Mirion Technologies (MIR) Investor Day 2024 summary

Strategic priorities and business overview

• Focus on innovation, customer experience, financial compounding, operational excellence, and disciplined M&A to drive growth and margin expansion over the next five years.

• Heavy investment in R&D (10% of revenue) and software engineering (7%) to maintain technological leadership and accelerate digital transformation.

• Diversified business model with two main segments: Nuclear & Safety (about two-thirds of revenue) and Medical (about one-third), each with strong recurring revenue and global reach; present in over 95% of global nuclear reactors and top 100 U.S. cancer centers.

• Recurring or repeat revenue accounts for nearly 75% of total, providing high visibility and resilience against economic cycles; >70% in Medical and ~80% in Nuclear & Safety.

• Company culture emphasizes risk-taking, innovation, and agility, supporting above-market growth and successful integration of acquisitions.

Market trends and growth drivers

• Nuclear power is experiencing a global renaissance, driven by demand for clean, reliable energy, electrification, AI/data center growth, and national security concerns.

• Nuclear capacity is expected to double by 2050, with significant growth in both large utility-scale and small modular reactors (SMRs); SMRs offer 60% higher revenue per megawatt.

• Medical segment growth is fueled by rising cancer incidence, aging populations, and the rapid expansion of radiopharmaceutical therapies; new cancer cases expected to rise 77% by 2050.

• Digitalization and software integration are key levers for growth in both segments, enhancing customer experience and enabling new business models.

• Strategic partnerships with major industry players and expansion into high-growth regions support long-term growth.

Business model and operational initiatives

• Commercial excellence initiatives include creation of Chief Revenue Officer role, digital conversion, and expanded eCommerce and marketing investments.

• Operational excellence driven by the Mirion Business System, procurement savings, and continuous industrial optimization.

• M&A remains a core growth lever, with a 20+ year track record and focus shifting toward nuclear power and nuclear medicine adjacencies.

• Digital innovation and product launches (e.g., Aegis spectrometer, Apex-Guard software) enhance customer experience and drive growth.

• Strong network effect and leadership in 17 of 19 product categories, driving share gains and revenue growth.