Mirion Technologies, Inc.MIR
Mirion Technologies, Inc. Segments Disclosure
Segment Information
During the year ended December 31, 2024, the Company renamed its Technologies segment as "Nuclear & Safety."
The Company manages its operations through two operating and reportable segments: Medical and Nuclear & Safety. These segments align the Company’s products and service offerings to customers and are consistent with how the Company’s Chief Executive Officer, its Chief Operating Decision Maker (“CODM”), reviews and evaluates the Company’s operations. The CODM allocates resources and evaluates the financial performance of each operating segment using operating income (loss). The Company’s segments are strategic businesses that are managed separately because each one develops, manufactures, and markets distinct products and services. The company adopted ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” as of the year ended December 31, 2024, and applied the requirements of the standard to prior period information retrospectively as required.
Description of Segments
The Medical segment provides solutions focused on ensuring safety of equipment and personnel in the medical field. The primarily product category relates to Cancer Care applications, including radiation oncology quality assurance, delivering patient safety solutions for diagnostic imaging and radiation therapy centers around the world, radiation therapy quality assurance solutions for calibrating and verifying imaging and treatment accuracy, and radionuclide therapy products for nuclear medicine applications such as product handling and medical imaging furniture. Other Medical segment products include dosimetry solutions for monitoring the total amount of radiation medical staff members are exposed to over time,
The Nuclear & Safety segment provides radiation detection equipment for power plants, labs and research facilities and industrial and defense applications. Nuclear products are concentrated in power plant product offerings that are used for the full nuclear power plant lifecycle including core detectors and essential measurement devices for new build, maintenance,
decontamination and decommission equipment for monitoring and control during fuel dismantling, and remote environmental monitoring. Labs and research and other (primarily industrial and defense) are focused on the area of personal radiation detection for various safety and security requirements.
The CODM evaluates operating results and allocates capital resources between segments based on segment operating income (loss). Interest income and expense, loss (benefit) from income taxes, foreign currency loss (gain), net, other expense (income), net, and, if applicable, other items such as loss on debt extinguishment, are not allocated to segments.
The following tables summarize information about revenue, significant segment expenses, other segment items, and segment income (loss) from operations for each reportable segment (in millions). Reconciliation of consolidated segment income (loss) from operations to consolidated income (loss) before income taxes is shown in the Total column of each table.
Fiscal Year Ended December 31, 2025 | |||||||||||||||||
| Medical | Nuclear & Safety | Total | |||||||||||||||
| Revenues | $ | 310.8 | $ | 614.6 | $ | 925.4 | |||||||||||
| Less: | |||||||||||||||||
Adjusted cost of revenues1 | 109.0 | 324.0 | 433.0 | ||||||||||||||
Other segment items2 | 154.9 | 189.5 | 344.4 | ||||||||||||||
| Segment income from operations | $ | 46.9 | $ | 101.1 | $ | 148.0 | |||||||||||
Other loss3 | (96.5) | ||||||||||||||||
| Income from operations | 51.5 | ||||||||||||||||
| Less other expense (income): | |||||||||||||||||
| Interest expense | 42.2 | ||||||||||||||||
| Interest income | (12.1) | ||||||||||||||||
| Loss on debt extinguishment | 5.8 | ||||||||||||||||
| Foreign currency (gain)/loss, net | (17.4) | ||||||||||||||||
| Other income, net | 0.3 | ||||||||||||||||
| Consolidated income before income taxes | $ | 32.7 | |||||||||||||||
Fiscal Year Ended December 31, 2024 | |||||||||||||||||
| Medical | Nuclear & Safety | Total | |||||||||||||||
| Revenues | $ | 299.7 | $ | 561.1 | $ | 860.8 | |||||||||||
| Less: | |||||||||||||||||
Adjusted cost of revenues1 | 108.7 | 300.4 | 409.1 | ||||||||||||||
Other segment items2 | 168.7 | 181.8 | 350.5 | ||||||||||||||
| Segment income from operations | $ | 22.3 | $ | 78.9 | $ | 101.2 | |||||||||||
Other loss3 | (76.4) | ||||||||||||||||
| Income from operations | 24.8 | ||||||||||||||||
| Less other expense (income): | |||||||||||||||||
| Interest expense | 57.9 | ||||||||||||||||
| Interest income | (6.6) | ||||||||||||||||
| Foreign currency (gain)/loss, net | 2.2 | ||||||||||||||||
| Increase in fair value of warrant liabilities | 5.3 | ||||||||||||||||
| Other income, net | (0.1) | ||||||||||||||||
| Consolidated loss before income taxes | $ | (33.9) | |||||||||||||||
Fiscal Year Ended December 31, 2023 | |||||||||||||||||
| Medical | Nuclear & Safety | Total | |||||||||||||||
| Revenues | $ | 284.5 | $ | 516.4 | $ | 800.9 | |||||||||||
| Less: | |||||||||||||||||
Adjusted cost of revenues1 | 107.3 | 289.6 | 396.9 | ||||||||||||||
Other segment items2 | 164.2 | 180.8 | 345.0 | ||||||||||||||
| Segment income from operations | $ | 13.0 | $ | 46.0 | $ | 59.0 | |||||||||||
Other loss3 | (80.9) | ||||||||||||||||
| Loss from operations | (21.9) | ||||||||||||||||
| Less other expense (income): | |||||||||||||||||
| Interest expense | 61.9 | ||||||||||||||||
| Interest income | (4.8) | ||||||||||||||||
| Loss on debt extinguishment | 2.6 | ||||||||||||||||
| Foreign currency (gain)/loss, net | (0.3) | ||||||||||||||||
| Increase in fair value of warrant liabilities | 24.8 | ||||||||||||||||
| Other income, net | (0.8) | ||||||||||||||||
| Consolidated loss before income taxes | $ | (105.3) | |||||||||||||||
1 | Adjusted cost of revenues is a significant expense category, and amounts align with the segment-level information that is regularly provided to the CODM. Adjusted cost of revenues is defined by management as cost of revenues adjusted for purchase accounting impacts and excluding depreciation, amortization, and other segment expenses identified as non-operating by management. | ||||
2 | Other segment items included in segment income (loss) from operations for each segment include research and development expenses; selling and marketing expenses; general and administrative expenses; and any amounts excluded from cost of revenues to determine adjusted costs of revenues (e.g., depreciation, amortization, and other segment expenses identified as non-operating by management). | ||||
3 | Other loss consists of research and development expenses; selling and marketing expenses; and general and administrative expenses not allocated to the segments. | ||||
The Company’s assets by reportable segment were not included, as this information is not reviewed by, nor otherwise provided to, the CODM to make operating decisions or allocate resources.
The following table summarizes capital expenditures and depreciation and amortization for each reportable segment (in millions).
Fiscal Year Ended December 31, 2025 | Fiscal Year Ended December 31, 2024 | Fiscal Year Ended December 31, 2023 | |||||||||||||||
| Capital expenditures | |||||||||||||||||
| Medical | $ | 20.2 | $ | 27.8 | $ | 21.8 | |||||||||||
| Nuclear & Safety | 18.7 | 17.7 | 18.0 | ||||||||||||||
| Total operating and reportable segments | 38.9 | 45.5 | 39.8 | ||||||||||||||
| Corporate and other | 0.7 | 3.3 | 1.0 | ||||||||||||||
| Total capital expenditures | $ | 39.6 | $ | 48.8 | $ | 40.8 | |||||||||||
| Depreciation and amortization | |||||||||||||||||
| Medical | $ | 65.5 | $ | 73.0 | $ | 75.2 | |||||||||||
| Nuclear & Safety | 71.6 | 76.7 | 86.9 | ||||||||||||||
| Total operating and reportable segments | 137.1 | 149.7 | 162.1 | ||||||||||||||
| Corporate and other | 1.0 | 0.7 | 0.7 | ||||||||||||||
| Total depreciation and amortization | $ | 138.1 | $ | 150.4 | $ | 162.8 | |||||||||||
The following details revenues by geographic region. Revenues generated from external customers are attributed to geographic regions through sales from site locations (i.e. point of origin) (in millions).
| Revenues | |||||||||||||||||
Fiscal Year Ended December 31, 2025 | Fiscal Year Ended December 31, 2024 | Fiscal Year Ended December 31, 2023 | |||||||||||||||
| North America | |||||||||||||||||
| Medical | $ | 279.3 | $ | 271.9 | $ | 258.1 | |||||||||||
| Nuclear & Safety | 302.9 | 270.3 | 254.2 | ||||||||||||||
| Total North America | 582.2 | 542.2 | 512.3 | ||||||||||||||
| Europe | |||||||||||||||||
| Medical | 31.5 | 27.8 | 26.4 | ||||||||||||||
| Nuclear & Safety | 296.1 | 277.8 | 245.7 | ||||||||||||||
| Total Europe | 327.6 | 305.6 | 272.1 | ||||||||||||||
| Asia Pacific | |||||||||||||||||
| Medical | — | — | — | ||||||||||||||
| Nuclear & Safety | 15.6 | 13.0 | 16.5 | ||||||||||||||
| Total Asia Pacific | 15.6 | 13.0 | 16.5 | ||||||||||||||
| Total Revenues | $ | 925.4 | $ | 860.8 | $ | 800.9 | |||||||||||
Revenues generated in the United States were $525.9 million, $497.9 million, and $476.0 million for the fiscal years ended December 31, 2025, December 31, 2024 and December 31, 2023, respectively. Revenues in France were $193.7 million, $181.5 million, and $155.4 million for the fiscal years ended December 31, 2025, December 31, 2024 and December 31, 2023, respectively. No other country generated more than 10% of revenue individually.
The following details revenues by timing of recognition (in millions):
| Revenues | |||||||||||||||||
Fiscal Year Ended December 31, 2025 | Fiscal Year Ended December 31, 2024 | Fiscal Year Ended December 31, 2023 | |||||||||||||||
| Point in time | $ | 620.2 | $ | 567.0 | $ | 496.0 | |||||||||||
| Over time | 305.2 | 293.8 | 304.9 | ||||||||||||||
| Total revenues | $ | 925.4 | $ | 860.8 | $ | 800.9 | |||||||||||
The following details revenues by product for each segment (in millions). The Company updated the categorization of its products to better align with the markets driving demand. The revenues by product information has been recast for all prior periods presented.
| Revenues | |||||||||||||||||
Fiscal Year Ended December 31, 2025 | Fiscal Year Ended December 31, 2024 | Fiscal Year Ended December 31, 2023 | |||||||||||||||
| Medical segment: | |||||||||||||||||
| Cancer care | $ | 237.0 | $ | 228.1 | $ | 215.9 | |||||||||||
| Other | 73.8 | 71.6 | 68.6 | ||||||||||||||
| Nuclear & Safety segment: | |||||||||||||||||
| Nuclear | 374.6 | 316.6 | 291.8 | ||||||||||||||
| Labs and research | 122.2 | 131.7 | 122.9 | ||||||||||||||
| Other | 117.8 | 112.8 | 101.7 | ||||||||||||||
| Total Revenues | $ | 925.4 | $ | 860.8 | $ | 800.9 | |||||||||||
The following details property, plant, and equipment, net, by geography (in millions):
| Property, Plant, and Equipment, Net | |||||||||||
December 31, 2025 | December 31, 2024 | ||||||||||
| North America | $ | 93.4 | $ | 91.5 | |||||||
| Europe | 61.4 | 54.7 | |||||||||
| Asia Pacific | 0.1 | 0.1 | |||||||||
| Total | $ | 154.9 | $ | 146.3 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 28, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.