Mirion’s shares rose 8.7% after earnings, with the market responding to a 62% increase in organic orders and management’s expectation of mid- to high-teens organic revenue growth in Q4. The upside is tempered by management’s admission that its 2028 margin target was too aggressive, citing slower medical growth, delayed Paragon margin expansion, and increased investment priorities.
- Q3 orders rose 62% year over year excluding M&A to $340 million; total orders, including Paragon and Certrec, increased 85% to $386 million.
- Nuclear power orders more than doubled excluding M&A, while trailing 12-month orders grew 37% excluding M&A; management said the installed base was the largest year-over-year contributor.
- Organic revenue grew 6.5% in Q3. Management expects mid- to high-teens organic growth in Q4 and revised full-year 2026 guidance, though the transcript excerpt does not provide the full guidance figures.
- Management said its previously announced 2028 margin target was too aggressive, pointing to tempered medical organic growth and Paragon margin expansion running behind initial expectations. It plans to prioritize AI and cybersecurity investment while targeting annual margin expansion.
- Mirion expects net leverage to improve to approximately 2.6x by year-end, supported by expected Q4 earnings growth and cash generation.
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