Los Angeles Area Companies Comprise Five Percent of Deloitte's 2008 Technology Fast 500
LOS ANGELES, Nov. 12 /PRNewswire/ -- Abraxis BioScience Inc. is the fastest growing technology company in the Los Angeles area, according to Deloitte's Technology Fast 500, a ranking of technology, media, telecommunications and life sciences companies based on percentage fiscal year revenue growth over five years (2003-2007). In its first appearance on the list, Abraxis BioScience ranked number four on the Fast 500.
'We congratulate Abraxis BioScience for not only securing a place on this year's Technology Fast 500 ranking, but for making its debut among the top five winners, which is a tremendous accomplishment,' said Tony Buzzelli, vice chairman and regional managing partner, Deloitte.
Abraxis BioScience (Nasdaq: ABBI), a Los Angeles-based biotechnology/pharmaceutical company, reported revenues of $333,686,000 in 2007, a leap of 77,682 percent from 2003 revenues of $429,000. It is one of 27 Los Angeles area-based companies to make this year's Technology Fast 500 and the only local company to be listed within the top 10.
'Prior to making this year's Fast 500 list, Abraxis BioScience was recognized in 2007 and 2006 as a Deloitte Technology Fast 50 winner in Los Angeles based on its exceptional growth,' said Kris Kaufmann, Technology, Media & Telecommunications partner, Deloitte & Touche LLP. 'The company has demonstrated a commitment to delivering on the promise of market longevity in a very competitive technology environment.'
Los Angeles Companies Grew an Average 4,207 Percent
Fast 500 companies in the Los Angeles area grew an average of 4,207 percent, compared with the national average of 3,043 percent. Growth percentages for the 2008 Technology Fast 500 companies ranged from 242 percent to 138,762 percent. The top five companies' average growth rate was 90,540 percent.
California retains its title as home to the greatest number of Technology Fast 500 companies in the nation, with 168 companies (34 percent) based here, up from 123 companies in 2007. Of the 27 Los Angeles area companies on this year's Technology Fast 500, 44 percent are repeat winners.
Los Angeles Fast 500 winners make up approximately five percent of this year's Fast 500. Seven local Internet companies ranked among the Fast 500, making it the dominant category followed by software, which was represented by six companies. The remaining companies are from the following industries: scientific/technical instrumentation, communications/networking, media/entertainment, and medical equipment.
