Q2 2024 Mirion Technologies Inc Earnings Call Transcript
Key Points
- Mirion Technologies Inc (MIR) signed a strategic partnership agreement with EDF, the largest operator of nuclear power plants in the world, which is expected to be the largest commercial deal in the company's history.
- The company reported solid organic revenue growth in Q2, with technologies leading the way with 4% growth and medical delivering 3% growth.
- Adjusted free cash flow was nearly $9 million in the quarter, meeting the commitment to being cash flow positive for the first half of the year.
- Mirion Technologies Inc (MIR) raised its adjusted EBITDA target to $195 to $205 million and reiterated its ranges for organic revenue growth of 4% to 6%, adjusted EPS of $0.37 to $0.42, and adjusted free cash flow of $65 to $85 million.
- The company saw better-than-expected adjusted EBITDA margins, driven by strong execution and positive results from procurement initiatives and operating leverage.
- Second quarter order growth was relatively flat compared to the same period last year, indicating potential challenges in maintaining momentum.
- Radiation Therapy QA saw negative order growth in the first half, driven by softer international orders due to the depreciation of the Japanese yen and market disruptions in China.
- The company will not be providing segment-by-segment order numbers going forward, which may reduce transparency for investors.
- Labs and research had negative order growth compared to last year, impacted by governmental budgetary dynamics and tough comparisons.
- Despite positive cash flow in the first half, the company expects free cash flow to come in towards the lower end of the $65 million to $85 million range for the year.
Greetings and welcome to the Mirion Technologies second quarter 2024 earnings conference call. (Operator Instructions) And as a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jerry Estes, Manager of Investor Relations. Thank you, sir. You may begin.
Good morning, everyone, and thank you for joining Mirion second quarter 2024 earnings call. A reminder, that comments made during this call will include forward looking statements and actual results may differ materially from those projected in the forward-looking statements. and factors that could cause actual results to differ are discussed in our annual reports on Form 10 K, quarterly reports on Form 10 Q and in Myriad's other SEC filings under the caption Risk Factors. Quarterly references within today's discussion are related to the second quarter ended June 30th, 2020. For the comments made during this call will also include certain financial measures that were not prepared in accordance with generally accepted
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