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

Software companies take 7 of the top 10 spots on Deloitte’s 2021 North America Technology Fast 500 list, but 3 medical and biotech companies take the other spots, and one of those is the winner.

For the 26th straight year, software companies continued to dominate the Deloitte Technology Fast 500, but biotech and medical device companies also captured top spots. Axonics (Nasdaq: AXNX), a medical technology company, topped the 2021 list with a growth rate of 87,037% from 2017 to 2020. No, that’s not a typo. Based in Irvine, CA, Axonics offers an “implantable rechargeable sacral neuromodulation system” designed to treat patients with “overactive bladder and/or fecal incontinence”.

“Axonics is proud to be recognized as the fastest growing company on the Deloitte Technology Fast 500 list,” said Raymond W. Cohen, chief executive officer of Axonics, in a press 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 innovation and developing best-in-class incontinence solutions that improve the lives of patients. We are grateful for the trust physicians, patients and shareholders have placed in Axonics.”

For the nine months that ended on September 20, 2021, Axonics reported net revenue of $127.2 million compared to $76.8 million for the same period in 2020, representing a 66% growth rate. In October, the Orange County Business Journal named Axonics the fastest growing public company in Orange County. 

The top 10 companies on the 2021 Fast 500 list were:

  1. Axonics – Medical device company focused on incontinence therapies, Irvine, CA
  2. GetUpside – Customer rewards and loyalty platform, Washington, DC
  3. Attentive – Text message marketing software, Hoboken, NJ
  4. Shipwell – Logistics and shipping software, Austin, TX
  5. Snapcommerce – Mobile commerce company that runs Snaptravel, Toronto, ON
  6. Coherus BioSciences – Biopharmaceutical company, Redwood City, CA
  7. Drift – Conversational marketing platform, Boston, MA
  8. Nufabrx – Biopharmaceutical company offering “healthware” products, Conover, NC
  9. VirnetX Holding – Real-time communications security, Zephyr Cove, NV
  10. Banyan Software – Enterprise software, Atlanta, GA

Now in its 27th year, Deloitte’s 2021 Technology Fast 500 ranks companies based on their percentage fiscal year revenue growth between 2017 and 2020. The companies on the this year’s list had revenue growth between 212% and 87,037% and a median growth rate of 521%.

Software and SaaS companies made up 73% of the companies on the 2021 Deloitte Technology Fast 500 list.

Image: Deloitte

Software and
SaaS

companies accounted for 7 of the top 10 companies on the list and 368 (73%) of the list’s total 500. This is a 2% increase from last year. Within this category, enterprise infrastructure & productivity made up 26%, fintech 19%, digital platforms 18%, data analytics 13%, security 12% and finally consumer software and healthtech with 6% each.

Biotechnology/pharmaceutical companies made up the next largest industry group with 14%, digital content/media/entertainment and electronic devices/hardware tied for third with 3% each and communications/networking, energy tech and medical devices tied for the for the fourth spot with 2%.

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

2021 Deloitte Technology Fast 500 winners by industry

Image: Deloitte

In an interview with TechRepublic, Paul Silverglate, partner and vice chair with Deloitte, said he believes “biotech is climbing up” the list and because this year’s ranking only reflects data from the initial part of the 
COVID

pandemic, he expects to see more biotech companies on future lists.

Silverglate also said he expects subsequent reports to reflect the growth of companies that provide “products that were developed as a result of COVID” to help people work from their homes. “Companies that help you live, work and play inside your home, tended to do well during the pandemic,” said Silverglate. “And, Those companies that helped you live, work and play outside your home, less well.”

SEE: Coronavirus: Critical IT policies and tools every business needs (TechRepublic Premium)

Along with specific companies and tech sectors, Deloitte also ranked geographic regions. The companies on the 2021 list represented 37 states and provinces in North America. California’s Silicon Valley topped the Fast 500 accounting for 21% of company headquarters. The New York metropolitan area was second with 12%, New England was third with 8%, greater Los Angeles had 6% and greater Washington, DC, Washington State, and Texas accounted for 5% each.

Deloitte 2021 Technology Fast 500 top geographic regions

Silicon Valley and the San Francisco Bay area had the most companies (by headquarters) on the Deloitte 2021 Technology Fast 500 list with 103 out of 500 (21%).

Image: Deloitte

To be considered for Deloitte’s 2021 North America Technology Fast 500 awards, companies had to apply between April 5 and July 9, 2021 and meet the following requirements:

  • Be in business for at least four years
  • Be headquartered in North America
  • Have fiscal year 2017 operating revenues of at least $50,000
  • Have fiscal year 2020 operating revenues of at least $5 million
  • Have a growth rate of at least 75% (growth rate is computed as [(FY20 rev. – FY17 rev.)/FY17 rev.] x 100)
  • Own proprietary intellectual property or proprietary technology, which must be sold to customers in products or services that contribute to a majority of the company’s operating revenues

Companies also had to fall within one of the industry categories on this year’s list. There was no fee to apply.

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