Mirion's Q1 2025: Navigating Contradictions in Tariffs, Nuclear Revenue, and Backlog Growth
Earnings DecryptTuesday, May 13, 2025 3:01 pm ET

Tariff exposure and China market dynamics, nuclear power revenue exposure and market opportunities, Sizewell project and backlog growth expectations, tariffs and trade dynamics with China, backlog growth and order flow are the key contradictions discussed in Mirion's latest 2025Q1 earnings call.
Strong Financial Performance and Orders:
- Mirion Technologies reported $29 million in adjusted free cash flow for Q1 2025, representing a 62% conversion of adjusted EBITDA, and a 11.5% increase in orders compared to Q1 2024.
- The growth was driven by a significant increase in nuclear power orders and strategic acquisitions, such as Oncospace.
Nuclear Power Segment Growth:
- The nuclear power segment reported a 17.6% increase in revenue for Q1 2025, contributing to the company's overall growth.
- This was attributed to strong demand from the existing nuclear fleet, as well as new builds, reflecting a positive market outlook for nuclear power.
Tariff and Trade Dynamics:
- Mirion estimated a potential $3 million to $8 million in mitigating actions against anticipated tariff impacts, with China representing the largest exposure.
- The company identified a potential exemption for certain products from Chinese retaliatory tariffs, which could significantly reduce the impact.
Acquisition and Market Strategy:
- Mirion acquired Oncospace, a cloud-native data analytics platform, enhancing its radiation oncology software business.
- This acquisition is expected to catalyze growth in Mirion's radiation therapy software business and improve its go-to-market strategy.
Strong Financial Performance and Orders:
- Mirion Technologies reported $29 million in adjusted free cash flow for Q1 2025, representing a 62% conversion of adjusted EBITDA, and a 11.5% increase in orders compared to Q1 2024.
- The growth was driven by a significant increase in nuclear power orders and strategic acquisitions, such as Oncospace.
Nuclear Power Segment Growth:
- The nuclear power segment reported a 17.6% increase in revenue for Q1 2025, contributing to the company's overall growth.
- This was attributed to strong demand from the existing nuclear fleet, as well as new builds, reflecting a positive market outlook for nuclear power.
Tariff and Trade Dynamics:
- Mirion estimated a potential $3 million to $8 million in mitigating actions against anticipated tariff impacts, with China representing the largest exposure.
- The company identified a potential exemption for certain products from Chinese retaliatory tariffs, which could significantly reduce the impact.
Acquisition and Market Strategy:
- Mirion acquired Oncospace, a cloud-native data analytics platform, enhancing its radiation oncology software business.
- This acquisition is expected to catalyze growth in Mirion's radiation therapy software business and improve its go-to-market strategy.

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