The current ratio is a liquidity ratio that measures a company's ability to pay short-term obligations. It is calculated as a company's Total Current Assets divides by its Total Current Liabilities. Cleo Diagnostics's current ratio for the quarter that ended in Dec. 2023 was 51.61.
Cleo Diagnostics has a current ratio of 51.61. It indicates the company may not be efficiently using its current assets or its short-term financing facilities. This may also indicate problems in working capital management.
The historical rank and industry rank for Cleo Diagnostics's Current Ratio or its related term are showing as below:
ASX:COV'
s Current Ratio Range Over the Past 10 Years
Min: 0.29 Med: 0.5 Max: 51.61
Current: 51.61
During the past 1 years, Cleo Diagnostics's highest Current Ratio was 51.61. The lowest was 0.29. And the median was 0.50.
ASX:COV's Current Ratio is ranked better than 99.65% of 866
companies
in the Medical Devices & Instruments industry
Industry Median: 2.715
vs ASX:COV: 51.61
Cleo Diagnostics Current Ratio Historical Data
The historical data trend for Cleo Diagnostics's Current Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
* Premium members only.
Cleo Diagnostics Current Ratio Chart
Cleo Diagnostics Annual Data
Trend
Jun23
Current Ratio
0.29
Cleo Diagnostics Semi-Annual Data
Dec22
Jun23
Dec23
Current Ratio
0.50
0.29
51.61
Competitive Comparison of Cleo Diagnostics's Current Ratio
For the Medical Devices subindustry, Cleo Diagnostics's Current Ratio, along with its competitors' market caps and Current Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Cleo Diagnostics's Current Ratio Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Cleo Diagnostics's Current Ratio distribution charts can be found below:
* The bar in red indicates where Cleo Diagnostics's Current Ratio falls into.
Cleo Diagnostics Current Ratio Calculation
The current ratio is mainly used to give an idea of the company's ability to pay back its short-term liabilities with its short-term assets.
Cleo Diagnostics's Current Ratio for the fiscal year that ended in Jun. 2023 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Cleo Diagnostics (ASX:COV) Current Ratio Explanation
The current ratio can give a sense of the efficiency of a company's operating cycle or its ability to turn its product into cash. Companies that have trouble getting paid on their receivables or have long inventory turnover can run into liquidity problems because they are unable to alleviate their obligations. Because business operations differ in each industry, it is always more useful to compare companies within the same industry.
Acceptable current ratios vary from industry to industry and are generally between 1 and 3 for healthy businesses.
The higher the current ratio, the more capable the company is of paying its obligations. A ratio under 1 suggests that the company would be unable to pay off its obligations if they came due at that point. While this shows the company is not in good financial health, it does not necessarily mean that it will go bankrupt - as there are many ways to access financing - but it is definitely not a good sign.
If all other things were equal, a creditor, who is expecting to be paid in the next 12 months, would consider a high current ratio to be better than a low current ratio, because a high current ratio means that the company is more likely to meet its liabilities which fall due in the next 12 months.
Cleo Diagnostics Current Ratio Related Terms
Thank you for viewing the detailed overview of Cleo Diagnostics's Current Ratio provided by GuruFocus.com. Please click on the following links to see related term pages.
Cleo Diagnostics Ltd is focused on the development of non-invasive blood-based IVD tests to detect the presence, and recurrence, of ovarian cancer. The Company's first product to market is intended to be the Triage Test which has to date produced strong results to accurately differentiate patients with malignant ovarian cancer from those with benign gynaecological conditions. The Company aims to improve the diagnostic process and procedures for detecting ovarian cancer and, in this regard, improve quality-of-life outcomes for patients who have been diagnosed with ovarian cancer.
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