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Does AtriCure (NASDAQ:ATRC) Have A Healthy Balance Sheet?
Does AtriCure (NASDAQ:ATRC) Have A Healthy Balance Sheet?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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?
When Is Debt A Problem?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for AtriCure
What Is AtriCure's Net Debt?
The chart below, which you can click on for greater detail, shows that AtriCure had US$60.0m in debt in June 2022; about the same as the year before. However, its balance sheet shows it holds US$118.5m in cash, so it actually has US$58.5m net cash.
NasdaqGM:ATRC Debt to Equity History September 10th 2022How Healthy Is AtriCure's Balance Sheet?
The latest balance sheet data shows that AtriCure had liabilities of US$56.3m due within a year, and liabilities of US$74.4m falling due after that. Offsetting this, it had US$118.5m in cash and US$41.5m in receivables that were due within 12 months. So it can boast US$29.3m more liquid assets than total liabilities.
Having regard to AtriCure's size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the US$2.16b company is short on cash, but still worth keeping an eye on the balance sheet. Succinctly put, AtriCure boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if AtriCure can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
In the last year AtriCure wasn't profitable at an EBIT level, but managed to grow its revenue by 25%, to US$303m. Shareholders probably have their fingers crossed that it can grow its way to profits.
So How Risky Is AtriCure?
Although AtriCure had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of US$53m. So taking that on face value, and considering the cash, we don't think its very risky in the near term. We think its revenue growth of 25% is a good sign. There's no doubt fast top line growth can cure all manner of ills, for a stock. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - AtriCure has 1 warning sign we think you should be aware of.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。与许多其他公司一样AtriCure,Inc.纳斯达克(Temasek Holdings:ATRC)利用债务。但股东是否应该担心它的债务使用情况?
什么时候债务是个问题?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。当然,许多公司利用债务为增长提供资金,没有任何负面后果。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对AtriCure的最新分析
AtriCure的净债务是多少?
下面的图表显示,AtriCure在2022年6月的债务为6000万美元,与前一年大致相同。您可以点击查看更多详细信息。然而,其资产负债表显示,它持有1.185亿美元现金,因此它实际上拥有5850万美元的净现金。
NasdaqGM:ATRC债转股历史2022年9月10日AtriCure的资产负债表有多健康?
最新的资产负债表数据显示,AtriCure有5630万美元的债务在一年内到期,7440万美元的债务在一年后到期。作为抵消,它有1.185亿美元的现金和4150万美元的应收账款在12个月内到期。因此,它可以吹嘘自己的流动资产比总计负债。
考虑到AtriCure的规模,其流动资产与总负债似乎达到了很好的平衡。因此,这家市值21.6亿美元的公司现金短缺的可能性很小,但仍值得关注其资产负债表。简而言之,AtriCure拥有净现金,所以公平地说,它没有沉重的债务负担!在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定AtriCure能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
去年,AtriCure没有实现息税前利润,但其收入增长了25%,达到3.03亿美元。股东们可能会祈祷它能以自己的方式增长并实现盈利。
那么,AtriCure的风险有多大?
尽管AtriCure在过去12个月中出现息税前收益(EBIT)亏损,但它实现了5300万美元的法定利润。因此,从表面上看,考虑到现金,我们认为短期内风险不是很大。我们认为其营收增长25%是一个好兆头。毫无疑问,对于一只股票来说,快速的营收增长可以治愈所有的疾病。在分析债务水平时,资产负债表显然是一个起点。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。例如-AtriCure拥有1个警告标志我们认为你应该意识到。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
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