CONMED Corporation (CNMD)

Working capital turnover

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Revenue (ttm)	US$ in thousands	1,305,025	1,286,126	1,274,003	1,260,907	1,244,743	1,168,565	1,139,075	1,098,613	1,045,472	1,068,576	1,042,315	1,020,286	1,010,636	989,493	978,501	881,125	862,458	874,495	870,250	950,728
Total current assets	US$ in thousands	640,007	640,999	623,833	635,724	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
Total current liabilities	US$ in thousands	278,130	282,311	266,412	291,404	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
Working capital turnover		3.61	3.59	3.56	3.66	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

December 31, 2024 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $1,305,025K ÷ ($640,007K – $278,130K)
= 3.61

CONMED Corporation's working capital turnover has fluctuated over the past few years. It stood at 4.08 on March 31, 2020, showing an effective utilization of working capital to generate revenue. However, the ratio decreased slightly to 3.82 on June 30, 2020, indicating a slight decrease in efficiency.

Throughout 2021, the working capital turnover stayed relatively stable, ranging from 3.64 to 4.00, suggesting that CONMED was effectively managing its working capital during this period. The ratio dipped to 3.39 on March 31, 2022, signaling a potential decrease in efficiency or a change in the company's working capital management strategies.

By June 30, 2022, the ratio dropped further to 2.77, which may indicate that CONMED was struggling to efficiently utilize its working capital to support its operations. The ratio improved slightly in the following quarters but remained below previous levels, ranging from 2.92 to 3.80.

In 2023, CONMED saw an improvement in its working capital turnover, with the ratio peaking at 4.69 on September 30, indicating a more efficient use of working capital to generate sales. The ratio declined to 3.66 by March 31, 2024, suggesting a decrease in efficiency but remained relatively stable in the range of 3.56 to 3.61 for the rest of the year.

Overall, CONMED's working capital turnover has fluctuated over the years, indicating varying levels of efficiency in utilizing working capital. These fluctuations may be influenced by changes in management strategies, operational efficiency, or economic conditions in the markets where CONMED operates.