Mirion Technologies(US:MIR)2025-10-28 20:26Financial Performance - Revenue for Q3 2025 increased by 7.9% to $223.1 million, compared to $206.8 million in Q3 2024[5] - GAAP net income for Q3 2025 was $3.1 million, a 122% improvement from a GAAP net loss of $14.0 million in Q3 2024[5] - Adjusted EBITDA for Q3 2025 was $52.4 million, a 14.7% increase from $45.7 million in Q3 2024[5] - Adjusted EPS for Q3 2025 was $0.12, compared to $0.08 in Q3 2024[5] - Total revenues for the three months ended September 30, 2025, were $223.1 million, a 7.5% increase from $206.8 million in the same period of 2024[21] - Net income attributable to Mirion Technologies, Inc. for the three months ended September 30, 2025, was $2.9 million, a significant improvement from a net loss of $13.6 million in the same period of 2024[21] - The net income attributable to Mirion Technologies for the three months ended September 30, 2025, was $2.9 million, compared to a loss of $13.6 million in the same period of 2024, indicating a significant turnaround in profitability[38] - Adjusted net income for the same period was $31.4 million, up from $17.4 million year-over-year, showcasing strong operational performance[38] - The company reported a GAAP earnings per share of $0.01 for the three months ended September 30, 2025, compared to a loss of $0.07 per share in the prior year[38] - Adjusted earnings per share increased to $0.12 from $0.08, reflecting improved profitability and operational efficiency[38] Revenue Guidance and Expectations - The company expects total revenue growth of approximately 7.0% – 9.0% for 2025, including a foreign exchange rate tailwind of approximately 180 basis points[6] - The company reaffirmed its 2025 guidance for total revenue growth, organic revenue growth, adjusted EBITDA, and adjusted EPS[5] Cash Flow and Financial Position - Adjusted Free Cash Flow is projected to be approximately $100 million – $115 million for 2025, with a conversion rate of approximately 45% – 49% of Adjusted EBITDA[11] - Cash and cash equivalents increased to $933.6 million as of September 30, 2025, up from $175.6 million at the beginning of the period[23] - Total assets reached $3,495.8 million as of September 30, 2025, compared to $2,636.0 million at December 31, 2024, marking a 32.6% increase[19] - Total liabilities increased to $1,603.8 million as of September 30, 2025, compared to $1,076.9 million at December 31, 2024[19] - Operating cash flow for the nine months ended September 30, 2025, was $70.3 million, compared to $38.3 million for the same period in 2024[23] Acquisitions and Business Development - Mirion announced an agreement to acquire Paragon Energy Solutions to enhance its U.S. nuclear power presence, expected to increase nuclear power-based revenue to approximately 45% of total revenue[3] - The company was awarded a $10 million order for small modular reactor new builds and a $55 million order for the Asia installed base in Q3 2025[4] - There remains a $285 million large opportunity pipeline, with $175 million of orders expected to be awarded in 2025 and $110 million in 2026[4] - The company completed acquisitions totaling $79.9 million during the nine months ended September 30, 2025[23] Operational Efficiency - For the three months ended September 30, 2025, Mirion Technologies reported an Adjusted EBITDA of $52.4 million, an increase from $45.7 million in the same period of 2024, reflecting a margin improvement from 22.1% to 23.5%[37] - The income from operations margin improved to 3.3% in Q3 2025, compared to a negative margin of 0.8% in Q3 2024, indicating better cost management[37] - Non-operating expenses for the three months ended September 30, 2025, were reported at $5.4 million, up from $4.1 million in the same period of 2024, highlighting ongoing restructuring and operational synergy costs[37] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $28.8 million, compared to $26.9 million for the same period in 2024[21] Shareholder Information - The company reported a total of 244,370,206 shares of Class A common stock outstanding as of September 30, 2025[24] - The weighted average common shares outstanding increased to 224.583 million in Q3 2025 from 206.676 million in Q3 2024, impacting per-share metrics[38] Non-GAAP Measures - The company emphasized the importance of non-GAAP measures for evaluating ongoing operations, with organic revenue defined as revenue excluding the impact of foreign exchange and M&A activities[26] - Adjusted free cash flow conversion was defined as adjusted free cash flow divided by adjusted EBITDA, providing insights into cash generation capabilities for future investments[32]