Mirion Technologies(US:MIR)2025-10-29 20:48Financial Performance - Total revenues for Q3 2025 reached $223.1 million, a 7.5% increase from $206.8 million in Q3 2024[18] - Net income attributable to Mirion Technologies, Inc. for Q3 2025 was $2.9 million, a significant improvement from a net loss of $13.6 million in Q3 2024[18] - The company reported a comprehensive income of $2.5 million for Q3 2025, compared to a comprehensive income of $6.3 million for Q3 2024[21] - Net income for the nine months ended September 30, 2025, was $12.0 million, a significant improvement from a net loss of $52.5 million for the same period in 2024[32] - The consolidated income before income taxes for the three months ended September 30, 2025, was $1.2 million, a recovery from a loss of $13.0 million in the same period of 2024[172] Revenue Segments - The Medical segment generated revenues of $78.5 million for the three months ended September 30, 2025, compared to $74.1 million in the same period of 2024, reflecting a 5.9% increase[172] - The Nuclear & Safety segment reported revenues of $144.6 million for the three months ended September 30, 2025, up from $132.7 million in the same period of 2024, marking a 9.5% increase[172] - Cancer care revenue increased to $62.0 million for the three months ended September 30, 2025, compared to $57.1 million in 2024, representing an increase of 15.6%[178] - The Nuclear & Safety segment's revenues for the nine months ended September 30, 2025, were $419.7 million, up from $392.4 million in the same period of 2024, representing a 7.0% growth[173] Cash and Liquidity - Cash and cash equivalents increased to $933.2 million as of September 30, 2025, up from $175.2 million at December 31, 2024[16] - The total cash, cash equivalents, and restricted cash at the end of the period was $933.6 million, a substantial increase from $133.7 million at the end of September 2024[32] - The company maintains cash in bank accounts that may exceed insured limits but has not experienced any losses[61] Assets and Liabilities - Total assets grew to $3,495.8 million as of September 30, 2025, compared to $2,636.0 million at December 31, 2024, marking a 32.6% increase[16] - Total liabilities rose to $1,603.8 million as of September 30, 2025, compared to $1,076.9 million at December 31, 2024[16] - Total debt as of September 30, 2025, was $451.6 million, down from $697.4 million as of December 31, 2024, reflecting a decrease of approximately 35.3%[93] Stock and Equity - The weighted average diluted shares outstanding increased to 255.662 million for Q3 2025, compared to 206.676 million for Q3 2024[19] - As of September 30, 2024, total stockholders' equity is $2,137.2 million, a decrease of $556.5 million from the previous period[24] - The company issued 19,906,322 shares of Class A common stock under a direct registered offering, generating $409.6 million in net proceeds[29] Expenses - 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[18] - Stock-based compensation expense for the quarter is $4.2 million, reflecting an increase from $3.9 million in the previous quarter[24] - The company incurred restructuring expenses totaling $1.0 million for the three months ended September 30, 2025, compared to $1.8 million for the same period in 2024[204] Acquisitions and Investments - The Company acquired Certrec for approximately $82.2 million, which included $29.9 million in intangible assets and $54.6 million in goodwill[67] - The company reported a net cash used in investing activities of $103.8 million, up from $34.1 million in the previous year, primarily due to acquisitions of businesses[32] Debt and Financing - The Company completed a private offering of $400.0 million in Convertible Senior Notes due 2030, with a conversion price of approximately $23.11 per share[115][117] - The Company also completed a private offering of $375.0 million in Convertible Senior Notes due 2031, intended to fund the acquisition of WCI-Gigawatt Intermediate Holdco, LLC for approximately $585.0 million[121] - The term loan was refinanced, reducing the applicable margin rate from 2.75% to 2.25%, with a maturity date extended to June 5, 2032[99] Comprehensive Income and Other Adjustments - Other comprehensive income for the quarter is $20.5 million, compared to a loss of $5.5 million in the previous quarter[24] - Accumulated other comprehensive loss decreased from $93.0 million as of December 31, 2024, to $57.1 million as of September 30, 2025[211] - Cumulative foreign currency translation adjustment improved from $(93.6) million to $(28.5) million during the same period[211] Forward-Looking Statements - The discussion includes forward-looking statements that involve risks and uncertainties, indicating potential variability in actual results[213] - The company expects to recognize approximately 26%, 35%, 14%, and 7% of the remaining performance obligations as revenue during 2025, 2026, 2027, and 2028, respectively[51]