Mirion Announces Third Quarter 2024 Financial Results and Updates Full Year Guidance
Mirion (NYSE: MIR) reported Q3 2024 results with revenues increasing 8.2% to $206.8 million. Despite a net loss of $14.0 million, the company showed improved operational performance with Adjusted EBITDA rising 17.8% to $45.7 million and margin expanding to 22.1%. Adjusted EPS reached $0.08, up from $0.05 year-over-year.
The company updated its FY2024 guidance, raising revenue growth expectations to 6-7% and organic growth to 5-6%. Mirion maintains its Adjusted EBITDA target of $195-205 million and Adjusted EPS of $0.37-0.42, while tightening its adjusted free cash flow range to $65-75 million.
Mirion (NYSE: MIR) ha riportato i risultati del terzo trimestre 2024, con ricavi in aumento dell'8,2% a 206,8 milioni di dollari. Nonostante una perdita netta di 14,0 milioni di dollari, l'azienda ha mostrato un miglioramento nelle performance operative, con l'EBITDA rettificato che è cresciuto del 17,8% a 45,7 milioni di dollari e un margine che si è espanso al 22,1%. L'EPS rettificato ha raggiunto $0,08, in aumento rispetto a $0,05 rispetto all'anno precedente.
L'azienda ha aggiornato le previsioni per l'anno fiscale 2024, elevando le aspettative di crescita dei ricavi al 6-7% e la crescita organica al 5-6%. Mirion mantiene il suo target di EBITDA rettificato di 195-205 milioni di dollari e un EPS rettificato di 0,37-0,42 dollari, mentre restringe l'intervallo di flusso di cassa libero rettificato a 65-75 milioni di dollari.
Mirion (NYSE: MIR) reportó los resultados del tercer trimestre de 2024, con ingresos en aumento del 8.2% a 206.8 millones de dólares. A pesar de una pérdida neta de 14.0 millones de dólares, la compañía mostró un desempeño operativo mejorado, con un EBITDA ajustado que creció un 17.8% hasta 45.7 millones de dólares y un margen expandiéndose al 22.1%. El EPS ajustado alcanzó $0.08, en comparación con $0.05 del año anterior.
La compañía actualizó su orientación para el año fiscal 2024, elevando las expectativas de crecimiento de ingresos al 6-7% y el crecimiento orgánico al 5-6%. Mirion mantiene su objetivo de EBITDA ajustado de 195-205 millones de dólares y un EPS ajustado de 0.37-0.42 dólares, mientras ajusta su rango de flujo de caja libre ajustado a 65-75 millones de dólares.
Mirion (NYSE: MIR)은 2024년 3분기 실적을 발표하며 수익이 2억 6,800만 달러으로 8.2% 증가했다고 보고했습니다. 1,400만 달러의 순손실에도 불구하고, 회사는 운영 성과를 개선하였으며, 조정된 EBITDA가 4570만 달러로 17.8% 증가하고 마진이 22.1%로 확대되었습니다. 조정된 EPS는 지난해 $0.05에서 상승한 $0.08에 도달했습니다.
회사는 2024 회계연도 가이던스를 업데이트하며 매출 성장 기대치를 6-7%, 유기 성장률을 5-6%로 높였습니다. Mirion은 조정된 EBITDA 목표를 1억 9500만 달러에서 2억 500만 달러로 유지하고, 조정된 EPS는 0.37-0.42달러로 설정하며, 조정된 자유 현금 흐름 범위를 6500만-7500만 달러로 조정하였습니다.
Mirion (NYSE: MIR) a annoncé ses résultats du troisième trimestre 2024, avec des revenus en augmentation de 8,2% atteignant 206,8 millions de dollars. Malgré une perte nette de 14,0 millions de dollars, l'entreprise a montré une performance opérationnelle améliorée, avec un EBITDA ajusté en hausse de 17,8% à 45,7 millions de dollars et une marge en expansion à 22,1%. L'EPS ajusté a atteint 0,08 $ contre 0,05 $ l'année précédente.
L'entreprise a mis à jour ses prévisions pour l'exercice 2024, élevant les attentes de croissance des revenus à 6-7% et la croissance organique à 5-6%. Mirion maintient son objectif d'EBITDA ajusté de 195-205 millions de dollars et un EPS ajusté de 0,37-0,42 $, tout en resserrant sa fourchette de flux de trésorerie libre ajusté à 65-75 millions de dollars.
Mirion (NYSE: MIR) hat die Ergebnisse des dritten Quartals 2024 veröffentlicht, wobei die Einnahmen um 8,2% auf 206,8 Millionen Dollar gestiegen sind. Trotz eines Nettoverlusts von 14,0 Millionen Dollar wies das Unternehmen eine verbesserte operative Leistung auf, mit einem Adjusted EBITDA, das um 17,8% auf 45,7 Millionen Dollar gestiegen ist, und einer Margenausweitung auf 22,1%. Der Adjusted EPS erreichte 0,08 Dollar, ein Anstieg von 0,05 Dollar im Vergleich zum Vorjahr.
Das Unternehmen aktualisierte seine Prognosen für das Geschäftsjahr 2024 und erhöhte die Wachstumsprognosen für die Einnahmen auf 6-7% und für das organische Wachstum auf 5-6%. Mirion hält an seinem Ziel eines Adjusted EBITDA von 195-205 Millionen Dollar und einem Adjusted EPS von 0,37-0,42 Dollar fest, während der Bereich für den adjustierten freien Cashflow auf 65-75 Millionen Dollar eingegrenzt wurde.
- Revenue growth of 8.2% to $206.8 million
- Adjusted EBITDA increased 17.8% to $45.7 million
- Adjusted EBITDA margin improved by 180 basis points to 22.1%
- Adjusted EPS increased to $0.08 from $0.05
- Nuclear power adjusted order book increased 12% (excluding one-time orders)
- Raised full-year revenue growth guidance to 6-7%
- Net loss increased to $14.0 million from $12.9 million
- GAAP net loss per share worsened to $0.07 from $0.06
- Lowered upper range of adjusted free cash flow guidance to $75M from $85M
- Reduced Medical segment growth outlook to 'LSD' from 'LSD+'
Insights
The Q3 results show mixed signals but trend toward positive territory. Revenue growth of
The updated guidance reflects confidence in execution, with tightened revenue growth expectations of
The nuclear power segment shows particular promise, with a
-
Revenues for the third quarter increased
8.2% to million, compared to$206.8 million in the same period in 2023.$191.2
-
Net loss was
million in the third quarter, compared to a net loss of$14.0 in the same period last year. Adjusted EBITDA was$12.9 million , a$45.7 million 17.8% increase from in the same period last year.$38.8 million
-
Loss from operations margin was
0.8% in the third quarter, compared to5.8% in the same period in 2023. Adjusted EBITDA margin was22.1% in the third quarter, compared to20.3% in the same period last year.
-
GAAP net loss per share for the third quarter was
, compared to$0.07 in the third quarter of 2023. Adjusted earnings per share for the quarter was$0.06 , compared to$0.08 in the same period last year.$0.05
-
The company updated its full year 2024 guidance. Total and organic revenue growth rates now expected to be
6% to7% and5% to6% , respectively. Adjusted free cash flow range tightened to to$65 . Maintaining adjusted EBITDA and adjusted EPS range of between$75 million to$195 and$205 million to$0.37 per share, respectively.$0.42
“Third quarter results were in-line with our expectations,” stated Thomas Logan, Mirion’s Chief Executive Officer. “We continue to see revenue growth and margin expansion across both segments, supported by strong underlying super-trends in nuclear power and cancer care. Moreover, excluding the impacts from two large, one-time orders in third quarter 2023, the nuclear power adjusted order book increased
Logan continued, “Adjusted EBITDA margin in the quarter was
Updated 2024 Guidance
Commenting on Mirion’s full year 2024 guidance, Logan said, “Our third quarter performance keeps us on-track for another strong year. Our expected 2024 performance represents improvements in top-line growth, adjusted EBITDA margin expansion, and further improvements to the balance sheet. We continue to focus on improving our operating efficiency and progressing towards our long-term stated objective of
Mirion is updating components of its guidance for the fiscal year and 12-month period ending December 31, 2024:
-
Revenue growth of
6% to7% , compared to5% to7% previously-
Organic revenue growth of
5% to6% , compared to4% to6% previously- Medical LSD organic growth, compared to LSD+ previously
- Technologies MSD+ organic growth, which is unchanged
-
Inorganic revenue growth of approximately
1.5% , primarily as a result of the ec2 acquisition - Closure of lasers business expected to negatively impact organic revenue growth by approximately 30 basis points
-
Organic revenue growth of
-
Adjusted EBITDA of
to$195 million , which is unchanged$205 million -
Adjusted EPS of
to$0.37 , which is unchanged$0.42 -
Adjusted free cash flow of
to$65 million , compared to$75 million to$65 million previously$85 million
The guidance for organic revenue growth excludes the impact of foreign exchange rates as well as mergers, acquisitions and divestitures.
Other modeling and guidance assumptions include the following:
-
Depreciation of approximately
for the year$34 million -
Net interest expense of approximately
(approximately$52 million of cash interest)$50 million -
Effective tax rate between
27% and29% -
Capital expenditures of approximately
$45 million -
Cash taxes of approximately
$35 million - Approximately 205 million shares of Class A common stock outstanding (excludes 6.8 million shares of Class B common stock, 18.8 million founder shares, subject to vesting, 1.7 million restricted stock units, 1.2 million performance stock units and a further 34.4 million shares reserved for future equity awards (subject to annual automatic increases)) (all numbers as of September 30, 2024)
-
Euro to
U.S. Dollar foreign exchange conversion rate of 1.09 -
Cash non-operating expenses of approximately
$10 million -
Stock-based compensation of approximately
$12 million
The Company’s guidance contains forward-looking statements and actual results may differ materially as a result of known and unknown uncertainties and risks, including those set forth below under the heading “Forward-Looking Statements.” In addition, forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in projecting and quantifying the various adjusting items necessary for such reconciliations, such as stock-based compensation expense, amortization and depreciation expense, merger and acquisition activity and purchase accounting adjustments, that have not yet occurred, are out of Mirion’s control, or cannot be reasonably predicted. Accordingly, reconciliations of our guidance for organic and inorganic revenue, adjusted EBITDA, adjusted EPS and adjusted free cash flow are not available without unreasonable effort.
Conference Call
Mirion will host a conference call tomorrow, October 30, 2024 at 11:00 a.m. ET to discuss its financial results. Participants may access the call by dialing 1-877-407-9208 or 1-201-493-6784, and requesting to join the Mirion Technologies, Inc. earnings call. A live webcast will also be available at https://ir.mirion.com/news-events.
A telephonic replay will be available shortly after the conclusion of the call and until November 13, 2024. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671, and enter access code 13749095. An archived replay of the call and an accompanying presentation will also be available on the Investors section of the Mirion website at https://ir.mirion.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “hope”, “intend”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strive”, “seeks”, “plans”, “would”, “will”, “understand” and similar words are intended to identify forward looking statements, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position and guidance, our business strategy and plans, our objectives for future operations, our strategic partnership with EDF, the closure of our lasers business, macroeconomic trends, trends in cancer care, nuclear power and small modular reactor, foreign exchange, interest rate and inflation expectations, any future mergers, acquisitions, divestitures and strategic investments, including the completion and integration of previously completed transactions, and our future share capitalization. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including changes in domestic and foreign business, market, economic, financial, political and legal conditions, including related to matters affecting
You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Use of Non-GAAP Financial Information
In addition to our results determined in accordance with GAAP, we believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below, as well as the “Reconciliation of Non-GAAP Financial Measures” section of this press release. Non-GAAP financial information is not a substitute for GAAP financial information and undue reliance should not be placed on such non-GAAP financial information. In addition, similarly titled items used by other companies may not be comparable due to variations in how they are calculated and how terms are defined.
Channels for Disclosure of Information
Mirion intends to announce material information to the public through the Mirion Investor Relations website ir.mirion.com, SEC filings, press releases, public conference calls and public webcasts. Mirion uses these channels, as well as social media, to communicate with its investors, customers, and the public about the company, its offerings, and other issues. It is possible that the information Mirion posts on social media could be deemed to be material information. As such, Mirion encourages investors, the media, and others to follow the channels listed above, including the social media channels listed on Mirion’s investor relations website, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which Mirion will announce information will be posted on the investor relations page on Mirion’s website.
About Mirion
Mirion (NYSE: MIR) is a global leader in radiation safety, science and medicine, empowering innovations that deliver vital protection while harnessing the transformative potential of ionizing radiation across a diversity of end markets. The Mirion Technologies group provides proven radiation safety technologies that operate with precision – for essential work within R&D labs, critical nuclear facilities, and on the front lines. The Mirion Medical group solutions help enhance the delivery and ensure safety in healthcare, powering the fields of Nuclear Medicine, Radiation Therapy QA, Occupational Dosimetry, and Diagnostic Imaging. Headquartered in
Mirion Technologies, Inc. |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(Unaudited) |
|||||||
(In millions, except share data) |
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
133.3 |
|
|
$ |
128.8 |
|
Restricted cash |
|
0.3 |
|
|
|
0.6 |
|
Accounts receivable, net of allowance for doubtful accounts |
|
148.6 |
|
|
|
172.3 |
|
Costs in excess of billings on uncompleted contracts |
|
70.3 |
|
|
|
48.7 |
|
Inventories |
|
154.0 |
|
|
|
144.1 |
|
Prepaid expenses and other current assets |
|
38.8 |
|
|
|
44.1 |
|
Assets held for sale |
|
1.2 |
|
|
|
— |
|
Total current assets |
|
546.5 |
|
|
|
538.6 |
|
Property, plant, and equipment, net |
|
146.3 |
|
|
|
134.5 |
|
Operating lease right-of-use assets |
|
32.1 |
|
|
|
32.8 |
|
Goodwill |
|
1,452.6 |
|
|
|
1,447.6 |
|
Intangible assets, net |
|
447.3 |
|
|
|
538.8 |
|
Restricted cash |
|
0.1 |
|
|
|
1.1 |
|
Other assets |
|
29.0 |
|
|
|
25.1 |
|
Total assets |
$ |
2,653.9 |
|
|
$ |
2,718.5 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
53.1 |
|
|
$ |
58.7 |
|
Deferred contract revenue |
|
88.8 |
|
|
|
103.4 |
|
Third-party debt, current |
|
0.6 |
|
|
|
1.2 |
|
Operating lease liability, current |
|
6.7 |
|
|
|
6.8 |
|
Accrued expenses and other current liabilities |
|
103.4 |
|
|
|
95.6 |
|
Total current liabilities |
|
252.6 |
|
|
|
265.7 |
|
Third-party debt, non-current |
|
684.5 |
|
|
|
684.7 |
|
Warrant liabilities |
|
— |
|
|
|
55.3 |
|
Operating lease liability, non-current |
|
28.5 |
|
|
|
28.1 |
|
Deferred income taxes, non-current |
|
64.1 |
|
|
|
84.0 |
|
Other liabilities |
|
49.3 |
|
|
|
50.7 |
|
Total liabilities |
|
1,079.0 |
|
|
|
1,168.5 |
|
Commitments and contingencies (Note 10) |
|
|
|
||||
Stockholders’ equity (deficit): |
|
|
|
||||
Class A common stock; |
|
— |
|
|
|
— |
|
Class B common stock; |
|
— |
|
|
|
— |
|
Treasury stock, at cost; 232,842 shares at September 30, 2024 and 149,076 shares December 31, 2023 |
|
(2.2 |
) |
|
|
(1.3 |
) |
Additional paid-in capital |
|
2,137.2 |
|
|
|
2,056.5 |
|
Accumulated deficit |
|
(556.5 |
) |
|
|
(505.4 |
) |
Accumulated other comprehensive loss |
|
(59.6 |
) |
|
|
(65.3 |
) |
Mirion Technologies, Inc. stockholders’ equity |
|
1,518.9 |
|
|
|
1,484.5 |
|
Noncontrolling interests |
|
56.0 |
|
|
|
65.5 |
|
Total stockholders’ equity |
|
1,574.9 |
|
|
|
1,550.0 |
|
Total liabilities and stockholders’ equity |
$ |
2,653.9 |
|
|
$ |
2,718.5 |
|
Mirion Technologies, Inc. |
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Condensed Consolidated Statements of Operations |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(In millions, except per share data) |
|||||||||||||||
|
Three Months Ended September 30, 2024 |
|
Three Months Ended September 30, 2023 |
|
Nine Months Ended September 30, 2024 |
|
Nine Months Ended September 30, 2023 |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Product |
$ |
153.2 |
|
|
$ |
142.6 |
|
|
$ |
447.3 |
|
|
$ |
421.6 |
|
Service |
|
53.6 |
|
|
|
48.6 |
|
|
|
159.2 |
|
|
|
148.9 |
|
Total revenues |
|
206.8 |
|
|
|
191.2 |
|
|
|
606.5 |
|
|
|
570.5 |
|
Cost of revenues: |
|
|
|
|
|
|
|
||||||||
Product |
|
85.8 |
|
|
|
84.8 |
|
|
|
247.0 |
|
|
|
243.4 |
|
Service |
|
28.1 |
|
|
|
25.6 |
|
|
|
82.1 |
|
|
|
79.2 |
|
Total cost of revenues |
|
113.9 |
|
|
|
110.4 |
|
|
|
329.1 |
|
|
|
322.6 |
|
Gross profit |
|
92.9 |
|
|
|
80.8 |
|
|
|
277.4 |
|
|
|
247.9 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative |
|
84.3 |
|
|
|
83.7 |
|
|
|
255.9 |
|
|
|
252.8 |
|
Research and development |
|
10.2 |
|
|
|
7.9 |
|
|
|
26.9 |
|
|
|
23.9 |
|
(Gain) loss on disposal of business |
|
— |
|
|
|
0.3 |
|
|
|
(1.2 |
) |
|
|
6.5 |
|
Total operating expenses |
|
94.5 |
|
|
|
91.9 |
|
|
|
281.6 |
|
|
|
283.2 |
|
Loss from operations |
|
(1.6 |
) |
|
|
(11.1 |
) |
|
|
(4.2 |
) |
|
|
(35.3 |
) |
Other expense (income): |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
14.1 |
|
|
|
15.5 |
|
|
|
44.7 |
|
|
|
46.1 |
|
Interest income |
|
(1.4 |
) |
|
|
(1.3 |
) |
|
|
(5.1 |
) |
|
|
(3.4 |
) |
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.6 |
|
Foreign currency (gain) loss, net |
|
(0.9 |
) |
|
|
1.5 |
|
|
|
0.2 |
|
|
|
1.0 |
|
Increase (decrease) in fair value of warrant liabilities |
|
— |
|
|
|
(12.8 |
) |
|
|
5.3 |
|
|
|
6.3 |
|
Other (income) expense, net |
|
(0.4 |
) |
|
|
(0.3 |
) |
|
|
0.3 |
|
|
|
(0.6 |
) |
Loss before income taxes |
|
(13.0 |
) |
|
|
(13.7 |
) |
|
|
(49.6 |
) |
|
|
(87.3 |
) |
Loss (benefit) from income taxes |
|
1.0 |
|
|
|
(0.8 |
) |
|
|
2.9 |
|
|
|
(3.1 |
) |
Net loss |
|
(14.0 |
) |
|
|
(12.9 |
) |
|
|
(52.5 |
) |
|
|
(84.2 |
) |
Loss attributable to noncontrolling interests |
|
(0.4 |
) |
|
|
(0.8 |
) |
|
|
(1.4 |
) |
|
|
(2.5 |
) |
Net loss attributable to Mirion Technologies, Inc. |
$ |
(13.6 |
) |
|
$ |
(12.1 |
) |
|
$ |
(51.1 |
) |
|
$ |
(81.7 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per common share attributable to Mirion Technologies, Inc. — basic and diluted |
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.42 |
) |
Weighted average common shares outstanding — basic and diluted |
|
206.676 |
|
|
|
199.223 |
|
|
|
202.881 |
|
|
|
195.388 |
|
Mirion Technologies, Inc. |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(Unaudited) |
|||||||
(In millions) |
|||||||
|
Nine Months Ended September 30, 2024 |
|
Nine Months Ended September 30, 2023 |
||||
OPERATING ACTIVITIES: |
|
|
|
||||
Net loss |
$ |
(52.5 |
) |
|
$ |
(84.2 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization expense |
|
115.8 |
|
|
|
122.8 |
|
Stock-based compensation expense |
|
11.9 |
|
|
|
17.7 |
|
Amortization of debt issuance costs |
|
2.3 |
|
|
|
5.0 |
|
Provision for doubtful accounts |
|
2.3 |
|
|
|
1.5 |
|
Inventory obsolescence write down |
|
3.7 |
|
|
|
1.7 |
|
Change in deferred income taxes |
|
(19.9 |
) |
|
|
(27.3 |
) |
Loss on disposal of property, plant and equipment |
|
0.1 |
|
|
|
0.3 |
|
Loss on foreign currency transactions |
|
0.3 |
|
|
|
1.0 |
|
Increase in fair values of warrant liabilities |
|
5.3 |
|
|
|
6.3 |
|
(Gain) loss on disposal of business |
|
(1.2 |
) |
|
|
6.5 |
|
Other |
|
1.4 |
|
|
|
(0.6 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
21.6 |
|
|
|
15.3 |
|
Costs in excess of billings on uncompleted contracts |
|
(24.9 |
) |
|
|
(16.4 |
) |
Inventories |
|
(12.1 |
) |
|
|
(14.8 |
) |
Prepaid expenses and other current assets |
|
6.7 |
|
|
|
(0.8 |
) |
Accounts payable |
|
(4.6 |
) |
|
|
(15.3 |
) |
Accrued expenses and other current liabilities |
|
2.6 |
|
|
|
(0.7 |
) |
Deferred contract revenue and liabilities |
|
(19.4 |
) |
|
|
7.7 |
|
Other assets |
|
(0.5 |
) |
|
|
1.2 |
|
Other liabilities |
|
(0.6 |
) |
|
|
1.3 |
|
Net cash provided by operating activities |
|
38.3 |
|
|
|
28.2 |
|
INVESTING ACTIVITIES: |
|
|
|
||||
Acquisitions of businesses, net of cash and cash equivalents acquired |
|
(1.0 |
) |
|
|
— |
|
Proceeds from business disposal |
|
1.2 |
|
|
|
1.0 |
|
Purchases of property, plant, and equipment and badges |
|
(37.1 |
) |
|
|
(25.2 |
) |
Proceeds from net investment hedge derivative contracts |
|
2.8 |
|
|
|
2.9 |
|
Other investing |
|
— |
|
|
|
(1.0 |
) |
Net cash used in investing activities |
|
(34.1 |
) |
|
|
(22.3 |
) |
FINANCING ACTIVITIES: |
|
|
|
||||
Issuances of common stock |
|
— |
|
|
|
150.0 |
|
Common stock issuance costs |
|
— |
|
|
|
(0.2 |
) |
Stock repurchased to satisfy tax withholding for vesting restricted stock units |
|
(1.0 |
) |
|
|
(0.4 |
) |
Deferred financing costs |
|
(1.3 |
) |
|
|
— |
|
Principal repayments |
|
— |
|
|
|
(127.3 |
) |
Proceeds from cash flow hedge derivative contracts |
|
0.9 |
|
|
|
0.3 |
|
Other financing |
|
(0.6 |
) |
|
|
(0.4 |
) |
Net cash (used in) provided by financing activities |
|
(2.0 |
) |
|
|
22.0 |
|
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
1.0 |
|
|
|
(0.8 |
) |
Net increase in cash, cash equivalents, and restricted cash |
|
3.2 |
|
|
|
27.1 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
130.5 |
|
|
|
75.0 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
133.7 |
|
|
$ |
102.1 |
|
Share Count
Consists of 206,718,851 shares of Class A common stock outstanding as of September 30, 2024. Excludes (1) 6,790,790 shares of Class B common stock outstanding as of September 30, 2024; (2) 18,750,000 founder shares which are issued and outstanding shares of Class A common stock subject to vesting in three equal tranches, based on the volume-weighted average price of our Class A common stock being greater than or equal to
Reconciliation of Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.
Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business.
Organic revenues is defined as Revenues excluding the impact of foreign exchange rates as well as mergers, acquisitions and divestitures in the period.
Adjusted EBITDA is defined as net income before interest expense, income tax expense, depreciation and amortization adjusted to remove the impact of foreign currency gains and losses, amortization of acquired intangible assets, changes in the fair value of warrants, certain non-operating expenses (restructuring and costs to achieve operational synergies, merger, acquisition and divestiture expenses and IT project implementation expenses), stock-based compensation expense, debt extinguishment and income tax impacts of these adjustments.
Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Revenue.
Adjusted net income is defined as GAAP net income adjusted for foreign currency gains and losses, amortization of acquired intangible assets, changes in the fair value of warrants, certain non-operating expenses (restructuring and costs to achieve operational synergies, merger, acquisition and divestiture expenses and IT project implementation expenses), stock-based compensation expense, debt extinguishment and income tax impacts of these adjustments.
Adjusted EPS is defined as adjusted net income divided by weighted average common shares outstanding — basic and diluted.
Adjusted free cash flow is defined as free cash flow adjusted to include the impact of cash used to fund non-operating expenses. We believe that the inclusion of supplementary adjustments to free cash flow applied in presenting adjusted free cash flow is appropriate to provide additional information to investors about our cash flows that management utilizes on an ongoing basis to assess our ability to generate cash for use in acquisitions and other investing and financing activities.
Free cash flow is defined as
Net leverage is defined as Net Debt (debt minus cash and cash equivalents) divided by Adjusted EBITDA plus contributions to Adjusted EBITDA if acquisitions made during the applicable period had been made before the start of the applicable period.
Operating Metrics
Order growth is defined as the amount of revenue earned in a given period and estimated to be earned in future periods from contracts entered into in a given period as compared with such amount for a prior period. Foreign exchange rates are based on the applicable rates as reported for the time period.
Adjusted order growth (decline) is defined as order growth (decline) adjusted to exclude large, one-time orders and the impact of acquisitions and divestitures.
The following tables present reconciliations of certain non-GAAP financial measures for the applicable periods.
Mirion Technologies, Inc. |
|||||||||
Reconciliation of Adjusted EBITDA |
|||||||||
(In millions) |
|||||||||
|
Three Months Ended |
||||||||
|
September 30, |
||||||||
|
|
2024 |
|
|
|
2023 |
|
||
Income from operations |
$ |
(1.6 |
) |
|
$ |
(11.1 |
) |
||
Amortization |
|
30.1 |
|
|
|
32.7 |
|
||
Depreciation - core |
|
6.8 |
|
|
|
6.3 |
|
||
Depreciation - Mirion Business Combination step-up |
|
1.6 |
|
|
|
1.6 |
|
||
Stock-based compensation |
|
4.3 |
|
|
|
6.1 |
|
||
Non-operating expenses |
|
4.1 |
|
|
|
3.6 |
|
||
Other income |
|
0.4 |
|
|
|
(0.4 |
) |
||
Adjusted EBITDA |
$ |
45.7 |
|
|
$ |
38.8 |
|
||
|
|
|
|
||||||
Income from operations margin |
|
(0.8 |
)% |
|
|
(5.8 |
)% |
||
Adjusted EBITDA margin |
|
22.1 |
% |
|
|
20.3 |
% |
Mirion Technologies, Inc. |
|||||||||
Reconciliation of Adjusted Earnings per Share |
|||||||||
(In millions, except per share values) |
|||||||||
|
Three Months Ended |
||||||||
|
September 30, |
||||||||
|
|
2024 |
|
|
|
2023 |
|
||
Net loss attributable to Mirion Technologies, Inc. |
$ |
(13.6 |
) |
|
$ |
(12.1 |
) |
||
Loss attributable to non-controlling interests |
|
(0.4 |
) |
|
|
(0.8 |
) |
||
GAAP net loss |
$ |
(14.0 |
) |
|
$ |
(12.9 |
) |
||
Foreign currency loss (gain), net |
|
(0.9 |
) |
|
|
1.5 |
|
||
Amortization of acquired intangibles |
|
30.1 |
|
|
|
32.7 |
|
||
Stock-based compensation |
|
4.3 |
|
|
|
6.1 |
|
||
Change in fair value of warrant liabilities |
|
— |
|
|
|
(12.8 |
) |
||
Non-operating expenses |
|
4.1 |
|
|
|
2.9 |
|
||
Tax impact of adjustments above |
|
(6.2 |
) |
|
|
(6.9 |
) |
||
Adjusted Net Income |
$ |
17.4 |
|
|
$ |
10.6 |
|
||
|
|
|
|
||||||
Weighted average common shares outstanding — basic and diluted |
|
206.676 |
|
|
|
199.223 |
|
||
Dilutive Potential Common Shares - RSUs |
|
0.796 |
|
|
|
0.201 |
|
||
Adjusted weighted average common shares — diluted |
|
207.472 |
|
|
|
199.424 |
|
||
|
|
|
|
||||||
GAAP loss per share |
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
||
Adjusted earnings per share |
$ |
0.08 |
|
|
$ |
0.05 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029637409/en/
For investor inquiries:
Eric Linn
ir@mirion.com
For media inquiries:
Erin Schesny
media@mirion.com
Source: Mirion Technologies, Inc.
FAQ
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