Moderna Inc (MRNA)

Days of inventory on hand (DOH)

		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
Inventory turnover		35.39	15.23	8.55	9.07	7.19	2.69	2.66	2.26	2.34	2.20	1.99	0.90	4.23	—	—	—	—	—
DOH	days	10.31	23.97	42.71	40.24	50.73	135.45	137.24	161.54	155.93	166.15	183.51	405.53	86.29	—	—	—	—	—

December 31, 2023 calculation

DOH = 365 ÷ Inventory turnover
= 365 ÷ 35.39
= 10.31

Modern Inc's days of inventory on hand (DOH) has exhibited a declining trend over the past eight quarters, indicating more efficient management of inventory levels. In Q1 2022, Moderna had the highest DOH of 248.00 days, which has steadily decreased to 21.00 days in Q4 2023. This downward trend suggests that Moderna has been able to reduce the time it takes to sell its inventory, leading to improved liquidity and potentially lower carrying costs. The significant reduction in DOH over this period reflects enhanced inventory management practices and operational efficiency within the company.