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- **Nuclear Super Cycle Accelerating**: Q3 nuclear power revenue +9% QoQ, SMR orders up 59% vs. prior 2 years, first EPR newbuild order booked. 
- **M&A Payoff**: Paragon adds $100+M U.S. installed base exposure, Certrec enhances regulatory compliance software. 
- **Cash Flow Improvement**: Free Cash Flow guidance raised to $100-115M (45-49% of EBITDA), 460bp debt cost reduction. 
- **SMR Growth Catalyst**: $80B U.S. deal for 8 new reactors with regulatory streamlining, $5.5M SMR order booked Q4. 
- **Medical Segment Resilience**: 35.9% EBITDA margin, digital dosimetry +7% QoQ, U.S. RTQA delays expected to resolve.

**【CEO Summary Section】**
- **Q3 2025 Results**: Revenue of $223 million (+7.9% YoY), Adjusted EBITDA of $52.4 million (+14.7% YoY), and Free Cash Flow of $18 million (Q3) / $53 million (YTD). 
- **Nuclear Power Growth**: Organic revenue up 9% QoQ / 11% YoY, with SMR orders totaling $26 million YTD. Booked first EPR newbuild order under EDF agreement. 
- **M&A Expansion**: Paragon acquisition (expected Q4 close) adds $100+ million in U.S. installed base exposure. Certrec adds regulatory compliance software. 
- **Medical Segment**: 5.2% organic growth, 35.9% EBITDA margin, driven by digital dosimetry (+7% QoQ). U.S. RTQA delays due to funding headwinds. 

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Nuclear & Safety ($144.6M, +9% YoY), Medical ($78.5M, +5.9% YoY). 
- **Free Cash Flow Guidance**: Raised to $100-115M (45-49% of EBITDA vs. 32% in 2024). 
- **Cost Optimization**: 460bp reduction in blended debt cost to 2.8%, $2M+ price/cost net benefit. 
- **Large Project Pipeline**: $65M awarded Q3/Q4, $175M remaining in 2025. 

**【Q&A Highlights】**
- **SMR Momentum**: $5.5M SMR order booked Q4, total SMR orders +59% vs. prior 2 years. 
- **Government Support**: $80B U.S. deal for 8 AP1000s/SMRs with financing guarantees. 
- **Medical Uncertainty**: U.S. RTQA delays expected to normalize, international markets strong. 
- **Supply Chain Resilience**: Defeasance of critical materials (rhodium, germanium) via customer advances.

Mirion Technologies, Inc. (MIR) Q3 2025 Earnings Call Transcript

- **Revenue Growth & Margin Expansion**: Q2 revenue up 7.6% YoY, Medical segment EBITDA +20% driven by operating leverage.
- **Strategic Acquisitions**: Certrec acquisition bolsters nuclear compliance and grid solutions, with $17 million SMR pipeline.
- **Nuclear Power Upside**: 2025 Nuclear Power growth raised to double-digit, supported by U.S. and French reactor modernization.
- **AI & Efficiency**: 30% EBITDA margin target reaffirmed, with AI investments enhancing supply chain and customer solutions.
- **SMR Acceleration**: $9 million year-to-date SMR orders, aligning with 127 global designs navigating regulatory approvals.

**【CEO Summary Section】**
- Q2 2025 revenue: $222.9 million (+7.6% YoY), driven by 5.4% organic growth across all 6 end markets.
- Adjusted EBITDA: $51.2 million (+4.9% YoY), with Medical segment contributing margin expansion.
- Acquired Certrec, a regulatory compliance solutions provider, to strengthen nuclear power and grid market positions.
- SMR-related orders: $9 million year-to-date (total $17 million pipeline), reflecting accelerating SMR activity.
- 2025 guidance updated: Organic revenue growth for Nuclear Power raised to double-digit (from high single-digit), total revenue 7-9%, adjusted EBITDA $223-233 million, and adjusted free cash flow $95-115 million.

**【CFO Financial Commentary】**
- Q2 orders: +1.6% YoY, with Medical segment growth offsetting lower Nuclear & Safety orders (due to tough 2024 comp).
- 2025 order pipeline: $350 million, with potential for further expansion in 2026.
- Adjusted free cash flow: $6 million in Q2, $35 million year-to-date, improving conversion rate.
- Capital structure: $400 million convertible note issuance and $450 million term loan refinancing reduced cost of capital.
- Medical segment EBITDA: $30.1 million (+20% YoY), driven by operating leverage and procurement efficiency.

**【Q&A Highlights】**
- **Nuclear Power Momentum**: CEO highlights 10+ new AP1000 reactors planned in U.S. by Westinghouse, with Mirion positioned to benefit from modernization and life extension projects. France's EDF alliance supports long-term growth.
- **SMR Acceleration**: Certrec's 15 terabytes of industry data and SaaS platform position Mirion to capitalize on regulatory approvals and SMR commercialization.
- **Margin Concerns**: CFO assures project cost increases in France are one-time and 30% EBITDA margin target remains intact, with AI-driven efficiency gains on track.
- **Government Risks**: Labs & Research segment guidance lowered due to U.S. DOE budget uncertainty, but Nuclear Power growth offsets headwinds.
- **Pipeline Visibility**: $350 million 2025 order pipeline includes government and new build projects, with potential for 2026 pipeline expansion.

Mirion Technologies, Inc. (MIR) Q2 2025 Earnings Call Transcript

- **Revenue Beat**: 6% organic growth, 18% EBITDA rise, 67% EPS increase highlight strong Q1 execution.
- **Order Strength**: 11.5% order growth, $300-400M pipeline intact, 79% nuclear orders from existing fleet.
- **Tariff Resilience**: Net impact capped at $8M headwind, China medical tariff exemption potential.
- **Acquisition Impact**: Oncospace enhances RTQA strategy, with long-term growth catalysts.
- **Nuclear Tailwinds**: 75% public support, bipartisan policy backing, 6-7% annual segment growth.


**【CEO Summary Section】**
- **Revenue Growth**: Organic revenue increased 6% YoY, driven by 17.6% growth in nuclear power segment. Adjusted EBITDA rose 18% to $47 million, with margins improving 260 basis points to 23.1%.
- **Order Momentum**: Q1 orders grew 11.5%, with 79% of nuclear power growth from existing fleet. $300-400M pipeline remains intact, though timing may shift to late 2025.
- **Tariff Mitigation**: Net impact of 2025 tariffs estimated at $3M tailwind to $8M headwind. China exposure ($7-9M) offset by FX gains and cost-saving actions.
- **Acquisition**: Oncospace acquisition enhances radiation therapy software strategy, with minimal near-term financial impact but long-term growth potential.

**【CFO Financial Commentary】**
- **Q1 Financials**: Revenue $202M (+4.9% YoY), adjusted EBITDA $46.7M (+18%), adjusted EPS $0.10 (+67%). Adjusted free cash flow $29M (62% EBITDA conversion).
- **Segment Performance**: Nuclear & Safety segment revenue +7.6%, medical segment +3%. Both segments saw margin expansion (29.4% and 33.8% respectively).
- **Full Year Guidance**: Reaffirm 5-7% organic revenue growth, $215-230M adjusted EBITDA, $0.45-0.50 EPS. Tariff impact capped at 40bp margin headwind.
- **Share Repurchases**: 1.2M shares ($18.6M) repurchased in Q1, with $100M program to mitigate dilution.

**【Q&A Key Takeaways】**
- **Tariff Update**: Potential 20% tariff exemption for medical products in China could reduce headwind. Tariff mitigation actions ($5-8M) include sourcing shifts and price increases.
- **Order Pipeline**: $300-400M pipeline remains 2025-focused, with 75% expected in H2. No projects lost, but delays possible due to government budget dynamics.
- **China Market**: Medical segment down $2M YoY due to tariffs, but long-term growth driven by nuclear power and cancer care. Local-for-local strategy reduces risk.
- **Nuclear Momentum**: 75% of Americans support nuclear energy, with bipartisan policy backing. Install base upgrades and new builds drive 6-7% annual segment growth.


Mirion (MIR)-30 Apr 25-2025 Q1 Earnings call transcript

- **Record 2024 Financials**: All-time highs in revenue, EBITDA, and EPS, with 110 bps margin expansion. 
- **2025 Growth Drivers**: 49% backlog coverage, nuclear power organic growth outpacing company, and $300-400M pipeline of large projects. 
- **Nuclear Market Leadership**: 37% revenue from nuclear, sole supplier for EDF’s new builds, and partnerships with hyperscalers for AI-driven data centers. 
- **Medical Resilience**: 2024 organic growth of 5.3%, despite China RTQA headwinds, with 2025 outlook for double-digit nuclear medicine growth. 
- **2025 Margin Targets**: 24.5-25.5% EBITDA margin, driven by operating leverage and procurement savings. 


**【CEO Summary Section】**
- **Record 2024 Performance**: Revenue, adjusted EBITDA, and adjusted EPS all hit new highs. Adjusted EBITDA margin expanded 110 bps to 23.7%. 
- **Capital Structure Strengthening**: Completed warrant redemption, debt refinancing, and full vesting of founder shares, entering 2025 with a cleaner balance sheet. 
- **2025 Outlook**: 49% of 2025 revenue covered by backlog. Nuclear power organic growth expected to outpace company-wide growth, driven by installed base investments and new builds. 
- **Nuclear Market Position**: 37% of 2024 revenue from nuclear power, with leadership in 17 of 19 product categories. Strategic partnerships with EDF, ECIL, and Siemens Healthineers to accelerate growth. 

**【CFO Financial Commentary】**
- **Q4 2024 Results**: 
  - Revenue: $254.3M (10.4% YoY growth). 
  - Adjusted EBITDA: $69.6M (14% YoY increase). 
  - Adjusted EPS: $0.17 (2% YoY improvement). 
- **Full Year 2024**: 
  - Revenue: $860.8M (7.5% YoY growth). 
  - Adjusted EBITDA: $203.6M (110 bps margin expansion). 
- **2025 Guidance**: 
  - Revenue: 4-6% growth (490 bps FX headwind). 
  - Adjusted EBITDA: $215-230M (24.5-25.5% margin). 
  - Adjusted EPS: $0.45-0.50. 
  - Free Cash Flow: $85-110M (39-48% conversion). 

**【Q&A Highlights】**
- **Nuclear Power Growth**: 37% of 2024 revenue, with potential to increase as hyperscalers invest in nuclear-powered data centers and global nuclear build momentum accelerates. 
- **Medical Risks**: China RTQA market down 40% in 2024, but 2025 outlook assumes no improvement. Tariff exposure limited to 13% of revenue. 
- **Siemens Partnership**: Early-stage collaboration to integrate Mirion’s workflow software into Siemens’ RTQA portfolio, with potential for double-digit software revenue growth. 
- **2025 Margin Expansion**: Driven by operating leverage, procurement initiatives, and factory floor efficiency improvements. 


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