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We Think Revolution Medicines (NASDAQ:RVMD) Can Afford To Drive Business Growth
We Think Revolution Medicines (NASDAQ:RVMD) Can Afford To Drive Business Growth
Just because a business does not make any money, does not mean that the stock will go down. For example, although Amazon.com made losses for many years after listing, if you had bought and held the shares since 1999, you would have made a fortune. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.
So, the natural question for Revolution Medicines (NASDAQ:RVMD) shareholders is whether they should be concerned by its rate of cash burn. For the purpose of this article, we'll define cash burn as the amount of cash the company is spending each year to fund its growth (also called its negative free cash flow). We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.
Check out our latest analysis for Revolution Medicines
Does Revolution Medicines Have A Long Cash Runway?
A company's cash runway is calculated by dividing its cash hoard by its cash burn. As at June 2022, Revolution Medicines had cash of US$461m and no debt. In the last year, its cash burn was US$193m. So it had a cash runway of about 2.4 years from June 2022. Arguably, that's a prudent and sensible length of runway to have. The image below shows how its cash balance has been changing over the last few years.
NasdaqGS:RVMD Debt to Equity History September 15th 2022How Well Is Revolution Medicines Growing?
At first glance it's a bit worrying to see that Revolution Medicines actually boosted its cash burn by 48%, year on year. And we must say we find it concerning that operating revenue dropped 32% over the same period. Considering both these metrics, we're a little concerned about how the company is developing. While the past is always worth studying, it is the future that matters most of all. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.
How Hard Would It Be For Revolution Medicines To Raise More Cash For Growth?
Revolution Medicines seems to be in a fairly good position, in terms of cash burn, but we still think it's worthwhile considering how easily it could raise more money if it wanted to. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. Many companies end up issuing new shares to fund future growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.
Revolution Medicines' cash burn of US$193m is about 11% of its US$1.7b market capitalisation. Given that situation, it's fair to say the company wouldn't have much trouble raising more cash for growth, but shareholders would be somewhat diluted.
So, Should We Worry About Revolution Medicines' Cash Burn?
On this analysis of Revolution Medicines' cash burn, we think its cash runway was reassuring, while its falling revenue has us a bit worried. While we're the kind of investors who are always a bit concerned about the risks involved with cash burning companies, the metrics we have discussed in this article leave us relatively comfortable about Revolution Medicines' situation. Separately, we looked at different risks affecting the company and spotted 4 warning signs for Revolution Medicines (of which 1 is a bit unpleasant!) you should know about.
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, and this list of stocks growth stocks (according to analyst forecasts)
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.
仅仅因为一家企业没有赚到钱,并不意味着股票会下跌。例如,虽然亚马逊上市后多年亏损,但如果你从1999年开始买入并持有股票,你就会发大财。尽管如此,只有傻瓜才会忽视这样一个风险,即一家亏损的公司太快地烧掉了现金。
所以,自然的问题是革命医药纳斯达克(Sequoia Capital:RVMD)股东担心的是,他们是否应该关注其烧钱的速度。就本文而言,我们将现金消耗定义为公司每年为其增长提供资金的现金数量(也称为负自由现金流)。我们将首先将其现金消耗与其现金储备进行比较,以计算其现金跑道。
查看我们对革命药物的最新分析
革命药品公司有很长的现金跑道吗?
一家公司的现金跑道是通过将其现金储备除以现金消耗来计算的。截至2022年6月,革命医药公司的现金为4.61亿美元,没有债务。去年,它的现金消耗为1.93亿美元。因此,从2022年6月开始,它的现金跑道大约有2.4年。可以说,这是一个谨慎和合理的跑道长度。下图显示了其现金余额在过去几年中的变化情况。
NasdaqGS:RVMD债转股历史2022年9月15日革命药品的增长情况如何?
乍一看,革命药品公司实际上将其现金消耗同比增加了48%,这有点令人担忧。我们必须说,我们发现同期营业收入下降了32%。考虑到这两个指标,我们有点担心公司是如何发展的。虽然过去总是值得研究的,但最重要的是未来。因此,看看我们的分析师对该公司的预测是很有意义的。
革命医药公司为增长筹集更多现金的难度有多大?
就烧钱而言,革命医药公司似乎处于相当有利的地位,但我们仍然认为,如果它想筹集更多资金,它有多容易筹集到更多资金,这是值得考虑的。一般来说,上市企业可以通过发行股票或承担债务来筹集新的现金。许多公司最终发行新股,为未来的增长提供资金。通过观察一家公司相对于其市值的现金消耗,我们可以洞察到,如果公司需要筹集足够的现金来支付另一年的现金消耗,股东将被稀释多少。
革命医药公司1.93亿美元的现金消耗约占其17亿美元市值的11%。在这种情况下,公平地说,该公司将不会有太多困难筹集更多现金来实现增长,但股东的股份将被稀释。
那么,我们应该担心革命药品公司的烧钱吗?
在对革命医疗公司烧钱的分析中,我们认为它的现金跑道令人放心,而它不断下降的收入让我们有点担心。虽然我们是那种总是有点担心烧钱公司所涉及的风险的投资者,但我们在本文中讨论的指标让我们对Revine Medicines的情况相对放心。另外,我们研究了影响公司的不同风险,并发现了革命药品的4个警示标志(其中1个有点不愉快!)你应该知道。
当然了,如果你把目光投向别处,你可能会发现这是一笔很棒的投资。所以让我们来看看这个免费感兴趣的公司名单,以及这份名单中的成长股(根据分析师预测)
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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