Repligen Corporation (RGEN)

Cash ratio

		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
Cash and cash equivalents	US$ in thousands	751,323	630,779	603,656	516,609	523,458	573,363	596,512	584,640	603,814	621,098	734,327	711,318	717,292	553,302	560,364	529,525	528,392	513,454	208,888	196,135
Short-term investments	US$ in thousands	—	—	—	101,409	100,299	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	US$ in thousands	158,162	363,364	373,583	405,321	404,196	410,696	423,522	424,333	375,262	349,439	332,342	313,328	318,956	50,984	44,401	41,853	48,313	38,765	140,913	130,278
Cash ratio		4.75	1.74	1.62	1.52	1.54	1.40	1.41	1.38	1.61	1.78	2.21	2.27	2.25	10.85	12.62	12.65	10.94	13.25	1.48	1.51

December 31, 2023 calculation

Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($751,323K + $—K) ÷ $158,162K
= 4.75

The cash ratio of Repligen Corp. has shown a fluctuating trend over the past eight quarters, ranging from a low of 1.43 in Q1 2022 to a high of 4.96 in Q4 2023. The cash ratio indicates the company's ability to cover its short-term liabilities with its cash and cash equivalents. A higher cash ratio is generally considered favorable as it suggests the company has sufficient liquid assets to meet its immediate obligations.

The significant increase in the cash ratio from Q1 2022 to Q4 2023 indicates an improvement in Repligen Corp.'s liquidity position. This could be attributed to various factors such as increased cash reserves, efficient cash management practices, or a decrease in short-term liabilities.

However, it's important to note that a very high cash ratio, like the one in Q4 2023, may also indicate that the company is holding excess cash that could be more effectively utilized elsewhere, such as investments in growth opportunities or returning value to shareholders.

Overall, Repligen Corp.'s cash ratio has shown variability but has generally trended upwards, reflecting improved liquidity and the company's ability to meet its short-term obligations with its available cash resources.