BioLife Solutions Inc (BLFS)
Working capital 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 |
| Total current assets | US$ in thousands | 120,604 | 138,452 | 126,088 | 114,712 | 24,113 |
| Total current liabilities | US$ in thousands | 42,178 | 44,582 | 42,700 | 15,573 | 7,669 |
| Working capital turnover | 1.82 | 1.72 | 1.43 | 0.49 | 1.66 |
December 31, 2023 calculation
Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $142,625K ÷ ($120,604K – $42,178K)
= 1.82
BioLife Solutions Inc's working capital turnover has exhibited varying trends over the past five years. The ratio has generally been fluctuating, ranging from a low of 0.49 in 2020 to a high of 1.82 in 2023. This indicates the company's ability to efficiently utilize its working capital to generate sales revenues.
In 2020, BioLife Solutions Inc had a significantly low working capital turnover of 0.49, implying that the company was inefficient in utilizing its working capital to support its sales operations. However, there has been a marked improvement in subsequent years, with the ratio increasing to 1.72 in 2022 and further to 1.82 in 2023. This suggests that the company has been able to optimize its working capital more effectively to drive sales growth.
It is worth noting that the working capital turnover ratio dipped to 1.43 in 2021 before recovering in the following years. This could indicate fluctuations in the company's working capital management practices or changes in its sales volume during that period. Overall, BioLife Solutions Inc's working capital turnover has shown resilience and improvement, reflecting better efficiency in utilizing its working capital resources to generate sales.
Peer comparison
Dec 31, 2023