Mirion Technologies (MIR) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 4.9% to $202.0M, with 6% organic growth and 11.5% order growth, marking the best first quarter since going public.

• Adjusted EBITDA increased 18% to $46.7M, with adjusted free cash flow of $28.8M and conversion of 62% of adjusted EBITDA.

• Net income was $0.4M in Q1 2025, compared to a $26.5M loss in Q1 2024, driven by higher revenues and improved margins.

• Acquired Oncospace, a cloud-native oncology software, to enhance the cancer care portfolio.

• Business model remains resilient, with over 70% recurring or repeat revenue and strong alignment to nuclear power and cancer care cycles.

Financial highlights

• Q1 2025 revenue was $202.0M, up 4.9% year-over-year; organic revenue grew 6%.

• Adjusted EBITDA was $46.7M, up 18% year-over-year, with margins improving 260bps to 23.1%.

• Adjusted EPS was $0.10, a 67% increase from Q1 2024; GAAP EPS was $0.00, up from $(0.13) last year.

• Gross profit increased to $96.1M in Q1 2025 from $87.1M in Q1 2024; gross margin improved to 47.6%.

• Repurchased 1.2M shares for $18.6M as part of a $100M buyback plan.

Outlook and guidance

• Full-year 2025 guidance reaffirmed for organic revenue growth (5.5%-7.5%), adjusted EBITDA ($215M-$230M), adjusted EPS ($0.45-$0.50), and free cash flow ($85M-$110M).

• Total revenue growth guidance raised to 5.0%-7.0% due to FX tailwinds and laser business closure headwinds.

• Guidance incorporates $2M-$8M net tariff headwind and $0M-$5M FX tailwind.

• Second quarter expected to be the lightest for cash flow due to tax and working capital seasonality.

• Company believes it has adequate liquidity for the next 12 months and to support growth initiatives.