Mirion Q2 2024 Earnings Report
Key Takeaways
Mirion announced Q2 2024 financial results with a 5.0% increase in revenues to $207.1 million compared to the same period in 2023. The company reported a net loss of $12.0 million, improved from a net loss of $28.4 million in the previous year. Adjusted EBITDA increased by 10.2% to $48.8 million. The company raised its full year adjusted EBITDA guidance to $195 million to $205 million and reiterated its revenue growth guidance of 5% to 7% and adjusted EPS guidance of $0.37-$0.42.
Revenues increased by 5.0% to $207.1 million compared to $197.2 million in the same period last year.
Net loss improved to $12.0 million compared to a net loss of $28.4 million in the same period last year.
Adjusted EBITDA increased by 10.2% to $48.8 million compared to $44.3 million in the same period last year.
The company signed a strategic nuclear new build partnership agreement with EDF.
Mirion
Mirion
Forward Guidance
Mirion is updating its guidance for the fiscal year and 12-month period ending December 31, 2024.
Positive Outlook
- Revenue growth of 5% - 7%, which is unchanged
- Organic revenue growth of 4% - 6%, which is unchanged
- Medical LSD+ organic growth, compared to MSD previously
- Technologies MSD+ organic growth, compared to MSD previously
- Adjusted EBITDA of $195 million - $205 million, increased from $193 million - $203 million previously
Challenges Ahead
- Inorganic revenue growth of approximately 1.5%, primarily as a result of the ec2 acquisition
- Expected closure of lasers business expected to negatively impact organic revenue growth by approximately 30 basis points
- Adjusted EPS of $0.37 - $0.42, which is unchanged
- Adjusted free cash flow of $65 million - $85 million, which is unchanged
- Effective tax rate between 27% and 29%