Mirion (NYSE: MIR), a global provider of radiation detection, measurement, analysis, and monitoring solutions across the medical, nuclear, defense, and research sectors, has released its financial results for the second quarter ending June 30, 2024.
“Our Q2 results met our expectations,” said Thomas Logan, CEO of Mirion. “We saw consistent top-line growth and strong Adjusted EBITDA margin expansion in both segments. Additionally, we secured a strategic partnership with EDF, strengthening our competitive position in the nuclear new build market for the future. We are optimistic about the growth trends in cancer care and nuclear power and believe our business is well-positioned for the latter half of the year and beyond.”
2024 Outlook Update
“Looking ahead to the second half of 2024, we maintain our revenue growth and adjusted free cash flow expectations,” Mr. Logan continued. “Our updated Adjusted EBITDA range reflects robust year-to-date performance and potential for further margin expansion. We are committed to improving our overall cash conversion dynamics and enhancing our net working capital position.”
Updated Guidance for Fiscal Year Ending December 31, 2024:
- Revenue growth of 5% – 7%, unchanged
- Organic revenue growth of 4% – 6%, unchanged
- Medical LSD+ organic growth, compared to MSD previously
- Technologies MSD+ organic growth, compared to MSD previously
- Inorganic revenue growth of approximately 1.5%, primarily from the ec2 acquisition
- Expected closure of lasers business to negatively impact organic revenue growth by approximately 30 basis points
- Adjusted EBITDA of $195 million – $205 million, increased from $193 million – $203 million previously
- Adjusted EPS of $0.37 – $0.42, unchanged
- Adjusted free cash flow of $65 million – $85 million, unchanged
Additional Assumptions for Guidance:
- Depreciation of approximately $34 million for the year
- Net interest expense of approximately $53 million (approximately $52 million of cash interest)
- Effective tax rate between 27% and 29%
- Capital expenditures of approximately $42 million
- Cash taxes of approximately $35 million
- Approximately 205 million shares of Class A common stock outstanding
- Euro to U.S. Dollar foreign exchange conversion rate of 1.07
- Cash non-operating expenses of approximately $10 million
- Stock-based compensation of approximately $11 million
Mirion’s guidance includes forward-looking statements and actual results may vary due to known and unknown risks and uncertainties. Forward-looking non-GAAP financial measures are presented without reconciliations due to the difficulty in projecting and quantifying various adjusting items, such as stock-based compensation expense, amortization and depreciation expense, and merger and acquisition activity. Thus, reconciliations of guidance for organic and inorganic revenue, adjusted EBITDA, adjusted EPS, and adjusted free cash flow are not available without unreasonable effort.
