Mirion reports revenue decline for Q2

2022 07 29 17 53 6229 Research Money 400

Radiation technology supply company Mirion Technologies reported a 2.3% revenue decrease for the second quarter of the 2022 fiscal year, and the company's net loss also grew.

The company said its revenues for the quarter (end-June 30) were $175.8 million, compared with $180 million reported for the same period in 2021. Adjusted revenues, meanwhile, decreased 4.3% compared with the same period in 2021.

The company's net loss grew to $59.3 million, compared with a net loss of $54 million in the corresponding quarter of 2021. Much of that decline was due to a one-time charge of $55.2 million for goodwill impairment, related to the cancellation of a radiation monitoring contract by one of Mirion's customers due to the Russia/Ukraine war.

Mirion acquired Computerized Imaging Reference Systems in December 2021, which the company said is expected to deliver about 2% incremental inorganic revenue growth. The company said it was "particularly encouraged" by the performance of its Medical segment during the second quarter, and it expects to add momentum in the second half of 2022.

Company CEO Thomas Logan said that despite supply chain challenges, Mirion expects "strong order inflow" during the first half of the fiscal year to help the company attain its goals.

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