- Revenues for the third quarter increased 8.2% to $206.8
million, compared to $191.2 million in the same period in
2023.
- Net loss was $14.0 million in the third quarter, compared to a
net loss of $12.9 million in the same period last year. Adjusted
EBITDA was $45.7 million, a 17.8% increase from $38.8 million in
the same period last year.
- Loss from operations margin was 0.8% in the third quarter,
compared to 5.8% in the same period in 2023. Adjusted EBITDA margin
was 22.1% in the third quarter, compared to 20.3% in the same
period last year.
- GAAP net loss per share for the third quarter was $0.07,
compared to $0.06 in the third quarter of 2023. Adjusted earnings
per share for the quarter was $0.08, compared to $0.05 in the same
period last year.
- The company updated its full year 2024 guidance. Total and
organic revenue growth rates now expected to be 6% to 7% and 5% to
6%, respectively. Adjusted free cash flow range tightened to $65 to
$75 million. Maintaining adjusted EBITDA and adjusted EPS range of
between $195 to $205 million and $0.37 to $0.42 per share,
respectively.
Mirion (“we” or the “company”) (NYSE: MIR), a global provider of
radiation detection, measurement, analysis, and monitoring
solutions to the medical, nuclear, defense, and research end
markets, today announced results for the third quarter ended
September 30, 2024.
“Third quarter results were in-line with our expectations,”
stated Thomas Logan, Mirion’s Chief Executive Officer. “We continue
to see revenue growth and margin expansion across both segments,
supported by strong underlying super-trends in nuclear power and
cancer care. Moreover, excluding the impacts from two large,
one-time orders in third quarter 2023, the nuclear power adjusted
order book increased 12%. Encouragingly, the spate of nuclear deals
announced by hyperscalers in support of the extreme power demands
enabling their AI business models should accelerate the development
of next-generation nuclear power technology. Our broad strategic
relationships with both small modular reactor ('SMR') players and
utility-scale nuclear power providers has us well-positioned for
future growth.”
Logan continued, “Adjusted EBITDA margin in the quarter was
22.1% - an improvement of approximately 180 basis points compared
to the same period last year. This marks the fifth consecutive
quarter of EBITDA margin expansion and reflects the continuous
improvement of operating quality across the enterprise.”
Updated 2024 Guidance
Commenting on Mirion’s full year 2024 guidance, Logan said, “Our
third quarter performance keeps us on-track for another strong
year. Our expected 2024 performance represents improvements in
top-line growth, adjusted EBITDA margin expansion, and further
improvements to the balance sheet. We continue to focus on
improving our operating efficiency and progressing towards our
long-term stated objective of 30% adjusted EBITDA margins.”
Mirion is updating components of its guidance for the fiscal
year and 12-month period ending December 31, 2024:
- Revenue growth of 6% to 7%, compared to 5% to 7% previously
- Organic revenue growth of 5% to 6%, compared to 4% to 6%
previously
- Medical LSD organic growth, compared to LSD+ previously
- Technologies MSD+ organic growth, which is unchanged
- Inorganic revenue growth of approximately 1.5%, primarily as a
result of the ec2 acquisition
- Closure of lasers business expected to negatively impact
organic revenue growth by approximately 30 basis points
- Adjusted EBITDA of $195 million to $205 million, which is
unchanged
- Adjusted EPS of $0.37 to $0.42, which is unchanged
- Adjusted free cash flow of $65 million to $75 million, compared
to $65 million to $85 million previously
The guidance for organic revenue growth excludes the impact of
foreign exchange rates as well as mergers, acquisitions and
divestitures.
Other modeling and guidance assumptions include the
following:
- Depreciation of approximately $34 million for the year
- Net interest expense of approximately $52 million
(approximately $50 million of cash interest)
- Effective tax rate between 27% and 29%
- Capital expenditures of approximately $45 million
- Cash taxes of approximately $35 million
- Approximately 205 million shares of Class A common stock
outstanding (excludes 6.8 million shares of Class B common stock,
18.8 million founder shares, subject to vesting, 1.7 million
restricted stock units, 1.2 million performance stock units and a
further 34.4 million shares reserved for future equity awards
(subject to annual automatic increases)) (all numbers as of
September 30, 2024)
- Euro to U.S. Dollar foreign exchange conversion rate of
1.09
- Cash non-operating expenses of approximately $10 million
- Stock-based compensation of approximately $12 million
The Company’s guidance contains forward-looking statements and
actual results may differ materially as a result of known and
unknown uncertainties and risks, including those set forth below
under the heading “Forward-Looking Statements.” In addition,
forward-looking non-GAAP financial measures are presented on a
non-GAAP basis without reconciliations of such forward-looking
non-GAAP measures due to the inherent difficulty in projecting and
quantifying the various adjusting items necessary for such
reconciliations, such as stock-based compensation expense,
amortization and depreciation expense, merger and acquisition
activity and purchase accounting adjustments, that have not yet
occurred, are out of Mirion’s control, or cannot be reasonably
predicted. Accordingly, reconciliations of our guidance for organic
and inorganic revenue, adjusted EBITDA, adjusted EPS and adjusted
free cash flow are not available without unreasonable effort.
Conference Call
Mirion will host a conference call tomorrow, October 30, 2024 at
11:00 a.m. ET to discuss its financial results. Participants may
access the call by dialing 1-877-407-9208 or 1-201-493-6784, and
requesting to join the Mirion Technologies, Inc. earnings call. A
live webcast will also be available at
https://ir.mirion.com/news-events.
A telephonic replay will be available shortly after the
conclusion of the call and until November 13, 2024. Participants
may access the replay at 1-844-512-2921, international callers may
use 1-412-317-6671, and enter access code 13749095. An archived
replay of the call and an accompanying presentation will also be
available on the Investors section of the Mirion website at
https://ir.mirion.com/.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. Words such as “anticipate”, “believe”, “continue”,
“could”, “estimate”, “expect”, “hope”, “intend”, “may”, “might”,
“plan”, “possible”, “potential”, “predict”, “project”, “should”,
“strive”, “seeks”, “plans”, “would”, “will”, “understand” and
similar words are intended to identify forward looking statements,
but the absence of these words does not mean that a statement is
not forward looking. These forward-looking statements include but
are not limited to, statements regarding our future operating
results, financial position and guidance, our business strategy and
plans, our objectives for future operations, our strategic
partnership with EDF, the closure of our lasers business,
macroeconomic trends, trends in cancer care, nuclear power and
small modular reactor, foreign exchange, interest rate and
inflation expectations, any future mergers, acquisitions,
divestitures and strategic investments, including the completion
and integration of previously completed transactions, and our
future share capitalization. There are a significant number of
factors that could cause actual results to differ materially from
statements made in this press release, including changes in
domestic and foreign business, market, economic, financial,
political and legal conditions, including related to matters
affecting Russia, the relationship between the United States and
China, conflict in the Middle East and risks of slowing economic
growth or economic recession in the United States and globally;
developments in the government budgets (defense and non-defense) in
the United States and other countries, including budget reductions,
sequestration, implementation of spending limits or changes in
budgetary priorities, delays in the government budget process, a
U.S. government shutdown or the U.S. government’s failure to raise
the debt ceiling; risks related to the public’s perception of
nuclear radiation and nuclear technologies; risks related to the
continued growth of our end markets; our ability to win new
customers and retain existing customers; our ability to realize
sales expected from our backlog of orders and contracts; risks
related to governmental contracts; our ability to mitigate risks
associated with long-term fixed price contracts, including risks
related to inflation; risks related to information technology
system failures or other disruptions or cybersecurity, data
security or other security threats; risks related to the
implementation and enhancement of information systems; our ability
to manage our supply chain or difficulties with third-party
manufacturers; risks related to competition; our ability to manage
disruptions of, or changes in, our independent sales
representatives, distributors and original equipment manufacturers;
our ability to realize the expected benefit from strategic
transactions, such as acquisitions, divestitures, investments and
partnerships, including any synergies, or internal restructuring
and improvement efforts; our ability to issue debt, equity or
equity-linked securities in the future; risks related to changes in
tax law and ongoing tax audits; risks related to future legislation
and regulation both in the United States and abroad; risks related
to the costs or liabilities associated with product liability
claims; risks related to the uncertainty of legal claims,
litigation, arbitration and similar proceedings; our ability to
attract, train and retain key members of our leadership team and
other qualified personnel; risks related to the adequacy of our
insurance coverage; risks related to the global scope of our
operations, including operations in international and emerging
markets; risks related to our exposure to fluctuations in foreign
currency exchange rates, interest rates and inflation, including
the impact on our debt service costs; our ability to comply with
various laws and regulations and the costs associated with legal
compliance; risks related to the outcome of any litigation,
government and regulatory proceedings, investigations and
inquiries; risks related to our ability to protect or enforce our
proprietary rights on which our business depends or third-party
intellectual property infringement claims; liabilities associated
with environmental, health and safety matters; our ability to
predict our future operational results; and the effects of health
epidemics, pandemics and similar outbreaks may have on our
business, results of operations or financial condition. Further
information on risks, uncertainties and other factors that could
affect our financial results are included in the filings we make
with the United States Securities and Exchange Commission (the
“SEC”) from time to time, including our Annual Report on Form 10-K,
our Quarterly Reports on Form 10-Q and other periodic reports filed
or to be filed with the SEC.
You should not rely on these forward-looking statements, as
actual outcomes and results may differ materially from those
contemplated by these forward-looking statements as a result of
such risks and uncertainties. All forward-looking statements in
this press release are based on information available to us as of
the date hereof, and we do not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were
made.
Use of Non-GAAP Financial Information
In addition to our results determined in accordance with GAAP,
we believe that the presentation of non-GAAP financial information
provides important supplemental information to management and
investors regarding financial and business trends relating to our
financial condition and results of operations. For further
information regarding these non-GAAP measures, including the
reconciliation of these non-GAAP financial measures to their most
directly comparable GAAP financial measures, please refer to the
financial tables below, as well as the “Reconciliation of Non-GAAP
Financial Measures” section of this press release. Non-GAAP
financial information is not a substitute for GAAP financial
information and undue reliance should not be placed on such
non-GAAP financial information. In addition, similarly titled items
used by other companies may not be comparable due to variations in
how they are calculated and how terms are defined.
Channels for Disclosure of Information
Mirion intends to announce material information to the public
through the Mirion Investor Relations website ir.mirion.com, SEC
filings, press releases, public conference calls and public
webcasts. Mirion uses these channels, as well as social media, to
communicate with its investors, customers, and the public about the
company, its offerings, and other issues. It is possible that the
information Mirion posts on social media could be deemed to be
material information. As such, Mirion encourages investors, the
media, and others to follow the channels listed above, including
the social media channels listed on Mirion’s investor relations
website, and to review the information disclosed through such
channels. Any updates to the list of disclosure channels through
which Mirion will announce information will be posted on the
investor relations page on Mirion’s website.
About Mirion
Mirion (NYSE: MIR) is a global leader in radiation safety,
science and medicine, empowering innovations that deliver vital
protection while harnessing the transformative potential of
ionizing radiation across a diversity of end markets. The Mirion
Technologies group provides proven radiation safety technologies
that operate with precision – for essential work within R&D
labs, critical nuclear facilities, and on the front lines. The
Mirion Medical group solutions help enhance the delivery and ensure
safety in healthcare, powering the fields of Nuclear Medicine,
Radiation Therapy QA, Occupational Dosimetry, and Diagnostic
Imaging. Headquartered in Atlanta (GA – USA), Mirion employs
approximately 2,850 people and operates in 12 countries. Learn more
at mirion.com.
Mirion Technologies,
Inc.
Condensed Consolidated Balance
Sheets
(Unaudited)
(In millions, except share
data)
September 30, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
133.3
$
128.8
Restricted cash
0.3
0.6
Accounts receivable, net of allowance for
doubtful accounts
148.6
172.3
Costs in excess of billings on uncompleted
contracts
70.3
48.7
Inventories
154.0
144.1
Prepaid expenses and other current
assets
38.8
44.1
Assets held for sale
1.2
—
Total current assets
546.5
538.6
Property, plant, and equipment, net
146.3
134.5
Operating lease right-of-use assets
32.1
32.8
Goodwill
1,452.6
1,447.6
Intangible assets, net
447.3
538.8
Restricted cash
0.1
1.1
Other assets
29.0
25.1
Total assets
$
2,653.9
$
2,718.5
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
53.1
$
58.7
Deferred contract revenue
88.8
103.4
Third-party debt, current
0.6
1.2
Operating lease liability, current
6.7
6.8
Accrued expenses and other current
liabilities
103.4
95.6
Total current liabilities
252.6
265.7
Third-party debt, non-current
684.5
684.7
Warrant liabilities
—
55.3
Operating lease liability, non-current
28.5
28.1
Deferred income taxes, non-current
64.1
84.0
Other liabilities
49.3
50.7
Total liabilities
1,079.0
1,168.5
Commitments and contingencies (Note
10)
Stockholders’ equity (deficit):
Class A common stock; $0.0001 par value,
500,000,000 shares authorized; 225,468,851 shares issued and
outstanding at September 30, 2024; 218,177,832 shares issued and
outstanding at December 31, 2023
—
—
Class B common stock; $0.0001 par value,
100,000,000 shares authorized; 6,790,790 shares issued and
outstanding at September 30, 2024; 7,787,333 shares issued and
outstanding at December 31, 2023
—
—
Treasury stock, at cost; 232,842 shares at
September 30, 2024 and 149,076 shares December 31, 2023
(2.2
)
(1.3
)
Additional paid-in capital
2,137.2
2,056.5
Accumulated deficit
(556.5
)
(505.4
)
Accumulated other comprehensive loss
(59.6
)
(65.3
)
Mirion Technologies, Inc. stockholders’
equity
1,518.9
1,484.5
Noncontrolling interests
56.0
65.5
Total stockholders’ equity
1,574.9
1,550.0
Total liabilities and stockholders’
equity
$
2,653.9
$
2,718.5
Mirion Technologies,
Inc.
Condensed Consolidated Statements
of Operations
(Unaudited)
(In millions, except per share
data)
Three Months Ended September
30, 2024
Three Months Ended September
30, 2023
Nine Months Ended September
30, 2024
Nine Months Ended September
30, 2023
Revenues:
Product
$
153.2
$
142.6
$
447.3
$
421.6
Service
53.6
48.6
159.2
148.9
Total revenues
206.8
191.2
606.5
570.5
Cost of revenues:
Product
85.8
84.8
247.0
243.4
Service
28.1
25.6
82.1
79.2
Total cost of revenues
113.9
110.4
329.1
322.6
Gross profit
92.9
80.8
277.4
247.9
Operating expenses:
Selling, general and administrative
84.3
83.7
255.9
252.8
Research and development
10.2
7.9
26.9
23.9
(Gain) loss on disposal of business
—
0.3
(1.2
)
6.5
Total operating expenses
94.5
91.9
281.6
283.2
Loss from operations
(1.6
)
(11.1
)
(4.2
)
(35.3
)
Other expense (income):
Interest expense
14.1
15.5
44.7
46.1
Interest income
(1.4
)
(1.3
)
(5.1
)
(3.4
)
Loss on debt extinguishment
—
—
—
2.6
Foreign currency (gain) loss, net
(0.9
)
1.5
0.2
1.0
Increase (decrease) in fair value of
warrant liabilities
—
(12.8
)
5.3
6.3
Other (income) expense, net
(0.4
)
(0.3
)
0.3
(0.6
)
Loss before income taxes
(13.0
)
(13.7
)
(49.6
)
(87.3
)
Loss (benefit) from income taxes
1.0
(0.8
)
2.9
(3.1
)
Net loss
(14.0
)
(12.9
)
(52.5
)
(84.2
)
Loss attributable to noncontrolling
interests
(0.4
)
(0.8
)
(1.4
)
(2.5
)
Net loss attributable to Mirion
Technologies, Inc.
$
(13.6
)
$
(12.1
)
$
(51.1
)
$
(81.7
)
Net loss per common share attributable to
Mirion Technologies, Inc. — basic and diluted
$
(0.07
)
$
(0.06
)
$
(0.25
)
$
(0.42
)
Weighted average common shares outstanding
— basic and diluted
206.676
199.223
202.881
195.388
Mirion Technologies,
Inc.
Condensed Consolidated Statements
of Cash Flows
(Unaudited)
(In millions)
Nine Months Ended September
30, 2024
Nine Months Ended September
30, 2023
OPERATING ACTIVITIES:
Net loss
$
(52.5
)
$
(84.2
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization expense
115.8
122.8
Stock-based compensation expense
11.9
17.7
Amortization of debt issuance costs
2.3
5.0
Provision for doubtful accounts
2.3
1.5
Inventory obsolescence write down
3.7
1.7
Change in deferred income taxes
(19.9
)
(27.3
)
Loss on disposal of property, plant and
equipment
0.1
0.3
Loss on foreign currency transactions
0.3
1.0
Increase in fair values of warrant
liabilities
5.3
6.3
(Gain) loss on disposal of business
(1.2
)
6.5
Other
1.4
(0.6
)
Changes in operating assets and
liabilities:
Accounts receivable
21.6
15.3
Costs in excess of billings on uncompleted
contracts
(24.9
)
(16.4
)
Inventories
(12.1
)
(14.8
)
Prepaid expenses and other current
assets
6.7
(0.8
)
Accounts payable
(4.6
)
(15.3
)
Accrued expenses and other current
liabilities
2.6
(0.7
)
Deferred contract revenue and
liabilities
(19.4
)
7.7
Other assets
(0.5
)
1.2
Other liabilities
(0.6
)
1.3
Net cash provided by operating
activities
38.3
28.2
INVESTING ACTIVITIES:
Acquisitions of businesses, net of cash
and cash equivalents acquired
(1.0
)
—
Proceeds from business disposal
1.2
1.0
Purchases of property, plant, and
equipment and badges
(37.1
)
(25.2
)
Proceeds from net investment hedge
derivative contracts
2.8
2.9
Other investing
—
(1.0
)
Net cash used in investing
activities
(34.1
)
(22.3
)
FINANCING ACTIVITIES:
Issuances of common stock
—
150.0
Common stock issuance costs
—
(0.2
)
Stock repurchased to satisfy tax
withholding for vesting restricted stock units
(1.0
)
(0.4
)
Deferred financing costs
(1.3
)
—
Principal repayments
—
(127.3
)
Proceeds from cash flow hedge derivative
contracts
0.9
0.3
Other financing
(0.6
)
(0.4
)
Net cash (used in) provided by
financing activities
(2.0
)
22.0
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
1.0
(0.8
)
Net increase in cash, cash equivalents,
and restricted cash
3.2
27.1
Cash, cash equivalents, and restricted
cash at beginning of period
130.5
75.0
Cash, cash equivalents, and restricted
cash at end of period
$
133.7
$
102.1
Share Count
Consists of 206,718,851 shares of Class A common stock
outstanding as of September 30, 2024. Excludes (1) 6,790,790 shares
of Class B common stock outstanding as of September 30, 2024; (2)
18,750,000 founder shares which are issued and outstanding shares
of Class A common stock subject to vesting in three equal tranches,
based on the volume-weighted average price of our Class A common
stock being greater than or equal to $12.00, $14.00 and $16.00 per
share for any 20 trading days in any 30 consecutive trading day
period, and such shares will be forfeited to us for no
consideration if they fail to vest within five years after October
20, 2021; (3) 1.7 million shares of Class A common stock underlying
restricted stock units and 1.2 million shares of Class A common
stock underlying performance stock units; and (4) any shares
issuable from awards under our 2021 Omnibus Incentive Plan, which
had 34,404,269 shares reserved for future equity awards (subject to
annual automatic increases). The 6,790,790 shares of Class B common
stock are paired on a one-for-one basis with shares of Class B
common stock of Mirion Intermediate Co., Inc. (the "paired
interests"). Holders of the paired interests have the right to have
their interests redeemed for, at the option of Mirion, shares of
Class A common stock on a one-for-one basis or cash based on a
trailing stock price average. All share data is of September 30,
2024 unless otherwise noted.
Reconciliation of Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP,
we believe the following non-GAAP measures are useful in evaluating
our operating performance. We use the following non-GAAP financial
information to evaluate our ongoing operations and for internal
planning and forecasting purposes. We believe that non-GAAP
financial information, when taken collectively, may be helpful to
investors because it provides consistency and comparability with
past financial performance. However, non-GAAP financial information
is presented for supplemental informational purposes only, has
limitations as an analytical tool, and should not be considered in
isolation or as a substitute for financial information presented in
accordance with GAAP. Other companies, including companies in our
industry, may calculate similarly titled non-GAAP measures
differently or may use other measures to evaluate their
performance, all of which could reduce the usefulness of our
non-GAAP financial measures as tools for comparison.
Investors are encouraged to review the related GAAP financial
measures and the reconciliation of these non-GAAP financial
measures to their most directly comparable GAAP financial measures
and not rely on any single financial measure to evaluate our
business.
Organic revenues is defined as Revenues excluding the
impact of foreign exchange rates as well as mergers, acquisitions
and divestitures in the period.
Adjusted EBITDA is defined as net income before interest
expense, income tax expense, depreciation and amortization adjusted
to remove the impact of foreign currency gains and losses,
amortization of acquired intangible assets, changes in the fair
value of warrants, certain non-operating expenses (restructuring
and costs to achieve operational synergies, merger, acquisition and
divestiture expenses and IT project implementation expenses),
stock-based compensation expense, debt extinguishment and income
tax impacts of these adjustments.
Adjusted EBITDA margin is defined as Adjusted EBITDA
divided by Revenue.
Adjusted net income is defined as GAAP net income
adjusted for foreign currency gains and losses, amortization of
acquired intangible assets, changes in the fair value of warrants,
certain non-operating expenses (restructuring and costs to achieve
operational synergies, merger, acquisition and divestiture expenses
and IT project implementation expenses), stock-based compensation
expense, debt extinguishment and income tax impacts of these
adjustments.
Adjusted EPS is defined as adjusted net income divided by
weighted average common shares outstanding — basic and diluted.
Adjusted free cash flow is defined as free cash flow
adjusted to include the impact of cash used to fund non-operating
expenses. We believe that the inclusion of supplementary
adjustments to free cash flow applied in presenting adjusted free
cash flow is appropriate to provide additional information to
investors about our cash flows that management utilizes on an
ongoing basis to assess our ability to generate cash for use in
acquisitions and other investing and financing activities.
Free cash flow is defined as U.S. GAAP net cash provided
by operating activities adjusted to include the impact of purchases
of property, plant, and equipment, purchases of badges and proceeds
from derivative contracts.
Net leverage is defined as Net Debt (debt minus cash and
cash equivalents) divided by Adjusted EBITDA plus contributions to
Adjusted EBITDA if acquisitions made during the applicable period
had been made before the start of the applicable period.
Operating Metrics
Order growth is defined as the amount of revenue earned
in a given period and estimated to be earned in future periods from
contracts entered into in a given period as compared with such
amount for a prior period. Foreign exchange rates are based on the
applicable rates as reported for the time period.
Adjusted order growth (decline) is defined as order
growth (decline) adjusted to exclude large, one-time orders and the
impact of acquisitions and divestitures.
The following tables present reconciliations of certain non-GAAP
financial measures for the applicable periods.
Mirion Technologies,
Inc.
Reconciliation of Adjusted
EBITDA
(In millions)
Three Months Ended
September 30,
2024
2023
Income from operations
$
(1.6
)
$
(11.1
)
Amortization
30.1
32.7
Depreciation - core
6.8
6.3
Depreciation - Mirion Business Combination
step-up
1.6
1.6
Stock-based compensation
4.3
6.1
Non-operating expenses
4.1
3.6
Other income
0.4
(0.4
)
Adjusted EBITDA
$
45.7
$
38.8
Income from operations margin
(0.8
)%
(5.8
)%
Adjusted EBITDA margin
22.1
%
20.3
%
Mirion Technologies,
Inc.
Reconciliation of Adjusted
Earnings per Share
(In millions, except per share
values)
Three Months Ended
September 30,
2024
2023
Net loss attributable to Mirion
Technologies, Inc.
$
(13.6
)
$
(12.1
)
Loss attributable to non-controlling
interests
(0.4
)
(0.8
)
GAAP net loss
$
(14.0
)
$
(12.9
)
Foreign currency loss (gain), net
(0.9
)
1.5
Amortization of acquired intangibles
30.1
32.7
Stock-based compensation
4.3
6.1
Change in fair value of warrant
liabilities
—
(12.8
)
Non-operating expenses
4.1
2.9
Tax impact of adjustments above
(6.2
)
(6.9
)
Adjusted Net Income
$
17.4
$
10.6
Weighted average common shares
outstanding — basic and diluted
206.676
199.223
Dilutive Potential Common Shares -
RSUs
0.796
0.201
Adjusted weighted average common shares
— diluted
207.472
199.424
GAAP loss per share
$
(0.07
)
$
(0.06
)
Adjusted earnings per share
$
0.08
$
0.05
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241029637409/en/
For investor inquiries: Eric Linn ir@mirion.com
For media inquiries: Erin Schesny media@mirion.com
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