Repligen Corporation (RGEN)

Quick 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	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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables	US$ in thousands	124,161	106,158	120,304	133,488	116,200	117,645	121,050	122,435	117,420	122,048	102,659	90,207	71,389	55,925	49,296	45,212	43,672	42,591	43,549	39,362
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
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

December 31, 2023 calculation

Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($751,323K + $—K + $124,161K) ÷ $158,162K
= 5.54

The quick ratio of Repligen Corp. has exhibited varying trends over the past eight quarters. In Q4 2023, the quick ratio stood at 5.75, representing a significant increase from the previous quarter's ratio of 2.11. This substantial increase indicates that the company had a substantially higher level of liquid assets relative to its current liabilities in Q4 2023.

Prior to Q4 2023, the quick ratio had shown a general upward trend from Q1 2022 to Q3 2023, with the ratio consistently hovering around the 1.7 to 2.1 range. This suggested that Repligen Corp. had been maintaining a healthy level of liquidity and had sufficient liquid assets to cover its short-term liabilities during this period.

However, the sharp spike in the quick ratio in Q4 2023 to 5.75 is noteworthy, as it indicates a significant improvement in the company's short-term liquidity position. This could potentially be attributed to a boost in cash reserves or a reduction in current liabilities during the quarter.

Overall, the quick ratio analysis suggests that Repligen Corp. has generally maintained a strong liquidity position in recent quarters, with a notable improvement in Q4 2023. Investors and stakeholders may view this positive trend favorably, as it indicates the company's ability to cover its short-term obligations comfortably.