Does PROCEPT BioRobotics (NASDAQ:PRCT) Have A Healthy Balance Sheet?
Does PROCEPT BioRobotics (NASDAQ:PRCT) Have A Healthy Balance Sheet?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that PROCEPT BioRobotics Corporation (NASDAQ:PRCT) does use debt in its business. But the more important question is: how much risk is that debt creating?
有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。我們可以看到,PROCEPT BioRobotics Corporation(納斯達克股票代碼:PRCT)確實在其業務中使用了債務。但更重要的問題是:債務創造了多大的風險?
When Is Debt Dangerous?
債務何時危險?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
一般而言,只有當公司無法通過籌集資金或自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。在最壞的情況下,如果公司無法償還債權人,它可能會破產。儘管這種情況並不常見,但我們經常看到負債累累的公司會永久稀釋股東,因爲貸款機構迫使他們以不利的價格籌集資金。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。當我們考慮公司對債務的使用時,我們首先要同時考慮現金和債務。
What Is PROCEPT BioRobotics's Debt?
PROCEPT BioRobotics 的債務是什麼?
As you can see below, PROCEPT BioRobotics had US$53.2m of debt, at September 2023, which is about the same as the year before. You can click the chart for greater detail. However, its balance sheet shows it holds US$287.1m in cash, so it actually has US$233.9m net cash.
如下所示,截至2023年9月,PROCEPT BioRobotics的債務爲5,320萬美元,與前一年大致相同。您可以單擊圖表以獲取更多詳細信息。但是,其資產負債表顯示其持有2.871億美元的現金,因此實際上擁有2.339億美元的淨現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240214/0-907aba754d3784b2eca728f3166bdb2c-0-e4eef039c9ec8029088a2028db3f59bb.png/big)
A Look At PROCEPT BioRobotics' Liabilities
看看 PROCEPT 生物機器人公司的負債
We can see from the most recent balance sheet that PROCEPT BioRobotics had liabilities of US$41.4m falling due within a year, and liabilities of US$80.4m due beyond that. On the other hand, it had cash of US$287.1m and US$34.6m worth of receivables due within a year. So it can boast US$199.9m more liquid assets than total liabilities.
我們可以從最新的資產負債表中看出,PROCEPT BioRobotics的負債爲4140萬美元,一年後到期的負債爲8,040萬美元。另一方面,它有2.871億美元的現金和價值3,460萬美元的應收賬款將在一年內到期。因此,它擁有的流動資產可以比以前多出1.999億美元 總 負債。
This surplus suggests that PROCEPT BioRobotics has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, PROCEPT BioRobotics 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 PROCEPT BioRobotics'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.
這種盈餘表明PROCEPT BioRobotics的資產負債表保守,可以毫不費力地消除債務。簡而言之,PROCEPT BioRobotics擁有淨現金,因此可以公平地說,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。但是,未來的收益將決定PROCEPT BioRobotics未來維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。
In the last year PROCEPT BioRobotics wasn't profitable at an EBIT level, but managed to grow its revenue by 90%, to US$116m. With any luck the company will be able to grow its way to profitability.
去年,PROCEPT BioRobotics在息稅前利潤水平上沒有盈利,但成功將其收入增長了90%,達到1.16億美元。運氣好的話,該公司將能夠實現盈利。
So How Risky Is PROCEPT BioRobotics?
那麼 PROCEPT 生物機器人風險有多大呢?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And the fact is that over the last twelve months PROCEPT BioRobotics lost money at the earnings before interest and tax (EBIT) line. Indeed, in that time it burnt through US$126m of cash and made a loss of US$107m. But at least it has US$233.9m on the balance sheet to spend on growth, near-term. With very solid revenue growth in the last year, PROCEPT BioRobotics may be on a path to profitability. By investing before those profits, shareholders take on more risk in the hope of bigger 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 3 warning signs for PROCEPT BioRobotics you should know about.
就其本質而言,虧損的公司比盈利歷史悠久的公司風險更大。事實是,在過去的十二個月中,PROCEPT BioRobotics的利息和稅前收益(EBIT)額度出現了虧損。事實上,在那段時間裏,它燒燬了1.26億美元的現金,損失了1.07億美元。但至少在短期內,它的資產負債表上有2.339億美元可用於增長。憑藉去年非常穩健的收入增長,PROCEPT BioRobotics可能正在走上盈利之路。通過在這些利潤之前進行投資,股東會承擔更大的風險,希望獲得更大的回報。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的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,我們已經發現了你應該知道的3種PROCEPT BioRobotics警告信號。
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.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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