We Think AbCellera Biologics (NASDAQ:ABCL) Needs To Drive Business Growth Carefully
We Think AbCellera Biologics (NASDAQ:ABCL) Needs To Drive Business Growth Carefully
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. But the harsh reality is that very many loss making companies burn through all their cash and go bankrupt.
毫無疑問,擁有虧損企業的股份可以賺錢。例如,生物技術和礦業探險公司在發現新的治療方法或礦物發現之前經常虧損多年。但殘酷的現實是,很多虧損企業將全部現金燒光並破產。
So, the natural question for AbCellera Biologics (NASDAQ:ABCL) shareholders is whether they should be concerned by its rate of cash burn. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.
abcellera biologics(納斯達克:ABCL)的股東們自然會問一個問題,即他們是否應該擔心公司的現金燃燒速度。在本報告中,我們將考慮公司的年度負自由現金流,簡稱爲'現金燃燒'。我們將首先將其現金燃燒與現金儲備進行比較,以計算其現金儲備時間。
Does AbCellera Biologics Have A Long Cash Runway?
abcellera biologics的現金儲備時間長嗎?
A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. When AbCellera Biologics last reported its June 2024 balance sheet in August 2024, it had zero debt and cash worth US$670m. Importantly, its cash burn was US$171m over the trailing twelve months. That means it had a cash runway of about 3.9 years as of June 2024. There's no doubt that this is a reassuringly long runway. You can see how its cash balance has changed over time in the image below.
現金儲備時間被定義爲公司如果按其當前現金燃燒速度繼續支出,將會用盡資金的時間長度。當AbCellera Biologics於2024年6月報告其2024年6月資產負債表於2024年8月時,公司沒有債務,現金價值爲67000萬美元。重要的是,其過去12個月的現金燃燒金額爲17100萬美元。這意味着截至2024年6月,其現金儲備時間約爲3.9年。毫無疑問,這是一個讓人感到 ger。”下圖展示了其現金餘額隨時間變化。
How Well Is AbCellera Biologics Growing?
abcellera biologics的發展如何?
On balance, we think it's mildly positive that AbCellera Biologics trimmed its cash burn by 9.6% over the last twelve months. But it makes us pessimistic to see that operating revenue slid 77% in that time. Taken together, we think these growth metrics are a little worrying. 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.
總體而言,我們認爲AbCellera Biologics在過去12個月內將現金燃燒減少了9.6%是一個輕微的積極信號。但看到營業收入在此期間下降了77%卻讓我們感到悲觀。綜合考慮,我們認爲這些增長指標有點令人擔憂。儘管過去值得研究,但最重要的是未來。出於這個原因,審視我們分析師對該公司的預測是非常明智的。
How Hard Would It Be For AbCellera Biologics To Raise More Cash For Growth?
Abcellera Biologics想要籌集更多現金來發展究竟有多難?
While AbCellera Biologics seems to be in a fairly good position, it's still worth considering how easily it could raise more cash, even just to fuel faster growth. Companies can raise capital through either debt or equity. Commonly, a business will sell new shares in itself to raise cash and drive 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.
儘管AbCellera Biologics似乎處於相當好的位置,但考慮它如何輕鬆籌集更多現金仍然值得,即使只是爲了加快增長速度。企業可以通過債務或股本來籌集資金。一般來說,企業會發行新股來籌集資金並推動增長。通過查看企業的現金燃燒程度與其市值的關係,我們可以了解如果企業需要籌集足夠的現金來支付另一年的現金燃燒量,股東的股權會受到多少攤薄。
Since it has a market capitalisation of US$772m, AbCellera Biologics' US$171m in cash burn equates to about 22% of its market value. That's not insignificant, and if the company had to sell enough shares to fund another year's growth at the current share price, you'd likely witness fairly costly dilution.
由於AbCellera Biologics的市值爲77200萬美元,其17100萬美元的現金燃燒佔其市值的約22%。這並不微不足道,如果企業不得不按照當前股價出售足夠的股份來支持另一年的增長,你可能會看到相當昂貴的股權攤薄。
So, Should We Worry About AbCellera Biologics' Cash Burn?
所以,我們應該擔心AbCellera Biologics的現金燃燒嗎?
On this analysis of AbCellera Biologics' cash burn, we think its cash runway was reassuring, while its falling revenue has us a bit worried. Even though we don't think it has a problem with its cash burn, the analysis we've done in this article does suggest that shareholders should give some careful thought to the potential cost of raising more money in the future. Readers need to have a sound understanding of business risks before investing in a stock, and we've spotted 1 warning sign for AbCellera Biologics that potential shareholders should take into account before putting money into a stock.
通過對AbCellera Biologics現金燃燒情況的分析,我們認爲它的現金儲備時限令人放心,而其營收下降讓我們有些擔憂。儘管我們認爲它的現金燃燒情況沒有問題,但本文中我們所做的分析確實表明,股東在未來籌集更多資金的潛在成本之前應認真考慮一下。讀者在投資股票前需要對業務風險有深入了解,我們在AbCellera Biologics找到了1個警示信號,潛在股東在投資股票前應考慮到。
Of course AbCellera Biologics may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
當然,AbCellera Biologics可能不是最好的股票可供購買。因此,您可能希望查看這些具有較高淨資產回報率的公司的免費合集,或者這些具有較高內部持股比率的股票清單。
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