Reports Q1 revenue $182.10M, consensus $179.20M. During the first quarter, Mirion received a $150M direct at-the-market investment and utilized $125M for debt repayment. This helped the company bring net leverage down during the quarter. The company targets reducing its net leverage to 3.1x by year-end. "The first quarter was a great start to 2023 for Mirion," stated Thomas Logan, Mirion’s Chief Executive Officer. "Our team delivered strong top-line growth across both business segments, producing results that were above our expectations for the quarter. As we anticipated, adjusted EBITDA margins were impacted by short-term product and geographic mix dynamics, but we expect those factors to moderate over the course of the year. Our end markets remain healthy and we are confident heading into the remainder of 2023." "I am pleased with the results that Mirion was able to deliver in the first quarter," added Larry Kingsley, Chairman of Mirion’s Board. "The team has posted a solid first step toward achieving the level of growth projected for 2023 and the year has kicked off according to plan. I am particularly encouraged by the level of sustained order growth we are seeing across our end markets and the business continues to maintain a robust backlog position to fuel future growth."
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