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Cerus (NASDAQ:CERS) Has Debt But No Earnings; Should You Worry?
Cerus (NASDAQ:CERS) Has Debt But No Earnings; Should You Worry?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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 Cerus Corporation (NASDAQ:CERS) makes use of debt. But the real question is whether this debt is making the company risky.
When Is Debt A Problem?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
View our latest analysis for Cerus
What Is Cerus's Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Cerus had US$69.7m of debt, an increase on US$64.0m, over one year. But it also has US$107.0m in cash to offset that, meaning it has US$37.3m net cash.
NasdaqGM:CERS Debt to Equity History September 13th 2022How Healthy Is Cerus' Balance Sheet?
According to the last reported balance sheet, Cerus had liabilities of US$79.3m due within 12 months, and liabilities of US$60.4m due beyond 12 months. Offsetting these obligations, it had cash of US$107.0m as well as receivables valued at US$26.8m due within 12 months. So it has liabilities totalling US$5.81m more than its cash and near-term receivables, combined.
This state of affairs indicates that Cerus' balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the US$756.2m company is struggling for cash, we still think it's worth monitoring its balance sheet. Despite its noteworthy liabilities, Cerus boasts net cash, so it's fair to say it does not have a heavy debt load! The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Cerus's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Over 12 months, Cerus reported revenue of US$154m, which is a gain of 45%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.
So How Risky Is Cerus?
Statistically speaking companies that lose money are riskier than those that make money. And the fact is that over the last twelve months Cerus lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of US$30m and booked a US$42m accounting loss. But at least it has US$37.3m on the balance sheet to spend on growth, near-term. With very solid revenue growth in the last year, Cerus may be on a path to profitability. Pre-profit companies are often risky, but they can also offer great rewards. 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Cerus you should know about.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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.
伯克希爾哈撒韋的外部基金經理理想汽車·盧直言不諱地説,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。當我們考慮一家公司的風險有多大時,我們總是喜歡看它對債務的使用,因為債務過重可能導致破產。與許多其他公司一樣Cerus公司納斯達克(Sequoia Capital:CERS)利用債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
什麼時候債務是個問題?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。然而,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。然而,通過取代稀釋,對於需要資本投資於高回報率增長的企業來説,債務可以成為一個非常好的工具。當我們考慮一家公司的債務用途時,我們首先會把現金和債務放在一起看。
查看我們對Cerus的最新分析
塞魯斯的債務是什麼?
你可以點擊下圖查看歷史數據,但它顯示,截至2022年6月,Cerus的債務為6970萬美元,比一年前增加了6400萬美元。但它也有1.07億美元的現金來抵消這一點,這意味着它有3730萬美元的淨現金。
NasdaqGM:CERS債轉股歷史2022年9月13日Cerus的資產負債表有多健康?
根據最新報告的資產負債表,Cerus有7930萬美元的負債在12個月內到期,6040萬美元的負債在12個月後到期。為了抵消這些債務,它有1.07億美元的現金以及價值2680萬美元的應收賬款在12個月內到期。因此,它的負債總額比現金和近期應收賬款的總和高出581萬美元。
這種情況表明,Cerus的資產負債表看起來相當穩健,其總負債與流動資產大致相同。因此,儘管很難想象這家市值7.562億美元的公司正在苦苦掙扎,但我們仍然認為,值得監控其資產負債表。儘管有值得注意的負債,Cerus擁有淨現金,所以公平地説,它沒有沉重的債務負擔!當你分析債務時,資產負債表顯然是你關注的領域。但最重要的是,未來的收益將決定Cerus未來保持健康資產負債表的能力。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
在12個月的時間裏,Cerus報告了1.54億美元的收入,增長了45%,儘管它沒有報告任何息税前收益。股東們可能會祈禱它能以自己的方式增長並實現盈利。
那麼,Cerus的風險有多大呢?
從統計上講,虧損的公司比賺錢的公司風險更大。事實是,在過去的12個月裏,Cerus在息税前收益(EBIT)線上虧損。同期,該公司出現了3000萬美元的負自由現金流出,並計入了4200萬美元的會計損失。但至少它的資產負債表上有3730萬美元可用於短期增長。由於去年收入增長非常強勁,Cerus可能正走上盈利之路。盈利前的公司往往存在風險,但它們也可以提供豐厚的回報。當你分析債務時,資產負債表顯然是你關注的領域。然而,並非所有投資風險都存在於資產負債表中--遠非如此。這些風險可能很難發現。每家公司都有它們,我們已經發現穀神星的2個警告信號你應該知道。
如果你有興趣投資於可以在沒有債務負擔的情況下增長利潤的企業,那麼看看這個免費資產負債表上有淨現金的成長型企業名單。
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本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
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