BioLife Solutions Inc (BLFS)

Inventory turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	106,674	189,322	56,292	24,721	24,373
Inventory	US$ in thousands	43,456	34,904	28,345	11,602	10,972
Inventory turnover		2.45	5.42	1.99	2.13	2.22

December 31, 2023 calculation

Inventory turnover = Cost of revenue ÷ Inventory
= $106,674K ÷ $43,456K
= 2.45

The inventory turnover ratio of BioLife Solutions Inc has varied over the past five years. In 2023, the inventory turnover was 2.45, representing a decrease from the previous year's ratio of 5.42 in 2022. This decline suggests that the company took longer to sell its inventory in 2023 compared to 2022.

Looking back further, the inventory turnover ratio was 1.99 in 2021, 2.13 in 2020, and 2.22 in 2019. The ratios for these years indicate fluctuations in the efficiency of inventory management. It is important to note that a higher inventory turnover ratio is generally preferred as it signifies that the company is selling its inventory more quickly.

Overall, BioLife Solutions Inc should further analyze the factors influencing its inventory turnover ratios to identify areas for improvement in its inventory management processes.