Loading...
01/11 11:26
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call summary and Q&A session indicate positive sentiment: increased guidance for 2025, strong nuclear and medical segment outlooks, and strategic partnerships. Despite some uncertainties in timing and specifics, the overall confidence in market opportunities, especially in nuclear power and SMR projects, is evident. The raised guidance and strategic acquisitions further support a positive outlook. Given the market cap, a 2% to 8% stock price increase is expected.
Third quarter revenue $223 million, a nearly 8% increase from last year's third quarter. On an organic basis, revenue grew 4.7%, reflecting mid-single-digit organic growth from both segments. The nuclear power end market organic revenue grew 9% in the quarter and 11% year-to-date. The increase is attributed to strong performance in the nuclear power end market.
Adjusted EBITDA $52.4 million, up 14.7% versus third quarter last year. Both the Nuclear and Safety and Medical segments contributed to the increase in both dollars and margin expansion. The increase is due to greater volumes, net price inflation, and procurement initiatives.
Blended cost of debt 2.8% expected for year-end 2025, reflecting a 460 basis point improvement over the past year. This improvement is due to actions taken to diversify the capital structure and reduce interest expense.
Third quarter adjusted free cash flow $18 million, contributing to $53 million of year-to-date adjusted free cash flow. The improvement is attributed to adjusted EBITDA growth, lower interest expense, and lower CapEx, partially offset by a use of cash from net working capital.
Q3 adjusted orders Increased 2.4%. Nuclear power end markets orders grew double digits in the quarter. The increase excludes the impact of the Turkey debooking in last year's third quarter and reflects growth across key verticals like new builds and SMRs.
Third quarter nuclear power adjusted orders Grew 21% or 16% excluding foreign exchange tailwinds, reflecting growth across each key vertical, including new builds, SMRs, and the installed base.
Third quarter nuclear power-related organic revenue Grew 9% in the quarter compared to 4.4% for the Collective Nuclear and Safety segment. The growth is attributed to strong performance in the nuclear power end market.
Adjusted EPS $0.12 per share, a 50% increase versus the third quarter of last year. The increase is due to growing EBITDA, tax projects, and lower net interest costs.
Nuclear and Safety segment revenue $144.6 million, up 9% or $11.9 million. Organic growth for the segment was 4.4%, driven by nuclear power end market growth of 9% and defense and diversified end market growth of 7%.
Medical segment revenue $78.5 million, up 5.9% or $4.4 million. Organic revenue grew 5.2%, driven by growth in dosimetry services and favorable mix.
Medical segment adjusted EBITDA $28.2 million, nearly 10% better than last year. Margins improved by 120 basis points to 35.9%, reflecting healthy operating leverage and favorable mix.
InstadoseVUE digital dosimeters: Introduced in late 2023, showing strong adoption with 7% organic revenue growth in dosimetry services.
Nuclear power end market: Organic revenue grew 9% in Q3 and 11% year-to-date. Orders grew 21% in Q3, with $17 million in SMR-related orders. Year-to-date SMR orders totaled $26 million, up from $17 million in prior years.
Medical segment: Mid-single-digit organic growth in Q3, with 5.2% growth year-to-date. Strategic alignment with cancer care revolution, with 75% of revenue from this market.
Adjusted EBITDA: Increased 14.7% to $52.4 million in Q3, with margin expansion of 140 basis points. Year-to-date adjusted free cash flow reached $53 million.
Cost of debt: Blended cost of debt reduced to 2.8%, reflecting a 460 basis point improvement over the past year.
Acquisitions: Acquired Certrec and announced Paragon Energy Solutions acquisition to broaden nuclear power portfolio and enhance U.S. presence.
Nuclear super cycle: Positioned to benefit from global nuclear growth, with significant support for new builds and SMRs, including U.S. government initiatives.
U.S. healthcare environment: The current U.S. healthcare environment is pressuring the U.S. RTQA business, leading to delays in customer activity. The timing and magnitude of a rebound remain uncertain due to government shutdown headwinds.
U.S. Department of Energy demand: Demand from the U.S. Department of Energy has been muted since the launch of DOGE and the government shutdown, impacting the Labs and Research end market.
China laboratory instruments demand: Order flow from China for laboratory instruments has slowed, attributed to changing funding and trade dynamics. This is seen as a transitory issue but poses short-term challenges.
U.S. government-related projects: A large portion of U.S. government-related projects has been pushed to 2026 due to the government shutdown, delaying revenue recognition and impacting the opportunity pipeline.
RTQA hardware orders: RTQA hardware orders in the U.S., China, and Japan were down in the quarter, reflecting changing funding and trade dynamics. This is expected to normalize but currently affects revenue.
Funding strain in Labs and Research market: Signs of funding strain in the Labs and Research market are evident, impacting order flow and creating uncertainty in demand.
2025 Adjusted Free Cash Flow: Expected to be between $100 million and $115 million, with a conversion rate of 45% to 49% of adjusted EBITDA. This is a significant improvement compared to 2024's conversion of 32%.
Blended Cost of Debt: Expected to remain at 2.8% into 2026, reflecting a 460 basis point improvement over the past year.
Nuclear Power End Market Growth: Year-to-date organic revenue growth is on track for double-digit growth in 2025. Orders in this segment grew 21% in Q3, with SMR-related orders totaling $26 million year-to-date.
Large Opportunity Pipeline: $285 million worth of opportunities remain, with $175 million expected to be awarded by year-end 2025 and the remaining $110 million likely in 2026.
Medical Segment Growth: On track for mid-single-digit organic growth for 2025. Margins are expected to expand in Q4, though not at the same levels as earlier in the year.
Nuclear Super Cycle: The company believes it is in the early stages of a nuclear super cycle, supported by global trends and increased nuclear capacity forecasts.
Paragon Energy Solutions Acquisition: Expected to close by year-end 2025, broadening Mirion's U.S. presence and adding products, software, and services to its portfolio.
Certrec Acquisition: Enhances Mirion's software solutions with regulatory compliance tools, aiding in life extensions for existing facilities and applications for new builds and SMRs.
The selected topic was not discussed during the call.
The earnings call summary and Q&A session indicate positive sentiment: increased guidance for 2025, strong nuclear and medical segment outlooks, and strategic partnerships. Despite some uncertainties in timing and specifics, the overall confidence in market opportunities, especially in nuclear power and SMR projects, is evident. The raised guidance and strategic acquisitions further support a positive outlook. Given the market cap, a 2% to 8% stock price increase is expected.
The earnings call summary reveals strong financial performance with strategic acquisitions and partnerships, optimistic guidance, and a share repurchase program. Despite some cautious language in the Q&A, management remains confident in growth opportunities and margin expansion. The market cap suggests moderate volatility, aligning with a positive stock price movement prediction.
The earnings call highlights strong financial performance with significant growth in adjusted EBITDA and EPS, driven by nuclear power orders. The share repurchase plan reflects confidence in the company's financial health. Despite some risks like foreign exchange and procurement delays, optimistic guidance on margin expansion and potential tariff exemptions in China mitigate concerns. The positive sentiment is supported by strong financial metrics and strategic moves, suggesting a likely stock price increase of 2% to 8% over the next two weeks.
The earnings call shows strong financial performance with significant growth in adjusted EBITDA, EPS, and orders. Despite potential tariff impacts, the regionalized supply chain and optimistic outlook on nuclear power provide resilience. The share repurchase plan and improved margins further boost sentiment. While there are some uncertainties in government contracts and project timelines, the overall positive financial metrics and strategic initiatives suggest a likely stock price increase in the coming weeks.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
