MIR - Earnings call transcript Q4 2024 | Mirion Technologies, Inc.

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Operator

Greetings. Welcome to Mirion Technologies Fourth Quarter and Full Year 2024 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce Eric Linn, Vice President of Investor Relations. you. Thank

begin. may You

Eric Linn

Good Year welcome XXXX you. Quarter Mirion's and Full Earnings morning, Thank to and Fourth Okay. Conference Call.

morning Schopfer. this Mirion's me are Tom CEO, Joining Logan; CFO, Brian Mirion's and

our and cause remarks, are the call Before we accepted comments Form report during unless on fourth XXXX, factors the today's forward-looking also annual accounting measures materially financial will generally actual quarter statements. call this Quarterly not Mirion's discussion XX-Q from Risk within me discussed and could this XX, remind include December otherwise statements, may you The made in include in forward-looking principles. under certain noted. other SEC XX-K, allow actual references will results accordance were Form the with ended begin that differ quarterly that to caption those The filings in results prepared to are comments today's differ on prepared projected that to related in reports during Factors. made

found section those be at me Reconciliation can on directly the With GAAP earnings most will comparable X. measures call. the turn can the now Relations website call that, accompanying begin to Slide measures All materials be financial Tom, the appendix Investor who today's in financial presentation of the found to our non-GAAP of let in www.murion.com. of over

Thomas Logan

Mirion. I'm earnings performance previous report Thank you, to as at adjusted EBITDA and good was pleased adjusted all per and year morning, everyone. fourth to historic record revenue, quarter XXXX highs. record share and XXXX a

but commercial for for as did delivering and and share drove thank year, of you big only the through actions. planned year from the to also points EPS full outstanding grow, the EBITDA the we adjusted by expanded the $X.XX Not results. group operational margin XXX quality for offer team adjusted Mirion per earnings earnings $X.XX me a basis all Let to

our line on a foreign delivered year in Importantly, guidance our sizable we for or headwinds, XXXX row. with than in also Despite were second exchange better results the our guidance.

in In took we We outstanding facility. and steps term three completed shares our tranches fourth credit of vested. our all our repriced quarter, significant founder public capital also In the to warrants XXXX the May, of structure. redemption fully improve

result, a and in much XXXX made The capital XXXX we carrying entered As is into momentum supporting we with cleaner a progress XXXX. simpler structure.

a with We backlog, of XXXX and Firstly, the had Approximately the current with past the healthy Beyond medicine book-and-build on favorably flow activity. coming both into XXXX. beginning expected several business the nuclear nuclear our in momentum power us heard detail we which coverage of our reflecting you've compares XX% backlog, we backlog, in that already our over quarters. positive is XX% are new XXXX pipeline revenue is

a Our revenue, high a recurring business degree of supported generates by base. strong installed

but positive opportunities in the early our are Earnings on new we opportunities, $XXX $XXX we introduced and during million We to December. of developments Investor October our like days on that today. seeing we Call, reiterated where stand Day still on It's these I million order

these details gets year have Importantly, are underway, to opportunities the and and maturing hope projects we've lost of materialize. as share Conversations none additional to more are the seeing progresses. year as we bidding date to

in for growth are we XXXX. poised Secondly,

on in in Investor we heavy expect our at procurement, the to Our XXXX lifting step go-forward plan business a towards our in better results. built Also much particularly is model XXXX XXXX forward take will in long-range for done meaningful of and be self-help, scale, Day. the introduced reflected

to I Mirion. be strategy both and robust opportunities our Investor pipeline and capital Day on encouraged the laser-focused by We Thirdly, on [indiscernible] allocation. December we available may the continue to are

discussions of follow-up One the one occupies of on that the Mirion position category is topics shown X. up in that frequently Panel comes

instrumentation competitors. exposure play XX% we scarcity landscape to whether life nuclear installed strong are which for was significantly is or investors grave the builds offers nuclear the to or critical any decommissioning Mirion cycle in investors, a cradle nuclear the closest of XXX-year a our more of to exposure, power events, Approximately are Mirion than solutions derived new Mirion's base today's nuclear infrastructure. power it's from the space. nuclear commercial For XXXX revenue

heavily reactors unique this commercial isn't eager reactors our market. of is improved around out remains capabilities invest And need continue from in that construction This demand XX% dynamics the world We capacity. extend weeks useful are are seeing few and initial We're Moreover, Operators to strong more operating to nuclear power energy in angle or on for trend investing hyperbolic. nuclear active a fervently ago. Deep we a increased building as than concerns to all have reliable around clean, profitability the today installed the just super existing and despite strongly to Hyperscalers believe worldwide. capacity. XXXX the have continues grow. global new representing SEEQ intact life power base their

and will It's their and needs. capital in modulars spending estimated about by to XX% more continue to and spend than secure both utility billion, XXXX on that increase to small they future scale $XXX they

growing the momentum for hyperscalers, continued reflects and the nuclear news Beyond support power.

where U.K., more infrastructure to energy we've clean to as examples developers sites centers is AI EDF the demand. In is where for give drive over X investment. new plans of demand in build recent freedom would the expected expected growing been speculating, in reactors France, new prepare include data they to support government Some as can

more the EUR ahead AI Macron in than French billion President in projects indicated Summit, country. Emmanuel AI In XXX of recent fact,

domestic serve. U.S., we The we energy sources, VC and recently their Summer the is nuclear governor including including previously Here prioritizing for in software provide sector, expansion. to President and Carolina's energy the nuclear nuclear South service Trump mission-critical hardware, reviving advocated abandoned are customers solutions

service XX reach global unmatched categories that the product superior combination of XX we and provide in quality a a to is competitors. leader global by the are thanks We our and of

we to industries of regulated compulsory failure. customers products simply, Stated in with provide cost highly high

strategic and our success. We've both their role segments. recognize our Our operating alliances of increasingly formalized customers across

signed a Healthineers Corporation For example, last Siemens in power, signed medical with of Electronics leader nuclear India, rapid we India's of group, we in the year. In alliance support a strategic MOU market growth nuclear agreement our sector. an the with Indian to

operator into signed also an of XX we're plants partnership world, largest their We exclusive nuclear a years. focus build and tagline. EDF nuclear measurement now with for power next is This Mirion supplier are radiation. the EDF for in the isn't of customers with markets serve. projects analysis investors a partner we detection, and we Category a on of new just X for strategic ionizing the what XXXX. we in pure we the It's the agreement is the in of the represent to all a to

Fourth we operating to Panel on revenue continue million, of historically X. from new Approximately quarter's this to from the installed see $XXX.X comes Turning performance a nuclear revenue our This power now plants. base. today's the record. XX% quarter quarterly was reflects demand performance nuclear

revenue expand attractive fleets. whether their Each investing operating of ambitions opportunities Fourth are reflects creates to for or radiopharmaceutical also lifetime in the operators performance capacity their Mirion. quarter the demand. extend facilities, of reactor these Nuclear

cancer this increase. market nuclear points products new increased is $XX nuclear of year Adjusted XX% ways million. Also, traditionally kit. continue adjusted Fourth strong sold to we This customers, XX basis our same million increasingly activities more business EBITDA than as by more EBITDA the medicine to and a XX to grow and was showcases We Last we're to equipment nearly XX% foundation year, initiatives driven for the $XX therapeutic safety operating and quarter of medical period part finding than nuclear operating alone, revolutionizing operating by driven performance our of customers. medicine the industrial procurement business, last compared margins years. expanded our leverage. to representing

EPS our $X.XX track. executing upon adjusted laid last share, solid We're the a organic XXXX a represent opportunities, was $X.XX market fourth year. well on quarter and growth our and drivers continued unique quarter our full performance. see quarter at Investor on inorganic, We improvement fourth capitalize remain Day out to over both year position. and Both strategy significant Fourth

turn the quarterly to and me discuss let full results. Brian Now year over to it

Brian Schopfer

quarter review grew growth XX.X% headwinds revenue Tom, for all our you Thank of thank X.X% enterprise results the joining at offset largely fourth top compared quarter as us to worth $XXX.X growth on XXXX, financial fourth growth. million. and of. tough performance organic primarily revenue FX continues power I'll in Medicine detailed XX.X% The noting beginning quarter a XX% million up and the call. organic nuclear approximately to very Nuclear of growth. that to power, $XXX.X dissymmetry quarter you, X. in of giving was by strong is similar growth had we fourth Fourth It grew driven Fourth we in Slide comp nuclear inorganic quarter an year's on that impressive prior the XX% X%, of double-digit be of

in This between tightened to guidance growth million of Organic which than versus better revenue $XXX.X back Full enterprise in grew X.X% had XXXX. X.X% October. was year was X%, XXXX. we X% our and

medical year. the double-digit Madison organic products organically In in double-digit reminder, primarily over ERP Safety in biggest to for Europe power was and strength had this critical Nuclear group, expecting the are X.X% contributor, out the activity growth We due in all implementation growing group, the market. XXXX a safety X.X% Nuclear of nuclear grew X% in medicine XXXX. end quarters for year, we As In Korea. nuclear was the first and up quarter after the and in growth to

adjusted offset the and was compared in $XXX.X business. year Enterprise X consecutive ECI million, the was the We prior ended completed the periods full XXXX, rehab the quarters acquisition $XX.X expansion divestiture of reflecting to margin respectively. year. the X%, by inorganic of in growth and with year QX late same million EBITDA

of adjusted basis approximately beginning at EBITDA XXXX of XXX for margin the between $XXX adjusted and end of above at guidance gave and mentioned, we guidance improvement This December was original year. million EBITDA $XXX million XX.X%. points high was the year. XXXX the the of the margin As our represents

the steady for progress share second EBITDA quarter fourth takeout $X.XX. the impacted $X.XX, share XXXX Investor contributing year. adjusted in by a full Fourth year margin of earnings adjusted $X.XX quarter per the quarter towards founder December was warrant adjusted EPS at the The vestings during the and XX% outlined making Day. We're only target full EPS to our

play X. Nuclear in. and products Slide the businesses. growth we from Fourth Safety Fourth Organic This the million. And nuclear critical power other growth out quarter demonstrated end to XX.X% all strength XX.X%. quarter across French was was on Turning continued revenue growth good mainly coupled of grew our segment Group business, safety $XXX.X organic and to with markets

The million. revenue XX% to to this grew Full year EBITDA Nuclear group XXXX. X.X% also activity growth. Full an a year key from Nuclear-related to is growth. revenue an XX.X% by to mid-single-digit segment. impressive Europe organic in X-year EBITDA expectations Nuclear Safety XXX growth X.X%, increase and and was for compared basis Fourth our $XXX.X XX.X%. totaled grew approximately organic beating of adjusted annual our division quarter driver Korea million, Safety expanded plus stack $XX.X Adjusted margin points and

Safety by changes mix quarter process XXX a increased region the to some put approximately operating beginning A million all their XX.X% in the This to improvement in in to $XXX.X business. in French on solid basis behind initiatives. these were procurement this initiatives increase from Half hard better say time in to helped increased discussing the place normalized for and leverage colleagues were offset than us that team of segment. a started performance. the XXXX are XXXX was we on in and our more factory delivered the floor XX% was Nuclear back results in better year. actions leverage, coming this margin our bonus the to thanks Full work last are versus special as accrual point happy this last with or adjusted year, in French is results. Strong Recall, organization prior our intended midyear showing the year year. Margins EBITDA deliver management focus the operating performance. our fourth I'm the of through largely an rest and size procurement challenges processes and and

Radiation a businesses Therapy Slide and on our X.X% Quality dosimetry methane quarter segment grew our $XX.X by Medical revenue $X.X Fourth driven XXXX. business. the million, fourth nuclear segment. the increase X.X% Organic RTQA and offset X details additional revenue in quarter ] provides by Medical or Assurance million our was quarter [ versus or

year. reminder, the fourth growth last delivered this As organic in segment quarter we a nearly XX% in

comps business. a were for the primarily China, basis revenue three driven growth, approximately by tough, medical. therapy There to impacted So in by particularly in headwinds medical the total organic XXX RTQA was quarter headwind were Radiation which points.

X.X% headwind of basis new acquisition. from purposeful combined The our business fourth was XXXX. acquisition the Medical partial we impact noting we of closed a XXXX. Full point have of in grew EC exit or saw during segment Virginia worth reflecting and our year XXXX. on Recall, XX QX compared higher DC revenue million Square approximately quarter points. the Inorganic, X.X%, merging in quarter's to that business implemented It lasers Square Wisconsin, headwind the $XXX.X November this basis revenue we a an quarter also a XXX additional is businesses ERP into was

Combining saw the We versus seen year business, and down split reflects approximately business acquisition China in our and resilience XXXX you increase lasers largely between medical organically. roughly our growth was medical Without end approximately of X.X%, respectively. full evenly X.X% have for of business. closure the our million was businesses. Square year. this XX%. RTQA Total grown approximately growth XXXX our group $XX.X would year headwind, nuclear a medicine grow at the the of for this the and have full year would EC medical organic with business impact X.X% and The growth organically the our X% year dosimetry inorganic

still the as is story, product to a are money-losing and it addition lasers an you of be new the will some was know I business by As line subtraction exit.

X.X% to $XXX.X year the prior in was offset EBITDA operating move, a EBITDA Adjusted compared EBITDA. a $XX.X points with Virginia Medical some the Full XX Wisconsin mix we inefficiencies increase with coupled by to quarter, Turning points Group XX.X%. accrual for XX.X%. was our adjusted basis in million year. margins improving to expanded quarter, fourth EBITDA basis the Medical, to bonus million, adjusted margins In large saw which partially release, XX headwinds. and

Now on order starting book the Slide turning backlog, to X. and

how quarter. jump on number full on reminder sure quarter we Before let's touch into we view make fourth XXXX. were in order a growth from orders, we the that With did fourth comping year we the the

is number, currency the for up last X% year. X.X%. the fourth actually in over approximately up were Orders quarter adjusted quarter That when and M&A

roughly that lot on to the new slip you close. in saw there's last builds I If quarter, the also we the out moving realize year regardless, quarter expected QX normalize a was and good some noise we recognizing fourth the for parts, year's X%. orders quarter, of it but were that of things up a had

orders to our As is you underlying dynamics. we a in illustrate tend the orders That what know, be large attempted bit to lumpy to the on slide insight business. into provide

the backlog the our Turkey the adjusting dollar was $XXX adjusted debooking, approximately last backlog XXXX the adjusted third of On reflects book the mentioned in million. period strength an XX grew quarter after After the business. by backlog for This previously debooking, onetime and book-and-bill U.S. summarizes the in orders was trend. mentioned quarter, in year. order flat the for already basis, as X%. quarter large same approximately annual to compared and the Fourth a Slide adjusting strength underlying our

of the is mentioned, time XXXX we ahead approximately Tom year. visibility the As where this us revenue current were XX% of backlog it at to of gives last midpoint guidance,

on cash Slide Next, on XX. balance sheet the flow and free

than debt on of almost X months from founder another We guide with X was represents XXXX by XXXX and the X.Xx ended three quarter a EBITDA. our net over X.X XX earnings third shares turn, our We that year improved vested slightly trailing adjusted We the structure, to all the As capital us. for a better tranches anticipated fully debt. refinanced a warrants This busy of deleveraging half years. turns reminder, our leverage past full removed call. leverage

Investor strength and our the at deleveraging M&A aggressive As XXXX. stage our in has we bolstered for Day, financial detailed further sets

in full process million year evaluating year. compelling free with cash adjusted in $XX and DNA, M&A we're the was of is free and guidance. the line was Full million several flow flow opportunities. Adjusted in $XX quarter for the cash our for

Our the conversion adjusted was EBITDA. free adjusted of for cash year flow XX%

the continue a spend free see free satisfied cash at forward in XXXX on not are seconds to moving cash to We pieces to conversion and flow, our adjusted each. midpoint and to a XX% are and of to few opportunities increase flow bring accelerate free so adjusted guide. cash flow few let's There are in our XXXX committing a

flow growth. cash anticipated. investments on speed of adoption our Based continued the CapEx. and the e-commerce at badge range we high free due are adjusted CapEx more in investments platforms. spent impacted we and primarily on year, to meant a software than First, to of up higher launch was by the This These beginning negatively bit was end our the dosimetry and

software business, piece in we're growth progress business you our during is small year on and see expecting medical next the quarter. still our the specifically revenue forward look Although to a of total June double-digit to updating

in working an our XXXX. versus basis. hoped. in $XX Opportunities of equaling some committed X in up cash the million but by 'XX of much million, to versus on net that $X in impact approximately Additionally, headway $XX guidance end use did we is lie capital make million initial as $X We were from not versus FX-adjusted was We cash days approximately CapEx will we working we a taxes ahead. about reduced by seeing taxes capital operating as about cash XX% $XX million. of did better source XXXX. Second, of XXXX days timing cash inventory expected. and Net reduce But are there reduction Conversely, an by million

we both another Slide record of To XXXX guidance XXXX and guidance initial We're summarize at $X.XX posted our reconfirms $X.XX we also of unveiled on Investor December our XX per performance. continuing latest year and XXXX, feel guidance delivered and Day. includes the XXXX confident adjusted and in EPS momentum guidance into increasingly between the guidance our this and share.

guidance and tax and between EPS an XX% effective adjusted XX%, assumes XXXX. rate materially for down of Our

shares. and of the shares headwind count modeling the are of XXX million and due per cash XXXX out The share a in to in the This fourth increased founder to taking share mainly count warrants the of the taxes EPS quarter. We $XX our due an is vesting quarter guide in share approximately versus approximately XXXX second million XXXX, $X.XX factors. adjusted two these to average

reminder, is and a XX.X%, margin and and respectively. guidance As million adjusted $XXX between XX.X% EBITDA and $XXX million

expect between X% in every headwind. organic exchange as foreign We the adjusted in to includes revenue quarter rate during Total XXXX. for In margin growth goes EBITDA and is and and expected and peaking between growth expect XXXX X.X% quarter. expansion growth build expected point XXXX, third see Organic quarter basis XXX the the approximately an fourth to normalizing be the X% to it total to is X.X%. in on, year we revenue

to free quarterly I'll questions. line to and million expected free for be ask XX% EBITDA, cadence. conversion With to between open cash better of flow be between the cash flow is we the see Lastly, XX% and million, adjusted and will expected continue a that, to $XX adjusted is $XXX operator adjusted

Operator

Instructions]. [Operator

Our is Moore Chris first with CJS Securities. from question

Christopher Moore

Just the improvement each start EBITDA quarter. Brian, with margin where

a normally, bit. been years little has been in last So not -- third has down the few the quarter

I this heard So QX want I sure than is to we're that better correctly. QX make saying that year. just

Brian Schopfer

quarter actually over What prior about the Yes. talking quarter. year each I'm is

Christopher Moore

Awesome. makes That it. Got enough. more Fair sense.

nuclear dynamics a are whole about total space, percentage time? Given in as the power nuclear you changing how of Mirion over revenue the thinking

Thomas Logan

is of Yes, noted revenue. thing Chris, XXXX, that I'll take that. that in total represented The about XX% interesting we nuclear our

the power, grows. forward a very, very key the of in in spurred that a in discussions of a as and nuclear take it you XXXX, by only guidance is the clearly that growth If about not relates hyperscale on durable But number but number midpoint kind face what other look of trend of themes. our to

think where scarcity are nuclear value of a I a of space because increasing investable there's not an and sense there highly it's exposure in opportunities. to around lot

factor valuation candidly, between that so And and also power. fact that that, equilibrated given really within multiples and tech med given nuclear the have broadly

to just increase look all M&A I as stuff. of with take core that growing approach For the really is outgrowing very the growth that beyond continues we've both opportunities, continue us But a encourages as effect But you're both to is net we nuclear nuclear the digits because our at is organic to pipeline whole. inorganic exposure as is at and of upper our balanced its if look that opportunities opportunities. of us at to growth to nuclear that, a company organic power guided, again, power-related the it single and through, rich think

So for end I us the day, an that percentage. of up drive there's to opportunity think at the

Christopher Moore

the Got in one talk helpful. for it. for wildcards just A Medical? on Very of lot the Maybe biggest last What are 'XX side. nuclear me.

Thomas Logan

are was year. but now, of of embedded articulated last general that, no there very the did that Many clear, biggest significant our med is guidance we've because headwind tail last the in or improvement the the certainly, guidance in the -- would about Chinese leading build-out be where not. fairly think on of radiation But we year the therapy Brian it OEMs while that clinics. projected the the reverse in tech had of impact to Right new market. been in is what's a a space for our in the that's had market this anticorruption that Medical I faced Chinese for year continued in clearly, couple. a talking activities,

be that what that of reversion back RTQA growth China in had mean we in been terms So a if to that #X be wildcard would in see could the is upside. do

I a accelerated that be earlier a to absolutely on now But to clear, see going there's for relate rebuilding print, settlement were talks dimensions. variety right I then the plan Ukraine. of if effectively settlement approach we and that, mean, we conflict I the wildcard summertime year in and by of think see think significant marshal it to need an like enormous would in if are another to in call conflict that an

plants of the some power involve will region. nuclear in And that the many

which I say foreign pathway conflict and that I bit between might a combination resolution, just of there the of with the when macro to exchange To to think we for could to presumably is we dynamics, tariff extent I in an that more. conflict to and would that beyond as be those be thing of will But cetera. the and neutral And there final up favorable settles, Russia can So to conservative dynamics, et Ukraine]. yield go helping of us. normalization include any of obviously, opportunity see some us the things. see picture kind circumstances, on relate overall, rebuild movement either things dynamics, as terms of think solution the trade guess approach that that way, help really then the that, we taken but part dynamic all curve a would U.S. there, would this we've under happening year. don't open any that improves, [

Operator

Our Ritchie next with question is from Sachs. Goldman Joe

Joseph Ritchie

my you question first this on organic that's near-term the just plus to kind on the book-and-bill on Tom, and bit a is guess on what clarification the us maybe orders flow talk X% plus Congrats maybe growing pretty year. the comp opportunity good. fairly of more business? XQ steadily a can just business for around just end hearing I you're about specifically that XX% thanks is of the that little

Thomas Logan

the Brian But invite the is X of power-related gas for that and kind about qualitatively the talk I'll better talking fact we've fundamentally, years core that this fill the have the given overall. installed exposure what been base. Yes. to the we nuclear in to relates show then of last part

spring significant revenue. that's there power better very of spending profitable, where our just added revenue, that also, So the nuclear some in as outage-related a drives become base more of season fatter There's drive capital short turn drives to under cycle And dynamic total XX% It into it as budgets. order about get budgets. we which continues particularly XX% season fall or our is operating business. in and

general And year think where was by of that increase flow business, But driven in not continued the dynamic improvement the so saw nuclear. I what which saw in we last core was we core just much an in it's health that there.

We also pickup in in sell business, a cycle order is most of strikingly very there saw where characterized elements we medical the our times. what medicine, shorter by certain of nature nuclear

we And dynamic there. saw so favorable there drive again, a helped that the cadence

Brian Schopfer

I think that's all right.

has I nuclear was in Joe. think first think And think America. the and slower to of fourth specifically us Europe we regions, half America been side year. both on in it encouraging saw encouraging the the is also bit in the in quarter business to that's in of a both what kind North And I us, I the North

Joseph Ritchie

is this. have. -- like tendering know, and the when curious, Like the data start for is EDF guys it. longer-term for just guys. opportunity, does see then on that centers. strategic with touch way announcement, That's some about a what I you line associated helpful, And you a this mean given to just guys? I'm obviously, $XXX Ultimately, to on that in there partnership you Got wanted orders time then I this think new to kind any billion of AI-driven

Thomas Logan

an X the dynamics an that basis. content a as that to The we relationship overall a where -- issues certain we installed of with have from obviously, and this that built they've -- both with effectively Joe, it firm, with supplier for as last the most is year on had for overall broader Yes, ago very about I tough outages in signed widespread the That's EPR that. time France the we related year just strategic growth the EDF. very as reactors long-term sole off that really are market think long-standing inside source dozen X again, had a builds to important of -- incredible deal the variety the standpoint. important But well factor, operational as that a a because export from of base, important, dynamic we EDF recovered they talked next

installed upgrades AI They things think I will of prestige what to ever have is that will those recovery. France. the more ever Then relationship in the notion potential will think with into spending than that going and base that cherish our will continue capacity critical capital uptime of given in all see strength just that through the more critical And be you're move of ever I overall strength we to again, XX enure continued be reactors benefit more their critical. EDF. this deal factors the to be more And

Joseph Ritchie

Great. as If gave business. I'm could more. potential curious, defense of your maybe Dose color swing kind the you talk mean going Tom, factors potentially ultimately, for on sneak year. on we hear through you I what's some in can and that what didn't one I progress about the and U.S.

outcomes that Just are and guys you of the how thinking there? about color around any range

Thomas Logan

if to equipment is really the and and Ridge obviously equipment we one Yes. other revenue view relate wildcards the government services and X big other expected question tariffs, in and Oak look at funding and budgetary our two of on would is channels. to a relating at can that overall focused places. and River there It's to dynamics. DOE us, come back laboratory big just largely In that. is There principally And capital Savannah sites remediation it's related, are like that we sources you which for

as and And then then should of sponsored note Defense. the I Department well. SMR And secondly, the is DOE -- secondly, by well as the developments is it

that that we a some future. the is military Energy So support as new head to of and Right in variety we the programs the new of spending every we within on the Secretary, the DoD. now, hope changes the is at also but support indication look that

of in efforts and the we is we to dog out the in that way, Overall, the that fraud kind realm. that see view to, Our expect and core inefficiency. dynamics root any don't jeopardize core relations, that notwithstanding waste

not we again, in only we the year. that upside today, hope there's continue the do optimistic cautiously we're now, right service we contracts So that some but have to

matching other are The natural about understand it's commercial organic strong. that taken at too, U.S. if of hard a our very the very is standpoint. commercial a trade is between strong dynamics at that outside XX% exposure to our the look aggregate from on was balance a activities, of there. thing hedging you But as a flow our tariff sales the our production and look company, effectively note, what I activities There we've general the

at the expect both see greatest look and we would Mexico, you And so where Canada, going all And to exposure, bilaterally bilaterally, aggregate again, the China areas you EU of it ways. those, tariff be if if overall. the

overall. number, not the revenue So of XX% our number. gross a about net total represents that

in to to of just kind take to freight that a that ability it's defease of about trying of even any we're than view particularly flows. the tax it's you not continue to get much tariffs differentials, also shifting So also ultimately, you and considerably do we It's a smaller chain to the of about more ahead about tariffs, tariff more. differential our our basis, understand comprehensive when international longer terms there those that can may tax of deeply, about all of narrow given supply threat widen. the and exposure FX, the it's timing, factors. footprint might by and potential it's corporate trying the everything just more income obviously do the the about But But we're dynamics, international assume activities term, company it think

of put might though our that than is right would view probably the I of our exposure is impact forth now, array less unknowns tariff the that what be. huge many business. infer could international and around the in So given footprint

Operator

next Citigroup. Our Vlad with is question from Bystricky

Vladimir Bystricky

start But question there your ability I'll follow-up impacting off a willingness maybe is nuclear and there. just So expenditures maybe impacts follow-up any just around side. or in it providers' -- on the invest dog reimbursements on of medicine about government you potential risk to talked on Brian, a nuclear and Joe's side, the product with Obviously, suite?

Thomas Logan

so, think Vlad. don't We

agents area business relating stronger theranostic On CMS a overall. the the incentive in diagnostic and we certain talked effectively last are which of medicine been part this creates reimbursement movement degree of about very that to that side, how expensive nuclear had overall approved, of year, codes momentum

so Tableau have to anticipating same in we're and The dynamic business. kind year [ of medicine. -- ahead within and We of endemic driven important be new an Again, to on new therapy. changes in kind dynamic other by radiation that immediate administration Where relating codes that don't is true the entire the for reimbursement material just any the administration the any expect specifically. the how there's we reimbursement codes of that in ] continue. to would Dodge The not expect impact ongoing there would come and/or material and thinks nuclear be CMS about

Vladimir Bystricky

Great. And onetime million then $XXX to pipeline maybe That's $XXX of back larger the Appreciate to helpful, it. circling orders. Tom. just million

could on give those just And booked to 'XX. gating by about the color for forward customers? all thinking orders of your of of whether talk starting year-end go then portion the of timing through, any how as see factors some to Just you can what we come to those you're a you are good those

Thomas Logan

case. and a we not noted in would we announced subsequent provided of be trade to there, change lot the quarter when likely opportunities these what last over this than indicated we is other continues that that quarters, main this the context X the that Really

all that has in these The on cases, set So working very hard fronts. we're to changes large as we've I down it opportunity are it on overall. the large We're think broadened relates a projects. just seen that quarter some quite

We in that sit. deal of pin projects, things a the terms is of projects like inherent bucket we to lost nuclear is But the particularly We large timing quarter. haven't a down trying where large hard to in yet. nature particular

And that guidance. so we hold continue to to

these of like So over we balance We of we today. will better to core sit the get or expect XXXX. our opportunities trade set the where that of hope the share of

Operator

B. Zhi from Securities. is Yuan Riley question with next Our

Yuan Zhi

record on Tom Brian, I a congrats quarter, if may. and I have questions, two

players First, Ukraine new the time as side. brought well as line in I'm the to nuclear back both you the the restart line power medicine the area, curious business and is once side about to for time for Russia

Thomas Logan

Yes.

trade a nuclear our power-related we're to markets our is that is this obviously that Yuan, would a by Ukraine again, in and view But would the assume, we that we we're and to with And up Russia. help not but willing also pending Western course, normalization opens is time Russia. all instrumentation settlement it relates there, both be is can expect by required of speculating. in build -- able line resolution be there both And conflict the new ready, really that and Ukraine. Ukraine nuclear assume prior we whatever only as hypothetical, shore do we is well. infrastructure, real terms whatever We that to dictated do to to existing as that participate view there in reactors significant So characterized of activity in particularly need, overall. And will hope the will

Yuan Zhi

it. Got Yes.

The we in second For new are what have updates the from Curious, U.S. separating customers? question example, around in the DOE regulation your is you office. hearing

Texas and some legislation Arizona, initiatives. have who power. stated are We as There welcomes new state-level such

Just customers. hearing hear want what from to you are

Thomas Logan

pro-nuclear. the we a Summer look is which to excitement is at announcements the hearing great, year. U.S. of X-reactor APXXXX potential Really, the is just -- would relates again the power blizzard course on announcements, we a just in nuclear just few of plant the today, you unit, been last incredible that if as in they're that remarks, over VC our prepared this discussion we're Westinghouse favorable very mentioned what of reminders -- new mean, be the touched specifically obviously, so in of the resuscitation it news has that I the Yes. but instance, the

very American characterized by the there favorable Texas of view that growth well. for wants scale he nuclear Texas but as that be really favorable been And a to epicenter of an the other the is of clear development, renaissance a be movements. beyond and utility has will applications, our SMR Abbott creating Governor environment that number

the similar pro-nuclear. X-mile in be We will expect the back And some Island. Arnold plant power life to very brought environment to Iowa point expect at regulatory be Duane to we

in as an Secretary gas incoming Oklo, he of play. happens gas Energy energy SMR background, but Board guy which oil on sit overall Altman is the oil also the Importantly, Sam strong and to and the

obviously, can infer know about I a is think And And nuclear great so one that power. deal pro nuclear.

as support. see the well both the federal level, at level state as so we And continued

relates do NRC years regulators of other degree towards terms posture I think really to as so hoped by this regulation, of off the and we to the a cut the designs we the key accelerate streamlining Renaissance. and in kind and and us, greater see of it move issue new for line administration what particularly really is by new potentially Nuclear the can kind time builds, American of for

Operator

[Operator Instructions].

from is [ Our with R.W. Baird. Seratva next question Shivan ]

Unknown Analyst

on for Rob. Shivan

wondering part gross the in of the EBITDA Is you particular on of Can margin, will growth? kind business is kind some of you is to coming XXX case, just of Just driving here provide on just margin bps there be and adjusted guide, growth OpEx that expansion. it where from? a or color outlined XXXX that your -- XX leverage that

Brian Schopfer

about our it's P&L Yes. think and show with look, for our Operating continue Wisconsin, I begin mean, Investor work best Day. come to be through procurement the to the results what in continues we done we -- sure. absolutely Virginia We show to consistent we've all the at will on believe through. friend. I up side leverage talked move will The

I mix procurement we're seeing of the it's think So of self-help things, a floor. work on good and a the factory leverage, operating number including

nuclear possible in the as is I modeling we're we're and think I a we year, than think the safety. think in pretty of a medical we art what this -- we're modeling But margin did safety from nuclear optimistic the perspective, expansion bit think business. more in about I Look,

with December. consistent it's our and broad-based it's in think I discussions So

Unknown Analyst

it. Got it. Got

into to Okay. Siemens I your and in, how could outlook, kind guys if traction be that would And any get you helpful. speak Healthineers that's to your if another of relationship factored early one

Thomas Logan

Sun the basically into and entered product, I is their to workflow is more we call, the means of in called early carries software of that that just what practical it, RTQA Siemens of of of with book essentially the it particularly reminder a core obviously our ] we've choice. the deal space. space, a carries the Yes. RTQA that data therapy, Check in days mean as assurance industry-leading are is product matter quality sales that listeners radiation force platform into featuring software Healthineers. as the global Shivan, and our management And [ their -- price

incremental to this train up this we that coming out It's brand-new the see with terms But of from commercial clear, been To working team to then brand-new upside. momentum. sales very their closely the almost of amount very, we deal relationship, assumed gen a a we've traction meaningful Healthineers accruing of view alliance, year. extent traction a of effectively be would that kind nothing we've really as help in strategic and

Brian Schopfer

And would the side software comments, my remind specifically. in double-digit on you, in just Yes. we I talked about growth medical,

about that. talked on base underlying So the for case would of that's top kind Tom business. of a good grow Anything just

Operator

further With Logan. in Mirion the the conference Tom to like no questions would queue, over back CEO, to I turn

Thomas Logan

That's delivering super, that proud record for super performance, my view just business. many achievements the us my year today. success. for this of and and up efforts today up by the well your year really carry participation. the into heartbeat all to end It's call XXXX Mirion thanking colleagues a momentum to appreciate have that I'd I we're beyond. again collective the These genned set Well, on of like team are the

Market continue to company. the market of believe evolution attributes We strong. and be the do is think continued the to year of performance And our foundation growth understanding unique Our shaping I another compelling. dynamics up is increasingly in be business. is XXXX

and the of market have X attractive kind and vertical of only are fact coupled as analysis pure with the radiation, we say. measurement the really And exposure on that we the of Again, a Category ionizing detection to like diversification play the we the that, the progresses. a really that, is continue Day to company in we our color excited as December dialogue us year benefits Investor with narrative interesting provided and inherent think, you in at shaping I make the I'm many The of really watch. to

to Good So and the today. look we I next quarter. your day. forward attention you speaking to in appreciate

Operator

conclude conference. will This you. Thank today's

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

Mirion (MIR) 12 Feb 252024 Q4 Earnings call transcript