•Revenues for the second quarter decreased 2.3% to $175.8 million, compared to $180.0 million in the same period in 2021. Adjusted revenues decreased 4.3% compared to the second quarter of 2021.

•GAAP Net loss was $59.3 million in the second quarter, compared to a net loss of $54.0 million in the same period last year. Adjusted EBITDA was $42.6 million for the quarter, a 14.6% decrease from $49.9 million in the same period last year.

•GAAP net loss per share for the second quarter was $0.32. Adjusted earnings per share for the same period was $0.13.

•The company confirmed 2022 expectations for organic adjusted revenue growth of 4% to 6%, adjusted EBITDA of $170 million to $180 million and adjusted EPS of $0.44 to $0.49.

Atlanta, GA – July 29, 2022 – Mirion Technologies, Inc. (“Mirion,” "we" or the "company") (NYSE: MIR), a global provider of radiation detection, measurement, analysis and monitoring solutions to the medical, nuclear, defense, and research end markets, today announced results for its fiscal quarter ended June 30, 2022.

Mirion reported order growth of 25% for the first half of 2022, compared to the same period last year. Backlog was $693 million as of June 30, 2022. Backlog grew 9% year-over-year. Order growth and backlog exclude the impact of the Hanhikivi project termination in the second quarter of 2022 and the reversal impact from MBD-2TM battlefield dosimeter in the second quarter of 2021.

•Organic adjusted revenue growth of 4% - 6%

•Adjusted EBITDA of $170 million - $180 million

•Adjusted EPS of $0.44 - $0.49

•Adjusted free cash flow of $75 million - $95 million

•Euro to U.S. Dollar foreign exchange conversion rate of 1.02, versus 1.10 previously

•Net interest expense of approximately $42 million (approximately $38 million of cash interest)

•Approximately 181 million shares of Class A common stock outstanding (excludes 8.1 million shares of Class B common stock, 27.2 million warrants, 18.8 million founder shares, subject to vesting, 1.9 million restricted stock units, 0.4 million performance stock units and a further 23.7 million shares reserved for future equity awards (subject to annual automatic increases)), all as of June 30, 2022

Mirion will host a conference call today, July 29, 2022 at 10:00 a.m. ET to discuss its financial results. Participants may access the call by dialing 1-877-407-9208 or 1-201-493-6782, and requesting to join the Mirion Technologies, Inc. earnings call. A live webcast will also be available at https://ir.mirion.com/news-events.

Basis of Presentation

As a result of the business combination (the "Business Combination") with GS Acquisition Holdings Corp II ("GSAH"), the company’s financial statement presentation distinguishes Mirion Technologies (TopCo), Ltd (“Mirion TopCo”) as the “Predecessor” until the closing date of the Business Combination, October 20, 2021 (the “Closing Date”). Mirion, which includes the combination of Mirion TopCo and GSAH subsequent to the Business Combination, is the “Successor” for periods starting from the Closing Date. As a result of the application of the acquisition method of accounting in the Successor period, the financial statements for the Successor period are presented on a full step-up basis as a result of the Business Combination, and are therefore not comparable to the financial statements of the Predecessor period that are not presented on the same full step-up basis due to the Business Combination. Mirion adopted a calendar year fiscal year in connection with the closing of the Business Combination.

Share Count
Consists of 181,304,646 shares of Class A common stock and 8,060,540 shares of Class B common stock outstanding as of June 30, 2022. Excludes (1) 18,750,000 founder shares which are shares of Class A common stock subject to vesting in three equal tranches, based on the volume-weighted average price of our Class A common stock being greater than or equal to $12.00, $14.00 and $16.00 per share for any 20 trading days in any 30 consecutive trading day period, and such shares will be forfeited to us if they fail to vest within five years after October 20, 2021; (2) 27,249,879 shares of Class A common stock issuable upon the exercise of 8,500,000 private placement warrants and 18,749,879 publicly-traded warrants; (3) 1.0 million shares of Class A common stock underlying restricted stock units and 0.2 million shares of Class A common stock underlying performance stock units; and (4) any shares issuable from awards under our 2021 Omnibus Incentive Plan, which had 19,952,329 shares reserved for future equity awards (subject to annual automatic increases). The 8,060,540 shares of Class B common stock are paired on a one-for-one basis with shares of Class B common stock of Mirion Intermediate Co., Inc. (the "paired interests"). Holders of the paired interests have the right to have their interests redeemed for, at the option of Mirion, shares of Class A common stock on a one-for-one basis or cash based on a trailing stock price average. All share data is as of June 30, 2022 unless otherwise noted.

Adjusted Revenues is defined as GAAP revenues adjusted to remove the impact of purchase accounting on the recognition of deferred revenue.

Organic Adjusted Revenues is defined as Adjusted Revenues excluding the impact of foreign exchange rates as well as mergers and acquisitions in the period.

Adjusted EBITDA is defined as net income before interest expense, income tax expense, depreciation and amortization adjusted to remove the impact of foreign currency gains and losses, amortization of acquired intangible assets, the impact of purchase accounting on the recognition of deferred revenue, changes in the fair value of warrants, certain non-operating expenses (certain purchase accounting impacts related to revenues and inventory, restructuring and costs to achieve operational synergies, merger and acquisition expenses and IT project implementation expenses), stock-based compensation expense, debt extinguishment and income tax impacts of these adjustments.

Adjusted Net Income is defined as GAAP net income adjusted for foreign currency gains and losses, amortization of acquired intangible assets, the impact of purchase accounting on the recognition of deferred revenue, changes in the fair value of warrants, certain non-operating expenses (certain purchase accounting impacts related to revenues and inventory, restructuring and costs to achieve operational synergies, merger and acquisition expenses and IT project implementation expenses), stock-based compensation expense, debt extinguishment and income tax impacts of these adjustments.

Adjusted EPS is defined as adjusted net income divided by weighted average common shares outstanding — basic and diluted.

Adjusted Free Cash Flow is defined as free cash flow adjusted to include the impact of cash used to fund non-operating expenses. We believe that the inclusion of supplementary adjustments to free cash flow applied in presenting adjusted free cash flow is appropriate to provide additional information to investors about our cash flows that management utilizes on an ongoing basis to assess our ability to generate cash for use in acquisitions and other investing and financing activities.

Free Cash Flow is defined as U.S. GAAP net cash provided by operating activities adjusted to include the impact of purchases of property, plant, and equipment and purchases of badges.

Order Growth is defined as the amount of revenue earned in a given period and estimated to be earned in future periods from contracts entered into in a given period as compared with such amount for a prior period. Order growth was calculated excluding the impact of the Hanhikivi project termination in the second quarter of 2022 and the reversal impact from MBD in the second quarter of 2021. Foreign exchange rates are based on the applicable rates as reported for the time period.