Mirion Technologies Stock Earnings Reports

Mirion reported a strong start to 2026 driven by robust order activity and backlog expansion. Q1 orders rose 19% organically to $241M and 42% including Paragon and Certrec M&A to $288M, lifting backlog to $1.1B (up 19% organic, 38% including M&A). Revenue was $258M (+28% YoY; +3% organic) and adjusted EBITDA was $54M. Nuclear & Safety led growth, with Nuclear Power demand from both existing reactors and SMRs, and Paragon and Certrec accelerating commercial synergies and pipeline access in the U.S. Mirion won multiple large orders (including $50M in large opportunity orders in Q1 and an additional $35M SMR-related award in April). Medical showed green shoots — RTQA improved (notably a radiation-hardened camera order tied to Varian) and Nuclear Medicine remains on-track for double-digit organic growth in 2026. Margins contracted in Q1 due to margin-dilutive M&A, mix, and prior-period one-timers; management expects margin expansion across the legacy business over the next three quarters while Paragon will be margin-dilutive near-term but accretive over time. Cash: ~$11M adjusted free cash flow in Q1 (seasonally light); $16M of share repurchases executed against a $100M program. Guidance remains unchanged from February (with a minor EPS adjustment for a one-time CEO retention grant). Management reiterated confidence in hitting longer-term margin objectives (30%+ adjusted EBITDA target by 2028) driven by volume absorption, cost improvements, and AI-enabled productivity gains.