Mirion Technologies, Inc.
For the period ended Sep 30, 2025. Filed Oct 29, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 29, 2025
MIR$17.97+4.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0001809987-25-000011
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001628280-25-047169
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 202 previous paragraphs and 202 current paragraphs.
107 unchanged; 74 reworded; 15 added; 14 removed; 7 previous and 6 current paragraphs rearranged.
Tables are not compared: 14 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
September 2025 Class A Common Stock Offering, Convertible Notes Offering, and Agreement to Purchase Paragon Energy Solutions
Current report
Certrec Business Combination
Current report
On July 31, 2025, Mirion acquired 100% of the equity interest of Certrec for approximately $82.2 million of purchase consideration ($79.9 million net of cash), subject to final closing statement balances. As part of the Nuclear & Safety segment, Certrec will be pivotal in expanding our offerings in the nuclear power market and further strengthen the development of our digital ecosystem.
Current report
Nuclear & Safety segment revenues increased for the three months ended September 30, 2025 compared with the three months ended September 30, 2024 primarily due to foreign exchange impacts, organic volume growth, price increases and current period acquisitions.
Current report
Research and development (“R&D”) expenses were $10.1 million for the three months ended September 30, 2025 and $10.2 million for the three months ended September 30, 2024, resulting in a decrease of $0.1 million period over period.
Current report
Foreign currency gain, net
Current report
Nuclear & Safety segment revenues increased for the three months ended September 30, 2025 compared with the three months ended September 30, 2024 primarily due to positive foreign exchange fluctuations of $3.9 million, $3.2 million of organic volume growth, $2.5 million of price increases, and $2.3 million of additional revenue from current period acquisitions.
Current report
For the Nine Months Ended September 30, 2025 and the Nine Months Ended September 30, 2024
Current report
Medical segment revenues increased for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024 primarily due to organic volume growth, price increases, recovery from operational delays in the comparable prior period, and foreign exchange fluctuations.
Current report
Nuclear & Safety segment revenues increased for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024 primarily due to organic volume growth, price increases, foreign exchange fluctuations, and revenue from current period acquisitions.
Current report
Medical segment revenues increased for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024 primarily due to $6.2 million in organic volume growth, $4.4 million of price increases, $2.8 million of revenue recoveries from operational delays in the comparable prior period, and $0.8 million of positive foreign exchange fluctuations.
Current report
Convertible Senior Notes due 2030
Current report
Convertible Senior Notes due 2031
Current report
Interest and Maturity
Current report
The net proceeds from the issuance of the 2031 Notes was approximately $365.5 million and was received in conjunction with $410.1 million in net proceeds from the concurrent offering of Mirion's Class A common stock completed on September 30, 2025. The proceeds were used as follows: $38.0 million to pay the cost of Capped Call Transactions, approximately $585.0 million to be used for planned acquisitions, and the balance for general corporate purposes and working capital.
Removed paragraphs (14)
Previous report
Convertible Debt Issuance
Previous report
Term Loan Refinancing
Previous report
The Company’s 2021 Credit Agreement provides for an $830.0 million senior secure first lien term loan facility (initially scheduled to mature in October 2028). On June 5, 2025, the Company utilized funds from the offering of the Notes completed on May 23, 2025 to repay $244.6 million in outstanding principal and $8.3 million in accrued interest as well as extend the maturity date of the term loan to June 5, 2032. There were no other changes to the terms of the Credit Facilities as a result of the refinancing. The change was accounted for prospectively as a partial debt extinguishment in accordance with ASC 470-50, Debt - Modifications and Extinguishments. Refer to discussion included within Liquidity and Capital Resourcesfor more details.
Previous report
Medical segment revenues increased for the three months ended June 30, 2025 compared with the three months ended June 30, 2024 primarily due to $4.7 million in domestic revenue volume growth, $2.0 million of revenue growth in Asia-Pacific countries, $1.0 million of price increases, and $0.8 million of foreign exchange fluctuations, partially offset by a $0.5 million reduction in revenues from the discontinuation of the lasers product line.
Previous report
For the Six Months Ended June 30, 2025 and the Six Months Ended June 30, 2024
Previous report
Medical segment revenues increased for the six months ended June 30, 2025 compared with the six months ended June 30, 2024 primarily due to increased domestic sales volume, price increases, the positive impact from delayed operations in the comparable prior period due to the focus on new ERP system implementations, and foreign exchange fluctuations, partially offset by reduced revenues from the exit of our lasers product line in the second half of 2024.
Previous report
Nuclear & Safety segment revenues increased for the six months ended June 30, 2025 compared with the six months ended June 30, 2024 primarily due to increased sales volume and pricing paired with positive foreign exchange impacts.
Previous report
Our Medical segment incurred lower SG&A expenses of $3.5 million for the six months ended June 30, 2025 compared with the six months ended June 30, 2024. The decrease was primarily due to lower amortization expense. Partially offsetting these savings were increased compensation costs.
Previous report
Research and development (“R&D”) expenses were $18.7 million for the six months ended June 30, 2025 and $16.7 million for the six months ended June 30, 2024, resulting in an increase of $2.0 million period over period. The increase in R&D expenses was primarily due to increased compensation costs and increased depreciation expense for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
Previous report
Gain on disposal of business
Previous report
Foreign currency (gain) loss, net
Previous report
Loss on debt extinguishment
Previous report
Medical segment revenues increased for the six months ended June 30, 2025 compared with the six months ended June 30, 2024 primarily due to $6.7 million in domestic revenue volume growth, $2.4 million of price increases, $1.6 million of positive impact from delayed operations in the six months ended June 30, 2024 due to the focus on new ERP system implementations, and $0.7 million of foreign exchange fluctuations, partially offset by a $1.6 million reduction in revenues from the discontinuation of the lasers product line in the second half of 2024.
Previous report
Convertible Debt
Reworded paragraphs (74)
Previous wording
•Our revenues were $222.9 million for the three months ended June 30, 2025 and $207.1 million for the three months ended June 30, 2024, of which 36.4% and 35.4% were generated in the Medical segment for the three months ended June 30, 2025 and 2024, respectively, and 63.6% and 64.6% were generated in the Nuclear & Safety segment for the three months ended June 30, 2025 and 2024, respectively.
Current wording
•Our revenues were $223.1 million for the three months ended September 30, 2025 and $206.8 million for the three months ended September 30, 2024, of which 35.2% and 35.8% were generated in the Medical segment for the three months ended September 30, 2025 and 2024, respectively, and 64.8% and 64.2% were generated in the Nuclear & Safety segment for the three months ended September 30, 2025 and 2024, respectively.
Previous wording
•Our revenues were $424.9 million for the six months ended June 30, 2025 and $399.7 million for the six months ended June 30, 2024, of which 35.3% and 35.0% were generated in the Medical segment for the six months ended June 30, 2025 and 2024, respectively, and 64.7% and 65.0% were generated in the Nuclear & Safety segment for the six months ended June 30, 2025 and 2024, respectively.
Current wording
•Our revenues were $648.0 million for the nine months ended September 30, 2025 and $606.5 million for the nine months ended September 30, 2024, of which 35.2% and 35.3% were generated in the Medical segment for the nine months ended September 30, 2025 and 2024, respectively, and 64.8% and 64.7% were generated in the Nuclear & Safety segment for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
•Backlog (representing committed but undelivered contracts and purchase orders) was $819.0 million and $811.9 million as of June 30, 2025, and December 31, 2024, respectively.
Current wording
•Backlog (representing committed but undelivered contracts and purchase orders) was $808.0 million and $811.9 million as of September 30, 2025, and December 31, 2024, respectively.
Previous wording
•Geopolitical and Trade Conditions—Geopolitical and trade conditions, including related to matters affecting Russia, the relationship between the United States and China, and conflict in the Middle East has impacted and may continue to impact us, through increased inflation, limited availability of certain commodities, supply chain disruption, disruptions to our global technology infrastructure, including cyberattacks, increased terrorist activities, volatility or disruption in the capital markets, and delays or cancellations of customer projects.
Current wording
•Geopolitical and Trade Conditions—Geopolitical and trade conditions, including related to matters affecting Russia, the relationship between the United States and China, and conflict in the Middle East have impacted and may continue to impact us, through increased inflation, limited availability of certain commodities, supply chain disruption, disruptions to our global technology infrastructure, including cyberattacks, increased terrorist activities, volatility or disruption in the capital markets, and delays or cancellations of customer projects.
Previous wording
•Tariffs or Sanctions—The United States imposed additional tariffs on imports from China and proposed new tariffs on imports from other countries, which has resulted in retaliatory tariffs and restrictions implemented by China and other countries and may result in additional tariffs and restrictions. There are, at any given time, a multitude of ongoing or threatened armed conflicts around the world. As one example, sanctions by the United States, the European Union, and other countries against Russian entities or individuals related to the Russia-Ukraine conflict, along with any Russian retaliatory measures could increase our costs, adversely affect our operations, or impact our ability to meet existing contractual obligations.
Current wording
•Sanctions—There are, at any given time, a multitude of ongoing or threatened armed conflicts around the world. As one example, sanctions by the United States, the European Union, and other countries against Russian entities or individuals related to the Russia-Ukraine conflict, along with any Russian retaliatory measures could increase our costs, adversely affect our operations, or impact our ability to meet existing contractual obligations.
Previous wording
•The OECD (Organisation for Economic Co-operation and Development) has proposed a global minimum tax of 15% of reported profits (Pillar Two) and many countries have incorporated Pillar Two model rule concepts into their domestic laws. Pillar Two legislation is effective for the Company for the year ended December 31, 2025. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar Two slightly differently than the model rules and on different timelines. While we expect the impact to be immaterial, Pillar Two could impact our cash taxes paid and effective tax rate.
Current wording
•The OECD (Organization for Economic Co-operation and Development) has proposed a global minimum tax of 15% of reported profits (Pillar Two) and many countries have incorporated Pillar Two model rule concepts into their domestic laws. Pillar Two legislation is effective for the Company for the year ended December 31, 2025. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar Two slightly differently than the model rules and on different timelines. While we expect the impact to be immaterial, Pillar Two could impact our cash taxes paid and effective tax rate.
Previous wording
The following tables present a reconciliation of certain non-GAAP financial measures for the three and six months ended June 30, 2025 and for the three and six months ended June 30, 2024.
Current wording
The following tables present a reconciliation of certain non-GAAP financial measures for the three and nine months ended September 30, 2025 and for the three and nine months ended September 30, 2024.
Previous wording
(1)Pre-tax non-operating expenses of $3.5 million for the three months ended June 30, 2025 include $1.9 million of restructuring and other related costs; $1.0 million of asset impairment charges of our equity investment (100% impairment); $0.3 million of mergers and acquisitions expenses; and $0.3 million of consulting costs related to Nuclear & Safety segment enterprise resource planning software upgrades.
Current wording
(1)Pre-tax non-operating expenses of $5.9 million for the three months ended September 30, 2025 include $3.9 million of mergers and acquisitions expenses; $1.0 million of restructuring and other related costs; $0.6 million of one-time consulting fees related to IT services sourcing excellence; and $0.3 million of consulting costs related to Nuclear & Safety segment enterprise resource planning software upgrades.
Previous wording
(2)Pre-tax non-operating expenses of $4.6 million for the three months ended June 30, 2024 include $2.9 million of restructuring costs (including related asset impairments); $1.7 million of costs to achieve integration and operational synergies, $0.7 million of costs to achieve information technology system integration and efficiency; and $0.5 million of mergers and acquisitions expenses; offset by a $1.2 million gain on the disposal of the Biodex Rehabilitation (“Rehab”) business.
Current wording
(2)Pre-tax non-operating expenses of $4.1 million for the three months ended September 30, 2024 include $1.8 million of restructuring costs (including related asset impairments); $0.9 million of costs to achieve integration and operational synergies, $0.7 million of costs to achieve information technology system integration and efficiency; and $0.7 million of mergers and acquisition expenses.
Previous wording
(1)Pre-tax non-operating expenses of $4.7 million for the six months ended June 30, 2025 include $1.9 million of restructuring and other related costs; $1.0 million of asset impairment charges of our equity investment (100% impairment); $0.8 million of consulting costs related to Nuclear & Safety segment enterprise resource planning software upgrades; $0.7 million of one-time consulting fees related to IT services sourcing excellence; and $0.3 million of mergers and acquisitions expenses.
Current wording
(1)Pre-tax non-operating expenses of $10.6 million for the nine months ended September 30, 2025 include $4.2 million of mergers and acquisitions expenses; $2.9 million of restructuring and other related costs; $1.3 million of one-time consulting fees related to IT services sourcing excellence; $1.1 million of consulting costs related to Nuclear & Safety segment enterprise resource planning software upgrades; and $1.0 million of asset impairment charges of our equity investment (100% impairment).
Previous wording
(2)Pre-tax non-operating expenses of $6.7 million for the six months ended June 30, 2024 include $2.9 million of restructuring costs (including related asset impairments); $2.7 million of costs to achieve integration and operational synergies; $1.2 million of costs to achieve information technology system integration and efficiency; $1.1 million of mergers and acquisitions expenses; offset by $1.2 million gain on the disposal of the Rehab business.
Current wording
(2)Pre-tax non-operating expenses of $10.8 million for the nine months ended September 30, 2024 include $4.7 million of restructuring costs (including related asset impairments); $3.6 million of costs to achieve integration and operational synergies; $1.9 million of costs to achieve information technology system integration and efficiency; and $1.8 million of mergers and acquisitions expenses; offset by $1.2 million gain on the disposal of the Rehab business.
Previous wording
The following tables present a reconciliation of GAAP income from operations to non-GAAP Adjusted EBITDA by segment for the three and six months ended June 30, 2025 and the three and six months ended June 30, 2024.
Current wording
The following tables present a reconciliation of GAAP income from operations to non-GAAP Adjusted EBITDA by segment for the three and nine months ended September 30, 2025 and the three and nine months ended September 30, 2024.
Previous wording
On May 23, 2025, the Company completed a private offering of $400.0 million aggregate principal amount of 0.25% Convertible Senior Notes due 2030(the“Notes”), which included the initial purchasers’ exercise in full oftheir option to purchase additional Notes. The Notes have a maturity date of June 1, 2030. Refer to discussion included within Liquidity and Capital Resourcesfor more details.
Current wording
On September 30, 2025, the Company completed a public offering of 19,906,322 shares of Mirion's Class A common stock at a public offering price of $21.35 per share, including the underwriters' exercise in full of their option to purchase additional shares. Additionally, on September 30, 2025, the Company completed a private offering of $375.0 million in aggregate principal amount of 0.00% Convertible Senior Notes due 2031, including the initial purchasers’ exercise in full of their option to purchase additional Notes (the “2031 Notes”). The Notes have a maturity date of October 1, 2031. The Company expects to use the net proceeds from the Class A common stock offering, together with the net proceeds from the offering of 2031 Notes, to fund the planned acquisition of all of the outstanding membership interests of WCI-Gigawatt Intermediate Holdco, LLC, as the indirect parent of Paragon Energy Solutions, LLC, for approximately $585.0 million pursuant to the equity purchase agreement signed September 24, 2025. The closing of the Paragon acquisition is subject to customary closing conditions, including (i) expiration or termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, (ii) the absence of any law, injunction or other governmental order that prohibits the consummation of the Acquisition, and (iii) other customary closing conditions, including the accuracy of the parties' representations and warranties (subject to certain materiality qualifications) and each party's compliance with its covenants and agreements contained in the equity purchase agreement. The Paragon acquisition is expected to close before year-end 2025. Remaining funds from the offerings will be used for general corporate purposes and working capital. Refer to discussion included within Liquidity and Capital Resourcesfor more details.
Previous wording
The United States, the European Union, the United Kingdom and other governments have implemented major trade and financial sanctions against Russia and related parties in response to Russia’s invasion of Ukraine. We do business with Russian customers both within and outside of Russia and with customers who have contracts with Russian counterparties. The conflict’s impact on the Company is predominantly in our Nuclear & Safety segment. As of June 30, 2025, the Company has approximately $17.6 million in net contract assets and accounts receivable associated with Russian-related projects. We also maintain $12.9 million in advance payment guarantees and $13.0 million in performance guarantees in support of these projects. The remaining performance obligations in our backlog for Russian-related projects was approximately $122.8 million at June 30, 2025.
Current wording
The United States, the European Union, the United Kingdom and other governments have implemented major trade and financial sanctions against Russia and related parties in response to Russia’s invasion of Ukraine. We do business with Russian customers both within and outside of Russia and with customers who have contracts with Russian counterparties. The conflict’s impact on the Company is predominantly in our Nuclear & Safety segment. As of September 30, 2025, the Company has approximately $17.8 million in net contract assets and accounts receivable associated with Russian-related projects. We also maintain $3.2 million in advance payment guarantees and $9.8 million in performance guarantees in support of these projects. The remaining performance obligations in our backlog for Russian-related projects was approximately $107.3 million at September 30, 2025.
Previous wording
Revenues were $222.9 million for the three months ended June 30, 2025 and $207.1 million for the three months ended June 30, 2024. Our Medical segment contributed $81.2 million and $73.2 million of revenues for the three months ended June 30, 2025 and 2024, respectively. Our Nuclear & Safety segment contributed $141.7 million and $133.9 million of revenues for the three months ended June 30, 2025 and 2024, respectively. Gross profit was $102.5 million and $97.4 million for the three months ended June 30, 2025 and 2024, respectively, resulting in a $5.1 million increase from the three months ended June 30, 2024.
Current wording
Revenues were $223.1 million for the three months ended September 30, 2025 and $206.8 million for the three months ended September 30, 2024. Our Medical segment contributed $78.5 million and $74.1 million of revenues for the three months ended September 30, 2025 and 2024, respectively. Our Nuclear & Safety segment contributed $144.6 million and $132.7 million of revenues for the three months ended September 30, 2025 and 2024, respectively. Gross profit was $104.5 million and $92.9 million for the three months ended September 30, 2025 and 2024, respectively, resulting in a $11.6 million increase from the three months ended September 30, 2024.
Previous wording
Net income was $8.5 million for the three months ended June 30, 2025 and our net loss was $12.0 million for the three months ended June 30, 2024. Our Medical segment contributed $10.9 million and $5.0 million of income from operations for the three months ended June 30, 2025 and 2024, respectively. Our Nuclear & Safety segment contributed $19.0 million and $18.5 million of income from operations for the three months ended June 30, 2025 and 2024, respectively. The overall increase in net income is primarily driven by a $13.5 million unrealized foreign currency gain as a result of fluctuations in the exchange rate between the US Dollar and the Euro in the current period, increased revenues in the Nuclear & Safety and Medical segments, decreased interest expense, and decreased amortization of intangible assets. Partially offsetting these items was a $5.8 million loss on debt extinguishment in the current period, increased depreciation, and increased compensation costs in the current year.
Current wording
Net income was $3.1 million for the three months ended September 30, 2025 and our net loss was $14.0 million for the three months ended September 30, 2024. Our Medical segment contributed $10.7 million and $4.0 million of income from operations for the three months ended September 30, 2025 and 2024, respectively. Our Nuclear & Safety segment contributed $21.3 million and $14.7 million of income from operations for the three months ended September 30, 2025 and 2024, respectively. The overall increase in net income is primarily driven by increased revenues in the Nuclear & Safety and Medical segments, decreased interest expense, decreased amortization of intangible assets, and a benefit from income taxes in the current year. Partially offsetting these items was increased depreciation and increased compensation costs in the current year.
Previous wording
Revenues were $222.9 million for the three months ended June 30, 2025 and $207.1 million for the three months ended June 30, 2024. Revenues increased $15.8 million from the three months ended June 30, 2024.
Current wording
Revenues were $223.1 million for the three months ended September 30, 2025 and $206.8 million for the three months ended September 30, 2024. Revenues increased $16.3 million from the three months ended September 30, 2024.
Previous wording
Medical segment revenues increased for the three months ended June 30, 2025 compared with the three months ended June 30, 2024 primarily due to organic volume growth, price increases, and foreign exchange fluctuations, partially offset by reduced revenues from the exit of our lasers product line in the second half of 2024 .
Current wording
Medical segment revenues increased for the three months ended September 30, 2025 compared with the three months ended September 30, 2024 primarily due to organic volume growth, price increases, and foreign exchange fluctuations.
Previous wording
Cost of revenues was $120.4 million for the three months ended June 30, 2025 and $109.7 million for the three months ended June 30, 2024, an increase of $10.7 million period over period.
Current wording
Cost of revenues was $118.6 million for the three months ended September 30, 2025 and $113.9 million for the three months ended September 30, 2024, an increase of $4.7 million period over period.
Previous wording
Cost of revenues related to the Medical segment increased $2.7 million period over period due to organic volume growth and inflation. Cost of revenues related to the Nuclear & Safety segment increased $8.0 million period over period. The increase was primarily driven by organic volume growth of $4.4 million, increased costs of material and labor of $2.1 million (predominantly at our France location), and France transaction related foreign exchange impacts of $1.5 million.
Current wording
Cost of revenues related to the Medical segment decreased $1.0 million period over period as a result of a positive shift in margin mix in the current period, partially offset by organic volume growth. Cost of revenues related to the Nuclear & Safety segment increased $7.4 million period over period. The increase was primarily driven by organic volume growth of $3.9 million, increased costs of material and labor of $1.3 million, and foreign exchange impacts of $2.2 million.
Previous wording
Selling, general and administrative (“SG&A”) expenses were $82.6 million for the three months ended June 30, 2025 and $87.5 million for the three months ended June 30, 2024, resulting in a decrease of $4.9 million period over period.
Current wording
Selling, general and administrative (“SG&A”) expenses were $87.0 million for the three months ended September 30, 2025 and $84.3 million for the three months ended September 30, 2024, resulting in an increase of $2.7 million period over period.
Previous wording
Our Medical segment incurred lower SG&A expenses of $1.4 million for the three months ended June 30, 2025 compared with the three months ended June 30, 2024. The decrease was driven by lower amortization expense for intangible assets, and lower mergers and acquisitions costs.
Current wording
Our Medical segment incurred lower SG&A expenses of $0.7 million for the three months ended September 30, 2025 compared with the three months ended September 30, 2024. The decrease was driven by lower amortization expense for intangible assets, partially offset by increased compensation costs.
Previous wording
Corporate SG&A expenses were $17.6 million for the three months ended June 30, 2025 and $19.7 million for the three months ended June 30, 2024. The decrease of $2.1 million was primarily driven by decreased stock compensation costs and professional service spend.
Current wording
Corporate SG&A expenses were $24.4 million for the three months ended September 30, 2025 and $18.4 million for the three months ended September 30, 2024. The increase of $6.0 million was primarily driven by current period mergers and acquisition expenses as well as increased compensation costs.
Previous wording
Income from operations was $9.9 million for the three months ended June 30, 2025 compared with $2.3 million for the three months ended June 30, 2024. On a segment basis, income from operations in the Medical segment for the three months ended June 30, 2025 and 2024 was $10.9 million and $5.0 million, respectively, representing an increase of $5.9 million period over period. Income from operations in the Nuclear & Safety segment for the three months ended June 30, 2025 and three months ended June 30, 2024 was $19.0 million and $18.5 million, respectively, representing an increase of $0.5 million period over period. Corporate loss from operations was $20.0 million and $21.2 million for the three months ended June 30, 2025 and 2024, respectively, representing a decrease of $1.2 million period over period. See “Business segments” and “Corporate and other” below for further details.
Current wording
Income from operations was $7.4 million for the three months ended September 30, 2025 compared with a loss of $1.6 million for the three months ended September 30, 2024. On a segment basis, income from operations in the Medical segment for the three months ended September 30, 2025 and 2024 was $10.7 million and $4.0 million, respectively, representing an increase of $6.7 million period over period. Income from operations in the Nuclear & Safety segment for the three months ended September 30, 2025 and three months ended September 30, 2024 was $21.3 million and $14.7 million, respectively, representing an increase of $6.6 million period over period. Corporate loss from operations was $24.6 million and $20.3 million for the three months ended September 30, 2025 and 2024, respectively, representing an increase of $4.3 million period over period. See “Business segments” and “Corporate and other” below for further details.
Previous wording
Interest expense, net, was $9.8 million for the three months ended June 30, 2025 and $13.1 million for the three months ended June 30, 2024. The $3.3 million decrease in interest expense, net was due to decreased interest rates from the prior period, the $244.6 million decrease in the term loan balance as a result of the debt refinancing during the three months ended June 30, 2025, the 0.25% interest rate negotiated on the $400.0 million offering of Convertible Senior Notes due
Current wording
Interest expense, net, was $6.7 million for the three months ended September 30, 2025 and $12.7 million for the three months ended September 30, 2024. The $6.0 million decrease in interest expense, net was due to decreased SOFR from the prior period, the $244.6 million decrease in the term loan balance as a result of the debt refinancing during the nine months ended September 30, 2025, the 0.25% interest rate negotiated on the $400.0 million offering of Convertible Senior Notes due 2030 completed during the nine months ended September 30 2025, and additional interest earned on cash deposits in the current period. For more information, see Note 8, Borrowings, Note 9, Convertible Debt, and Note 18, Derivatives and Hedging, to the unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
We recorded a $13.5 million net gain for the three months ended June 30, 2025 and a $0.3 million net loss for the three months ended June 30, 2024 from foreign currency exchange. The change in foreign currency loss (gain), net is due primarily to fluctuations in European local currencies in relation to the U.S. dollar and the related impact on our intercompany loans.
Current wording
We recorded a $0.6 million net gain for the three months ended September 30, 2025 and a $0.9 million net gain for the three months ended September 30, 2024 from foreign currency exchange. The change in foreign currency gain, net is due primarily to fluctuations in European local currencies in relation to the U.S. dollar and the related impact on our intercompany loans.
Previous wording
The effective income tax rate was (9.0)% and (6.2)% for the three months ended June 30, 2025 and 2024, respectively. The difference in effective tax rate between the periods was primarily attributable to mix of earnings and the impact of valuation allowances.
Current wording
The effective income tax rate was (158.3)% and (7.7)% for the three months ended September 30, 2025 and 2024, respectively. The difference in effective tax rate between the periods was primarily attributable to mix of earnings and the favorable impact of the "One Big Beautiful Bill Act" on valuation allowances.
Previous wording
On July 4, 2025, the "One Big Beautiful Bill Act" was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses. We are evaluating the full effects of the legislation on our estimated annual effective tax rate and cash tax position. As the legislation was signed into law after the close of our second quarter, the impacts are not included in our operating results for the six months ended June 30, 2025.
Current wording
On July 4, 2025, the "One Big Beautiful Bill Act" was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses. We expect the legislation to have a favorable impact on our annual effective tax rate and cash tax position.
Previous wording
The following provides detail for business segment results for the six months ended June 30, 2025 and 2024. Segment income from operations includes revenues of the segment less expenses that are directly related to those revenues but excludes certain charges to cost of revenues and SG&A expenses predominantly related to corporate costs, which are included in Corporate and Other in the table below. Interest expense, foreign currency loss (gain), net, loss on debt extinguishment, and other expense (income), net, are not allocated to segments.
Current wording
The following provides detail for business segment results for the three months ended September 30, 2025 and 2024. Segment income from operations includes revenues of the segment less expenses that are directly related to those revenues but excludes certain charges to cost of revenues and SG&A expenses predominantly related to corporate costs, which are included in Corporate and Other in the table below. Interest expense, foreign currency loss (gain), net, and other expense (income), net, are not allocated to segments.
Previous wording
Nuclear & Safety segment revenues increased for the three months ended June 30, 2025 compared with the three months ended June 30, 2024 primarily due to $2.9 million of organic volume growth, $2.5 million of price increases, and positive foreign exchange fluctuations of $2.4 million .
Current wording
Medical segment revenues increased for the three months ended September 30, 2025 compared with the three months ended September 30, 2024 primarily due to $2.9 million in organic volume growth, $1.0 million of price increases, and $0.5 million of foreign exchange fluctuations.
Previous wording
Income from operations was $17.6 million and $6.4 million for the six months ended June 30, 2025 and 2024, respectively, representing a $11.2 million increase in income from operations period over period. The increase in income from operations period over period was largely due to a reduction in amortization expense of $4.1 million, and increased revenues noted above. Partially offsetting the increase in income were inflationary impacts of $2.4 million.
Current wording
Income from operations was $10.7 million and $4.0 million for the three months ended September 30, 2025 and 2024, respectively, representing a $6.7 million increase in income from operations period over period. The increase in income from operations period over period was largely due to increased revenues as described above, a reduction in amortization expense of $1.6 million, and a decrease in restructuring and impairment costs as compared to the prior year period of $1.8 million, partially offset by increased compensation costs of $0.8 million.
Previous wording
Income from operations was $19.0 million and $18.5 million for the three months ended June 30, 2025 and 2024, respectively. Income from operations increased $0.5 million period over period driven primarily by the changes in revenues described above and $3.8 million in lower amortization expenses due to fully amortized intangible assets, partially offset by inflationary impacts of $2.6 million, increased costs of material and labor of $2.1 million (predominantly at our France location), and France transaction related foreign exchange impacts of $1.5 million.
Current wording
Income from operations was $21.3 million and $14.7 million for the three months ended September 30, 2025 and 2024, respectively. Income from operations increased $6.6 million period over period driven primarily by the changes in revenues described above, $2.8 million in lower amortization expenses due to fully amortized intangible assets, and $1.5 million in lower incentive compensation, partially offset by increased base compensation costs of $2.0 million.
Previous wording
Corporate and other costs were $20.0 million for the three months ended June 30, 2025 and $21.2 million for the three months ended June 30, 2024, which represents a decrease of $1.2 million period over period. The decrease versus the comparable period was predominantly driven by decreased stock compensation costs and professional service spend.
Current wording
Corporate and other costs were $24.6 million for the three months ended September 30, 2025 and $20.3 million for the three months ended September 30, 2024, which represents an increase of $4.3 million period over period. The increase versus the comparable period was predominantly driven by increased current period mergers and acquisition expenses of $3.2 million and increased compensation costs of $1.4 million.
Previous wording
Revenues were $424.9 million for the six months ended June 30, 2025 and $399.7 million for the six months ended June 30, 2024. Our Medical segment contributed $149.8 million and $140.0 million of revenues for the six months ended June 30, 2025 and 2024, respectively. Our Nuclear & Safety segment contributed $275.1 million and $259.7 million of revenues for the six months ended June 30, 2025 and 2024, respectively. Gross profit was $198.6 million and $184.5 million for the six months ended June 30, 2025 and 2024, respectively, resulting in a $14.1 million increase from the six months ended June 30, 2024.
Current wording
Revenues were $648.0 million for the nine months ended September 30, 2025 and $606.5 million for the nine months ended September 30, 2024. Our Medical segment contributed $228.3 million and $214.1 million of revenues for the nine months ended September 30, 2025 and 2024, respectively. Our Nuclear & Safety segment contributed $419.7 million and $392.4 million of revenues for the nine months ended September 30, 2025 and 2024, respectively. Gross profit was $303.1 million and $277.4 million for the nine months ended September 30, 2025 and 2024, respectively, resulting in a $25.7 million increase from the nine months ended September 30, 2024.
Previous wording
Net income was $8.9 million for the six months ended June 30, 2025 and our net loss was $38.5 million for the six months ended June 30, 2024. Our Medical segment contributed $17.6 million and $6.4 million of income from operations for the six months ended June 30, 2025 and 2024, respectively. Our Nuclear & Safety segment contributed $40.7 million and $31.1 million of income from operations for the six months ended June 30, 2025 and 2024, respectively. The overall increase in net income is primarily driven by $16.3 million unrealized foreign currency gain as a result of fluctuations in the exchange rate between the US Dollar and the Euro in the current period, a $5.3 million decrease in the loss from fair value of warrant liabilities in the prior year that no longer impacts the current year, increased revenues in the Nuclear & Safety segment and the Medical segment, decreased interest expense, and decreased amortization of intangible assets. Partially offsetting these items was a $5.8 million loss on debt extinguishment in the current period, higher software licensing costs, increased depreciation, and increased compensation costs in the current year.
Current wording
Net income was $12.0 million for the nine months ended September 30, 2025 and our net loss was $52.5 million for the nine months ended September 30, 2024. Our Medical segment contributed $28.3 million and $10.4 million of income from operations for the nine months ended September 30, 2025 and 2024, respectively. Our Nuclear & Safety segment contributed $62.0 million and $45.8 million of income from operations for the nine months ended September 30, 2025 and 2024, respectively. The overall increase in net income is primarily driven by increased revenues in the Nuclear & Safety segment and the Medical segment, decreased interest expense, a $16.9 million unrealized foreign currency gain as a result of fluctuations in the exchange rate between the US Dollar and the Euro in the current period, decreased amortization of intangible assets, a $5.3 million decrease in the loss from fair value of warrant liabilities in the prior year that no longer impacts the current year, and a current period benefit from income taxes. Partially offsetting these items was a $5.8 million loss on debt extinguishment in the current period, increased depreciation expense, increased mergers and acquisition expenses, and increased compensation costs in the current year.
Previous wording
Revenues were $424.9 million for the six months ended June 30, 2025 and $399.7 million for the six months ended June 30, 2024. Revenues increased $25.2 million from the six months ended June 30, 2024.
Current wording
Revenues were $648.0 million for the nine months ended September 30, 2025 and $606.5 million for the nine months ended September 30, 2024. Revenues increased $41.5 million from the nine months ended September 30, 2024.
Previous wording
Cost of revenues was $226.3 million for the six months ended June 30, 2025 and $215.2 million for the six months ended June 30, 2024, an increase of $11.1 million period over period.
Current wording
Cost of revenues was $344.9 million for the nine months ended September 30, 2025 and $329.1 million for the nine months ended September 30, 2024, an increase of $15.8 million period over period.
Previous wording
Cost of revenues related to the Medical segment increased $1.2 million period over period due to increased domestic sales volume and inflation. Cost of revenues related to the Nuclear & Safety segment increased $9.9 million period over period. The increase was primarily driven by increased domestic sales volume of $4.6 million, increased costs of material and labor of $3.8 million (predominately at our France location), and France transaction related foreign exchange impacts of $1.5 million.
Current wording
Cost of revenues related to the Medical segment increased $0.2 million period over period due to increased organic sales volume and inflation, partially offset by favorable margins due to product mix in the current period. Cost of revenues related to the Nuclear & Safety segment increased $18.5 million period over period. The increase was primarily driven by domestic volume growth of $7.6 million, increased costs of material and labor of $5.1 million (predominately at our France locations), foreign exchange impacts of $3.2 million, and increased depreciation of $2.6 million.
Previous wording
Selling, general and administrative (“SG&A”) expenses were $161.3 million for the six months ended June 30, 2025 and $171.6 million for the six months ended June 30, 2024, resulting in a decrease of $10.3 million period over period.
Current wording
Selling, general and administrative (“SG&A”) expenses were $248.3 million for the nine months ended September 30, 2025 and $255.9 million for the nine months ended September 30, 2024, resulting in a decrease of $7.6 million period over period.
Previous wording
Our Nuclear & Safety segment incurred lower SG&A expenses of $1.4 million for the three months ended June 30, 2025 compared with the three months ended June 30, 2024. The decrease was driven by lower amortization expense related to intangible assets offset with increased depreciation expense related to newly capitalized assets.
Current wording
Our Medical segment incurred lower SG&A expenses of $4.1 million for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024. The decrease was driven by lower amortization expense related to intangible assets, partially offset by increased compensation costs.
Showing the first 40 of 74 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
Our Nuclear & Safety segment incurred lower SG&A expenses of $2.6 million for the three months ended September 30, 2025 compared with the three months ended September 30, 2024. The decrease was driven by lower amortization expense for intangible assets, partially offset by increased depreciation expense and compensation costs.
Current report — wording carried from elsewhere
On September 30, 2025, concurrently with an offering of Mirion's Class A common stock, the Company completed a private offering of $375.0 million in aggregate principal amount of 0.00% Convertible Senior Notes due 2031, including the initial purchasers’ exercise in full of their option to purchase additional Notes (the “2031 Notes”). The 2031 Notes were issued pursuant to an indenture, dated September 30, 2025 (the “September Indenture”). The September Indenture includes customary covenants and sets forth certain events of default after which the 2031 Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company after which the outstanding principal and any unpaid special interest of the 2031 Notes becomes automatically due and payable.
Current report — wording carried from elsewhere
The 2031 Notes will mature on October 1, 2031, unless earlier converted, redeemed or repurchased. The 2031 Notes will not bear regular interest, and the principal amount of the 2031 Notes will not accrete. Special interest will accrue on the 2031 Notes in the circumstances at the rates set forth within the September Indenture. The 2031 Notes will be convertible at the option of the holders in certain circumstances discussed below. The 2031 Notes will be convertible into cash, shares of Mirion’s Class A common stock or a combination of cash and shares of Mirion’s Class A common stock, at the Company’s election.
Current report — wording carried from elsewhere
The initial conversion rate is 34.6951 shares of Mirion’s Class A common stock per $1,000 principal amount of 2031 Notes, which is equivalent to an initial conversion price of approximately $28.82 per share of Mirion's Class A common stock. The initial conversion price of the 2031 Notes represents a conversion premium of 35.0% to the related public offering price per share of Mirion Class A common stock of $21.35 per share. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the September Indenture.
Current report — wording carried from elsewhere
The Company may not redeem the 2031 Notes prior to October 5, 2028. The Company may redeem for cash 100% of the principal amount of the 2031 Notes being redeemed plus any unpaid special interest or any portion of the 2031 Notes, at its option, on or after October 5, 2028, but only if a certain liquidity condition has been satisfied and the last reported sale price of Mirion's Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period. If the Company redeems less than all of the outstanding 2031 Notes, at least $100.0 million aggregate principal amount of the 2031 Notes must be outstanding and not subject to redemption as of, and after giving effect to, delivery of the relevant redemption notice.
Current report — wording carried from elsewhere
If the Company undergoes a fundamental change, as defined in the September Indenture, then subject to certain conditions and limited exceptions, holders may require the Company to repurchase for cash all or any portion of their 2031 Notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100% of the principal amount of the 2031 Notes to be repurchased plus any unpaid special interest. In addition, if specific corporate events occur prior to the maturity date or if the Company issues a notice a redemption, the Company will increase the conversion rate for holders who elect to convert their 2031 Notes in connection with such a corporate event. The conditions allowing holders of the 2031 Notes to convert were not met during the three and nine months ended September 30, 2025.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
Nuclear & Safety segment revenues increased for the three months ended June 30, 2025 compared with the three months ended June 30, 2024 primarily due to organic volume growth, price increases and foreign exchange impacts.
Previous report — wording carried elsewhere
2030 completed during the three months ended June 30 2025, and additional interest earned on cash deposits in the current period. For more information, see Note 8, Borrowings, Note 9, Convertible Debt, and Note 18, Derivatives and Hedging, to the unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous report — wording carried elsewhere
We recognized a gain of $0.4 million for the three months ended June 30, 2024. During the three months ended June 30, 2024, we settled the Public Warrant and Private Placement Warrant liabilities in conjunction with the redemption of the Public Warrants and the exchange of the Private Placement Warrants. See Note 1, Nature of Business and Summary of Significant Accounting Policies to the unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous report — wording carried elsewhere
Gain on disposal of business was $1.2 million for the six months ended June 30, 2024, related to the sale of the Rehab business. For more information, see Note 2, Business Combinations, to the unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous report — wording carried elsewhere
Interest expense, net, was $20.4 million for the six months ended June 30, 2025 and $26.9 million for the six months ended June 30, 2024. The $6.5 million decrease in interest expense, net was due to decreased interest rates from the prior period, the $244.6 million decrease in the term loan balance as a result of the debt refinancing during the six months ended June
Previous report — wording carried elsewhere
Loss on debt extinguishment was $5.8 million for the six months ended June 30, 2025, related to the refinancing of the term loan completed on June 5, 2025. See discussion in “Recent Developments - Term Loan Refinancing” for further details.
Previous report — wording carried elsewhere
Change in fair value of warrant liabilities