Mirion Technologies (MIR) Jefferies Global Healthcare Conference summary

Company Overview and Market Position

• Global leader in ionizing radiation detection, measurement, and analysis technologies, serving a large and growing addressable market estimated at $18–$20 billion, with a currently served segment of $4 billion.

• Holds the number one global position in 16 out of 19 product categories, with significant technological involvement in advanced scientific and space applications.

• Operates globally with 2,800 employees and a footprint spanning 12 companies and 12 countries, built on decades of customer relationships.

• Strong leadership with innovation, 130+ patents, and a diversified product portfolio resilient across economic cycles.

• ESG integrated into mission, with ongoing efforts to enhance sustainability and governance.

Growth Strategy and Financial Discipline

• Invests about 10% of revenue in engineering, focusing on R&D, sustaining engineering, and customer projects to drive innovation and digitization.

• Maintains high visibility into long-term growth with a backlog exceeding $800 million, and about half of next-twelve-month revenue typically coming from backlog.

• Demonstrates resilience and consistent growth through economic cycles, with a 12% CAGR over 15 years (4% organic, 8% inorganic).

• Has successfully deleveraged from 4.5x to 3.1x since going public, aiming for mid-2s by year-end, while continuing a disciplined, accretive M&A strategy.

• Active M&A strategy, with ~$400M sales generated via acquisitions since 2016 and a proven track record in identifying, acquiring, and integrating targets.

Financial Performance and Guidance

• Q1 2024 organic revenue growth of 5.5%, with Medical at 0.6% and Technologies at 8.4%.

• Adjusted EBITDA for Q1 2024 was $39.5M, with a margin of 20.5%, up 40 basis points year-over-year.

• Adjusted free cash flow was $(4.5)M in Q1 2024; net leverage improved to 3.1x.

• 2024 guidance: organic growth of 4–6%, Adjusted EBITDA of $193M–$203M, and Adjusted Free Cash Flow of $65M–$85M.

• CY23 revenue was $801M, with 64% from Technologies and 36% from Medical segments.