Artivion Inc (AORT)

Inventory 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
Cost of revenue (ttm)	US$ in thousands	349,545	333,917	320,296	298,747	241,361	198,659	150,119	104,567	101,322	96,607	94,188	86,434	85,443	85,283	85,943	92,235	93,209	92,672	91,897	90,369
Inventory	US$ in thousands	81,976	78,792	78,458	76,273	74,478	73,044	74,318	76,208	76,971	78,319	76,362	73,375	73,038	69,402	62,708	54,300	53,071	48,403	45,422	44,124
Inventory turnover		4.26	4.24	4.08	3.92	3.24	2.72	2.02	1.37	1.32	1.23	1.23	1.18	1.17	1.23	1.37	1.70	1.76	1.91	2.02	2.05

December 31, 2023 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $349,545K ÷ $81,976K
= 4.26

Artivion Inc's inventory turnover ratio has fluctuated slightly over the past eight quarters, with a range from 1.37 to 1.53. The highest turnover ratio was recorded in Q3 2023 at 1.53, indicating that the company is selling through its inventory at a faster rate during that period. Conversely, the lowest turnover ratio was in Q1 2022 at 1.37.

Overall, Artivion Inc's inventory turnover ratio has been relatively stable between 1.44 and 1.52, suggesting that the company is effectively managing its inventory levels and translating them into sales. However, further analysis may be needed to understand the underlying reasons for the fluctuations in the inventory turnover ratio.