ICU Medical Inc (ICUI)
Working capital turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 2,259,130 | 2,280,000 | 1,316,310 | 1,271,000 | 1,266,210 |
| Total current assets | US$ in thousands | 1,221,270 | 1,235,200 | 1,029,810 | 920,777 | 882,197 |
| Total current liabilities | US$ in thousands | 481,838 | 494,559 | 200,777 | 195,488 | 248,468 |
| Working capital turnover | 3.06 | 3.08 | 1.59 | 1.75 | 2.00 |
December 31, 2023 calculation
Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $2,259,130K ÷ ($1,221,270K – $481,838K)
= 3.06
The working capital turnover ratio for ICU Medical, Inc. has fluctuated over the past five years. The company's ability to efficiently utilize its working capital has shown improvement in 2023 and 2022, with ratios of 3.06 and 3.08, respectively. These higher ratios indicate that ICU Medical was able to generate sales revenue relative to its investment in working capital at a faster pace during these years.
In 2021, the working capital turnover ratio dropped to 1.59, suggesting a decrease in the company's efficiency in converting working capital into sales. However, ICU Medical managed to improve this ratio in 2022 and 2023, returning to a more favorable level.
The ratios for 2020 and 2019 were 1.75 and 2.00, respectively, indicating a relatively consistent performance over these years in terms of working capital turnover.
Overall, the trend shows that ICU Medical, Inc. has been able to maintain a reasonable level of efficiency in utilizing its working capital to generate sales revenue, with some fluctuations in performance over the years.
Peer comparison
Dec 31, 2023