- INC. 5000 Overview 2023
- What Is The Ranking Process?
- History of Soma Tech Intl
- About Soma
- 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. In August 2023, its annual Inc. 5000 list was released, where Soma ranks at #1718.
INC. 5000 OVERVIEW 2023
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 219%%, and median revenue reached $358.2 billion. Together, those companies added more than 1,186,006 jobs over the past year.
Connecticut companies on the list posted a median growth of 193% and added 2,138 jobs according to the magazine.
WHAT IS THE RANKING PROCESS?
The rankings on the 2023 Inc. 5000 list are determined based on the percentage of revenue growth companies have seen in the last 3 years, from 2019 to 2022. To make it on this prestigious list companies need to meet a few different criteria.
First, they must be up and running, making money as of March 31, 2019. They also need to be based in the United States, privately owned, and for-profit. These companies also should be independently owned, not part of larger corporations, as of December 31, 2022. Some of the companies on this list may have gone public, or been acquired since then.
Lastly, there is also a minimum revenue threshold for eligibility. In 2019, companies needed to have earned at least $100,000, and by 2022 that figure should have risen to at least $2 million.
Being on the Inc. 5000 list is quite an achievement, these businesses have shown impressive growth over the past 3 years.
HISTORY OF SOMA TECH INTL
Back in 1992, Soma Tech was established by two enterprising young individuals who recognized a demand in the market for accessible, top-notch medical equipment provided by a local enterprise. Initially situated in a compact office in Rocky Hill, CT, the company catered to healthcare facilities in central Connecticut and operated with a small, dedicated team. In just five years, Soma Tech Intl extended its market presence across the New England region, fostering strong client relationships and building brand recognition. This success paved the way for the company’s relocation to a larger facility in Cheshire, CT in 1996.
With this move, Soma could now house a more extensive inventory and a larger workforce. This strategic decision enabled Soma Tech to further diversify its product offerings, and by the late 1990s, it had established itself as a global provider of both new and refurbished capital medical equipment, setting industry standards. In response to its remarkable success, escalating demand, and flourishing team, Soma Tech Intl relocated its headquarters to a state-of-the-art facility in Bloomfield, CT, in 2008. This new location proudly hosts the industry’s most extensive inventory of medical equipment.
Soma Tech Intl’s primary 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 significant models and manufacturers. And because we are capable of outfitting entire healthcare facilities, our customers now have the convenience of sourcing all their needs from a single provider, ensuring both time and cost savings.
Moreover, Soma Tech emphasizes the importance of recognizing that the purchase of refurbished equipment not only extends budget resources but also upholds the utmost integrity in healthcare, ensuring high-quality patient care. Our commitment to consistently surpassing customer expectations is evident in the meticulous refurbishing processes applied to all our equipment. This achievement is made possible through our dedicated and extensively trained workforce. It’s worth noting that Soma Tech is proud to be a 13485:2016 certified facility, further attesting to our commitment to excellence in healthcare equipment refurbishment.
Here at Soma Tech Intl, we are delighted and honored to secure our third consecutive spot on the Inc. 5000 list, recognizing our sustained revenue growth. We extend our heartfelt appreciation to the dedicated Soma family who made this achievement possible. This accolade signifies our collective commitment to delivering cost-effective solutions to healthcare facilities in the US and beyond. We remain resolute in our mission to innovate and provide affordable solutions, viewing this recognition as a catalyst for future success. With gratitude for your support, we are committed to advancing healthcare technology and making a lasting impact in the industry.