BioLife Solutions Inc (BLFS)

Fixed asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	142,625	160,996	118,837	48,087	27,366
Property, plant and equipment	US$ in thousands	21,077	23,638	17,657	10,120	5,572
Fixed asset turnover		6.77	6.81	6.73	4.75	4.91

December 31, 2023 calculation

Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $142,625K ÷ $21,077K
= 6.77

BioLife Solutions Inc's fixed asset turnover has fluctuated over the past five years. In 2023, the company achieved a fixed asset turnover ratio of 6.77, which indicates that for every dollar of fixed assets, the company generated $6.77 in revenue. This is slightly lower than the previous year's ratio of 6.81 and is within a relatively stable range compared to the ratios from 2021 (6.73), 2020 (4.75), and 2019 (4.91).

The upward trend in fixed asset turnover ratios from 2019 to 2022 suggests that BioLife Solutions has been efficient in utilizing its fixed assets to generate revenue. However, the slight decrease in 2023 may indicate a potential slowdown in the company's efficiency in generating revenue from its fixed assets. Overall, while the company's fixed asset turnover ratios have been relatively high in recent years, management should continue to monitor and optimize the utilization of fixed assets to sustain efficiency and profitability.