SEATTLE, Nov. 10 /PRNewswire/ -- Spencer Technologies today announced that it ranked Number 255 on the 2005 Deloitte Technology Fast 500, a ranking of the 500 fastest growing technology companies in North America. Rankings are based on average percentage revenue growth over five years, from 2000-2004. Spencer Technologies grew 624 percent during this period.
Spencer Technologies' President, James Noack, credits the release of the Company's first Doppler ultrasound product and subsequent international distribution agreements with the Company's 624% revenue growth over the past five years. He said, "Our product is fast becoming the standard for diagnosis of PFO, or right to left shunt. As the myriad clinical trials studying PFO Stroke and PFO Migraine move forward, we expect even greater growth in the next few years."
"Attracting enough customers to attain such fast growth over five years makes a strong statement about the quality of a company's product and its leadership," said Tony Kern, deputy national managing principal of Deloitte's Technology, Media & Telecommunications industry practice. "Spencer Technologies has shown the right stuff for growth."
In addition to ranking on the Deloitte Technology Fast 500, Spencer Technologies ranked 15th on the Washington State Technology Fast 50, which is a ranking of the 50 fastest growing technology firms in Washington State.
Overall, companies that ranked on the 2005 Technology Fast 500 had growth rates ranging from 240 to 73,752 percent over five years, with an average growth rate of 45,531 percent.
Fast 500 Selection and Qualifications
The Fast 500 list is compiled from Deloitte's 20 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. To qualify for the Fast 500, entrants must have had 2000 operating revenues of at least $50,000 USD and $75,000 CD for the United States and Canada, respectively; and 2004 operating revenues must be at least $1 million USD or CD. Deloitte researchers examined financial statements to validate operating revenues.
Entrants must also be public or private companies headquartered in North America and must be a "technology company," defined as a company that owns proprietary technology that contributes to a significant portion of the company's operating revenues; or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology in a unique way does not qualify.
Spencer Technologies is a recognized world leader in transcranial Doppler ultrasound technology, which is a method for non-invasive assessment of brain blood flow. Spencer Technologies' development of the first digital Power M-Mode(TM) transcranial Doppler system, the PMD100, introduced a new paradigm in the technology and created new applications while expanding existing ones. The technology has been credited with providing a non-invasive way to test for PFO, recently identified as a contributor to migraine headaches and strokes. This has allowed the company to progress from a premier research and development company into a commercial global enterprise with products that are already having a significant impact on healthcare.
Spencer Technologies' PMD100 contains Spencer's patented Digital Power M-Mode Doppler (PMD) technology. Introduced in 2001, this technology can quickly, easily, and accurately evaluate blood flow within the brain, providing more detailed and accurate information to the clinician than previously available. Spencer Technologies proprietary digital platform is the cornerstone of their core technology.
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