Myriad Genetics Inc (MYGN)

Total asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Jun 30, 2020	Jun 30, 2019
Revenue	US$ in thousands	745,400	675,200	846,000	627,800	840,000
Total assets	US$ in thousands	1,146,500	1,198,700	1,320,700	1,404,600	1,562,700
Total asset turnover		0.65	0.56	0.64	0.45	0.54

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $745,400K ÷ $1,146,500K
= 0.65

The total asset turnover ratio of Myriad Genetics, Inc. has shown an increasing trend over the past five periods, indicating an improvement in the company's efficiency in generating revenue from its assets. In 2023, the total asset turnover ratio reached 0.66, up from 0.57 in 2022 and 0.52 in 2021. This signifies that for every dollar of total assets, Myriad Genetics generated $0.66 in sales revenue in 2023.

The rising trend in the total asset turnover ratio suggests that the company has been utilizing its assets more effectively to drive sales growth. This could be a result of better operational efficiency, effective asset utilization, or strategic management of resources.

A high total asset turnover ratio typically indicates that a company is effectively using its assets to generate revenue, which is generally viewed positively by investors and analysts. However, it is essential to consider other factors in conjunction with this ratio to gain a holistic understanding of the company's financial performance and efficiency in asset management.