Mirion Technologies, Inc. (NYSE:MIR) Q3 2023 Results Conference Call November 2, 2023 12:00 PM ET

Company Participants

Alex Gaddy - SVP, Strategy

Larry Kingsley - Chairman

Tom Logan - CEO

Brian Schopfer - CFO

Conference Call Participants

Joe Ritchie - Goldman Sachs

Andy Kaplowitz - Citi Group

Chris Moore - CJS Securities

Operator

Greetings, and welcome to the Mirion Third Quarter 2023 Earnings Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Alex Gaddy, Senior Vice President of Strategy. Thank you, Alex, you may begin.

Alex Gaddy

Good afternoon, everyone, and thank you for joining Mirion's third quarter 2023 earnings call. 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, 2023.

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 the presentation accompanying the call today. All earnings materials can be found on Mirion's IR website 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. Good afternoon, everyone. Thank you all for joining our third quarter earnings call. We published a solid set of third quarter numbers today, which sets us up well for fourth quarter and importantly our results demonstrate a progress on several of the key focus areas and initiatives we have been talking about all year.

Order performance was outstanding. The team saw a strength across the portfolio and closed key orders on the nuclear power side of the business. Backlog grew sequentially for the fifth consecutive quarter. I am encouraged by the strong momentum we are building across the enterprise. The outlook for both the Medical and Technology segments looks quite positive in an otherwise mixed macro environment. The focus on net working capital has begun to pivot performance, as net working capital was a source of cash in the quarter. This is a step in the right direction, and just the beginning of what we expect should be stronger and consistent operating performance.