Mirion Technologies, Inc.

Greetings and welcome to the Merion Technologies first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Eric Lin, Treasurer and Head of Investor Relations. Thank you. You may begin.

Thank you, Maria. Good morning, and welcome to Merion's first quarter 2026 earnings conference call. Joining me this morning are Merion's founder, chairman, and CEO, Tom Logan, and Merion's CFO and medical group president, Brian Shopper. Before we begin today's prepared remarks, allow me to remind you that comments made during this call will include forward-looking statements, and actual results may differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ are disclosed in our annual reports on Form 10-K, quarterly reports on Form 10-Q, and in Miriam's other SEC filings under the caption risk factors. Quarterly references within today's discussion are related to the first quarter ended March 31st, 2026, unless otherwise noted. The comments made during this call will also include certain financial measures that were not prepared in accordance with generally accepted accounting principles. Reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the appendix of the presentation accompanying today's call. All earnings materials can be found in the investor relations section of our website at www.merion.com. With that, let me now turn the call over to Tom, who will begin on panel three.

Eric, thank you very much, and thanks to each of you for joining our first quarter earnings call. We're off to a strong start in 2026 with significant first quarter order generation. Orders are a bellwether for our business, and they increased 19% in the first quarter to $241 million, excluding M&A-related growth. If we include M&A growth from Paragon and Certrek, orders increased 42% to $288 million. Order volume was notably diverse. Both segments saw meaningful growth, including our RTQA medical business, which faced headwinds in 2025. This is translating into noticeable backlog expansion. Backlog now totals $1.1 billion, up 19% excluding M&A, or 38% including M&A. Our nuclear power end market within the nuclear and safety segment continues to lead the way. Nuclear power orders and revenue growth were derived primarily from existing reactors running today and small modular reactors, or SMRs. Paragon orders added another $43 million in the quarter. We continue to be impressed by the value created by the Paragon team. Given the nature of their solution set, they're truly the tip of the spear when it comes to momentum from the nuclear power installed base. The existing nuclear fleet is approaching middle age, and reinvestment is critical to maintain and increase capacity through power upgrades. We'll spend time this morning detailing progress on our large opportunity order pipeline, but let me tease the discussion by noting we secured $50 million of these large opportunity orders in Q1. Moreover, we won an additional $35 million in SMR-related orders in April. The rest of the pipeline remains intact, and we continue to have high conviction on our right to win. The accelerating nuclear power demand we see is reflective of increasing market tailwinds. The momentum continues to compound, and recent geopolitical events reinforce the need for onshore secure baseload energy. A decade ago, operators were focused on accelerated plant shutdowns, with extreme capital rationing impacting OPEX and CAPEX budgets. Today they are focused on 100-year operating cycles as well as plant modernization, both of which profoundly impact capital spending plans. We see this most immediately in Paragon and Surtrack with a substantial follow-on opportunity for Mirion instrumentation and controls and digitally enabled radiation protection solutions. Note that this dynamic is robust and not contingent upon future assumptions about AI-driven demand growth. The limiting factor on AI growth is available compute, which in turn is most profoundly constrained by energy availability. Further, note that greater than 80% of our nuclear power revenue accrues from the installed base. New nuclear projects represent upside with strong optionality tied to both SMR and utility scale development plans. Channel 4 quantifies the impact of just a few recent notable nuclear power headlines, which reinforce the surging global demand for nuclear power. First, in the U.S., the Department of Energy's Uprise Initiative aims to boost existing nuclear power capacity by 2.5 gigawatts by 2027 and 5 gigawatts by 2029. Power demand is so strained that the DOE and utilities are rapidly accelerating capital deployment to deliver more nuclear output at existing plants. This is part of the Trump administration's broader push to expand U.S. nuclear energy capacity from around 100 gigawatts today to 400 gigawatts by 2050. Additionally, the energy shock driven by recent geopolitical uncertainty has highlighted the risk of reliance on imported fossil fuels in many regions. This is sharpening the focus on energy security, on-shoring, and decarbonization. Nuclear power is increasingly viewed as a core solution across all three priorities, especially with countries whose energy needs are becoming strained by a changing world order. In aggregate, these two headlines alone will add an estimated 8 to 15 gigawatts of nuclear power generation. Of this added amount, approximately 3 to 5 gigawatts are incremental to the U.S. market, underscoring the importance of our U.S.-based Paragon and Certrek acquisitions. It's also worth noting that U.S. utilities have committed $1.4 trillion in planned capital expenditures through 2030. a 21% increase from projections made just one year ago. Companies like Duke Energy are projecting over $100 billion in their planned five-year capital spend. Nextera is not far behind at approximately $94 billion. Each of these is an existing Muran customer. Panel 5 details Paragon's integration progress and first quarter financial contributions. Both the Paragon and Sertrek acquisitions are positioning Mirion to address the U.S. market at exactly the right moment. We made these acquisitions before the full scope of the existing fleet capital cycle was broadly visible to the market. commercial synergy opportunities are coming into focus as utilities and the federal government are injecting capital into the operating reactor fleet as a reminder we have content in every single reactor within north america and approximately 98 of the global operating fleet the synergy opportunities are significant for example paragon's products and engineering capabilities will allow me around to expand our scope to better compete for power operate and digital modernization projects. search x regulatory and workforce software is a compelling solution for today's Labor constrained environment. This edition gives me around a software and services revenue layer that compounds within our hardware footprint at every plant. These combined offerings mean Mirion can now offer customers more integrated solutions that span laboratory instruments, safety and security systems, qualified equipment, radiation protection, and regulatory and workforce software. No competitor in the U.S. nuclear market has that breadth. These acquisitions will deliver revenue synergies, customer access synergies, and platform synergies at exactly the moment the market is asking for all three. We're already seeing this materializing in Paragon's financial performance. Paragon's first quarter revenue grew 45%, reflecting a broad-based increase in demand. This accelerating revenue is improving their operating leverage and helping to expand margins. We spoke with you last quarter about the planned cadence of integration efforts. We're pleased to report that we have identified additional synergy opportunities. Legacy teams are collaborating closely, and customers are eager to realize the benefits of a combined Mirion, Paragon, and Certrek entity. We are prioritizing the customer experience with joint customer engagements across strategic accounts. These collaborations are already resulting in incremental order wins. For example, we were able to utilize Paragon's existing relationships with key strategic customers to secure a significant order for legacy Mirion products. This is an early example of what will become normal operating procedure for our combined companies. All of these data points are resulting in tangible benefits for Marion, and this is most evident in our backlog illustrated on panel six. Back-to-back strong Q4 and Q1 orders are creating a step change in our backlog. After two years of nominal backlog growth, the nuclear dynamic we've been discussing is translating into tangible opportunities for our company. We've consistently reminded investors that it can take several quarters or years for orders to convert into revenue, but clearly the backlog is meaningfully expanding, which is the precursor to accelerated revenue growth ahead. Before I turn it over to Brian, Panel 7 summarizes progress continuing across the medical segment. Our RTQAN market, which accounts for approximately half of the segment's revenue, enjoyed promising activity. recall in 2025 we experienced several headwinds both domestically and abroad. Encouragingly, we are beginning to see strengthening hardware activity all software activity continues to be a bright spot. In the US, we booked a sizable radiation tolerant camera order tied to the variant partnership, this is an important relationship with the leading OEM in the industry. We look forward to supporting this relationship and other key accounts with the kind of new product innovation that helped to secure this important order. In nuclear medicine, we remain on track for double-digit organic revenue growth in 2026. This will be our second consecutive year of double-digit organic nuclear medicine growth. Our market-leading position with key hardware offerings like dose calibrators and thyroid uptake systems makes us a critical supplier to the growing radiopharma ecosystem. In addition, we are broadening our international reach to capture infrastructure growth abroad. We believe our EC2 software platform will create growing opportunities across the radiopharmaceutical landscape from drug discovery through clinical administration. This opportunity will grow meaningfully as more targeted radiopharmaceutical therapies advance to the market. Lastly, Dosimetry Services remains a compelling business. This end market is a reliable franchise growing at GDP plus through the cycle. Meanwhile, it consistently provides strong margins and remains an attractive recurring revenue platform. Our broader push from analog to digital offerings will continue, creating additional margin upside over time. As a side note, we are proud of the fact that the crew on the recent Artemis lunar mission wore a customized version of our digital dosimeters to monitor their radiation safety. More significantly, our digital dosimetry offerings caught the attention of numerous key nuclear power accounts, creating cross-sell opportunities to expand beyond an historically medically-oriented business. I'll turn it over now to Brian to walk through the financials. Brian?