Mirion Technologies Inc
F:55I0
Mirion Technologies Inc
Mirion Technologies Inc., a relatively unheralded but vital player in the world of radiation measurement and detection, provides critical solutions across a variety of sectors, from medical imaging to safety and environmental monitoring. The company operates predominantly in two key segments: Medical and Industrial. In the medical realm, Mirion offers radiation therapy quality assurance products and software that are essential for ensuring the efficacy and safety of radiation used in cancer treatments. By integrating advanced software with precision hardware, it plays a pivotal role in the oncology landscape, ensuring that hospitals and clinics can deliver safe and effective radiation therapy. This focus on precision and safety in healthcare drives significant revenues as healthcare providers rely on these technologies to keep patient outcomes at the forefront.
Beyond healthcare, Mirion extends its expertise into the industrial sector, providing technology for nuclear power facilities, military applications, and laboratories. Their sophisticated detection devices are employed not just for energy generation but also for ensuring compliance with safety standards and regulations across diverse industries. Alongside, Mirion’s environmental solutions help in monitoring and managing radiation levels in various settings, supporting governmental and industrial efforts to safeguard people and the environment. By continuously innovating and developing tailor-made solutions that cater to the stringent requirements of radiation measurement and detection, Mirion secures its position as a key supplier in industries where precision and reliability are non-negotiable, thus underpinning its revenue streams and business model.
Mirion Technologies Inc., a relatively unheralded but vital player in the world of radiation measurement and detection, provides critical solutions across a variety of sectors, from medical imaging to safety and environmental monitoring. The company operates predominantly in two key segments: Medical and Industrial. In the medical realm, Mirion offers radiation therapy quality assurance products and software that are essential for ensuring the efficacy and safety of radiation used in cancer treatments. By integrating advanced software with precision hardware, it plays a pivotal role in the oncology landscape, ensuring that hospitals and clinics can deliver safe and effective radiation therapy. This focus on precision and safety in healthcare drives significant revenues as healthcare providers rely on these technologies to keep patient outcomes at the forefront.
Beyond healthcare, Mirion extends its expertise into the industrial sector, providing technology for nuclear power facilities, military applications, and laboratories. Their sophisticated detection devices are employed not just for energy generation but also for ensuring compliance with safety standards and regulations across diverse industries. Alongside, Mirion’s environmental solutions help in monitoring and managing radiation levels in various settings, supporting governmental and industrial efforts to safeguard people and the environment. By continuously innovating and developing tailor-made solutions that cater to the stringent requirements of radiation measurement and detection, Mirion secures its position as a key supplier in industries where precision and reliability are non-negotiable, thus underpinning its revenue streams and business model.
Revenue Growth: Mirion reported third quarter revenue of $223 million, up nearly 8% year-over-year, driven mainly by strong performance in the nuclear power end market.
Margin Expansion: Adjusted EBITDA grew 14.7% to $52.4 million, with both the Nuclear & Safety and Medical segments contributing to improved margins.
Free Cash Flow Guidance Raised: The company increased the low end of its 2025 adjusted free cash flow guidance to $100–115 million and expects EBITDA conversion between 45–49%.
Nuclear Power Momentum: Orders in the nuclear power end market grew 21% in Q3, excluding FX, with significant growth in small modular reactor (SMR) orders.
M&A Activity: Mirion is set to broaden its nuclear portfolio through the acquisitions of Paragon Energy Solutions and Certrec, expected to close by year-end.
Medical Segment Performance: Medical segment revenue rose 5.9%, led by strong dosimetry services growth, despite temporary pressure in the U.S. RTQA business.
Large Project Pipeline: $65 million in large project awards were already booked or awarded by October, with $285 million still in the opportunity pipeline.
