Slide 1: First Quarter 2023 Earnings Presentation
May 3, 2023 First Quarter 2023 Earnings Presentation
Slide 2: Disclaimer
Q1 2023 EARNINGS PRESENTATION Disclaimer Forward-Looking Statements This presentation and the accompanying oral commentary contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “believe,” “continue,” “coul
Slide 3: Key Messages
Q1 2023 EARNINGS PRESENTATION • Launched updated Mirion brand guidelines, including re-brand of corporate to “Mirion” and Industrial to “Mirion Technologies” • Robust order growth of ~6% compared to Q1 2022 • Consolidated Q1 organic revenue growth of 7.9%; Medical +10.8% and Technologies +6.1% Key M
Slide 4: First Quarter Ended March 31, 2023
Q1 2023 EARNINGS PRESENTATION First Quarter Ended March 31, 2023 Revenue Growth Order growth of ~6% compared to the same period last year 3-months ended Mar. 31, 2023 supported by strong demand across end markets % percentage +11.6% 1Q22 Revenue of $182.1M, organic revenue growth of 7.9% in Q1 2
Slide 5: Mirion | First Quarter Ended March 31, 2023
Q1 2023 EARNINGS PRESENTATION Mirion | First Quarter Ended March 31, 2023 Revenue Adjusted Gross Profit Margin Adjusted EBITDA and Margin Adjusted EPS $ millions | % percentage % percentage | basis points $ millions | % percentage $ millions % 1Q23 vs. 1Q22 Organic +7.9% Acquisition of SIS impacted
Slide 6: Leverage, Liquidity and Adjusted Free Cash Flow
Q1 2023 EARNINGS PRESENTATION Leverage, Liquidity and Adjusted Free Cash Flow (dollars in millions) 1Q22 1Q23 Operating cash flow performance below expectations driven mainly by inventory build of Net cash provided by operating activities $11.4 $(2.7) ~$14M Purchases of PPE and badges (8.7) (7.5)
Slide 7: Medical | First Quarter Ended March 31, 2023
Q1 2023 EARNINGS PRESENTATION Medical | First Quarter Ended March 31, 2023 Revenue Adjusted EBITDA and Margin $ millions | % percentage $ millions | % percentage % 1Q23 vs. 1Q22 MEDICAL SEGMENT Organic +10.8% Acquisition +0.0% +9.7% Top-line growth across all three end markets, led $20.4 by RT QA in
Slide 8: Technologies | First Quarter Ended March 31, 2023
Q1 2023 EARNINGS PRESENTATION Technologies | First Quarter Ended March 31, 2023 Revenue Adjusted EBITDA and Margin $ millions | % percentage $ millions | % percentage % 1Q23 vs. 1Q22 TECHNOLOGIES SEGMENT Organic +6.1% Top-line growth driven by strong quarter from +2.2% Acquisition +9.1% North Americ
Slide 9: Reaffirmed Guidance for Fiscal 2023
Q1 2023 EARNINGS PRESENTATION Reaffirmed Guidance for Fiscal 2023 Category1 Guidance What we are seeing and expectations Reported Revenue Growth 6% to 9% • Strong orders and backlog coverage Organic Revenue Growth2 4% to 7% • Tough YoY comps for Medical given strong 2022 performance Medical MSD orga
Slide 10: Mirion First Quarter 2023 Key Takeaways
Q1 2023 EARNINGS PRESENTATION Mirion First Quarter 2023 Key Takeaways Solid order intake and favorable composition First quarter results in-line and tracking to full year expectations Committed to improving cash flow and working capital dynamics Supportive market dynamics driving confidence
Slide 11: Appendices
Q1 2023 EARNINGS PRESENTATION Appendices 11
Slide 12: Backlog Trend | 1Q21 – 1Q23
Q1 2023 EARNINGS PRESENTATION Backlog Trend | 1Q21 – 1Q23 Hanhikivi Backlog Excl Hanhikivi $766 $748 $753 $737 $741 $79 $716 $722 $703 $69 $67 $693 $79 $72 $737 $741 $722 $687 $679 $686 $693 $637 $631 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Note: Backlog figures on an as reported basis. Backlog
Slide 13: Nine Quarter Segment Reconciliation – Medical
Q1 2023 EARNINGS PRESENTATION Nine Quarter Segment Reconciliation Medical Combined Successor (non-GAAP) Predecessor ($ in millions) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Revenue $ 66.4 $ 76.1 $ 68.7 $ 66.8 $ 60.1 $ 57.5 $ 52.0 $ 52.1 $ 51.5 Revenue reduction from pu
Slide 14: Nine Quarter Segment Reconciliation – Technologies
Q1 2023 EARNINGS PRESENTATION Nine Quarter Segment Reconciliation Technologies Combined Successor (non-GAAP) Predecessor ($ in millions) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Revenue $ 115.7 $ 141.8 $ 92.2 $ 109.0 $ 103.1 $ 120.3 $ 92.3 $ 127.9 $ 114.7 Revenue reduc
Slide 15: Nine Quarter Segment Reconciliation – Corporate & Other
Q1 2023 EARNINGS PRESENTATION Nine Quarter Segment Reconciliation Corporate & Other Combined Successor (non-GAAP) Predecessor ($ in millions) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Revenue $ — $ — $ — $ — $ — $ — $ — $ — $ — Revenue reduction from purchase accounting
Slide 16: Nine Quarter Segment Reconciliation – Consolidated
Q1 2023 EARNINGS PRESENTATION Nine Quarter Segment Reconciliation Consolidated Combined Successor (non-GAAP) Predecessor ($ in millions) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Revenue $ 182.1 $ 217.9 $ 160.9 $ 175.8 $ 163.2 $ 177.8 $ 144.3 $ 180.0 $ 166.2 Revenue red
Slide 17: Non-GAAP Reconciliations
Q1 2023 EARNINGS PRESENTATION Non-GAAP Reconciliations Consolidated – Income from Operations, Gross Profit & Adjusted EBITDA Three Months Ended Three Months Ended ($ in millions) March 31, 2023 March 31, 2022 GAAP Net Loss $ (42.9) $ (19.0) Interest expense, net 14.9 7.9 Income tax expense (benefit)
Slide 18: Non-GAAP Reconciliations – Adjusted Earnings per Share
Q1 2023 EARNINGS PRESENTATION Non-GAAP Reconciliations Adjusted Earnings per Share Three Months Ended Three Months Ended ($ in millions) March 31, 2023 March 31, 2022 Net loss attributable to Mirion Technologies, Inc. $ (41.9) $ (17.7) Loss attributable to noncontrolling interests (1.0) (1.3) GAAP N
Slide 19: Share Count Details – As of March 31, 2023
Q1 2023 EARNINGS PRESENTATION Share Count Details – As of March 31, 2023 Outstanding Fully Diluted Share Description Securities (Illustrative)2,3,4 Notes Shares of Class A Common Stock – Public 198,937,852 198,937,852 Outstanding shares as of close of trading on the New York Stock Exchange (NYSE)
Slide 20: Footnotes to Share Count and Adjusted Metrics
Q1 2023 EARNINGS PRESENTATION Footnotes to Share Count and Adjusted Metrics Share Count Consists of 198,937,852 shares of Class A common stock outstanding as of March 31, 2023. Excludes (1) 7,847,333 shares of Class B common stock outstanding as of March 31, 2023 (2) 18,750,000 founder shares which
Slide 21: Mirion
M) MIRION