CONMED Corporation (CNMD)

Total asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	1,244,740	1,045,470	1,010,640	862,459	955,097
Total assets	US$ in thousands	2,300,020	2,297,590	1,766,020	1,751,670	1,775,100
Total asset turnover		0.54	0.46	0.57	0.49	0.54

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $1,244,740K ÷ $2,300,020K
= 0.54

Conmed Corp.'s total asset turnover ratio measures how efficiently the company generates sales from its total assets. The trend in the total asset turnover over the past five years shows fluctuations. In 2023, the total asset turnover ratio was 0.54, indicating that Conmed generated $0.54 in sales for every $1 of total assets. This represents an improvement compared to the previous year when the ratio was 0.46.

In 2021, the total asset turnover ratio was relatively high at 0.57, suggesting higher efficiency in asset utilization to generate sales. However, in 2020 and 2019, the ratios were 0.49 and 0.54 respectively, showing a slight decline and then recovery in asset efficiency.

Overall, Conmed Corp. has shown variable performance in efficiently utilizing its assets to generate sales over the past five years. It is essential for the company to focus on maintaining or improving this ratio to ensure optimal utilization of assets and maximize revenue generation.