Vericel Corp Ord (VCEL)

Working capital turnover

		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
Revenue (ttm)	US$ in thousands	197,516	185,214	178,184	169,308	164,365	159,262	155,217	157,690	156,184	153,822	151,574	132,069	124,179	118,340	116,581	122,718	117,850	109,795	101,780	94,640
Total current assets	US$ in thousands	205,631	186,211	182,871	177,545	186,866	166,375	155,094	151,880	158,462	144,946	138,520	127,213	123,560	125,382	115,762	116,537	111,655	104,718	94,048	109,601
Total current liabilities	US$ in thousands	45,749	35,946	35,611	28,753	37,463	27,004	25,014	21,731	26,052	18,828	23,863	23,230	22,483	21,313	18,121	18,125	19,795	15,112	12,543	12,941
Working capital turnover		1.24	1.23	1.21	1.14	1.10	1.14	1.19	1.21	1.18	1.22	1.32	1.27	1.23	1.14	1.19	1.25	1.28	1.23	1.25	0.98

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $197,516K ÷ ($205,631K – $45,749K)
= 1.24

Vericel Corp's working capital turnover ratio has shown some variability over the past eight quarters, ranging from a low of 1.10 in Q4 2022 to a high of 1.24 in Q4 2023. The working capital turnover indicates how efficiently the company is utilizing its working capital to generate sales revenue. A higher ratio suggests that the company is effectively managing its working capital to support sales, while a lower ratio may indicate inefficiencies in working capital management.

Overall, the trend in Vericel Corp's working capital turnover appears to have improved in recent quarters, with the ratio increasing from 1.10 in Q4 2022 to 1.24 in Q4 2023. This improvement could be a positive sign of the company's ability to better manage its working capital and support its sales growth. However, further analysis and comparison with industry benchmarks would provide a more comprehensive assessment of Vericel Corp's working capital management efficiency.