ATLANTA, GA – Thomas D. Logan, Chief Executive Officer of Mirion Technologies, Inc. (NYSE:MIR), has sold a total of 7,500 shares of the company's Class A common stock, according to a recent filing with the Securities and Exchange Commission. The transaction, executed on July 24, 2024, amounted to $81,503, with the shares being sold at a weighted average price of $10.8671.
The sale was conducted under a Rule 10b5-1 trading plan, which was adopted by Aere Perennius, LLC on February 27, 2024. Aere Perennius, LLC holds interests in trusts for the benefit of Logan's adult children. Mary Logan Martineau, as Investment Trustee, has sole voting and dispositive power over the shares held by Aere Perennius, LLC. It should be noted that Logan disclaims ownership of these shares, except to the extent of his pecuniary interest.
On the same day, the company issued 7,500 shares of Class A common stock to Aere Perennius, LLC, pursuant to a redemption on a one-for-one basis of Class B common stock of Mirion IntermediateCo, Inc. Following this transaction, the total shares of Class A common stock owned by Aere Perennius, LLC were reported to be 7,500. Concurrently, an equivalent number of shares of Class B common stock held by Aere Perennius, LLC were canceled.
The transactions resulted in Logan's indirect ownership through Aere Perennius, LLC adjusting to 2,573,871 shares of Class B common stock and zero shares of Class A common stock following the reported sales. Additionally, direct holdings in Class A and Class B common stock were reported at 755,790 and 1,544,017 shares respectively.
Investors and followers of Mirion Technologies, a company specializing in measuring and controlling devices, can access further details of these transactions through the company's filing with the SEC. The company's stock, listed on the New York Stock Exchange under the ticker MIR, may be influenced by such transactions as market participants interpret the buying and selling activities of its executives.
In other recent news, Mirion Technologies reported a robust first quarter 2024 earnings with a 5.5% organic revenue growth and 8% adjusted EBITDA growth. The company has reaffirmed its 2024 guidance of 4-6% organic revenue growth and adjusted EBITDA between $193-203 million. Mirion's strategic initiatives include the commercialization of its InstadoseVUE technology and a focus on strategic mergers and acquisitions, set to bolster its position in its core markets.
In addition, Mirion has announced a final call for the exercise of its public warrants. Holders have until May 20, 2024, to exercise their warrants to purchase shares of the company’s Class A common stock. After this deadline, any unexercised public warrants will be void and non-exercisable, and holders will only be entitled to receive a redemption price of $0.10 per warrant.
These developments are part of Mirion's commitment to radiation safety and precision technology across various end markets, including medical, nuclear, defense, and research. Despite a flat order growth in Q1, the company anticipates a backlog increase by year-end and is committed to improving execution across various business areas.
InvestingPro Insights
As investors analyze the recent share transactions by Thomas D. Logan, CEO of Mirion Technologies, Inc., it's important to consider the company's financial health and future prospects. Mirion Technologies, currently with a market capitalization of $2.28 billion, is navigating through a challenging financial landscape. An InvestingPro Tip reveals that analysts expect net income growth this year for MIR, which could signal a turnaround from previous performance. This is particularly noteworthy given that the company has not been profitable over the last twelve months, as of Q1 2024.
InvestingPro Data provides a broader look at the company's valuation and performance metrics. The P/E ratio stands at -26.85, reflecting investor sentiment about the company's future earnings potential. Meanwhile, the revenue growth for the last twelve months as of Q1 2024 was a solid 10.14%, indicating that despite past profitability challenges, the company is expanding its top-line sales.
From a liquidity standpoint, Mirion Technologies appears to be in a stable position, with liquid assets surpassing short-term obligations. This is a reassuring sign for investors considering the company's ability to meet its immediate financial commitments. Additionally, it's worth noting that the company does not pay a dividend, which could be a factor for income-focused investors. For those interested in a deeper dive, there are additional InvestingPro Tips available that could provide more nuanced insights into Mirion Technologies' financial outlook. To explore these further, visit https://www.investing.com/pro/MIR and remember to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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