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Jun 30, 2023
Mirion Q2 2023 Earnings Report
Mirion's financial performance was strong, marked by revenue growth and backlog expansion.
Key Takeaways
Mirion announced strong second quarter results with a 12.2% increase in revenues to $197.2 million. The company updated its full year 2023 guidance, expecting revenue growth of 8% to 10% and adjusted EBITDA of $175 million to $185 million.
Revenues for the second quarter increased 12.2% to $197.2 million, compared to $175.8 million in the same period last year.
Net loss was $28.4 million in the second quarter, compared to a net loss of 59.3 million in the same period last year.
Adjusted EBITDA was $44.3 million, a 4.0% increase from $42.6 million in the same period last year.
Net loss per share for the second quarter was $0.14, compared to $0.32 in the second quarter of 2022. Adjusted earnings per share for the quarter was $0.08, compared to $0.13 in the same period last year.
Forward Guidance
Mirion updated its guidance for the fiscal year ending December 31, 2023, expecting revenue growth of 8% - 10%, adjusted EBITDA of $175 million - $185 million, and adjusted EPS of $0.28 - $0.34.
Positive Outlook
- Revenue growth of 8% - 10%, compared to 6% - 9% previously
- Organic revenue growth of 6% - 8%, compared to 4% - 7% previously
- Adjusted EBITDA of $175 million - $185 million, compared to $172 million - $182 million previously
- Adjusted EPS of $0.28 - $0.34, which is unchanged
- Euro to U.S. Dollar foreign exchange conversion rate of 1.09
Challenges Ahead
- Adjusted free cash flow of $45 million - $75 million, compared to $58 million - $78 million previously
- Net interest expense of approximately $60 million (approximately $55 million of cash interest)
- Approximately 199 million shares of Class A common stock outstanding
Historical Earnings Impact
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Avg. Return Before/After Earnings
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