Mirion Technologies(US:MIR)2026-02-10 21:17Financial Performance - Revenues for Q4 2025 increased by 9.1% to $277.4 million, compared to $254.3 million in Q4 2024[5] - GAAP net income for Q4 2025 was $17.8 million, an 11.9% improvement from $15.9 million in Q4 2024[5] - Adjusted EBITDA for Q4 2025 was $77.6 million, an 11.5% increase from $69.6 million in Q4 2024[5] - Total revenues for the fiscal year ended December 31, 2025, increased to $925.4 million, up 7.5% from $860.8 million in 2024[21] - Net income attributable to Mirion Technologies, Inc. for the fiscal year 2025 was $28.8 million, a significant recovery from a net loss of $36.1 million in 2024[21] - Adjusted net income for Q4 2025 was $40.1 million, up from $35.9 million in Q4 2024, representing an increase of about 11.7%[39] - Net income attributable to Mirion Technologies, Inc. for Q4 2025 was $17.3 million, an increase from $14.9 million in Q4 2024[39] - The company reported a GAAP net income of $17.8 million for Q4 2025, compared to a loss of $36.6 million for the full year 2024[39] Revenue Growth Projections - Full year 2026 revenue growth is expected to be between 22.0% and 24.0%[4] - Organic revenue growth for 2026 is projected to be between 5.0% and 7.0%[6] - The company booked over $1 billion in orders for 2025, including approximately $150 million from a large opportunity pipeline[3] - Mirion expects meaningful order growth in 2026, including contributions from Paragon Energy Solutions and Certrec[3] Cash Flow and Financial Position - Adjusted Free Cash Flow for 2026 is anticipated to be between $155 million and $175 million[11] - Cash and cash equivalents increased to $412.3 million as of December 31, 2025, compared to $175.2 million at the end of 2024[19] - Operating cash flow for 2025 was $143.3 million, an increase from $99.1 million in 2024[23] - The company issued $755.0 million in convertible senior notes during 2025, contributing to its financing activities[23] Profitability Metrics - Adjusted EBITDA for 2026 is expected to be between $285 million and $300 million, with an EBITDA margin of approximately 25.0% to 26.0%[6] - Gross profit for 2025 was $438.6 million, representing a gross margin of approximately 47.4%, compared to 46.4% in 2024[21] - Adjusted EBITDA margin improved to 28.0% in Q4 2025 from 27.4% in Q4 2024[37] Shareholder Metrics - Adjusted Earnings per Share for 2026 is expected to be between $0.50 and $0.57, now including stock-based compensation[11] - The weighted average common shares outstanding for basic earnings per share increased to 229.959 million in 2025 from 204.991 million in 2024[21] - Adjusted earnings per share (EPS) for Q4 2025 was $0.15, compared to $0.17 in Q4 2024[39] Research and Development - Research and development expenses rose to $38.9 million in 2025, up from $35.0 million in 2024, indicating a focus on innovation[21] Balance Sheet Highlights - Total assets grew to $3,588.1 million in 2025, up from $2,636.0 million in 2024, reflecting a 36.3% increase[19] - Total liabilities increased to $1,671.2 million in 2025, compared to $1,076.9 million in 2024, primarily due to the issuance of convertible debt[19] Other Financial Insights - The company experienced a foreign currency loss of $0.5 million in Q4 2025, compared to a gain of $2.0 million in Q4 2024[39] - Total income from operations for Q4 2025 was $25.5 million, down from $29.0 million in Q4 2024[37] - Adjusted free cash flow conversion was not explicitly stated but is defined as adjusted free cash flow divided by adjusted EBITDA, indicating the company's focus on cash generation[31] - The company’s net leverage ratio is calculated as net debt divided by adjusted EBITDA, providing insight into its financial leverage[33]