Penumbra Inc (PEN)

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	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
Total current assets	US$ in thousands	915,402	868,476	827,876	786,490	755,699	723,625	717,961	690,326	681,474	667,987	411,699	635,127	617,702	590,199	575,895	453,740	463,134	451,334	434,604	423,086
Total current liabilities	US$ in thousands	151,144	145,078	144,124	146,328	144,932	138,332	145,604	130,099	123,197	116,059	139,190	111,862	105,932	108,055	77,612	88,074	91,048	86,167	69,761	69,412
Working capital turnover		1.39	1.38	1.37	1.38	1.39	1.42	1.41	1.40	1.34	1.29	2.46	1.13	1.10	1.12	1.06	1.52	1.47	1.43	1.36	1.33

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $1,058,522K ÷ ($915,402K – $151,144K)
= 1.39

The working capital turnover of Penumbra Inc has been relatively stable over the past eight quarters, ranging from 1.37 to 1.42. This indicates that the company is effectively utilizing its working capital to generate sales revenue. A working capital turnover ratio above 1 suggests that Penumbra is efficiently managing its current assets and liabilities to support its operating activities.

The slight fluctuations in the ratio over the quarters do not indicate any concerning trends and could be attributed to normal variations in business operations. Overall, the consistent level of working capital turnover reflects Penumbra's ability to convert its working capital into sales revenue efficiently, which is a positive sign for the company's financial health.