DexCom Inc (DXCM)

Working capital turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	3,603,200	2,889,200	2,333,800	1,822,500	1,396,800
Total current assets	US$ in thousands	4,425,900	3,668,800	3,684,400	3,424,800	1,969,400
Total current liabilities	US$ in thousands	1,556,000	1,839,300	720,800	614,100	360,200
Working capital turnover		1.26	1.58	0.79	0.65	0.87

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $3,603,200K ÷ ($4,425,900K – $1,556,000K)
= 1.26

The working capital turnover for Dexcom Inc has fluctuated over the five-year period, indicating varying levels of efficiency in managing its working capital. In 2023, the working capital turnover ratio decreased to 1.26 from 1.59 in 2022, suggesting that Dexcom was less effective in utilizing its working capital to generate revenue compared to the previous year. However, it remained higher than the ratios in 2021, 2020, and 2019, indicating improved efficiency in working capital management compared to those years. Overall, the trend in working capital turnover suggests some variability in Dexcom's ability to efficiently convert its working capital into revenue over the years.