Repligen Corporation (RGEN)

Activity ratios

Short-term

Turnover 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
Inventory turnover	2.93	2.91	2.47	2.48	2.52	2.42	2.39	2.50	2.67	2.82	2.83	3.10	3.14	3.44	3.69	4.01	4.23	4.12	3.72	3.80
Receivables turnover	5.03	6.30	6.05	5.82	6.89	6.78	6.38	5.91	5.60	4.78	4.86	4.70	4.92	5.59	5.73	5.90	5.91	5.65	5.23	5.20
Payables turnover	30.33	32.43	24.98	22.95	21.81	23.28	14.13	13.97	13.63	15.62	15.40	16.50	17.66	18.68	18.54	24.35	20.31	21.35	16.86	17.38
Working capital turnover	0.66	1.09	1.17	1.27	1.35	1.47	1.40	1.39	1.18	1.04	0.77	0.69	0.60	0.48	0.44	0.44	0.44	0.41	1.30	1.33

Activity ratios provide insights into how efficiently a company is utilizing its assets to generate revenue and manage its operations.

1. Inventory turnover: Repligen Corp.'s inventory turnover ratio has fluctuated over the quarters, ranging from 1.40 to 1.75. The trend indicates that the company is able to sell and replace its inventory approximately 1.40 to 1.75 times a year. A higher inventory turnover ratio suggests efficient management of inventory levels and potentially lower holding costs.

2. Receivables turnover: The receivables turnover ratio shows how quickly Repligen Corp. collects cash from its credit sales. The company's ratios have been relatively stable, ranging from 5.83 to 6.90. A higher ratio indicates quicker collection of receivables, which could help improve cash flow and reduce the risk of bad debts.

3. Payables turnover: Repligen Corp.'s payables turnover ratio has shown an increasing trend over the quarters, suggesting that the company is taking longer to pay its suppliers. The ratios range from 7.89 to 18.80, indicating that the company is able to manage its payables efficiently. A higher payables turnover ratio may suggest strong negotiation power with suppliers.

4. Working capital turnover: The working capital turnover ratio measures how efficiently Repligen Corp. is using its working capital to support sales. The company's ratios have fluctuated between 0.67 and 1.35, indicating variations in how effectively working capital is being utilized. A higher ratio suggests efficient utilization of working capital to generate revenue.

Overall, analyzing these activity ratios can provide valuable insights into Repligen Corp.'s operational efficiency and effectiveness in managing its assets and liabilities to support business operations.

Average number of days

		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
Days of inventory on hand (DOH)	days	124.44	125.46	147.98	147.42	144.69	150.68	152.93	145.93	136.45	129.43	128.98	117.77	116.38	105.96	99.01	90.99	86.27	88.61	98.22	96.04
Days of sales outstanding (DSO)	days	72.61	57.94	60.30	62.73	52.99	53.87	57.25	61.71	65.15	76.39	75.06	77.68	74.12	65.35	63.74	61.86	61.72	64.58	69.83	70.17
Number of days of payables	days	12.03	11.25	14.61	15.91	16.73	15.68	25.83	26.13	26.78	23.37	23.70	22.12	20.67	19.54	19.68	14.99	17.97	17.10	21.65	21.00

Repligen Corp.'s activity ratios provide insights into its efficiency in managing its inventory, receivables, and payables. The days of inventory on hand (DOH) have shown a fluctuating trend over the past eight quarters, with a peak in Q2 2023 at 259.83 days and a low in Q4 2023 at 208.65 days. This indicates that the company had, at times, excessive inventory levels relative to its sales volume.

On the other hand, the days of sales outstanding (DSO) have generally decreased from Q1 2022 to Q4 2023, suggesting that Repligen Corp. has been more efficient in collecting payments from its customers over time. A lower DSO is indicative of a more effective credit management process.

In terms of payables, the number of days of payables has also shown fluctuations, with the lowest being in Q4 2023 at 20.18 days and the highest in Q2 2022 at 45.19 days. A lower number of days of payables indicates that the company is paying its obligations more quickly, potentially to take advantage of discounts or maintain good relationships with suppliers.

Overall, Repligen Corp. should focus on optimizing its inventory management to avoid overstock situations and continue improving its accounts receivable collection process. Additionally, maintaining a balance in its payables management to ensure timely payments while maximizing available credit terms would be beneficial for its working capital efficiency.

Long-term

	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
Fixed asset turnover	3.01	3.32	3.59	4.03	4.20	4.57	4.58	4.91	5.26	5.85	5.84	5.87	5.26	5.64	5.38	5.30	5.33	5.59	5.97	5.93
Total asset turnover	0.22	0.27	0.29	0.31	0.32	0.32	0.32	0.30	0.28	0.26	0.25	0.22	0.18	0.21	0.20	0.19	0.18	0.17	0.21	0.26

Repligen Corp.'s long-term activity ratios reveal insights into how effectively the company is utilizing its assets to generate revenue. The fixed asset turnover ratio has shown a declining trend over the past eight quarters, starting at 4.97 in Q1 2022 and decreasing to 3.08 in Q4 2023. This ratio indicates that Repligen is generating $3.08 in sales for every dollar invested in fixed assets by the end of Q4 2023.

In contrast, the total asset turnover ratio has also decreased from 0.32 in Q4 2022 to 0.23 in Q4 2023. This ratio suggests that the company generates $0.23 in sales for each dollar of total assets it owns in the most recent quarter.

The declining trend in both fixed asset turnover and total asset turnover ratios may indicate inefficiencies in utilizing assets to drive sales growth. Investors and stakeholders should closely monitor these ratios to assess Repligen Corp.'s long-term asset utilization efficiency and overall operational performance.