Q3 2024 Mirion Technologies Inc Earnings Call Transcript
Key Points
- Mirion Technologies Inc (MIR) reported an 8% increase in third-quarter revenue compared to the previous year, reaching $207 million.
- The company achieved a 180 basis point improvement in adjusted EBITDA margins, maintaining its full-year guidance for adjusted EBITDA and EPS.
- Mirion Technologies Inc (MIR) is benefiting from favorable macro trends in nuclear power and cancer care, with strategic alliances in the SMR space and growth in nuclear medicine.
- The company secured strategic contracts with the Sizewell C Nuclear Power Station project in the UK, adding to its strong pipeline of new order opportunities.
- Operational improvements are yielding results, with medical EBITDA margins up 50 basis points and technology EBITDA margins up 370 basis points year-over-year.
- Mirion Technologies Inc (MIR) experienced a 30% decline in third-quarter order rates compared to the previous year, although this was due to large one-time orders in the prior year.
- The company faced a de-booking of orders related to a project in Turkey due to a contractual dispute, impacting its backlog.
- RTQA growth was flat due to JPY weakness and anti-corruption campaigns in China, affecting new clinic growth.
- Despite strong revenue growth, the company adjusted its free cash flow guidance to the lower end of its previous range.
- The backlog growth was only 2% higher year-over-year, raising concerns about the correlation between backlog dynamics and top-line growth.
Ladies and gentlemen, greeting and welcome to the Mirion Technologies third-quarter, 2024 earnings conference call.
(Operator Instructions) As a reminder, this conference is being recorded.
Now, my pleasure to introduce your host, Eric Linn. Please go ahead.
Thank you, and good morning and welcome to Mirion's third-quarter, 2024 earnings conference call. Joining me this morning are Mirion CEO, Tom Logan; and Mirion CFO Brian Schopfer.
Before we begin today's prepared remarks allow me to remind you 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.
The 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 Mirion's other SEC filings under the caption risk factors.
Quarterly references within today's discussion are related to the third
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