Artivion Inc (AORT)

Total asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	331,083	292,771	298,836	253,227	276,222
Total assets	US$ in thousands	792,397	762,798	793,052	789,404	605,654
Total asset turnover		0.42	0.38	0.38	0.32	0.46

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $331,083K ÷ $792,397K
= 0.42

Artivion Inc's total asset turnover has fluctuated over the past five years, ranging from 0.32 to 0.46. Total asset turnover measures a company's efficiency in generating sales revenue relative to its total assets. A higher ratio indicates that the company is generating more revenue per dollar of assets.

In 2023, Artivion Inc's total asset turnover was 0.45, showing an improvement from the previous year. This suggests that the company was able to generate more sales revenue for each dollar of total assets in 2023 compared to 2022.

Comparing to 2021 and 2020, where the total asset turnover was 0.38 and 0.32 respectively, there was a noticeable increase in efficiency in asset utilization in 2023. This improvement could be attributed to better management of assets or increased sales volume without a significant increase in total assets.

However, it is worth noting that the total asset turnover ratio was higher in 2019 at 0.46, indicating that the company was more efficient in generating sales from its assets in that year compared to 2023. Artivion Inc may need to further analyze its asset management strategies to potentially improve its total asset turnover ratio in the future.