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Dec 31, 2023
Mirion Q4 2023 Earnings Report
Mirion's Q4 2023 financial results were announced, demonstrating revenue growth and improved profitability.
Key Takeaways
Mirion announced strong Q4 2023 results with a 5.7% increase in revenue to $230.4 million and a significant improvement in net loss, which decreased by 90.1% to $15.2 million. Adjusted EBITDA rose by 8.2% to $61.0 million, and adjusted EPS increased to $0.15 from $0.11 in the same period last year. The company also initiated full year 2024 guidance, projecting continued revenue growth and improved profitability.
Revenue increased by 5.7% to $230.4 million compared to the same period last year.
Net loss improved by 90.1% to $15.2 million compared to the same period last year.
Adjusted EBITDA increased by 8.2% to $61.0 million compared to the same period last year.
Adjusted earnings per share increased to $0.15 from $0.11 in the same period last year.
Forward Guidance
Mirion initiated financial guidance for 2024, reflecting sustained momentum in the business with positive vertical market conditions and expectations for solid organic growth, margin expansion, and free cash flow improvement.
Positive Outlook
- Revenue growth of 5% - 7%
- Organic revenue growth of 4% - 6%
- Inorganic revenue growth of ~1%, primarily ec2 acquisition
- Adjusted EBITDA of $193 million - $203 million
- Adjusted EPS of $0.37 - $0.42
Challenges Ahead
- Depreciation of ~$33 million for the year
- Net interest expense of approximately $55 million (approximately $52 million of cash interest)
- Effective tax rate between 26% and 28%
- Capital expenditures of ~$37 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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