Mirion Technologies, Inc.
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
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, 2026 · Filed Oct 28, 2026
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 2026-06-30; filed 2026-07-29.
0001628280-26-050604
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0001628280-26-067882
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 197 previous paragraphs and 193 current paragraphs.
109 unchanged; 73 reworded; 9 added; 11 removed; 4 previous and 2 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 (9)
Current report
Nuclear & Safety segment revenues increased for the three months ended September 30, 2026 compared with the three months ended September 30, 2025 primarily due to organic volume growth, price increases and recent acquisitions, partially offset by negative foreign exchange fluctuations.
Current report
Medical segment revenues increased for the three months ended September 30, 2026 compared with the three months ended September 30, 2025 due to organic volume growth, primarily within the cameras product line, and price increases.
Current report
Foreign currency loss (gain), net
Current report
Income from operations was $25.9 million and $21.3 million for the three months ended September 30, 2026 and 2025, respectively. Income from operations increased $4.6 million period over period driven primarily by the changes in revenues described above. These changes were partially offset by increased employee compensation costs of $7.9 million, primarily associated with recent acquisitions, purchase accounting intangibles amortization of $7.5 million, and increased incentive compensation of $2.6 million, partially offset by a reduction in intangibles amortization associated with our legacy businesses of $1.4 million.
Current report
Medical segment revenues increased for the three months ended September 30, 2026 compared with the three months ended September 30, 2025 due to $3.5 million in organic volume growth, primarily within the cameras product line, and $1.8 million of price increases.
Current report
Corporate and other costs were $24.3 million for the three months ended September 30, 2026 and $24.6 million for the three months ended September 30, 2025, which represents a decrease of $0.3 million period over period.
Current report
For the Nine Months Ended September 30, 2026 and the Nine Months Ended September 30, 2025
Current report
Nuclear & Safety segment revenues increased for the nine months ended September 30, 2026 compared with the nine months ended September 30, 2025 primarily due to organic volume growth, with increases across all end markets with the exception of labs and research, positive foreign exchange fluctuations, price increases, and recent acquisitions.
Current report
Share Repurchase Programs
Removed paragraphs (11)
Previous report
•Environmental objectives of governments—Growth and operating results in our Nuclear & Safety segment are impacted by environmental policy decisions made by governments in the countries where we operate. Our nuclear power customers may benefit from decarbonization efforts given the relatively low carbon footprint of nuclear power to other existing energy sources.
Previous report
Certrec Acquisition
Previous report
On July 31, 2025, Mirion acquired 100% of the equity interest of Certrec for $82.9 million of purchase consideration ($80.6 million net of cash), subject to final closing statement balances. As part of the Nuclear & Safety segment, Certrec is a leading supplier of regulatory compliance and digital integration solutions for the energy industry. Mirion management believes the Certrec business will be pivotal in expanding our offerings in the nuclear power market and further strengthen the development of our digital ecosystem.
Previous report
Medical segment revenues decreased for the three months ended June 30, 2026 compared with the three months ended June 30, 2025 primarily due to decreased volume, specifically within Asia-Pacific countries due to the introduced tariff regime in prior years paired with a decline in dosimetry product sales, partially offset by price increases and organic volume growth within the cameras product line.
Previous report
Medical segment revenues decreased for the three months ended June 30, 2026 compared with the three months ended June 30, 2025 primarily due to a decline in volume of $9.5 million, specifically driven by a decline within Asia-Pacific countries due to the introduced tariff regime in prior years paired with a decline in dosimetry product sales, partially offset by price increases of $5.4 million and organic volume growth of $3.4 million within the cameras product line.
Previous report
Corporate and other costs were $22.9 million for the three months ended June 30, 2026 and $20.0 million for the three months ended June 30, 2025, which represents an increase of $2.9 million period over period. The increase versus the comparable period was predominantly driven by increased stock compensation costs of $2.7 million, including $1.8 million of additional expense related to PSOs granted during the quarter, and $1.0 million of costs associated with the establishment of a new artificial intelligence function. These were partially offset by a $1.0 million decrease in employee compensation costs.
Previous report
For the Six Months Ended June 30, 2026 and the Six Months Ended June 30, 2025
Previous report
Nuclear & Safety segment revenues increased for the six months ended June 30, 2026 compared with the six months ended June 30, 2025 primarily due to foreign exchange impacts, price increases, and organic volume growth.
Previous report
Loss on debt extinguishment
Previous report
Foreign currency (gain) loss, net
Previous report
Share Repurchase Program
Reworded paragraphs (73)
Previous wording
•Our revenues were $266.8 million for the three months ended June 30, 2026 and $222.9 million for the three months ended June 30, 2025, of which 69.8% and 63.6% were generated in the Nuclear & Safety segment for the three months ended June 30, 2026 and 2025, respectively, and 30.2% and 36.4% were generated in the Medical segment for the three months ended June 30, 2026 and 2025, respectively.
Current wording
•Our revenues were $277.8 million for the three months ended September 30, 2026 and $223.1 million for the three months ended September 30, 2025, of which 69.8% and 64.8% were generated in the Nuclear & Safety segment for the three months ended September 30, 2026 and 2025, respectively, and 30.2% and 35.2% were generated in the Medical segment for the three months ended September 30, 2026 and 2025, respectively.
Previous wording
•Our revenues were $524.4 million for the six months ended June 30, 2026 and $424.9 million for the six months ended June 30, 2025, of which 70.9% and 64.7% were generated in the Nuclear & Safety segment for the six months ended June 30, 2026 and 2025, respectively, and 29.1% and 35.3% were generated in the Medical segment for the six months ended June 30, 2026 and 2025, respectively.
Current wording
•Our revenues were $802.2 million for the nine months ended September 30, 2026 and $648.0 million for the nine months ended September 30, 2025, of which 70.5% and 64.8% were generated in the Nuclear & Safety segment for the nine months ended September 30, 2026 and 2025, respectively, and 29.5% and 35.2% were generated in the Medical segment for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
•Backlog (representing committed but undelivered contracts and purchase orders) was $1,138.6 million and $1,104.3 million as of June 30, 2026, and December 31, 2025, respectively.
Current wording
•Backlog (representing committed but undelivered contracts and purchase orders) was $1,248.2 million and $1,104.3 million as of September 30, 2026, and December 31, 2025, respectively.
Previous wording
The following key factors affecting our performance have included, and we anticipate they will continue to affect our future results:
Current wording
The following key factors have affected our performance, and we anticipate they will continue to affect our future results:
Previous wording
•Our products are installed at the vast majority of addressable active nuclear power reactors globally, creating full lifecycle sales opportunities. This installed base drives recurring revenue through replacement and service cycles associated with our offerings and the typical 40 to 100 year operating life cycle of a nuclear power plant (“NPP”);
Current wording
•Our products are installed at the vast majority of addressable active nuclear power reactors globally, creating full lifecycle sales opportunities. This installed base drives recurring revenue through replacement and service cycles associated with our offerings and the typical 40 to 100 year operating life cycle of a NPP;
Previous wording
•Medical radiation therapy quality assurance (“RT QA”) growth driven by growing and aging population demographics, low penetration of RT QA technology in emerging markets, and increased adoption of advanced software and hardware solutions for improved outcomes and administrative and labor efficiencies;
Current wording
•Medical RT QA growth driven by growing and aging population demographics, low penetration of RT QA technology in emerging markets, and increased adoption of advanced software and hardware solutions for improved outcomes and administrative and labor efficiencies;
Previous wording
•Nuclear new build projects—A portion of our remaining performance obligations is driven by contracts associated with the construction of new nuclear power plants. These contracts can be long-term in nature and provide us with a strong pipeline for the recognition of future revenues in our Nuclear & Safety segment. We perform our services and provide our products at a fixed price for certain contracts. Fixed-price contracts carry inherent risks, including risks of losses from underestimating costs, operational difficulties and other changes that may occur over the contract period. If our cost estimates for a contract are inaccurate or if we do not execute the contract within our cost estimates, we may incur losses or the contract may not be as profitable as we expected. In addition, even though some of our longer-term contracts contain price escalation provisions, such provisions may not fully provide for cost increases, whether from inflation, the cost of goods and services to be delivered under such contracts or otherwise.
Current wording
•Nuclear new build projects, including SMRs—A portion of our remaining performance obligations is driven by contracts associated with the construction of new nuclear power plants. These contracts can be long-term in nature and provide us with a strong pipeline for the recognition of future revenues in our Nuclear & Safety segment. We perform our services and provide our products at a fixed price for certain contracts. Fixed-price contracts carry inherent risks, including risks of losses from underestimating costs, operational difficulties and other changes that may occur over the contract period. SMRs have an additional risk of underestimation of costs given the technology is new and still under development for commercial applications. If our cost estimates for a contract are inaccurate or if we do not execute the contract within our cost estimates, we may incur losses or the contract may not be as profitable as we expected. In addition, even though some of our longer-term contracts contain price escalation provisions, such provisions may not fully provide for cost increases, whether from inflation, the cost of goods and services to be delivered under such contracts or otherwise.
Previous wording
•Government budgets—While we believe that we are poised for growth from governmental customers in both of our segments, our revenues and cash flows from government customers are influenced, particularly in the short-term, by budgetary cycles. This impact can be either positive or negative, primarily related to revenues in our Labs and Research and Defense end markets.
Current wording
•Government budgets—While we believe that we are poised for growth from governmental customers in both of our segments, our revenues and cash flows from government customers are influenced, particularly in the short-term, by budgetary cycles. This impact can be either positive or negative, primarily related to revenues in our labs and research, defense, and medical segment end markets.
Previous wording
•Financial risks—Our business and financial statements can be adversely affected by foreign currency exchange rates, changes in interest rates, recognition of impairment charges for our goodwill or other intangible assets and fluctuations in the cost and availability of commodities.
Current wording
•Financial risks—Our business and financial statements can be adversely affected by foreign currency exchange rates, changes in interest rates, recognition of impairment charges for our goodwill or other intangible assets and fluctuations in the cost and availability of commodities. No triggering events for interim goodwill impairment testing occurred in the third quarter of 2026. However, the Company will continue to monitor macroeconomic conditions for future changes in assumptions or deterioration in market conditions, including impacts from rising long-term interest rates and geopolitical risks impacting global trade conditions, which could result in an impairment in one or more of the Company's reporting units. Our required annual goodwill impairment assessment for all reporting units will be performed during the fourth quarter of 2026.
Previous 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 was 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 continue to expect the impact to be immaterial, Pillar Two could impact our cash taxes paid and effective tax rate.
Current wording
•Many countries have incorporated Pillar Two global minimum tax rules into their domestic laws. Pillar Two legislation was effective for the Company for the year ended December 31, 2025. While we continue to expect the impact to be immaterial, Pillar Two could impact our cash taxes paid and effective tax rate.
Previous wording
The United States, the European Union, the United Kingdom and other governments have implemented major trade and financial sanctions against Russia, China, and related parties. Additionally, China continues to expand localization requirements that could require us to localize manufacturing or source local components, or to otherwise modify our business operations. We do business with Russian and Chinese customers both within and outside of Russia and China, as well as with customers who have contracts with Russian and Chinese counterparties. The impact on the Company is predominantly in our Nuclear & Safety segment. As of June 30, 2026, the Company has approximately $18.8 million in net contract assets for Russian and Chinese customers and channel partners. The Company maintains $10.4 million in advance payment guarantees in support of these projects. The remaining performance obligations in our backlog for Russian- and Chinese-related projects were approximately $124.0 million at June 30, 2026.
Current wording
The United States, the European Union, the United Kingdom and other governments have implemented major trade and financial sanctions against Russia, China, and related parties. Additionally, China continues to expand localization requirements that could require us to localize manufacturing or source local components, or to otherwise modify our business operations. We do business with Russian and Chinese customers both within and outside of Russia and China, as well as with customers who have contracts with Russian and Chinese counterparties. The impact on the Company is predominantly in our Nuclear & Safety segment. As of September 30, 2026, the Company has approximately $17.7 million in net contract assets for Russian and Chinese customers and channel partners. The Company maintains $10.7 million in advance payment guarantees in support of these projects. The remaining performance obligations in our backlog for Russian-related projects and Chinese parts and services contracts were approximately $163.4 million at September 30, 2026.
Previous wording
The following tables present a reconciliation of certain non-GAAP financial measures for the three and six months ended June 30, 2026 and for the three and six months ended June 30, 2025.
Current wording
The following tables present a reconciliation of certain non-GAAP financial measures for the three and nine months ended September 30, 2026 and for the three and nine months ended September 30, 2025.
Previous wording
(1)Pre-tax non-operating expenses of $5.6 million for the six months ended June 30, 2026 include $4.8 million of mergers and acquisitions expenses, primarily consisting of nonrecurring third-party consulting and professional fees, and $0.6 million of restructuring and other related costs.
Current wording
(1)Pre-tax non-operating expenses of $3.1 million for the three months ended September 30, 2026 include $2.2 million of mergers and acquisition expenses, primarily consistent of nonrecurring third-party consulting and professional fees, and $0.8 million of restructuring and other related costs.
Previous wording
(2)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
(2)Pre-tax non-operating expenses of $5.9 million for the three months ended September 30, 2025 include $3.9 million of mergers and acquisition 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
(1)Pre-tax non-operating expenses of $0.7 million for the three months ended June 30, 2026 include $0.5 million of restructuring and other related costs and $0.2 million of mergers and acquisitions expenses, primarily consisting of nonrecurring third-party consulting and professional fees.
Current wording
(1)Pre-tax non-operating expenses of $8.7 million for the nine months ended September 30, 2026 include $7.0 million of mergers and acquisitions expenses, primarily consisting of nonrecurring third-party consulting and professional fees, and $1.4 million of restructuring and other related costs.
Previous wording
(2)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
(2)Pre-tax non-operating expenses of $10.6 million for the nine months ended September 30, 2025 include $4.2 million of mergers and acquisition 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
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, 2026 and the three and six months ended June 30, 2025.
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, 2026 and the three and nine months ended September 30, 2025.
Previous wording
Revenues were $266.8 million for the three months ended June 30, 2026 and $222.9 million for the three months ended June 30, 2025. Our Nuclear & Safety segment contributed $186.2 million and $141.7 million of revenues for the three months ended June 30, 2026 and 2025, respectively. Our Medical segment contributed $80.6 million and $81.2 million of revenues for the three months ended June 30, 2026 and 2025, respectively. Gross profit was $133.1 million and $102.5 million for the three months ended June 30, 2026 and 2025, respectively, resulting in a $30.6 million increase from the three months ended June 30, 2025.
Current wording
Revenues were $277.8 million for the three months ended September 30, 2026 and $223.1 million for the three months ended September 30, 2025. Our Nuclear & Safety segment contributed $194.0 million and $144.6 million of revenues for the three months ended September 30, 2026 and 2025, respectively. Our Medical segment contributed $83.8 million and $78.5 million of revenues for the three months ended September 30, 2026 and 2025, respectively. Gross profit was $131.5 million and $104.5 million for the three months ended September 30, 2026 and 2025, respectively, resulting in a $27.0 million increase from the three months ended September 30, 2025.
Previous wording
Net income was $8.1 million for the three months ended June 30, 2026 and net income was $8.5 million for the three months ended June 30, 2025. Our Nuclear & Safety segment contributed $26.0 million and $19.0 million of income from operations for the three months ended June 30, 2026 and 2025, respectively. Our Medical segment contributed $14.8 million and $10.9 million of income from operations for the three months ended June 30, 2026 and 2025, respectively. The overall decrease in net income is primarily driven by a $1.0 million unrealized foreign currency loss in the current period as opposed to a $13.5 million gain in the prior period as a result of fluctuations in the exchange rate between the US Dollar and the Euro, increased amortization of intangible assets associated with recent acquisitions, increased employee compensation costs, and an increase in income tax expense. Partially offsetting these items was increased revenues in the Nuclear & Safety segment primarily driven by acquisitions, improved gross profit margins, decreased interest expense, and a nonrecurring $5.8 million loss on debt extinguishment in the prior period.
Current wording
Net income was $7.8 million for the three months ended September 30, 2026 and net income was $3.1 million for the three months ended September 30, 2025. Our Nuclear & Safety segment contributed $25.9 million and $21.3 million of income from operations for the three months ended September 30, 2026 and 2025, respectively. Our Medical segment contributed $15.6 million and $10.7 million of income from operations for the three months ended September 30, 2026 and 2025, respectively. The overall increase in net income is primarily driven by increased revenues in both segments, primarily driven by acquisitions, improved gross profit margins, and decreased interest expense. Partially offsetting these items was an increase in income tax expense, increased amortization of intangible assets associated with recent acquisitions, and increased employee compensation costs.
Previous wording
Revenues were $266.8 million for the three months ended June 30, 2026 and $222.9 million for the three months ended June 30, 2025. Revenues increased $43.9 million from the three months ended June 30, 2025.
Current wording
Revenues were $277.8 million for the three months ended September 30, 2026 and $223.1 million for the three months ended September 30, 2025. Revenues increased $54.7 million from the three months ended September 30, 2025.
Previous wording
Cost of revenues was $133.7 million for the three months ended June 30, 2026 and $120.4 million for the three months ended June 30, 2025, an increase of $13.3 million period over period.
Current wording
Cost of revenues was $146.3 million for the three months ended September 30, 2026 and $118.6 million for the three months ended September 30, 2025, an increase of $27.7 million period over period.
Previous wording
Cost of revenues related to the Nuclear & Safety segment increased $19.1 million period over period. The increase was primarily driven by inflation of $1.7 million, increased employee medical costs of $1.0 million, foreign exchange impacts of $0.6 million, and costs associated with recent acquisitions of $20.2 million. These changes were partially offset by positive margin mix impact of $4.5 million.
Current wording
Cost of revenues related to the Nuclear & Safety segment increased $24.9 million period over period. The increase was primarily driven by organic volume growth of $2.7 million, inflation of $1.7 million, and costs associated with recent acquisitions of $20.5 million. These changes were also impacted by positive margin mix impact within our France and Europe locations, offset by negative margin mix within our legacy North America business.
Previous wording
Cost of revenues related to the Medical segment decreased $2.6 million period over period due to a decline in organic volume, partially offset by inflation.
Current wording
Cost of revenues related to the Medical segment increased $2.8 million period over period due to increased organic sales volume, inflation, and a specific product one-time quality cost impact within our Nuclear Medicine division.
Previous wording
Selling, general and administrative (“SG&A”) expenses were $105.1 million for the three months ended June 30, 2026 and $82.6 million for the three months ended June 30, 2025, resulting in an increase of $22.5 million period over period.
Current wording
Selling, general and administrative (“SG&A”) expenses were $104.0 million for the three months ended September 30, 2026 and $87.0 million for the three months ended September 30, 2025, resulting in an increase of $17.0 million period over period.
Previous wording
Our Nuclear & Safety segment incurred higher SG&A expenses of $20.5 million for the three months ended June 30, 2026 compared with the three months ended June 30, 2025. The increase was driven by increased employee compensation costs related to newly acquired entities, amortization expense from newly acquired intangible assets, and foreign exchange impacts.
Current wording
Our Nuclear & Safety segment incurred higher SG&A expenses of $18.6 million for the three months ended September 30, 2026 compared with the three months ended September 30, 2025. The increase was driven by increased employee compensation costs related to newly acquired entities, amortization expense from newly acquired intangible assets, increased incentive compensation in the current year, and increased facility costs.
Previous wording
Our Medical segment incurred lower SG&A expenses of $1.7 million for the three months ended June 30, 2026 compared with the three months ended June 30, 2025. The decrease was driven by lower amortization expense for intangible assets, partially offset by increased employee compensation costs.
Current wording
Our Medical segment incurred lower SG&A expenses of $2.4 million for the three months ended September 30, 2026 compared with the three months ended September 30, 2025. The decrease was driven by decreased incentive compensation and lower amortization expense for intangible assets.
Previous wording
Corporate SG&A expenses were $21.3 million for the three months ended June 30, 2026 and $17.6 million for the three months ended June 30, 2025. The increase of $3.7 million was primarily driven by increased stock compensation costs, including additional expenses related to performance stock options ("PSOs") granted during the quarter, and costs associated with the establishment of a new artificial intelligence function. These costs were partially offset by a decrease in compensation costs.
Current wording
Corporate SG&A expenses were $20.5 million for the three months ended September 30, 2026 and $19.7 million for the three months ended September 30, 2025. The increase of $0.8 million was primarily driven by increased compensation costs, primarily additional stock compensation expenses largely related to performance stock options ("PSOs") granted during the current year, partially offset by a decrease in mergers and acquisition expenses as compared to the prior period.
Previous wording
Research and development (“R&D”) expenses were $10.1 million for the three months ended June 30, 2026 and $10.0 million for the three months ended June 30, 2025, resulting in a increase of $0.1 million period over period.
Current wording
Research and development (“R&D”) expenses were $10.3 million for the three months ended September 30, 2026 and $10.1 million for the three months ended September 30, 2025, resulting in an increase of $0.2 million period over period.
Previous wording
Income from operations was $17.9 million for the three months ended June 30, 2026 compared with $9.9 million for the three months ended June 30, 2025. On a segment basis, income from operations in the Nuclear & Safety segment for the three months ended June 30, 2026 and three months ended June 30, 2025 was $26.0 million and $19.0 million, respectively, representing an increase of $7.0 million period over period. Income from operations in the Medical segment for the three months ended June 30, 2026 and 2025 was $14.8 million and $10.9 million, respectively, representing an increase of $3.9 million period over period. Corporate loss from operations was $22.9 million and $20.0 million for the three months ended June 30, 2026 and 2025, respectively, representing an increased loss of $2.9 million period over period. See “Business segments” and “Corporate and other” below for further details.
Current wording
Income from operations was $17.2 million for the three months ended September 30, 2026 compared with $7.4 million for the three months ended September 30, 2025. On a segment basis, income from operations in the Nuclear & Safety segment for the three months ended September 30, 2026 and three months ended September 30, 2025 was $25.9 million and $21.3 million, respectively, representing an increase of $4.6 million period over period. Income from operations in the Medical segment for the three months ended September 30, 2026 and 2025 was $15.6 million and $10.7 million, respectively, representing an increase of $4.9 million period over period. Corporate loss from operations was $24.3 million and $24.6 million for the three months ended September 30, 2026 and 2025, respectively, representing a decrease in loss of $0.3 million period over period. See “Business segments” and “Corporate and other” below for further details.
Previous wording
Interest expense, net, was $5.8 million for the three months ended June 30, 2026 and $9.8 million for the three months ended June 30, 2025. The $4.0 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 three months ended June 30, 2025, the 0.25% interest rate negotiated on the $400.0 million offering of Convertible Senior Notes due 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 17, Derivatives and Hedging, to the unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
Interest expense, net, was $5.7 million for the three months ended September 30, 2026 and $6.7 million for the three months ended September 30, 2025. The $1.0 million decrease in interest expense, net, was due to additional interest earned on cash deposits in the current period.
Previous wording
We recorded a $1.0 million net loss for the three months ended June 30, 2026 and a $13.5 million net gain for the three months ended June 30, 2025 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 $0.1 million net loss for the three months ended September 30, 2026 and a $0.6 million net gain for the three months ended September 30, 2025 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.
Previous wording
The effective income tax rate was 28.3% and (9.0)% for the three months ended June 30, 2026 and 2025, respectively. The difference in effective tax rate between the periods was primarily attributable to mix of earnings.
Current wording
The effective income tax rate was 28.4% and (158.3)% for the three months ended September 30, 2026 and 2025, respectively. The difference in effective tax rate between the periods was primarily attributable to mix of earnings.
Previous wording
The following provides detail for business segment results for the six months ended June 30, 2026 and 2025. 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, 2026 and 2025. 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, 2026 compared with the three months ended June 30, 2025 primarily due to $2.0 million of price increases, $1.3 million of organic volume growth, and positive foreign exchange fluctuations of $1.3 million. Additional drivers include $39.8 million of revenue associated with recent acquisitions.
Current wording
Nuclear & Safety segment revenues increased for the three months ended September 30, 2026 compared with the three months ended September 30, 2025 primarily due to $6.9 million of organic volume growth, $2.3 million of price increases, partially offset by negative foreign exchange fluctuations of $1.2 million. Additional drivers include $41.4 million of revenue associated with recent acquisitions.
Previous wording
Income from operations was $14.8 million and $10.9 million for the three months ended June 30, 2026 and 2025, respectively, representing a $3.9 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 $0.8 million and improved gross margins from the prior period as a result of positive margin mix, partially offset by decreased revenues as described above and increased employee compensation costs of $0.9 million.
Current wording
Income from operations was $15.6 million and $10.7 million for the three months ended September 30, 2026 and 2025, respectively, representing a $4.9 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 $0.8 million and decreased incentive compensation costs of $0.8 million. This was partially offset by $1.0 million in a specific product one-time quality cost impact within our Nuclear Medicine division.
Previous wording
Revenues were $524.4 million for the six months ended June 30, 2026 and $424.9 million for the six months ended June 30, 2025. Our Nuclear & Safety segment contributed $371.7 million and $275.1 million of revenues for the six months ended June 30, 2026 and 2025, respectively. Our Medical segment contributed $152.7 million and $149.8 million of revenues for the six months ended June 30, 2026 and 2025, respectively. Gross profit was $252.2 million and $198.6 million for the six months ended June 30, 2026 and 2025, respectively, resulting in a $53.6 million increase from the six months ended June 30, 2025.
Current wording
Revenues were $802.2 million for the nine months ended September 30, 2026 and $648.0 million for the nine months ended September 30, 2025. Our Nuclear & Safety segment contributed $565.7 million and $419.7 million of revenues for the nine months ended September 30, 2026 and 2025, respectively. Our Medical segment contributed $236.5 million and $228.3 million of revenues for the nine months ended September 30, 2026 and 2025, respectively. Gross profit was $383.7 million and $303.1 million for the nine months ended September 30, 2026 and 2025, respectively, resulting in a $80.6 million increase from the nine months ended September 30, 2025.
Previous wording
Net income was $4.7 million for the six months ended June 30, 2026 and net income was $8.9 million for the six months ended June 30, 2025. Our Nuclear & Safety segment contributed $46.9 million and $40.7 million of income from operations for the six months ended June 30, 2026 and 2025, respectively. Our Medical segment contributed $22.6 million and $17.6 million of income from operations for the six months ended June 30, 2026 and 2025, respectively. The overall decrease in net income is primarily driven by a $4.7 million unrealized foreign currency loss in the current period as opposed to a $16.3 million gain in the prior period as a result of fluctuations in the exchange rate between the US Dollar and the Euro, increased amortization of intangible assets associated with recent acquisitions, increased employee compensation costs, and an increase in income tax expense. Partially offsetting these items were increased revenues in both segments, improved gross margins, decreased interest expense, and a nonrecurring $5.8 million loss on debt extinguishment in the prior period.
Current wording
Net income was $12.5 million for the nine months ended September 30, 2026 and $12.0 million for the nine months ended September 30, 2025. Our Nuclear & Safety segment contributed $72.8 million and $62.0 million of income from operations for the nine months ended September 30, 2026 and 2025, respectively. Our Medical segment contributed $38.2 million and $28.3 million of income from operations for the nine months ended September 30, 2026 and 2025, respectively. The overall increase in net income is primarily driven by increased revenues in both segments, primarily driven by acquisitions, improved gross margins, decreased interest expense, and a nonrecurring $5.8 million loss on debt extinguishment in the prior period. Partially offsetting these items were a $4.8 million unrealized foreign currency loss in the current period as opposed to a $16.9 million gain in the prior period as a result of fluctuations in the exchange rate between the US Dollar and the Euro, increased employee compensation costs, increased amortization of intangible assets associated with recent acquisitions, and an increase in income tax expense.
Previous wording
Revenues were $524.4 million for the six months ended June 30, 2026 and $424.9 million for the six months ended June 30, 2025. Revenues increased $99.5 million from the six months ended June 30, 2025.
Current wording
Revenues were $802.2 million for the nine months ended September 30, 2026 and $648.0 million for the nine months ended September 30, 2025. Revenues increased $154.2 million from the nine months ended September 30, 2025.
Previous wording
Medical segment revenues increased for the six months ended June 30, 2026 compared with the six months ended June 30, 2025 primarily due to price increases, organic volume growth within the cameras product line, and positive foreign exchange fluctuations. These changes were partially offset by a decline in volume growth within other product lines, specifically within Asia-Pacific countries due to the introduced tariff regime in prior years paired with a decline in dosimetry product sales.
Current wording
Medical segment revenues increased for the nine months ended September 30, 2026 compared with the nine months ended September 30, 2025 primarily due to price increases, organic volume growth within the cameras product line, and positive foreign exchange fluctuations. These changes were partially offset by a decline in volume growth within other product lines, specifically within Asia-Pacific countries due to the introduced tariff regime in prior years paired with a decline in dosimetry product sales.
Previous wording
Cost of revenues was $272.2 million for the six months ended June 30, 2026 and $226.3 million for the six months ended June 30, 2025, an increase of $45.9 million period over period.
Current wording
Cost of revenues was $418.5 million for the nine months ended September 30, 2026 and $344.9 million for the nine months ended September 30, 2025, an increase of $73.6 million period over period.
Showing the first 40 of 73 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
On August 31, 2026, we announced the approval of a new share repurchase program of up to an additional $250 million of the currently outstanding shares of our Class A common stock, as approved by our Board of Directors and authorized until August 31, 2031 (the “2026 Repurchase Program”). We have repurchased 963,371 of our Class A common stock under the 2026 Repurchase Program as of September 30, 2026 for $15.4 million.
Current report — wording carried from elsewhere
No gains or losses were recognized in other comprehensive income ("OCI") during the three months ended September 30, 2026, and gains of $0.3 million were recognized for the nine months ended September 30, 2026 as a result of the interest rate swaps. No gains or losses were recognized in income during the three months ended September 30, 2026 and gains of $0.2 million were recognized in income through interest expense and reclassified from OCI during the nine months ended September 30, 2026.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Nuclear & Safety segment revenues increased for the three months ended June 30, 2026 compared with the three months ended June 30, 2025 primarily due to price increases, organic volume growth, foreign exchange impacts, and recent acquisitions.
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.
Previous report — wording carried elsewhere
Income from operations was $46.9 million and $40.7 million for the six months ended June 30, 2026 and 2025, respectively. Income from operations increased $6.2 million period over period driven primarily by the increase in revenues described above and an improvement in gross margins from the prior period as a result of positive margin mix.
Previous report — wording carried elsewhere
These changes were partially offset by a loss from operations associated with recent acquisitions (inclusive of purchase accounting intangibles amortization of $16.8 million).