<p>我們沒有看到 <strong>CareDx, Inc</strong>（納斯達克：CDNA）最近報告強勁收益時股價的激增。我們決定深入研究一下，我們認為投資者可能對我們發現的幾個令人擔憂的因素感到擔憂。</p>
<p>查看我們對 CareDx 的最新分析</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/9985914-earnings-and-revenue-history-1-dark/1741718054052?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/9985914-earnings-and-revenue-history-1-dark/1741718054052"/></p>
<p>納斯達克 GM:CDNA 收益和收入歷史 2025 年 3 月 11 日</p>
<h2>深入分析 CareDx 的收益</h2>
<p>一個用於衡量公司將利潤轉化為自由現金流（FCF）能力的關鍵財務比率是 <strong>應計比率</strong>。應計比率將某一時期的自由現金流從利潤中減去，然後將結果除以該公司在此期間的平均運營資產。你可以將現金流中的應計比率視為 “非自由現金流利潤比率”。</p>
<p>因此，當一家公司有負的應計比率時，實際上被認為是好事，而如果其應計比率為正則被視為壞事。雖然應計比率高於零並不令人擔憂，但我們確實認為當一家公司有相對較高的應計比率時值得注意。引用 Lewellen 和 Resutek 在 2014 年的一篇論文，&#34;應計較高的公司往往在未來盈利能力較差&#34;。</p>
<p>截至 2024 年 12 月的 12 個月內，CareDx 記錄的應計比率為 0.29。不幸的是，這意味着其自由現金流遠低於法定利潤，這讓我們對利潤作為指導的實用性產生懷疑。事實上，它在過去一年中的自由現金流為 3200 萬美元，遠低於其法定利潤 5250 萬美元。考慮到 CareDx 在前一個對應期間的自由現金流為負，過去 12 個月的 3200 萬美元結果似乎是朝着正確方向邁出的一步。然而，這並不是故事的全部。我們還必須考慮異常項目對法定利潤（因此也影響應計比率）的影響，以及公司發行新股的後果。對 CareDx 股東來説，一個積極的因素是其去年的應計比率顯著改善，這為未來可能恢復更強的現金轉化提供了理由。因此，一些股東可能在尋找當前年度更強的現金轉化。</p>
<p>這可能讓你想知道分析師對未來盈利能力的預測。幸運的是，你可以點擊這裏查看基於他們估計的未來盈利能力的互動圖表。</p>
<p>為了理解每股回報的潛力，考慮公司稀釋股東的程度至關重要。CareDx 在過去一年中增加了 7.0% 的發行股份。因此，其淨收入現在在更多的股份之間分配。談論淨收入而不關注每股收益，就是被大數字分散了注意力，而忽視了與每股價值相關的小數字。點擊此鏈接查看 CareDx 的歷史每股收益增長。</p>
<h2>稀釋如何影響 CareDx 的每股收益（EPS）？</h2>
<p>三年前，CareDx 還在虧損。聚焦到過去一年，我們仍然無法清晰地談論增長率，因為它去年虧損。但拋開數學不談，看到一個曾經不盈利的企業好轉總是令人欣慰（儘管我們承認如果沒有稀釋，利潤會更高）。因此，你可以清楚地看到稀釋正在影響股東收益。</p>
<p>從長遠來看，如果 CareDx 的每股收益能夠增加，那麼股價也應該會上漲。但另一方面，如果利潤（但不是每股收益）在改善，我們就不會那麼興奮。因此，可以説在長期內，每股收益比淨收入更重要，假設目標是評估公司的股價是否可能增長。</p>
<h2>異常項目如何影響利潤？</h2>
<p>該公司在過去一年中有異常項目使利潤增加了 9500 萬美元，這在一定程度上解釋了其應計比率為何如此疲弱。我們不能否認更高的利潤通常讓我們感到樂觀，但我們更希望利潤是可持續的。我們對全球大多數上市公司的數據進行了分析，發現異常項目通常是一次性的。這是可以預期的，因為這些增益被描述為 “異常”。我們可以看到，CareDx 的正向異常項目相對於其截至 2024 年 12 月的利潤是相當顯著的。在其他條件相同的情況下，這可能會導致法定利潤成為潛在盈利能力的糟糕指南。</p>
<h2>我們對 CareDx 利潤表現的看法</h2>
<p>CareDx 沒有用自由現金流來支撐其收益，但考慮到利潤被異常項目膨脹，這並不令人驚訝。同時，發行的新股意味着股東現在擁有的公司股份減少，除非他們自己投入更多現金。回顧上述因素，我們強烈感覺 CareDx 的潛在盈利能力並不像法定利潤數字所顯示的那樣好。因此，雖然收益質量很重要，但同樣重要的是考慮 CareDx 目前面臨的風險。每家公司都有風險，我們發現了 <strong>2 個警告信號</strong>，你應該瞭解。</p>
<p>在這篇文章中，我們考察了多個可能削弱利潤數字實用性的因素，並保持謹慎。但還有許多其他方式可以幫助你形成對公司的看法。例如，許多人認為高股本回報率是良好商業經濟的標誌，而其他人則喜歡 “追蹤資金”，尋找內部人士正在購買的股票。雖然這可能需要你進行一些研究，但你可能會發現這份 <strong>免費</strong> 的高股本回報率公司集合，或者這份內部持股顯著的股票列表對你有幫助。</p>
<p>如果您想交易 CareDx，請在專業人士信賴的最低成本平台 Interactive Brokers 開設賬户。</p>
<p>IBKR 在超過 200 個國家和地區擁有客户，並可訪問 160 個市場，讓您可以通過一個集成賬户交易股票、期權、期貨、外匯、債券和基金。</p>
<p>享受沒有隱藏費用、沒有賬户最低限額，以及低至 0.03% 的外匯轉換率，遠遠優於大多數經紀商提供的服務。</p>
<p>贊助內容</p>

CDNA

<p>CareDx, Inc.（納斯達克代碼：CDNA）公佈的財報未能引發股價飆升，令投資者感到擔憂。該公司的應計比率為 0.29，表明其自由現金流（FCF）遠低於法定利潤，暗示潛在的盈利問題。儘管現金流為 3200 萬美元，但 7% 的股份稀釋影響了每股收益（EPS）。此外，異常項目使利潤增加了 9500 萬美元，進一步複雜化了可持續盈利的評估。分析師對未來盈利持謹慎態度，強調每股收益在長期增長中的重要性，超過淨收入</p>

<p>We didn't see <strong>CareDx, Inc's</strong> (NASDAQ:CDNA) stock surge when it reported robust earnings recently. We decided to have a deeper look, and we believe that investors might be worried about several concerning factors that we found.</p>
<div class="lb-trans"><p>我們沒有看到 <strong>CareDx, Inc</strong>（納斯達克：CDNA）最近報告強勁收益時股價的激增。我們決定深入研究一下，我們認為投資者可能對我們發現的幾個令人擔憂的因素感到擔憂。</p>
</div><p>See our latest analysis for CareDx</p>
<div class="lb-trans"><p>查看我們對 CareDx 的最新分析</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/9985914-earnings-and-revenue-history-1-dark/1741718054052" alt="" original-src="https://images.simplywall.st/asset/chart/9985914-earnings-and-revenue-history-1-dark/1741718054052"/></p>
<p>NasdaqGM:CDNA Earnings and Revenue History March 11th 2025</p>
<div class="lb-trans"><p>納斯達克 GM:CDNA 收益和收入歷史 2025 年 3 月 11 日</p>
</div><h2>Zooming In On CareDx's Earnings</h2>
<div class="lb-trans"><h2>深入分析 CareDx 的收益</h2>
</div><p>One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the <strong>accrual ratio</strong>. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.</p>
<div class="lb-trans"><p>一個用於衡量公司將利潤轉化為自由現金流（FCF）能力的關鍵財務比率是 <strong>應計比率</strong>。應計比率將某一時期的自由現金流從利潤中減去，然後將結果除以該公司在此期間的平均運營資產。你可以將現金流中的應計比率視為 “非自由現金流利潤比率”。</p>
</div><p>Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. To quote a 2014 paper by Lewellen and Resutek, &#34;firms with higher accruals tend to be less profitable in the future&#34;.</p>
<div class="lb-trans"><p>因此，當一家公司有負的應計比率時，實際上被認為是好事，而如果其應計比率為正則被視為壞事。雖然應計比率高於零並不令人擔憂，但我們確實認為當一家公司有相對較高的應計比率時值得注意。引用 Lewellen 和 Resutek 在 2014 年的一篇論文，&#34;應計較高的公司往往在未來盈利能力較差&#34;。</p>
</div><p>Over the twelve months to December 2024, CareDx recorded an accrual ratio of 0.29. Unfortunately, that means its free cash flow was a lot less than its statutory profit, which makes us doubt the utility of profit as a guide. In fact, it had free cash flow of US$32m in the last year, which was a lot less than its statutory profit of US$52.5m. Given that CareDx had negative free cash flow in the prior corresponding period, the trailing twelve month resul of US$32m would seem to be a step in the right direction. However, that's not the end of the story. We must also consider the impact of unusual items on statutory profit (and thus the accrual ratio), as well as note the ramifications of the company issuing new shares. One positive for CareDx shareholders is that it's accrual ratio was significantly better last year, providing reason to believe that it may return to stronger cash conversion in the future. As a result, some shareholders may be looking for stronger cash conversion in the current year.</p>
<div class="lb-trans"><p>截至 2024 年 12 月的 12 個月內，CareDx 記錄的應計比率為 0.29。不幸的是，這意味着其自由現金流遠低於法定利潤，這讓我們對利潤作為指導的實用性產生懷疑。事實上，它在過去一年中的自由現金流為 3200 萬美元，遠低於其法定利潤 5250 萬美元。考慮到 CareDx 在前一個對應期間的自由現金流為負，過去 12 個月的 3200 萬美元結果似乎是朝着正確方向邁出的一步。然而，這並不是故事的全部。我們還必須考慮異常項目對法定利潤（因此也影響應計比率）的影響，以及公司發行新股的後果。對 CareDx 股東來説，一個積極的因素是其去年的應計比率顯著改善，這為未來可能恢復更強的現金轉化提供了理由。因此，一些股東可能在尋找當前年度更強的現金轉化。</p>
</div><p>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.</p>
<div class="lb-trans"><p>這可能讓你想知道分析師對未來盈利能力的預測。幸運的是，你可以點擊這裏查看基於他們估計的未來盈利能力的互動圖表。</p>
</div><p>In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. CareDx expanded the number of shares on issue by 7.0% over the last year. As a result, its net income is now split between a greater number of shares. 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 <em>per share</em> value. Check out CareDx's historical EPS growth by clicking on this link.</p>
<div class="lb-trans"><p>為了理解每股回報的潛力，考慮公司稀釋股東的程度至關重要。CareDx 在過去一年中增加了 7.0% 的發行股份。因此，其淨收入現在在更多的股份之間分配。談論淨收入而不關注每股收益，就是被大數字分散了注意力，而忽視了與每股價值相關的小數字。點擊此鏈接查看 CareDx 的歷史每股收益增長。</p>
</div><h2>How Is Dilution Impacting CareDx's Earnings Per Share (EPS)?</h2>
<div class="lb-trans"><h2>稀釋如何影響 CareDx 的每股收益（EPS）？</h2>
</div><p>CareDx was losing money three years ago. 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). And so, you can see quite clearly that dilution is influencing shareholder earnings.</p>
<div class="lb-trans"><p>三年前，CareDx 還在虧損。聚焦到過去一年，我們仍然無法清晰地談論增長率，因為它去年虧損。但拋開數學不談，看到一個曾經不盈利的企業好轉總是令人欣慰（儘管我們承認如果沒有稀釋，利潤會更高）。因此，你可以清楚地看到稀釋正在影響股東收益。</p>
</div><p>In the long term, if CareDx's earnings <em>per share</em> can increase, then the share price should too. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. 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.</p>
<div class="lb-trans"><p>從長遠來看，如果 CareDx 的每股收益能夠增加，那麼股價也應該會上漲。但另一方面，如果利潤（但不是每股收益）在改善，我們就不會那麼興奮。因此，可以説在長期內，每股收益比淨收入更重要，假設目標是評估公司的股價是否可能增長。</p>
</div><h2>How Do Unusual Items Influence Profit?</h2>
<div class="lb-trans"><h2>異常項目如何影響利潤？</h2>
</div><p>The fact that the company had unusual items boosting profit by US$95m, in the last year, probably goes some way to explain why its accrual ratio was so weak. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And that's as you'd expect, given these boosts are described as 'unusual'. We can see that CareDx's positive unusual items were quite significant relative to its profit in the year to December 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.</p>
<div class="lb-trans"><p>該公司在過去一年中有異常項目使利潤增加了 9500 萬美元，這在一定程度上解釋了其應計比率為何如此疲弱。我們不能否認更高的利潤通常讓我們感到樂觀，但我們更希望利潤是可持續的。我們對全球大多數上市公司的數據進行了分析，發現異常項目通常是一次性的。這是可以預期的，因為這些增益被描述為 “異常”。我們可以看到，CareDx 的正向異常項目相對於其截至 2024 年 12 月的利潤是相當顯著的。在其他條件相同的情況下，這可能會導致法定利潤成為潛在盈利能力的糟糕指南。</p>
</div><h2>Our Take On CareDx's Profit Performance</h2>
<div class="lb-trans"><h2>我們對 CareDx 利潤表現的看法</h2>
</div><p>CareDx didn't back up its earnings with free cashflow, but this isn't too surprising given profits were inflated by unusual items. Meanwhile, the new shares issued mean that shareholders now own less of the company, unless they tipped in more cash themselves. On reflection, the above-mentioned factors give us the strong impression that CareDx'sunderlying earnings power is not as good as it might seem, based on the statutory profit numbers. So while earnings quality is important, it's equally important to consider the risks facing CareDx at this point in time. Every company has risks, and we've spotted <strong>2 warning signs for CareDx</strong> you should know about.</p>
<div class="lb-trans"><p>CareDx 沒有用自由現金流來支撐其收益，但考慮到利潤被異常項目膨脹，這並不令人驚訝。同時，發行的新股意味着股東現在擁有的公司股份減少，除非他們自己投入更多現金。回顧上述因素，我們強烈感覺 CareDx 的潛在盈利能力並不像法定利潤數字所顯示的那樣好。因此，雖然收益質量很重要，但同樣重要的是考慮 CareDx 目前面臨的風險。每家公司都有風險，我們發現了 <strong>2 個警告信號</strong>，你應該瞭解。</p>
</div><p>In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. 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. While it might take a little research on your behalf, you may find this <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.</p>
<div class="lb-trans"><p>在這篇文章中，我們考察了多個可能削弱利潤數字實用性的因素，並保持謹慎。但還有許多其他方式可以幫助你形成對公司的看法。例如，許多人認為高股本回報率是良好商業經濟的標誌，而其他人則喜歡 “追蹤資金”，尋找內部人士正在購買的股票。雖然這可能需要你進行一些研究，但你可能會發現這份 <strong>免費</strong> 的高股本回報率公司集合，或者這份內部持股顯著的股票列表對你有幫助。</p>
</div><p>If you're looking to trade CareDx, open an account with the lowest-cost platform trusted by professionals, Interactive Brokers.</p>
<div class="lb-trans"><p>如果您想交易 CareDx，請在專業人士信賴的最低成本平台 Interactive Brokers 開設賬户。</p>
</div><p>With clients in over 200 countries and territories, and access to 160 markets, IBKR lets you trade stocks, options, futures, forex, bonds and funds from a single integrated account.</p>
<div class="lb-trans"><p>IBKR 在超過 200 個國家和地區擁有客户，並可訪問 160 個市場，讓您可以通過一個集成賬户交易股票、期權、期貨、外匯、債券和基金。</p>
</div><p>Enjoy no hidden fees, no account minimums, and FX conversion rates as low as 0.03%, far better than what most brokers offer.</p>
<div class="lb-trans"><p>享受沒有隱藏費用、沒有賬户最低限額，以及低至 0.03% 的外匯轉換率，遠遠優於大多數經紀商提供的服務。</p>
</div><p>Sponsored Content</p>
<div class="lb-trans"><p>贊助內容</p>
</div>

為什麼 CareDx（NASDAQ:CDNA）的收益比表面看起來更弱