CONMED Corporation (CNMD)

Working capital 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 current assets	US$ in thousands	615,649	625,649	615,522	610,088	581,226	574,243	577,188	488,300	460,123	443,405	443,180	424,369	416,654	404,228	378,713	393,167	397,363	399,023	397,277	390,709
Total current liabilities	US$ in thousands	310,729	376,319	353,169	320,686	296,552	208,579	201,093	187,597	196,646	183,192	198,458	182,155	190,201	179,039	150,612	160,004	188,087	160,665	155,801	151,271
Working capital turnover		4.08	4.69	4.34	3.80	3.67	2.92	2.77	3.39	3.84	3.80	4.00	3.64	3.81	3.88	3.82	4.08	4.56	3.91	3.73	3.66

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $1,244,743K ÷ ($615,649K – $310,729K)
= 4.08

The working capital turnover ratio for Conmed Corp. has seen fluctuations over the past eight quarters. The working capital turnover ratio indicates how efficiently the company is utilizing its working capital to generate sales revenue.

In Q4 2023, the working capital turnover ratio was 4.08, showing a slight decrease from the previous quarter. This ratio suggests that Conmed Corp. generated $4.08 in sales for every dollar of working capital invested during that quarter.

Overall, the trend in working capital turnover has been positive, with an increasing trend from Q1 2022 to Q3 2023, indicating that the company has been improving its efficiency in managing working capital. However, the slight decline in Q4 2023 may suggest a temporary fluctuation or a change in the company's working capital management strategy.

It is important for Conmed Corp. to continue monitoring and analyzing its working capital turnover ratio to ensure optimal utilization of its resources and to maintain efficient operations.