Inc. magazine has released its annual list of the 5,000 fastest-growing companies in the country, and 81 Minnesota companies made the cut. That marks the third consecutive decline in number of businesses from the state to appear on the list.
With a 2018 revenue of $9.8 million and a three-year revenue growth of 5,638 percent, Minneapolis-based phData placed 48th on the 2019 list.
Founded in 2014, phData counts 86 total employees. The company is led by CEO Ryan Bosshart.
"Machine learning and analytics are pervasive trends in our economy and culture today,” Bosshart said in a statement to TCB. “Our success in this area has been driven by an unrelenting focus on customer success and hiring exceptional people."
This is phData’s first time on the Inc. 5000 list, as was the case for 32 other Minnesota companies.
Meanwhile, Rochester-based advertising and marketing firm The Media Manager— Minnesota’s best performing company in 2018—fell off the list completely. Last year, it ranked 103rd.
Still, most of the businesses representing the Land of 10,000 Lakes this year were repeat winners. Fifty-two of the 81 companies have been on the list for at least two years.
Repeat winners include 11-time honoree Innovative Office Solutions—a Burnsville-based business products and services provider—along with eight-time honoree Prime Therapeutics, an Eagan-based pharmacy benefits company.
An eight-time honoree, Prime Therapeutics was the highest revenue generator of the entire Inc. 5000 list for the second consecutive year. In 2018, it raked in $21.4 billion.
Because the key metric for the ranking is three-year growth rather than revenue, though, Prime Therapeutics, landed in 1,073rd place. The company logged a three-year growth rate of 391 percent.
The full Inc. 5000 list can be found here.