Mirion Technologies' Q2 2025: Navigating Contradictions in Backlog Growth, Government Orders, and Nuclear Opportunities

Backlog growth and large project opportunities, government procurement process and order numbers, nuclear power growth and opportunities, backlog growth expectations are the key contradictions discussed in Mirion Technologies' latest 2025Q2 earnings call.



Revenue Growth and Capital Structure Refinancing:
- Mirion Technologies reported revenue of $222.9 million for Q2 2025, reflecting a 5.4% increase in organic revenue and a 7.6% increase in total revenue compared to Q2 2024.
- The growth was driven by a $2 million tailwind from the Medical segment due to shipment timing from tariff impacts and improved capital structure, including a $400 million convertible note offering and a $450 million refinanced term loan.

Nuclear Power Sector Expansion:
- Mirion's Nuclear Power end market exhibited double-digit organic revenue growth year-to-date, with approximately $9 million in SMR-related orders with five different players.
- This expansion is due to favorable policy shifts, increased opportunities across the installed base, new utility scale projects, and small modular reactors (SMRs), driven by the growing demand for electricity due to the AI-catalyzed shortage of power.

Medical Segment Growth:
- The Medical segment's revenue grew 10.9% to $81.2 million, with organic revenue growth of 10.1%.
- Growth was supported by accelerated shipment timing to mitigate tariff impacts, although partially offset by the lapping of the laser business closure.

Order Performance and Pipeline:
- Orders grew by 1.6% in Q2 2025, driven by the Medical segment, with significant engagement in the North American and French Nuclear Power installed base.
- The large onetime 2025 order pipeline stands at approximately $350 million, indicating strong potential for future growth, particularly in the second half of the year.