Five Philadelphia-area companies made Deloitte's 2023 list of the 500 fastest-growing technology companies in North America, with one firm in the top 25.
Deloitte's 29th annual Technology Fast 500 ranks tech companies based on their revenue growth from 2019 to 2022 and is a mix of private and public companies.
A trio of burgeoning life sciences companies and one of the region's tech unicorns highlight the Philadelphia-area representation this year. The five total companies on the list this year are one more than the region had in 2022, with two of the firms making return appearances.
The fastest-growing tech company in the region, according to Deloitte, is Harmony Biosciences Holdings Inc. (NASDAQ: HRMY) of Plymouth Meeting. The life sciences firm saw 7,204% growth from 2019 to 2022, good for No. 25 in North America.
In its latest financial filings, Harmony Biosciences reported net product revenues of $160.3 million in the third quarter, a 37% increase over the year prior and the best quarterly revenue figure in the company's history. In 2022, Harmony's profit soared nearly sixfold to $181.5 million from $34.6 million in 2021, powered by sales of Wakix, a treatment for excessive daytime sleepiness or cataplexy in adults with narcolepsy. Harmony also in October completed a merger with Devon-based Zynerba in a deal valued at up to $200 million.
Next on the list is data analytics firm dbt Labs, one of the region's startup unicorns. Dbt Labs saw revenue grow 4,034% over the past three years, ranking 42nd on Deloitte's list after coming in at No. 237 last year.
The Philadelphia-based tech company had grown its headcount to more than 420 employees earlier this year before having to slash 15% of its workforce as many tech firms imposed layoffs after periods of rapid growth. In February, dbt Labs made its first acquisition when it purchased San Francisco-based Transform, a tech company founded by former data scientists at Airbnb. Dbt Labs last raised a $222 million Series D in February 2022 that brought its valuation to $4.2 billion.
Further down Deloitte's Technology Fast 500 list is Berwyn-based AscellaHealth, which ranks at No. 231 with 622% three-year revenue growth. The 10-year-old health care and specialty pharmacy solutions firm was the No. 2 company on the Philadelphia Business Journal's 2023 Soaring 76 list with revenue almost quadrupling from $109.62 million to $405.53 million between 2021 and 2022. AscellaHealth placed 238th on last year's Fast 500 list.
Not far behind AscellaHealth is fellow Main Line life sciences company Aclaris Therapeutics (NASDAQ: ACRS), which ranks at No. 241 with growth of 604% from 2019 to 2022. The Wayne-based firm increased revenue from $6.76 million in 2021 to $29.75 million in 2022, according to financial data provided for this year's Soaring 76 list. The biopharmaceutical company develops small molecule therapies for people with immuno-inflammatory conditions like rheumatoid arthritis, psoriatic arthritis and T cell-mediated autoimmune diseases.
Rounding out the list from the Philadelphia area is Accolade Inc., which ranks at No. 503. This year, Deloitte included any company that had revenue growth over 200%, so the list extended to 541 businesses.
Accolade (NASDAQ: ACCD), which has dual headquarters in Plymouth Meeting and Seattle, helps employers connect workers virtually to primary care and mental health support. The company grew 227% in the previous three years, according to Deloitte, but had to cut its workforce down in 2023 after a period of rapid growth. In its most recent quarter, Accolade reported revenue of $96.8 million, an 11% increase over the year prior.
Coming in at No. 1 on the list is San Francisco-based Vir Biotechnology Inc., which had revenue growth of 222,189% from 2019 to 2022. It's followed by Chicago-based Mode Mobile Inc. (32,481% growth) and Nashville-based Revance Therapeutics Inc. (31,998%). Just behind them was Cambridge pharmaceutical giant Moderna with 31,894% revenue growth.
The tri-state area encompassing Pennsylvania, New York and New Jersey is home to 70 firms in the 2023 Technology Fast 500, accounting for 13% of the companies on this year's list. That trails only the Bay Area as the most well-represented region.
