Is AtriCure (NASDAQ:ATRC) Weighed On By Its Debt Load?
Is AtriCure (NASDAQ:ATRC) Weighed On By Its Debt Load?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies AtriCure, Inc. (NASDAQ:ATRC) makes use of debt. But should shareholders be worried about its use of debt?
大衛·伊本說得很好:「波動性並不是我們關心的風險。我們所關心的是避免永久性的資本損失。」在我們考量一家公司的風險程度時,我們通常會關注它的負債使用情況,因爲負債超載可能導致滅頂之災。和許多其他公司一樣,AtriCure公司(NASDAQ:ATRC)也使用了負債。但是股東應該擔心它的負債使用嗎?
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
債務可爲企業提供資金,直到企業用新的資本或自由現金流償還爲止。如果情況變得非常糟糕,借款人可以控制企業。然而,更頻繁(但仍需付出昂貴代價)的情況是,公司必須以低於市場價格的價格發行股票,永久稀釋股東,以籌集資金以支撐其資產負債表。當然,債務可以是企業的重要工具,尤其是在資本密集型企業中。考慮到公司使用債務的情況,我們首先要看現金和債務的整體情況。
What Is AtriCure's Net Debt?
AtriCure的淨債務是什麼?
The chart below, which you can click on for greater detail, shows that AtriCure had US$61.9m in debt in June 2024; about the same as the year before. However, its balance sheet shows it holds US$114.0m in cash, so it actually has US$52.2m net cash.
下面的圖表顯示,AtriCure在2024年6月有6190萬美元的債務,與前一年相當。然而,它的資產負債表顯示它持有11400萬美元的現金,所以實際上有5220萬美元的淨現金。
![1724331402322](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240822/46913774-0-049326b942b18372530c8bc76655f8bd.avif/big)
How Strong Is AtriCure's Balance Sheet?
AtriCure的資產負債表有多強大?
We can see from the most recent balance sheet that AtriCure had liabilities of US$61.2m falling due within a year, and liabilities of US$74.0m due beyond that. Offsetting this, it had US$114.0m in cash and US$55.6m in receivables that were due within 12 months. So it can boast US$34.4m more liquid assets than total liabilities.
從最新的資產負債表來看,AtriCure在一年內到期的負債爲6120萬美元,超過一年到期的負債爲7400萬美元。與此相抵,它有11400萬美元的現金和5560萬美元的應收賬款,這些應收賬款在12個月內到期。因此,它的流動資產比總負債多了3440萬美元。
This surplus suggests that AtriCure has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, AtriCure boasts net cash, so it's fair to say it does not have a heavy debt load! There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine AtriCure's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
這種盈餘表明AtriCure有一個保守的資產負債表,很可能在不太困難的情況下消除債務。簡言之,AtriCure是淨現金,所以可以說它沒有沉重的債務負擔!毫無疑問,我們從資產負債表中了解到的債務是最多的。但是未來的收益,而不是其他任何因素,將決定AtriCure保持健康資產負債表的能力。因此,如果您關注未來,可以查看這份免費報告,其中顯示了分析師的盈利預測。
Over 12 months, AtriCure reported revenue of US$430m, which is a gain of 18%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.
在12個月內,AtriCure報告了43000萬美元的營業收入,增長了18%,儘管沒有報告任何利息和稅前收益。我們通常希望看到虧損公司的增長更快,但這是個人的選擇。
So How Risky Is AtriCure?
那麼AtriCure有多大風險?
Statistically speaking companies that lose money are riskier than those that make money. And we do note that AtriCure had an earnings before interest and tax (EBIT) loss, over the last year. And over the same period it saw negative free cash outflow of US$20m and booked a US$40m accounting loss. But the saving grace is the US$52.2m on the balance sheet. That means it could keep spending at its current rate for more than two years. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Be aware that AtriCure is showing 2 warning signs in our investment analysis , you should know about...
從統計數據來看,虧損的公司比盈利的公司更具風險。我們確實注意到,AtriCure在過去一年中出現了利息和稅前收益(EBIT)虧損。同期,它的自由現金流流出是2000萬美元,賬面損失是4000萬美元。但拯救之恩是資產負債表上的5220萬美元。這意味着它可以以當前的速度繼續支出兩年以上。雖然它的資產負債表看起來足夠流動,但是如果一家公司沒有定期產生自由現金流,債務總是會讓我們有些不安。當你分析債務時,資產負債表顯然是需要關注的領域。然而,並非所有的投資風險都存在於資產負債表中,遠非如此。請注意,通過我們的投資分析,AtriCure顯示了兩個警告信號,您應該知道...
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
說到底,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。
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