Repligen Corporation (RGEN)

Working capital turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	624,137	800,374	657,807	354,127	255,303
Total current assets	US$ in thousands	1,111,040	998,118	931,677	902,382	641,828
Total current liabilities	US$ in thousands	158,162	404,196	375,262	318,956	48,313
Working capital turnover		0.66	1.35	1.18	0.61	0.43

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $624,137K ÷ ($1,111,040K – $158,162K)
= 0.66

Repligen Corp.'s working capital turnover has fluctuated over the past five years. The ratio indicates how efficiently the company is utilizing its working capital to generate sales revenue. In 2023, the working capital turnover decreased significantly to 0.67 compared to the previous year, indicating that the company generated lower sales relative to its investment in working capital.

However, in 2022 and 2021, the company demonstrated relatively higher efficiency with working capital turnover ratios of 1.35 and 1.21 respectively. This suggests that Repligen Corp. effectively managed its working capital to support sales growth during those years.

In 2020 and 2019, the working capital turnover was lower at 0.63 and 0.46 respectively, indicating potential inefficiencies in working capital management during those periods.

Overall, fluctuations in the working capital turnover ratio over the years suggest varying levels of efficiency in utilizing working capital to support revenue generation. Further analysis of the components of working capital and business operations may provide insights into the drivers behind these fluctuations.