Mirion Technologies, Inc. (Mirion) provides products, services, and software that allow the company's customers to safely leverage the power of ionizing radiation for applications that benefit the health, safety, vitality, and technological progress of humanity.
Segments
Mirion operates through two segments: Nuclear & Safety and Medical.
Nuclear & Safety
Nuclear & Safety segment powers advancements in nuclear energy and critical radiation safety, measurement and analysis applications across...
Mirion Technologies, Inc. (Mirion) provides products, services, and software that allow the company's customers to safely leverage the power of ionizing radiation for applications that benefit the health, safety, vitality, and technological progress of humanity.
Segments
Mirion operates through two segments: Nuclear & Safety and Medical.
Nuclear & Safety
Nuclear & Safety segment powers advancements in nuclear energy and critical radiation safety, measurement and analysis applications across laboratories, research and other industrial markets such as defense.
Medical
Medical segment improves the quality and safety of cancer care delivery and supports applications across medical diagnostics and practitioner safety.
The company’s products, software and services are sold directly and indirectly to a variety of end-use customers. Customers span active nuclear power reactors, many of the leading nuclear reactor design firms, universities, numerous international government and supranational agencies, 23 of the 32 NATO militaries, national laboratories, environmental laboratories, research institutes, industrial companies, hospitals, cancer centers, and small office healthcare providers. Mirion Medical has a presence in more than 80% of cancer centers worldwide and Mirion Nuclear & Safety solutions are in more than 95% of nuclear power plants globally.
The company’s broad product and services portfolio is supported by its engineering and research and development organization of 439 scientists, engineers, and technicians, who represented approximately 15% of its workforce as of December 31, 2024. The company possesses numerous product qualifications, trade secrets, and patents that support its market position and its ability to deliver next generation products and services.
Products
Nuclear & Safety
Nuclear: The company's radiation monitoring systems enable the safe utilization of nuclear energy in nuclear power plants, nuclear research reactors, fuel cycle facilities, nuclear marine propulsion, and other specialized industries.
The company provides essential products and services to NPPs throughout the entire life cycle of a plant: from construction and operation to decommissioning and decontamination. For example, the company provides radiation measurement and monitoring solutions that are typically installed during construction and replaced or upgraded during the lifetime of the reactors; reactor instrumentation and control detectors installed during construction that are replaced or upgraded regularly; measurement and expertise services to help customers address nuclear measurement needs; imaging systems and cameras for all stages of the nuclear lifecycle; and waste management systems that are used during the lifetime of the reactors.
Labs & Research: The company's high-precision instruments and software help research labs in the public and private sectors advance knowledge and understanding of radioactivity, from detection and analysis of samples, identification of radionuclides, and quantification of activity to empower the next wave of breakthrough innovation. Solutions involve radiation measurement and personal safety applications for private and government energy laboratories, research organizations, and production counting labs (private and government radiochemistry labs for employee health & safety, and government labs for regulatory monitoring). Product portfolios include but are not limited to the company's laboratory and scientific analysis systems (gamma/alpha spectroscopy, alpha/beta counting, specialty detectors, spectroscopy software), radiation measurement, and health physics instrumentation.
Industrial, Defense and Other: The company's technologies safeguard nuclear materials to protect people and the environment through various radiation measurement applications tailored to non-nuclear industrial sites, such as oil and gas, mining, and quarrying for the monitoring and protection of personnel safety. The company empowers military and civil defense teams to precisely and discreetly detect and monitor radiation in the most critical and challenging situations, from the front lines of modern battle, to securing cities and large-scale events, to nuclear event recovery operations, empowering them to keep populations safe. These solutions include Military CBRNE, or Chemical, Biological, Radiological, Nuclear, and high-yield Explosives, security and search.
Medical
Cancer Care: The company's solutions in the cancer care market bring a legacy of quality and safety to the healthcare space. The company's suite of patient, machine, and diagnostic Quality Assurance (QA) solutions are relied on across the field of radiation oncology to mitigate errors, reduce inefficiencies, validate technologies/techniques, and improve the quality of clinical cancer care. The company is also an industry leader in Nuclear Medicine, providing solutions for radiopharmaceutical production, patient dosing, and safe handling of these.
The company's comprehensive, independent Radiation Therapy solutions and services enhance the checks and balances that keep cancer treatment safe, effective, and ever-improving. Specific solutions include linear accelerator (linac) commissioning, beam scanning, annual QA, and phantoms for quality assurance. The company is the global leader in Radiation Therapy QA hardware and has revolutionized quality management workflow with the SunCHECK Platform.
From dose preparation to patient administration, the company's Nuclear Medicine solutions and supplies enhance safety and accuracy to aid potentially life-saving imaging and therapy. The company's hot lab solutions help equip workspaces for safety, protecting staff while meeting regulation and maintaining efficiency. Solutions across this space include dose calibrators, thyroid uptake systems, ultrasound tables, solutions for radiopharmaceutical therapy, C-Arm tables, and the advanced workflows provided by ec2 software solutions.
Dosimetry Services: The company's dosimetry products and services remove the worry of radiation from the daily routines of those who are occupationally exposed. The Dosimetry Services business offers environmental radiation monitoring services, as well as an official dose of record to employers and occupationally exposed radiation workers, enhancing the effectiveness and efficiency of radiation safety programs at practitioner sites. Key product lines include the innovative Instadose dosimetry platform, optically stimulated luminescence, or OSL, dosimeters, and the company's range of eye, finger, and extremity dosimeters that integrate with the Dose Central data platform.
Strategy
The key elements of the company's strategy are to exploit under-penetrated market opportunities; expand the addressable market; develop new products and services; software and digital solutions; and pursue strategic acquisitions and other transactions.
Research and Development
The company's research and development expenses were $35.0 million for the fiscal year ended December 31, 2024.
Sales and Marketing
The company sells its products and services through its direct sales organization and indirectly through its global network of independent, third-party sales representatives and distributors. The company's internal sales team is organized by operating segment and end market to provide a higher level of service and understanding of customers' unique needs. The company has 43 sales offices throughout North America, Europe, and Asia.
The company derives a portion of its revenue from sales of its products and services through channel partners, such as independent sales representatives and distributors. In particular, the company's independent sales representatives are an important source of sales leads for the company and augment its internal resources in remote geographies. The company sells through distributors in situations in which customers prefer to purchase from a local business entity or purchase in smaller volume.
The company's marketing activities include participation in many trade shows worldwide across its defense, medical, and nuclear end markets. The company advertises in technical journals, publishes articles in leading industry periodicals, and utilizes digital and direct mail campaigns. The company also periodically hosts webinars, in-person seminars, and user meetings to directly engage its customer base. The annual Mirion Connect User Meetings bring together customers from various segments to learn, exchange ideas, discuss occupational challenges, and network.
Customers
The company's principal customers include hospitals, clinics, and urgent care facilities, dental offices, veterinary offices, radiation treatment facilities, OEMs for radiation therapy, laboratories, military organizations, government agencies, industrial companies, power and utility companies, reactor design firms, and NPPs. The company has long-standing relationships with its customers.
Intellectual Property
As of December 31, 2024, the company owned approximately 71 issued U.S. utility patents, 40 issued foreign utility patents (including in Canada, the European Union, Russia, China, and Japan), 7 pending U.S. utility non-provisional patent applications, and 8 pending foreign utility patent applications (including pending Patent Cooperation Treaty, or PCT, patent applications). These issued patents are expected to expire between 2025 and 2038, and these pending applications, if issued, are expected to expire between 2039 and 2040, in each case without taking into account any possible patent term adjustment or extensions, and assuming payment of all appropriate maintenance, renewal, annuity, or other governmental fees. These patents include two co-owned issued U.S. patents and three co-owned issued foreign patents. The company also holds exclusive and non-exclusive licenses related to patents and other intellectual property of third parties. Furthermore, the company owns trademark registrations or registration applications in the United States and in certain foreign jurisdictions.
Nuclear & Safety
As of December 31, 2024, the company owned approximately 31 issued U.S. utility patents, 21 issued foreign utility patents (including in the European Union, Canada, Russia, and Japan), 2 pending U.S. non-provisional utility patent applications, and 4 pending foreign utility patent applications (including pending PCT patent applications) that contain claims directed to products in the Nuclear & Safety segment, including the company's alpha/beta counting instruments, contamination and clearance monitors, gamma spectroscopy software and detector systems, NDA and waste measurement systems, portable radiation measurement instruments, radiation monitoring systems, and reactor instrumentation and controls products. The company's issued patents are expected to expire between 2025 and 2037, and its pending applications, if issued, are expected to expire between 2032 and 2040, in each case without taking into account any possible patent term adjustment or extensions, and assuming payment of all appropriate maintenance, renewal, annuity, or other governmental fees.
Medical
As of December 31, 2024, the company owned approximately 40 issued U.S. utility patents, 19 issued foreign utility patents (including in the European Union, China, Japan, and Canada), 5 pending U.S. non-provisional utility patent applications, and 4 pending foreign utility patent applications in the European Union that include claims directed to products in the medical segment, including the company's cancer diagnostics and therapeutics QA, occupational dosimetry, medical imaging, and nuclear medicine equipment products. These issued patents are expected to expire between 2025 and 2038, and these pending applications, if issued, are expected to expire between 2039 and 2040, in each case without taking into account any possible patent term adjustment or extensions, and assuming payment of all appropriate maintenance, renewal, annuity, or other governmental fees.
Seasonality
General economic conditions impact the company's business and financial results, and the company's business experiences seasonal and other trends related to the industries and end markets that it serves. The company's highest volume of sales and cash flows occurs in the fourth quarter of the fiscal year (year ended December 31, 2024), due in large part to the timing of customers’ capital spending programs and increased outages occurring in the fall in the Nuclear & Safety segment.
Government Regulation
The company is subject to various environmental laws and regulations in the United States and other countries, including the Comprehensive Environmental Response, Compensation and Liability Act of 1980, or CERCLA, and its state analogues, the Resource Conservation and Recovery Act of 1976 as amended by the Hazardous and Solid Waste Amendments of 1984, the Toxic Substances Control Act of 1976, and the Clean Water Act. The Occupational Safety and Health Act (OSHA) also regulates employee safety and health matters. The United States Environmental Protection Agency, OSHA, and other federal agencies have the authority to promulgate regulations that have an effect on the company's operations. In addition, various states have authority under federal statutes and state laws.
The company's operations outside the United States are subject to similar or more stringent laws and regulations, such as the RoHS and WEEE directives, in the EU, and REACH regulations. The company is also subject to various laws and regulations in the United States, Canada, the EU, the EU member states, and the People's Republic of China affecting many aspects of its operations. Some of the U.S. laws affecting the company's operations include the Atomic Energy Act, or AEA, the Energy Reorganization Act of 1974, or ERA, state radiation control laws, federal and state employment and labor laws and regulations, and industrial security regulations of the Department of Defense and other federal agencies that are designed to safeguard against unauthorized access by foreigners and others to classified and other sensitive information.
The company must comply with NCR regulation related to quality assurance, reporting defects, safety issues, and security. The company has implemented detailed export control compliance policies and procedures, in the form of its Export Management and Control Program (EMCP), to identify those products, technologies, and transactions for which export licenses, permits, or other authorizations are required, and to assure that all transactions are handled in accordance with all applicable export control laws and regulations.
The company is subject to anti-bribery and anti-corruption laws, including the U.S. Foreign Corrupt Practices Act (the FCPA), the United Kingdom Bribery Act (the UKBA), and anti-corruption laws enacted in various other countries which implement the Organization of Economic Cooperation and Development (the OECD) Convention on Combating Bribery of Foreign Officials in International Business.
The company has adopted and implemented compliance policies and detailed compliance procedures, including the Mirion Code of Ethics and Conduct, the EMCP, ethics and compliance training for all employees, due diligence reviews of all prospective distributors, sales representatives, and other third-party intermediaries, anti-corruption compliance contractual covenants in third-party agreements, recordkeeping procedures, and auditing of third parties' business practices as needed.
The company is required to register for permits and/or licenses with, obtain approvals from, and comply with operating standards of the U.S. Food and Drug Administration (the FDA), the U.S. Department of Health and Human Services (HHS), the European Medicines Agency (the EMA), the U.K. Medicines and Healthcare Products Regulatory Agency (the MHRA), and other foreign agencies.
The company's medical devices are subject to regulation under the U.S. Food, Drug, and Cosmetic Act (the FDCA), including design, development, testing, manufacturing, marketing, distribution, and recordkeeping. The company must also comply with post-market surveillance regulations and adverse event reporting requirements.
The company is subject to various U.S. federal healthcare-related laws regulating fraud and abuse, research and development, pricing and sales and marketing practices, and the privacy and security of health information, such as the U.S. Federal Anti-Kickback Statute, the Health Insurance Portability and Accountability Act of 1996 (HIPAA), and the False Claims Act. Similar laws and regulations may apply in foreign countries.
In the ordinary course of its business, the company collects, stores, uses, transmits, and processes certain types of data, including personal information, subjecting it to privacy and information security laws in the United States and internationally, including the EU General Data Protection Regulation (EU GDPR), as the GDPR as incorporated into the laws of the United Kingdom (UK GDPR, together with EU GDPR, GDPR), the California Consumer Privacy Act of 2018 (CCPA), and other laws, rules, and regulations designed to regulate the processing of personal information.
History
The company was incorporated in 2005. The company was formerly known as Global Monitoring Systems, Inc. and changed its name to Mirion Technologies, Inc. in January 2006.
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