Mirion (MIR) Q2 Revenue Up 8%

Key Points

• Revenue (GAAP) came in at $222.9 million for Q2 2025, topping estimates.

• Adjusted EPS of $0.11 for Q2 2025 beat expectations, Adjusted EPS (non-GAAP) was 10.0% higher than Q2 2024.

• Full-year 2025 revenue and profit guidance was raised, but organic revenue growth expectations were revised to approximately 5.0%–7.0% (previously 5.5%–7.5%) for FY2025.

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Mirion Technologies (NYSE:MIR), a leader in radiation detection and measurement for the nuclear energy and medical sectors, reported its second-quarter earnings on July 31, 2025. The main headline: the company posted GAAP revenue of $222.9 million for Q2 2025, surpassing analyst forecasts of $216.2 million (GAAP) revenue, and achieved adjusted earnings per share (EPS) of $0.11, also beating the $0.10 consensus adjusted EPS estimate. The quarter saw year-over-year growth in both GAAP revenue and GAAP net income, as Mirion also swung to a GAAP net profit. It raised its outlook for total revenue and profit (Adjusted EBITDA and Adjusted EPS, non-GAAP) for fiscal year 2025, though management trimmed expectations for organic revenue growth to approximately 5.0%–7.0% due to headwinds in select submarkets. All in, the period showed continued progress towards Mirion’s longer-term goals, with positive cash flow and strong positions in core markets even as the company faced some challenges.

Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.

Mirion Technologies: What the Company Does and Where It's Focused

Mirion is a specialist in radiation monitoring, protection, and measurement systems. Its products serve nuclear energy plants, research labs, and hospitals that use radiation in cancer diagnosis and treatment. With equipment and software in over 95% of the world's nuclear reactors, according to company disclosures, Mirion is deeply woven into the infrastructure of critical, highly regulated markets.

In recent years, Mirion has sharpened its efforts on two high-growth areas: nuclear power and medical radiation. Its business hinges on recurring revenue from system replacements and services, as well as from regulatory needs for safety. Key to success are robust R&D, strict compliance with technical and environmental standards, and strategic acquisitions that expand Mirion’s capabilities and reach.

Inside the Quarter: Financial and Strategic Developments

Revenue (GAAP) climbed 7.6% year-over-year in Q2 2025 and came in 3.1% above analyst expectations. Notably, the nuclear and safety segment continued to benefit from strong installation and replacement cycles in global nuclear fleets—an area fueled by both policy support for nuclear energy and a large, established customer base. Meanwhile, the medical segment, focused on radiation therapy and diagnostics, saw growth supported by rising global incidence of cancer and aging populations, though some caution was signaled for China’s demand trend and the impact of tariffs on U.S.-made medical equipment.

Adjusted EBITDA (a non-GAAP measure of operational profitability) edged up 4.9% from the prior year. However, the Adjusted EBITDA margin moved slightly lower to 23.0%. On a reported basis, the company posted GAAP net income of $8.5 million, a significant turnaround from a $12.0 million GAAP net loss in Q2 2024. Cash from operations (GAAP net cash provided by operating activities) during the first half of 2025 (six months ended June 30, 2025) more than doubled from the prior period, and cash on hand increased from $175.2 million at December 31, 2024 to $262.6 million at June 30, 2025.

Strategically, Mirion continued to execute on expansion efforts. The company completed a $400 million convertible debt offering and refinanced its Term Loan B. In July 2025, management announced the acquisition of Certrec, a provider of software and services that complement Mirion’s core nuclear offerings, enabling richer access to broader energy markets. Such moves fall in line with Mirion’s track record of growing through targeted mergers and innovation.

This period also saw tariff and foreign exchange (FX) dynamics play a material role. Management highlighted that, while tariffs pose a challenge for certain medical products bound for China in 2025, the team is actively implementing local sourcing, pricing adjustments, and product exemptions to minimize the hit—estimating the net impact on 2025 adjusted EBITDA could swing between a $3 million gain and an $8 million loss, depending on future developments.

Outlook: Guidance and What to Watch

Looking ahead, Mirion raised its full-year revenue growth target to a range of approximately 7.0%–9.0% for the fiscal year ending December 31, 2025, up from approximately 5.0%–7.0%. Adjusted EBITDA is now projected to be $223–$233 million for calendar year 2025, compared to prior guidance of $215–$230 million. Adjusted EPS guidance was also raised to $0.48–$0.52 per share. However, the company reduced its outlook for organic revenue growth from approximately 5.5%–7.5% to approximately 5.0%–7.0%. Management cited a downward revision in expectations for labs, research solutions, and dosimetry (personal radiation monitoring), despite nuclear end-market prospects improving.

For investors, ongoing execution around cost control, integration of new acquisitions like Certrec, and managing evolving tariff and FX risks will be important factors to watch. The company’s entrenched position in highly technical, regulated sectors remains a source of stability, but future quarters may see uneven contributions from different segments and geographies as global policy and investment cycles shift.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.

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