Mirion Technologies, Inc. (NYSE:MIR) Q1 2024 Earnings Conference Call May 1, 2024 9:00 AM ET

Company Participants

Alex Gaddy - Senior Vice President, Strategy and Investor Relations
Tom Logan - Chief Executive Officer
Brian Schopfer - Chief Financial Officer

Conference Call Participants

Chris Moore - CJS Securities
Vlad Bystricky - Citigroup
Andy Kaplowitz - Citigroup
Yuan Zhi - B. Riley Securities

Operator

Hello and welcome to the Mirion Technologies First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to hand the call over to Alex Gaddy, Senior Vice President of Strategy and Investor Relations. Please go ahead.

Alex Gaddy

Good morning, everyone and thank you for joining Mirion’s first quarter 2024 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 filed 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 first quarter ended March 31, 2024. 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 [Technical Difficulty]. Joining me on the call today are Tom Logan, Chief Executive Officer; and Brian Schopfer, Chief Financial Officer. Now I will turn it over to our Chief Executive Officer, Tom Logan. Tom?

Tom Logan

Thank you, and good morning, everyone. To get us started today, I’d like to firstly thank my Mirion colleagues for delivering a very solid start to 2024. Taking a look at our Q1 results, there are a few key highlights, so I’d like to note for you. First, our end markets remain healthy across the enterprise, supported by improving fundamentals, particularly in nuclear power and cancer care.

Order growth was relatively flat in Q1, but this isn’t surprising given the strength we saw last year and the fact that Q1 is historically our lightest volume quarter. Overall, we continue to see excellent customer engagement, the timing dynamics impacted quarterly order growth. As an example, we received an approximately $15 million European defense order at the outset of Q2, which is not included in the results shared today.