Cytek Biosciences Inc (CTKB)
Payables turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|
| Cost of revenue | US$ in thousands | 83,589 | 63,062 | -76,963 |
| Payables | US$ in thousands | 3,032 | 4,805 | 3,034 |
| Payables turnover | 27.57 | 13.12 | -25.37 |
December 31, 2023 calculation
Payables turnover = Cost of revenue ÷ Payables
= $83,589K ÷ $3,032K
= 27.57
The payables turnover ratio for Cytek Biosciences Inc has shown a significant improvement over the past three years. In 2023, the payables turnover ratio increased to 27.57, indicating that the company is managing its accounts payable more efficiently compared to the previous years. This improvement suggests that Cytek Biosciences Inc is paying off its suppliers at a faster rate, which may positively impact its working capital management and relationships with vendors. However, it is important to note that the payables turnover ratio was negative in 2021, which could indicate an anomaly in the financial data or a specific event affecting the company's payables management during that year. Overall, the increasing trend in the payables turnover ratio is a positive sign of effective cash flow management for Cytek Biosciences Inc.
Peer comparison
Dec 31, 2023