IDEXX Laboratories Inc (IDXX)

Total 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	3,660,953	3,587,920	3,514,054	3,430,970	3,367,324	3,339,846	3,308,606	3,274,202	3,215,360	3,135,208	3,046,576	2,858,026	2,706,655	2,591,163	2,474,677	2,457,188	2,406,908	2,350,848	2,290,993	2,251,642
Total assets	US$ in thousands	3,259,920	3,086,400	2,870,810	2,808,400	2,746,760	2,640,070	2,607,180	2,592,690	2,437,200	2,385,740	2,412,150	2,327,380	2,294,560	2,047,410	1,960,710	1,886,240	1,832,480	1,751,480	1,724,240	1,680,970
Total asset turnover		1.12	1.16	1.22	1.22	1.23	1.27	1.27	1.26	1.32	1.31	1.26	1.23	1.18	1.27	1.26	1.30	1.31	1.34	1.33	1.34

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $3,660,953K ÷ $3,259,920K
= 1.12

Idexx Laboratories, Inc.'s total asset turnover has shown a declining trend over the past few quarters. The total asset turnover ratio measures how efficiently a company is utilizing its assets to generate revenue. In Q4 2023, the total asset turnover was at 1.12, indicating that the company generated $1.12 in revenue for every dollar invested in assets during that period.

The decreasing trend in the total asset turnover suggests that the company may be becoming less efficient in generating revenue from its assets. It could be a sign of inefficiencies in the utilization of assets or a decrease in sales relative to the value of assets. Further analysis would be needed to determine the specific factors driving this trend and whether it is a cause for concern.

It is important for investors and stakeholders to monitor the total asset turnover ratio over time to assess the company's operational efficiency and financial performance.