Cytek Biosciences Inc (CTKB)

Working capital turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	US$ in thousands	193,015	2,963	2,181
Total current assets	US$ in thousands	392,060	454,020	431,733
Total current liabilities	US$ in thousands	56,226	49,040	33,181
Working capital turnover		0.57	0.01	0.01

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $193,015K ÷ ($392,060K – $56,226K)
= 0.57

Cytek Biosciences Inc's working capital turnover has shown a significant improvement over the years. In 2023, the working capital turnover ratio increased to 0.57 from a very low level of 0.01 in both 2022 and 2021. This indicates that the company's efficiency in generating sales from its working capital has improved significantly in 2023. A higher working capital turnover ratio suggests that the company is using its working capital more effectively to support its operations and generate revenue. This improvement could be attributed to better inventory management, accounts receivable collection, or overall operational efficiency. It indicates that Cytek Biosciences Inc was able to generate more revenue relative to its working capital in 2023 compared to previous years, which is a positive sign of financial performance and operational efficiency.