The following data were disclosed in the annual reports of QLT Inc., a Canadian biotechnology company that produces Visudyne, a product to treat macular degeneration of the eyes. If left untreated, this medical condition causes blindness.

Required:
1. Compute QLT's fixed asset turnover ratio for the four years 2005 through 2008.
2. How might a financial analyst interpret the results?

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(in thousands of dollars) 2008 2007 2006 2005 2004 Net sales $124,140 $127,606 $175,090 $241,973 $186,072 Nel property, plant, and equipment 3,184 10,017 50,497 75,497 81,674