Intrinsic value of Cerner - CERN

Previous Close

$57.27

  Intrinsic Value

$29.10

stock screener

  Rating & Target

sell

-49%

Previous close

$57.27

 
Intrinsic value

$29.10

 
Up/down potential

-49%

 
Rating

sell

We calculate the intrinsic value of CERN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 19.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
Revenue, $m
  5,446
  5,762
  6,092
  6,437
  6,797
  7,173
  7,565
  7,976
  8,406
  8,856
  9,326
  9,819
  10,335
  10,875
  11,441
  12,035
  12,656
  13,308
  13,992
  14,708
  15,460
  16,248
  17,075
  17,942
  18,852
  19,807
  20,809
  21,860
  22,963
  24,121
Variable operating expenses, $m
  4,398
  4,641
  4,895
  5,160
  5,436
  5,725
  6,026
  6,342
  6,672
  7,017
  7,163
  7,542
  7,938
  8,353
  8,788
  9,244
  9,721
  10,222
  10,747
  11,297
  11,874
  12,480
  13,115
  13,781
  14,480
  15,213
  15,983
  16,790
  17,638
  18,527
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,398
  4,641
  4,895
  5,160
  5,436
  5,725
  6,026
  6,342
  6,672
  7,017
  7,163
  7,542
  7,938
  8,353
  8,788
  9,244
  9,721
  10,222
  10,747
  11,297
  11,874
  12,480
  13,115
  13,781
  14,480
  15,213
  15,983
  16,790
  17,638
  18,527
Operating income, $m
  1,047
  1,121
  1,197
  1,277
  1,361
  1,448
  1,539
  1,634
  1,734
  1,838
  2,163
  2,277
  2,397
  2,522
  2,653
  2,791
  2,935
  3,086
  3,245
  3,411
  3,585
  3,768
  3,960
  4,161
  4,372
  4,593
  4,826
  5,069
  5,325
  5,594
EBITDA, $m
  1,701
  1,800
  1,903
  2,011
  2,123
  2,241
  2,363
  2,492
  2,626
  2,766
  2,913
  3,067
  3,228
  3,397
  3,574
  3,759
  3,954
  4,157
  4,371
  4,594
  4,829
  5,075
  5,334
  5,605
  5,889
  6,187
  6,500
  6,828
  7,173
  7,535
Interest expense (income), $m
  18
  28
  34
  40
  45
  51
  58
  64
  71
  78
  86
  94
  102
  111
  120
  129
  139
  150
  161
  172
  184
  197
  210
  224
  239
  254
  270
  287
  304
  323
  342
Earnings before tax, $m
  1,019
  1,087
  1,158
  1,232
  1,309
  1,390
  1,475
  1,563
  1,655
  1,752
  2,069
  2,175
  2,286
  2,402
  2,524
  2,651
  2,785
  2,925
  3,072
  3,227
  3,388
  3,558
  3,736
  3,922
  4,118
  4,323
  4,539
  4,765
  5,003
  5,252
Tax expense, $m
  275
  293
  313
  333
  354
  375
  398
  422
  447
  473
  559
  587
  617
  649
  681
  716
  752
  790
  830
  871
  915
  961
  1,009
  1,059
  1,112
  1,167
  1,226
  1,287
  1,351
  1,418
Net income, $m
  744
  793
  845
  899
  956
  1,015
  1,077
  1,141
  1,208
  1,279
  1,510
  1,588
  1,669
  1,753
  1,842
  1,936
  2,033
  2,136
  2,243
  2,355
  2,473
  2,597
  2,727
  2,863
  3,006
  3,156
  3,313
  3,479
  3,652
  3,834

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,824
  7,221
  7,634
  8,066
  8,517
  8,988
  9,481
  9,995
  10,534
  11,097
  11,687
  12,304
  12,951
  13,628
  14,337
  15,081
  15,860
  16,677
  17,533
  18,431
  19,373
  20,361
  21,397
  22,484
  23,624
  24,821
  26,076
  27,393
  28,776
  30,227
Adjusted assets (=assets-cash), $m
  6,824
  7,221
  7,634
  8,066
  8,517
  8,988
  9,481
  9,995
  10,534
  11,097
  11,687
  12,304
  12,951
  13,628
  14,337
  15,081
  15,860
  16,677
  17,533
  18,431
  19,373
  20,361
  21,397
  22,484
  23,624
  24,821
  26,076
  27,393
  28,776
  30,227
Revenue / Adjusted assets
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
Average production assets, $m
  2,805
  2,967
  3,137
  3,315
  3,500
  3,694
  3,896
  4,108
  4,329
  4,561
  4,803
  5,057
  5,322
  5,601
  5,892
  6,198
  6,518
  6,854
  7,206
  7,575
  7,962
  8,368
  8,793
  9,240
  9,709
  10,200
  10,716
  11,258
  11,826
  12,422
Working capital, $m
  844
  893
  944
  998
  1,053
  1,112
  1,173
  1,236
  1,303
  1,373
  1,446
  1,522
  1,602
  1,686
  1,773
  1,865
  1,962
  2,063
  2,169
  2,280
  2,396
  2,518
  2,647
  2,781
  2,922
  3,070
  3,225
  3,388
  3,559
  3,739
Total debt, $m
  629
  732
  839
  952
  1,069
  1,191
  1,319
  1,453
  1,593
  1,740
  1,893
  2,053
  2,222
  2,398
  2,582
  2,775
  2,978
  3,190
  3,413
  3,646
  3,891
  4,148
  4,418
  4,700
  4,997
  5,308
  5,634
  5,977
  6,336
  6,713
Total liabilities, $m
  1,774
  1,877
  1,985
  2,097
  2,214
  2,337
  2,465
  2,599
  2,739
  2,885
  3,039
  3,199
  3,367
  3,543
  3,728
  3,921
  4,124
  4,336
  4,559
  4,792
  5,037
  5,294
  5,563
  5,846
  6,142
  6,453
  6,780
  7,122
  7,482
  7,859
Total equity, $m
  5,050
  5,343
  5,649
  5,969
  6,303
  6,651
  7,016
  7,397
  7,795
  8,212
  8,648
  9,105
  9,584
  10,085
  10,610
  11,160
  11,736
  12,341
  12,975
  13,639
  14,336
  15,067
  15,834
  16,638
  17,482
  18,367
  19,296
  20,271
  21,294
  22,368
Total liabilities and equity, $m
  6,824
  7,220
  7,634
  8,066
  8,517
  8,988
  9,481
  9,996
  10,534
  11,097
  11,687
  12,304
  12,951
  13,628
  14,338
  15,081
  15,860
  16,677
  17,534
  18,431
  19,373
  20,361
  21,397
  22,484
  23,624
  24,820
  26,076
  27,393
  28,776
  30,227
Debt-to-equity ratio
  0.120
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.200
  0.210
  0.220
  0.230
  0.230
  0.240
  0.240
  0.250
  0.250
  0.260
  0.260
  0.270
  0.270
  0.280
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
  0.300
  0.300
Adjusted equity ratio
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  744
  793
  845
  899
  956
  1,015
  1,077
  1,141
  1,208
  1,279
  1,510
  1,588
  1,669
  1,753
  1,842
  1,936
  2,033
  2,136
  2,243
  2,355
  2,473
  2,597
  2,727
  2,863
  3,006
  3,156
  3,313
  3,479
  3,652
  3,834
Depreciation, amort., depletion, $m
  654
  679
  706
  733
  762
  793
  824
  857
  892
  928
  750
  790
  832
  875
  921
  968
  1,018
  1,071
  1,126
  1,184
  1,244
  1,307
  1,374
  1,444
  1,517
  1,594
  1,674
  1,759
  1,848
  1,941
Funds from operations, $m
  1,398
  1,473
  1,551
  1,633
  1,718
  1,807
  1,901
  1,998
  2,100
  2,207
  2,261
  2,378
  2,500
  2,629
  2,763
  2,904
  3,052
  3,206
  3,369
  3,539
  3,717
  3,905
  4,101
  4,307
  4,523
  4,750
  4,988
  5,238
  5,500
  5,775
Change in working capital, $m
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  76
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
  128
  134
  141
  148
  155
  163
  171
  179
Cash from operations, $m
  1,351
  1,423
  1,500
  1,579
  1,662
  1,749
  1,840
  1,935
  2,034
  2,137
  2,188
  2,301
  2,420
  2,545
  2,675
  2,812
  2,955
  3,105
  3,263
  3,428
  3,601
  3,782
  3,973
  4,173
  4,382
  4,602
  4,833
  5,075
  5,329
  5,595
Maintenance CAPEX, $m
  -414
  -438
  -464
  -490
  -518
  -547
  -577
  -609
  -642
  -676
  -713
  -750
  -790
  -832
  -875
  -921
  -968
  -1,018
  -1,071
  -1,126
  -1,184
  -1,244
  -1,307
  -1,374
  -1,444
  -1,517
  -1,594
  -1,674
  -1,759
  -1,848
New CAPEX, $m
  -156
  -163
  -170
  -177
  -185
  -194
  -202
  -212
  -221
  -232
  -242
  -254
  -266
  -278
  -292
  -306
  -320
  -336
  -352
  -369
  -387
  -406
  -426
  -447
  -469
  -492
  -516
  -541
  -568
  -596
Cash from investing activities, $m
  -570
  -601
  -634
  -667
  -703
  -741
  -779
  -821
  -863
  -908
  -955
  -1,004
  -1,056
  -1,110
  -1,167
  -1,227
  -1,288
  -1,354
  -1,423
  -1,495
  -1,571
  -1,650
  -1,733
  -1,821
  -1,913
  -2,009
  -2,110
  -2,215
  -2,327
  -2,444
Free cash flow, $m
  781
  822
  866
  912
  959
  1,009
  1,060
  1,114
  1,171
  1,230
  1,233
  1,297
  1,364
  1,435
  1,509
  1,586
  1,667
  1,751
  1,840
  1,933
  2,030
  2,133
  2,240
  2,352
  2,470
  2,593
  2,723
  2,859
  3,001
  3,151
Issuance/(repayment) of debt, $m
  102
  103
  108
  112
  117
  122
  128
  134
  140
  146
  153
  161
  168
  176
  184
  193
  203
  212
  223
  233
  245
  257
  269
  283
  296
  311
  326
  343
  359
  377
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  102
  103
  108
  112
  117
  122
  128
  134
  140
  146
  153
  161
  168
  176
  184
  193
  203
  212
  223
  233
  245
  257
  269
  283
  296
  311
  326
  343
  359
  377
Total cash flow (excl. dividends), $m
  883
  925
  974
  1,024
  1,076
  1,131
  1,188
  1,248
  1,311
  1,376
  1,386
  1,458
  1,533
  1,611
  1,693
  1,779
  1,869
  1,964
  2,063
  2,166
  2,275
  2,389
  2,509
  2,635
  2,766
  2,904
  3,049
  3,201
  3,361
  3,528
Retained Cash Flow (-), $m
  -281
  -293
  -306
  -320
  -334
  -349
  -364
  -381
  -398
  -417
  -436
  -457
  -478
  -501
  -525
  -550
  -577
  -604
  -634
  -665
  -697
  -731
  -767
  -804
  -844
  -885
  -929
  -975
  -1,023
  -1,074
Prev. year cash balance distribution, $m
  16
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  618
  632
  668
  704
  743
  783
  824
  867
  912
  959
  950
  1,001
  1,054
  1,110
  1,168
  1,229
  1,293
  1,359
  1,429
  1,502
  1,578
  1,658
  1,742
  1,830
  1,922
  2,019
  2,120
  2,226
  2,338
  2,455
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  593
  579
  581
  580
  576
  568
  557
  542
  524
  503
  451
  427
  401
  373
  343
  312
  281
  250
  220
  191
  163
  138
  114
  93
  75
  59
  46
  34
  26
  18
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Cerner Corporation (Cerner) is a supplier of healthcare information technology (HCIT). The Company offers a range of intelligent solutions and services that support the clinical, financial and operational needs of organizations of all sizes. The Company's segments include Domestic and Global. The Domestic segment includes revenue contributions and expenditures associated with business activity in the United States. The Global segment includes revenue contributions and expenditures linked to business activity in Aruba, Australia, Austria, the Bahamas, Belgium, Bermuda, Brazil, Canada, Cayman Islands, Chile, Denmark, Egypt, England, Finland, France, Germany, Guam, India, Ireland, Kuwait, Luxembourg, Malaysia, Mexico, the Netherlands, Norway, Portugal, Qatar, Romania, Saudi Arabia, Singapore, Slovakia, Spain, Sweden, Switzerland and the United Arab Emirates. The Company's solutions are offered on the unified Cerner Millennium architecture and on the HealtheIntent cloud-based platform.

FINANCIAL RATIOS  of  Cerner (CERN)

Valuation Ratios
P/E Ratio 29.7
Price to Sales 3.9
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 16.3
Price to Free Cash Flow 49.2
Growth Rates
Sales Growth Rate 8.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.1%
Cap. Spend. - 3 Yr. Gr. Rate 5.7%
Financial Strength
Quick Ratio 14
Current Ratio 0
LT Debt to Equity 13.7%
Total Debt to Equity 14.4%
Interest Coverage 52
Management Effectiveness
Return On Assets 11.6%
Ret/ On Assets - 3 Yr. Avg. 11.6%
Return On Total Capital 14.2%
Ret/ On T. Cap. - 3 Yr. Avg. 14.1%
Return On Equity 16.3%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 83.8%
Gross Margin - 3 Yr. Avg. 83%
EBITDA Margin 30%
EBITDA Margin - 3 Yr. Avg. 30%
Operating Margin 19%
Oper. Margin - 3 Yr. Avg. 19.7%
Pre-Tax Margin 19.1%
Pre-Tax Margin - 3 Yr. Avg. 19.8%
Net Profit Margin 13.3%
Net Profit Margin - 3 Yr. Avg. 13.6%
Effective Tax Rate 30.7%
Eff/ Tax Rate - 3 Yr. Avg. 31.3%
Payout Ratio 0%

CERN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CERN stock intrinsic value calculation we used $5142.272 million for the last fiscal year's total revenue generated by Cerner. The default revenue input number comes from 0001 income statement of Cerner. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CERN stock valuation model: a) initial revenue growth rate of 5.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CERN is calculated based on our internal credit rating of Cerner, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cerner.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CERN stock the variable cost ratio is equal to 81%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CERN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Cerner.

Corporate tax rate of 27% is the nominal tax rate for Cerner. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CERN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CERN are equal to 51.5%.

Life of production assets of 6.4 years is the average useful life of capital assets used in Cerner operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CERN is equal to 15.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4785.348 million for Cerner - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 331.814 million for Cerner is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cerner at the current share price and the inputted number of shares is $19.0 billion.

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COMPANY NEWS

▶ Carpenters council plans members-only health clinic   [03:39PM  American City Business Journals]
▶ Why Cerner Stock Is Sinking Today   [11:50AM  Motley Fool]
▶ Cerner (CERN) Q3 Earnings Match Estimates   [Oct-25-18 05:15PM  Zacks]
▶ Cerner: 3Q Earnings Snapshot   [04:09PM  Associated Press]
▶ Cerner Reports Third Quarter 2018 Results   [04:01PM  GlobeNewswire]
▶ Who Really Owns Cerner Corporation (NASDAQ:CERN)?   [Oct-14-18 09:49AM  Simply Wall St.]
▶ Cerner CEO: 'The fuse is lit for innovation' [PHOTOS]   [Oct-09-18 12:51PM  American City Business Journals]
▶ Leidos part of team bringing electronic health records to VA   [02:32PM  American City Business Journals]
▶ Is Cerner Corporations (NASDAQ:CERN) Liquidity Good Enough?   [Sep-26-18 09:20AM  Simply Wall St.]
▶ Analysts: With no way up at Cerner, Burke heads out   [Sep-10-18 03:54PM  American City Business Journals]
▶ Cerner's longtime president resigns   [10:05AM  American City Business Journals]
▶ Cerner President Zane Burke to Step Down   [09:20AM  GlobeNewswire]
▶ Cerner president sells nearly $10M in stock   [Sep-04-18 01:04PM  American City Business Journals]
▶ VA exec overseeing Cerner project resigns   [Aug-29-18 01:31PM  American City Business Journals]
▶ 7 (Non-Apple) Tech Stocks to Buy Now   [10:27AM  InvestorPlace]
▶ Cerner: 2Q Earnings Snapshot   [04:24PM  Associated Press]
▶ Cerner Reports Second Quarter 2018 Results   [04:01PM  GlobeNewswire]
▶ DoD adds another billion to Cerners $4.3B contract   [Jul-26-18 03:42PM  American City Business Journals]
▶ CEOs are making even more than you thought   [01:04PM  Yahoo Finance Video]
▶ Cerner's Innovations Campus jumps into next two phases   [Jul-25-18 03:41PM  American City Business Journals]
▶ Cerner adds 100 more employees on its way to hiring 600 in KC   [Jul-23-18 01:46PM  American City Business Journals]
▶ Cerner invests $266M in Lumeris' parent for new technology platform   [Jul-09-18 03:44PM  American City Business Journals]
▶ Cerner settles another overtime suit for $4.5M   [Jul-02-18 03:40PM  American City Business Journals]
▶ House panel will hold VA's 'feet to the fire' on Cerner health record project   [Jun-26-18 02:36PM  American City Business Journals]
▶ Are Cerner Corporations (NASDAQ:CERN) Interest Costs Too High?   [Jun-21-18 01:08PM  Simply Wall St.]
▶ Medical Software Rallies As Health Care's Tech Conversion Accelerates   [Jun-08-18 12:06PM  Investor's Business Daily]
▶ New Strong Sell Stocks for June 7th   [Jun-07-18 07:50AM  Zacks]
▶ Cover Story: Area projects in the office of the future spotlight   [06:00AM  American City Business Journals]
▶ Better Buy: Veeva Systems Inc. vs. Cerner   [May-26-18 07:18AM  Motley Fool]
▶ 11 Greater Washington companies win spots on $1B military health contract   [May-25-18 02:32PM  American City Business Journals]
▶ New Strong Sell Stocks for May 24th   [May-24-18 07:45AM  Zacks]
▶ New Strong Sell Stocks for May 22nd   [May-22-18 10:23AM  Zacks]
▶ Cerner doubles $500M stock repurchase program   [12:10PM  American City Business Journals]

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