Penumbra Inc (PEN)

Fixed asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	1,058,520	847,133	747,590	560,412	547,405
Property, plant and equipment	US$ in thousands	72,691	65,015	58,856	48,169	51,812
Fixed asset turnover		14.56	13.03	12.70	11.63	10.57

December 31, 2023 calculation

Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $1,058,520K ÷ $72,691K
= 14.56

The fixed asset turnover ratio for Penumbra Inc has been showing a positive trend over the past five years, increasing from 10.57 in 2019 to 14.56 in 2023. This indicates that the company has been generating more sales revenue relative to its investment in fixed assets each year. A higher fixed asset turnover ratio generally signifies better efficiency in utilizing the company's fixed assets to generate sales. Penumbra Inc's consistent improvement in this ratio signifies effective asset management and operational performance, potentially leading to increased profitability and overall financial health. Overall, the increasing trend in fixed asset turnover reflects positively on Penumbra Inc's operational efficiency and utilization of its fixed assets over the years.