ICU Medical Inc (ICUI)

Working capital 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
Total current assets	US$ in thousands	1,221,270	1,219,410	1,244,740	1,213,020	1,235,200	1,199,360	1,189,840	1,174,000	1,029,810	1,011,240	973,354	928,182	920,777	900,139	1,036,700	1,002,180	882,197	944,489	929,616	920,507
Total current liabilities	US$ in thousands	481,838	464,043	483,880	462,177	494,559	489,034	485,985	494,115	200,777	185,077	183,664	179,862	195,488	185,359	359,151	357,301	248,468	255,411	259,962	238,407
Working capital turnover		3.06	2.98	3.01	3.07	3.08	2.88	2.53	2.27	1.59	1.57	1.62	1.68	1.75	1.77	1.85	1.96	2.00	1.87	1.96	1.99

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $2,259,126K ÷ ($1,221,270K – $481,838K)
= 3.06

The working capital turnover of ICU Medical, Inc. has shown a relatively stable trend over the past eight quarters, ranging from 2.27 to 3.08. The company's efficiency in managing its working capital has generally been good, as indicated by the consistent turnover ratios above 2. A higher working capital turnover ratio signifies that the company is effectively generating revenue from its working capital resources.

In particular, the working capital turnover improved from Q2 2022 to peak at 3.08 in Q4 2022 before slightly decreasing to 2.98 in Q3 2023. Despite this minor decline, the ratio remained above 2.5, indicating efficient utilization of working capital. This trend suggests that ICU Medical has been successful in efficiently managing its current assets and liabilities to support its operations and generate revenue.

Overall, the stable and relatively high working capital turnover ratios for ICU Medical, Inc. indicate that the company has been effectively utilizing its working capital resources to support its business activities and drive revenue growth.