The following is a summary of the Mirion Technologies, Inc. (MIR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Mirion Technologies reported a Q1 2024 organic revenue growth of 5.5%, in line with expectations.

• Their technologies business displayed the most growth with an 8% increase.

• Adjusted EBITDA rose by 8% year-over-year, reaching nearly $40 million for the quarter.

• A 40 basis point expansion in adjusted EBITDA margin was primarily due to the contributions of the technologies business.

• The company reaffirmed its 2024 financial forecasts, anticipating 4% to 6% organic revenue growth and an adjusted EBITDA between $193 million and $203 million.

• Despite a negative cash flow in Q1, due to a strategic investment, the company remains confident in adhering to guidance and targets positive cash flow in H1.

• Mirion lowered its inventory by $11 million year-over-year, with future improvements anticipated.

Business Progress:

• With healthy end markets, driven by enhancements in nuclear power and cancer care, Mirion is expecting consistent top-line growth.

• The company commercialized its InstadoseVUE technology, beginning with a soft launch in Q1 2024.

• To achieve its 5-year target of a 30% adjusted EBITDA margin, the company is advancing its French business and continues to invest in digital capabilities, AI, and new product development.

• The company foresees growth opportunities in the globally expanding sectors of nuclear power and cancer care, with the latter already representing nearly 30% of the company's total revenue.

• The company is targeting long-term strategic partnerships in the rapidly growing nuclear industry.

• The acquisition of the EC squared software platform is expected to boost order growth for nuclear medicine.

• Mirion expects a 'material' growth in orders for Small Modular Reactors (SMRs).

• Recovery from earlier ERP integration issues in Europe is being noted, with strong performance seen in March and April.

• Growth is projected in Department of Energy-funded life sciences lab activities, planning to leverage their excellent gamma spectroscopy capabilities to improve efficiency and safety in the nuclear medicine sector.

More details: Mirion IR

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