Mirion Technologies Reports Revenue Growth and Strategic Developments, Net Loss Widens

As of September 30, 2024, Mirion Technologies, Inc. reported total assets of $2,653.9 million, a decrease from $2,718.5 million at the end of 2023. Total current assets rose to $546.5 million, up from $538.6 million, with cash and cash equivalents increasing to $133.3 million from $128.8 million. However, accounts receivable fell to $148.6 million from $172.3 million, while costs in excess of billings on uncompleted contracts increased to $70.3 million from $48.7 million. Total liabilities decreased to $1,079.0 million from $1,168.5 million, and stockholders’ equity increased to $1,574.9 million from $1,550.0 million.

For the three months ended September 30, 2024, revenues reached $206.8 million, compared to $191.2 million in the same period of 2023. Product revenues also increased to $153.2 million from $142.6 million. Gross profit for the quarter was $92.9 million, up from $80.8 million, while the loss from operations improved to $(1.6) million from $(11.1) million. However, the net loss widened to $(14.0) million from $(12.9) million year-over-year. For the nine months ended September 30, 2024, total revenues were $606.5 million, an increase from $570.5 million in 2023, with a net loss of $(52.5) million compared to $(84.2) million in the prior year.

The company’s strategic developments included the acquisition of ec2 Software Solutions, LLC and NUMA LLC for $31.4 million on November 1, 2023, which contributed to the Medical segment's revenue growth. Additionally, Mirion sold its Biodex Rehabilitation business for $1.0 million in cash and $7.0 million in deferred payments, recording a loss of $6.5 million due to concerns about the buyer's financial viability.

Operating expenses reflected a mixed trend, with SG&A expenses increasing slightly to $84.3 million from $83.7 million, while R&D expenses rose to $10.2 million from $7.9 million. The Technologies segment saw a significant increase in income from operations, rising to $14.7 million from $5.4 million, driven by price increases and organic growth.

The company also experienced a foreign currency translation gain of $29.5 million for the quarter, contrasting with a loss of $(20.3) million in the same period last year. The effective income tax rate for the quarter was (7.7%), compared to 5.8% in 2023, influenced by a mix of earnings and valuation allowances.

Overall, Mirion Technologies is navigating a period of revenue growth and strategic acquisitions while managing operational challenges and restructuring efforts.