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Public Company Spenders on R&D - Top 25

Ranked by R&D spending as percent of revenue | List information taken from the 2013 Business Information Guide
Source: U.S. Securities and Exchange Commission filings, annual reports, company representatives, and websites. If you were not contacted for this list but would like to be in the future, please contact research@tcbmag.com
Note: List only includes companies with at least $1 million in revenue. Not all public companies report research and development spending. Only those that report it are on this list. American Medical Systems Holdings, Inc., and FSI International, Inc., both of which appeared on last year's list, were acquired in June 2011 and October 2012, respectively.
Company
Address
Phone • Website
Founded/
Employees
R&D spending as percent of revenue
R&D spending (000)1
Revenue (000)1
R&D spending for prior fiscal year (000)
Net/
operating income (000)1
Top R&D executive
Fiscal year end
Nature of business
1
Aetrium, Inc.
2350 Helen St.
North St. Paul, MN 55109
651-770-2000 • aetrium.com
1982
59
27.61
$2,487
$9,009
$3,022
($4,748)
($4,781)
Tim
Foley
12/31/11
Supplies test handlers and reliability test equipment used in the semiconductor manufacturing industry
2
MakeMusic, Inc.
7615 Golden Triangle Dr., Ste. M
Eden Prairie, MN 55344
952-937-9611 • makemusic.com
1990
115
27.29
$4,638
$16,994
$5,524
$4
$139
Paul
Carlson
12/31/11
Develops and markets software for music education and music notation
3
SurModics, Inc.
9924 W 74th St.
Eden Prairie, MN 55344
952-500-7000 • surmodics.com
1979
113
26.55
$14,005
$52,756
$36,063
($12,778)
($17,518)
Multiple

9/30/11
Manufactures medical technology products, including drug-delivery and surface-modification technologies for the health care industry
4
Wireless Ronin Technologies, Inc.
5929 Baker Road, Ste. 475
Minnetonka, MN 55345
952-564-3500 • wirelessronin.com
2000
71
22.82
$2,116
$9,274
$2,864
($6,738)
($6,712)
Ben
Nielsen
12/31/11
Wireless communications development company that provides dynamic digital signage software and service solutions to the retail and service markets
5
XRS Corporation
965 Prairie Center Dr.
Eden Prairie, MN 55344
952-707-5600 • xrscorp.com
1985
210
17.64
$11,119
$63,031
$6,488
($2,798)
($3,492)
Odell
Tuttle
9/30/11
Provides cloud-based mobile compliance and fleet management software solutions to the trucking industry that help reduce costs, increase safety, attain compliance with governmental regulations, and improve customer satisfaction--all through mobile devices
6
Northern Technologies International Corporation
4201 Woodland Road
Circle Pines, MN 55014
763-225-6600 • ntic.com
1975
58
17.01
$3,876
$22,782
$4,364
$3,576
$4,570
Dave
Moore
8/31/12
Develops, manufactures, and markets proprietary corrosion-inhibiting products under the brand name Zerust for the packaging and metal processing industries
7
Digital River, Inc.
10380 Bren Road W
Minnetonka, MN 55343
952-253-1234 • digitalriver.com
1994
1,419
16.79
$66,862
$398,140
$60,844
$17,167
$20,450
Dave
Moore
12/31/11
Provides global commerce, marketing, and payment services through Software-as-a-Service solutions for many leading brands online
8
Digi International, Inc.
11001 Bren Road E
Minnetonka, MN 55343
952-912-3444 • digi.com
1985
691
15.50
$31,642
$204,160
$27,825
$11,019
$17,037
Joel
Young
9/30/11
Provides a range of wireless products, a cloud computing platform tailored for devices, and development services to help customers market their products with wireless devices and applications
9
Image Sensing Systems, Inc.
1600 University Ave. W, Ste. 500
St. Paul, MN 55104
651-603-7700 • imagesensing.com
1984
120
14.49
$4,424
$30,521
$3,630
($10,017)
($13,048)
Kiran
Govindarajan
12/31/11
Provides software-based detection solutions for the intelligent transportation systems sector and similar markets including security, police, and parking
10
Cardiovascular Systems, Inc.
651 Campus Dr.
St. Paul, MN 55112
651-259-1600 • csi360.com
1989
290
13.79
$11,374
$82,490
$8,940
($16,790)
($14,466)
Robert
Thatcher
6/30/12
Assesses, develops, and commercializes medical devices for treating cardiovascular disease
11
MGC Diagnostics Corporation
350 Oak Grove Pkwy.
St. Paul, MN 55127
651-484-4874 • mgcdiagnostics.com
1986
124
13.55
$3,659
$27,002
$3,606
($152)
($133)
Dave
Moore
10/31/11
Designs, develops, manufactures, services, and markets non-invasive cardio-respiratory diagnostic systems
12
Urologix, Inc.
14405 21st Ave. N
Plymouth, MN 55447
763-475-1400 • urologix.com
1991
94
12.86
$2,189
$17,027
$2,238
($4,695)
($4,145)
Michael
Hoch
6/30/12
Develops, manufactures, and markets minimally-invasive medical products for the treatment of urological disorders
13
CyberOptics Corporation
5900 Golden Hills Dr.
Golden Valley, MN 55416
763-542-5000 • cyberoptics.com
1984
193
12.74
$7,781
$61,087
$7,354
$4,357
$5,688
Brendan
Hinnenkamp
12/31/11
Manufactures and supplies optical process control sensors and inspection systems
14
St. Jude Medical, Inc.
1 St. Jude Medical Dr.
St. Paul, MN 55117
651-756-2000 • sjm.com
1976
16,000
12.56
$705,064
$5,611,696
$631,086
$825,793
$1,114,244
Dave
Moore
12/31/11
Designs, manufactures, and distributes a wide range of medical devices for global use
15
Vascular Solutions, Inc.
6464 Sycamore Ct.
Maple Grove, MN 55369
763-656-4300 • vascularsolutions.com
1997
355
11.38
$10,240
$89,956
$9,524
$9,739
$15,586
Charmaine
Sutton
12/31/11
Medical device company focused on bringing solutions to interventional cardiologists and interventional radiologists
16
SPS Commerce
333 S 7th St., Ste. 1000
Minneapolis, MN 55402
612-435-9400 • spscommerce.com
1996
474
10.07
$5,838
$57,969
$4,349
$13,703
$1,135
Mike
Frome
12/31/11
Provides on-demand supply-chain management software
17
Fair Isaac Corporation (FICO)
901 Marquette Ave., Ste. 3200
Minneapolis, MN 55402
612-758-5200 • fico.com
1956
2,023
10.03
$62,129
$619,683
$73,581
$71,562
$127,337
Andrew
Jennings
9/30/11
Provides products and services that enable businesses to predict customer behavior and make smarter decisions, cut fraud losses, manage credit risk, and build market share
18
Uroplasty, Inc.
5420 Feltl Road
Minnetonka, MN 55343
952-426-6140 • uroplasty.com
1992
108
9.24
$1,900
$20,562
$1,720
($4,250)
($4,266)
Susan
Holman
3/12/14
Develops, manufactures, and markets minimally invasive products for the treatment of voiding dysfunctions
19
Stratasys, Ltd.
7665 Commerce Way
Eden Prairie, MN 55344
952-937-3000 • stratasys.com
1989
500
9.21
$14,360
$155,894
$9,755
$20,626
$29,006
Lawrence
Doerr
12/31/11
Develops and markets 3-D printing, rapid prototyping, and direct digital manufacturing systems for original equipment manufacturers in several industries
20
Medtronic, Inc.
710 Medtronic Pkwy.
Fridley, MN 55432
763-514-4000 • medtronic.com
1949
45,850
9.21
$1,490,000
$16,184,000
$1,472,000
$3,617,000
$4,145,000
Richard
Kuntz
4/30/12
Designs, manufactures, and distributes a wide range of medical devices for global use
21
NVE Corporation
11409 Valley View Road
Eden Prairie, MN 55344
952-829-9217 • nve.com
1989
58
9.10
$2,600
$28,579
$1,269
$11,381
$14,273
John
Myers
3/31/12
Develops and sells devices using spintronics, a nanotechnology that uses electron spin rather than electron charge to acquire, store, and transmit information
22
Techne Corporation
614 McKinley Pl. NE
Minneapolis, MN 55413
612-379-8854 • techne-corp.com
1976
847
8.87
$27,912
$314,560
$25,985
$112,331
$166,209
Monica
Tsang
6/30/12
Develops, manufactures, and sells hematology controls and biotechnology products for research and diagnostics
23
IntriCon Corporation
1260 Red Fox Road
Arden Hills, MN 55112
651-636-9770 • intricon.com
1977
599
8.70
$4,876
$56,058
$4,485
($1,425)
($1,192)
Chris
Conger
12/31/11
Designs, develops, and manufactures miniature and micro-miniature body-worn medical and hearing products
24
Qumu Corporation2
7725 Washington Ave. S
Edina, MN 55439
952-683-7900 • qumu.com
1978
246
8.68
$7,257
$83,634
$6,506
$2,835
$4,448
Samir
Mittal
12/31/11
Helps businesses deliver digital content directly and securely to customers, employees, and partners; its digital publishing solutions archive, distribute, and protect content on CDs, DVDs, and Blu-ray discs
25
Electro-Sensors, Inc.
6111 Blue Circle Dr.
Minnetonka, MN 55343
952-930-0100 • electro-sensors.com
1968
28
7.69
$470
$6,115
$656
$548
$740
Brad
Slye
12/31/11
Manufactures a complete line of motion monitoring and speed control systems for industrial machinery, including speed sensors, speed-sensitive switches, tachometers, counters, and speed-to-analog converters

1 For each company's most recently completed fiscal year as of September 1, 2012
2 Formerly Rimage Corporation