Inc. 5000: Soma Tech Intl Amongst Fastest Growing Companies 2022

 

1. INC. 5000 Overview 2022
2. What Is The Ranking Process?
3. History of Soma Tech Intl
4. About SOMA
5. Final Thought

 

Soma Tech Intl, a leading supplier of new and refurbished capital medical equipment has been named one of the fastest-growing private companies in the nation by Inc. MAGAZINE and one of 40 throughout the state of Connecticut. Released in August 2022, its annual Inc. 5000 list, where Soma ranks at 283.

INC. 5000 OVERVIEW 2022

The top 5000 are featured in the August issue of Inc. Magazine, the leading entrepreneurial advocate for 38 years running. Inc. also ranks the fastest-growing companies by industry, metro area, revenue, and number of employees, and also highlights women and minority-run companies. Among the 5,000, the average median three-year growth rate soared to 230%, and median revenue reached $317.5 billion. Together, those companies added more than 1,178,549 jobs over the past year.

With combined revenues of $1.1 billion, Connecticut companies on the list posted a median growth of 309% median growth and added 1,723 jobs, according to the magazine.

WHAT IS THE RANKING PROCESS?

Companies on the 2022 Inc. 5000 are ranked according to percentage revenue growth from 2018 to 2021. To qualify, companies must have been founded and generating revenue by March 31, 2018. They must be U.S.-based, privately held, for-profit, and independent–not subsidiaries or divisions of other companies–as of December 31, 2021. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2018 is $100,000; the minimum for 2021 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons.

As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to three decimal places. There was one tie on this year’s Inc. 5000. Companies on the Inc. 500 are featured in Inc.’s September issue. They represent the top tier of the Inc. 5000, which can be found here.

HISTORY OF SOMA TECH INTL

In 1992, Soma was founded by two young entrepreneurs who identified the market’s need for high-quality medical equipment at affordable prices and supplied by a local company. The company was first located in a small office in Rocky Hill, CT while serving facilities in the central Connecticut area and employing only a handful of dedicated employees. Within 5 years, Soma Tech Intl expanded its market reach around the New England area and developed enough clientele relationships and brand awareness that led the company to move to a larger facility in Cheshire, CT in 1996.

Soma was then able to accommodate a larger inventory and a larger team. This move allowed Soma Tech to continue to expand its product line and by the late 90s, Soma had become a worldwide supplier of new and refurbished capital medical equipment setting the standards for the industry. In furtherance of accommodating its resounding success, increasing demand, and growing team, Soma Tech Intl relocated its headquarters to a brand new facility in Bloomfield, CT in 2008, where it houses the largest inventory of medical equipment in the industry.

ABOUT SOMA

Soma Tech Intl’s main mission is to provide new, refurbished, and rental options for high-quality medical equipment to healthcare facilities worldwide at affordable costs. By maintaining one of the largest medical equipment inventories, Soma provides a one-stop-shop platform where our customers can compare and contrast among major models and manufacturers. And because we are capable of outfitting entire healthcare facilities, our customers no longer need to purchase from multiple sources which guarantees saving time and money.

Furthermore, Soma Tech is keen in understanding that buying refurbished equipment allows budgets to go further while maintaining healthcare integrity for treating patients. All of our refurbished equipment meets and exceeds all customer expectations consistently. We accomplish that by ensuring our workforce is trained extensively and the most comprehensive refurbishing process is applied to each piece of equipment. Soma is a 13485:2016 certified facility.

FINAL THOUGHT

Here at Soma Tech Intl, we are truly honored for this prestigious second consecutive recognition for our accumulative growth in revenue. This honor will truly be shared amongst everyone within the Soma family for all their hard work and dedication. Soma will continue to strife and grow by offering affordable solutions to its ever-growing list of healthcare facilities in America and the world.