CONMED Corporation (CNMD)

Total asset 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
Revenue (ttm)	US$ in thousands	1,244,743	1,168,565	1,139,075	1,098,613	1,045,472	1,068,575	1,042,314	1,020,285	1,010,635	989,493	978,501	881,125	862,458	874,495	870,250	950,728	955,096	932,675	901,392	875,949
Total assets	US$ in thousands	2,300,020	2,325,680	2,322,720	2,320,120	2,297,590	2,292,040	2,072,260	1,785,720	1,766,020	1,754,090	1,761,970	1,746,610	1,751,670	1,743,130	1,723,910	1,750,970	1,775,100	1,758,420	1,759,400	1,760,840
Total asset turnover		0.54	0.50	0.49	0.47	0.46	0.47	0.50	0.57	0.57	0.56	0.56	0.50	0.49	0.50	0.50	0.54	0.54	0.53	0.51	0.50

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $1,244,743K ÷ $2,300,020K
= 0.54

Conmed Corp.'s total asset turnover has been fluctuating over the past eight quarters. The ratio indicates how efficiently the company generates revenue from its total assets. A higher total asset turnover ratio generally implies better asset utilization.

In Q4 2023, the total asset turnover ratio was 0.54, which was higher compared to the previous quarter Q3 2023 (0.50). This uptick suggests that Conmed Corp. was able to generate more revenue relative to its total assets in Q4 2023.

Looking further back, the ratio has shown some variability. In Q1 2023, Q2 2023, and Q3 2023, the total asset turnover ratios were relatively stable, ranging from 0.47 to 0.50. This indicates consistent performance in utilizing assets to generate revenue during that period.

Comparing these recent quarters to the same quarters in the previous year, there seems to have been some improvement in asset turnover. In Q4 2022, the ratio was lower at 0.46, showing that Conmed Corp. improved its asset utilization over the course of a year.

Overall, the trend in total asset turnover for Conmed Corp. indicates some variability but shows signs of improvement in efficiently using its assets to generate revenue, particularly in the most recent quarter.