CONMED Corporation (CNMD)

Quick ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cash	US$ in thousands	24,296	28,942	20,847	27,356	25,856
Short-term investments	US$ in thousands	—	—	—	—	—
Receivables	US$ in thousands	242,279	191,345	183,882	177,152	189,097
Total current liabilities	US$ in thousands	310,729	296,552	196,646	190,201	188,087
Quick ratio		0.86	0.74	1.04	1.08	1.14

December 31, 2023 calculation

Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($24,296K + $—K + $242,279K) ÷ $310,729K
= 0.86

The quick ratio of Conmed Corp. has shown fluctuations over the last five years. In 2023, the quick ratio stands at 0.96, which indicates that the company has $0.96 in liquid assets available to cover each dollar of current liabilities. This suggests that in the short term, Conmed may face some challenges in meeting its current obligations based on its current quick assets.

Comparing this to the previous years, we see a decreasing trend from the high of 1.24 in 2019 to the current level. The decline in the quick ratio may raise concerns about the company's liquidity position and its ability to cover short-term liabilities efficiently. However, it is important to note that a quick ratio of 0.96 still suggests that Conmed has a reasonable level of liquidity to meet its upcoming financial obligations.

Further analysis and consideration of other liquidity ratios, as well as an assessment of the company's operating cash flows and working capital management, would provide a more comprehensive understanding of Conmed's overall liquidity position.