Mirion Technologies, Inc. (NYSE:MIR) Q3 2022 Results Conference Call November 1, 2022 4:30 PM ET

Company Participants

Alex Gaddy - VP, Head of Strategy & Corporate Development

Larry Kingsley - Chairman of the Board

Tom Logan - Chief Executive Officer

Brian Schopfer - Chief Financial Officer

Conference Call Participants

Joe Ritchie - Goldman Sachs

Chris Moore - CJS Securities

Andy Kaplowitz - Citigroup

Operator

Greetings. And welcome to Mirion Technologies Inc. Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question-and-answer session will follow the formal presentation [Operator Instructions]. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Alex Gaddy. Thank you. Mr. Gaddy, you may begin.

Alex Gaddy

Good morning, everyone. And thank you for joining Mirion's third quarter 2022 earnings call. A reminder that comments made during this presentation will include forward-looking statements and actual results may differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ are discussed in our annual report on Form 10-K and quarterly reports on Form 10-Q that we file from time-to-time with the SEC under the caption Risk Factors and in Mirion's other filings with the SEC. Quarterly references within today's discussion are related to the third quarter ended September 30, 2022. The comments made during this call will also include certain financial measures that were not prepared in accordance with Generally Accepted Accounting Principles. Reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the appendix of this presentation accompanying the call today. All earnings materials can be found on Mirion's IR Web site at ir.mirion.com. Joining me on the call today are Larry Kingsley, Chairman of the Board; Tom Logan, Chief Executive Officer; and Brian Schopfer, Chief Financial Officer.

Now I will turn it over to our Chairman of the Board, Larry Kingsley. Larry?

Larry Kingsley

Thank you, Alex and good afternoon, everyone. We're grateful for your continued support of Mirion and look forward to providing some additional color around our third quarter results and updated outlook this afternoon. To get started, I'd like to applaud the team's continued ability to generate strong order growth during the quarter. Demand for Mirion's product offerings remains robust evidenced by the strong order performance in both operating segments. This performance paired with a strong backlog and continued strategic investment in our inventory position has given us confidence in our ability to deliver a good fourth quarter and a good start to 2023. Similar to what we've seen throughout the year, third quarter presented a challenging operating environment, especially in our industrial business. Supply chain challenges were present throughout the quarter and there's no sign that these challenges will cease in the short term. However, the team has worked systematically to find creative and sustainable solutions, and we stay in confidence in our position to serve the strong demand. As presented in our release, we've updated our outlook for fiscal 2022 to reflect the state of the macro environment and the underperformance of our industrial segment in Q3. The team is hyper focused on operational execution, and while delivering on our longer term strategic priorities.