Radiation safety company Mirion (NYSE: MIR) reported revenue ahead of Wall Street’s expectations in Q1 CY2026, with sales up 27.5% year on year to $257.6 million. Its non-GAAP profit of $0.10 per share was in line with analysts’ consensus estimates.

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Company Overview

With its technology protecting workers in over 130 countries and equipment used in 80% of cancer centers worldwide, Mirion Technologies (NYSE: MIR) provides radiation detection, measurement, and monitoring solutions for medical, nuclear energy, defense, and scientific research applications.

Revenue Growth

Examining a company’s long-term performance can provide clues about its quality. Any business can put up a good quarter or two, but many enduring ones grow for years.

With $981 million in revenue over the past 12 months, Mirion is a small player in the business services space, which sometimes brings disadvantages compared to larger competitors benefiting from economies of scale and numerous distribution channels. On the bright side, it can grow faster because it has more room to expand.

As you can see below, Mirion’s 10.8% annualized revenue growth over the last five years was impressive. This is an encouraging starting point for our analysis because it shows Mirion’s demand was higher than many business services companies.

We at StockStory place the most emphasis on long-term growth, but within business services, a half-decade historical view may miss recent innovations or disruptive industry trends. Mirion’s annualized revenue growth of 10% over the last two years aligns with its five-year trend, suggesting its demand was predictably strong.

This quarter, Mirion reported robust year-on-year revenue growth of 27.5%, and its $257.6 million of revenue topped Wall Street estimates by 5.2%.

Looking ahead, sell-side analysts expect revenue to grow 23% over the next 12 months, an improvement versus the last two years. This projection is eye-popping and suggests its newer products and services will spur better top-line performance.

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Adjusted Operating Margin

Mirion was profitable over the last five years but held back by its large cost base. Its average adjusted operating margin of 2.6% was weak for a business services business.

On the plus side, Mirion’s adjusted operating margin rose by 10.5 percentage points over the last five years, as its sales growth gave it immense operating leverage.

In Q1, Mirion generated an adjusted operating margin profit margin of 3.1%, down 2.9 percentage points year on year. This contraction shows it was less efficient because its expenses grew faster than its revenue.

Earnings Per Share

Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.

Mirion’s full-year EPS grew at a spectacular 12.9% compounded annual growth rate over the last three years, better than the broader business services sector.

Like with revenue, we analyze EPS over a more recent period because it can provide insight into an emerging theme or development for the business.

For Mirion, its two-year annual EPS growth of 18.8% was higher than its three-year trend. We love it when earnings growth accelerates, especially when it accelerates off an already high base.

In Q1, Mirion reported adjusted EPS of $0.10, in line with the same quarter last year. This print beat analysts’ estimates by 7.7%. We also like to analyze expected EPS growth based on Wall Street analysts’ consensus projections, but there is insufficient data.

Key Takeaways from Mirion’s Q1 Results

We were impressed by how significantly Mirion blew past analysts’ revenue expectations this quarter. We were also glad its EPS was in line with Wall Street’s estimates. On the other hand, its full-year EPS guidance missed. Overall, this print had some key positives. Investors were likely hoping for more, and shares traded down 2.5% to $18.20 immediately after reporting.

Should you buy the stock or not? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).