Repligen Corporation (RGEN)

Liquidity 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
Current ratio 7.02 2.69 2.67 2.51 2.47 2.32 2.30 2.23 2.48 2.61 2.96 2.96 2.83 13.67 15.48 15.56 13.28 16.03 2.25 2.18
Quick ratio 5.54 2.03 1.94 1.85 1.83 1.68 1.69 1.67 1.92 2.13 2.52 2.56 2.47 11.95 13.73 13.73 11.84 14.34 1.79 1.81
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

The liquidity ratios of Repligen Corp., as shown in the provided data, demonstrate a strong and improving trend over the past eight quarters. The current ratio, which measures the company's ability to cover short-term liabilities with current assets, has shown significant improvement, reaching a high of 7.02 in Q4 2023 from 2.47 in Q4 2022. This indicates that the company has more than enough current assets to meet its short-term obligations.

Similarly, the quick ratio, which provides a more conservative measure of liquidity by excluding inventory from current assets, also shows a notable uptrend, reaching 5.75 in Q4 2023 from 1.88 in Q4 2022. This suggests that the company has a sufficient level of highly liquid assets to cover its short-term liabilities without relying on inventory.

The cash ratio, which is the most stringent measure of liquidity as it only considers cash and cash equivalents, has also improved steadily, with a peak of 4.96 in Q4 2023 compared to 1.59 in Q4 2022. This signals that the company has a solid cash position relative to its current liabilities.

Overall, Repligen Corp.'s liquidity ratios indicate a healthy financial position with a strong ability to meet short-term obligations, which could provide a favorable outlook for investors and stakeholders.

Additional liquidity measure

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 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

The cash conversion cycle of Repligen Corp. has exhibited fluctuations over the past eight quarters, ranging between 254.86 days to 294.38 days. In the most recent quarter, Q4 2023, the company's cash conversion cycle stood at 259.43 days, indicating a slight improvement from the previous quarter. However, it is noteworthy that the cycle has generally been on the higher side, hovering above 250 days over the last two years.

A longer cash conversion cycle suggests that Repligen Corp. takes more time to convert its investments in inventory and other resources into cash inflows from sales. This may indicate inefficiencies in managing working capital, including inventory, receivables, and payables. It may also signal potential liquidity concerns or operational challenges in the company's supply chain and sales processes.

Further analysis and comparison with industry benchmarks or historical data would provide more insights into the effectiveness of Repligen Corp.'s working capital management and operational efficiency. The company may benefit from strategies to streamline its cash conversion cycle, such as optimizing inventory levels, improving receivables collection, and negotiating favorable payment terms with suppliers.