Mirion Technologies (MIR) Q1 2025 earnings summary

Executive summary

• Achieved strong Q1 2025 results with 6% organic revenue growth, 18% adjusted EBITDA growth, and 11.5% order growth, marking the best first quarter since going public.

• Net income was $0.4 million in Q1 2025, compared to a net loss of $26.5 million in Q1 2024, driven by higher revenues, improved margins, and lower amortization.

• Adjusted free cash flow reached $29 million, converting 62% of adjusted EBITDA.

• Acquired Oncospace, a cloud-native oncology software, to enhance the cancer care portfolio.

• Business model remains resilient, with over 70% recurring or repeat revenue and strong alignment to nuclear power and cancer care cycles.

Financial highlights

• Q1 2025 revenue was $202 million, up 4.9% year-over-year; organic revenue grew 6%.

• Adjusted EBITDA was $46.7 million, up 18% year-over-year, with margins improving 260 basis points to 23.1%.

• Adjusted EPS was $0.10, a 67% increase from Q1 2024; GAAP EPS was $0.00.

• Gross profit increased to $105.9 million; gross margin improved to 53.7%.

• Repurchased 1.2 million shares for $18.6 million as part of a $100 million buyback plan.

Outlook and guidance

• Full-year 2025 guidance reaffirmed for organic revenue growth (5.5%-7.5%), adjusted EBITDA ($215M-$230M), adjusted EPS ($0.45-$0.50), and adjusted free cash flow ($85M-$110M).

• Total revenue growth guidance raised to 5%-7% due to FX tailwinds; guidance incorporates $2M-$8M net tariff headwind and $0M-$5M FX tailwind.

• Second quarter expected to be the lightest cash flow quarter due to tax and working capital timing.

• Guidance reflects laser business closure and updated FX rates.