Mirion acquires Computerized Imaging Reference Systems for $54 million

by John R. Fischer, Senior Reporter | December 10, 2021
Business Affairs Rad Oncology
Mirion has acquired Computerized Imaging Reference Systems for $54 million
Mirion Technologies has completed its acquisition of Computerized Imaging Reference Systems for approximately $54 million.

A manufacturer of medical imaging and radiation therapy phantoms, CIRS' technology is used to calibrate and test diagnostic imaging and radiation therapy equipment, measure radiation dose in specific anatomical geometries, and help maintain critical quality assurance standards, all to improve patient outcomes.

CIRS has its headquarters in Norfolk, Virginia and employs a staff of 80 to manage a global customer base of medical imaging and radiation therapy OEMs and clinicians. The decision to acquire it was announced previously in early November.

“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,” said Mirion CEO Thomas Logan in a statement at the time of the announcement.

CIRS will be integrated into Mirion’s medical segment and is expected to produce approximately $16 million in adjusted revenue and $5 million in adjusted EBITDA for the calendar year 2022. Additionally, its margins are expected to improve over time as it grows in efficiency. The deal is anticipated to be accretive to Mirion’s adjusted EBITDA margins, excluding one-time costs related to the integration.

Mirion recently completed its business combination with GS Acquisition Holdings Corp II, which changed its name to Mirion Technologies Inc. upon the closing of the deal. The transaction raised approximately $604 million from GSAH trust proceeds, $900 million from a fully committed common stock private placement (PIPE) and $830 million from a senior secured term loan financing. It also made Mirion a publicly traded company on the New York Stock Exchange.

It also just acquired Dosimetry Badge, a small, U.S.-based distributor of personal dosimeter badges that serves veterinary centers, chiropractic clinics, hospitals, radiology centers and nuclear medicine departments. The deal strengthens Mirion’s position in the U.S. dosimetry market.

Mirion did not respond to HCB News for comment.

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