CONMED Corporation (CNMD)

Working capital 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 current assets	US$ in thousands	615,649	581,226	460,123	416,654	397,363
Total current liabilities	US$ in thousands	310,729	296,552	196,646	190,201	188,087
Working capital turnover		4.08	3.67	3.84	3.81	4.56

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $1,244,740K ÷ ($615,649K – $310,729K)
= 4.08

The working capital turnover ratio for Conmed Corp. has fluctuated over the past five years, with values ranging from 3.67 to 4.56. The ratio measures the company's efficiency in utilizing its working capital to generate revenues. A higher ratio indicates that the company is effectively using its current assets to support its operations and sales.

In 2023, the working capital turnover ratio improved to 4.08 from 3.67 in 2022, suggesting that Conmed Corp. generated more revenue per dollar of working capital invested. This increase may indicate a more efficient management of the company's current assets and liabilities during the year.

However, the ratio in 2023 is lower than the peak of 4.56 in 2019, indicating a potential decrease in operational efficiency compared to the previous years. Further analysis would be needed to understand the reasons behind these fluctuations and assess the overall effectiveness of Conmed Corp.'s working capital management.

Overall, the trend in the working capital turnover ratio for Conmed Corp. indicates variable performance in utilizing its working capital to drive sales over the past five years.