Penumbra Inc (PEN)

Fixed 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	1,058,522	995,059	937,791	884,636	847,133	829,928	806,367	782,281	747,590	710,477	671,436	592,287	560,412	538,777	527,203	556,295	547,405	522,935	495,239	470,676
Property, plant and equipment	US$ in thousands	72,691	65,632	65,958	65,224	65,015	64,082	63,458	60,327	58,856	56,632	180,676	50,314	48,169	64,906	62,188	58,698	51,812	45,625	37,940	35,380
Fixed asset turnover		14.56	15.16	14.22	13.56	13.03	12.95	12.71	12.97	12.70	12.55	3.72	11.77	11.63	8.30	8.48	9.48	10.57	11.46	13.05	13.30

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $1,058,522K ÷ $72,691K
= 14.56

The fixed asset turnover ratio for Penumbra Inc has been relatively stable and consistently high over the past eight quarters, ranging from 12.71 to 15.16. This indicates that the company is effectively utilizing its fixed assets to generate sales revenue. A higher fixed asset turnover ratio suggests that Penumbra Inc is efficiently managing its investment in fixed assets to produce sales. The trend of increasing fixed asset turnover from Q1 2022 to Q3 2023 reflects improved efficiency in utilizing fixed assets to generate revenue. However, the slight decrease in Q4 2023 compared to Q3 2023 may indicate a temporary decline in asset utilization efficiency. Overall, Penumbra Inc's strong fixed asset turnover ratio suggests effective asset management and a productive use of fixed assets in generating sales.