Deloitte Fast 500: Medical device company takes the top spot but software continues to dominate the top 10

Software program firms take 7 of the highest 10 spots on Deloitte’s 2021 North America Expertise Quick 500 record, however 3 medical and biotech firms take the opposite spots, and a kind of is the winner.

For the twenty sixth straight 12 months, software program firms continued to dominate the Deloitte Expertise Quick 500, however biotech and medical machine firms additionally captured high spots. Axonics (Nasdaq: AXNX), a medical expertise firm, topped the 2021 record with a development charge of 87,037% from 2017 to 2020. No, that is not a typo. Based mostly in Irvine, CA, Axonics presents an “implantable rechargeable sacral neuromodulation system” designed to deal with sufferers with “overactive bladder and/or fecal incontinence”.

“Axonics is proud to be acknowledged because the quickest rising firm on the Deloitte Expertise Quick 500 record,” stated Raymond W. Cohen, chief govt officer of Axonics, in a press launch. “The sturdy development of Axonics is a testomony to the mission-driven tradition of the corporate, the dedication of our workers, and our dedication to innovation and creating best-in-class incontinence options that enhance the lives of sufferers. We’re grateful for the belief physicians, sufferers and shareholders have positioned in Axonics.”

For the 9 months that ended on September 20, 2021, Axonics reported internet income of $127.2 million in comparison with $76.8 million for a similar interval in 2020, representing a 66% development charge. In October, the Orange County Enterprise Journal named Axonics the quickest rising public firm in Orange County. 

The highest 10 firms on the 2021 Quick 500 record have been:

  1. Axonics – Medical machine firm centered on incontinence therapies, Irvine, CA
  2. GetUpside – Buyer rewards and loyalty platform, Washington, DC
  3. Attentive – Textual content message advertising software program, Hoboken, NJ
  4. Shipwell – Logistics and transport software program, Austin, TX
  5. Snapcommerce – Cellular commerce firm that runs Snaptravel, Toronto, ON
  6. Coherus BioSciences – Biopharmaceutical firm, Redwood Metropolis, CA
  7. Drift – Conversational advertising platform, Boston, MA
  8. Nufabrx – Biopharmaceutical firm providing “healthware” merchandise, Conover, NC
  9. VirnetX Holding – Actual-time communications safety, Zephyr Cove, NV
  10. Banyan Software program – Enterprise software program, Atlanta, GA

Now in its twenty seventh 12 months, Deloitte’s 2021 Expertise Quick 500 ranks firms based mostly on their share fiscal 12 months income development between 2017 and 2020. The businesses on the this 12 months’s record had income development between 212% and 87,037% and a median development charge of 521%.

Deloitte 2021 Technology Fast 500 - Software companies

Software program and SaaS firms made up 73% of the businesses on the 2021 Deloitte Expertise Quick 500 record.

Picture: Deloitte

Software program and
SaaS

firms accounted for 7 of the highest 10 firms on the record and 368 (73%) of the record’s complete 500. It is a 2% enhance from final 12 months. Inside this class, enterprise infrastructure & productiveness made up 26%, fintech 19%, digital platforms 18%, knowledge analytics 13%, safety 12% and eventually client software program and healthtech with 6% every.

Biotechnology/pharmaceutical firms made up the subsequent largest trade group with 14%, digital content material/media/leisure and digital gadgets/{hardware} tied for third with 3% every and communications/networking, vitality tech and medical gadgets tied for the for the fourth spot with 2%.

deloitte-fast-500-2021-industry-categories.jpg

2021 Deloitte Expertise Quick 500 winners by trade

Picture: Deloitte

In an interview with TechRepublic, Paul Silverglate, associate and vice chair with Deloitte, stated he believes “biotech is climbing up” the record and since this 12 months’s rating solely displays knowledge from the preliminary a part of the 
COVID

pandemic, he expects to see extra biotech firms on future lists.

Silverglate additionally stated he expects subsequent studies to mirror the expansion of firms that present “merchandise that have been developed on account of COVID” to assist folks work from their houses. “Corporations that provide help to dwell, work and play inside your private home, tended to do nicely throughout the pandemic,” stated Silverglate. “And, These firms that helped you reside, work and play outdoors your private home, much less nicely.”

SEE: Coronavirus: Important IT insurance policies and instruments each enterprise wants (TechRepublic Premium)

Together with particular firms and tech sectors, Deloitte additionally ranked geographic areas. The businesses on the 2021 record represented 37 states and provinces in North America. California’s Silicon Valley topped the Quick 500 accounting for 21% of firm headquarters. The New York metropolitan space was second with 12%, New England was third with 8%, larger Los Angeles had 6% and larger Washington, DC, Washington State, and Texas accounted for five% every.

Deloitte 2021 Technology Fast 500 top geographic regions

Silicon Valley and the San Francisco Bay space had essentially the most firms (by headquarters) on the Deloitte 2021 Expertise Quick 500 record with 103 out of 500 (21%).

Picture: Deloitte

To be thought of for Deloitte’s 2021 North America Expertise Quick 500 awards, firms needed to apply between April 5 and July 9, 2021 and meet the next necessities:

  • Be in enterprise for not less than 4 years
  • Be headquartered in North America
  • Have fiscal 12 months 2017 working revenues of not less than $50,000
  • Have fiscal 12 months 2020 working revenues of not less than $5 million
  • Have a development charge of not less than 75% (development charge is computed as [(FY20 rev. – FY17 rev.)/FY17 rev.] x 100)
  • Personal proprietary mental property or proprietary expertise, which have to be bought to clients in services or products that contribute to a majority of the corporate’s working revenues

Corporations additionally needed to fall inside one of many trade classes on this 12 months’s record. There was no payment to use.

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