Leadership team to outline unique position
within growing nuclear and cancer care markets
Mirion (“we” or the “company”) (NYSE: MIR), a leading provider
of radiation safety solutions supporting advancements in nuclear
power and cancer care, will host an Investor Day today, December 3,
2024, at 2:00pm ET. The event will be held at the New York Stock
Exchange in New York, NY. In-person attendance requires prior
registration. Interested parties may access the livestream of the
event, related published materials and a replay of the event by
accessing Mirion’s IR website at ir.mirion.com.
The event will feature presentations by members of Mirion’s
leadership team, followed by a live question-and-answer
session.
The Mirion management team will discuss the company’s updated
strategic and financial outlook, including:
- Promising market tailwinds supporting nuclear power growth
opportunities amidst new builds, the installed base and small
modular reactor development;
- An update on cancer care market dynamics in both radiation
therapy and nuclear medicine;
- A discussion of the company’s commitment to commercial and
operational excellence;
- Advancements in digital and innovation strategies taking shape
across the enterprise;
- Initial 2025 guidance and a long-term financial outlook for
2028;
- The announcement of an anti-dilutive and opportunistic share
repurchase program; and
- An update to the company’s capital allocation strategy.
“This is a very exciting time in Mirion’s history, and I am
thrilled to share our updated strategy and outlook with the
investment community,” stated Mirion’s CEO, Thomas Logan. “We are
uniquely positioned in the middle of two super trends taking place
in nuclear power and cancer care, which I expect to deliver robust
growth for the business in the years to come. With our focus on
commercial and operational excellence, I am confident in our
approach to expand and protect shareholder value in the short- and
longer-term.”
Financial Projections
2028 Long-Term Financial Outlook
At the Investor Day, Mirion will provide its 2028 long-term
financial outlook, including projected:
- Revenue of approximately $1.1 billion by 2028, assuming
approximately 6% - 8% organic revenue growth
- Adjusted EBITDA margin of approximately 30% by 2028
- Adjusted Free Cash Flow Conversion of approximately 60% of
adjusted EBITDA by 2028; interim target of approximately 50% of
adjusted EBITDA by 2026
Organic revenue growth guidance excludes the impact of foreign
exchange rates as well as any mergers, acquisitions and
divestitures. Other modeling and guidance assumptions will be
included in the appendix of the Investor Day presentation.
Initial 2025 Financial Guidance
In addition, Mirion will provide initial 2025 financial
guidance, including:
- Organic revenue growth of approximately 5.5% - 7.5%; includes
an approximately 30 basis point lasers business divestiture
headwind from 2024
- Revenue growth of approximately 4.0% - 6.0%; includes a foreign
exchange rate headwind of approximately 150 basis points
- Adjusted EBITDA and adjusted EBITDA margin of approximately
$215 million - $230 million and 24.5% - 25.5%, respectively;
includes a foreign exchange rate headwind to adjusted EBITDA of
approximately $3.5 million
- Adjusted Free Cash Flow of approximately $85 million - $110
million; adjusted Free Cash Flow Conversion of approximately 39% -
48% of Adjusted EBITDA
- Assumes a 1.05 Euro-to-USD foreign exchange rate
The company’s guidance contains forward-looking statements and
actual results may differ materially as a result of known and
unknown uncertainties and risks, including those set forth below
under the heading “Forward-Looking Statements.” In addition,
forward-looking non-GAAP financial measures are presented on a
non-GAAP basis without reconciliations of such forward-looking
non-GAAP measures due to the inherent difficulty in projecting and
quantifying the various adjusting items necessary for such
reconciliations, such as stock-based compensation expense,
amortization and depreciation expense, merger and acquisition
activity and purchase accounting adjustments, that have not yet
occurred, are out of Mirion’s control, or cannot be reasonably
predicted. Accordingly, reconciliations of our guidance for organic
and inorganic revenue, adjusted EBITDA, adjusted EPS and adjusted
free cash flow are not available without unreasonable effort.
Strategic Partnership
Memorandum of Understanding Signed with Electronics
Corporation of India Ltd
Mirion signed, with its Indian partner AdvanceTech, a Memorandum
of Understanding with Electronics Corporation of India Ltd (ECIL),
the leading player in this market, to support the rapid growth of
India's nuclear sector. This partnership will leverage Mirion's
expertise in advanced radiation monitoring systems and ECIL’s local
manufacturing and market insights to jointly fabricate, assemble,
test, and supply radiation monitors. Through this collaboration,
both companies aim to address the demands of India’s nuclear
infrastructure expansion.
Share Repurchase Program
Will announce a $100 million share repurchase program
The company will also announce a share repurchase program for up
to $100 million of the currently outstanding shares of the
company’s Class A common stock, as approved by the Board of
Directors of the company. The share repurchase program is designed
to mitigate the going forward dilutive impact of shares issued
under the company’s 2021 Omnibus Incentive Plan and to provide
management with capital structure flexibility while concurrently
managing objectives related to balance sheet leverage, acquisition
opportunities, and shareholder returns. Under the share repurchase
program, the company intends to repurchase shares through open
market purchases, privately negotiated transactions, block
purchases or otherwise in accordance with applicable federal
securities laws, including Rule 10b-18 of the Securities Exchange
Act of 1934 (the “Exchange Act”).
The Board also authorized the company to enter into written
trading plans under Rule 10b5-1 of the Exchange Act. Adopting a
trading plan that satisfies the conditions of Rule 10b5-1 allows a
company to repurchase its shares at times when it might otherwise
be prevented from doing so due to self-imposed trading blackout
periods or pursuant to insider trading laws. Under any Rule 10b5-1
trading plan, the company’s third-party broker, subject to United
States Securities and Exchange Commission regulations regarding
certain price, market, volume and timing constraints, would have
authority to purchase the company’s Class A common stock in
accordance with the terms of the plan. The company may from time to
time enter into Rule 10b5-1 trading plans to facilitate the
repurchase of its Class A common stock pursuant to its share
repurchase program.
The company cannot predict when or if, or at what prices, it
will repurchase any shares of Class A common stock as such stock
repurchase program will depend on a number of factors, including
constraints specified in any Rule 10b5-1 trading plans, price,
general business and market conditions, the terms of the company's
debt agreements and alternative investment opportunities. Further,
the stock repurchase program may be suspended or terminated at any
time by the company without prior notice. Information regarding
share repurchases will be available in the company’s periodic
reports on Form 10-Q and 10-K filed with the Securities and
Exchange Commission as required by the applicable rules of the
Exchange Act.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 21E of the Exchange Act , as amended. Words
such as “anticipate”, “believe”, “continue”, “could”, “estimate”,
“expect”, “hope”, “intend”, “may”, “might”, “plan”, “possible”,
“potential”, “predict”, “project”, “should”, “strive”, “seeks”,
“plans”, “would”, “will”, “understand” and similar words are
intended to identify forward looking statements, but the absence of
these words does not mean that a statement is not forward looking.
These forward-looking statements include but are not limited to,
statements regarding our future operating results, financial
position and guidance, our business strategy and plans, our
objectives for future operations, our strategic partnership with
EDF, the closure of our lasers business, macroeconomic trends,
trends in cancer care, nuclear power and small modular reactor,
foreign exchange, interest rate and inflation expectations, any
future mergers, acquisitions, divestitures and strategic
investments, including the completion and integration of previously
completed transactions, and our future share capitalization. These
forward-looking statements, including any financial guidance, do
not reflect, and make no positive or negative assumptions
regarding, any policies, laws or regulations that may be
introduced, promulgated or implemented by the newly elected United
States president or Congress. There are a significant number of
factors that could cause actual results to differ materially from
statements made in this press release, including changes in
domestic and foreign business, market, economic, financial,
political and legal conditions, including related to matters
affecting Russia, the relationship between the United States and
China, conflict in the Middle East and risks of slowing economic
growth or economic recession in the United States and globally;
developments in the government budgets (defense and non-defense) in
the United States and other countries, including budget reductions,
sequestration, implementation of spending limits or changes in
budgetary priorities, delays in the government budget process, a
U.S. government shutdown or the U.S. government’s failure to raise
the debt ceiling; risks related to the public’s perception of
nuclear radiation and nuclear technologies; risks related to the
continued growth of our end markets; our ability to win new
customers and retain existing customers; our ability to realize
sales expected from our backlog of orders and contracts; risks
related to governmental contracts; our ability to mitigate risks
associated with long-term fixed price contracts, including risks
related to inflation; risks related to information technology
system failures or other disruptions or cybersecurity, data
security or other security threats; risks related to the
implementation and enhancement of information systems; our ability
to manage our supply chain or difficulties with third-party
manufacturers; risks related to competition; our ability to manage
disruptions of, or changes in, our independent sales
representatives, distributors and original equipment manufacturers;
our ability to realize the expected benefit from strategic
transactions, such as acquisitions, divestitures, investments and
partnerships, including any synergies, or internal restructuring
and improvement efforts; our ability to issue debt, equity or
equity-linked securities in the future; risks related to changes in
tax law and ongoing tax audits; risks related to future legislation
and regulation both in the United States and abroad; risks related
to the costs or liabilities associated with product liability
claims; risks related to the uncertainty of legal claims,
litigation, arbitration and similar proceedings; our ability to
attract, train and retain key members of our leadership team and
other qualified personnel; risks related to the adequacy of our
insurance coverage; risks related to the global scope of our
operations, including operations in international and emerging
markets; risks related to our exposure to fluctuations in foreign
currency exchange rates, interest rates and inflation, including
the impact on our debt service costs; our ability to comply with
various laws and regulations and the costs associated with legal
compliance; risks related to the outcome of any litigation,
government and regulatory proceedings, investigations and
inquiries; risks related to our ability to protect or enforce our
proprietary rights on which our business depends or third-party
intellectual property infringement claims; liabilities associated
with environmental, health and safety matters; our ability to
predict our future operational results; the effects of health
epidemics, pandemics and similar outbreaks may have on our
business, results of operations or financial condition; and the
amount, timing, price or form of share repurchases, if any, that we
may make. Further information on risks, uncertainties and other
factors that could affect our financial results are included in the
filings we make with the United States Securities and Exchange
Commission (the “SEC”) from time to time, including our Annual
Report on Form 10-K, our Quarterly Reports on Form 10-Q and other
periodic reports filed or to be filed with the SEC.
You should not rely on these forward-looking statements, as
actual outcomes and results may differ materially from those
contemplated by these forward-looking statements as a result of
such risks and uncertainties. All forward-looking statements in
this press release are based on information available to us as of
the date hereof, and we do not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were
made.
Use of Non-GAAP Financial Information
In addition to our results determined in accordance with GAAP,
we believe that the presentation of non-GAAP financial information
provides important supplemental information to management and
investors regarding financial and business trends relating to our
financial condition and results of operations. For further
information regarding our previously reported non-GAAP measures,
including the reconciliation of these non-GAAP financial measures
to their most directly comparable GAAP financial measures, please
refer to full reconciliations, non-GAAP definitions and
forward-looking statements available in the 3Q 2024 earnings
presentation (link) and the 2024 Investor Day presentation to be
posted on ir.mirion.com.
Channels for Disclosure of Information
Mirion intends to announce material information to the public
through the Mirion Investor Relations website ir.mirion.com, SEC
filings, press releases, public conference calls and public
webcasts. Mirion uses these channels, as well as social media, to
communicate with its investors, customers, and the public about the
company, its offerings, and other issues. It is possible that the
information Mirion posts on social media could be deemed to be
material information. As such, Mirion encourages investors, the
media, and others to follow the channels listed above, including
the social media channels listed on Mirion’s investor relations
website, and to review the information disclosed through such
channels. Any updates to the list of disclosure channels through
which Mirion will announce information will be posted on the
investor relations page on Mirion’s website.
About Mirion
Mirion (NYSE: MIR) is a global leader in radiation safety,
science and medicine, empowering innovations that deliver vital
protection while harnessing the transformative potential of
ionizing radiation across a diversity of end markets. The Mirion
Technologies group provides proven radiation safety technologies
that operate with precision – for essential work within R&D
labs, critical nuclear facilities, and on the front lines. The
Mirion Medical group solutions help enhance the delivery and ensure
safety in healthcare, powering the fields of Nuclear Medicine,
Radiation Therapy QA, Occupational Dosimetry, and Diagnostic
Imaging. Headquartered in Atlanta (GA – USA), Mirion employs
approximately 2,800 people and operates in 12 countries. Learn more
at mirion.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20241203090054/en/
For investor inquiries: Eric Linn ir@mirion.com For
media inquiries: Erin Schesny media@mirion.com
Mirion Technologies (NYSE:MIR)
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