Mirion Technologies Inc
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
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ITEM 16. FORM 10-K SUMMARY
None.
Schedule I - Condensed Financial Information of the Registrant
Mirion Technologies, Inc. has no material assets or standalone operations other than its ownership in its consolidated subsidiaries. There are restrictions under credit agreements governing the 2021 Credit Agreement, described in Note 8, Borrowings, on the Company’s ability to obtain funds from any of its subsidiaries through dividends. Accordingly, the following condensed financial information is presented on a “Parent-only” basis in which Mirion Technologies, Inc.’s investments in its consolidated subsidiaries are presented under the equity method of accounting.
MIRION TECHNOLOGIES, INC.
(PARENT COMPANY ONLY)
CONDENSED BALANCE SHEET
(in millions)
| December 31, 2024 | December 31, 2023 | |
|---|---|---|
| Assets: | ||
| Investments in Sub | $1,558.8 | $1,604.4 |
| Total Assets | $1,558.8 | $1,604.4 |
| Liabilities and Stockholders’ Equity: | ||
| Accrued expenses and other current liabilities | $0.2 | $— |
| Warrant liabilities | — | 55.3 |
| Deferred income taxes and other liabilities | (0.5) | (0.9) |
| Total Liabilities | (0.3) | 54.4 |
| Treasury Stock | (3.2) | (1.3) |
| Additional paid-in capital | 2,143.3 | 2,056.5 |
| Accumulated deficit | (541.5) | (505.4) |
| Accumulated Other Comprehensive Loss | (93.0) | (65.3) |
| Mirion Technologies, Inc. stockholders’ equity | 1,505.6 | 1,484.5 |
| Noncontrolling interests | 53.5 | 65.5 |
| Total Stockholders’ Equity | 1,559.1 | 1,550.0 |
| Total Liabilities and Stockholders’ Equity | $1,558.8 | $1,604.4 |
MIRION TECHNOLOGIES, INC.
(PARENT COMPANY ONLY)
CONDENSED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
(in millions)
| Fiscal Year Ended December 31, 2024 | Fiscal Year Ended December 31, 2023 | Fiscal Year Ended December 31, 2022 | |
|---|---|---|---|
| Operating expenses: | |||
| Selling, general and administrative | $16.6 | $22.5 | $31.2 |
| Total operating expenses | 16.6 | 22.5 | 31.2 |
| Loss from operations | (16.6) | (22.5) | (31.2) |
| Other expense (income): | |||
| Increase (decrease) in fair value of warrant liabilities | 5.3 | 24.8 | (37.6) |
| Equity in net loss of subsidiaries | 14.3 | 51.1 | 294.8 |
| Other expense | — | 0.3 | — |
| Loss before benefit from income taxes | (36.2) | (98.7) | (288.4) |
| Benefit from income taxes | 0.4 | — | — |
| Net loss | (36.6) | (98.7) | (288.4) |
| Loss attributable to noncontrolling interests | (0.5) | (1.8) | (11.5) |
| Net loss attributable to Mirion Technologies, Inc. stockholders | (36.1) | (96.9) | (276.9) |
| Other comprehensive (loss) income, net of tax: | |||
| Foreign currency translation (loss) gain, net of tax | — | (0.3) | 4.9 |
| Unrecognized actuarial gain (loss) and prior service benefit, net of tax | — | — | 2.0 |
| Other comprehensive loss (income), net of tax | — | (0.3) | 2.9 |
| Comprehensive loss attributable to Mirion Technologies, Inc. stockholders | $(36.1) | $(97.2) | $(274.0) |
| Loss per share—basic and diluted | $(0.18) | $(0.49) | $(1.53) |
| Weighted average number of shares outstanding—basic and diluted | 204.991 | 196.369 | 181.149 |
A statement of cash flows has not been presented as the Mirion Technologies, Inc. parent company didnot have any cash as of, or at any point in time during, the years ended December 31, 2024, December 31, 2023, or December 31, 2022.
Note to Condensed Financial Statements of Registrant (Parent Company Only)
Basis of Presentation
These condensed parent company-only financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of Mirion (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed the specified threshold amount of the consolidated net assets of the Company. Because we have a consolidated accumulated deficit, the 25% threshold described in Rule 4-08 does not apply and any restrictions of net assets at our subsidiaries trigger the requirement to present parent company-only financial information. The ability of Mirion’s operating subsidiaries to pay dividends may be restricted due to the terms of the subsidiaries’ outstanding term loan and revolving credit facility borrowings as described in Note 8, Borrowings, to the audited consolidated financial statements.
These condensed parent company-only financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the only exception being that the parent company accounts for its subsidiaries using the equity method. These condensed parent company-only financial statements should be read in conjunction with the consolidated financial statements and related notes.
Schedule II
| Valuation and Qualifying Accounts | |||||
|---|---|---|---|---|---|
| (Dollars in millions) | |||||
| Balance at · Charged to · Balance at | |||||
| Beginning · Costs and · Deductions · End of | |||||
| Description | of Period | Expenses | (a) | Other (b) | Period |
| Allowance for doubtful accounts | 7.8 | 3.4 | (6.0) | — | 5.2 |
| Product warranty | 3.9 | 1.6 | (0.5) | 0.5 | 5.5 |
| Allowance for doubtful accounts | 7.4 | 1.7 | (1.6) | 0.3 | 7.8 |
| Product warranty | 4.4 | 0.4 | (0.9) | — | 3.9 |
| Allowance for doubtful accounts | 5.4 | 0.3 | (0.4) | 2.1 | 7.4 |
| Product warranty | 5.9 | (0.7) | (0.8) | — | 4.4 |
(a)Charges to the accounts included in this column are for the purposes for which the reserves were created and valuation adjustments
(b)Amounts included in this column relate to foreign currency translation and other adjustments
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