Mirion Technologies Q2 Earnings Call Highlights

Key Points

• Q2 revenue rose 19.7% to $266.8 million, driven primarily by acquisitions, while organic growth was 1%. Adjusted EBITDA increased 27.5% to $65 million, and the margin expanded by 150 basis points.
• Nuclear demand strengthened significantly: orders rose 40% to $291 million, SMR orders reached $49 million, and backlog exceeded $1.1 billion. Management cited robust installed-base and advanced-reactor activity and expects stronger performance in the second half.
• Mirion reiterated its full-year guidance despite a canceled Chinese new-build order and weaker medical hardware demand. The company generated $49 million in second-quarter adjusted free cash flow and repurchased approximately $25 million of shares.

Mirion Technologies NYSE: MIR reported second-quarter revenue growth of nearly 20%, driven largely by acquisitions, while organic growth remained modest and the company maintained its full-year outlook on expectations for a stronger second half.

Second-quarter revenue rose 19.7% year over year to $266.8 million. Acquisitions, primarily Paragon, accounted for about 18 percentage points of that growth, while organic revenue increased 1%, in line with management’s April expectations. Adjusted EBITDA increased 27.5% to $65 million, and the adjusted EBITDA margin expanded 150 basis points, supported by pricing and favorable product mix.

Chairman and CEO Tom Logan said rising orders and backlog, along with margin expansion in both operating segments, position the company for an acceleration in the second half of 2026. “We’re maintaining our 2026 full-year guidance, which implies a meaningful step-up in financial performance for the remainder of the year,” Logan said.

Orders and backlog expand on nuclear demand

Second-quarter orders increased 40% to $291 million including a $62 million contribution from Paragon and Certrec. Before acquisitions, core orders rose 10%. The company said nuclear power orders, excluding M&A, grew about 50%, with growth split between demand from the operating nuclear fleet and small modular reactor, or SMR, projects.

Mirion booked $49 million in SMR orders during the quarter, up $42 million from a year earlier. The company’s backlog exceeded $1.1 billion at quarter-end, nearly 40% higher than a year ago. Legacy backlog, excluding additions from Paragon and Certrec, was up 17%, while the legacy installed-base portion of backlog rose nearly 40% year over year.

Logan said the company sees several sources of demand from the existing nuclear fleet, including catch-up spending on deferred maintenance, plant life extensions and upgrades, and digital transformation initiatives. He noted that roughly 80% of Mirion’s nuclear-power revenue is tied to the installed base, producing recurring and repeat business.

Management also cited policy, financing and project developments supporting the nuclear market, including U.S. regulatory proposals intended to streamline licensing, a Department of Energy loan program for reactor construction, and activity in advanced reactor designs. Logan said Mirion, Paragon and Certrec participated in each of four advanced reactor designs that reached criticality under the DOE reactor pilot program.

Large-order momentum tempered by China cancellation

Mirion said it won several large opportunities during the second quarter, including a previously disclosed Paragon SMR order, a second portion of another SMR order, and a portion of a radioactive-waste-handling order in its defense and diversified end market. During the first two weeks of July, the company received more than $50 million of large orders, including a European installed-base order and a U.S. Department of Energy order.

Those July awards were partly offset by the cancellation of a Chinese new-build order originally booked in 2019. The associated sites had made little progress amid geopolitical tensions, according to management. The cancellation had no impact on 2026 guidance and only an immaterial effect on Mirion’s long-range guidance, CFO and Medical Group President Brian Schopfer said.

Logan said Mirion does not view the cancellation as signaling broader backlog risk. He said the company remains active in China’s installed base, serving 50 of the country’s 60 operating reactors, and has continued to generate a predictable spare-parts business there. However, he acknowledged that the company has no content in China’s indigenous Hualong reactor program.

Mirion had approximately $160 million of large opportunity awards year to date and about $280 million of opportunities remaining. Management characterized its screening methodology as opportunities above $10 million where it sees a greater-than-50% probability of winning, while emphasizing that timing remains the primary risk.

Segment results and medical outlook

Nuclear and Safety revenue increased 31% to $186 million, including 2.3% organic growth. Paragon revenue increased 15% in the quarter and 27% year to date. Nuclear and Safety adjusted EBITDA rose 35% to $51 million, while the segment margin expanded about 70 basis points. Favorable European product mix, cost control and a modest U.S. tariff refund helped offset dilution from the Paragon acquisition.

Although nuclear power orders were strong, organic revenue in that end market was flat, as growth in installed-base and SMR activity was offset by lower new-build revenue. Schopfer said new-build revenue can be uneven based on project timing, but Mirion continues to expect double-digit organic revenue growth in nuclear power for the full year.

Medical segment revenue declined 1% to $81 million, with organic revenue also down 1%. Revenue in radiation therapy quality assurance, or RTQA, continued to grow, but nuclear medicine revenue declined because of delayed hardware demand, and dosimetry faced a difficult comparison with a large prior-year hardware order.

• Mirion raised its full-year RTQA organic-growth outlook to double digits from a prior expectation of mid-single-digit-plus growth.
• The company reduced its nuclear medicine outlook to mid-single-digit growth from a prior double-digit forecast, citing delayed hardware demand that it views as a delay rather than a demand decline.
• Dosimetry organic revenue is now expected to decline for the year, compared with a prior forecast for flat performance, due to lower hardware revenue and difficult comparisons.

Despite the revised end-market assumptions, management said these changes largely offset one another and reiterated full-year Medical segment guidance.

Cash flow, repurchases and second-half expectations

Mirion generated $49 million in adjusted free cash flow during the quarter and $60 million in the first half, which Schopfer called the company’s best first-half adjusted free-cash-flow performance since going public. The company attributed the result to higher adjusted EBITDA, working-capital performance, lower cash taxes and refinancing-related benefits.

The company repurchased about 1.4 million shares for approximately $25 million in the second quarter. Year-to-date repurchases totaled roughly $40 million, leaving $40 million authorized under the current program.

Management said approximately 81% of expected full-year revenue is covered by first-half results and backlog expected to convert during the second half, comparable with prior years. For the third quarter, Mirion expects high-single-digit consolidated organic revenue growth, including mid-single-digit growth in Nuclear and Safety and high-single-digit growth in Medical. Consolidated adjusted EBITDA margin is expected to expand year over year, although Nuclear and Safety margins are expected to contract because of Paragon dilution, incentive-compensation comparisons and a greater mix of lower-margin new-build revenue.

About Mirion Technologies (NYSE:MIR)

Mirion Technologies Inc NYSE: MIR is a leading global provider of radiation detection, measurement and monitoring solutions. The company's portfolio includes instrumentation, software and service offerings designed to detect, quantify and manage radiation in nuclear power, oil and gas, defense and homeland security, medical imaging and diagnostic applications. Mirion's product suite spans personal and environmental dosimetry, area monitors, digital imaging detectors and turnkey solutions for decommissioning and environmental remediation projects.

Mirion traces its origins to the combination of several established radiation measurement businesses, including the former Canberra nuclear instrumentation division, and has been supported by private equity investors before completing its initial public offering on the New York Stock Exchange in 2023.

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