MIR - Earnings call transcript Q2 2022 | Mirion Technologies, Inc.

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Operator

Greetings. Welcome to Mirion Technologies Incorporated Fiscal Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. to of conference Finance like Gaddy, to now President Vice and would turn over the Alex I Investor Relations. you. Thank

begin. may You

Alex Gaddy

the on Good materially during reminder ended comments not second you XXXX thank forward-looking statements. non-GAAP statements this morning The financial XXXX. Mirion's results include projected in Form everyone, found quarter may The the cause the in most All that of Risk actual IR second call financial with presentation the this forward-looking accompanying actual other materials differ presentation XX, for that will Generally under and earnings financial results our discussed those annual could comments call are XX-K SEC that quarter joining to be report Accepted A today's Reconciliation ir.mirion.com. and made at that from from website appendix with filings Quarterly to Mirion's this the references be June during made factors quarterly can call. SEC. Factors file and can also the Principles. differ in accordance reports were in XX-Q we earnings the Mirion's time-to-time measures Accounting of measures within measures include Form on GAAP on to and with will prepared certain today. related in discussion caption the comparable directly found are

Chairman Executive the and Financial Officer; Officer. me Chief call Joining Larry Tom Board; Brian on the Chief Logan, are of today Schopfer, Kingsley,

Larry? Larry Chairman our of Now Board, I will to over turn Kingsley. it the

Larry Kingsley

today be this and for in with to second look another a I'd Mirion, our to XXXX to you, team the results our year. and solid what reaffirmed for Earlier Alex. results forward grateful you quarter your support of continued of results Good get the the full commend environment. for we earnings delivering our and Thank like To continues of everyone. morning guidance discussing outlook dynamic Mirion morning. published operating quarter started, on We're

most few dynamic remained improvements, we our That a Overall, chain deliver performance supportive quarter supply continues and a second has signs with of strong macro strong has by the as our will our managing to focal in our given previewed in Brian you both As situation. second months mix Russian robust be end overall very is a point across and the been situation the situation. and team was the we very quarter. during near condition shown the well of of but indicative the short-term business supply segments. the both the will Tom and on That trends revenue again, ago, order aggravated on markets, of of medium-term European paired operating chain the a confident of further specifics, The bolsters remain result a content. inflow that order shift, but positions Eastern revenue canceled across expectations. half We projections. market update our

call growth our Tom Tom? CEO, turn And products the that to confidence the for headwinds we half best outlook. the market any the and and resolute have fiscal Tom our belief significant ensures the with of for deliver back our now XXXX, many forward provide ability over of results, remain a environment period. I'll looking Mirion's this will in to environment in macroeconomic combination recent that coupled with healthy team's of the for While very Logan. year I

Tom Logan

and your Mirion the hard Larry, morning all continued thank get to To everyone. work determination to you good my colleagues thank I things started, want say quarter. you and during to for of

of that commendable. And of key There like the challenges are the role focus results last be Your played proud few delivering morning. of few you've the faced has should business second areas dedication overcoming is our a I'd in this and quarter. tenacity highlight quarters we to over all the in the out reported you coming

in from with order both notching the outstanding a first delivered last the increases. Industrial year increase period XX% growth same half, Medical strong contributing we First, and

Second, supply order quarter, in segment chain segment Industrial by dynamics unfavorable impact challenges. supply those meaningful concentrated in was and chain that the noted encouraged overall. to Medical's on We this immune performance had the quarter not timing the a were noting

Even high achieve our our degree Third, exchange, headwinds we and confident gives half in supply our us order support for expectations. our are a of guidance. inflation, second in with reaffirmed to foreign ability XXXX strong chain momentum

want Before encouraged, we and are heading performance, in on half. second into are our seeing we into what financial markets time we the why I get to some spend end

US, slide Beginning you'll are in see the in especially our robust supported to year-to-date strong Turning therapy the order the seen bolstered healthcare end capital in our discussed Medical, dosimetry. order markets. intake. performance with across in radiation occupational is clear moderated, consistently while stronger have COVID-related trends positive momentum, budgets growth businesses, our nuclear advantage has medicine organic It four, and growth as and system have Clinic performance manifesting technology we've impacts we've

Regarding industrial sentiment remains and nuclear optimistic. our power,

focus gas fleet. prices, seen managing capacity shifts Germany. Moreover, we regarding We our on deteriorating which to global of Korea, fence one power, the changed potentially improved This marginal Japan, of of future tandem in that power has Belgium, nuclear been the places the like pronuclear nuclear Sweden, and upgrades. the of seen have the life South from have fundamentally Switzerland, have operators elevated in even economics countries popular extensions government and and of all support strong economics with in have natural

within faced nuclear active, energy alternative energy global energy way become European all a supply EU new has the acute for far taxonomy, increases paving instability in recently more the economic planning price Union. incentives in for and markets. source within the as build power the green Moreover, a major given as New environmental additional their green nuclear classified

continued wins relationships end markets differentiated Order portfolio diversified matrix. demand defense product in market great also with long-standing supported digital up supporting Our in are are categories. defensible incumbent the by European quarter. commitments for shift been militaries continued key reflecting these the and ramping programs, funding progress, to and the industrial and and our experienced in have threat position, launches growth has offerings. Mirion's product new leadership dynamic

on As portfolio and a are connected company, we offering digitizing products. focused and our smarter more

encouraged see to around continue are with recent within technology engagement platform. occupational and We elevated our Instadose engagement dosimetry the by

a II full-featured want is quarter launch to example congratulate the I world's the Lynx offered. to analyzer, signal yet the another innovative is innovative analyzer teams our Additionally, ever bringing team's our this during is of II of capabilities. digital which Lynx advanced multichannel on market. most product prime the

more pipeline Our This unmanned is safely the to excited technology for the late August upcoming moon. ensuring on we're or I innovations and test future. the to robust I'm the the with forward also to our look mission and play new announce spacecraft moon product spacecraft sharing in CIRS to involved. mission carry Orion for and that astronauts can Mirion early September, the of development is Phantom remains providing Artemis thrilled set be that purpose to

in the quarter, before Hanhikivi impact I agreements We've any to I committed commercial want additional on results to cancellations previously Lastly, updated not business. you Finland the sanctions other our for than conflict cancellation seen placed project of the or reported. on turn the Russia-Ukraine on keep

strong to stand and outstanding customers with we relationships Our ready commitments. remain satisfy

Turning our now second to company-wide slide quarter five results. to discuss

communication order While key buffer, responded inventory the continuing the a supply We've side, we continued challenges experienced quarter. Medical and build in defensive with on key saw during supply tightening by product positive momentum we partners timing chain are chain book and ship categories. with and Industrial to

within for of the organic X.X% the to the addition, same XXXX, results Getting year, the nearly very compared have by with lost for order pricing and morning. Russian-related call, we the our but meaningful In Medical quarter, reported later as by in to in growing we initiatives evidenced balance revenue Industrial XX.X% provided into by declined worked compensate details, support X%. the strong X.X% inflow not give contribution topline. more revenue, this but in backlog, the and declining period hard only delivering the quarter, will to color to a by you Brian the

cost initiatives. positive second from incremental throughout We benefits strategic contributor half, with the price relationship a cost expect to be net our along our

Lastly, X to that, of growth to we points XX note on our want remain target growth top I inorganic committed each line to of executing year.

achieving Our clear, leverage a to opportunities To EBITDA. demonstrated times ability acquisition is while goal path we targets, integrate simultaneously reducing have accretive our core to of and our working medium-term DNA. source of I'm our adjusted to confident towards three be

continued to Brian, Before things our want I over thank to support. hand investors for their I

this of Financial of Brian Brian? With gives positive call will of order future Our pass confidence trends second the the to continuation I Officer, and momentum in our me the half Chief end our and over growth in business. that, the Schopfer. market year,

Brian Schopfer

Thanks, Tom. deeper please To slide quarter Good your we begin our everyone. my comments results. dive morning, attention into financial turn as X, to second today,

the As outstanding. has half order in growth first been earlier, Tom stated

show in goals. team the seeing are our our order sales end and of am growth up against I executing of We for the health markets, book, proud our

to While we effects, related and quarter, positive, been the timing. of a supply continue has challenges to experience in order order number chain momentum operational

now into Let's the details. get

down period On compared Overall, company to gross with an basis, declined expanded revenue challenges. gross at XXXX. of total XX adjusted revenue XX.X%. XX.X% performance, second was with compared revenue by calendar basis margin was down organic and I quarter XXXX the million. despite totaling points year-over-year. margin X.X% Total EBITDA in million, was quarter, quite volume am the X.X% pleased our quarter For adjusted absorption adjusted same EBITDA the Adjusted $XX.X the finishing in $XXX.X to

better initiatives, per for points XXX mix, public to points also million Adjusted adjusted EBITDA and XX.X% actions EBITDA the are share strategic $X.X margin second XXX in quarter. note headwinds. cost accounts results, which of We the basis this earnings is compression. $X.XX company that, contracted pricing margin adjusted to important approximately costs for quarter's It are and included of noted seeing offset was basis

segment, now was the medicine verticals. XXX-basis Organic point now integration was principally was of at last was benefits of the in growth grew from pricing. up realizing driven work strong same from and team Turning integration to revenue our XX.X%. in higher nuclear and and EBITDA the seeing three year. XX.X% X expansion look I slide EBITDA the proud Medical cost improved Medical XX.X%, paying across the period margin was performance a revenue volumes, to efforts organic Adjusted dividends. all the by adjusted cost quarter synergies Medical actions adjusted especially

highlight slide performance quarter's along to to Moving Industrial X. the elements, two analysis. segment There I'd are this in on like

First, we of the quarter. volume in month saw a last the order greater concentration of

current the quarter, visibility While given supply this the team's it gave us the into second challenging to particularly half, in limited those convert environment. the ability chain opportunities

Second, a have and some quarterly discussed. our year-over-year, from December we a year, to yearend revenue have as and this earnings previously XX.X% of organic We mix we experienced June the transitioned X%. flattening result, seen in with declining decline reported revenue natural as

in transition period down by dynamics team declines, the is EBITDA progress to Industrial Adjusted new by the working Industrial interruptions teams Our last are impacted XX% for the mix Ongoing business. performance in revenue encouraged year. chain to the Despite segment the same supply our revenue have approximately the hard X% compared to was quarter. we negatively the made. organic year-over-year

dynamics XXX basis timing adjusted offset and XX.X%, the well lower due better margin absorption primarily price. as challenges, to dropped volumes to the by EBITDA related of as impacts While points

to now let the our me quarter. cash you X, for Turning position through take Slide

had of hand available on XX, June million $XX of of $XXX and we million cash As liquidity.

remain up of positions and strategic Additionally, continued flow. we $XX.X in chain million and to the we've dynamic deliver allocation. free deleveraging our balance through was working global investing despite chain invested We customer generated adjusted as committed in cash commitments. capital supply Year-to-date, to inventory the disciplined $XX navigate approximately capital promote ramped internal sheet inventory on we to This environment. million supply stability

industrial at or the leverage inorganic and At for leverage public Assuming target LTM to quarter, we achievement the the EBITDA. of meeting EBITDA was impacting guidance driven below EBITDA end second by X.X range the four adjusted XXXX, of times. primarily bottom lower and midpoint end costs quarter of company year the finish the times, second of expect

to adjusted anticipate million $XXX we we are range. organic of and guidance growth Finally, range interest X% reaffirming $X.XX rate adjusted Due the X% our the million, year. range the of guidance to are EPS the free notably, adjusted Most $XXX full at flow lower of to higher to $X.XX unchanged. end end to cash for our year EBITDA environment,

for alternatives rate explore to offsetting continue increases. We interest

to comments. expected support. and your is things primarily continued you I'll a some closing my the exchange, thank turn Tom now foreign Additionally, remarks for concludes be prepared headwind euro back to year-over-year. for That we

Tom Logan

Brian, before close takeaways, to questions. thank few take key you. with your I'd like we a

book market vertical the quarters. order the over discussed reflects we've performance few last First, healthy development as consistently

this Second, variety time carry to of we And our execution. you momentum all year against showed our expect relentless now quarter committed Alex second challenges while a delivering half. Thank and for these categories, lastly, to we have back it remain in into improvements seen with and your pass to guidance expectations I'll lead the Q&A. today. full to

Alex Gaddy

our for operator over it turn comments for formal I'll Thanks Tom. to today. That the concludes Q&A.

Operator

is with Our question Kaplowitz from Andy Please Thank Instructions] you. [Operator first Citigroup. proceed.

Andy Kaplowitz

a then How you function you strong see just in growth that in incrementals X% XX%. showed period Are enhanced incrementals normal issues Tom those supply segment? the the or nice supply chain not deliver they're of much up X% growth business? also issues over could behind separately that versus just enhanced the now and And can versus on chain of of impacting And is XX% of sequential QX displayed acceleration. you segment target? primarily sort a Mirion that your to that's the Brian, Medical in

Tom Logan

suppliers the second. Medical, environment is but we're is woods. of our terms of Brian I'm significantly an our discussions key first Brian the Yes. at supply many for in area not out I'd a internally engagement only no Andy, very and with level. the where this directly say executives. other take chain is Tom. I'll as I'll part. with the and senior let and But high not personally involved This is address

for cold-rolled level simply it the any commodities, particularly we're as types But yet, relates high Our discrete that of environment electronic view seeing are to and certain in we lead, general steel a like constructive is relatively of for us seeing takes more overall not like. easing things components.

continue to to results the what directly characterized drag find or on source we business been on there was operating to notice short will qualify I chain. So manufacturing to bit through be scramble put where essentially in my and is no have as within issues, life higher the component That some where at comments, that with pre-pandemic that we or think, end quarter. reported, and arguably is componentry. will we continue. Had there a Even the Medical been supply firefighting, as or we've indirectly partner with always I find supply simply that for of notice alluded levels, we contract a suddenly alternative that of our little with chain performance the again, have the would unavailable,

Brian Schopfer

that the and talked side together We've couple seeing Andy, think, integrating I margin quarter on you're really about a things, Biodex time. buying Yes, the right? with Capitec, of integration and for come this first

of we where there think pleased the for So we're rest continue year. the we super I definitely will with that think, stand and

good see as to expect incrementals here. I So we progress

factory thing we've about always going is of other a number talked closures. on The

it was behind in them of the that's from Southern made but in on the price. mean got I side. seeing road, you're the the the good numbers. third we thing think quarter price house side this move There's which in still Tennessee. coming again a us. some here is together seeing in And to of we Medical California is And bumps it's the you're One I

team top-line very from hitting Medical and we're point in to think is but a for on lot Tom's of things lot side there's together of margin us coming robust perspective. challenges still this a a way cylinders are a and I on the

Andy Kaplowitz

you a it XXXX. in more significant could obviously accelerated bit have target order organic a even better is us last quarters the Because make lot growth into the the organic when of on segment for see more guys. reach and revenue you very that encouraging QX obviously single-digit orders but Industrial, exclude strength to revenue have couple know and have to swing mid in Russia, helpful over if loaded? you We is have exactly then declines chain. but That's supply we target that is for that And of a to give maybe color better translate

Brian Schopfer

Yes.

that I think and mean, seeing so the start you to quite need obvious math that the of fourth quarter when we it's I third in -- do year. the the backend

going I guidance, think, quarterly if see you but you'll before. -- we're give I to quarter's not performance that think what we've the third done in

be would good But I mainly normally think like just we on quarters the what -- need is I'd both fourth think, heavier we the deliver little execution-wise in than think but it's on see. numbers. hit sure quarter than quarters. a need I I to little growth the quarter the on both to Industrial side heavier math. a we I mean, I would to fourth for not,

Larry Kingsley

that business and to you do a they've obviously we've our our here. internals execute just incredibly quarter scrappy along And of we've listeners Let point, revenue of on sustaining is. tag QX the got our proud or And the yes, that. just here how the of have of coverage we Russia team overarching can of resilient me the guidance to we look delivered too, but level that we reflects chime the to X% Ukraine because got what fact Andy. how intake through level well we're and in just in quarter and of Brian's is when done. confidence it's And And in -- out last remind situation. our QX order our that I'm to the model guidance that for perform full hands year have took

Andy Kaplowitz

that the Europe, of of single-digits Tom a highly economy made visible into Mirion Larry probability exposure Larry more more more comment One obviously, about you to but resumes actually outlook back or of big of medium-term lot And I'll does the growth into nuclear. What's longer-term global amount Mirion address the the regardless outlook that get Maybe XXXX. normalized but have then can a XXXX. whether that us you've targeted could little mid comment, fair question down? your a in having color the queue. on give slows picture exposure focusing a is maybe

Tom Logan

never Candidly, felt Larry. ahead Andy I've Yes. go --

Larry Kingsley

can thing strong it's a that just really strong have fact strong we've otherwise, times in was of for really really on has just macro about comments order a trends predictability, revenue combination to order the you you of growth Mirion tech seen book most The Generally said bit to versus speaking, and Mirion Thanks. Andy outlook do I've going is as more we detail. than more visibility three decent so is the lead But color sure for already. my both you give seen that things business. to more nice kinds Tom now four have segments pretty lot what I give that say, the little of you look a industrial profiles. or XXXX. And longer-cycle historically, healthy the certainly see for a

Tom Logan

comes again organization here these reasons. we to actually coupled business are host Historically are in the all of consequences Do said, that nuclear the ago was have revenue. base. years three-quarters market cycles. whole within numbers, role to been going and/or Mirion a at of a tends than what support on provided where gas, never overall is going is been of spawned vary just of nearly refresh generally an Europe correspond been today. It healthy the the major But augurs which to curtail for which supply XX combination business has of is I that manage side benign issues, shut Five power plants? into political desire, the economics, one the on Larry how a offer. what need in building And And level a efficiency suggestive the where kind budgets through very, constraints that as things translated longer have has to pure to to issues complex decades. has our helpful. enterprise some the the a struggling. at by least markets and secular environment on number the that total natural when non-cyclical I in all be for operates have marginal little nearly we and strategic electricity region-by-region. last essentially story And obvious we support, price recessionary energy, of economics a extended near-term. for point power and subsidies support, not poor from I've go of two better seen changed down have the those have long-cycle literally base a industry conditions over That's that And been variety done capital we the Marginal focus we highly function And the has overall. Industrial outright popular factors we've tremendously Just solutions factors for broad down political well and geopolitical two I pricing decarbonization our drive actually time. well very look than that a more in But an anytime years. installed change. well the nuclear installed of with three-quarters operating demand regulatory And of need with combination were for segment you Andy, the of was Larry's or XX% discussed throughout periods of really with of about that of things operations? secondly of those. is to And Do to budgets very But period seen which that

civil solutions the again obviously, on to on elevated term, maybe helpful the intermediate needs can to an we think a view Europe a overall. these only elevated but perceived matrix short risks From side is in military clearly global a Europe. that, the the where is threat to more that an responding on not threats our be And in Beyond of more standpoint, defense area believe are there's this view very basis. I

not here, to health filibuster to strong. continues that Beyond be but market medical

higher The a in with to driven vertical at superior is our gives at combination turn a the conditions future. bottom execute, ability we of about our when the standard. we market which evolution feel performing are line operating evolving us that look capability We of model, good the pretty coupled by

Andy Kaplowitz

Appreciate color, the all guys.

Operator

question is with Sachs. Joe next Our from Ritchie Goldman proceed. Please

Joe Ritchie

Good Thank morning, Great. you. everyone.

Tom Logan

Hi, Joe.

Larry Kingsley

are you? How

Joe Ritchie

good. All All Friday. It's good.

So, book on cycle short maybe my through in are this. in know you how ramp half I a bit through longer can you little year? and sense provide versus lot came orders a cycle, Just that? like, in did first color let's confidence you to the like of that just but the more around want the ship any industrial give the don't of growth the for that touch month second the question, to just make orders of to around I the give guidance, quarter. a quarterly comment a get want last coming

Brian Schopfer

Yeah.

in quarter. I operating to April May. the Tom together holding and look to depends how normal I the good certain and is I those two that product bit in look in we'll Joe of built to the guidance. and see where see of not think, a coverage be And I business. come came on It in parts in abnormal mean, orders expected have environment, I think third say That's have here I very able convert. But on what the that a quarters. we would next just June in Obviously order and What like. think we our June would sat reality we're is, the things say from mix

in this of believe versus the and mainly high is confidence else. the year execution half anything Our here is back we about

Joe Ritchie

kind Okay, guys good. $XX I as of EBITDA offset on from you expected? a not like still think time through or I $XX the you talked the kind coming And million that billion guess, you about reported billion sorry, and hear. great That's Is Russian nuclear, last lost sales. to of defense I remember

Brian Schopfer

I I you or first right? page, talking just XX% that we're underlying the that number. given would orders I've I you're seeing Well, about our of out thought pull would look orders And kind some it I that for we're And seeing come is, to what installed quarter tell a sure. year-over-year of mean this you nuclear for base would up half, Southeast Asia. color I that. And in somewhere the think,

these side, the we here think on up so almost I the over I drag from a would on homeland thing military is as year our note, on actually you numbers. in euro, defense growth and -- numbers, security in these -- XX%. is actually orders When this as-reported And defense, the there's just noted here are military a is order up ago well. other

in is our rates excited would a and shows about proving think on order it we And quarter I we're really very clearly. our sit. up standpoint, where volume first I say, that commentary true the from

Tom Logan

Joe, and cycle a you of be pipeline longer than order in thing, about note that, this orders there's we is to defense might that segment. think. activity other The just the the a is on continue enthusiastic very lot And

Brian Schopfer

when to orders, those products the to be to right, able orders turn get on we to -- tend able get we be pretty that got we depending those are When what quickly. we've stuff,

well they do time So taking they those to tend they the to convert point, into up take to end book. come but like Tom's --

Joe Ritchie

Got it.

Tom heard the projects. And that took helpful. say of out Okay. cancellations One playing upside cancellations year. be to kind there earlier, were you the Russian-related on any I could I know second last Russia if I guide. that of the no you That's, one. there half that that of is relative the your out some remember, potentially expectations? I'm that any weren't that how in of just curious,

Brian Schopfer

Yes.

think answer there's think still yes I the is upside. there's to I -- that

see XXXX I to it's we pretty think than see anything book into but think, you -- about because going think, as direct of ending Russia probably for it's But number, to up the the Russian-related XXXX else fluid. in half I in or But still coming But and the moving a was of the in even anything XXXX nothing half revenue year. year. than what more our back probably it's back I candidly, else. order upside think great some backend not there more expect or that's of think, the than give I I more the technology of yes, in that you maybe I'm in year. is

Joe Ritchie

guys. Thanks, great. Okay,

Operator

Our proceed. from with Chris Moore question Please is Securities. next CJS

Chris Moore

backlog? Good or morning. Maybe you're Are little seeing a customers types color provide just orders? are orders into orders the questions guys. few can Thanks for flow kind around of direct placing just-in-case more you demand, taking of filling a these

Tom Logan

certain candidly efficiently if sector think look firstly CapEx Brian you solutions find think And showing to Chris that making are you again, to in allow we the and plants order money has norm, what run expect pickup. instruments I Industrial we activity. that increase. budgets OpEx more plants But there been thereafter. strong as get tools be the there's pickup new again, that are I categories both budgets continue provide the in our more activity what just that greater for fall see to a by going at this four run on the the us pickup a we that into then Page these seasonal And to And growth expectation in as order the cycle and nuclear No, And of capacity. we're product sector is that installed again and is spanning more new sector. referenced fleet clearly our presentation would the sector, been broadly build

on in it what nuclear at to the Industrial is it that, a side no immediately it's secular So, seeing nature that's on you we're is defense direct about power. perceived market of demand, be as is the if view. in Clearly say in changes, of prophylactic true in sciences the to look the side, kind not response the responsive would not could and threats. defensive behavior said general life in that a business. same other I It And elements prospective, that

team normally we higher it's execution of business, backlog carried. our and management operational our able a we of On further strong in more But the there. have business the the what's gotten combination see factors, level market Medical arms would been little systematically it progress a to bit chain we've very trends of still side trends business, still overall. just performed brilliantly. supply generally, the made medical on to reflecting of are around we've go, We And as growth work through recovery. maybe radiotherapy has to The supporting macro improved than is nuclear but that part macro continue a performance, have COVID-related there really great

we don't is, we're demand it So, pickup being sensitive the in defensive the to I the summary is broader think particularly as patterns no and organic. not of in that recessionary demand that is see we It nature in all particular seeing that guess economy.

Brian Schopfer

it's When do breaks, and we're just $XX,XXX range, I one more for the portfolio things need point on the products you are there's different a somebody's this. stocking is would we're or of not obviously is -- look also dosimetry a product the to come shelf. that's $XX,XXX, that hold the need that true per a lot point we isn't side have a product is these our and and But than range. remember occupational shelves. fulfilling this XX But wide $XXX,XXX a than X typically you

Chris Moore

Very helpful. it. just referenced Dosimetry. Got And you

So the of is that's just more It kind QX. kind there? order XX%. you like down of year-to-date Can of just talk a looks trajectory of reflection growth to

Brian Schopfer

were order we fourth year is the ERP an in Listen mid-single even when before. this relates of did that that billings have digits or the and think to the quarter Yes, in number I robust made high contemplating would orders first and we very which in mean public very the QX is frankly market end all quarter bill, solid conversion we made some how last to listen grows. some this we compared I typically before well we business, we year, going recognize --

So, year. good and think half, this the in of you kind past the of order we expect in book mid-single-digit I the all the the when in noise -- still numbers business growth back is that have at half get we

excited we're some of customers we're think around about. the super about opportunities to Instadose talking that I

Chris Moore

more of in they flow initiatives detail kind a Got the into on maybe how the second just Helpful. it. And little will pricing half? numbers

Brian Schopfer

Yes.

touch quarter. than we we I X.X% that's Tom like, saw we have would said, think Again, said higher I think anticipated. this a

give continuing that's to sticky. pricing think being broad confidence in I us our

true. in ramp fourth continue of or will quarter we back mean year. said comments think X% hold the to in it's right I I I quarter. in think the before, the that that half my the X% And fourth around

we're So, confident in what we're doing.

continue We to value-based putting about it into be price but also to thoughtful the a where on market standpoint. need we doing

as cost a of half what does So we've the of in whole we been lot feel year thought. versus expecting. changes back expand I Not good. the we price mean

we're think this executing for I in area sure. well

Chris Moore

me last there? getting what's year, for of, fourth leverage kind the Thank more by you. maybe a one little it. of detail of goal in the embedded of the And end Got just times below

Brian Schopfer

work hard us And listen, the of get could to call. -- expect the You to would Yes, mean bottom this of that guys We I me or with midpoint acquisition our end four below the is still making at math EBITDA. us get that the are at range. times. an be

pick means our to cash EBITDA holds And the We've obviously, deal, we up And in together the year. all back to has gets generation don't of So, we got with number of deal, the hit on the the half that have marks to coming probably hit got that type there. If the side. us. things -- do right that still for us midpoint. of those

we lever for there I we down about can So, back down operate improving lever and good pretty up that well. we and feel when think deals then getting

Chris Moore

guys. there. it. Got I’ll Appreciate it leave

Brian Schopfer

Chris. Thanks,

Operator

of We session. the end have our reached question-and-answer

So, this conference. will conclude today's

your participation. thank may lines for you this again time, You disconnect and at your

Mirion (MIR) 29 Jul 222022 Q2 Earnings call transcript