Israel’s leading business newspaper Globes in collaboration with Statista, recently released the list of the top 50 fastest growing companies in Israel. IDENTI Medical was ranked high on the top 15 companies.
According to the State Comptroller, 593,000 companies are registered in Israel’s official database but only 367,000 are recorded as active companies, meaning that only the 61.88% of the registered companies in Israel are active. For this reason, Globes in collaboration with Statista, a global business data company, decided to award Israel Growth Champions 2022 recognition to the top 50 growing companies in 2021, which IDENTI is one of them.
How the Growth-Awarded Companies Were Chosen
In April 2021, at the same time Globes invited thousands of companies to register for the ranking, Statista carried out a market survey to find relevant companies and actively approached them. After that, Statista created a list of 1,000 companies identified as likely to experience high growth. Of those 1000 companies, 10% expressed their desire to participate in the process and agreed to disclose their revenue numbers in order to facilitate the ranking. After that last part was delivered the list revealed the top 50.
The Criteria To Be Part of the Fastest Growing Companies in Israel
If an Israeli company wants to be recognized as an Israel Growth Champion there are a few conditions they have to follow:
- Must be established in 2017 or later
- Revenue of NIS 300,000 or more in 2017.
- Have revenue of NIS 3 million or more in 2020
- Be an independent company (not part of a group that consolidates its financial statements or a branch or office of an international company)
- Headquartered in Israel
- Mainly organic growth between 2017 and 2020 (not through mergers and acquisitions)
IDENTI Medical: A Healthcare Industry Leader
IDENTI Medical ranked 14th overall and 3rd out of all companies providing solutions for the healthcare industry.
A comprehensive review of the categories of selected companies shows an impressive representation of the medical high-tech industry, which picked up first place in the table. Other categories also include: cyber, telecommunications and the defense industry.
Identi’s absolute growth rate was 670%, with a Compound Annual Growth Rate (CAGR) of 97.5%—high above the average, which put IDENTI so high in the ranking.
* The CAGR was calculated on the basis of the figures supplied by the companies and in the designated currency (shekels or dollars). For the sake of comparison, all sums were converted to shekels according to the average rate of exchange reported by the company.
Seamless Connectivity and Cloud Products: The Success of IDENTI Medical
IDENTI has developed a cloud-based platform, incorporating AI and an autonomous array of sensors to collect information on valuable medical implants and narcotics in operating and procedure rooms in medical centers. Through IDENTI’s automation it is possible to streamline inventory management and obtain a comprehensive understanding of the costs and billing of surgeries, which are the main source of revenue in hospitals and until the advent of IDENTI’s groundbreaking technology, were considered “gray areas.”
In addition, the platform assists in meeting stringent regulatory requirements for documenting implants in patients’ medical records and maintaining patient safety by identifying expired and recalled items. The Company’s cloud system contains information about hundreds of thousands of medical products. Integrated artificial intelligence and machine learning technologies enable rapid, automatic documentation of information in patient files and hospital systems, thus saving an expensive investment to maintain an up-to-date database.
The company holds six patent-protected technologies as a solution for inventory management, the latest patent is for the flagship product: Snap & Go software device, which utilizes image recognition technology powered by AI to capture, record and bill medical implants and consumables used during surgery, including staples, sutures and non-sterile orthopedic implants. Obtaining real costs with less administrative work by medical staff means capturing lost revenue and better patient care. Snap & Go is added to a well-known line of products, including RFID cabinets, secure systems for narcotics and more.
Statista is one of the world’s leading business data platforms for analyzing strategic markets, statistics and providing research findings. Statista is a major portal providing access to data, insights and trends on more than 80,000 topics and 170 industries. The portal contains proprietary surveys, exclusive secondary sources and data from more than 22,500 sources.
Statista’s customers include multinational corporations, more than 2,000 universities and technical schools, leading consultancy and management companies, advertising agencies, trade organizations, banks and financial institutions, political NGOs and many others. Partners to its project in the media and communications include The Financial Times, Forbes, The Independent, El Mundo, Frankfurter Allgemeine, Business Insider, and LinkedIn.