Mirion Technologies (MIR) Q4 2024 earnings summary

Executive summary

• Achieved record revenue, adjusted EBITDA, and adjusted EPS for Q4 and full year 2024, meeting or exceeding guidance and delivering on initial full-year targets for the second consecutive year despite FX headwinds.

• Expanded adjusted EBITDA margin by 110 basis points for the year, driven by operational and commercial initiatives.

• Improved capital structure by redeeming public warrants, repricing debt, and vesting Founder Shares, entering 2025 with a cleaner balance sheet.

• Entered 2025 with about 49% of revenue in backlog and a healthy pipeline, including $300–$400 million in large-order potential.

• Maintains a unique market position with significant exposure to nuclear power and medical markets, supported by strategic alliances.

Financial highlights

• Q4 2024 revenue reached $254.3M, up 10.4% year-over-year; full-year revenue was $860.8M, up 7.5%.

• Q4 adjusted EBITDA was $69.6M (+14.1% YoY); full-year adjusted EBITDA was $203.6M (+12.7% YoY), with a 23.7% margin.

• Q4 adjusted EPS was $0.17; full-year adjusted EPS was $0.41 ($0.42 excluding founder shares and warrants), up 20.6% YoY.

• Adjusted free cash flow for 2024 was $65.4M, with a 32% conversion rate from adjusted EBITDA.

• Net leverage improved to 2.5x net debt/EBITDA at year-end, nearly two turns lower over two years.

Outlook and guidance

• 2025 revenue growth expected at 4%-6%, with organic growth of 5.5%-7.5% and a 190 bps FX headwind.

• Adjusted EBITDA guidance for 2025 is $215-$230M (24.5%-25.5% margin), with margin expansion expected each quarter YoY.

• Adjusted EPS guidance for 2025 is $0.45-$0.50, assuming a 25%-27% tax rate and 227M shares.

• Adjusted free cash flow expected to rise 50% to $85-$110M (39%-48% conversion).

• Guidance includes headwinds from laser business closure and FX; foreign exchange sensitivity: +/- $3.5M revenue and +/- $1M Adjusted EBITDA for every 0.01 change in EUR/USD.