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Jun 30, 2024
Mirion Q2 2024 Earnings Report
Mirion's financial performance remained steady with revenue growth and strong Adjusted EBITDA margin expansion.
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
Mirion Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comService Revenue
CapyFin.com 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%
Revenue & Expenses
Visualization of income flow from segment revenue to net income