Mirion Technologies (NYSE:MIR) reported third-quarter revenue growth of 24.5% and sharply higher orders, citing accelerating demand from nuclear power customers and growing backlog conversion. The company also raised its 2026 revenue and free-cash-flow outlook, while lowering the high end of its adjusted EBITDA guidance and withdrawing its previously announced 2028 margin target.
Third-quarter revenue totaled $277.8 million, up 24.5% from a year earlier. Organic revenue rose 6.5%, while acquisitions, primarily Paragon, contributed approximately 18.6 percentage points of growth. Foreign exchange was a 60-basis-point headwind.
Adjusted EBITDA increased 23.7% to $64.8 million, though the adjusted EBITDA margin slipped to 23.3% from 23.5% in the prior-year period. Adjusted earnings were $0.12 per share, unchanged from the prior year.
Orders and backlog expand
Founder, Chairman and CEO Tom Logan said orders remained “the key bellwether” for the business. Core orders excluding mergers and acquisitions climbed 62% year over year to $340 million. Including a $46 million contribution from Paragon and Certrec, total orders grew 85% to $386 million.
Nuclear power orders, excluding acquisitions, increased 105%, or 134% when excluding a previously disclosed Chinese new-build de-booking. The company said orders in its Labs & Research business nearly doubled, supported by two large Department of Energy orders, while Defense & Diversified orders posted double-digit growth. Medical orders increased by about $19 million from the prior year, aided by radiation therapy quality assurance, or RTQA, demand.
Mirion received $140 million in large-opportunity awards during the quarter, or $122 million net of the Chinese de-booking. These included a Paragon Department of Energy order and an Egyptian large-scale new-build order. Year-to-date large-opportunity awards reached $244 million, compared with $10 million in the prior-year period.
The company is targeting about $125 million in additional large awards in the fourth quarter. That figure includes more than $80 million of orders related to French new-build projects under its alliance with EDF. While those orders were awarded in September, Mirion said they are not included in backlog until European Union funding receives formal approval.
Total backlog reached $1.25 billion, compared with $816 million a year earlier. The company expects $292 million of backlog to convert into revenue in the fourth quarter, versus $212 million at the same point last year, while 2027 backlog stood at $443 million, up from $285 million.
Nuclear demand drives outlook
Logan said the company is benefiting from several trends in its installed nuclear-power base, including catch-up capital spending, reactor life extensions and power uprates, and digital modernization projects. Mirion said it has a presence in more than 98% of the world’s nuclear reactors and derives approximately 80% of nuclear-power revenue from the operating fleet.
The company cited rising U.S. reactor capital spending, recent power-uprate announcements, and the fact that 96% of U.S. reactors have been approved for 20-year life extensions. Logan also pointed to a Nuclear Regulatory Commission proposal that could allow license renewals of as long as 40 years.
Nuclear power organic revenue rose 14% in the quarter, compared with flat organic growth during the first half of the year. The company said it expects double-digit organic nuclear-power revenue growth for the full year, implying additional acceleration in the fourth quarter.
Mirion booked $16 million in small modular reactor orders during the quarter, broadly in line with $17 million a year earlier. Year-to-date SMR orders totaled $54 million from 11 different reactor designers. Logan said the company has seen accelerating activity among SMR developers, particularly those with capital and mature technologies.
Segment performance and margin considerations
Nuclear & Safety revenue rose 34% to $194 million, including organic growth of 6.3%. The segment’s adjusted EBITDA increased 23% to $49.8 million, but its margin declined to 25.7% from 28.1%. The company attributed the decline to Paragon-related dilution, pressure from legacy contracts, business mix, and comparisons with a prior-year incentive-compensation reduction.
Medical revenue increased 6.7% to $84 million, with equivalent organic growth. RTQA was the largest contributor, while Nuclear Medicine and Dosimetry Services returned to organic growth after declines in the second quarter. Medical adjusted EBITDA rose 12.4% to $31.7 million, and margin expanded 200 basis points to 37.8%. Management said margin expansion was partly limited by a one-time quality cost associated with a Nuclear Medicine product.
Logan said Mirion no longer considers its prior 2028 margin target appropriate. He cited slower-than-expected medical growth due to external market conditions, a longer timeline for margin accretion at Paragon, and increased spending on artificial intelligence and cybersecurity.
“We are in the midst of a generational opportunity,” Logan said, adding that management did not want to prioritize a near-term margin target at the expense of long-term investment. He said the company remains committed to annual margin expansion through operating leverage, software, procurement, and other self-help measures.
Mirion spent nearly $4 million on AI initiatives through the first nine months and expects full-year AI operating expenses of at least $5 million, according to CFO and Medical Group President Brian Schopfer. The company also expects AI-related capital expenditures to rise as it develops data infrastructure and customer-facing products.
Updated 2026 guidance and capital allocation
Mirion raised its full-year total revenue growth outlook to 24% to 25%, from 22% to 24%, and increased its organic growth forecast to 7% to 8%, from 5% to 7%. Fourth-quarter organic revenue growth is expected in the mid- to high-teens, led by high-teens-plus growth in Nuclear & Safety and mid-single-digit-plus growth in Medical.
- Adjusted EBITDA is now expected to be $285 million to $292 million, with a margin of approximately 24.7% to 25.2%.
- Adjusted free cash flow guidance was raised to $170 million to $185 million, from $155 million to $175 million.
- Adjusted EPS guidance was narrowed to $0.50 to $0.54, from $0.48 to $0.55.
The company generated $47 million in adjusted free cash flow during the third quarter and $107 million through nine months, representing 58% conversion of adjusted EBITDA. Mirion repurchased $56 million of shares during the quarter, completing its initial $100 million authorization. Its board has authorized a new $250 million program, with $235 million remaining.
Net leverage ended the quarter at 3.1 times, or 2.8 times excluding the quarter’s share repurchases. Management expects leverage to improve to about 2.6 times by year-end, assuming no additional fourth-quarter share repurchases or acquisitions.
About Mirion Technologies (NYSE:MIR)
Mirion Technologies, Inc develops, manufactures and supplies radiation detection, measurement and analysis technologies. Its products are designed to detect and measure ionizing radiation, monitor exposure and contamination, and support the safe management of radioactive materials and environments.
The company serves a range of end markets, including nuclear power, healthcare, defense and national security, scientific research, industrial operations and laboratories. Its offerings include radiation detectors, dosimetry systems, spectroscopy and monitoring equipment, radiation safety software, and related services.
