Mirion Technologies(MIR) - 2025 Q2 - Quarterly Results

Financial Results and Business Highlights Mirion reported strong Q2 2025 results and updated full-year guidance, reflecting robust market dynamics and strategic capital structure optimization Second Quarter 2025 Performance Mirion achieved strong Q2 2025 results with a 7.6% revenue increase to $222.9 million and a significant shift to net income of $8.5 million Q2 2025 Financial Highlights (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $222.9M | $207.1M | +7.6% | | GAAP Net Income (Loss) | $8.5M | ($12.0M) | +171% | | Adjusted EBITDA | $51.2M | $48.8M | +4.9% | | GAAP EPS | $0.04 | ($0.06) | - | | Adjusted EPS | $0.11 | $0.10 | +10.0% | - The company's performance was driven by robust market dynamics in nuclear power and cancer care[3] - Key strategic actions in Q2 include: Completed a $400 million convertible notes offering; Refinanced the Term Loan B to optimize the capital structure; Announced the acquisition of Certrec to expand services and software offerings in the nuclear power market[3] Updated Full Year 2025 Guidance The company raised its full-year 2025 guidance for key financial metrics, driven by strong first-half performance and favorable foreign exchange rates Full Year 2025 Guidance Update | Metric | New Guidance | Previous Guidance | | :--- | :--- | :--- | | Total Revenue Growth | 7.0% – 9.0% | 5.0% – 7.0% | | Organic Revenue Growth | 5.0% – 7.0% | 5.5% – 7.5% | | Adjusted EBITDA | $223M – $233M | $215M - $230M | | Adjusted EBITDA Margin | 24.0% – 25.0% | 24.0% – 25.5% | | Adjusted Free Cash Flow | $95M – $115M | $85M - $110M | | Adjusted EPS | $0.48 – $0.52 | $0.45 – $0.50 | - The guidance increase is attributed to strong first-half performance, foreign exchange tailwinds, and improved visibility for the rest of the year[4] - The revision in organic revenue growth reflects stronger expectations for the Nuclear Power end-market, which are more than offset by reductions in Labs & Research and Dosimetry Services end-markets[10] Financial Statements Mirion's financial statements show increased assets driven by cash and convertible debt, improved net income, and strong operating cash flow Condensed Consolidated Balance Sheets Mirion's total assets increased to $2,737.8 million as of June 30, 2025, driven by higher cash and convertible debt, with a decrease in non-current debt Key Balance Sheet Items (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $262.6 | $175.2 | | Total current assets | $693.2 | $594.7 | | Total assets | $2,737.8 | $2,636.0 | | Debt, non-current | $444.5 | $685.2 | | Convertible debt | $387.9 | $0.0 | | Total liabilities | $1,224.2 | $1,076.9 | | Total stockholders' equity | $1,513.6 | $1,559.1 | Condensed Consolidated Statements of Operations Mirion's Q2 2025 revenues rose 7.6% to $222.9 million, achieving a net income of $8.5 million, a significant improvement from the prior-year net loss Statement of Operations Highlights (Three Months Ended June 30, in millions) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Total revenues | $222.9 | $207.1 | | Gross profit | $102.5 | $97.4 | | Income (loss) from operations | $9.9 | $2.3 | | Net income (loss) | $8.5 | ($12.0) | | Diluted EPS | $0.03 | ($0.06) | Consolidated Statements of Cash Flows Net cash from operating activities more than doubled to $48.0 million for the six months ended June 30, 2025, significantly boosting the company's cash position Cash Flow Summary (Six Months Ended June 30, in millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $48.0 | $21.2 | | Net cash used in investing activities | ($15.7) | ($21.8) | | Net cash provided by (used in) financing activities | $41.2 | ($2.8) | | Net increase (decrease) in cash | $87.4 | ($6.7) | | Cash at end of period | $263.0 | $123.8 | Non-GAAP Financial Measures Mirion provides reconciliations for non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS, to offer a clearer view of operational performance Reconciliation of Adjusted EBITDA Mirion's Adjusted EBITDA for Q2 2025 increased to $51.2 million, with the margin slightly decreasing to 23.0% from 23.6% in the prior-year quarter Reconciliation of Adjusted EBITDA (Three Months Ended June 30, in millions) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | Income from operations | $9.9 | $2.3 | | Amortization | $25.2 | $31.0 | | Depreciation | $8.7 | $7.5 | | Stock-based compensation | $3.4 | $4.0 | | Non-operating expenses | $4.0 | $4.3 | | Adjusted EBITDA | $51.2 | $48.8 | | Adjusted EBITDA margin | 23.0% | 23.6% | Reconciliation of Adjusted Earnings per Share (EPS) Adjusted EPS for Q2 2025 increased to $0.11 from $0.10, driven by a rise in adjusted net income to $26.2 million from $19.4 million Reconciliation of Adjusted EPS (Three Months Ended June 30) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | GAAP net income (loss) | $8.5M | ($12.0M) | | Key Adjustments (net) | $17.7M | $21.4M | | Adjusted net income | $26.2M | $19.4M | | Adjusted weighted average shares - diluted | 243.058M | 203.005M | | Adjusted EPS | $0.11 | $0.10 | Other Information This section provides important context on forward-looking statements, non-GAAP financial measures, and the company's share count Forward-Looking Statements and Non-GAAP Disclosures The report contains forward-looking statements subject to risks and uses non-GAAP measures to supplement GAAP results, without forward-looking reconciliations - The report includes forward-looking statements concerning future results, strategy, and market trends, which are not guarantees of future performance and are subject to significant risks[11] - The company utilizes non-GAAP measures (e.g., Organic Revenue, Adjusted EBITDA, Adjusted EPS, Adjusted Free Cash Flow) to provide supplemental information on business trends[13][24] - Reconciliations for forward-looking non-GAAP measures are not provided due to the inherent difficulty in predicting certain adjusting items[7] Share Count As of June 30, 2025, Mirion had 224,354,723 Class A common shares outstanding, excluding Class B shares and other potential equity awards - Class A common stock outstanding: 224,354,723 as of June 30, 2025[23] - The outstanding count excludes 6,074,885 Class B shares, which are redeemable for Class A stock or cash on a one-for-one basis[23] - Also excludes shares underlying RSUs, PSUs, and other potential equity awards from the 2021 Omnibus Incentive Plan[23]