Mirion’s first quarter results slightly exceeded Wall Street’s expectations, with management pointing to robust order growth, particularly in the nuclear power segment, and operational improvements as key drivers. CEO Tom Logan highlighted the 11.5% increase in orders, noting that most of the growth came from existing nuclear fleet customers, underscoring the company’s position in recurring and safety-critical markets. Management also attributed improved margins to procurement savings and operational leverage, while acknowledging ongoing challenges in certain medical markets such as China due to cautious customer sentiment and shifting regulatory environments.
Is now the time to buy MIR? Find out in our full research report (it’s free).
Mirion (MIR) Q1 CY2025 Highlights:
- Revenue: $202 million vs analyst estimates of $200.7 million (4.9% year-on-year growth, 0.6% beat)
- Adjusted EPS: $0.10 vs analyst estimates of $0.08 (27.4% beat)
- Adjusted EBITDA: $46.7 million vs analyst estimates of $44.4 million (23.1% margin, 5.2% beat)
- Management reiterated its full-year Adjusted EPS guidance of $0.48 at the midpoint
- EBITDA guidance for the full year is $222.5 million at the midpoint, in line with analyst expectations
- Operating Margin: 4.3%, up from -2.2% in the same quarter last year
- Market Capitalization: $4.19 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions Mirion’s Q1 Earnings Call
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Rob Mason (Baird): Mason asked for clarity on potential Chinese tariff exemptions and their timing. CEO Tom Logan explained that some product categories may be exempt but the situation is evolving and remains uncertain.
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Joe Ritchie (Goldman Sachs): Ritchie questioned the timing and mix of large nuclear project orders. CFO Brian Schopfer responded that while some projects may shift out of 2025, new opportunities are entering the pipeline, and most awards are expected in the second half.
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Vlad Bystricky (Citigroup): Bystricky inquired about demand trends and risk of anti-American sentiment in China medical. Logan emphasized prior caution in planning and stated demand remains subdued due to broader market factors, not national sentiment.
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Chris Moore (CJS Securities): Moore asked about Mirion’s pricing power under new tariff regimes. Logan noted that Mirion’s local-for-local supply chains and category leadership could provide competitive advantage and pricing flexibility in many areas.
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Yuan Zhi (B. Riley Securities): Zhi pressed for details on backlog growth and timing of large projects. Schopfer stated that backlog should grow as major contracts are secured but stressed that project timing can be lumpy and is often back half weighted.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will be tracking (1) progress on securing large nuclear project orders from the current pipeline, (2) the effectiveness of tariff mitigation strategies, especially regarding China medical exposure, and (3) sustained margin improvement from operational initiatives and procurement savings. Additionally, the pace of integration for the Oncospace acquisition and developments in the global nuclear policy landscape will be important markers for Mirion’s trajectory.
Mirion currently trades at $21.44, up from $15.57 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).
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