Moderna Inc (MRNA)

Inventory turnover

		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
Cost of revenue (ttm)	US$ in thousands	7,148,000	7,416,000	6,111,000	6,640,000	6,828,000	5,597,000	5,109,000	4,388,000	3,373,000	2,119,981	1,278,890	444,624	198,811	135,765	115,044	106,833	109,929	234,423
Inventory	US$ in thousands	202,000	487,000	715,000	732,000	949,000	2,077,000	1,921,000	1,942,000	1,441,000	965,000	643,000	494,000	47,000	-691,969	-354,916	—	0	—	-27,072	-31,903
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	—	—	—	—	—

December 31, 2023 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $7,148,000K ÷ $202,000K
= 35.39

Moderna Inc's inventory turnover has shown a steady increasing trend over the past eight quarters. From the fourth quarter of 2022 to the fourth quarter of 2023, the inventory turnover ratio has more than quadrupled, reaching 17.38. This indicates that Moderna is selling its inventory more frequently within a year, reflecting efficient management of its inventory levels.

The significant increase in inventory turnover suggests that Moderna has been able to effectively manage its inventory levels, reducing the amount of time it takes for products to move through its supply chain. This can lead to lower carrying costs and better use of working capital, ultimately improving the company's overall financial performance.

The consistent improvement in inventory turnover highlights Moderna's ability to optimize its production and distribution processes, responding effectively to changes in demand for its products. This trend may indicate strong sales performance and market demand for Moderna's products, which bodes well for the company's growth prospects.