Corcept Therapeutics Incorporated (CORT)
Liquidity ratios
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current ratio | 4.39 | 3.54 | 4.65 | 6.77 | 6.89 | 8.52 | 8.54 | 6.78 | 5.60 | 8.98 | 9.06 | 10.09 | 10.07 | 10.77 | 10.38 | 10.12 | 7.91 | 8.25 | 7.66 | 6.34 |
| Quick ratio | 3.93 | 3.21 | 4.26 | 6.32 | 6.41 | 8.04 | 8.15 | 6.53 | 5.31 | 8.70 | 8.79 | 9.77 | 9.86 | 10.51 | 10.16 | 9.84 | 7.62 | 7.84 | 7.28 | 6.02 |
| Cash ratio | 3.52 | 2.91 | 3.90 | 5.90 | 5.95 | 7.47 | 7.54 | 6.04 | 4.70 | 8.07 | 8.15 | 9.19 | 9.28 | 9.96 | 9.60 | 9.02 | 7.10 | 7.15 | 6.63 | 5.46 |
The liquidity ratios of Corcept Therapeutics Inc, as presented in the table, indicate the company's ability to meet its short-term financial obligations.
The current ratio, which measures the company's ability to cover its short-term liabilities with its current assets, has shown fluctuations over the quarters. The current ratio has been consistently above 1, indicating that Corcept Therapeutics Inc has sufficient current assets to cover its current liabilities. The ratio has ranged from 3.54 to 6.77 over the past eight quarters, with the highest being 8.54 in Q2 2022 and the lowest being 3.54 in Q3 2023.
The quick ratio, also known as the acid-test ratio, provides a more conservative assessment of liquidity by excluding inventory from current assets. Similar to the current ratio, the quick ratio has also been consistently above 1, indicating a strong ability to cover short-term liabilities without relying on inventory. The quick ratio has ranged from 3.48 to 6.80 over the same period.
The cash ratio, which is the most conservative measure of liquidity, considers only cash and cash equivalents in relation to current liabilities. Corcept Therapeutics Inc has maintained a healthy cash ratio above 1, indicating a strong ability to cover short-term obligations with cash holdings. The cash ratio has fluctuated between 3.20 and 6.37 over the past eight quarters.
Overall, the liquidity ratios suggest that Corcept Therapeutics Inc has maintained a solid liquidity position, with the ability to meet its short-term financial obligations comfortably. The company's consistent performance across these liquidity metrics indicates a stable financial position in terms of liquidity management.
Additional liquidity measure
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash conversion cycle | days | 13.95 | 11.04 | 26.05 | 19.33 | 16.29 | 22.57 | 20.65 | 15.78 | 23.46 | 24.15 | 16.67 | 19.08 | 9.79 | 18.66 | 20.32 | 30.97 | 16.45 | 26.93 | 19.83 | 10.06 |
The cash conversion cycle of Corcept Therapeutics Inc has been fluctuating over the quarters. In Q4 2023, the cash conversion cycle improved to -513.26 days compared to the previous quarter at -523.58 days. This implies that the company's management of cash, inventory, and receivables improved slightly in terms of efficiency. However, it is important to note that the cash conversion cycle in Q4 2023 is still negative, indicating that the company is taking longer to convert its investments in inventory and accounts receivable into cash.
Looking at the trend over the past quarters, there was a significant improvement from a low of -523.58 days in Q3 2023 to -39.26 days in Q2 2023. This indicates that the company was able to manage its working capital more effectively in Q2 2023, possibly by reducing the time it takes to sell its inventory and collect receivables. However, this improvement was not sustained, as the cash conversion cycle deteriorated in the following quarters.
Overall, Corcept Therapeutics Inc has experienced fluctuations in its cash conversion cycle, with periods of improvement and deterioration. It is essential for the company to continuously monitor and manage its working capital to ensure optimal efficiency in its cash conversion cycle.