Mirion Technologies, Inc. (MIR) Bundle
A Brief History of Mirion Technologies, Inc.
Mirion Technologies, Inc. (MIR) has undergone significant transformations since its inception, evolving into a leader in radiation detection and measurement technologies. As of 2024, the company is positioned to leverage its advanced technologies in medical and industrial applications.
Company Overview
Mirion Technologies was formed through a business combination that closed on June 17, 2021, resulting in its current public company status. The company focuses on providing advanced radiation detection and measurement solutions across various sectors, including healthcare, nuclear power, and environmental monitoring.
Financial Performance
For the nine months ended September 30, 2024, Mirion reported total revenues of $606.5 million, representing an increase from $570.5 million for the same period in 2023. The growth in revenue is attributed to strong performance in both the Medical and Technologies segments.
| Financial Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenues | $206.8 million | $191.2 million |
| Net Loss | $(14.0) million | $(12.9) million |
| Gross Profit | $92.9 million | $80.8 million |
| Income from Operations | $(1.6) million | $(11.1) million |
Segment Performance
The Medical segment generated revenues of $214.1 million for the nine months ended September 30, 2024, compared to $203.2 million in 2023. The Technologies segment also saw an increase, with revenues rising to $392.4 million from $367.3 million year-over-year.
Cost Structure and Operational Efficiency
The cost of revenues for the nine months ended September 30, 2024, was $329.1 million, up from $322.6 million in 2023. This increase was driven by higher operational costs associated with organic growth and inflationary pressures. Despite these challenges, the company has managed to improve its gross profit margins.
Cash Flow and Liquidity
As of September 30, 2024, Mirion had cash and cash equivalents totaling $133.7 million, an increase from $128.8 million at the end of 2023. The company maintains access to a revolving credit facility of $90.0 million, with approximately $72.2 million available as of the same date.
Debt Profile
Mirion's long-term debt consists of a senior secured first lien term loan facility of $830.0 million and a senior secured revolving facility. The term loan matures on October 20, 2028, while the revolving facility is scheduled to mature on October 20, 2026. The company has been actively managing its debt, reducing interest expenses to $39.6 million for the nine months ended September 30, 2024, down from $42.7 million in the previous year.
Market Position and Future Outlook
Mirion Technologies continues to innovate in the field of radiation detection and measurement. With a focus on expanding its product offerings and enhancing operational efficiencies, the company is well-positioned for future growth in diverse markets.
A Who Owns Mirion Technologies, Inc. (MIR)
Ownership Structure
As of 2024, Mirion Technologies, Inc. (MIR) has a diverse ownership structure that includes both institutional and individual shareholders. The company's shares are primarily categorized into Class A and Class B common stock.
Major Shareholders
The following table summarizes the major shareholders of Mirion Technologies, Inc. as of September 30, 2024:
| Shareholder | Type of Ownership | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Lawrence Kingsley | Executive | 4,200,000 | 1.86% |
| Thomas Logan | Executive | 3,200,000 | 1.42% |
| Brian Schopfer | Executive | 700,000 | 0.31% |
| Charterhouse Capital Partners LLP | Former Majority Shareholder | 0 | 0% |
| Institutional Investors | Various | ~30,000,000 | ~13.33% |
| Public Float | General Public | ~200,000,000 | ~88.30% |
Stock Performance and Recent Changes
As of September 30, 2024, the total number of shares outstanding was approximately 225.5 million, consisting of 225.5 million Class A shares and 6.79 million Class B shares. The Class B shares are primarily held by insiders and are convertible into Class A shares under certain conditions. The ownership of Class A shares is more widely distributed among public investors.
Recent Transactions and Market Activity
In 2023, Charterhouse Capital Partners sold its remaining shares in Mirion Technologies, indicating a shift in the ownership landscape. The company's stock has experienced fluctuations, reflecting broader market trends and company-specific developments.
Financial Overview
Mirion Technologies reported revenues of $606.5 million for the nine months ended September 30, 2024, compared to $570.5 million for the same period in 2023. The net loss attributable to Mirion Technologies, Inc. shareholders for the nine months ended September 30, 2024, was $51.1 million, with a net loss per common share of $0.25.
Conclusion on Ownership Dynamics
The ownership of Mirion Technologies, Inc. reflects a mix of executive holdings, institutional investments, and a significant public float. The recent divestiture by Charterhouse Capital Partners marks a notable change in the company's ownership profile, potentially influencing future governance and strategic direction.
Mirion Technologies, Inc. (MIR) Mission Statement
Company Overview
Mirion Technologies, Inc. specializes in providing advanced solutions for radiation detection and measurement. The company operates primarily in two segments: Medical and Technologies. The Medical segment focuses on products and services for radiation therapy and personal dosimetry, while the Technologies segment serves defense, nuclear energy, laboratories, and industrial markets.
Mission Statement
As of 2024, Mirion Technologies, Inc.'s mission is to deliver innovative radiation detection and measurement solutions that enhance safety, improve operational efficiency, and support the health and well-being of individuals and communities globally. The company is committed to maintaining the highest standards of quality, reliability, and customer service.
Key Financial Data
The financial performance of Mirion Technologies reflects its mission-driven approach, showcasing growth in revenues and operational effectiveness.
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Revenues | $206.8 million | $191.2 million | $606.5 million | $570.5 million |
| Cost of Revenues | $113.9 million | $110.4 million | $329.1 million | $322.6 million |
| Gross Profit | $92.9 million | $80.8 million | $277.4 million | $247.9 million |
| Net Loss | $(14.0) million | $(12.9) million | $(52.5) million | $(84.2) million |
| Adjusted EBITDA | $45.7 million | $38.8 million | $134.0 million | $119.7 million |
Strategic Initiatives
Mirion Technologies is actively pursuing several strategic initiatives to align with its mission statement:
- Enhancing product offerings through continuous innovation in radiation measurement technologies.
- Expanding global market presence, particularly in Europe and Asia, to better serve international customers.
- Investing in research and development to improve product efficiency and reliability.
Market Position and Competitive Landscape
Mirion Technologies is positioned as a leader in the radiation detection market, competing with other firms in both the Medical and Technologies segments. Its commitment to quality and customer service has allowed it to maintain a strong reputation and customer loyalty.
Regulatory and Compliance Considerations
The company operates in a heavily regulated environment, ensuring compliance with safety and environmental standards that govern radiation detection and measurement. This adherence is crucial to fulfilling its mission of protecting public health and safety.
Recent Developments
In 2023, Mirion Technologies acquired ec2 Software Solutions LLC for $33 million, enhancing its capabilities in the medical software sector. This acquisition aligns with its mission to provide comprehensive solutions in radiation detection and measurement, bolstering its service offerings in the Medical segment.
Conclusion
Mirion Technologies, Inc.'s mission statement is deeply embedded in its operational strategies and performance metrics. The company's focus on innovation, quality, and customer service drives its growth and positions it for future success in the radiation detection industry.
How Mirion Technologies, Inc. (MIR) Works
Business Overview
Mirion Technologies, Inc. operates in two primary segments: Medical and Technologies. The company specializes in radiation detection and measurement technologies and provides a wide range of products and services that cater to the medical, industrial, and nuclear sectors.
Financial Performance
For the nine months ended September 30, 2024, Mirion reported revenues of $606.5 million, an increase from $570.5 million in the same period of 2023. This represents a growth of $36.0 million.
The gross profit for the same period was $277.4 million, compared to $247.9 million in 2023, marking an increase of $29.5 million.
Segment Performance
The Medical segment generated revenues of $214.1 million for the nine months ended September 30, 2024, compared to $203.2 million in 2023. The Technologies segment saw revenues of $392.4 million, up from $367.3 million in the prior year.
| Segment | Revenues (2024) | Revenues (2023) | Income from Operations (2024) | Income from Operations (2023) |
|---|---|---|---|---|
| Medical | $214.1 million | $203.2 million | $10.4 million | $1.6 million |
| Technologies | $392.4 million | $367.3 million | $45.8 million | $23.7 million |
Cost Structure
The cost of revenues for the nine months ended September 30, 2024, was $329.1 million, compared to $322.6 million in 2023. Selling, general and administrative expenses (SG&A) amounted to $255.9 million in 2024, up from $252.8 million in the previous year.
Net Loss and Adjusted EBITDA
Mirion experienced a net loss of $52.5 million for the nine months ended September 30, 2024, compared to a net loss of $84.2 million in the same period of 2023. Adjusted EBITDA for the nine months ended September 30, 2024, was $134.0 million, compared to $119.7 million in 2023.
Debt Profile
As of September 30, 2024, total third-party debt stood at $696.8 million. The 2021 Credit Agreement provides for up to $90.0 million in revolving borrowings, with approximately $72.2 million available as of September 30, 2024.
| Debt Component | Amount (2024) | Amount (2023) |
|---|---|---|
| Total Third-Party Debt | $696.8 million | $698.4 million |
| Revolving Borrowings Available | $72.2 million | $73.3 million |
Liquidity and Cash Flow
At September 30, 2024, Mirion reported cash and cash equivalents of $133.7 million, including approximately $104.2 million held outside the United States. Net cash provided by operating activities was $38.3 million for the nine months ended September 30, 2024.
Market Conditions
Mirion's performance is influenced by several market conditions, including international conflicts, inflation, and interest rates. These factors can impact operational costs, supply chain stability, and overall demand for the company's products and services.
How Mirion Technologies, Inc. (MIR) Makes Money
Overview of Revenue Streams
Mirion Technologies, Inc. generates revenue primarily through two segments: Medical and Technologies. For the nine months ended September 30, 2024, total revenues reached $606.5 million, an increase from $570.5 million during the same period in 2023.
| Segment | Revenue (2024) | Revenue (2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| Medical | $214.1 million | $203.2 million | $10.9 million | 5.4% |
| Technologies | $392.4 million | $367.3 million | $25.1 million | 6.8% |
| Total | $606.5 million | $570.5 million | $36.0 million | 6.3% |
Medical Segment
The Medical segment focuses on radiation therapy and personal dosimetry. This segment reported revenues of $214.1 million for the nine months ended September 30, 2024, compared to $203.2 million in the same period of 2023. The increase of $10.9 million was primarily driven by:
- Price Increases: Contributed approximately $9.4 million.
- Organic Growth: Added around $7.6 million.
- Acquisition Impact: The ec2 business acquisition contributed $10.0 million.
However, the segment faced challenges including a $3.8 million drop in revenues due to the disposal of the Rehab business and $3.7 million reduction from orders in China and Russia.
Technologies Segment
The Technologies segment includes products and services for defense, nuclear energy, and industrial markets. Revenues for this segment were $392.4 million for the nine months ended September 30, 2024, marking an increase from $367.3 million in 2023. The $25.1 million increase was primarily due to:
- Price Increases: Contributed approximately $30.5 million.
- Organic Growth: Offset by a $5.8 million decrease due to project execution timing.
Income from Operations
For the nine months ended September 30, 2024, the income from operations for each segment was:
| Segment | Income from Operations (2024) | Income from Operations (2023) | Change ($) |
|---|---|---|---|
| Medical | $10.4 million | $1.6 million | $8.8 million |
| Technologies | $45.8 million | $23.7 million | $22.1 million |
| Total | $4.2 million (Loss) | $35.3 million (Loss) | $31.1 million |
Cost Structure
The cost of revenues for the nine months ended September 30, 2024, was $329.1 million, compared to $322.6 million in 2023, reflecting a $6.5 million increase. This includes:
- Medical Segment: Cost increased by $5.2 million due to organic growth and inflation.
- Technologies Segment: Cost increased by $1.4 million driven by higher volume and inflation.
Operating Expenses
For the nine months ended September 30, 2024, selling, general, and administrative (SG&A) expenses totaled $255.9 million, a slight increase from $252.8 million in 2023. This includes:
- Medical Segment SG&A: Increased by $3.9 million due to inflation and restructuring costs.
- Technologies Segment SG&A: Increased by $1.3 million due to higher compensation costs.
Net Loss and Financial Position
The net loss for the nine months ended September 30, 2024, was $52.5 million, improved from a loss of $84.2 million in 2023. Key metrics include:
- Net Interest Expense: $39.6 million for 2024 compared to $42.7 million in 2023.
- Cash and Cash Equivalents: $133.7 million as of September 30, 2024, up from $128.8 million at December 31, 2023.
Liquidity and Capital Resources
Mirion Technologies has a credit agreement providing for up to $90.0 million of revolving borrowings. The amount available on the revolver as of September 30, 2024, was approximately $72.2 million.
Conclusion
Mirion Technologies, Inc. continues to enhance its revenue through strategic pricing, acquisitions, and organic growth across its Medical and Technologies segments, while working on improving its operational efficiency and reducing losses.
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Article updated on 8 Nov 2024
Resources:
- Mirion Technologies, Inc. (MIR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Mirion Technologies, Inc. (MIR)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Mirion Technologies, Inc. (MIR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.