Mirion Technologies Inc (MIR) 2024 Q1 法說會逐字稿

Hello and welcome to the Mirion Technologies' first quarter 2024 earnings conference.

大家好，歡迎參加 Mirion Technologies 2024 年第一季財報會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to hand the call over to Alex Gaddy, Senior Vice President of Strategy and Investor Relations.

我現在想將電話轉交給策略和投資者關係高級副總裁 Alex Gaddy。

Good morning, everyone, and thank you for joining Mirion's first quarter 2024 earnings call.

大家早安，感謝您參加 Mirion 的 2024 年第一季財報電話會議。

A reminder that comments made during this presentation will include forward looking statements and actual results may differ materially from those projected in the forward-looking statements.

請注意，本簡報中發表的評論將包括前瞻性陳述，實際結果可能與前瞻性陳述中的預測有重大差異。

Factors that could cause actual results to differ are discussed in our annual report on Form 10 K and quarterly reports on Form 10-Q that we file from time to time with the SEC under the caption Risk Factors and in Myriad's other filings with the SEC.

我們不時向 SEC 提交的「風險因素」標題下的 10 K 表格年度報告和 10-Q 表格季度報告以及 Myriad 向 SEC 提交的其他文件中討論了可能導致實際結果不同的因素。

Quarterly references within today's discussion are related to the first quarter ended March 31, 2024.

今天討論中的季度參考內容與截至 2024 年 3 月 31 日的第一季相關。

Comments made during this call will also include certain financial measures that were not prepared in accordance with generally accepted accounting principles.

這次電話會議期間發表的評論還將包括某些未按照公認會計原則制定的財務措施。

A 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 the call today.

這些非公認會計原則財務指標與最直接可比較的公認會計原則財務指標的調節表可以在今天電話會議隨附的簡報的附錄中找到。

All earnings materials can be found on Myriad's IR website at ir.mirion.com. Joining me on the call today are Tom Logan, Chief Executive Officer; and Brian Schopfer, Chief Financial Officer.

所有收益資料均可在 Myriad 的 IR 網站 ir.mirion.com 上找到。今天和我一起參加電話會議的是執行長湯姆·洛根 (Tom Logan)；和財務長布萊恩‧肖普弗 (Brian Schopfer)。

Now I will turn it over to our Chief Executive Officer, Tom Logan.

現在我將把它交給我們的執行長湯姆洛根。

Tom?

湯姆？

Alex, thank you and good morning, everyone.

亞歷克斯，謝謝你，大家早安。

To get us started today, I'd like to firstly thank my Mirion colleagues for delivering a very solid start to 2024 taking a look at our Q1 results, there are a few key highlights that I'd like to note for you.

從今天開始，我首先要感謝我的 Mirion 同事為 2024 年提供了一個非常堅實的開端，看看我們的第一季業績，我想向您介紹幾個關鍵亮點。

First, our end markets remain healthy across the enterprise, supported by improving fundamentals, particularly in nuclear power and cancer care order growth was relatively flat in Q1, but this isn't surprising given the strength we saw last year and the fact that Q1 is historically our lightest volume quarter.

首先，在基本面改善的支持下，我們整個企業的終端市場保持健康，特別是在第一季核電和癌症護理訂單增長相對平穩的情況下，但考慮到我們去年看到的強勁勢頭以及第一季度的成長這一事實，這並不奇怪。

Overall, we continue to see excellent customer engagement.

總體而言，我們繼續看到出色的客戶參與度。

The timing dynamics impacted quarterly order growth.

時間動態影響了季度訂單成長。

As an example, we received an approximately $15 million European defense order at the outset of Q2, which is not included in the results shared today.

例如，我們在第二季初收到了大約 1500 萬美元的歐洲國防訂單，該訂單未包含在今天分享的結果中。

Second, I am proud to announce the commercialization of our instant dose view technology, which we believe will revolutionize the occupational dosimetry space.

其次，我很自豪地宣布我們的即時劑量查看技術已商業化，我們相信這將徹底改變職業劑量測定領域。

We have commercially deployed thousands of units during a Q1 soft launch and customer interest in the product is high.

在第一季的軟啟動期間，我們已經商業部署了數千台設備，客戶對該產品的興趣很高。

We expect the adoption cycle for instance does view to be lengthy, but we are confident in the distinct differentiation that this product brings to the marketplace knows that for competitive reasons, we will not be providing quarterly updates on batch volume going forward.

例如，我們預期採用週期確實會很長，但我們對該產品為市場帶來的明顯差異化充滿信心，我們知道，出於競爭原因，我們不會提供有關批次數量的季度更新。

Third, in terms of financial performance, we delivered total company organic revenue growth of 5.5% in the quarter, which was in line with our expectations.

第三，就財務表現而言，本季公司總有機收入成長了 5.5%，符合我們的預期。

The technologies business led the way with 8% organic growth.

科技業務以 8% 的有機成長領先。

Total company adjusted EBITDA grew by 8% year over year, reaching nearly $40 million for the quarter.

公司調整後 EBITDA 總額年增 8%，本季達到近 4,000 萬美元。

We delivered 40 basis points of adjusted EBITDA margin expansion led by our technologies business, which provided 170 basis points of expansion.

在我們的技術業務的帶動下，我們實現了 40 個基點的調整後 EBITDA 利潤率擴張，技術業務提供了 170 個基點的擴張。

Finally, we have reaffirmed our 2024 financial guidance and continue to project organic revenue growth of 4% to 6% and adjusted EBITDA of $193 million to $203 million.

最後，我們重申了 2024 年的財務指導，並繼續預期有機收入將成長 4% 至 6%，調整後的 EBITDA 為 1.93 億美元至 2.03 億美元。

Brian will provide more detail on our quarterly financial performance.

布萊恩將提供有關我們季度財務業績的更多詳細資訊。

So I'd like to use most of my time today to discuss areas of critical importance as we think about medium and longer-term growth note at the outset that more than two-thirds of our top-line growth is driven by two super trends, namely nuclear power and cancer care, which we expect to be robust, global, and long, and

因此，我想利用今天的大部分時間來討論在我們考慮中長期成長時至關重要的領域，首先請注意，我們超過三分之二的收入成長是由兩個超級趨勢推動的，即核能和癌症治療，我們預計這將是強勁的、全球性的和長期的，以及

[material].

[材料]。

Turning first to nuclear power, which is in the midst of a global resurgence, the world's demand for energy is increasing dramatically with all geographies struggling to find reliable sources of cost-efficient clean power.

首先是核電，核電正處於全球復興之中，世界對能源的需求正在急劇增加，所有地區都在努力尋找可靠的、具有成本效益的清潔能源。

The emergence of AI and the attendant growth of high energy consuming data centers is putting increased demands on energy infrastructure.

人工智慧的出現以及隨之而來的高能耗資料中心的成長對能源基礎設施提出了更高的要求。

Additionally, we see continued decarbonization commitments globally and the push for energy independence driving elevated interest in nuclear power.

此外，我們看到全球持續的脫碳承諾以及能源獨立的推動推動了人們對核電的興趣增加。

As stated before, we believe nuclear power is a green energy source and will play a primary role in meeting increased energy demand through both utility-scale reactors and small modular reactors.

如前所述，我們認為核電是一種綠色能源，將透過公用事業規模反應器和小型模組化反應器在滿足不斷增長的能源需求方面發揮主要作用。

While the overall demand function from Iran's nuclear business remains robust, there's an emerging body of public policy that makes us confident in the significant tailwinds in the end market.

儘管伊朗核子業務的整體需求函數仍然強勁，但一系列新興的公共政策使我們對終端市場的巨大推動力充滿信心。

Looking at the US for a moment, the federal government has set a net zero target for the year 2050, and it's difficult to see a path where nuclear power doesn't play a meaningful role in meeting that goal.

看看美國，聯邦政府已經設定了 2050 年淨零排放目標，很難看出核電在實現這一目標方面不發揮有意義的作用。

Nuclear power plant operators are performing well financially, which is changing the calculus surrounding capacity utilization, life extension and even capacity upgrades extraordinarily.

核電廠營運商的財務狀況良好，這正在大幅改變圍繞產能利用率、壽命延長甚至產能升級的計算。

We saw the restart announcement of the Palisades nuclear power plant in Michigan in Q1, a previously doomed facility.

我們在第一季度看到了密西根州帕利塞茲核電廠的重啟公告，這是一個之前註定要失敗的設施。

We view this as yet another evidentiary point, supporting the criticality of nuclear power and the American power market beyond life extensions and restarts, the EPA has recently issued sweeping new rules requiring existing coal plants to limit and capture carbon emissions as such for strict operating rules for future new coal plants.

我們認為這是另一個證據點，支持核電和美國電力市場超越壽命延長和重啟的重要性，美國環保署最近發布了全面的新規則，要求現有燃煤電廠限制和捕獲碳排放，以實現嚴格的營運規則用於未來的新燃煤電廠。

Additionally, in April, publication from the DOE under the auspices of its coal to nuclear initiative highlights the expected economic and environmental benefits replacing coal power plants with SMRs or utility-scale reactors with 30% of the nation's coal plants expected to retire by 2035 and over 300 existing and retired coal plants that have been deemed suitable to be replaced by nuclear plants.

此外，4 月份，美國能源部在其煤改核計劃的支持下發布的出版物強調了用SMR 或公用事業規模反應器取代燃煤電廠的預期經濟和環境效益，預計到2035 年，全國30% 的燃煤電廠將退役，超過 300 座現有和退役的燃煤電廠被認為適合被核電廠取代。

Nuclear has a promising opportunity here now while the dynamics I've just touched on are US centric that can be broadly extrapolated to global markets as well.

核能現在在這裡有一個充滿希望的機會，而我剛剛談到的動態是以美國為中心的，也可以廣泛地推斷到全球市場。

As a reminder, nearly 40% of our total company revenue in 2023 was tied to nuclear power as we are the leading provider of safety, critical radiation detection and measurement solutions to the global nuclear fleet.

需要提醒的是，2023 年我們公司總收入的近 40% 與核電相關，因為我們是為全球核子艦隊提供安全、關鍵輻射檢測和測量解決方案的領先提供者。

Mirion's unmatched product portfolio as reactor technology agnostic and serves all three stages of the plant's life cycle, namely new construction, plant operations and decommissioning.

Mirion 無與倫比的產品組合與反應器技術無關，服務於核電廠生命週期的所有三個階段，即新建、核電廠營運和退役。

We are in robust strategic engagement with the burgeoning SMR community and are committed to extending our relationships with traditional utility scale OEMs and utilities worldwide.

我們與新興的 SMR 社群進行了強有力的策略合作，並致力於擴展我們與全球傳統公用事業規模 OEM 和公用事業公司的關係。

There was a similar super trend unfolding in the area of cancer care, which represents nearly 30% of our total company revenue.

癌症護理領域也出現了類似的超級趨勢，該領域占我們公司總收入的近 30%。

This has been driven by fundamental growth in radiation therapy, which is supported by an aging population, demographic in developed markets and improving standards of care in developing markets as well as the revolution in nuclear medicine catalyzed by the emergence of therapeutic radioligand treatments more to come here in future calls, but the opportunity for Merian to participate and drive future growth is clear, compelling and significant.

這是由放射治療的基本增長所推動的，人口老化、已開發市場的人口結構和發展中市場護理標準的提高以及未來治療性放射配體治療的出現所催化的核醫學革命都支持放射治療在未來在的電話會議中，梅里安參與和推動未來成長的機會是明確的、引人注目的和重要的。

Now turning into commercial and operating teams and focused on improving our execution in the following areas.

現在轉變為商業和營運團隊，並專注於提高我們在以下領域的執行力。

First, I'm committed to continued improvement within our French business, which will improve our organic growth margins and capital efficiency.

首先，我致力於持續改善我們的法國業務，這將提高我們的有機成長利潤和資本效率。

Second, we are aggressively executing on self-help themes, including extending pricing, heuristics cost-out and procurement programs, internally focused AI on automation and capitalizing upon Myriad's inherent operating leverage.

其次，我們正在積極執行自助主題，包括擴大定價、啟發式成本計算和採購計劃、內部聚焦人工智慧自動化以及利用 Myriad 固有的營運槓桿。

Let me reiterate here that we remain confidently committed to reaching our five-year 30% adjusted EBITDA margin target.

讓我在此重申，我們仍然充滿信心地致力於實現五年 30% 的調整後 EBITDA 利潤率目標。

Third, the continued evolution and enhancement of the Mirion solution set to our investments in digital capabilities, customer facing AI and our robust new product development pipeline.

第三，Mirion 解決方案的持續發展和增強取決於我們對數位能力、面向客戶的人工智慧和強大的新產品開發管道的投資。

And lastly, supplementing the business through strategic and opportunistic M&A, primarily geared toward new capabilities and defending and extending our category leadership.

最後，透過策略性和機會性併購來補充業務，主要是為了獲得新的能力，並捍衛和擴大我們的類別領導地位。

With that, let me pass the call over to our Chief Financial Officer, Brian Schopfer.

接下來，讓我將電話轉給我們的財務長 Brian Schopfer。

Brian?

布萊恩？

Thanks, Tom, and good morning, everyone to kick off my commentary this morning.

謝謝湯姆，大家早安，開始我今天早上的評論。

Let's turn to Slide 4 to take a look at our first quarter results.

讓我們轉到投影片 4 來看看我們第一季的業績。

Total company revenue was up 5.8% and adjusted EBITDA was up 7.9%.

公司總營收成長 5.8%，調整後 EBITDA 成長 7.9%。

Total revenue for the quarter was $192.6 million and organic growth was 5.5%.

該季度總營收為 1.926 億美元，有機成長率為 5.5%。

Adjusted EBITDA totaled $39.5 million, with margins expanding 40 basis points to 20.5%.

調整後 EBITDA 總計 3,950 萬美元，利潤率成長 40 個基點，達到 20.5%。

Overall, quarterly performance was in line with our expectations, and I am pleased with the progress shown with regard to margin expansion.

整體而言，季度業績符合我們的預期，我對利潤率擴張方面的進展感到滿意。

Let's now dive into more detail around our segment performance during the first quarter.

現在讓我們更詳細地了解第一季的細分市場表現。

Let's begin with the medical segment on Slide 5.

讓我們從幻燈片 5 上的醫療部分開始。

Medical revenue grew 0.6% on both a reported and organic basis.

報告收入和有機收入均成長 0.6%。

And the EC squared acquisition almost fully offset the biotech's divestiture in terms of revenue contribution as a reminder, this will be the last quarter of inorganic impact from the biotech's divestiture.

就收入貢獻而言，EC 平方收購幾乎完全抵消了生物技術剝離的影響，這將是生物技術剝離帶來的無機影響的最後一個季度。

Medical top line performance was negatively impacted by approximately $4 million stemming from the implementation of a new ERP system within our nuclear medicine business.

由於在我們的核子醫學業務中實施新的 ERP 系統，醫療營收績效受到約 400 萬美元的負面影響。

While we did expect an impact from the ERP implementation, the temporal impact was larger than originally anticipated.

雖然我們確實預期 ERP 實施會產生影響，但暫時的影響比最初預期的要大。

The implementation was completed in February we do not expect further material ERP related issues in Q2 or the rest of 2024.

該實施已於 2 月完成，我們預計第二季或 2024 年剩餘時間不會出現進一步的重大 ERP 相關問題。

Order dynamics and backlog remained strong within nuclear medicine, exemplified by order growth, 17% and a doubling of our backlog versus the same period last year.

核醫領域的訂單動態和積壓仍然強勁，訂單成長 17%，積壓訂單與去年同期相比翻了一番。

Excluding the impact from the ERP Medical, organic growth would have been approximately 7.1%.

排除 ERP Medical 的影響，有機成長約 7.1%。

Medical adjusted EBITDA margin was 30.7% in the quarters, generally flat compared to the same period last year.

本季醫療調整後 EBITDA 利潤率為 30.7%，與去年同期相比基本持平。

Had we not have the ERP blip, we would have seen solid margin expansion in the segment.

如果我們沒有 ERP 的影響，我們就會看到該領域的利潤率穩定成長。

Margin enhancement remains a key area of focus where we expect year-over-year margin expansion in Medical for the full year.

利潤率提高仍然是我們關注的關鍵領域，我們預計全年醫療業務的利潤率將同比增長。

Moving on now to Slide 6 and the technology segment.

現在轉到投影片 6 和技術部分。

Technologies revenue grew by 8.7% for the quarter with organic growth of 8.4%.

本季技術營收成長 8.7%，有機成長 8.4%。

Top-line growth was broad-based across the segment and supported by strong quarters from our nuclear power and lab businesses.

該領域的營收成長基礎廣泛，並得到我們核電和實驗室業務強勁季度的支持。

Technologies adjusted EBITDA was $33.1 million, up 16.1% from the same period last year.

Technologies 調整後 EBITDA 為 3,310 萬美元，較去年同期成長 16.1%。

Adjusted EBITDA margin expanded 170 basis points to 26.3%.

調整後 EBITDA 利潤率擴大 170 個基點，達到 26.3%。

As expected, technology's margins took a step forward in Q1, supported by strong execution.

正如預期的那樣，在強勁執行力的支持下，科技公司的利潤率在第一季向前邁出了一步。

Overall, I am pleased with the progress made against our improvement initiatives, particularly in France, where we are gaining momentum.

總體而言，我對我們的改進舉措所取得的進展感到高興，特別是在法國，我們的勢頭正在增強。

We still have work to do and expect improvement in the back half of the year, but Q1 was a good first step.

我們仍有工作要做，並預計下半年會有所改善，但第一季是良好的第一步。

Turning over now to our cash flow performance.

現在轉向我們的現金流表現。

For Q1, adjusted free cash flow was negative $4.5 million and net working capital was a burn in the quarter.

第一季度，調整後自由現金流為負 450 萬美元，淨營運資本在該季度出現虧損。

This was generally in line with expectations and while negative in the quarter performance versus the same period last year is an improvement.

這總體上符合預期，雖然本季業績與去年同期相比為負，但仍是一種改善。

More specifically, inventory momentum is improving as we saw an $11 million reduction versus the same period last year.

更具體地說，庫存動能正在改善，與去年同期相比減少了 1,100 萬美元。

Secondarily, you will also see a larger than normal CapEx number, and that is reflective of us executing our institutional view launch plan by adding product on hand, absent the CapEx investment, it is to do some cash flow would have been positive in Q1.

其次，您還會看到比正常情況更大的資本支出數字，這反映了我們透過增加現有產品來執行我們的機構觀點發布計劃，如果沒有資本支出投資，那麼第一季的現金流將會是正數。

Our target for the first half continues to be cash flow positive for the enterprise.

我們上半年的目標仍是企業現金流為正。

Before diving into our reaffirmed guidance for the year, I wanted to highlight the warrant redemption announcement we made a couple of weeks ago.

在深入探討我們重申的今年指引之前，我想強調我們幾週前發布的認股權證贖回公告。

We've opted to exercise our right under our warrant agreement to redeem all of our outstanding public warrants.

我們選擇行使認股權證協議下的權利，贖回我們所有未償還的公開認股權證。

Warrant holders may choose to exercise their warrants by either paying the exercise price for one full share or redeeming their warrants on a cashless basis at a ratio of 0.22 shares per warrant before May 20, 2024.

認股權證持有人可以選擇在2024年5月20日之前透過支付一股全部股份的行使價或以每張認股權證0.22股的比例以無現金方式贖回認股權證來行使。

This action is a meaningful step in simplifying our overall capital structure while eliminating future dilutionary effects for existing shareholders.

這項行動是簡化我們整體資本結構、同時消除現有股東未來稀釋效應的有意義的一步。

Finally, I'd like to close out my comments by highlighting our reaffirmed 2024 guidance on Slide 8.

最後，我想透過強調我們在幻燈片 8 上重申的 2024 年指導來結束我的評論。

Given our solid start to 2024, we are maintaining our previously issued financial expectations with organic revenue growth of 4% to 6% for the year, supported by mid-single digit organic growth from both segments.

鑑於我們在 2024 年取得了良好的開局，我們將維持先前發布的財務預期，在兩個部門實現中個位數有機增長的支持下，今年有機收入增長 4% 至 6%。

We are also reaffirming our adjusted EBITDA guide of $193 million to $203 million.

我們也重申調整後的 EBITDA 指引為 1.93 億美元至 2.03 億美元。

Thinking through the cadence for the rest of the year, we are expecting Q2 margin pressure in our technologies segment, primarily related to product mix.

考慮到今年剩餘時間的節奏，我們預計技術領域第二季的利潤率壓力主要與產品組合有關。

In addition, we're making investments in supply chain and procurement with the associated costs hitting in the first half, it benefits beginning to materialize in the second half and into 2025.

此外，我們正在對供應鏈和採購進行投資，相關成本將在上半年達到，其效益將在下半年和 2025 年開始顯現。

We are very excited about this initiative, and we'll talk more later in the year about it despite the dynamic visibility into our margin expansion in the second half is robust and supportive of the overall enterprise expansion target for the year.

我們對這一舉措感到非常興奮，我們將在今年晚些時候更多地討論它，儘管下半年我們的利潤擴張的動態可見度是強勁的，並且支持今年的整體企業擴張目標。

Adjusted free cash flow remained at $65 million to $85 million for the year and adjusted EPS in the range of $0.37 to $0.42. Overall, the first quarter was a good start to the year, and I'm encouraged heading into the rest of 2024.

本年度調整後的自由現金流維持在 6,500 萬美元至 8,500 萬美元之間，調整後的每股收益在 0.37 美元至 0.42 美元之間。總體而言，第一季是今年的良好開端，我對 2024 年剩餘時間充滿信心。

With that, I'll now pass things back to Alex to open the call up for Q&A.

現在，我將把事情傳回給 Alex，以啟動問答環節。

Thank you, Brian and Tom.

謝謝你們，布萊恩和湯姆。

That concludes our formal comments for this morning.

我們今天早上的正式評論到此結束。

Let me pass things back over to the operator to open up the session for Q&A.

讓我將事情轉回給操作員以開啟問答會話。

(Operator Instructions) Chris Moore, CJS Securities.

（操作員指令）Chris Moore，CJS 證券。

Hey, good morning, guys.

嘿，早上好，夥計們。

Thanks for taking my couple of questions.

感謝您回答我的幾個問題。

Maybe we'll just start on the nuclear as you know, Thomas talk about it.

也許我們會從核武開始，正如你所知，湯瑪斯談論它。

All you hear about these days is the need for electrification, nuclear power more and more is viewed as part of the equation.

這些天你聽到的都是對電氣化的需求，核電越來越被視為等式的一部分。

You mentioned a new restart in Michigan.

你提到了密西根州的重新啟動。

I think there was a long-awaited new reactor that came online in Georgia recently as well.

我認為喬治亞州最近也有一座期待已久的新反應爐投入使用。

I guess I'm just trying to understand within the US obviously SMRs seemed like they are an easier sell.

我想我只是想了解在美國顯然 SMR 似乎更容易銷售。

What are you hearing in terms of new utility scale build here?

您對這裡新的公用事業規模建設有何看法？

Yeah, Chris, I think the the view on new utility-scale billed in US still is one of caution.

是的，克里斯，我認為對美國新公用事業規模的看法仍然是謹慎的。

I think if I were to put together of the hierarchy of effects that I would expect to see in the in the US market, it would go something like us.

我認為，如果我將我期望在美國市場看到的效果層次放在一起，它會像我們一樣。

Firstly, if you look at plants that were deemed marginal five years ago or 10 years ago that are still in operations and were kind of easing up toward a decommissioning event.

首先，如果你看看五年前或十年前被認為處於邊緣狀態的工廠，這些工廠仍在運營，並且正在逐步走向退役。

I think the majority of those, if not the entirety of that group is now viewed as candidates for for life extension.

我認為，其中大多數（如果不是全部）現在都被視為延長壽命的候選人。

And with that, typically there are some amount of some of our capital spending associated with that with we're doing that oftentimes additional permitting requirements, et cetera.

因此，通常我們的一些資本支出與我們所做的事情相關，通常是額外的許可要求，等等。

Secondly, I would highlight the SMR initiatives, which continue to really gain steam, yes, it's funny.

其次，我要強調 SMR 舉措，這些舉措繼續真正獲得動力，是的，這很有趣。

It's seems like maybe within the last six months, the world has kind of awakened to the fact that they're really catalyzed by the incredible growth of AI related data centers.

似乎在過去的六個月裡，世界已經意識到這樣一個事實：人工智慧相關資料中心的令人難以置信的成長確實促進了它們的發展。

The world simply doesn't have enough electrical generating capacity.

世界根本沒有足夠的發電能力。

And as we look at the kind of the extrapolated requirements well into the future, have a more robust AI driven economy.

當我們審視未來的推論需求時，我們會發現人工智慧驅動的經濟更加強勁。

It's very, very clear that the demands for nuclear power, but nuclear, both utility scale and SMRs, we are going to mount.

非常非常清楚的是，我們對核電的需求，無論是公用事業規模還是中小型反應器，都會增加。

And I think in this country, it's a combination of that phenomenon, coupled with the of policy goals of decarbonization that ultimately are going to drive us into a period where I think growth meaningfully exceeds what people may have projected even five years ago in the American market.

我認為在這個國家，這種現象與脫碳政策目標相結合，最終將推動我們進入一個時期，我認為經濟成長將大大超過人們五年前對美國的預期。

That's extremely helpful mix and it makes perfect sense with everything at Mirion.

這是一個非常有用的組合，它與 Mirion 的一切都非常有意義。

A backlog, $841 million down a little sequentially up $100 million year over year.

積壓訂單減少 8.41 億美元，比去年同期小幅增加 1 億美元。

Maybe you can just talk a little bit about this split between the segments, how that's changed?

也許您可以簡單談談這些細分市場之間的劃分，這是如何改變的？

I know it's probably more on the nuclear side, but and then trying to get a sense as to how much of that backlog will likely recognize this year.

我知道這可能更多是在核方面，但然後試圖了解今年可能會確認多少積壓的訂單。

Chris, thanks for the question.

克里斯，謝謝你的提問。

Look, Tom and I are not the sequential backlog is not something we're worried about it.

看，湯姆和我不是順序積壓不是我們擔心的事情。

We love the dynamics as we head into Q2.

我們喜歡進入第二季時的動態。

We've had a bunch of calls last couple of weeks with our team and very positive sentiment across across the business.

過去幾週，我們的團隊接到了很多電話，整個企業的情緒都非常正面。

So we look last quarter to quarter as we think about it as a normal longer-cycle business timing matters we're tightening.

因此，我們回顧上個季度的情況，因為我們認為這是我們正在收緊的正常的較長週期業務時間表問題。

That is a little bit last quarter to quarter on when things get blocked.

這是上個季度到另一個季度的情況，當事情被阻止時。

You heard Todd talk about the almost $50 million or well, a $50 million order getting booked early in Q2.

你聽到托德談到了近 5000 萬美元的訂單，或者說，第二季初期就預訂了一份 5000 萬美元的訂單。

So we like it historically.

所以我們喜歡它的歷史。

What we've said is if you look at the next 12 months of revenue, 45% to 50%, that's already in backlog I don't think that dynamic has changed a whole lot.

我們所說的是，如果你看看未來 12 個月的收入，45% 到 50%，那已經是積壓的了，我不認為動態發生了很大變化。

It's probably closer to the higher end of the range versus the lower end of the range.

它可能更接近該範圍的高端而不是該範圍的低端。

And we continue to be we continue to like what we see it here, and we'll focus on executing what's ahead of us.

我們仍然喜歡我們在這裡看到的東西，我們將專注於執行我們前面的事情。

Got it.

知道了。

Helpful.

有幫助。

And maybe the last one for me.

也許對我來說是最後一次。

Maybe can you just provide a little more specifics on the current challenges on the French bridge business that you talked a little bit about?

也許您可以就您剛才談到的法國橋樑業務當前面臨的挑戰提供更多具體資訊嗎？

Yeah, look we saw, meaning for progress in the first quarter, even though we're all super engaged content in Europe next week, I'm headed there in a couple of weeks.

是的，我們看到了，這意味著第一季取得了進展，儘管下週我們在歐洲的內容都非常活躍，但我幾週後就會前往那裡。

So we continue to guide, it will be very involved.

所以我們會繼續引導，會非常投入。

We're happy with what the French team is doing it.

我們對法國團隊所做的事情感到滿意。

Then the broader European team, frankly, part of the good news for the first quarter for us is it wasn't only the French business, that's all margin expansion were actually solid kind of across the segment in the Technologies business.

然後更廣泛的歐洲團隊，坦白說，第一季對我們來說好消息的一部分是，不僅是法國業務，所有利潤率擴張實際上在整個技術業務領域都是穩固的。

And so we want we like our setup.

所以我們希望我們喜歡我們的設置。

We're confident in the plan and the team is executing, takes a little bit of time specifically in Europe to kind of see everything play out.

我們對計劃充滿信心，團隊正在執行，需要一點時間，特別是在歐洲，才能看到一切順利進行。

But we feel we feel good about where we sit today.

但我們對今天的位置感覺良好。

And Chris, I would add to that to noting that in France, specifically, our largest and cherished customers, the EDF, the operator of all the nuclear power stations in Europe, I think widely known that EDS had a difficult year last year because of widespread number of outages that were related to certain component issues within their power plant infrastructure.

克里斯，我想補充一點，在法國，特別是我們最大和最珍惜的客戶 EDF，歐洲所有核電站的運營商，我認為眾所周知，EDS 去年經歷了困難的一年，因為與發電廠基礎設施內某些組件問題有關的大量停電。

And that had an impact overall on demand patterns in a year and kind of a knock-on effect on us, again, because this is the dominant customer we have in the region, candidly, I think we were a little bit slow to adjust to some of that, and we're all over and we've made some some operating model changes in the in the arena and it's all the self-help things that we've talked about.

這對一年內的整體需求模式產生了影響，並對我們產生了連鎖反應，因為這是我們在該地區擁有的主要客戶，坦率地說，我認為我們適應的速度有點慢其中一些，我們都結束了，我們在競技場上做了一些營運模式的改變，這都是我們討論過的自助的事情。

It's us being a little bit smarter about pricing in the market.

我們在市場定價方面更加聰明。

It is continuing to drive extensively our business system and the inherent inherent focus there on, you know, all of the classical elements of big ERP, which would include procurement, production, scheduling, distribution, et cetera, basic blocking and tackling the team is doing a great job.

它繼續廣泛地推動我們的業務系統和固有的內在焦點，你知道，大型 ERP 的所有經典元素，其中包括採購、生產、調度、分銷等，基本的阻塞和解決團隊做得很好。

I'm actually headed over there this afternoon to catch up with them and encourage them and continue to see how we can go further faster.

事實上，我今天下午要去那裡與他們會面並鼓勵他們，並繼續看看我們如何走得更遠更快。

But we feel like we're definitely on the rails are.

但我們覺得我們絕對是在正軌上。

We had a really good, really good first quarter two with the French that branch customer tops talking about.

我們在第一季的第二季與分行客戶最常談論的法國人度過了非常非常好的時光。

So no, I think we feel pretty good about ourselves.

所以不，我認為我們自我感覺良好。

Got it.

知道了。

I appreciate it, guys.

我很感激，夥計們。

I will leave it there.

我會把它留在那裡。

Vlad Bystricky, Citigroup.

弗拉德·比斯特里奇，花旗集團。

Hey, good morning, guys.

嘿，早上好，夥計們。

Thanks for taking my call.

感謝您接聽我的電話。

So maybe just to start off a follow-up on Chris's question about around backlog.

因此，也許只是為了開始跟進克里斯關於積壓的問題。

I guess, can you just give us a little more color into how you're thinking about or how we should think about orders and backlog this year and given your expectations around potential new build nuclear work and your comments around nuclear sentiment, whether you would expect at year end to have grown overall backlog?

我想，考慮到您對潛在新建核工作的期望以及您對核情緒的評論，您能否給我們更多的信息，讓我們了解您的想法或我們應該如何考慮今年的訂單和積壓訂單，以及您對核情緒的評論，無論您是否願意預計年底總體積壓量會增加嗎？

Look, I think, it's a good question.

聽著，我想，這是一個很好的問題。

I think that we need to we're always a bit careful honestly about flat about talking about kind of quarter-to-quarter dynamics just because these projects some some of the bigger projects that really move the backlog move around a bit I think I think what I what I am willing to say is I'm encouraged about where we sit.

我認為我們需要始終保持謹慎，誠實地談論季度與季度之間的動態，只是因為這些項目中的一些較大項目確實使積壓的工作發生了一些變化，我認為我認為我想說的是，我對我們所處的位置感到鼓舞。

I think we think that and if things go right, we would see backlog expansion this year by the end of the year.

我認為我們認為，如果一切進展順利，我們將在今年年底看到積壓的情況擴大。

But I think that depends on a few things we're working on in the pipeline.

但我認為這取決於我們正在做的一些事情。

And, you know, I just yes, some of that stuff moved.

而且，你知道，我只是是的，其中一些東西移動了。

So if it doesn't happen, I don't think that's a concerning issue for us because it's probably just moved a little bit to the right as some of these folks do, but the order dynamics are great.

因此，如果沒有發生，我認為這對我們來說不是一個令人擔憂的問題，因為它可能只是像其中一些人那樣向右移動了一點，但訂單動態很棒。

Customer engagement is great.

客戶參與度非常好。

And yeah, I think we would expect to see some backlog growth by year end, but I'm I'm less concerned if that happens there and are in the first half of next year.

是的，我認為我們預計到年底會出現一些積壓成長，但我不太擔心這種情況是否會發生在明年上半年。

Let me tag on to Brian's comments, say a couple of couple of additional things.

讓我談談布萊恩的評論，再補充幾句。

Firstly, yes, let me reiterate what Brian said, and that is that we we take a very, very cautious approach to projecting backlog, particularly as it relates to nuclear built new newbuild activity simply because the timing can be very difficult to pin down.

首先，是的，讓我重申布萊恩所說的，那就是我們對預測積壓工作採取非常非常謹慎的方法，特別是因為它與核建造的新建活動有關，僅僅是因為時機可能很難確定。

And also, we take a very conservative kind of probabilistic approach to what we think will win and what ultimately the quantum, some of you don't have a project order aggregation might look like.

而且，我們對我們認為會獲勝的內容以及最終的量子（你們中的一些人沒有項目訂單聚合）可能會是什麼樣子採取非常保守的機率方法。

And generally from your actual performance from a from a bid and backlog standpoint has exceeded that to that point of view.

一般來說，從投標和積壓的角度來看，您的實際表現已經超出了這一點。

But again, our goal here is to be very conservative, and that's just not something we would guide.

但同樣，我們的目標是非常保守，而這不是我們所引導的。

But the other thing that I think is maybe more important is to note that people that give them what I think all participants in the in the nuclear industry see as a, you know, a maxed out nuclear industry where strategic partnerships and alliances are far more important.

但我認為可能更重要的另一件事是要注意，那些給予他們我認為核工業所有參與者所認為的東西的人，你知道，一個已經達到極限的核工業，其中戰略夥伴關係和聯盟更加重要。

I can tell you the energy that we are in and I am spending focused on more strategic relationships with the most significant players in the industry that's gone up considerably as to versus where it has been historically.

我可以告訴你我們現在的精力，我正在把重點放在與行業中最重要的參與者建立更具策略性的關係上，這種關係與歷史上的水平相比有了很大的提高。

And that's really where the energy is being spent.

這確實是精力消耗的地方。

It's on how do we really forge longer term strategic relationships that can accommodate what we all anticipate as being a period of strong growth and a rising tide that will lift all boats.

問題在於我們如何真正建立長期戰略關係，以適應我們所有人預期的強勁增長時期和水漲船高的時期。

Got it.

知道了。

That's helpful color, guys.

夥計們，這顏色很有用。

Appreciate it.

欣賞它。

And then maybe just on as I'm thinking about the year, if you can give us any more color into how you're thinking about seasonality or the cadence of 2Q is usually stronger than 1Q.

然後也許就在我思考這一年的時候，如果你能給我們更多關於你如何看待季節性的色彩，或者第二季度的節奏通常比第一季更強。

So do you see sort of normal seasonality there this year and then mixed in with that $4 million of nuclear related revenue.

那麼今年你是否看到了正常的季節性因素，然後與 400 萬美元的核相關收入混合在一起。

Should we expect that sort of flowing through ratably?

我們是否應該期望這種規模的流動？

Or is there some larger catch-up here in 2Q?

或者第二季度是否會出現更大的追趕？

Just how should we think about that $4 million coming back?

我們該如何看待這 400 萬美元的回歸呢？

Yeah, I don't think the the season now for the changes time, I mean, I did say in my comments, I expect a little bit of margin pressure in the second quarter, mainly on the technology side and then in some of the investments we're making in our supply chain, which was by the way, we're super excited about.

是的，我不認為現在的季節會發生變化，我的意思是，我確實在評論中說過，我預計第二季度會出現一點利潤壓力，主要是在技術方面，然後在一些方面順便說一句，我們對供應鏈進行的投資感到非常興奮。

We take this as a very have a nice impact to us in the back half of the year, but probably more in the '25 as we think about that.

我們認為這對我們下半年產生了很大的影響，但考慮到這一點，在 25 年影響可能更大。

But we'll take some of that cost here in the second quarter.

但我們將在第二季承擔部分成本。

But then I think the back half of the year from a margin standpoint looks looks very good and the cadence isn't any different really than last year.

但我認為從利潤的角度來看，今年下半年看起來非常好，而且節奏與去年沒有什麼不同。

But the business from a growth perspective is much more even, right?

但從成長的角度來看，業務均勻得多，對嗎？

We saw 5.5% in the first quarter.

第一季我們看到了 5.5%。

I think we like to do that type of range kind of each quarter and with a little bit of margin pressure in the second quarter.

我認為我們喜歡每個季度都這樣做，並在第二季度承受一點利潤壓力。

But the back end is definitely set up to be a it'll be a margin expansion in a pretty robust way.

但後端肯定會以相當強勁的方式實現利潤擴張。

Great.

偉大的。

Thanks, Brian.

謝謝，布萊恩。

I'll hop back in queue.

我會跳回隊列。

(Operator Instructions) Andy Kaplowitz, Citigroup.

（操作員指令）Andy Kaplowitz，花旗集團。

Hey, good morning, guys.

嘿，早上好，夥計們。

Well, I wanted to ask about free cash flow.

嗯，我想問一下自由現金流。

You did have a better, I guess, lower cash burn than last year's first quarter, but kind of seems like two steps forward, one step back in terms of cash generation.

我猜，你的現金消耗確實比去年第一季要低，但在現金產生方面似乎前進了兩步，退了一步。

So what happened in the quarter and what is your conviction that you can get to the target that you have for the year?

那麼本季發生了什麼事？

And I did notice your number, the first half, you expect positive free cash flow.

我確實注意到你的數字，上半年，你預計自由現金流為正。

So it seems like you get a lot of that back in Q2?

所以看起來你在第二季得到了很多？

Yeah, I mean, look, we held our guidance that our conviction is clearly how strong that will be within that range.

是的，我的意思是，看，我們堅持我們的指導，我們的信念顯然是在這個範圍內會有多強烈。

I think what I'd actually think the first quarter was a good step forward for us.

我認為第一季對我們來說是向前邁出的一大步。

As I talked about in my comments, we made a strategic investment on the institutional side and the CapEx number.

正如我在評論中談到的，我們在機構方面和資本支出數字上進行了策略性投資。

So it's a that's a elevated CapEx number for the quarter for us specifically in the first quarter.

因此，對我們來說，特別是第一季度，本季的資本支出數字有所上升。

And I think absent that, you would have saw a positive cash flow number versus versus the negative one you saw.

我認為如果沒有這一點，你會看到正的現金流數字而不是負的現金流數字。

So we feel good.

所以我們感覺很好。

And like I said it, we did first as cash flow positive for us, which is different than it was last year and we're set up well.

就像我說的，我們首先是因為現金流對我們來說是正面的，這與去年不同，我們已經準備好了。

I would reiterate that we are spending we continue to spend a ton of time.

我要重申的是，我們正在花費大量時間。

I'm with the team on this This continues to be a very high priority for us.

我和團隊一起解決這個問題，這對我們來說仍然是一個非常重要的優先事項。

And in the company, there is still a lot of room here for us to continue to improve.

而且在公司裡，我們還有很大的空間可以繼續進步。

I mentioned the $11 million in inventory reduction year over year.

我提到庫存比去年同期減少了 1100 萬美元。

So that's beginning to take hold as well, maybe a little bit slower than we'd like.

所以這也開始佔據主導地位，也許比我們希望的要慢一點。

But we feel very good about where we're sitting, but we like our free cash flow guide for the year right now.

但我們對目前的情況感覺非常好，但我們喜歡現在的今年自由現金流指南。

It's helpful, Brian.

這很有幫助，布萊恩。

And then I'm sorry if I missed this detail, but you know, the European integration I just wanted to sort of ask you it happens a lot for our industrial companies in general, so we understand it at the same time.

如果我錯過了這個細節，我很抱歉，但你知道，歐洲一體化我只是想問你，這對我們的工業公司來說經常發生，所以我們同時理解它。

It always is a little surprising when you have it like are there anything is there anything else to focus on any other ERP integrations that we need to sort of care about?

當您擁有它時，總是會有點驚訝，就像還有什麼其他事情可以關注我們需要關心的任何其他 ERP 整合嗎？

Is this really more of a one-off?

這真的更像是一次性的嗎？

And then your commentary around getting the $4 million back, does it really come sooner versus later given the strong orders in nuclear medicine?

然後你關於收回 400 萬美元的評論，考慮到核醫領域的強烈訂單，這真的是更早還是更晚嗎？

Yeah, it's a blip.

是的，這是曇花一現。

I mean, we did and we had some challenges for a couple of weeks as we put it in March were strong.

我的意思是，我們做到了，我們在幾週內遇到了一些挑戰，正如我們在三月所說的那樣，挑戰非常強大。

April was good and on track so we feel good about them.

四月很好，一切都步入正軌，所以我們對他們感覺很好。

Our progress and that kind of coming back, look, I think, will we're evaluating do we do with one more this year, which is pretty it's a smaller business smaller than the nuclear medicine business, even I think we learned a lot from this.

我們的進步和這種回歸，看，我想，我們是否會評估今年我們是否會再做一個，這是一個比核醫學業務更小的業務，即使我認為我們從中學到了很多。

So there's a double down effort on this.

因此，我們需要加倍努力。

It would not be going into one, but the bigger guys also is just so clear on.

它不會進入其中，但更大的傢伙也很清楚。

So yes, I think we'll see one more later in the year.

所以是的，我想今年晚些時候我們還會看到一個。

Again, smaller, I think as you think about the cadence of that coming back.

再說一次，當你考慮回歸的節奏時，我認為更小。

I expect and I expect half of that to come back in the second quarter and the rest probably in the third quarter.

我預計其中一半會在第二季恢復，其餘的可能會在第三季恢復。

And that's more just a capacity and guide us through the process more than anything else.

這只是一種能力，比其他任何東西都更能引導我們完成整個過程。

The orders are robust, continue to be robust, and we feel really good about where the business sits.

訂單強勁，並且持續強勁，我們對業務所處的位置感到非常滿意。

Helpful.

有幫助。

And then maybe just one for Tom, like there's been sort of an increasing crescendo around SMRs and they still have time to sort of make their way into the market obviously.

也許這對 Tom 來說只是一個問題，就像 SMR 的發展勢頭越來越強一樣，而且他們顯然還有時間進入市場。

But like how does that impact sort of the order profile?

但這對訂單概況有何影響？

Could we start to see more along that maybe even as early as '25 or '26?

我們是否可以早在 25 年或 26 年就開始看到更多進展？

I know you've had some already, but like is it meaningful to the quarter profile over the next couple of years, Tom?

我知道您已經有了一些，但是這對未來幾年的季度概況有意義嗎，湯姆？

I would say, Andy, that it will be material but not significant.

安迪，我想說，這將是實質的，但這並不重要。

So I think last year we booked about $10 million in SMR orders.

所以我想去年我們預訂了大約 1000 萬美元的 SMR 訂單。

I don't know that we've disclosed what we anticipate this year, but as we as we look at the activity and look at the nature of the discussions that we're engaged in, my expectation continues to get kind of moved up in terms of, you know, how solid the the demand is likely to be here and the viability in particular of some of the top players in this space overall.

我不知道我們是否已經透露了今年的預期，但當我們審視這一活動並審視我們所參與的討論的性質時，我的預期繼續有所提高你知道，這裡的需求可能有多穩固，尤其是這個領域一些頂級參與者的生存能力。

So my view is that, yes, over our planning horizon, we will see within the nuclear vertical, we will see a material growth in SMR orders.

所以我的觀點是，是的，在我們的規劃範圍內，我們將看到在核垂直領域，我們將看到 SMR 訂單的實質成長。

But again, I wouldn't characterize it as necessarily being significant.

但同樣，我不會認為它一定很重要。

Thank you.

謝謝。

Yuan Zhi, B. Riley Securities.

袁志，B.萊利證券。

Good morning, Tom and Brian.

早上好，湯姆和布萊恩。

Thanks for taking my questions.

感謝您回答我的問題。

I'm just curious about what factors contributed to the order growth for the nuclear medicine this quarter to order growth 17% quarter over quarter and the backlog doubled year over year.

我只是好奇是什麼因素導致核醫本季訂單成長，訂單較上季成長17%，積壓訂單較去年同期翻倍。

Should we anticipate similar growth trend throughout the year?

我們是否應該預期全年會有類似的成長趨勢？

Well, the I guess your I would say that when we look at the nuclear medicine space, as you know, this space above all others, I think is likely to grow at the fastest rate.

好吧，我想你會說，當我們審視核醫領域時，如你所知，這個領域高於其他所有領域，我認為可能會以最快的速度成長。

There is a a revolution taking place in radioligand therapy that will have a massive impact on cancer treatment modalities throughout the world.

放射性配體治療正在發生一場革命，這將對全世界的癌症治療方式產生巨大影響。

And we believe we're well positioned to take it to participate in this through a combination of our legacy position as market leader and does calibration instruments and a variety of compounding and transport and clinical assessment instrumentation in the nuclear medicine space Secondly, through the acquisition of the EC squared software platform, which is the leading data management and workflow software platform in the nuclear medicine space in North America.

我們相信，透過結合我們作為市場領導者的傳統地位，我們有能力參與這一領域，並在核醫學領域提供校準儀器以及各種混合、運輸和臨床評估儀器。北美核子醫學領域領先的資料管理和工作流程軟體平台。

And then thirdly, through the ability for us to leverage the first two items to really bring to the market, a much broader solution set that encompasses much of our legacy instrumentation that historically has been deployed exclusively on the technology side.

第三，透過我們能夠利用前兩項真正向市場推出更廣泛的解決方案集，其中包含我們歷史上僅在技術方面部署的大部分遺留儀器。

So when you look at the combination of a market that I think axiomatic Clay is going to increase at a very strong rate coupled with the, um, the strengthening position that we have in that space.

因此，當你看到市場的組合時，我認為不言而喻的克萊將以非常強勁的速度成長，再加上我們在這個領域的強化地位。

Our view is that the growth prospects here will be positive, and I wouldn't necessarily be specific about the first part of your question, but I would tell you that we're very bullish about the larger prospects in this space.

我們的觀點是，這裡的成長前景將是正面的，我不一定會具體說明你問題的第一部分，但我會告訴你，我們非常看好這個領域的更大前景。

Got it.

知道了。

That's very helpful.

這非常有幫助。

And another question we have is recently, you mentioned that about [60% -- 60% of your life sciences] lab already had acted activity is DOE foundation and focusing all the environmental environmental remediation and government ways to fight.

我們的另一個問題是最近，您提到大約[60% - 60%的生命科學]實驗室已經採取了能源部基金會的活動，並集中所有環境環境整治和政府的應對方式。

Do you see this continue to be the main driver of that category?

您認為這仍然是該類別的主要驅動力嗎？

Or how should we look at this going forward?

或者說我們應該如何看待這個問題？

We see that as a very solid foundation and for many decades, that has been the case.

我們認為這是一個非常堅實的基礎，幾十年來一直是如此。

And we don't we don't see that that base that foundation, that historical presence, not only the American DoD space but globally and many of the many of the top people analogs how we see that continuing.

我們沒有看到那個基礎、那個歷史存在，不僅在美國國防部領域，而且在全球範圍內，許多高層人士都與我們如何看待這種情況的持續存在類似。

But when we look at it, what is beyond that in the life sciences space, where kind of the core of what we do there is to develop and field very, very accurate spectroscopic instruments that are that have a very high degree of resolution and are incredibly important for understanding the composition of on those samples.

但是，當我們審視它時，會發現生命科學領域之外的東西，我們所做的核心工作是開發和部署非常非常精確的光譜儀器，這些儀器具有非常高的分辨率，並且對於了解這些樣品的成分非常重要。

But we see the ability to extend that further.

但我們看到了進一步擴展這一點的能力。

And a good example would would be nuclear medicine, whereas we are seeing an evolution in the therapeutic strategies, in particular, a shift toward a hub, an acutely elevated focus on alpha emitters, where there is a tremendous opportunity, I think, to bring our unparalleled gamma spectra of gamma spectroscopy capabilities to bear in a way that would actually improve clinical efficiency and safety.

一個很好的例子是核醫學，而我們正在看到治療策略的演變，特別是向中心的轉變，對阿爾法發射體的高度關注，我認為那裡有巨大的機會我們無與倫比的伽馬能譜能力實際上可以提高臨床效率和安全性。

So our view is that over time that we see many opportunities to really kind of build beyond that base that historical DOD related base in this space overall costs.

因此，我們的觀點是，隨著時間的推移，我們看到許多機會真正超越該領域的歷史國防部相關基地的整體成本。

Thank you so much for taking our questions.

非常感謝您接受我們的提問。

This concludes our question-and-answer session, I would like to turn the conference back over to Tom Logan closing remarks.

我們的問答環節到此結束，我想將會議轉回湯姆·洛根的閉幕詞。

Ladies and gentlemen, thank you for participating today and let me just wrap up with a few closing comments.

女士們、先生們，感謝你們今天的參與，讓我以幾個結束語作為結束語。

Firstly, we continue to see very strong demand and engagement across our end markets.

首先，我們持續看到終端市場的需求和參與度非常強勁。

We're well positioned to take advantage of these positive macro trends driving growth, and we're committed to superior execution.

我們處於有利位置，可以利用這些積極的宏觀趨勢來推動成長，並且我們致力於卓越的執行力。

Our financial performance for Q1 was in line with our expectations, and I'm proud of the execution within our technologies business and the resulting adjusted EBITDA margin expansion we reported today.

我們第一季的財務表現符合我們的預期，我對我們技術業務的執行力以及我們今天報告的調整後 EBITDA 利潤率擴張感到自豪。

We remain focused on improving our free cash flow dynamics heading into the rest of '24 and beyond.

在 2024 年剩餘時間及以後，我們將繼續致力於改善我們的自由現金流動態。

We continue to expect to be cash flow positive in the first half of the year and have reiterated our cash flow guide for the full year.

我們繼續預期上半年現金流為正，並重申了全年現金流指引。

Overall, I'm proud of our first quarter results and believe the business is solidly on track to deliver the year.

總的來說，我對我們第一季的業績感到自豪，並相信我們的業務正在穩步實現今年的目標。

We look forward to updating you with our second-quarter results in a few months.

我們期待在幾個月後向您通報我們第二季的最新業績。

So again, thank you for participating today.

再次感謝您今天的參與。

And operator, that will conclude the call.

接線員將結束通話。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation, and you may now disconnect.

感謝您參加今天的演示，您現在可以斷開連接了。