Mirion Technologies Posts Loss In Q4; Sees Weak Earnings, Higher Revenues In FY23

(RTTNews) - Mirion Technologies, Inc. (MIR), a provider of radiation detection, measurement, analysis and monitoring solutions, reported Tuesday that its fourth-quarter net loss attributable to the company was $153.4 million or $0.85 per share.

Adjusted net income was $20.3 million or $0.11 per share, and adjusted EBITDA was $56.4 million, while prior year's pro forma adjusted EBITDA was $44.8 million.

On average, three analysts polled by Thomson Reuters expected earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the fourth quarter increased 22.6 percent to $217.9 million, compared to $177.8 million in the same period in 2021. Adjusted revenues increased 20.5 percent.

Further, the company initiated fiscal year 2023 guidance, expecting adjusted earnings per share of $0.28 to $0.34 and adjusted EBITDA of $172 million to $182 million, with revenue growth of 6 percent to 9 percent and organic growth of 4 percent to 7 percent.

In fiscal 2022, adjusted net income was $67.8 million or $0.37 per share, and adjusted EBITDA was $164.7 million.

Thomas Logan, Mirion's Chief Executive Officer, said, "We are anticipating solid top-line growth in 2023, supported by healthy end markets and our robust backlog position."