On November 1, 2023, Mirion Technologies Inc (MIR, Financial) released its third quarter 2023 financial results. The company reported an 18.8% increase in revenues to $191.2 million, compared to $160.9 million in the same period last year. The net loss was significantly reduced to $12.1 million in the third quarter, compared to a net loss of $47.1 million in the same period last year. Adjusted EBITDA was $38.8 million, a 26.0% increase from $30.8 million in the same period last year.
Financial Highlights
Net loss per share for the third quarter was $0.06, compared to $0.26 in the third quarter of 2022. Adjusted earnings per share for the quarter was $0.05, compared to $0.03 in the same period last year. The company reiterated full year 2023 guidance for revenue growth of 8% to 10%, adjusted EBITDA of $175 million to $185 million, adjusted EPS of $0.28-$0.34 and adjusted free cash flow of $45 million to $75 million.
Acquisition of ec2
Mirion Technologies Inc (MIR, Financial) also announced the acquisition of ec2 Software Solutions LLC and NUMA LLC (collectively “ec2”), a leading provider of end-to-end nuclear medicine workflow software. The purchase price was $33 million through an all cash purchase. ec2 is estimated to generate a total of $12 million in revenue and $5.5 million of proforma adjusted EBITDA for full year 2023, inclusive of pre-acquisition financial results.
CEO Commentary
“This was an excellent quarter for Mirion,” stated Thomas Logan, Mirion’s Chief Executive Officer. “We delivered strong results across the business and order generation was exceptional. We exited Q3 with a record backlog position and both reporting segments delivered solid organic revenue growth. The business delivered adjusted EBITDA margin expansion compared to the same period last year and we made progress executing on our cash flow and net working capital enhancement initiatives.”
Financial Tables
The company's balance sheet shows a significant increase in current assets from $480.6 million in December 2022 to $513.1 million in September 2023. The total assets also increased from $2,738.7 million to $2,658.9 million in the same period. On the liabilities side, total liabilities decreased from $1,271.5 million to $1,115.6 million. The company's stockholders equity increased from $1,467.2 million to $1,543.3 million.
Outlook
Mirion Technologies Inc (MIR, Financial) is reiterating its guidance for the fiscal year and 12-month period ending December 31, 2023, with a revenue growth of 8% - 10%, adjusted EBITDA of $175 million - $185 million, adjusted EPS of $0.28 - $0.34, and adjusted free cash flow of $45 million - $75 million.
Explore the complete 8-K earnings release (here) from Mirion Technologies Inc for further details.
