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Is AtriCure (NASDAQ:ATRC) Using Debt In A Risky Way?

Is AtriCure (NASDAQ:ATRC) Using Debt In A Risky Way?

atricure(納斯達克:ATRC)是否在以高風險的方式使用債務?
Simply Wall St ·  2024/12/03 20:55

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We note that AtriCure, Inc. (NASDAQ:ATRC) does have debt on its balance sheet. But is this debt a concern to shareholders?

禾倫·巴菲特曾經說過:「波動性與風險並不等同。」所以當您考慮任何股票有多大風險時,您需要考慮債務,因爲過多的債務可能會拖垮一家公司。我們注意到 atricure公司(納斯達克股票代碼:ATRC)在資產負債表上有債務。但這種債務是否會讓股東擔憂?

When Is Debt Dangerous?

債務何時有危險?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.

債務可以幫助企業,直到企業開始有支付的問題,無論是通過新的資本還是通過自身的自由現金流。資本主義的一個部分是「創造性的毀滅」過程,債權人會殘忍地清算失敗的企業。然而,更常見的情況下,企業要以低價募集新的股權資本,從而永久性地稀釋股東的權益。話雖如此,最常見的情況是企業合理地管理其債務——並使其達到自身的優勢。當我們審查債務水平時,首先要考慮現金和債務水平。

What Is AtriCure's Debt?

AtriCure 的債務是什麼?

As you can see below, AtriCure had US$61.9m of debt, at September 2024, which is about the same as the year before. You can click the chart for greater detail. However, it does have US$130.3m in cash offsetting this, leading to net cash of US$68.5m.

正如您下方所見,截至2024年9月,AtriCure的債務爲6190萬美元,與前一年相當。您可以點擊圖表查看更詳細信息。然而,它有13030萬美元的現金用於抵銷,導致淨現金爲6850萬美元。

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NasdaqGM:ATRC Debt to Equity History December 3rd 2024
納斯達克股票代碼ATRC的債務權益歷史於2024年12月3日。

How Strong Is AtriCure's Balance Sheet?

AtriCure的資產負債表有多堅實?

We can see from the most recent balance sheet that AtriCure had liabilities of US$74.4m falling due within a year, and liabilities of US$75.6m due beyond that. Offsetting this, it had US$130.3m in cash and US$54.9m in receivables that were due within 12 months. So it can boast US$35.2m more liquid assets than total liabilities.

我們可以從最近的資產負債表中看到,AtriCure應付短期債務爲7440萬美元,應付長期債務爲7560萬美元。與此相抵,公司擁有13030萬美元的現金和5490萬美元的應收賬款,這些均在12個月內到期。因此,公司比總負債多擁有3520萬美元的流動資產。

This state of affairs indicates that AtriCure's 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$1.76b company is struggling for cash, we still think it's worth monitoring its 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 it is future earnings, more than anything, that will determine AtriCure's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

事實表明,AtriCure的資產負債表看起來相當穩固,因爲其總負債幾乎等於流動資產。所以雖然很難想象這家總資產17.6億美元的公司會因爲現金問題而苦惱,但我們仍認爲值得密切關注其資產負債表。簡而言之,AtriCure擁有淨現金,可以說它沒有沉重的債務負擔!在分析債務水平時,資產負債表是顯而易見的起點。但更重要的是,未來的盈利將決定AtriCure保持健康資產負債表的能力。因此,如果您關注未來,可以查看這份顯示分析師盈利預測的免費報告。

Over 12 months, AtriCure reported revenue of US$448m, which is a gain of 18%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.

在過去12個月中,AtriCure報告營業收入爲44800萬美元,增長了18%,儘管其未報告任何利息和稅前收益。我們通常希望看到不盈利公司的增長更快,但各有所好。

So How Risky Is AtriCure?

那麼AtriCure有多大風險?

We have no doubt that loss making companies are, in general, riskier than profitable ones. And we do note that AtriCure had an earnings before interest and tax (EBIT) loss, over the last year. Indeed, in that time it burnt through US$1.2m of cash and made a loss of US$39m. While this does make the company a bit risky, it's important to remember it has net cash of US$68.5m. That means it could keep spending at its current rate for more than two years. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. 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. Case in point: We've spotted 2 warning signs for AtriCure you should be aware of.

我們毫無疑問地認爲,虧損公司總體上比盈利公司更具風險。我們注意到AtriCure在過去一年中有着利息和稅前收益(EBIT)的虧損。事實上,公司在那段時間內現金流失120萬美元,虧損3900萬美元。雖然這讓公司有點風險,但重要的是要記住其淨現金爲6850萬美元。這意味着它可以以當前速度繼續支出超過兩年。儘管其資產負債表似乎足夠流動,但如果公司不能定期產生自由現金流,債務總是讓我們有點擔憂。當分析債務水平時,資產負債表顯然是起點。但歸根結底,每家公司都可能存在超出資產負債表之外的風險。案例證明:我們已經發現了AtriCure的2個警示信號,您應該注意。

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.

每天結束時,通常更好地關注那些沒有淨債務的公司。您可以查看我們特別名單上的這些公司(所有這些公司都有盈利增長記錄)。這是免費的。

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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的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

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