Summary of Mirion Technologies Conference Call Company Overview - **Company**: Mirion Technologies (NYSE: MIR) - **Industry**: Nuclear Power and Radiation Therapy Key Points Industry and Market Dynamics - **Nuclear Power Segment Growth**: Approximately 47% of Mirion's revenue is derived from the commercial nuclear power industry, with a presence in over 95% of the global operating base [2][3] - **Global Electrical Generating Capacity Shortage**: The company views the current shortage as a generational tailwind for growth in the nuclear sector [3] - **AI Implications**: The integration of AI is expected to significantly impact operational efficiency and productivity within the company and the industry [3] Financial Performance and Guidance - **2026 Guidance**: The company anticipates accelerating organic growth across both segments, despite some crosscurrents such as government funding uncertainties and slower spending in nuclear labs [5][6] - **Record Orders and Backlog**: Mirion ended the previous year with record orders and backlog, indicating strong demand [6][7] - **Radiation Therapy Business Challenges**: The company faced challenges in its radiation therapy segment due to market softness in China and transitional issues in Japan, but remains optimistic about long-term growth [10][12] Growth Drivers - **Installed Base Growth**: The organic growth in the nuclear business was 11% last year, with expectations for continued double-digit growth driven by life extension and modernization of nuclear plants [45][49] - **Small Modular Reactors (SMRs)**: Orders for SMRs increased significantly, indicating a growing market, with $37 million in orders last year and expectations for further growth [52][67] - **Acquisition of Paragon Energy Solutions**: This acquisition is expected to enhance Mirion's capabilities in the nuclear sector, with Paragon projected to grow at 25% this year [78][79] Margin and Cost Management - **Margin Expansion**: The nuclear and safety segment saw a 40 basis point increase in margins to 29.4%, driven by procurement optimization and operational efficiencies [81][84] - **Long-term Margin Target**: The company aims for 30% EBITDA margins by 2028, with a focus on absorption and optimization strategies [84][87] AI and Technological Integration - **AI Initiatives**: Mirion launched 17 internal AI applications last year, with plans for further development, aiming to enhance productivity and operational efficiency [104][106] - **Software Exposure**: The company's software exposure is modest, between 5% and 7%, but is expected to grow as AI applications are integrated into operations [110][111] Future Outlook - **Nuclear Medicine Growth**: The nuclear medicine segment is expected to grow, driven by advancements in theranostics and radiopharmaceutical therapies [133][135] - **Emerging Trends**: Key trends include the increasing demand for electrical generating capacity and the transformative impact of AI on the industry [158][159] M&A Strategy - **M&A Pipeline**: Mirion plans to focus on smaller acquisitions to enhance its nuclear exposure while managing leverage, currently at 3.2 times EBITDA [148][150] Conclusion - Mirion Technologies is well-positioned to capitalize on growth opportunities in the nuclear power and radiation therapy sectors, with a strong focus on AI integration, margin expansion, and strategic acquisitions to drive future growth [159][160]

Elekta Update Summary Company Overview - **Company**: Elekta (OTCPK:EKTA.Y) - **Date of Update**: January 30, 2026 - **Key Speakers**: Peter Nyquist (Head of Investor Relations), Jacob (CEO), Christopher Busch (Chief Product and Technology Officer), Anming Gong (Head of Region China), Ardie Ermers (Head of North America) Core Industry Insights - **Industry**: Radiation Therapy - **Market Growth**: The radiation therapy market has historically grown at a CAGR above the medtech average, with a current market growth rate of 6% while Elekta's growth is at 3% [11][12] - **Market Dynamics**: The market is not a zero-sum game; innovation in radiation therapy is creating opportunities for market expansion and substitution of traditional treatments like surgery [9][10] Strategic Priorities (Must-Win Battles) 1. **Simplify, Empower, and Speed**: A new operating model aimed at increasing organizational velocity and decision-making speed, with expected annual savings of SEK 500 million [2][23] 2. **Focus Innovation**: Emphasis on developing a strong product portfolio that meets customer needs, particularly through software innovations and workflow efficiencies [25][30] 3. **Win in the U.S. and Expand in China**: Strategies to enhance market share in the U.S. and capitalize on growth opportunities in China [2][39] 4. **Continuous Cost of Goods Sold (COGS) Reduction**: Aiming to improve gross margins, which have declined to around 37-38% from pre-COVID levels in the mid-forties [12][59] Financial Performance and Challenges - **Gross Margin**: Decline attributed to higher costs of materials and services, with a focus on reducing these costs through better sourcing and manufacturing practices [58][59] - **Market Share**: Elekta has been losing market share over the past decade, particularly in the U.S., where only about 20% of revenue is generated [16][48] - **R&D Investment**: Elekta invests approximately 12% of revenue in R&D, which is essential for maintaining competitive solutions [13][15] Regional Insights China - **Market Leadership**: Elekta is a market leader in China for LINAC, Brachytherapy, and Oncology Information Systems, with a focus on localization and partnerships to enhance competitiveness [41][42] - **Market Recovery**: Following a significant decline in the market, recovery is expected starting May 2025, driven by government initiatives to establish oncology departments [44][45] United States - **Underperformance**: Elekta has underperformed in the U.S. market, particularly in the CT Linac space, but has received clearance for the Evo platform, which is expected to drive market share gains [49][50] - **Aging Install Base**: The average age of LINACs in the U.S. is 12-14 years, presenting a significant replacement opportunity for Elekta [51] Innovation and Product Development - **Focus on Software**: Increasing emphasis on software-driven solutions and workflow integration to enhance treatment efficiency and patient outcomes [28][37] - **Agile Innovation**: Transitioning from long-term development cycles to faster, incremental innovation cycles to better meet customer needs [35][36] Conclusion and Future Outlook - **Execution Focus**: Elekta is committed to executing its strategic priorities and expects to establish a new operating model by the end of Q4 [63] - **Capital Markets Day**: A detailed financial outlook and new targets will be presented at the Capital Markets Day scheduled for June 17 [2][65]