Top Growth Companies 2013
Despite a rise in unemployment in the Bay State and pockets of uncertainty within the business community, there is growth within the Central Massachusetts economy. And in this annual focus on top growth companies and nonprofits in the region, we're seeing some economic trends reflected in the organizations you'll read about over the next few pages.
For example, as the population ages, the demand for health care services grows. So it's no surprise that of the top seven nonprofits, four operate in the health care sector.
And information technology is still a force to be reckoned with. Of our top six private companies, the business models of four focus on some aspect of IT.
Here are some noteworthy statistics on this year’s top growth companies:
• The top five private companies have generated an average three-year revenue growth of 454 percent, well above the 213 posted by last year's top five and 129 percent posted by the top five in 2011.
• This year's top 10 added, on average, 56 employees from 2010 to 2012. That's down from 97 employees, the average of last year's top 10 from 2009 to 2011, yet higher than the average of 37 from the top 10 in our 2011 list.
• Our top 10 nonprofits averaged 21 percent revenue growth from 2010 to 2012. While that may be impressive, it's down from an average of 28 percent that last year's top 10 reported from 2009 through 2011, and even lower than the 36 percent reported by the top 10 from our 2011 list.
And here's how we put together our list of top-growth private companies and top-growth nonprofits, which you'll find on pages 17 and 18:
• First, the organizations must be based in Central Massachusetts.
• Revenues had to have been at least $500,000 in 2010 and had to have revenue growth from 2010 to 2011 and from 2011 to 2012.
• To calculate each organization's score, all companies were ranked first by revenue percentage growth from 2010 to 2011. They were then ranked again by dollar growth over the same period.
• Finally, the two rankings were added to determine a final composite score, starting with the lowest ranking and ranked by the lowest number (for example, the top-ranked company in each category received a 1, the next received a 2, etc.), and
• In the case of a tie score, the highest ranking was awarded to the company with the highest dollar growth.
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