News | Radiation Therapy | December 10, 2021

The acquisition will expand the company's capabilities in its existing medical platform

Mirion Technologies, Inc., 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.

December 10, 2021 — Mirion Technologies, Inc., 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 Revenue and Adjusted EBITDA 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.”

For more information: www.ir.mirion.com

Related Content

Feature | Magnetic Resonance Imaging (MRI) | Christine Book

The imaging community has lost a legend, recognized for having revolutionized the field of diagnostic medicine. Raymond ...

Time August 10, 2022
arrow
News | Breast Imaging

August 8, 2022 — The U.S. Food and Drug Administration approved Enhertu (fam-trastuzumab-deruxtecan-nxki), an IV ...

Time August 08, 2022
arrow
News | Lung Imaging

August 8, 2022 — Representatives from the Diagnostics Working Group of the IASLC Early Detection and Screening Committee ...

Time August 08, 2022
arrow
News | Lung Imaging

August 8, 2022 — A clinical trial is only as powerful as its participants. For years, researchers have struggled to fill ...

Time August 08, 2022
arrow
News | Proton Therapy

August 5, 2022 — IBA (Ion Beam Applications S.A., EURONEXT), a world leader in particle accelerator technology, Fred ...

Time August 05, 2022
arrow
News | Radiology Business

August 5, 2022 — The American College of Radiology (ACR) continues to lead a coalition of physician and non-physician ...

Time August 05, 2022
arrow
News | Radiology Business

August 4, 2022 — The Biden Administration, through the U.S. Department of Health and Human Services and the Centers for ...

Time August 04, 2022
arrow
News | Lung Imaging

August 2, 2022 — Ochsner Health has announced that the recipient of the 37th Annual Alton Ochsner Award Relating Smoking ...

Time August 02, 2022
arrow
Feature | Oncology Information Management Systems (OIMS)

August 2, 2022 — The oncology information systems market is projected to be worth $2.59 Bn by 2022 and is expected to ...

Time August 02, 2022
arrow
News | ACR

August 2, 2022 — The American College of Radiology (ACR) Center for Research and Innovation (CRI) will serve as the ...

Time August 02, 2022
arrow
Subscribe Now