Repligen Corporation (RGEN)

Cash conversion cycle

		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
Cash conversion cycle	days	185.02	172.15	193.67	194.25	180.95	188.87	184.36	181.50	174.83	182.45	180.33	173.33	169.83	151.77	143.07	137.87	130.01	136.09	146.39	145.21

December 31, 2023 calculation

Cash conversion cycle = DOH + DSO – Number of days of payables
= 124.44 + 72.61 – 12.03
= 185.02

The cash conversion cycle of Repligen Corp. has shown some fluctuations over the past eight quarters. In Q2 2023, the company experienced a significant increase in its cash conversion cycle to 294.38 days, which was higher compared to the previous quarter and the same quarter of the previous year. This may indicate that the company took longer to convert its investments in inventory and accounts receivable into cash during that period.

However, it is worth noting that in Q3 2023, there was a slight improvement as the cash conversion cycle decreased to 254.86 days. This suggests that the company was able to more efficiently manage its working capital during that quarter.

Overall, the trend in the cash conversion cycle of Repligen Corp. appears to be somewhat volatile, with fluctuations in the time it takes for the company to convert its investments into cash. Further analysis would be needed to understand the specific drivers behind these fluctuations and to assess the efficiency of the company's working capital management.