to a gain of $0.2 million in the same period of 2023[26]