Summary:
1. Mirion Technologies reported record orders exceeding $1.1 billion in 2025, with nuclear power and a large opportunity pipeline contributing significantly to the growth.
2. The company’s total backlog increased by 36%, reflecting the impact of their acquisitions and strong demand in the nuclear power sector.
3. Mirion Technologies is poised for substantial revenue, margin, and free cash flow growth in 2026, supported by a robust pipeline of large project opportunities and positive trends in nuclear power and medicine.
Rewritten Article:
Mirion Technologies, a leading provider of radiation technology solutions, has seen a remarkable year in 2025 with record orders totaling over $1.1 billion. This surge in orders was largely driven by the strength of the nuclear power market and a substantial opportunity pipeline. The company’s strategic acquisitions and strong demand in the nuclear power sector have contributed to a 36% increase in their total backlog, setting the stage for continued growth in 2026.
Looking ahead, Mirion Technologies is well-positioned for significant revenue, margin, and free cash flow expansion in the coming year. With over $400 million in large project opportunities on the horizon and positive trends in both nuclear power and medicine, the company is poised for continued success. Additionally, the implementation of AI-driven initiatives and a focus on enhancing their regulatory compliance and data platforms are expected to further drive growth and innovation in the industry.
Overall, Mirion Technologies’ solid performance in 2025 and their strategic initiatives for the future demonstrate a strong commitment to meeting the evolving needs of their customers and driving sustainable growth in the radiation technology sector. Summary:
1. Mirion Technologies acquired CERTREC and Paragon Energy Solutions to increase their exposure to the North American nuclear power market, with nuclear power revenue now accounting for roughly 40% of their total revenue.
2. The company’s revenue primarily comes from the installed base, which is expected to drive increased demand for their solutions as existing facilities are extended, operated, and modernized.
3. The acquisitions of Paragon and CERTREC also strengthen Mirion Technologies’ position in the rapidly evolving small modular reactor (SMR) space, with contractual commitments in place with over 20 SMR developers.
Article:
Mirion Technologies, a leader in the nuclear power industry, has made significant strides in expanding their presence in the North American market through strategic acquisitions. By acquiring CERTREC and Paragon Energy Solutions, the company has bolstered their revenue stream, with nuclear power now making up approximately 40% of their total revenue. These acquisitions not only enhance Mirion Technologies’ customer intimacy but also provide them with a strong foothold in the growing small modular reactor (SMR) space.
The company’s revenue primarily comes from the installed base, where they are well-positioned to capitalize on the increasing demand for solutions to extend the lifespan, operate, and modernize existing nuclear facilities. With 80% of their revenue coming from the installed base, Mirion Technologies is poised for continued growth as they tap into the opportunities presented by the aging infrastructure in developed markets.
Furthermore, the acquisitions of Paragon and CERTREC have opened up new avenues for Mirion Technologies in the SMR market. These acquisitions have strengthened their relationships with over 20 SMR developers, providing them with a unique opportunity to offer licensing, regulatory guidance, and reactor instrumentation design services. As the industry continues to evolve, Mirion Technologies is well-positioned to meet the growing demand for SMR solutions.
Looking ahead, the company is focused on integrating the newly acquired businesses to realize synergies and drive commercial integration, improved pricing strategies, and supply chain optimization. With a strong track record of delivering double-digit revenue growth and expanding margins, Mirion Technologies is set to capitalize on the opportunities presented by the evolving nuclear power market. Their commitment to innovation and customer-centric approach positions them as a key player in the industry, poised for continued success in 2026 and beyond. Summary:
1. Paragon is contributing significantly to a large project pipeline, with over $400 million in potential transactions in 2026.
2. The increasing demand for power availability, especially in data centers, is driving growth opportunities in the nuclear power space.
3. Financial guidance for 2026 includes growing revenues, expanding margins, and increasing adjusted free cash flow, driven by acquisitions and organic growth.
Article:
The potential for growth in the nuclear power sector is becoming increasingly apparent, with Paragon playing a significant role in contributing to a large project pipeline. With over $400 million in potential transactions expected in 2026, the opportunities for expansion are vast. Additionally, the demand for power availability, particularly in data centers, is on the rise. By 2035, nearly a third of all data centers are projected to exceed one gigawatt, highlighting the critical role that nuclear power will play in meeting this demand.
Financially, the outlook for 2026 is positive, with growing revenues, expanding margins, and increasing adjusted free cash flow anticipated. The acquisition of CertRec and Paragon is expected to drive revenue growth between 22-24%, with adjusted EBITDA margins between 25-26%. Despite the dilutive margin impact from the Paragon deal, the company aims to capture identified synergies to help Paragon become margin accretive within the planning horizon. Adjusted free cash flow is projected to range from $155 million to $175 million, attributing mainly to growing earnings and capital structure improvements.
Overall, the nuclear power sector presents promising opportunities for growth, with Paragon and acquisitions playing a key role in driving revenue and margin expansion. As the demand for power availability continues to grow, nuclear power is likely to remain a critical component of the long-term solution, supporting the global economy’s increasing reliance on data centers and power generation. Summary:
– The blog discusses the company’s financial performance, highlighting revenue growth, adjusted EBITDA, and adjusted EPS for the full year.
– It touches on the factors impacting revenue, such as organic growth, M&A, FX, and headwinds in certain markets.
– The blog also provides insights into the performance of the Nuclear and Safety segment and the Medical segment, as well as the company’s improved adjusted free cash flow in 2025.
Article:
In a recent blog post, the company delves into its financial performance, shedding light on key indicators such as revenue growth, adjusted EBITDA, and adjusted EPS for the full year. The post reveals that full-year revenue reached $925.4 million, marking a 7.5% increase from the previous year, with more than half of the growth attributed to organic sources. Additionally, the company’s adjusted EBITDA for the year totaled $227.9 million, reflecting a 12% increase compared to 2024, and margins expanded by 90 basis points.
The blog goes on to discuss the factors influencing revenue performance, including organic growth, M&A activities, and FX fluctuations. While acquisitions like CertRec and Paragon contributed favorably to revenue growth, organic headwinds in certain markets, such as labs and research, posed challenges. The company also highlights the impact of the US government shutdown and initiatives in the RTQA market on its revenue performance.
Furthermore, the post provides a detailed analysis of the company’s performance in the Nuclear and Safety segment and the Medical segment. While the former saw a 15.5% increase in Q4 revenue, driven by organic growth in the nuclear power end market, the latter experienced a 3.5% decline due to hardware headwinds in Asia and Europe. Despite the revenue challenges, the company managed to achieve margin expansions in both segments, showcasing its focus on cost efficiency and productivity.
Lastly, the blog touches on the company’s improved adjusted free cash flow in 2025, which totaled $131 million, representing a significant increase from the previous year. The post attributes this step change performance to improved earnings, reduced net interest expense, and lower CapEx, highlighting the company’s efforts to enhance its financial health and operational efficiency. Summary:
1. Company issued convertible notes at 0.250% coupons in 2025, reducing total cost of debt to 2.9% from 7.4% in 2024.
2. Predicted increase in adjusted free cash flow and maintained conversion rate in 2026.
3. Q1 2026 expected to have low single-digit organic revenue growth, with medical revenue expected to grow mid-single digits, while nuclear and safety remain flat.
Rewritten Article:
In an effort to manage their debt effectively, a company recently issued convertible notes at 0.250% coupons in 2025, significantly reducing their total cost of debt to 2.9% from 7.4% in 2024. Looking ahead to 2026, the company anticipates an increase in adjusted free cash flow while maintaining a similar conversion rate in line with their long-term guidance. However, their projections for Q1 2026 indicate that it will be the lightest quarter in terms of revenue and adjusted EBITDA, with total organic revenue growth expected to be in the low single digits. Specifically, medical organic revenue is projected to grow in the mid-single digits, while nuclear and safety segments are likely to remain flat due to lower volume in the sensing business within nuclear power. Despite these challenges in Q1, the company expects to see margin expansion in the Medical segment in the back half of the year and for the full year. Additionally, the company has adjusted their EPS for 2026 to include stock-based compensation, reflecting the true cost of doing business. While large project timing remains a complex factor in their growth trajectory, the company’s pipeline shows promise for double-digit growth in backlog in 2026, particularly in their nuclear power vertical. Overall, the company remains optimistic about their future prospects and is focused on driving sustainable growth in the coming year. Summary:
1. Paragon’s seasonality is similar to Mirion Technologies, with lighter quarters in the first and third quarters compared to the second and fourth quarters.
2. The integration of Paragon and CertRec is expected to improve customer engagement and increase commercial traction.
3. Margins in the medical business are expected to continue to expand in 2026, although not as high as in 2025.
Article:
The recent earnings call for Paragon provided insights into the company’s seasonality and strategic initiatives for the future. Paragon’s CEO, Doug Van Tassel, highlighted the company’s strong customer intimacy within the nuclear industry and its potential for growth through integration with CertRec. The seasonality of Paragon aligns with Mirion Technologies, with lighter quarters in the first and third quarters. This seasonality, combined with the dilutive nature of margins from the Paragon acquisition, has led to careful consideration in modeling for the first quarter.
The discussion also touched on the commercial impact of Paragon and CertRec on customer engagement. The partnership between Paragon and Mirion Technologies is expected to enhance customer relationships and broaden the solution set offered by the company. This increased commercial traction is anticipated to drive growth not only within the operating fleet but also in engagements with reactor designers and SMR players in new utility-scale projects.
Additionally, the earnings call addressed the margin expansion in the medical business. While margins are expected to continue to expand in 2026, it may not reach the high levels seen in 2025. The focus on operational efficiency and self-help initiatives, such as procurement improvements, will play a crucial role in driving margin expansion. With a strong emphasis on continuous improvement and efficiency, coupled with the potential impact of AI technology, the company remains optimistic about achieving its long-term margin targets by 2028. Summary:
1. Mirion Technologies is investing heavily in AI to enhance customer-facing applications and internal productivity.
2. They have launched several AI applications and are actively hiring for AI positions to drive growth.
3. The acquisition of Paragon and strategic alignment with Mirion Technologies is expected to drive significant growth in the nuclear power business.
Unique Article:
Mirion Technologies, a leading provider of radiation detection and measurement solutions, is making significant strides in the realm of artificial intelligence (AI). The company is not only focusing on enhancing customer-facing applications but also on improving internal productivity through the use of AI technology. With the launch of 17 internal AI applications and plans for more in development, Mirion is demonstrating a strong commitment to harnessing the power of AI for growth.
In a recent investor call, Thomas Logan, CEO of Mirion Technologies, highlighted the importance of AI in driving both top-line growth and margin improvement. The company has hired a chief AI and digital officer to spearhead their AI initiatives and is optimistic about the potential of AI to transform their business. While the key performance indicators for their AI strategy are still under development, Mirion is seeing promising opportunities in leveraging their core sensor presence in various industries, such as nuclear power, medical, defense, and more.
The recent acquisition of Paragon, a radiation detection company, is expected to further accelerate Mirion’s growth in the nuclear power business. With a projected 25% growth rate for Paragon in 2026, Mirion anticipates significant strategic implications from this acquisition. The alignment between the two companies not only enhances commercial traction and customer intimacy but also opens up new opportunities in the SMR (Small Modular Reactor) community. By combining forces, Mirion and Paragon aim to increase wallet share from their installed base and drive innovation in the nuclear power industry.
Overall, Mirion Technologies’ focus on AI and strategic acquisitions positions them well for future growth and innovation in the radiation detection and measurement sector. With a clear vision and a commitment to leveraging AI technology, the company is poised to continue driving success in both customer-facing applications and internal productivity enhancements. Summary:
1. SMRs are driving innovation in the nuclear industry with advanced technologies and quick progress towards success.
2. Life extensions, up rates, and modernization are key themes impacting the global nuclear fleet.
3. SMRs are a growing but still relatively small part of Mirion Technologies’ revenue.
Article:
The nuclear industry is undergoing significant changes and advancements, especially with the development of Small Modular Reactors (SMRs). These SMRs are driving innovation within the industry, with their advanced technologies and rapid progress towards achieving success. Thomas Logan, a key player in this sector, expresses optimism about the evolving landscape and the potential for SMRs to make a significant impact in the future.
One of the key themes impacting the global nuclear fleet is the need for life extensions, up rates, and modernization. These aspects are crucial for ensuring the efficient and safe operation of nuclear power plants. The industry is seeing a surge in activities related to life extensions, with the Nuclear Regulatory Commission (NRC) actively involved in approving extensions for existing plants in the US.
Mirion Technologies, a leading player in the nuclear industry, acknowledges the growing importance of SMRs in their revenue stream. While SMRs currently account for a small percentage of their total revenue, the company sees potential for significant growth in this area. Despite the challenges and uncertainties in the market, Mirion Technologies is confident in their position and the solutions they provide to meet the evolving needs of the industry.
In addition to the buzz surrounding the Paragon acquisition, Mirion Technologies also acquired CertRec, further solidifying their presence in the market. These strategic acquisitions demonstrate the company’s commitment to staying at the forefront of innovation and meeting the demands of a rapidly evolving industry. As the nuclear industry continues to evolve, Mirion Technologies is poised to play a significant role in shaping its future. Summary:
1. CertRec outsources regulatory compliance and has a dominant position in the nuclear power industry with a SaaS platform and 15 terabytes of data.
2. Mirion Technologies is focusing on leveraging AI to enhance the quality of data and expand globally, particularly in nuclear medicine with plans for integration and strategic partnerships.
3. The company sees opportunities in supporting major players like Novartis in the nuclear medicine industry and is optimistic about the future prospects and growth potential.
Article:
CertRec, a company that specializes in outsourcing regulatory compliance, has positioned itself as a leader in the nuclear power industry with its innovative SaaS platform and vast data repository of over 15 terabytes. This data treasure trove allows engineers and operators to quickly identify regulatory issues, learn from past experiences, and automate routine regulatory filings. The company’s focus on leveraging AI to enhance the quality of data and expand globally highlights its commitment to staying at the forefront of technological advancements in the industry.
Mirion Technologies, the parent company of CertRec, is also making strides in the nuclear medicine sector. With the appointment of Sheila Webb to lead the nuclear medicine business, the company aims to integrate software and hardware components to drive growth and strategic partnerships. By forging relationships with major players in the nuclear medical infrastructure, Mirion Technologies is positioning itself to capitalize on the expanding market and drive higher traction in both software and hardware offerings.
The recent developments in the nuclear medicine industry, such as Novartis’s expansion of radio pharmaceutical sites in the US, present significant opportunities for Mirion Technologies to provide essential equipment and support services. By offering a comprehensive range of laboratory and QC equipment, radiation monitoring instruments, and dosimetry solutions, the company aims to support key players like Novartis in their production facilities and contribute to the advancement of cancer care through nuclear medicine.
Overall, Mirion Technologies remains optimistic about its strategic evolution and growth prospects in the nuclear power and medicine sectors. With a focus on innovation, integration, and strategic partnerships, the company is well-positioned to capitalize on emerging opportunities and drive continued success in the industry.
