Inc. magazine ranks Signature Genomic Laboratories no.1012 on its fastest-growing private companies ranking list

Aug 21 2009

Inc. magazine ranked Signature Genomic Laboratories no. 1012 on its third annual Inc. 5000, an exclusive ranking of the nation's fastest-growing private companies. The company, which performs microarray-based diagnostic genetic testing of chromosome abnormalities in individuals with unexplained mental retardation and/or birth defects, experienced three-year sales growth of 302.9%, more than twice that of the Inc. 5000 industry median and over 12 times the industry benchmark. Signature was also ranked 70^th of companies in the healthcare sector.

Commented Lisa G. Shaffer, Ph.D., President and CEO of Signature, "We are honored to be recognized for our well-planned strategic growth, which has continued despite the current economic conditions. I take special pride in the fact that, as we have grown, we have maintained our reputation for a high level of personal service and technical expertise."

The Inc. 5000 is ranked according to percentage revenue growth from 2005 through 2008. To qualify, companies must have been founded and generating revenue by the first week of 2005, and therefore able to show four full calendar years of sales. Additionally, they have to be U.S.-based, privately held, for profit, and independent -- not subsidiaries or divisions of other companies -- as of December 31, 2008. Revenue in 2005 must have been at least $200,000, and revenue in 2008 must have been at least $2 million. The top 10 percent of companies on the list comprise the Inc. 500, now in its 28th year.

Founded by Drs. Lisa G. Shaffer, Ph.D. and Bassem A. Bejjani, M.D. in 2003, Signature was the first laboratory to provide microarray-based diagnostic testing of individuals with developmental disabilities with its proprietary SignatureChip®. Opening its doors with three employees, Signature began offering testing in March of 2004, and by August of that year was making a profit. In 2007, Signature began offering research-use-only microarrays for sale to laboratories for in-house use. In 2007, Ampersand Ventures, a private equity firm focusing on investments in the health care and industrial technology sectors, and in 2008 jVen Capital, a life sciences investment company with a focus in the areas of biotechnology, diagnostics, and medical devices, acquired stakes in Signature. The company posted $18.2 million in revenue in 2008, up from $13.5 million in 2007. Signature now has over 120 employees and has made over 8,000 diagnoses since its inception. Last year, Signature was ranked 114^th overall and 5^th in health care.

Said Shaffer, “We are excited to have made the list two years in a row. Each year will be more difficult than the last, but to think that there are over 27 million businesses in the U.S. and that we are ranked 1012^th among the fastest-growing private companies is astonishing to us.”

“Savvy trend spotters and those who invest in private companies know that the Inc. 5000 is the best place to find out about young companies that are achieving success through a wide variety of unprecedented business models, as well as older private companies that are still expanding at an impressive rate,” said Inc. 5000 project manager Jim Melloan. “That’s why our list is so eagerly anticipated every year.”