Highlights

  • Third quarter 2026 revenues were $277.8 million, compared with $223.1 million a year earlier, an increase of 24.5%.
  • GAAP net income was $7.8 million, and Adjusted EBITDA, a non-GAAP measure, was $64.8 million, compared with $52.4 million.
  • Orders including Paragon and July Certrec results were $386 million, compared with $209 million in the same period last year.
  • Mirion revised 2026 guidance to Adjusted EBITDA of approximately $285 million to $292 million, previously $285 million to $300 million.

Mirion Technologies, Inc. (NYSE:MIR) shares were trading at USD 16.36 on October 28, 2026, up 6.16%, with a relative volume at time of 3.56. The radiation detection company reported third quarter 2026 results on October 27, 2026, including order activity and revised guidance for the fiscal year ending December 31, 2026.

Mirion Technologies is incorporated in Delaware and lists its principal executive offices in Atlanta, Georgia. It provides radiation detection, measurement, analysis and monitoring solutions to the nuclear, medical, defense and research end markets. The Mirion Nuclear & Safety group provides radiation safety technologies for laboratories and nuclear facilities, and the Mirion Medical group serves nuclear medicine, radiation therapy quality assurance, occupational dosimetry and diagnostic imaging. Mirion employs approximately 3,200 people and operates in 12 countries. Its fiscal year ends December 31.

Third Quarter 2026 Results

Revenues for the third quarter ended September 30, 2026 increased 24.5% to $277.8 million, compared with $223.1 million. Product revenue was $213.5 million and service revenue was $64.3 million. Gross profit was $131.5 million, compared with $104.5 million. Selling, general and administrative expense was $104.0 million, compared with $87.0 million, and income from operations was $17.2 million, compared with $7.4 million.

GAAP net income was $7.8 million, compared with $3.1 million. GAAP earnings per share were $0.03, compared with $0.01. Adjusted earnings per share, a non-GAAP measure that includes stock-based compensation expense, were $0.12, compared with $0.12. Adjusted EBITDA was $64.8 million, compared with $52.4 million.

Orders excluding the acquisition of Paragon and the July results of Certrec were $340 million, compared with $209 million. Including those acquisitions, third quarter orders were $386 million. Chairman and Chief Executive Officer Thomas Logan said organic revenue increased 6.5% in the quarter and nuclear power-related orders rose 105%.

For the nine months ended September 30, 2026, revenues were $802.2 million, compared with $648.0 million. Net income was $12.5 million, compared with $12.0 million, and income from operations was $38.8 million, compared with $26.0 million.

Balance Sheet and Cash Flow

Cash and cash equivalents were $408.7 million at September 30, 2026, compared with $412.3 million at December 31, 2025. Non-current debt was $444.0 million and convertible debt was $757.6 million. Inventories were $158.7 million, goodwill was $1,859.5 million and total stockholders' equity was $1,836.0 million.

Net cash provided by operating activities for the nine months was $136.6 million, compared with $70.3 million. Purchases of stock for treasury were $96.8 million. Management said adjusted free cash flow was $47 million in the quarter and $107 million year to date. It said it expects net leverage of approximately 2.6x by year-end.

Revised 2026 Guidance

Mirion revised its guidance for the fiscal year ending December 31, 2026. Revenue growth is now approximately 24% to 25%, previously 22.0% to 24.0%. Organic Revenue growth is approximately 7% to 8%, previously 5.0% to 7.0%. Adjusted EBITDA is approximately $285 million to $292 million, previously $285 million to $300 million, and the Adjusted EBITDA margin is approximately 24.7% to 25.2%, previously 25.0% to 26.0%.

Adjusted Free Cash Flow is approximately $170 million to $185 million, previously $155 million to $175 million. Adjusted EPS is approximately $0.50 to $0.54, previously $0.48 to $0.55.

Mr. Logan said the company is updating guidance to reflect increased visibility to full-year performance, and said he expects organic revenue growth in the mid-to-high teens in the fourth quarter. The company does not provide reconciliations of the forward-looking non-GAAP measures.