Earnings call transcript Q1 2023

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Operator

Greetings and welcome to the Mirion First Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Alex Gaddy, Vice President of Finance for Mirion. Thank you.

You may begin.

Alex Gaddy

thank joining and XXXX first everyone call. earnings afternoon, you Mirion’s for quarter Good comments this from made forward-looking that reminder A during actual the statements. may in statements presentation results differ projected materially those forward-looking and include will Mirion’s SEC results Factors file The differ filings in time from other Form and time are on and Form on the to quarterly factors to report cause reports SEC. annual under XX-Q the discussed Risk could XX-K that in the actual caption our that with with we

Quarterly most the references measures first call XXXX. made directly within prepared accounting the IR All on to today’s related measures website financial to comparable found financial earnings Reconciliation with found this were that discussion The ir.mirion.com. can the quarter financial the are accordance non-GAAP will during of certain materials accepted in those XX, ended appendix include call measures not in also Mirion’s at March generally presentation be the comments accompanying today. be GAAP can of principles.

also like to Monday, rebranding on launched would X, to attention XXXX. we May initiative the call I

Simply a has in the business result, referred or formerly as the will for the reporting convention As naming be to Technologies Mirion future. segment, industrial There our change been called beyond no to financial our Technologies methodology segment. Technologies

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

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

Larry Kingsley

your and of get Thanks afternoon everyone today, in I interest Alex started wanted support us for thank To dialed and afternoon to this Mirion. everyone. good continued

XXXX. results strong We are report pleased to kick to off

dynamics favorable commercial is of both sequentially, and of position a RT. backlog end has increased which the Our effectiveness reflection market

coming in of our line are demonstrates margin established segments. clear expectations for highlighted our saw momentum strength Adjusted we quarter. EBITDA that a of performance were top first gross growth This both and that by the the we within of are the pleased out QX. we adjusted positive Results continuation for quarter. Moreover, revenue higher-than-expected reporting performance

as not later free holds strategy the year-over-year. I cash capital our the plan working will targeted achieve this improve more note wanted for in details as call, to credible robust a inventory In year are generation We with XXXX. to excited Tom parameters. but that team team both has Overall, it happy and deliver and drag in share was performance future am business in though a to to Brian I turns. on flow performance a working place Mirion the is well has I capital for particular, beyond. the positioned believe solid the what dramatically that

Mirion’s pass With that, to Tom? Tom CEO. the call over I’ll Logan,

Tom Logan

on Thank my by colleagues XXXX. I’d to and Alright. begin today Mirion also outstanding you, to congratulating start afternoon, like good everyone. an

are results to our quarter to to testament day. and first a direct live out your mission Our commitment customers serve our every

to quarter our at Looking there like first a few you I’d leave with highlights are today. results,

sequential XXXX a strong first growth order our quarter. our is order X% The in health book trend quarter of of a our This as clear the off of composition recurring smaller we are generated customers. noteworthy underlying First, greatest despite kicked remains strength fourth particularly in growth order and position we record backlog seeing markets. from growth reflection is as end a in with

in expectations. outperforming internal total of approximately X% our delivered quarter, revenue organic the we Second, company growth

X.Xx in leverage as net expect to a X.Xx Third, or EBITDA continue the leverage XX, the adjusted to March end I of by below reduction and calendar improved to year. of

be adjusted revenue X% $XXX $XXX our growth to X% expected Finally, guidance and financial million. morning million this organic we reaffirmed of XXXX EBITDA to with to

last we couple a financial into our I’d occurred quarter, deeper of results like note the since to getting spoke. things for Before that

pay First, we for February. leverage in of and possible We funds to today burden our reported $XXX used made medium-term flexibility to of the the the million debt position achieving and million moves the future investment position. our $XXX leverage annual received we down through was Xx. expense getting our improve closer us This debt lessens interest financial target adds leverage direct repayment below

Second, following and rebranding rebranding the highly last of Mirion’s our launched group medical we of Corporate segment. successful a year, Industrial

our will substantially Simply business will our to will to a as now refer company of and or the industrial as This the Mirion From to lead launch was future. our a customer major conversion. there be engagement, change in reporting how redesign, which our old accompanied intelligence future. Technologies simply We segments, our just to will or referred Mirion composition changing refer in standpoint, financial overall segment with Technologies website no industrial of reporting commercial the be we improve and simply method the

our Let’s discuss quarter to flip now to X over more first Slide results in detail.

delivered we growth said, organic segments. with performance total I revenue both – As quarter the first the nearly total from of at our the in company strong X% level, company

On the continue revenue RTQA. by the XXXX. off side, our Radiation from business performance growth quarter, a organic Quality we spurred medical solid of nearly Assurance drive was Therapy building strong momentum, growth or Medical to XX% for

center the investments service In sales in made XXXX. European RTQA we strength accruing saw in we particular, markets, international in our and from

and segment, established was momentum Technologies positive to the For of QX. a year start in continuation the our a newly QX solid rebranded

more led up year. our X% Our balance in organic expectations the markets. our the segment than labs of revenue North well America, was research and us performance for for mainly exceeded and This by sets the growth end

divestiture of April. strategy the our completed was activity. our reiterate the completing our the Physical Finally, initiatives Medicine Part business our M&A and of of for I’d position of segment strategic which business, like XXXX improving through we company development to Biodex to commitment in

a included this guidance our already this impact asset As viewed XXXX a reminder, unit of Mirion, non-core divestiture. for business as for was the and

With over Brian? the Financial call that, let me Schopfer. our Officer, Chief pass to Brian

Brian Schopfer

totaled turn organic a $XXX.X XXX our was X.X%. at results. EBITDA XX.X%. look growth XX.X% first points revenue to Adjusted up in begin To everyone. was please in afternoon good commentary, to basis X to adjusted to you contracting my quarter and quarter and revenue and quarter, I’ll X.X%. EBITDA $XX.X was margin Total up the the deeper million take ask Tom with Total million, was Slide company Thanks

As and to in stated business contribution were expectations. by performance call, Price strongly was quarter, impact SIS. approximately by It’s we in mix. largely headwinds channel excluding international cost quarter were mix to last a on in cost short-term coming the our higher first with these X.X% dilutive distribution neutral performance the margin and that causing was line anticipating and cash are challenging be the the and our headwinds note Margin offset price acquisition total long-term impacted of sales software we believe in mix contribution a Results QX. geographic inflation, with half medical in not SIS lower structural that environment from product important for the of changes. to

the company. management, the We’ve free improve a negative inventory. by dedicated is largely a working Turning the million cash flow Slide turns including during me broader was high to flow Cash quarter. now impacted was inventory Working team mobilized and our inventory Mirion to across Adjusted for primarily team. $X.X capital efficiency priority X. net capital,

end to in place, strong At improved of for investment cash debt plan we the have the of the March on in hyper-focused We source capital by working full we driving from quarter, stemming X.Xx, are to year. the a leverage received repayment and direct a spurred be February.

million. expense Tom annual by our mentioned, we repaid interest debt, million burden approximately of As $XXX $X which lessens

hedge our to continue now debt we Additionally, fixed. we’re XX%

leverage Tom’s of segment ahead into that, around to during Looking the lower performance of the our to the or operational first quarters, our few next quarter. achieving the by target through execution. are With more teams X.Xx year now dive detail committed let’s end

with organic was XX.X% the begin Medical markets. segment line three Slide medical on another outstanding Let’s support business, of top from X. of This revenue growth Medical with growth for quarter end medical with of the our all quarter our during coming grew XX.X%.

to over I few moderate to comps the we reiterate levels want that as last remainder the to quarters growth the get we’ve expect However, organic from seen of XXXX do tougher. for continue

revenue EBITDA margin adjusted year. basis last mix and the higher period revenue business international Medical quarter, XXXX. These was a point contraction margin QX to experienced EBITDA the by percentage RTQA XX approximately factors margins the in mix compared lower impacted a our same high of software XXX XX.X% quarter. was within of in Medical impacted in to by revenue we the compared overall medical points domestic software and basis

the the historical organic for space quarter, growth adjusted in growth Rebranded representing EBITDA $XX.X X.X% segment points quarter to no stemmed mentioned, North in X within EBITDA of segment convention. or Tom change growth segment, Technologies the contracted XX.X%. to grew our Technology comparisons. to adjusted labs million, a its to research margin business. this Top while on X.X%. solid revenue business XX.X% reporting financial change recently XXX of as and our the by from America quarter, was for been its There’s line of naming Slide the Technologies the with the of acquired basis is SIS in components Moving only

impacted Reactor expected, mix SIS year-over-year within acquisition. from a larger Safety the were first quarter, As product business Control by contribution our and in margins and down the Systems

positioned Our company, is going cost-out margin and well actively the are implementing believe our across we initiatives teams profile forward.

financial highlight on guidance X. to XXXX Finally, I’d like Slide our reaffirmed

X% to growth the We X% continue organic revenue mid-single-digit both to of year, for from expect growth by segments. organic supported

reaffirming million We $XXX to million. of are $XXX adjusted expectations also our EBITDA

sequential for remain expectations Our also go-forward unchanged. the year

mix in as facing February product our geographic We’re we as and saw we challenges during communicated QX call. similar in QX,

will into margin pressures EBITDA year of get adjusted mix as these second anticipate the sequentially. We with half ease we improving the

February. also the we reaffirming direct are we that investment following the updates received guidance published in We

are for shares. utilized cash with is count calculation the approximately our share $XX year, to We The adjusted million interest EPS of free $XX flow XXX of million expense guidance projecting $XX net in million. adjusted updated million

expense our the to quarter the the a of for what XXXX We $X.XX to to interest count range EPS $X.XX Overall, are of basis. share holds look due savings solid on to the offsetting higher rest I and per start us. first share was year, a holding forward

With for pass closing that, thoughts. some I’ll Tom back to call the

Tom Logan

Brian, thank you.

takeaways I’d Before few a from we today’s move you call. into to Q&A, leave with key like

performance QX our First, our ahead and by expectations, backlog book line was position. of in positive trends both supported order top our

challenged was QX but year, expectations. were margins our our in that were we headwinds in reiterate quarter to and relative line like mix in we the last to expecting saw I’d the with Second, performance

a customers free us flow, and confidence aggressively Third, finally, of supportive cash for order our strong be focused full and improving we working are are that will net And source the cash flow give XXXX. engage remainder year. conditions ensure on capital working conversion the market for to of

year. the our As a reaffirm flow and XXXX leverage for we cash result, P&L targets

updating results to forward look with you will quarter our summer. We second this

At Q&A. let to pass Alex Gaddy me the open this to microphone back time, up

Alex Gaddy

Thank afternoon. you, Tom. to That ahead. this things concludes Operator. I’ll our pass for Please comments formal go the back

Operator

line Instructions] Chris question. first comes you. of with question CJS your Thank [Operator proceed from with Our Securities. the Please Moore

Chris Moore

afternoon, guys. Good for Thanks few questions. a

Tom Logan

Good afternoon.

Chris Moore

nice – Congratulate quarter. afternoon. congrats Good on a

So supply as Russia. very performance chain such obviously, challenges despite in XXXX, solid

While May those versus how would revenue today ‘XX? visibility challenges of compare haven’t you say disappeared,

Tom Logan

Yes.

Let seeing me are we off in Tom lead the Chris. general, markets. and is This thanks that, our to an for improvement question. In

last you As engagement at instability. think look there issues us, global challenges spike had year including with issues, rates have tensions. are we some of we like chain interest with project. vertical particular The the as They Premier supply to macro supply foreign vestiges our a and chain clock Industrial But on order in that exchange macro environment essentially higher the broadly improved macro pressures market dynamics most nuclear for was a at Russian general, the we tell use line the and materially. in about negative customer is feel of still the intake, with other and to recall, broad-based, impacts We of our We overall, we overall. rates, for a exchange. year of in performance. you associated for If cost would the Certainly, backlog supply in Technologies large that inflation, ability But some geopolitical Clearly, good as the rates, offset look forward meaningful operating our year chain general feel dynamics year. segment, we see bottom good interest technology at we about improvement we cancellation and today, conditions. overall. roll of more big those our

Brian Schopfer

across we for rest have us be of It higher the to coverage of I think Yes, pattern fact backlog. year our out continue for an encouraging the company. that’s And continues the encouraging. to

Chris Moore

helpful. Got it. Very

bit little a to trying Just SG&A better. understand

obviously, more QX, in was still to expect bit XX.X% in of SG&A in we XXXX, fiscal ‘XX. elevated. down bit come lots a So included of than one-time little it Amortization revenue some adjustments XXXX, again a a in but

a percentage forward? what’s understand to revenue of trying normalized Just moving for SG&A

Brian Schopfer

Yes. noise and you P&L. Chris, this, continues going I of mean, obviously, accounting going through of as interest that about public the purchase to kind run think a noise year, last – the the our the lot profits

you So the comes mid-XXs. year calendar think I in, down about think that to all if XX% ‘XX,

we as the through think the which else. to line I continue the amortization is than accounting interest, run as more profits candidly, SG&A anything

in I XXs. the a you And stripped mid- the whole think low kind range. number if of out in a amortization see pretty to normalized XX% you as

so interest or kind when XXs when big on probably to amortization But adjust So has in for you you piece through in we the the high I P&L. XXs year profits it’s And think the it. another still and low of a amortization tail the probably of the don’t mid-XXs, you do. flow can to see have

Chris Moore

Very maybe moving And it. the they for Got Mirion opportunity for just can what SMRs forward? helpful. little you more around from maybe that context offer seeing and me, you’re a more present one

Tom Logan

be Chris, excited this. we continue very by to Yes,

– In nearby conference fact, sponsoring our nearby we’re a this Atlanta headquarters in in here here week. our

We as engaged small the market. be over modular a next a continue about with see we kind focus and for market. excitement scale very And overall as a replacing wave see to share of decades. the several business, being plants industry coal technology market to on prospects the existing movement as decommissioned overall on SMR those utility the nuclear supplemental this call, reactor with next of We we the our to nuclear really the this the reminder

most quarter, these with SMR these projects booked quarter the still would of projects in We projects, players. of though more many in $X than stages. very note We fact, the SMR in leading backlog in the work continue to that I closely with early are million even in associated overall. very

momentum build. that view the our continues is So to

backbone to view Our which and tremendous that by sites. got of Collins provide new overall, of is digital we feel the our reactor portfolio security that that the good helps Infrastructure was And solutions acquisition is the relevant we’ve these a business, about augmented progress. so

Chris Moore

will I jump And Thanks, Got in it. line. very helpful. guys.

Tom Logan

Chris. Thanks,

Operator

you. Thank

your the with Citigroup. from comes Andy question of Kaplowitz next Our with proceed line Please questions.

Andy Kaplowitz

Good morning, everyone.

Tom Logan

Hi, Andy.

Andy Kaplowitz

the had ‘XX you expect Brian, flattish headwinds. I to inorganic think including relatively mentioned margin, for

still You started margin to slightly as that year? flattish lower But supply out the at QX than relatively you Are to better get expected. are overall EBITDA starting you chain be really all? expecting for challenges

Brian Schopfer

Yes.

think about we to be call. the continue year, with we comfortable the talked last I on what for

we what the – think a challenges margin know know – in knew have I continue of and half, here. bit first we we will to

You first saw the it in quarter.

of we confidence back margin more performance half year, the that I very pick think the backlog visibility bit in again, on the quarter. up. see you’ll good it the us gives But a in second have the seeing

we I and the of bit back another think, quarter here in then margin looks second I pressure so half yes, think, quarter yes, have the better. think And I a

Andy Kaplowitz

just that. of me let in basically Any year? as sort cadence – versus in bit QX, follow-up the thoughts a little of you rest said? margin a ask any on that more on incremental of QX expect just EBITDA Is pressure the Brian,

Brian Schopfer

guidance. quarterly give don’t we Andy, mean, I Yes.

margins to in So year QX. the And you’ll I QX guide by intact. think be is continues pressured see be

Andy Kaplowitz

bit Brian. if in then but for of in I you which means did ask the pretty Tom sort digit, at what’s and lower mid-single look model. Medical Got that’s the remind the despite in markets then the the I for plus maybe of good. remainder year, us pretty let And you a digit QX, that is again little normal of rest tough guidance, strong your mid-single XX% the and it. And is me or guess, Can year, of is comps pricing

is tough it on the year growth? a comps? medical just anything this headwind that’s Or So really

Brian Schopfer

supply first guys had mean, last very We big Tom. double-digit quarter. year. look, – can tell mean, well comp performed was you of Yes. then I pretty the quarter, chain year us I’ll easy the issues very, in the some and our here which add I’ll on gave in growth. medical first first you answer And I the good for maybe quarter first we’re kind the

saw Now I be as versus don’t seeing any we We think be it’s bit start quarter growth comping comps I expectations. think anything our good, tends numbers. margin lower think because of to which I channel. XX, – mentioned, market XX, end just a changes. percentage more we’re we this distribution international XX very point the in But want And to I cautious we’re little else. quarter, to continue

Tom Logan

this our about the reinforce all the at here the that of we of the I Yes. the be is the being commercial the about noted, medical and and will our overall We of the significant you rebranded demand Andy, group, are business market you Ross evolution beginning favorable, us. balance line Medical continue medical driving last middle that, I’ll responsible us, top When coherence notably, conditions lapping remember on we exciting the the but or synergies as Group. to just that late brought we see in guide comps broadly tell how year And as is last to President Mike we that medical, of factors emerge to year. key that, continue – again, beyond year. look we

fundamentals. the Again, business encouraged see as just and it be we responsible now, we be trying So continue overall, relates we reassert about again, to right what medical guidance to by we’re the to overall.

Andy Kaplowitz

doing sort cash little can for does generation year. leverage improve what but one should this out more slow, you cash improvement? target? focus it you watching Obviously, see to started ensure meet your and mentioned a on me. to what we Larry that are Just be milestones And differently And the that of then

Brian Schopfer

in think said we source first as on I year. have this of more I to as net cash I through half it’s call have of And I to many being talked of working back I towards we march think Yes. I year. off, a first that – the I back-end this continue loaded all work you, mean, of time, said and it’s last the capital think the

the a called team is the things have Performance we we of One Mirion have Excellence at Group. done

So, reduction Right now, from and at they is, SWOT this are team at etcetera. that it’s week, – cost Europe. projects, team, week, sites internal do are one they site in M&A, two like everything site an last they or another

literally I So, have that team deployed to and and the sites four And very really is SWOT with cadence needle. needle. have teams operating move Tom the move the we side-by-site, there the regular we

So, focused are only we not on it. are we

We have for improvement. to augmented more the factory give bandwidth resources help

do to So, there plenty us I is think here. for

have the the It this. to through seen – do anything this add? side. Mirion but work I want from You And before. time Tom, focus to time very it is you you – to acute takes takes have think

Tom Logan

cadence are that engagement echo the free our conversion business large proud said expansion would saw is and the are defense measures, of see this the that part the we I build high track a but for a that, really something high noting strength good as as notably, view historically. No, everything sciences very we margin a our noted normal part driving that that in the Yes. record in of a degree of year, the to Brian of and that feel the that about, based upon flow was, additional our by in – motivated Brian only of particular we continued level of cash space again, operational community. in we is historically, and degree, life And that we the quarter seeing, good inventory not

bring the are again, extremely ability confident We into range. our self-aware. inventory optics expected about we understand But it to We of the feel our increase.

Brian Schopfer

We just note medical do can One to multiple color have better guys. payables on places, business. the we of mean in sorry working Appreciate thing, I right? inventory, our capital, on other in outside opportunity Andy, net

have on right. We the side, opportunity DSO

the tell I here the inventory of help inventory more goals to in us have the although ‘XX. we So, was mover, needle than QX achieve kind would you levers just

just So, color you. maybe added some for

Andy Kaplowitz

Thank you. Great color.

Operator

Thank you.

Joe next with Ritchie your comes Our of proceed from with question. the Goldman Please question line Sachs.

Joe Ritchie

Thanks. Good afternoon everyone.

Brian Schopfer

Hi Joe.

Joe Ritchie

Okay.

the and little a we like technologies that out can just margins So, on just start bit. parse

drag it we the drag was the going a expected. than and in SIS, XXX like So knew but first be point seems was it quarter, to higher basis

And to specific there? so us the Any it’s had what it what have on in impact and color XQ? can you give that expected happened and

Brian Schopfer

Yes.

things. I think a couple of

the I than in think QX drag better a QX. is little in

bigger, numbers Now, are right. the

is squeezes are a So, bit. this think one business But the still of I impact kind we learning.

invest that in the business benefit a We standpoint. overall and digital of kind to entire business continued technologies keep from costs this

quarter we the is projects choosing invest But at see the of continue in kind to over to So, medium side. that more digital the the think just day, didn’t a some on and of I bit the in are coming. long-term we of end there the cost

new is all think I still are are to – us. it. And over We we new

kind to profile. the the kind months to it get with I us almost That margins way, operationally and where business, even We of the is these good both hyper-focused very actions. think did do of took but we a same-size months, did, of about same XX accretive to actually company. Biodex can be exact to has what we and asset think the of working By continue – the excited that acquiring And we strategically. where would that bought and feel are to that I to time, it what Tom on strategically. company. And both we company it up can assets more over mention, they I and very, accretive the do type very margins we track about over think important acquisition time, the record to I continue the operationally I the XX on team also

Joe Ritchie

Got it.

for you you what divested just year, that us the you can the how P&L mentioned impact give does Brian. in helpful, the that And since that then like That’s just Biodex April? quickly, fact Okay. maybe

Brian Schopfer

happening. put that That the in I Yes. knew had was into we was that – mean We guidance.

from already in. So, a that standpoint, company. the – to margin all it’s It’s general, in was accretive factored

Joe Ritchie

And great so see start it different that the going put back to X%. the Tom, off details out first plus interesting. each on then sub did. you to was – businesses had Okay. commentary, didn’t maybe didn’t this on see your thought I quarter like you see a just previously at order I guys of slide how the

any the you you across So, your seeing can of that kind sub-segments what kind color of give are business? of like us on each and

Tom Logan

of niches overall as high-purity saw the noted scaling this working strength comply are we I order great else Overall, quarter projects, and with in strength instruments should capital strength. is the be these where In we say as correct strength a labs us. for noteworthy discussion, good in we growth or are space, momentum some of was terms and in the in I all combination which in again, Yes. the say, the Technologies industrial, generally what segment noted, a in and and markets. overall, Joe, able just also, research underlying scientific our came driven that dynamic. but year the of on greatest myself not to we would out in light for exciting are strength are by I up that And fulfill these and germanium-based also of medical, defense, lapping medical, the saw quarter to our segments, in we new last Everything three seeing relatively across

Joe Ritchie

year, inventory, if still last talking a sitting defense. built follow-on Okay. some like those orders, things a Great. about for the broader Maybe I am on remember And books. any just defense I know to inventory particularly It wondering guys little I there? sounds that we are orders. these trends is build of starting have maybe of color there. in other you percolate been bit, order some

Tom Logan

as military Yes. engagement be It definitely spans and to applications level civil as defense to said, this very high, the of both continues well percolate applications. as continues, you customer

defense order will In I $XX we that for French fact, note today, applications a the million received civil overall. just market in about

by inventory and continue to order dynamic books to sector defense. supportive view may that watch. orders as position an that to the continue encouraged in we So, the flow is do this overall be have again, overall of We an into important opportunistic

Brian Schopfer

year. would I on, on just of all this will not he commented say, deliver that that order,

So, there that it year, some some is it the flow aspect year. will some into – this P&L, timing when of of that’s next of

Joe Ritchie

Alright. Great. Thank you.

Operator

and that time Thank Mr. questions. for comments. you. turn for Ladies our will allowed I floor Logan gentlemen, to back the final concludes

Tom Logan

Well, comments reinforce participating just both with to close thanks well for as talked remarks like today. I the would we Okay. everybody prepared few to as the a what about in Q&A.

We view a the market yes becomes it everything profile, in Firstly, a And customer engagement. about line conditions have we a – strong we top everything. like We easier then and the year. great our else, overall. our constructive feel that’s overall for if and dynamics the quarter demand lot continue have to

and both have we clearly, now margins right focus a Secondly, cash. level high in of

have we We operators. good are, again being history highly self-aware. a But of importantly, strong

expansion well degree of that of plan. to plan ability for over free we the year. free of high of the conversion. margin execute a a have conversion flow over cash course X,XXX feel points, about basis a We, we cash So, have our driven driving And history, strong higher good our flow degree again for

is is a just fun couple JUICE our Space of which big Agency proud that fact that as continued Mission, reflective this again, overall. Jupiter are is we during is Mirion technological in leading-edge most Jupiter that the in serving so in critical who its of that Part bring and kind of detectors system science things out a our magnetosphere reinforced but the broader focused magnetic feeding of the used the are note the really commercial in community we very capabilities in of of didn’t as European And that the Thirdly, we really on which magnetosphere engagement being call, that play serving the that the company. kind participated instruments of we to the quarter, where moon, have are Ganymede. of ecosystem particular, we and on in so the important are

This Secondly, tremendous Medical and with response again, upgrade we to engagement that to I about level will have substantial event. rather the rebranding, [indiscernible] clear, rebranding, is ecosystem internally be a merely end we front ultimately, cited industrials Mirion the that redesign, to a website drive, received our order to infrastructure Mirion call to we really the just conversion and not technologies commercial merely of But the note that, higher the veneer, follow rebranding but what substantive equal our the of expectations a the previously. for not overall. of is again, reflects what have will

So, very bring us We all feel early that updating the about feel summer. to dynamics that guidance and good in the of good this forward QX for about something thing, our to maybe feed most for position. look for again, results will hope reasserting the that’s much something final thing, the and into is quarters. we I that, on to and our important you out The it’s last year. we watch

thank today. So, you you participating we for all wish until then, well and

Operator

you. Thank call. today’s concludes This conference

your at time. lines your this may Thank You you participation. disconnect for

Mirion (MIR) 3 May 232023 Q1 Earnings call transcript