Mirion Technologies, Inc. · NYSE:MIR
Mirion Technologies — Q2 2023 Earnings Presentation
22 slides from Mirion Technologies's earnings presentation, Aug 2, 2023
Slide 1: Second Quarter 2023 Earnings Presentation
August 2, 2023 Second Quarter 2023 Earnings Presentation
Slide 2: Disclaimer
Q2 2023 EARNINGS PRESENTATION Disclaimer Forward-Looking Statements This presentation and the accompanying oral commentary (this “presentation”) contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “belie
Slide 3: Key Messages
Q2 2023 EARNINGS PRESENTATION • Solid adjusted order growth1 of ~9% compared to Q2 2022; 4th consecutive quarter of backlog expansion • Consolidated Q2 2023 organic revenue growth of +8.4%; Medical +6.9% and Technologies +9.3% • Committed to margin expansion over the longer-term; short-term headwind
Slide 4: Market Performance Update
Q2 2023 EARNINGS PRESENTATION Market Performance Update CY22 % of ’23 Revenue 1H22 Order 1H23 Order Segment and End Market Revenue Outlook Growth1 Growth1 Commentary and Trends Medical | CY22 Revenue ~$272M 38% of Total Radiation Therapy • Strong international performance, driven largely by continue
Slide 5: Second Quarter Ended June 30, 2023
Q2 2023 EARNINGS PRESENTATION Second Quarter Ended June 30, 2023 Revenue Growth ▪ Adjusted order growth1 of ~9% compared to Q2 2022 supported 3-months ended June 30, 2023 by healthy demand across end markets % percentage +12.2% 2Q22 ▪ Revenue of $197.2M, organic revenue growth of 8.4% in Q2 2023 2Q2
Slide 6: Mirion | Second Quarter Ended June 30, 2023
Q2 2023 EARNINGS PRESENTATION Mirion | Second Quarter Ended June 30, 2023 Revenue Adjusted Gross Profit Margin Adjusted EBITDA and Margin Adjusted EPS $ millions | % percentage % percentage | basis points $ millions | % percentage $ millions % 2Q23 vs. 2Q22 Organic +8.4% Incremental interest expense
Slide 7: Medical | Second Quarter Ended June 30, 2023
Q2 2023 EARNINGS PRESENTATION Medical | Second Quarter Ended June 30, 2023 Revenue Adjusted EBITDA and Margin $ millions | % percentage $ millions | % percentage % 2Q23 vs. 2Q22 MEDICAL SEGMENT Organic +6.9% Acquisition -5.2% +0.5% Solid top-line growth on tough comp (+15.1% $22.3 organic in 2Q22) l
Slide 8: Technologies | Second Quarter Ended June 30, 2023
Q2 2023 EARNINGS PRESENTATION Technologies | Second Quarter Ended June 30, 2023 Revenue Adjusted EBITDA and Margin $ millions | % percentage $ millions | % percentage % 2Q23 vs. 2Q22 TECHNOLOGIES SEGMENT Organic +9.3% Top-line growth led by broad-based Labs & +6.7% Acquisition +8.2% Research growth
Slide 9: Leverage, Liquidity and Adjusted Free Cash Flow
Q2 2023 EARNINGS PRESENTATION Leverage, Liquidity and Adjusted Free Cash Flow (dollars in millions) 1H22 1H23 ▪ Operating cash flow performance year-over- year impacted by net working capital ($21M), Net cash provided by operating activities $28.0 $4.4 interest expense ($12M) and cash taxes ($6M) Pu
Slide 10: Updated Guidance for Fiscal 2023
Q2 2023 EARNINGS PRESENTATION Updated Guidance for Fiscal 2023 Category1 August 2, 2023 May 3, 2023 What we are seeing and expectations Revenue Growth 8% to 10% 6% to 9% • Strong orders and backlog coverage Organic Revenue Growth2 6% to 8% 4% to 7% • Tough YoY comps for Medical given strong 2022 per
Slide 11: Mirion Second Quarter 2023 Key Takeaways
Q2 2023 EARNINGS PRESENTATION Mirion Second Quarter 2023 Key Takeaways ▪ End markets remain healthy and supportive of 2023 outlook ▪ Favorable order dynamics and backlog coverage heading into second half ▪ Second quarter results slightly ahead with clear path to guidance achievement ▪ Cash flow impr
Slide 12: Appendices
Q2 2023 EARNINGS PRESENTATION Appendices 12
Slide 13: Backlog Trend | 2Q21 – 2Q23
Q2 2023 EARNINGS PRESENTATION Backlog Trend | 2Q21 – 2Q23 Hanhikivi Backlog Excl Hanhikivi $748 $753 $737 $741 $743 $716 $722 $703 $69 $67 $693 $79 $72 $737 $741 $743 $722 $679 $686 $693 $637 $631 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Note: Backlog figures on an as reported basis. Backlog fig
Slide 14: Nine Quarter Segment Reconciliation – Medical
Q2 2023 EARNINGS PRESENTATION Nine Quarter Segment Reconciliation Medical 14
Slide 15: Nine Quarter Segment Reconciliation – Technologies
Q2 2023 EARNINGS PRESENTATION Nine Quarter Segment Reconciliation Technologies 15
Slide 16: Nine Quarter Segment Reconciliation – Corporate & Other
Q2 2023 EARNINGS PRESENTATION Nine Quarter Segment Reconciliation Corporate & Other 16
Slide 17: Nine Quarter Segment Reconciliation – Consolidated
Q2 2023 EARNINGS PRESENTATION Nine Quarter Segment Reconciliation Consolidated 17
Slide 18: Non-GAAP Reconciliations
Q2 2023 EARNINGS PRESENTATION Non-GAAP Reconciliations Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA 18
Slide 19: Non-GAAP Reconciliations
Q2 2023 EARNINGS PRESENTATION Non-GAAP Reconciliations Adjusted Earnings per Share 19
Slide 20: Share Count Details – As of June 30, 2023
Q2 2023 EARNINGS PRESENTATION Share Count Details – As of June 30, 2023 Outstanding Fully Diluted Share Description Securities (Illustrative)2,3,4 Notes Shares of Class A Common Stock – Public 199,183,337 199,183,337 ▪ Outstanding shares as of close of trading on the New York Stock Exchange (NYSE) J
Slide 21: Footnotes to Share Count and Adjusted Metrics
Q2 2023 EARNINGS PRESENTATION Footnotes to Share Count and Adjusted Metrics Share Count Consists of 199,183,337 shares of Class A common stock outstanding as of June 30, 2023. Excludes (1) 7,847,333 shares of Class B common stock outstanding as of June 30, 2023 (2) 18,750,000 founder shares which ar
Slide 22: Mirion
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