-- Revenues for the first quarter increased 27.5% to $257.6 million,
compared to $202.0 million in the same period in 2025.
-- GAAP net loss was $3.4 million in the first quarter, compared to GAAP
net income of $0.4 million in the same period in 2025; Adjusted EBITDA
was $54.3 million in the first quarter, a 16.3% increase from $46.7
million in the same period last year.
-- GAAP net loss per share in the first quarter was $0.01, compared to a
GAAP net earnings per share of $0.00 in the same period in 2025. Adjusted
earnings per share for the quarter was $0.10, compared to $0.10 in the
same period in 2025. The calculation for adjusted earnings per share has
been adjusted for the current period to include stock-based
compensation.
-- First quarter orders, excluding Paragon & Certrec acquisitions, were
$241 million, a 19% increase from $203 million in the same period last
year. Including Paragon and Certrec acquisitions, first quarter orders
were $288 million, a 42% increase compared to the same period last year.
-- The company reaffirmed 2026 total revenue growth, Organic Revenue
growth, Adjusted EBITDA, and Adjusted Free Cash Flow guidance for the
fiscal year ending December 31, 2026, while revising Adjusted EPS
guidance to reflect the impact of a special one-time CEO retention grant
of performance vesting stock options disclosed on April 13, 2026.
ATLANTA--(BUSINESS WIRE)--April 28, 2026--
Mirion ("we" or the "company") $(MIR)$, a global provider of radiation detection, measurement, analysis, and monitoring solutions to the nuclear, medical, defense, and research end markets, today announced results for the first quarter ended March 31, 2026.
"Our first quarter performance showcased substantial orders growth led by nuclear power demand and as-expected Adjusted EBITDA performance and margins," commented Mirion's Chairman and Chief Executive Officer Thomas Logan. "Record capital spending commitments by power plant operators are driving accelerating momentum in the sector, which is translating into significant Nuclear Power demand."
Logan continued, "Our strong performance also reflects Paragon's contributions in its first full quarter with Mirion. Paragon is the 'tip of the spear' for growing installed base dynamics. Integration is on-pace, and we are already realizing commercial synergies."
2026 Guidance
Commenting on Mirion's full year 2026 guidance, Logan said, "We remain on track for 2026 revenue growth, Organic Revenue growth, Adjusted EBITDA, and Adjusted Free Cash Flow guidance. Our business continues to capture momentum in Nuclear Power and Cancer Care markets. Additionally, we are bringing new products to market and enhancing our current offerings to meet customers where they are headed."
Mirion reaffirmed 2026 total revenue growth, Organic Revenue growth, Adjusted EBITDA, and Adjusted Free Cash Flow guidance for the fiscal year ending December 31, 2026, while revising Adjusted EPS guidance to reflect the impact of a special one-time CEO retention grant of performance vesting stock options disclosed on April 13, 2026.
-- Revenue growth of approximately 22.0% -- 24.0%; includes foreign
exchange rate and acquisition-related tailwinds.
-- Organic Revenue growth of approximately 5.0% -- 7.0%.
-- Adjusted EBITDA and Adjusted EBITDA margin of approximately $285
million -- $300 million; Adjusted EBITDA margin of approximately 25.0% --
26.0%.
-- Adjusted Free Cash Flow of approximately $155 million -- $175 million;
Adjusted Free Cash Flow Conversion of approximately 54% -- 58% of
Adjusted EBITDA.
-- Adjusted EPS of approximately $0.48 -- $0.55 per share (previously
$0.50 - $0.57 per share); adjusted to reflect the impact of a special
one-time CEO retention grant of performance vesting stock options
disclosed on April 13, 2026.
Additional modeling and guidance assumptions are included in the appendix of the earnings presentation on the Company's investor relations page.
The Company's guidance contains forward-looking statements and actual results may differ materially as a result of known and unknown uncertainties and risks, including those set forth below under the heading "Forward-Looking Statements." In addition, forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in projecting and quantifying the various adjusting items necessary for such reconciliations, such as stock-based compensation expense, amortization and depreciation expense, merger and acquisition activity and purchase accounting adjustments, that have not yet occurred, are out of Mirion's control, or cannot be reasonably predicted. Accordingly, reconciliations of our guidance for Organic Revenue growth, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, Adjusted Free Cash Flow and Adjusted Free Cash Flow conversion are not available without unreasonable effort.
Conference Call
Mirion will host a conference call tomorrow, April 29, 2026 at 10:00 a.m. ET to discuss its financial results. Participants may access the call by dialing 1-877-407-9208 or 1-201-493-6784, and requesting to join the Mirion Technologies, Inc. earnings call. A live webcast will also be available at https://ir.mirion.com/news-events.
A telephonic replay will be available shortly after the conclusion of the call and until May 13, 2026. Participants may access the replay at 1-844-512-2921 or 1-412-317-6671, and enter access code 13760000. An archived replay of the call and an accompanying presentation will also be available on the Investors section of the Mirion website at https://ir.mirion.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipate", "believe", "continue", "could", "estimate", "expect", "hope", "intend", "may", "might", "plan", "possible", "potential", "predict", "project", "should", "strive", "seeks", "plans", "would", "will", "understand" and similar words are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position and guidance, our backlog and order potential, our business strategy and plans, our objectives for future operations, macroeconomic trends, trends in cancer care, nuclear power and small modular reactor, foreign exchange, interest rate and inflation expectations and any future mergers, acquisitions, divestitures and strategic investments, including the completion and integration of previously completed transactions. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including changes in domestic and foreign business, market, economic, financial, political and legal conditions, including related to matters affecting Russia, the relationship between the United States and China, conflict in the Middle East (including the U.S.-Israel-Iran conflict), tariffs or other trade and supply chain disruptions, and risks of slowing economic growth or economic recession in the United States and globally; developments in the government budgets (defense and non-defense) in the United States and other countries, including budget reductions, sequestration, implementation of spending limits or changes in budgetary priorities, delays in the government budget process, a U.S. government shutdown or the U.S. government's failure to raise the debt ceiling; risks related to the public's perception of nuclear radiation and nuclear technologies; risks related to the continued growth of our end markets; our ability to win new customers and retain existing customers; our ability to realize sales expected from our backlog of orders and contracts; risks related to governmental contracts; our ability to mitigate risks associated with long-term fixed price contracts, including risks related to inflation; risks related to information technology system failures or other disruptions or cybersecurity, data security or other security threats; risks related to the implementation and enhancement of information systems; our ability to manage our supply chain or difficulties with third-party manufacturers; risks related to competition; our ability to manage disruptions of, or changes in, our independent sales representatives, distributors and original equipment manufacturers; our ability to realize the expected benefit from strategic transactions, such as acquisitions, divestitures, investments and partnerships, including any synergies, or internal restructuring and improvement efforts; our ability to issue debt, equity or equity-linked securities in the future; risks related to changes in tax law and ongoing tax audits; risks related to future legislation and regulation both in the United States and abroad; risks related to the costs or liabilities associated with product liability claims; risks related to the uncertainty of legal claims, litigation, arbitration and similar proceedings; our ability to attract, train and retain key members of our leadership team and other qualified personnel; risks related to the adequacy of our insurance coverage; risks related to the global scope of our operations, including operations in international and emerging markets; risks related to our exposure to fluctuations in foreign currency exchange rates, interest rates and inflation, including the impact on our debt service costs; our ability to comply with various laws and regulations and the costs associated with legal compliance; risks related to the outcome of any litigation, government and regulatory proceedings,
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