Mirion Technologies, Inc. (NYSE: MIR)

Mirion Technologies, Inc. delivers vital protection that unlocks the transformative potential of radiation to advance science, industry, and medicine. The company provides products, services, and software that enable customers to safely leverage the power of ionizing radiation for applications that benefit health, safety, vitality, and technological progress. With a global presence, Mirion operates in Canada, the United Kingdom, France, Germany, Finland, China, Belgium, Netherlands, Estonia, Japan, and South Korea. The company's expertise spans over 60 years, with a focus on radiation safety and innovation, serving critical nuclear facilities, research labs, cancer centers, diagnostic imaging facilities, and frontline defense applications.

Mirion generates revenue through the sale of products, software, and services designed for radiation safety, measurement, and analysis. Key products include radiation monitoring systems, laboratory instruments, defense technologies, and medical solutions such as cancer care diagnostics and dosimetry services. The company's customer base is diverse, including active nuclear power reactors, innovators in Small Modular Reactor (SMR) design, universities, international government and supranational agencies, national laboratories, environmental laboratories, research institutes, industrial companies, radiopharmaceutical drug manufacturers, hospitals, cancer centers, and small office healthcare providers. Mirion's solutions are integral to over 80% of cancer centers worldwide and more than 98% of nuclear power plants globally.

• Nuclear & Safety: This segment powers advancements in nuclear energy and critical radiation safety, measurement, and analysis applications. Key products include radiation monitoring systems, reactor instrumentation and control detectors, measurement and expertise services, imaging systems and cameras, and waste management systems. The segment caters to nuclear power facilities, laboratories, research institutions, industrial sites, and defense markets. Specific product lines include Certrec's regulatory compliance solutions and Paragon Energy Solutions' offerings for nuclear power customers.

• Medical: This segment focuses on improving the quality and safety of cancer care delivery and supporting applications across medical diagnostics and practitioner safety. Key products include patient, machine, and diagnostic Quality Assurance (QA) solutions, radiopharmaceutical production and dosing systems, and occupational dosimetry services. The segment serves hospitals, cancer centers, diagnostic and treatment centers, and healthcare workers exposed to radiation. Notable product lines include the SunCHECK(TM) Platform, Oncospace, and the Instadose dosimetry platform.

Mirion Technologies, Inc. holds a strong position in the radiation safety and innovation industry. The company faces competition from various players, including Thermo Fisher Scientific, Curtiss-Wright, Ortec (Ametek), FLIR (Teledyne), Ludlum, Fuji Electric, Caen System, Fluke (Fortive), Berthold Technologies, and Framatome in the Nuclear & Safety segment. In the Medical segment, key competitors include Landauer (Fortive), PTW, IBA, Standard Imaging, Comecer, and LAP. Mirion's competitive advantages include a large installed base driving recurring revenue, a trusted provider status across highly-regulated fields, a broad and complementary product and service portfolio, high barriers to entry due to technical complexity, and a global footprint designed to meet local customer needs. The company's proven M&A strategy and track record of integrating acquisitions further strengthen its market position.

Mirion's customer base is extensive and diverse, encompassing power and utility companies, reactor design firms, nuclear power plants, hospitals, clinics, urgent care facilities, dental offices, veterinary offices, radiation treatment facilities, OEMs for radiation therapy, laboratories, military organizations, government agencies, and industrial companies. The company has long-standing relationships with its customers, with no single customer accounting for more than 5% of its consolidated revenue. The top five customers together accounted for approximately 13% of the company's consolidated revenue for the fiscal year ended December 31, 2025. Mirion's solutions are integral to over 80% of cancer centers worldwide and more than 98% of nuclear power plants globally, underscoring the company's significant market penetration and customer trust.