Tactile Systems Technology (NASDAQ:TCMD) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
Tactile Systems Technology (NASDAQ:TCMD) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
Investors were disappointed with Tactile Systems Technology, Inc.'s (NASDAQ:TCMD) earnings, despite the strong profit numbers. Our analysis uncovered some concerning factors that we believe the market might be paying attention to.
投資者對Tactile Systems Technology, Inc.感到失望。s(納斯達克股票代碼:TCMD)的收益,儘管利潤數據強勁。我們的分析發現了一些我們認爲市場可能會關注的令人擔憂的因素。
See our latest analysis for Tactile Systems Technology
查看我們對觸覺系統技術的最新分析
One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. Tactile Systems Technology expanded the number of shares on issue by 17% over the last year. Therefore, each share now receives a smaller portion of profit. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. You can see a chart of Tactile Systems Technology's EPS by clicking here.
評估收益質量的一個重要方面是研究一家公司在多大程度上稀釋了股東。觸覺系統科技將已發行股票數量比去年增加了17%。因此,每股現在獲得的利潤比例較小。在不注意每股收益的情況下談論淨收益,就是被大數字分散注意力,而忽略與之交談的較小數字 每股 價值。點擊此處,您可以查看觸覺系統科技的每股收益圖表。
A Look At The Impact Of Tactile Systems Technology's Dilution On Its Earnings Per Share (EPS)
看看觸覺系統科技的稀釋對其每股收益(EPS)的影響
Three years ago, Tactile Systems Technology lost money. Zooming in to the last year, we still can't talk about growth rates coherently, since it made a loss last year. But mathematics aside, it is always good to see when a formerly unprofitable business come good (though we accept profit would have been higher if dilution had not been required). So you can see that the dilution has had a bit of an impact on shareholders.
三年前,觸覺系統技術公司蒙受了損失。放眼去年,我們仍然無法連貫地談論增長率,因爲去年增長率出現虧損。但是,拋開數學不談,看看以前無利可圖的企業何時好起來總是件好事(儘管我們承認,如果不要求稀釋,利潤本來會更高)。因此,你可以看到稀釋對股東產生了一些影響。
If Tactile Systems Technology's EPS can grow over time then that drastically improves the chances of the share price moving in the same direction. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.
如果Tactile Systems Technology的每股收益能夠隨着時間的推移而增長,那麼這將大大提高股價朝着同一方向上漲的機會。但是,如果其利潤增加而每股收益保持不變(甚至下降),那麼股東可能看不到太多好處。出於這個原因,你可以說從長遠來看,每股收益比淨收入更重要,前提是目標是評估公司的股價是否可能上漲。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。
How Do Unusual Items Influence Profit?
不尋常的物品如何影響利潤?
Finally, we should also consider the fact that unusual items boosted Tactile Systems Technology's net profit by US$1.5m over the last year. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And, after all, that's exactly what the accounting terminology implies. If Tactile Systems Technology doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
最後,我們還應該考慮這樣一個事實,即不尋常的項目使Tactile Systems Technology的淨利潤比去年增加了150萬美元。雖然我們希望看到利潤增加,但當不尋常的物品做出重大貢獻時,我們往往會更加謹慎一些。當我們計算數千家上市公司的數字時,我們發現,特定年份中不尋常的項目所帶來的提振通常不會在第二年重演。而且,畢竟,這正是會計術語的含義。如果Tactile Systems Technology認爲這一貢獻不會重演,那麼在其他條件相同的情況下,我們預計其本年度的利潤將下降。
Our Take On Tactile Systems Technology's Profit Performance
我們對觸覺系統技術的利潤表現的看法
To sum it all up, Tactile Systems Technology got a nice boost to profit from unusual items; without that, its statutory results would have looked worse. And furthermore, it went and issued plenty of new shares, ensuring that each shareholder (who did not tip more money in) now owns a smaller proportion of the company. Considering all this we'd argue Tactile Systems Technology's profits probably give an overly generous impression of its sustainable level of profitability. So while earnings quality is important, it's equally important to consider the risks facing Tactile Systems Technology at this point in time. Be aware that Tactile Systems Technology is showing 2 warning signs in our investment analysis and 1 of those is a bit concerning...
總而言之,Tactile Systems Technology從不尋常的項目中獲得了不錯的利潤提振;如果沒有這些,其法定結果就會變得更糟。此外,它還發行了大量新股,確保每位股東(沒有投入更多資金)現在擁有公司較小比例的股份。考慮到所有這些,我們認爲Tactile Systems Technology的利潤可能給人一種對其可持續盈利水平的過於慷慨的印象。因此,儘管收益質量很重要,但考慮觸覺系統技術目前面臨的風險同樣重要。請注意,Tactile Systems Technology在我們的投資分析中顯示了2個警告信號,其中一個有點令人擔憂...
Our examination of Tactile Systems Technology has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
我們對Tactile Systems Technology的審查側重於某些可能使其收益看起來好於實際的因素。而且,在此基礎上,我們有些懷疑。但是,還有很多其他方法可以讓你對公司的看法。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。因此,你可能希望看到這份免費收藏的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單。
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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.
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Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。