ICU Medical Inc (ICUI)

Fixed asset 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	2,259,126	2,249,284	2,293,830	2,305,524	2,279,997	2,042,508	1,780,711	1,541,384	1,316,308	1,296,234	1,278,741	1,260,443	1,271,004	1,266,076	1,254,980	1,263,883	1,266,208	1,291,063	1,310,761	1,358,939
Property, plant and equipment	US$ in thousands	612,909	608,762	616,540	624,112	636,113	656,383	667,783	674,412	468,365	458,041	458,785	459,072	466,628	456,348	454,824	455,624	456,085	444,087	436,920	432,938
Fixed asset turnover		3.69	3.69	3.72	3.69	3.58	3.11	2.67	2.29	2.81	2.83	2.79	2.75	2.72	2.77	2.76	2.77	2.78	2.91	3.00	3.14

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $2,259,126K ÷ $612,909K
= 3.69

The fixed asset turnover ratio for ICU Medical, Inc. has shown a generally increasing trend over the past eight quarters, with fluctuations within a relatively tight range. The ratio has improved from 2.29 in Q1 2022 to 3.69 in Q4 2023. This indicates that the company is generating more revenue per dollar of fixed assets invested, which is a positive sign of operational efficiency.

The consistent high values of fixed asset turnover indicate that ICU Medical is effectively utilizing its fixed assets to generate sales. A higher fixed asset turnover ratio implies that the company is efficient in managing its fixed assets to generate revenue. This could be attributed to effective asset management, streamlined operations, or possibly an increase in sales without a corresponding increase in fixed assets.

Overall, the upward trend in fixed asset turnover for ICU Medical, Inc. suggests that the company is making good use of its fixed assets to drive revenue and is operating efficiently in utilizing its long-term assets.