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.
Peer comparison
Dec 31, 2023