Benzinga | Nov 11, 2021 08:11AM EST

Mirion Technologies To Buy Computerized Imaging Reference Systems, No Terms Disclosed

Mirion Technologies, Inc. (NYSE:MIR)("Mirion"), a global provider of detection, measurement, analysis and monitoring solutions to the medical, nuclear, defense, and research end markets, today announced the signing of a definitive agreement to acquire Computerized Imaging Reference Systems, Inc. ("CIRS"), a leading provider of medical imaging and radiation therapy phantoms serving the medical industry.

CIRS specializes in the design, development and commercialization of tissue equivalent medical imaging and radiation therapy phantoms for the radiotherapy and radio-diagnostic markets. The company is headquartered in Norfolk, Virginia and serves a diverse and global customer base including medical imaging and radiation therapy OEMs, and clinicians, with approximately 80 employees.

CIRS, which will be integrated into Mirion's Medical segment, expects to generate Adjusted Revenue1 and Adjusted EBITDA1,2 of approximately $16 million and $5 million, respectively, for the calendar year 2022. In addition, Mirion expects CIRS margins to improve via synergies over time as it leverages its global platform to catalyze efficiency gains. The acquisition is anticipated to be accretive to Mirion's adjusted EBITDA margins, excluding one-time costs related to the integration. The transaction is expected to close in the fourth quarter of calendar year 2021 for a purchase price of approximately $54 million, subject to the satisfaction of customary closing conditions.

The critical technology of CIRS is used to:

* Calibrate and test diagnostic imaging and radiation therapy equipment;

* Measure radiation dose in specific anatomical geometries;

* Maintain critical quality assurance standards; and

* Improve patient outcomes.

Mirion CEO Thomas Logan said, "I am pleased to welcome the CIRS team to the Mirion family. We are excited to augment our medical segment focus through the integration of CIRS' product, software, and services capabilities. Together, we will strive to improve patient care and outcomes in both therapeutic and diagnostic applications. This acquisition is part of our broader inorganic growth strategy to add accretive, complementary businesses to enhance our product portfolio and better serve our customers."