Deloitte today released its “North America Technology Fast 500” list of growing companies, including a handful of medtech firms.
The list, which ranking of the fastest-growing North American companies across a range of sectors, included several “Life Sciences” outfits. Immunology company Vir Biotechnology led the way in first place on the list.
Axonics (Nasdaq:AXNX) represented the highest-ranked medical device company at No. 4. According to Deloitte, the company registered 25,401% growth over a three-year period. Axonics reported $180.3 million in revenue in fiscal 2021, compared to $707,000 in fiscal 2018.
The company topped last year’s version of the list. Axonics develops novel products for adults with bladder and bowel dysfunction. Its sacral neuromodulation (SNM) systems provide adults suffering from overactive bladder and/or fecal incontinence with long-lived, easy-to-use, safe, clinically effective therapy. The company also markets Bulkamid, a urethral bulking hydrogel.
“Axonics is proud to be recognized as one of the fastest-growing companies in North America,” Axonics CEO Raymond W. Cohen said in a news release. “The strong growth of Axonics is a testament to the mission-driven culture of the company, the dedication of our employees, and our commitment to continuous innovation. We have built a company that values diversity, quality, integrity, and teamwork. We remain focused on increasing awareness for Axonics’ best-in-class incontinence solutions, which have the potential to significantly improve the quality of life for millions of adults with bladder and bowel dysfunction.”
Outset Medical makes the list
Outset Medical (Nasdaq:OM) placed No. 33 on the Deloitte list. It recorded 5,012% growth over the three-year period. Outset brought in $103 million in revenues last year.
San Jose, California-based Outset develops the Tablo hemodialysis system for kidney patients. The FDA-cleared connected and intelligent device offers two-way communication with the cloud. This allows for the sending of treatment data electronically.
Physicians can remotely monitor patients so they feel connected to the medical team while comfortably remaining at home. The first-of-its-kind technology aims to reduce the cost and complexity of dialysis.
Outset Chair and CEO Leslie Trigg said continued Tablo adoption in the acute and home markets drew its 2021 revenue growth.
“Dialysis is a huge expense and burden on patients and providers,” said Trigg. “Tablo represents a significant technological advancement that transforms the dialysis experience for patients and operationally simplifies it for providers. We are honored to be recognized for our growth and share this award with all of our employees, partners, patients, physicians and families who are on the journey with us to improve the lives of kidney patients everywhere.”
Pulmatrix nears the top 50
Lexington, Massachusetts-based Pulmatrix (Nasdaq:PULM) placed at No. 51 on the list. It registered growth of 3,278% from 2018 to 2021.
Pulmatrix develops the patented iSperse technology. It designed iSperse to improve therapeutic delivery to the lungs. It maximizes local concentrations and reduces systemic side effects to improve patient outcomes. One indication Pulmatrix is pursuing is an orally inhaled migraine treatment.
Others in the Deloitte Fast 500
- Sight Sciences: 550% growth
- Sight Sciences develops technology for ophthalmic conditions such as dry eye disease and glaucoma.
- Inspire Medical Systems: 361% growth
- Inspire Medical Systems develops sleep apnea treatment technology.
- Tandem Diabetes Care: 282% growth
- Tandem Diabetes Care develops automated insulin delivery technology for people with diabetes.