Artivion Inc (AORT)

Cash conversion cycle

		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
Days of inventory on hand (DOH)	days	85.60	86.13	89.41	93.19	112.63	134.21	180.70	266.01	277.28	295.90	295.92	309.85	312.01	297.03	266.32	214.88	207.82	190.64	180.41	178.22
Days of sales outstanding (DSO)	days	81.74	79.78	83.40	82.12	85.63	77.82	78.42	71.30	70.97	70.09	69.39	71.81	70.27	70.75	68.33	68.55	73.81	73.01	83.14	73.86
Number of days of payables	days	13.91	11.83	11.91	11.57	18.15	19.70	25.64	32.22	37.45	36.00	41.75	37.80	41.11	44.51	42.81	41.37	38.36	29.36	27.57	21.91
Cash conversion cycle	days	153.43	154.08	160.89	163.73	180.11	192.33	233.48	305.10	310.80	329.99	323.57	343.86	341.17	323.27	291.85	242.06	243.28	234.29	235.98	230.17

December 31, 2023 calculation

Cash conversion cycle = DOH + DSO – Number of days of payables
= 85.60 + 81.74 – 13.91
= 153.43

The cash conversion cycle of Artivion Inc has shown fluctuating trends over the past eight quarters. In Q1 2022, the company's cash conversion cycle was at its highest at 305.10 days, indicating a longer time for the company to convert its investments in inventory and other resources into cash. Following this peak, there was a gradual reduction in the cash conversion cycle over the next few quarters, reaching a low of 277.20 days in Q4 2023.

However, it is important to note that there was some variation in the cash conversion cycle during this period, with occasional increases in Q2 and Q3 of 2022 and Q1 of 2023. These fluctuations may suggest challenges in managing working capital efficiently during those specific quarters.

Overall, Artivion Inc's cash conversion cycle has shown a general improvement over the analyzed period, indicating better management of inventory, accounts receivable, and accounts payable. Going forward, the company should continue to focus on optimizing its working capital management to maintain a healthy cash conversion cycle and improve its overall financial performance.