CONMED Corporation (CNMD)

Days of inventory on hand (DOH)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Inventory turnover		1.79	1.43	1.91	2.06	2.61
DOH	days	204.38	255.78	191.03	176.86	139.61

December 31, 2023 calculation

DOH = 365 ÷ Inventory turnover
= 365 ÷ 1.79
= 204.38

Conmed Corp.'s days of inventory on hand (DOH) has witnessed fluctuations over the past five years. The trend indicates an increase in DOH from 139.61 days in 2019 to 255.78 days in 2022, followed by a decrease to 204.38 days in 2023. The high DOH in 2022 suggests that Conmed Corp. had inventory on hand for an extended period, potentially tying up working capital. However, the decrease in 2023 may signify improved inventory management efficiency. It is essential for the company to strike a balance between maintaining sufficient inventory levels to meet demand and minimizing excess inventory to optimize resources effectively.