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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________

Commission File Number: 001-39352
Mirion Technologies, Inc.
(Exact name of registrant as specified in its charter)
Delaware83-0974996
(State or other jurisdiction of
 incorporation or organization)

(I.R.S. Employer
Identification Number)
1218 Menlo Drive
Atlanta, Georgia 30318
(Address of Principal Executive Office)
(770) 432-2744
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Class A Common Stock, $0.0001 par value per share
MIR
New York Stock Exchange
Redeemable warrants, each exercisable for one share of Class A common stock at an exercise price of $11.50
MIR WS
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
  Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No
As of July 22, 2022, there were 200,068,598 shares of Class A common stock, $0.0001 par value per share, and 8,060,540 shares of Class B common stock, $0.0001 par value per share, issued and outstanding.


Table of Contents


INTRODUCTORY NOTE

On October 20, 2021 (the "Closing" or the “Closing Date”), Mirion Technologies, Inc. (formerly known as GS Acquisition Holdings Corp II or "GSAH") consummated its business combination with GSAH (the "Business Combination") pursuant to the Business Combination Agreement dated June 17, 2021 (as amended, the “Business Combination Agreement”). On the Closing Date, GSAH was renamed Mirion Technologies, Inc.

Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to “Mirion,” the “Company,” “we,” “us” or “our” refer to Mirion Technologies, Inc. following the Business Combination, other than certain historical information which refers to the business of Mirion Technologies (TopCo), Ltd. (“Mirion TopCo”) prior to the consummation of the Business Combination.

As a result of the Business Combination, Mirion’s financial statement presentation distinguishes Mirion TopCo as the “Predecessor” for periods prior to the closing of the Business Combination and Mirion Technologies, Inc. as the “Successor” for periods after the closing of the Business Combination. 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.


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Our public communications and SEC filings may contain forward-looking statements within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995 that reflect future plans, estimates, beliefs, and expected performance. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, our objectives for future operations, the Russian invasion of Ukraine, macroeconomic trends, and our competitive positioning are forward-looking statements. This includes, without limitation, statements under “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding our financial position, capital structure, indebtedness, business strategy and the plans and objectives of management for future operations, market share and products sales, future market opportunities, future manufacturing capabilities and facilities, future sales channels and strategies. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. When used in this Quarterly Report on Form 10-Q, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “seeks,” “plans,” “scheduled,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. When we discuss our strategies or plans we are making projections, forecasts or forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, our management.

The forward-looking statements contained in this Quarterly Report on Form 10-Q are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following risks, uncertainties and other factors:

changes in domestic and foreign business, market, economic, financial, political and legal conditions;
risks related to the continued growth of our end markets;
our ability to win new customers and retain existing customers;
our ability to realize sales expected from our backlog of orders and contracts;
risks related to governmental contracts;
our ability to mitigate risks associated with long-term fixed price contracts, including risks related to inflation;
risks related to information technology disruption or security;
risks related to the implementation and enhancement of information systems;
our ability to manage our supply chain or difficulties with third-party manufacturers;
risks related to competition;
our ability to manage disruptions of, or changes in, our independent sales representatives, distributors and original equipment manufacturers;
our ability to realize the expected benefit from any synergies from acquisitions or internal restructuring and improvement efforts;
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our ability to issue equity or equity-linked securities in the future;
risks related to changes in tax law and ongoing tax audits;
risks related to future legislation and regulation both in the United States and abroad;
risks related to the costs or liabilities associated with product liability claims;
our ability to attract, train and retain key members of our leadership team and other qualified personnel;
risks related to the adequacy of our insurance coverage;
risks related to the global scope of our operations, including operations in international and emerging markets;
risks related to our exposure to fluctuations in foreign currency exchange rates;
our ability to comply with various laws and regulations and the costs associated with legal compliance;
risks related to the outcome of any litigation, government and regulatory proceedings, investigations and inquiries;
risks related to our ability to protect or enforce our proprietary rights on which our business depends or third-party intellectual property infringement claims;
liabilities associated with environmental, health and safety matters;
our ability to predict our future operational results;
risks associated with our limited history of operating as an independent company;
risks associated with the current Russia-Ukraine conflict, including new or expanded export controls and trade sanctions, increased inflation, limited availability of certain commodities, supply chain disruption, disruptions to our global technology infrastructure, including cyberattacks, increased terrorist activities, volatility or disruption in the capital markets, and delays or cancellations of customer projects;
the impact of the global COVID-19 pandemic, including the availability, acceptance and efficacy of vaccinations and laws and regulations with respect to vaccinations, on our projected results of operations, financial performance or other financial metrics, or on any of the foregoing risks; and
other risks and uncertainties described in our Annual Report on Form 10-K for the year ended December 31, 2021 and this Quarterly Report on Form 10-Q, including those under the heading “Risk Factors,” and other documents filed or to be filed with the SEC by us.

There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

Forward-looking statements included in this Quarterly Report on Form 10-Q speak only as of the date of this Quarterly Report on Form 10-Q or any earlier date specified for such statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

We intend to announce material information to the public through the Mirion Investor Relations website, available at ir.mirion.com, SEC filings, press releases, public conference calls and public webcasts. We use these channels, as well as social media, to communicate with our investors, customers and the public about our company, our offerings and other issues. It is possible that the information we post on our website or social media could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above, including the social media channels listed on our investor relations website, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations website.
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TABLE OF CONTENTS

Page
PART I - FINANCIAL INFORMATION
PART II - OTHER INFORMATION
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


as of June 30, 2022 and December 31, 2021
for the three and six months ended June 30, 2022 and June 30, 2021
for the three and six months ended June 30, 2022 and June 30, 2021
for the three and six months ended June 30, 2022 and June 30, 2021
for the six months ended June 30, 2022 and June 30, 2021
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Mirion Technologies, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In millions, except share data)
Successor
June 30, 2022December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents$90.6 $84.0 
Restricted cash0.4 0.6 
Accounts receivable, net of allowance for doubtful accounts127.1 157.4 
Costs in excess of billings on uncompleted contracts72.0 56.3 
Inventories130.4 123.6 
Prepaid expenses and other current assets29.7 31.5 
Total current assets450.2 453.4 
Property, plant, and equipment, net122.3 124.0 
Operating lease right-of-use assets42.5 45.7 
Goodwill1,566.6 1,662.6 
Intangible assets, net712.7 806.9 
Restricted cash1.0 0.7 
Other assets21.6 24.7 
Total assets$2,916.9 $3,118.0 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable$61.8 $59.4 
Deferred contract revenue63.8 73.0 
Notes payable to third-parties, current5.2 3.9 
Operating lease liability, current8.7 9.3 
Accrued expenses and other current liabilities73.6 75.4 
Total current liabilities213.1 221.0 
Notes payable to third-parties, non-current804.1 806.8 
Warrant liabilities28.6 68.1 
Operating lease liability, non-current37.6 40.6 
Deferred income taxes, non-current136.1 161.0 
Other liabilities38.5 36.5 
Total liabilities1,258.0 1,334.0 
Commitments and contingencies (Note 10)
Stockholders’ equity (deficit):
Class A common stock; $0.0001 par value, 500,000,000 shares authorized; 200,054,646 shares issued and outstanding at June 30, 2022; 199,523,292 shares issued and outstanding at December 31, 2021
  
Class B common stock; $0.0001 par value, 100,000,000 shares authorized; 8,060,540 issued and outstanding at June 30, 2022 and 8,560,540 issued and outstanding at December 31, 2021
  
Additional paid-in capital1,866.8 1,845.5 
Accumulated deficit(207.9)(131.6)
Accumulated other comprehensive loss(78.7)(20.7)
Mirion Technologies, Inc. (Successor) stockholders’ equity1,580.2 1,693.2 
Noncontrolling interests78.7 90.8 
Total stockholders’ equity1,658.9 1,784.0 
Total liabilities and stockholders’ equity$2,916.9 $3,118.0 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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Mirion Technologies, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
 SuccessorPredecessorSuccessorPredecessor
Three Months Ended June 30,Three Months Ended June 30,Six Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Revenues:
Product$130.3 $141.0 $247.2 $267.6 
Service45.5 39.0 91.8 78.6 
Total revenues175.8 180.0 339.0 346.2 
Cost of revenues:
Product73.6 83.7 148.4 166.5 
Service23.2 16.7 47.2 37.6 
Total cost of revenues96.8 100.4 195.6 204.1 
Gross profit79.0 79.6 143.4 142.1 
Operating expenses:
Selling, general and administrative91.0 66.7 181.9 127.1 
Research and development7.4 8.2 14.5 19.2 
Goodwill impairment55.2  55.2  
Total operating expenses153.6 74.9 251.6 146.3 
(Loss) income from operations(74.6)4.7 (108.2)(4.2)
Other expense (income):
Third party interest expense8.4 11.0 16.3 21.9 
Related party interest expense (Note 8) 32.7  64.9 
Foreign currency loss (gain), net3.3 1.1 4.8 (2.9)
Change in fair value of warrant liabilities(19.6) (39.5) 
Other expense (income), net (0.5) (0.7)
Loss before benefit from income taxes(66.7)(39.6)(89.8)(87.4)
(Benefit from) provision for income taxes(7.4)14.4 (11.5)7.3 
Net loss(59.3)(54.0)(78.3)(94.7)
Loss attributable to noncontrolling interests(0.7)(0.1)(2.0)(0.1)
Net loss attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) stockholders$(58.6)$(53.9)$(76.3)$(94.6)
Net loss per common share attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) stockholders — basic and diluted$(0.32)$(8.14)$(0.42)$(14.34)
Weighted average common shares outstanding — basic and diluted180.992 6.621 180.884 6.596 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Mirion Technologies, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited)
(In millions)
SuccessorPredecessorSuccessorPredecessor
Three Months Ended June 30,Three Months Ended June 30,Six Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net loss$(59.3)$(54.0)$(78.3)$(94.7)
Other comprehensive (loss) income, net of tax:
Foreign currency translation, net of tax(45.7)6.1 (61.4)(12.0)
Unrecognized actuarial gain and prior service benefit, net of tax0.1 0.5 0.1 0.7 
Other comprehensive (loss) income, net of tax(45.6)6.6 (61.3)(11.3)
Comprehensive loss(104.9)(47.4)(139.6)(106.0)
Less: Comprehensive loss attributable to noncontrolling interest(2.5)(0.1)(5.3)(0.1)
Comprehensive loss attributable to Mirion Technologies, Inc. (Successor) / Mirion Technologies (TopCo), Ltd. (Predecessor) stockholders$(102.4)$(47.3)$(134.3)$(105.9)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Mirion Technologies, Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Deficit)
(Unaudited)
(In millions, except share amounts)

PredecessorA Ordinary
 Shares
A Ordinary
 Amount
B Ordinary
 Shares
 B Ordinary
 Amount
 Additional
Paid-In
 Capital
 Receivable from
 Employees for
 purchase of
 Common Stock
 Accumulated
 Deficit
 Accumulated Other
 Comprehensive
 Income (Loss)
 Noncontrolling
 Interests
 Total
 Stockholders’
 Deficit
Balance December 31, 20201,483,795 $— 5,353,970 $0.1 $9.6 $(2.4)$(793.4)$50.5 $2.2 $(733.4)
Share-based compensation expense— — — — (0.1)— — — — (0.1)
Receivable from employees— — — — — (0.1)— — — (0.1)
Net loss— — — — — — (40.7)— — (40.7)
Other comprehensive loss— — — — — — — (17.9)— (17.9)
Balance March 31, 20211,483,795 $— 5,353,970 $0.1 $9.5 $(2.5)$(834.1)$32.6 $2.2 $(792.2)
Share-based compensation expense— — — — — — — — — — 
Receivable from employees— — — — — 0.1 — — — 0.1 
Net loss— — — — — — (53.9)— (0.1)(54.0)
Other comprehensive loss— — — — — — — 6.6 — 6.6 
Balance June 30, 20211,483,795 $ 5,353,970 $0.1 $9.5 $(2.4)$(888.0)$39.2 $2.1 $(839.5)

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SuccessorClass A Common StockClass A Common Stock AmountClass B Common StockClass B Common Stock AmountAdditional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal Stockholders’ Deficit
Balance December 31, 2021199,523,292 $ 8,560,540 $ $1,845.5 $(131.6)$(20.7)$90.8 $1,784.0 
Stock-based compensation expense— — — — 7.8 — — — 7.8 
Warrant exercises100 — — — — — — — — 
Stock compensation to directors in lieu of cash compensation— — — — 0.1 — — — 0.1 
Net loss— — — — — (17.7)— (1.3)(19.0)
Other comprehensive loss— — — — — — (14.2)(1.5)(15.7)
Balance March 31, 2022199,523,392 $ 8,560,540 $ $1,853.4 $(149.3)$(34.9)$88.0 $1,757.2 
Stock-based compensation expense— — — 8.4 — — — 8.4 
Stock issued for vested restricted stock units21,414 — — — — — — — — 
Stock compensation to directors in lieu of cash compensation9,840 — — — 0.1 — — — 0.1 
Conversion of shares of class B shares of common stock to class A500,000 — (500,000)— 4.9 — — (4.9)— 
Purchase accounting adjustments to fair value of noncontrolling interests— — — — — — — (1.9)(1.9)
Net loss— — — — — (58.6)— (0.7)(59.3)
Other comprehensive loss— — — — — — (43.8)(1.8)(45.6)
Balance June 30, 2022200,054,646 $ 8,060,540 $ $1,866.8 $(207.9)$(78.7)$78.7 $1,658.9 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Mirion Technologies, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In millions)
SuccessorPredecessor
Six Months Ended June 30,Six Months Ended June 30,
 20222021
OPERATING ACTIVITIES:
Net loss$(78.3)$(94.7)
Adjustments to reconcile net loss to net cash provided by operating activities:
Accrual of in-kind interest on notes payable to related parties 64.0 
Depreciation and amortization expense89.8 49.0 
Stock-based compensation expense16.4 (0.1)
Amortization of debt issuance costs2.3 1.8 
Provision for doubtful accounts 1.4 
Inventory obsolescence write down0.5 0.5 
Change in deferred income taxes(21.8)4.8 
Loss on disposal of property, plant and equipment(0.4)(0.1)
Loss (gain) on foreign currency transactions4.8 (2.9)
Change in fair values of warrant liabilities(39.5) 
Amortization of deferred revenue step-down 8.0 
Amortization of inventory step-up6.3 4.7 
Goodwill impairment55.2  
Other0.1 1.6 
Changes in operating assets and liabilities:
Accounts receivable25.5 (11.8)
Costs in excess of billings on uncompleted contracts(16.9)(5.2)
Inventories(18.3)2.5 
Prepaid expenses and other current assets (2.9)
Accounts payable0.3 6.3 
Accrued expenses and other current liabilities1.5 0.6 
Deferred contract revenue(3.3)(1.2)
Other assets0.1 (2.9)
Other liabilities3.7 10.3 
Net cash provided by operating activities28.033.7
INVESTING ACTIVITIES:
Acquisitions of businesses, net of cash and cash equivalents acquired (15.0)
Purchases of property, plant, and equipment and badges(15.3)(13.9)
Sales of property, plant, and equipment0.8  
Net cash used in investing activities(14.5)(28.9)
FINANCING ACTIVITIES:
Principal repayments(2.1)(9.9)
Other financing(0.3)
Net cash used in financing activities(2.4)(9.9)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(4.4)(1.2)
Net increase (decrease) in cash, cash equivalents, and restricted cash6.7 (6.3)
Cash, cash equivalents, and restricted cash at beginning of period85.3 108.7 
Cash, cash equivalents, and restricted cash at end of period$92.0 $102.4 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Mirion Technologies, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

1. Nature of Business and Summary of Significant Accounting Policies

Nature of Business

Mirion Technologies, Inc. (“Mirion”, the “Company” or "Successor" or "us" and formerly GS Acquisition Holdings Corp II ("GSAH")) is a global provider of radiation detection, measurement, analysis, and monitoring products and services to the medical, nuclear, and defense end markets. We provide products and services through our two operating and reportable segments; (i) Medical and (ii) Industrial. The Medical segment provides radiation oncology quality assurance, delivering patient safety solutions for diagnostic imaging and radiation therapy centers around the world, dosimetry solutions for monitoring the total amount of radiation medical staff members are exposed to over time, radiation therapy quality assurance solutions for calibrating and verifying imaging and treatment accuracy, and radionuclide therapy products for nuclear medicine applications such as shielding, product handling, medical imaging furniture, and rehabilitation products. The Industrial segment provides robust, field ready personal radiation detection and identification equipment for defense applications and radiation detection and analysis tools for power plants, labs, and research applications. Nuclear power plant product offerings 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.

The Company is headquartered in Atlanta, Georgia and has operations in the United States, Canada, the United Kingdom, France, Germany, Finland, China, Belgium, the Netherlands, Estonia, and Japan.

On October 20, 2021 (the “Closing Date”), the Company, consummated its previously announced business combination (the “Business Combination”) pursuant to the certain business combination agreement (the "Business Combination Agreement"). As contemplated by the Business Combination Agreement, the Company became the corporate parent of Mirion Technologies TopCo., Ltd. ("Mirion TopCo"). In order to implement a structure similar to that of an “Up-C,” the Company established a Delaware corporation, Mirion IntermediateCo, Inc. (“IntermediateCo”), as a subsidiary of the Company.

Basis of Presentation and Principles of Consolidation

The accompanying unaudited Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for financial statements and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") for interim financial information. The interim Condensed Consolidated Financial Statements reflect all adjustments that are of a normal recurring nature and that are considered necessary for a fair representation of the results for the periods presented and should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the period ended December 31, 2021, which include a complete set of footnote disclosures, including our significant accounting policies included in our Annual Report on Form 10-K. The results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period. The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned and majority-owned or controlled subsidiaries. For consolidated subsidiaries where our ownership is less than 100%, the portion of the net income or loss allocable to noncontrolling interests is reported as “Income (Loss) attributable to noncontrolling interests” in the Condensed Consolidated Statements of Operations. All intercompany accounts and transactions have been eliminated in consolidation.

The Company recognizes a noncontrolling interest for the portion of Class B common stock of IntermediateCo that is not attributable to the Company. See Note 19, Noncontrolling Interests.

On October 20, 2021, the Board of Directors determined to change Mirion TopCo's fiscal year end from June 30th of each year to December 31st of each year in order to align Mirion’s fiscal year end with GSAH’s fiscal year end.

Predecessor and Successor Reporting

The financial statements separate the Company’s presentation into two distinct periods. The period before the Closing Date of the Business Combination (the "Predecessor Period") depicts the financial statements of Mirion TopCo, and the period
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after the Closing (the "Successor Period") depicts the financial statements of the Company, including the consolidation of GSAH with Mirion Technologies, Inc.

The Business Combination was accounted for under Accounting Standards Codification ("ASC") 805, Business Combinations. GSAH was determined to be the accounting acquirer. Mirion Technologies, Inc. constitutes a business in accordance with ASC 805 and the business combination constitutes a change in control. Accordingly, the Business Combination is being accounted for using the acquisition method. Under this method of accounting, Mirion TopCo is treated as the “acquired” company for financial reporting purposes and the acquired net assets were stated at fair value, with goodwill or other intangible assets recorded.

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.

Segments

The Company manages its operations through two operating and reportable segments: Medical and Industrial. These segments align the Company’s products and service offerings with customer use in medical and industrial markets 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. The Company’s segments are strategic businesses that are managed separately because each one develops, manufactures and markets distinct products and services. Refer to Note 15, Segments, for further detail.
Use of Estimates
Management estimates and judgments are an integral part of financial statements prepared in accordance with GAAP. We believe that the critical accounting policies listed below address the more significant estimates required of management when preparing our consolidated financial statements in accordance with GAAP. We consider an accounting estimate critical if changes in the estimate may have a material impact on our financial condition or results of operations. We believe that the accounting estimates employed are appropriate and resulting balances are reasonable; however, actual results could differ from the original estimates, requiring adjustment to these balances in future periods. The accounting policies that reflect our more significant estimates, judgments and assumptions and which we believe are the most critical to aid in fully understanding and evaluating our reported financial results include but are not limited to: business combinations, goodwill and intangible assets; estimated progress toward completion for certain revenue contracts; uncertain tax positions and tax valuation allowances and derivative warrant liabilities.
Significant Accounting Policies

There have been no material changes in our significant accounting policies during the six months ended June 30, 2022, as compared to the significant accounting policies described in Note 1 to the audited Consolidated Financial Statements on Form 10-K for the period ended December 31, 2021.
Accounts Receivable and Allowance for Doubtful Accounts
The allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts. The allowance for doubtful accounts was $5.3 million and $5.4 million as of June 30, 2022 and December 31, 2021, respectively.
Prepaid Expenses and Other Current Assets
Other current assets are primarily comprised of various prepaid assets including prepaid insurance, short-term marketable securities, and income tax receivables.
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The components of other current assets consist of the following (in millions):
Successor
June 30, 2022December 31, 2021
Prepaid insurance$2.1 $5.3 
Short-term marketable securities4.3 4.9 
Income tax receivable0.8 2.8 
Other current assets22.5 18.5 
$29.7 $31.5 
Facility and Equipment Decommissioning Liabilities
The Company has asset retirement obligations (“ARO”) consisting primarily of equipment and facility decommissioning costs. ARO liabilities totaled $3.0 million and $3.1 million at June 30, 2022 and December 31, 2021, respectively, and were included in deferred income taxes and other liabilities on the Condensed Consolidated Balance Sheets. Accretion expense related to these liabilities was not material for any periods presented.
Revenue Recognition
The Company recognizes revenue from arrangements that include performance obligations to design, engineer, manufacture, deliver, and install products. If a performance obligation does not qualify for over-time revenue recognition, revenue is then recognized at the point-in-time in which control of the distinct good or service is transferred to the customer, typically based upon the terms of delivery.
Revenue derived from passive dosimetry and analytical services is of a subscription nature and is provided to customers on an agreed-upon recurring monthly, quarterly or annual basis. Revenue is recognized ratably over the service period as the service is continuous, and no other discernible pattern of recognition is evident.
Contract Balances
The timing of the Company's revenue recognition, invoicing, and cash collections results in accounts receivable, costs and estimated earnings in excess of billings on uncompleted contracts, and deferred contract revenue. Refer to Note 3, Contracts in Progress for further details.
Remaining Performance Obligations
The remaining performance obligations for all open contracts as of June 30, 2022 include assembly, delivery, installation, and trainings. The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts was approximately $692.7 million and $747.5 million as of June 30, 2022 and December 31, 2021, respectively. As of June 30, 2022 the Company expects to recognize approximately 38%, 30%, 16%, and 8% of the remaining performance obligations as revenue during the fiscal years 2022, 2023, 2024 and 2025, respectively, and the remainder thereafter.
Disaggregation of Revenues
A disaggregation of the Company’s revenues by segment, geographic region, timing of revenue recognition and product category is provided in Note 15, Segment Information.
Warrant Liability

As of June 30, 2022, the Company had outstanding warrants to purchase up to 27,249,879 shares of Class A common stock. The Company accounts for the warrants in accordance with the guidance contained in ASC 815, “Derivatives and Hedging”, under which the warrants do not meet the criteria for equity treatment and must be recorded as derivative liabilities. Accordingly, the Company classifies the warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until the warrants are exercised or expire, and any change in fair value is recognized in the Company’s Condensed Consolidated Statements of Operations. The fair value of the warrants (the "Public Warrants") issued in connection with GSAH's initial public offering
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has been measured based on the listed market price of such Public Warrants. As the transfer of certain warrants issued in a private placement (the "Private Placement Warrants") to GS Sponsor II LLC, the sponsor of GSAH (the "Sponsor"), to anyone who is not a permitted transferee would result in the Private Placement Warrants having substantially the same terms as the Public Warrants, we determined that the fair value of each Private Placement Warrant is equivalent to that of each Public Warrant. The determination of the fair value of the warrant liability may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. See Note 16, Fair Value Measurements.
Concentrations of Risk
Financial instruments that are potentially subject to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains cash in bank deposit accounts that, at times, may exceed the insured limits of the local country. The Company has not experienced any losses in such accounts.
The Company sells its products and services mainly to large, private and governmental organizations in the Americas, Europe, the Middle East and Asia Pacific regions. The Company performs ongoing evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary. The Company generally does not require its customers to provide collateral or other security to support accounts receivable. As of June 30, 2022 and December 31, 2021, no customer accounted for more than 10% of the accounts receivable balance.
Recent Accounting Pronouncements
Accounting Guidance Issued But Not Yet Adopted
In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. ASU 2020-04 provides temporary optional expedients and exceptions for applying GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. For all entities, ASU 2020-04 can be adopted after its issuance date through December 31, 2022. The Company is currently evaluating the impact of this ASU.
2. Business Combinations and Acquisitions

On October 20, 2021, Mirion Technologies, Inc. consummated its previously announced Business Combination pursuant to the Business Combination Agreement. On December 1, 2021, the Company acquired 100% of the equity interest of CIRS.

Measurement period adjustments to the previously disclosed preliminary fair value of net assets acquired in the Business Combination have been recorded in the quarter ended June 30, 2022, resulting in a $2.2 million decrease in goodwill. The estimated fair values of all assets acquired and liabilities assumed in the acquisitions are provisional and may be revised as a result of additional information obtained during the measurement period of up to one year from the acquisition dates, including but not limited to valuation of tax accounts, property, plant and equipment and intangible assets.
3. Contracts in Progress
Costs and billings on uncompleted construction-type contracts consist of the following (in millions):
Successor
June 30, 2022December 31, 2021
Costs incurred on contracts (from inception to completion)$197.2 $199.4 
Estimated earnings129.0 125.5 
Contracts in progress326.2 324.9 
Less: billings to date(267.8)(281.8)
$58.4 $43.1 
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The carrying amounts related to uncompleted construction-type contracts are included in the accompanying Condensed Consolidated Balance Sheets under the following captions (in millions):
Successor
June 30, 2022December 31, 2021
Costs and estimated earnings in excess of billings on uncompleted contracts – current$72.0 $56.3 
Costs and estimated earnings in excess of billings on uncompleted contracts – non-current (1)
3.8 6.5 
Billings in excess of costs and estimated earnings on uncompleted contracts – current (2)
(11.3)(17.6)
Billings in excess of costs and estimated earnings on uncompleted contracts – non-current (3)
(6.1)(2.1)
$58.4 $43.1 
(1)Included in other assets within the Condensed Consolidated Balance Sheets.
(2)Included in deferred contract revenue – current within the Condensed Consolidated Balance Sheets.
(3)Included in other liabilities within the Condensed Consolidated Balance Sheets.
For the three and six months ended June 30, 2022 the Company has recognized revenue of $3.0 million and $6.3 million, respectively, related to the contract liabilities balance as of December 31, 2021.
4. Inventories
The components of inventories consist of the following (in millions):
Successor
 June 30, 2022December 31, 2021
Raw materials$64.2 $56.8 
Work in progress31.0 26.6 
Finished goods35.2 40.2 
 $130.4 $123.6 
Inventories as of December 31, 2021 include $6.3 million of fair value step-up from purchase accounting which was recognized as cost of revenues as related inventory was sold during the six months ended June 30, 2022.
5. Property, Plant and Equipment, Net
Property, plant and equipment, net consist of the following (in millions):
Successor
 Depreciable
Lives
 June 30, 2022December 31, 2021
Land, buildings, and leasehold improvements
3-39 years
 $45.7 $45.0 
Machinery and equipment
5-15 years
 30.4 26.7 
Badges
3-5 years
 31.0 27.9 
Furniture, fixtures, computer equipment and other
3-10 years
 22.0 16.7 
Construction in progress 10.4 12.2 
   139.5 128.5 
Less: accumulated depreciation and amortization  (17.2)(4.5)
   $122.3 $124.0 
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Total depreciation expense included in costs of revenues and operating expenses was as follows (in millions):
SuccessorPredecessorSuccessorPredecessor
Three Months EndedThree Months EndedSix Months EndedSix Months Ended
June 30, 2022June 30, 2021June 30, 2022June 30, 2021
Depreciation expense in:
Cost of revenues$4.5 $4.9 $8.6 $7.7 
Operating expenses$2.6 $1.9 $4.6 $4.1 
Construction in progress includes capitalized internal use software costs totaling $0.6 million and $1.7 million as of June 30, 2022 and December 31, 2021 respectively.
6. Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following (in millions):
Successor
 June 30, 2022December 31, 2021
Compensation and related benefit costs$33.1 $34.0 
Customer deposits8.9 8.8 
Accrued commissions0.3 0.9 
Accrued warranty costs5.3 5.9 
Non-income taxes payable6.1 7.5 
Pension and other post-retirement obligations0.4 0.3 
Income taxes payable4.0 3.2 
Restructuring1.8 1.4 
Deferred and contingent consideration 1.9 2.0
Other accrued expenses11.8 11.4 
 Total$73.6 $75.4 
7. Goodwill and Intangible Assets
Goodwill
Goodwill is calculated as the excess of consideration transferred over the net assets recognized for acquired businesses and represents future economic benefits arising from the other assets acquired that could not be individually identified and separately recognized. Goodwill is assigned to reporting units at the date the goodwill is initially recorded and is reallocated as necessary based on the composition of reporting units over time.
The Company assesses goodwill for impairment at the reporting unit level annually on the first day of the fourth quarter and upon the occurrence of a triggering event or change in circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount.
A quantitative test performed upon the occurrence of a triggering event compares the fair value of a reporting unit with its carrying amount. The Company determines fair values for each of the reporting units, as applicable, using the market approach, when available and appropriate, or the income approach, or a combination of both. The Company assesses the valuation methodology based upon the relevance and availability of the data at the time the Company performs the valuation. If multiple valuation methodologies are used, the results are weighted appropriately.
Valuations using the market approach are derived from metrics of publicly traded companies or historically completed transactions of comparable businesses. The selection of comparable businesses is based on the markets in which the reporting units operate giving consideration to risk profiles, size, geography, and diversity of products and services. A
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market approach is limited to reporting units for which there are publicly traded companies that have characteristics similar to the Company's businesses.

Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The Company uses its internal forecasts to estimate future cash flows and include an estimate of long-term future growth rates based on our most recent views of the long-term outlook for each business. Actual results may differ from those assumed in the forecasts. The Company derives its discount rates using a capital asset pricing model and by analyzing published rates for industries relevant to its reporting units to estimate the cost of equity financing. The Company uses discount rates that are commensurate with the risks and uncertainty inherent in the respective businesses and in our internally developed forecasts.
During the three months ended June 30, 2022, the Company concluded that a triggering event had occurred in the Radiation Monitoring Systems ("RMS") reporting unit of the Industrial segment as a result of the Russia-Ukraine conflict. Goodwill in the Industrial segment was recognized as a result of the Mirion Business Combination in October 2021, at which time approximately $257.2 million of goodwill was attributed to the RMS reporting unit. In May 2022, one of the customers in the RMS reporting unit terminated a contract with a Russian state-owned entity to build a nuclear power plant in Finland. The remaining performance obligation related to this contract within our backlog was approximately $67 million, of which approximately 80% was scheduled to be recognized as revenue over the next five years.

Therefore, due to the impact on our planned revenues, the Company conducted a quantitative test for the RMS reporting unit, determining the fair value by estimating the present value of expected future cash flows, discounted by the applicable discount rate of 10.5% (compared to 9% used in determining the initial goodwill from the Business Combination) and assumed a terminal future cash flows growth rate of 3.5%. The Company also compared fair value to peer company multiples which have decreased since the date of the Business Combination. As the carrying value exceeded the fair value, the Company recognized its best estimate of a non-cash impairment loss of $55.2 million during the three months ended June 30, 2022. The impairment loss was recorded in the caption "Goodwill impairment" in our Condensed Consolidated Statements of Operations. After the impairment loss and the impact of translation, $176.1 million of goodwill remained associated with the RMS reporting unit as of June 30, 2022.
No goodwill impairment was recognized for the three and six months ended June 30, 2021, respectively.
The following table shows changes in the carrying amount of goodwill by reportable segment as of June 30, 2022 and December 31, 2021 (in millions):
Successor
MedicalIndustrialConsolidated
Balance—December 31, 2021$712.5 $950.1 $1,662.6 
Goodwill impairment (55.2)(55.2)
Business Combination - measurement period adjustments(0.5)(1.7)(2.2)
Translation adjustment (38.6)(38.6)
Balance—June 30, 2022$712.0 $