Mirion Announces First Quarter 2025 Financial Results and Updates Full Year Guidance

   -- Revenues for the first quarter increased 4.9% to $202.0 million, compared 
      to $192.6 million in the same period in 2024. 
 
   -- GAAP net income was $0.4 million in the first quarter, compared to a GAAP 
      net loss of $26.5 million in the same period in 2024; a 102% improvement. 
      Adjusted EBITDA was $46.7 million in the first quarter, an 18% increase 
      from $39.5 million in the same period last year. 
 
   -- GAAP net earnings per share in the first quarter was $0.00, compared to a 
      GAAP net loss per share of $0.13 in the same period in 2024. Adjusted 
      earnings per share for the quarter was $0.10, compared to $0.06 in the 
      same period in 2024. 
 
   -- The company reaffirmed 2025 Organic Revenue growth, Adjusted EBITDA, 
      Adjusted EPS, and Adjusted Free Cash Flow guidance while revising total 
      revenue growth and the corresponding Adjusted EBITDA margin for the 
      fiscal year ending December 31, 2025, including estimated tariff impacts 
      based on today's levels, net of mitigating actions and updated full year 
      foreign exchange rates. 
ATLANTA--(BUSINESS WIRE)--April 29, 2025-- 

Mirion ("we" or the "company") $(MIR)$, a global provider of radiation detection, measurement, analysis, and monitoring solutions to the nuclear, medical, defense, and research end markets, today announced results for the first quarter ended March 31, 2025.

"We delivered a strong start to the year, with year-over-year revenue growth and adjusted free cash flow generation," commented Mirion's Chairman and Chief Executive Officer Thomas Logan. "Additionally, order entry accelerated, driven by strong demand from the nuclear power end-market. We continue to be bullish on the year, notwithstanding the impact of new prevailing tariffs and U.S. government funding reductions."

"Both of our operating segments grew first quarter revenue compared to the prior year. This supported Adjusted EBITDA margin expansion, reflecting both operating leverage and procurement savings in the quarter."

Logan concluded, "First quarter total orders marked an 11.5% year-over-year improvement to $203 million. Importantly, this does not include any of the potential $300 to $400 million large, one-time orders currently in the bidding process. This performance reflects the net favorable macro factors supporting growth in our business."

2025 Guidance

Commenting on Mirion's full year 2025 guidance, Logan said, "Our resilient business model has us on-track for 2025 Organic Revenue growth, Adjusted EBITDA, Adjusted EPS, and Adjusted Free Cash Flow guidance. We remain confident in our value creation strategy and are well-positioned for the new tariff landscape. Our regionalized supply chain is a competitive advantage in today's uncertain trade environment and de-risks our ability to address customers' needs."

Mirion has reaffirmed 2025 Organic Revenue growth, Adjusted EBITDA, Adjusted EPS, and Adjusted Free Cash Flow guidance while revising total revenue growth and the corresponding Adjusted EBITDA margin for the fiscal year ending December 31, 2025, including estimated tariff impacts based on today's levels, net of mitigating actions and updated full year foreign exchange rates.

   -- Revenue growth of approximately 5.0% -- 7.0% (previously 4.0% -- 6.0%); 
      includes a foreign exchange rate headwind of approximately 40 basis 
      points using a Euro-to-USD exchange rate of 1.08. 
 
   -- Organic Revenue growth of approximately 5.5% -- 7.5% (no change from 
      previous guidance); includes an approximately 30 basis point lasers 
      business closure headwind from 2024 
 
   -- Adjusted EBITDA and Adjusted EBITDA margin of approximately $215 million 
      -- $230 million (no change from previous guidance) and 24.0% -- 25.5% 
      (previously 24.5% -- 25.5%), respectively 
 
   -- Adjusted Free Cash Flow of approximately $85 million -- $110 million (no 
      change from previous guidance); Adjusted Free Cash Flow Conversion of 
      approximately 39% -- 48% of adjusted EBITDA (no change from previous 
      guidance) 
 
   -- Adjusted EPS of approximately $0.45 -- $0.50 per share (no change from 
      previous guidance) 

Additional modeling and guidance assumptions are included on slide 17 in the earnings presentation on the Company's investor relations page.

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 revenue growth, adjusted EBITDA, adjusted EBITDA margin, adjusted EPS, adjusted free cash flow and adjusted free cash flow conversion are not available without unreasonable effort.

Conference Call

Mirion will host a conference call tomorrow, April 30, 2025 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 May 14, 2025. Participants may access the replay at 1-844-512-2921 or 1-412-317-6671, and enter access code 13753466. 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 backlog and order potential, our business strategy and plans, our objectives for future operations, macroeconomic trends, including the impact of tariffs, trends in cancer care, nuclear power and small modular reactor, foreign exchange, interest rate and inflation expectations and any future mergers, acquisitions, divestitures and strategic investments, including the completion and integration of previously completed transactions. 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 Russia, the relationship between the United States and China, conflict in the Middle East, tariffs or other trade and supply chain disruptions, and risks of slowing economic growth or economic recession in the United States and globally; developments in the government budgets (defense and non-defense) in the United States and other countries, including budget reductions, sequestration, implementation of spending limits or changes in budgetary priorities, delays in the government budget process, a U.S. government shutdown or the U.S. government's failure to raise the debt ceiling; risks related to the public's perception of nuclear radiation and nuclear technologies; risks related to the continued growth of our end markets; our ability to win new customers and retain existing customers; our ability to realize sales expected from our backlog of orders and contracts; risks related to governmental contracts; our ability to mitigate risks associated with long-term fixed price contracts, including risks related to inflation; risks related to information technology system failures or other disruptions or cybersecurity, data security or other security threats; risks related to the implementation and enhancement of information systems; our ability to manage our supply chain or difficulties with third-party manufacturers; risks related to competition; our ability to manage disruptions of, or changes in, our independent sales representatives, distributors and original equipment manufacturers; our ability to realize the expected benefit from strategic transactions, such as acquisitions, divestitures, investments and partnerships, including any synergies, or internal restructuring and improvement efforts; our ability to issue debt, equity or equity-linked securities in the future; risks related to changes in tax law and ongoing tax audits; risks related to future legislation and regulation both in the United States and abroad; risks related to the costs or liabilities associated with product liability claims; risks related to the uncertainty of legal claims, litigation, arbitration and similar proceedings; our ability to attract, train and retain key members of our leadership team and other qualified personnel; risks related to the adequacy of our insurance coverage; risks related to the global scope of our operations, including operations in international and emerging markets; risks related to our exposure to fluctuations in foreign currency exchange rates, interest rates

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April 29, 2025 16:15 ET (20:15 GMT)