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Mirion Technologies, Inc. (MIR)·Q4 2024 Earnings Summary

Executive Summary

  • Record Q4 performance: revenue $254.3M (+10.4% YoY), adjusted EBITDA $69.6M (+14.1% YoY), adjusted EPS $0.17; adjusted EBITDA margin expanded to 27.4% .
  • Sequential acceleration vs Q3: revenue rose from $206.8M to $254.3M, adjusted EBITDA from $45.7M to $69.6M, and adjusted EPS from $0.08 to $0.17 .
  • FY2025 guidance reaffirmed: total revenue growth 4–6%, organic 5.5–7.5%, adjusted EBITDA $215–$230M with 24.5–25.5% margin, adjusted FCF $85–$110M; new adjusted EPS guidance $0.45–$0.50; backlog covers ~49% of midpoint 2025 revenue; large order pipeline $300–$400M .
  • Segment strength: Nuclear & Safety Q4 revenue $168.8M (+13.2% YoY) with 31.3% margin; Medical revenue $85.5M (+5.2% YoY) with 38.8% margin despite China RTQA headwinds .
  • Potential stock reaction catalysts: procurement-driven margin gains, EDF partnerships and Sizewell C wins, AI-driven nuclear demand, and $300–$400M large-order pipeline .

What Went Well and What Went Wrong

What Went Well

  • “Fourth quarter revenue was $254.3 million, a new quarterly record,” with adjusted EPS of $0.17 and adjusted EBITDA nearly $70M, underscoring operational leverage .
  • Margin expansion: full-year adjusted EBITDA margin up ~110 bps; Q4 margins expanded 90 bps YoY driven by procurement initiatives and mix .
  • Orders and backlog: Q4 orders +6% YoY (adjusted +6.8%); backlog $812M giving ~49% FY2025 revenue visibility at midpoint .

What Went Wrong

  • Medical headwinds: RTQA in China down ~40% for the year; lasers business exit; Wisconsin/Virginia consolidation caused inefficiencies; ERP implementation in Q1’25 .
  • Free cash flow conversion: FY2024 adjusted FCF $65M (32% of adjusted EBITDA); working capital was a use of cash; higher CapEx vs plan (dosimetry badge launch, e‑commerce/software) .
  • FX and tariffs: FY2025 guidance includes ~190 bps FX headwind and ~$6M EBITDA FX headwind; tariff exposure across Canada/Mexico/China/EU assessed at ~13% of revenue on a gross bilateral basis .

Financial Results

MetricQ2 2024Q3 2024Q4 2024
Revenue ($USD Millions)$207.1 $206.8 $254.3
Adjusted EBITDA ($USD Millions)$48.8 $45.7 $69.6
Adjusted EBITDA Margin %23.6% 22.1% 27.4%
GAAP EPS ($USD)$(0.06) $(0.07) $0.07
Adjusted EPS ($USD)$0.10 $0.08 $0.17

Segment breakdown (Q4 2024):

SegmentRevenue ($USD Millions)Adjusted EBITDA ($USD Millions)Adjusted EBITDA Margin %
Nuclear & Safety$168.8 $52.8 31.3%
Medical$85.5 $33.2 38.8%

KPIs (Q4 and FY points):

KPIQ4 2024FY 2024
Orders YoY+6% (adjusted +6.8%) Adjusted order book +3% underlying
Backlog ($USD Millions)$812 Adjusted backlog ~flat YoY
Adjusted Free Cash Flow ($USD Millions)$53 $65
Net Leverage (Net Debt / TTM Adj. EBITDA)—2.5x at year-end
Backlog Coverage of FY2025 Midpoint—~49%

Notes:

  • Non-GAAP definitions and reconciliations provided in 8‑K press release exhibits .
  • Q4 YoY baseline: revenue $230.4M in Q4’23 .

Guidance Changes

FY2025 Guidance (Reaffirmed; EPS introduced):

MetricPeriodPrevious Guidance (Dec 2024 Investor Day)Current GuidanceChange
Total Revenue GrowthFY20254.0%–6.0% (per reaffirmation) 4.0%–6.0% (incl. ~190 bps FX headwind) Maintained
Organic Revenue GrowthFY20255.5%–7.5% (per reaffirmation) 5.5%–7.5% (incl. ~30 bps lasers exit headwind) Maintained
Adjusted EBITDAFY2025$215M–$230M (per reaffirmation) $215M–$230M; margin 24.5%–25.5%; ~$6M FX headwind Maintained
Adjusted Free Cash FlowFY2025$85M–$110M (per reaffirmation) $85M–$110M; conversion 39%–48% Maintained
Adjusted EPSFY2025— (not previously given) $0.45–$0.50 Introduced
Effective Tax RateFY2025—25%–27% New modeling detail
Cash TaxesFY2025—~$40M New modeling detail
Average Share CountFY2025—~227M shares (founder vesting/warrants → ~$0.05 EPS headwind) New modeling detail

FY2024 Guidance evolution (for context):

MetricPeriodQ2 2024 GuidanceQ3 2024 Guidance UpdateOutcome/Comment
Total Revenue GrowthFY20245%–7% 6%–7% (tightened) FY revenue $860.8M (+7.5%)
Organic Revenue GrowthFY20244%–6% 5%–6% Organic +6.6%
Adjusted EBITDAFY2024$195M–$205M (raised) $195M–$205M (maintained) $203.6M (high end)
Adjusted EPSFY2024$0.37–$0.42 $0.37–$0.42 $0.41
Adjusted Free Cash FlowFY2024$65M–$85M $65M–$75M (tightened) $65M

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2 2024)Previous Mentions (Q3 2024)Current Period (Q4 2024)Trend
AI-driven nuclear demandStrategic partnership agreement with EDF signed; positioning for new build Hyperscalers’ AI power needs seen as nuclear catalysts EDF alliance; AI data center tenders in France; nuclear “super trend” intact Strengthening
Procurement & marginMargin expansion path; raised EBITDA guide Fifth consecutive quarter of margin expansion Q4 margins +90 bps YoY; full-year +110 bps; procurement/mix key Improving
Orders/backlog—Adjusted nuclear orders +12% (ex large orders) Q4 orders +6%; backlog $812M; ~49% FY2025 coverage Solid/Visible
Medical RTQA & China——China RTQA down ~40% in FY; headwind in Q4; lasers exit; ERP consolidation Headwind
Regional dynamics——Europe/Korea drove Nuclear & Safety growth; NA nuclear flow improved in Q4 Mixed-to-improving
Tariffs/FX/macro——2025 FX headwind (~190 bps revenue; ~$6M EBITDA); tariff exposure ~13% gross bilateral revenue Persistent headwind
Siemens Healthineers alliance——Early-stage; training underway; baseline double-digit medical software growth expected Potential upside

Management Commentary

  • “2024 was a historic year at Mirion… record fourth quarter and record 2024 performance as revenue, adjusted EBITDA and adjusted earnings per share all to previous highs.” — Thomas Logan, CEO .
  • “Approximately 49% of our expected 2025 revenue is already in backlog… we’ve lost none of [the $300–$400M] projects to date.” — Thomas Logan, CEO .
  • “Fourth quarter adjusted EBITDA increased 14%… margins expanded 90 basis points driven by procurement initiatives and operating leverage.” — Thomas Logan, CEO .
  • “We ended 2025 with 2.5x net debt to trailing 12 months adjusted EBITDA… sets the stage for further M&A in 2025.” — Brian Schopfer, CFO .

Q&A Highlights

  • Nuclear mix trajectory: management expects nuclear share of revenue to rise given upper-single-digit growth and rich pipeline; scarcity value in nuclear instrumentation noted .
  • Medical wildcards: upside if China RTQA reverts to mean; Ukraine reconstruction may drive nuclear demand post-conflict; macro/tariff/FX factors modeled conservatively .
  • Book‑and‑bill flow: short-cycle nuclear and nuclear medicine flow improved across Europe and North America in Q4 .
  • EDF/AI data centers: exclusive supplier content for EPR new builds; potential uplift from France’s data center tenders .
  • Tariffs exposure: bilateral flows across Canada/Mexico/China/EU equal ~13% of revenue; natural production/commercial hedges reduce net risk .
  • CMS reimbursement: approvals for nuclear medicine theranostics supportive; no expected near-term reimbursement headwinds .
  • Large orders pipeline: core opportunities expected to trade over balance of 2025; timing lumpy but pipeline broadened .

Estimates Context

  • Wall Street consensus (S&P Global) for Q4 2024 revenue and EPS was unavailable due to SPGI daily request limits. As a result, estimate comparisons could not be included. The company stated Q4 and FY2024 results were “in line with or better than” 2024 guidance despite FX headwinds .

Key Takeaways for Investors

  • Margin trajectory is on track: Q4 adjusted EBITDA margin reached 27.4% and FY improved ~110 bps; procurement, factory initiatives, and operating leverage drive continued expansion in 2025 .
  • Backlog visibility and pipeline underpin FY2025: ~49% revenue coverage from backlog and $300–$400M large-order opportunities provide line-of-sight; watch order timing and conversion .
  • Nuclear exposure rising: strategic EDF agreements and Sizewell C wins plus hyperscaler AI demand enhance medium-term growth optionality; Mirion’s “category of one” positioning is differentiated .
  • Medical segment resilient but near-term headwinds: China RTQA weakness and business consolidation/ERP transition are transitory; nuclear medicine and dosimetry remain growth drivers .
  • Free cash flow conversion is a focus area: FY2024 adjusted FCF at 32% of adjusted EBITDA; company targets $85–$110M and 39%–48% conversion in 2025 with ~18% CapEx reduction .
  • FX/tariffs are modeled conservatively: ~190 bps revenue headwind and ~$6M EBITDA headwind from FX; tariff gross exposure ~13% of revenue with natural hedges .
  • Near-term trading implications: potential catalysts include large-order wins, evidence of margin expansion cadence “every quarter” in 2025, progress in medical software via Siemens Healthineers, and improving short-cycle nuclear flow .

Additional Relevant Press Releases (Q4 timeframe)

  • Awarded strategic contracts for UK Sizewell C project (Electrical Penetration Systems; Boron Meter Systems) — deepening nuclear new-build content .

Appendix: Source Documents

  • Q4 2024 8‑K 2.02 press release and exhibits: .
  • Q4 2024 earnings call transcript: – and supporting parallel transcript –.
  • Q3 2024 8‑K 2.02 press release: –.
  • Q2 2024 8‑K 2.02 press release: –.
  • Sizewell C contracts press release: –.