Mirion (MIR)

Management Discussion

• Revenues were $175.8 million for the three months ended June 30, 2022 and $180.0 million for the three months ended June 30, 2021. Our Medical segment contributed $66.8 million and $52.1 million of revenues for the three months ended June 30, 2022 and 2021, respectively. Our Industrial segment contributed $109.0 million and $127.9 million of revenues for the three months ended June 30, 2022 and 2021, respectively. Gross profit was $79.0 million and $79.6 million for the three months ended June 30, 2022 and 2021, respectively, resulting in a $0.6 million decrease from the three months ended June 30, 2021.
• Net loss was $59.3 million and $54.0 million for the three months ended June 30, 2022 and 2021, respectively. Our Medical segment contributed $0.1 million and $0.4 million losses from operations for the three months ended June 30, 2022 and 2021, respectively. Our Industrial segment was responsible for a $45.3 million loss from operations and $29.9 million income from operations for the three months ended June 30, 2022 and 2021, respectively. The overall increase in net loss is primarily driven by the $55.2 million goodwill impairment charge in the Industrial segment, increased amortization and depreciation expense from the impact of purchase accounting related to the fair values of intangible assets and property, plant, and equipment for the Business Combination, higher selling, general and administrative costs associated with stock compensation expense and costs associated with becoming a public company, and decreased segment gross profit. Offsetting these decreases were reduced interest expenses and a $19.6 million gain from the change in fair value of warrant liabilities.
• Revenues were $175.8 million for the three months ended June 30, 2022 and $180.0 million for the three months ended June 30, 2021. Revenues decreased $4.2 million from the three months ended June 30, 2021.