Mirion Technologies, Inc. Completes Acquisition of Computerized Imaging Reference Systems, Inc.

Rhea-AI Summary

Mirion Technologies, Inc. (NYSE: MIR) has completed the acquisition of Computerized Imaging Reference Systems, Inc. (CIRS) for approximately $54 million. CIRS specializes in medical imaging and radiation therapy phantoms, crucial for calibrating diagnostic equipment, measuring radiation doses, and ensuring quality assurance in medical settings. This strategic move is expected to enhance Mirion's Medical segment and improve patient outcomes. However, risks exist regarding integration challenges and anticipated benefits may not fully materialize.

Positive

• Acquisition of CIRS enhances Mirion's product offerings in medical imaging and radiation therapy.
• CIRS technology is expected to improve patient outcomes and bolster quality assurance in medical settings.

Negative

• Integration challenges may arise, potentially impacting the realization of expected benefits.
• There is uncertainty regarding the full development of anticipated synergies.

ATLANTA--(BUSINESS WIRE)-- Mirion Technologies, Inc. (NYSE: MIR) (“Mirion”) (“Company”), a global provider of detection, measurement, analysis and monitoring solutions to the medical, nuclear, defense, and research end markets, today announced that it had completed the acquisition of Computerized Imaging Reference Systems, Inc. (“CIRS”), a leading provider of medical imaging and radiation therapy phantoms serving the medical industry.

CIRS specializes in the design, development and commercialization of tissue equivalent medical imaging and radiation therapy phantoms for the radiotherapy and radio-diagnostic markets. The critical technology of CIRS is used to:

• Calibrate and test diagnostic imaging and radiation therapy equipment;
• Measure radiation dose in specific anatomical geometries;
• Maintain critical quality assurance standards; and
• Improve patient outcomes.

On November 11, 2021, Mirion had announced that the Company had signed a definitive agreement to acquire CIRS for approximately $54 million, and will be integrated into the Company’s Medical segment.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “should,” “would,” “will,” “understand” and similar words are intended to identify forward looking statements. These forward-looking statements include but are not limited to, statements regarding the critical technology of CIRS and the benefits of CIRS’ technology to Mirion and its customers. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including the risk that problems may arise in integrating CIRS’ business and technology and that expected benefits, operating results and synergies may not develop as anticipated.

Additional risks and uncertainties that could affect the forward-looking statements in this press release are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth from time to time in filings and reports we make from time to time with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q filed on November 10, 2021.

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.

About Mirion
Mirion Technologies is a leading provider of detection, measurement, analysis and monitoring solutions to the nuclear, defense, medical and research end markets. The organization aims to harness its unrivaled knowledge of ionizing radiation for the greater good of humanity. Headquartered in Atlanta (GA – USA), Mirion employs around 2,500 people and operates in 13 countries. For more information, and for the latest news and content from Mirion, visit Mirion.com.

About Computerized Imaging Reference Systems, Inc.
Computerized Imaging Reference Systems, Inc. (CIRS) was founded in 1982 by Dr. Elias Zerhouni and is based in Norfolk, VA. CIRS develops tissue simulation and medical phantom technology for the radiation therapy and diagnostic imaging markets and has become a recognized leader in medical quality (QA) solutions. For more information, visit cirsinc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211202005267/en/

For investor inquiries:

Brian Schopfer

ir@mirion.com

For media inquiries:

Matthew Maddox

mmaddox@mirion.com

Source: Mirion Technologies, Inc.

FAQ

What did Mirion Technologies announce on December 2, 2021?

Mirion Technologies announced the completion of its acquisition of Computerized Imaging Reference Systems, Inc. for approximately $54 million.

How will the CIRS acquisition impact Mirion Technologies?

The acquisition aims to enhance Mirion's Medical segment by improving product offerings and patient outcomes through advanced imaging technology.

What are the risks associated with the CIRS acquisition for Mirion (NYSE: MIR)?

Risks include potential integration challenges and uncertainties regarding the realization of expected synergies and benefits from the acquisition.

What is the significance of CIRS technology to Mirion Technologies?

CIRS technology is critical for calibrating diagnostic imaging equipment and ensuring quality assurance in medical applications, enhancing overall service delivery.