ICU Medical Inc (ICUI)

Inventory turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	1,519,250	1,582,240	824,818	809,507	794,344
Inventory	US$ in thousands	709,360	696,009	290,235	314,928	337,640
Inventory turnover		2.14	2.27	2.84	2.57	2.35

December 31, 2023 calculation

Inventory turnover = Cost of revenue ÷ Inventory
= $1,519,250K ÷ $709,360K
= 2.14

The inventory turnover ratio for ICU Medical, Inc. has seen some fluctuations over the past five years. In 2023, the inventory turnover ratio was 2.14, slightly lower than the ratio of 2.27 in 2022. This decrease indicates that the company took longer to sell its inventory in 2023 compared to the previous year.

Looking back further, the inventory turnover ratio was at its highest in 2021 at 2.84, showing efficient management of inventory during that period. In 2020 and 2019, the ratios were 2.57 and 2.35, respectively, reflecting a moderate level of inventory turnover in those years.

Overall, the trend in ICU Medical's inventory turnover suggests some variability in how quickly the company is able to sell its inventory. It is important for the company to closely monitor and manage its inventory levels to ensure optimal utilization and minimize carrying costs.