Mirion Technologies (MIR) Q4 2024 earnings summary

Executive summary

• Achieved record revenue, adjusted EBITDA, and adjusted EPS for Q4 and full year 2024, meeting or exceeding guidance and delivering on initial full-year targets for the second consecutive year.

• Improved capital structure by redeeming public warrants, repricing credit, and vesting Founder Shares, with net leverage reduced to 2.5x.

• Entered 2025 with 49% of expected revenue in backlog and a robust pipeline, including $300–$400M in large-order potential.

• Maintained strong recurring revenue and momentum in nuclear power and medicine, despite headwinds in China.

• Focused on capital allocation, including M&A and a $100M share repurchase program.

Financial highlights

• Q4 2024 revenue grew 10.4% YoY to $254.3M; full-year revenue up 7.5% to $860.8M.

• Q4 adjusted EBITDA was $69.6M (+14.1% YoY); full-year adjusted EBITDA reached $203.6M (+12.7% YoY).

• Q4 adjusted EPS was $0.17; full-year adjusted EPS was $0.41 ($0.42 excluding founder shares and warrants), up 20.6% YoY.

• Adjusted EBITDA margin for 2024 was 23.7%, with Q4 margin at 27.4%; adjusted gross profit margin for FY 2024 was 52.5%.

• Adjusted free cash flow for 2024 was $65M, with a 32% conversion rate; year-end cash balance was $175M.

Outlook and guidance

• 2025 revenue growth expected at 4%-6%, with organic growth of 5.5%-7.5% and a 190 bps FX headwind.

• Adjusted EBITDA guidance for 2025 is $215M-$230M, with margin expansion to 24.5%-25.5%.

• Adjusted EPS guidance for 2025 is $0.45-$0.50, assuming a 25%-27% tax rate.

• Adjusted free cash flow expected to rise to $85M-$110M (39%-48% conversion), with CapEx reduced by 18%.

• Backlog covers 49% of 2025 revenue guidance midpoint; guidance includes headwinds from FX and laser business closure.