There’s nothing like a roaring pandemic to speed up progress — that’s, for corporations in important fields just like the medical business or digital communications, the place international demand ramped up after COVID-19 broke out.

And that progress has trickled right down to a lot of New Mexico know-how companies, reminiscent of Albuquerque-based Indica Labs Inc., which encompasses the perfect of each worlds, providing software program services and products for the medical neighborhood to allow digital-based pathology, medical analysis and drug growth.

In reality, on the top of the COVID outbreak in spring 2020, Indica partnered with a Virginia-based data know-how agency to create a worldwide, on-line repository for microscopic pictures of coronavirus-infected tissue — financed and hosted by the Nationwide Institutes of Well being — that has allowed 1000’s of researchers in a whole lot of nations to research post-mortem tissue and biopsies from virus victims.

The corporate, which launched in 2011, has created a proprietary platform, dubbed HALO, for pathology software program and providers which are embedded with specialised algorithms and synthetic intelligence to conduct computational molecular evaluation of pictures. Since launching HALO in 2013, Indica has centered largely on the pharmaceutical business, producing a formidable base of shoppers concerned in drug growth.

And extra lately, it’s created new software program merchandise for medical analysis, such because the digital coronavirus repository, and for diagnostics to enhance lab pathology. In Could, for instance, it launched a brand new deep learning-based screening instrument, known as HALO Prostate AI, that’s designed to help pathologists in figuring out and grading prostate most cancers in core needle biopsies.

The corporate skilled fast progress properly earlier than the pandemic began, reflecting rising adoption of digital pathology within the medical business. Greater than 800 prospects now use its software program and providers globally, together with the world’s high 20 pharmaceutical companies, mentioned Indica founder and CEO Steven Hashagen.

It moved in 2019 from a 3,000-square-foot workplace in Corrales to a 14,000-square-foot facility in northwest Albuquerque, boosted by $600,000 in state Native Financial Growth Act funding. It additionally maintains area groups in 5 different nations, together with the UK, Japan, China, Switzerland and Cyprus.

However whereas Indica’s growth displays constant, natural progress, the pandemic additionally accelerated demand for its services and products as extra medical professionals search digital choices to handle their work.

“We by no means laid anyone off within the pandemic,” Hashagen instructed the Journal. “We had rising demand from folks working exterior of their labs. Lots of them journey to a number of websites and amenities in other places, however our software program allows them to cease touring and work remotely.”

Indica joined the Flying 40 for the primary time this yr, instantly rising to the highest of the above-$10 million record after rising its income by 323% over the previous 5 years, from $5.4 million in 2017 to $23 million final yr. Its workforce expanded from 21 to 83 staff in the identical interval.

Excessive flyers above $10M

Like Indica, the highest 10 revenue-growing corporations within the above-$10 million class all report triple-digit growth since 2017.

Taken collectively, these corporations grew their collective income by 160%, from $213 million in 2017 to $553 million final yr. Their mixed workforce greater than doubled in the identical interval, from 1,587 staff to three,240.

Most corporations confronted vital challenges within the pandemic, from incapacity to fulfill instantly with prospects to supply-chain shortages. Provide-chain issues proceed, and lots of are actually struggling to recruit wanted expertise in immediately’s fickle labor market.

However most have efficiently overcome the challenges to renew fast progress. And a few — particularly data know-how companies — noticed demand improve all through the pandemic as extra companies moved to cloud-based operations and distant workforces.

IT agency Speridian Applied sciences, for instance, reported a 150% leap in income final yr, from $66.6 million in 2020 to $168.2 million in 2021.

That immensely accelerated its five-year progress price, incomes it second place on this yr’s above-$10 million record — up from ninth place final yr — based mostly on a 239% growth since 2017, when it reported $49.6 million in income.

IT consulting and engineering agency Superior Community Administration additionally reported main progress final yr, with income climbing 26% from $158.8 million in 2020 to $200 million, making ANM the Flying 40’s second-highest income incomes firm for 3 years in a row.

The corporate has considerably expanded its cybersecurity providers alongside the opposite community administration and IT assist it gives to accommodate prospects’ rising demand for cloud-based operations, mentioned ANM CEO Raminder Mann.

“Our shoppers are all getting cloud-dependent, as a result of everybody desires to work at home, and we have to safe all of it,” Mann instructed the Journal. “We’ve made plenty of funding in cloud capabilities, which has contributed to our progress.”

Alternatively, supply-chain points are impeding even quicker growth. ANM really had $243 million in buyer bookings final yr, however it may solely bill $200 million in precise shipments due to supply delays.

“The provision chain is an actual drag,” Mann mentioned. “We simply booked an order for the Denver Worldwide Airport, however we received’t ship till August, which displays the issues we face.”

Different companies on the above-$10 million record report strong, ongoing progress.

Metis Applied sciences Inc., for instance — a woman-owned engineering agency that gives house mission assist for NASA and different authorities entities — has earned spots on the above-$10 million record for 4 years in a row, after breaking out of the below-$10 million rankings in 2018.

The corporate, which launched in 2011, has really dropped within the rankings over time, falling from third place in 2019 to ninth place this yr.

But it surely continues to report strong annual growth, reaching $16 million in income and 120 staff final yr. That’s up from $7.5 million and 60 staff in 2017.

In reality, the Small Enterprise Administration named Metis founder and CEO Pleasure Colucci as its small Enterprise Particular person of the 12 months for 2022.

“We now have 11 years beneath our belt and we’re getting some actual traction,” Colucci instructed the Journal. “… Loads of being profitable is studying the right way to take the punches and stick it out at the same time as you get slowed down in day-to-day points and challenges. However there are lots of wins alongside the way in which, and we’ve achieved nothing however develop yearly.”

Under $10M awardees

Most corporations on the below-$10 million record confirmed vital progress as properly over the previous 5 years, albeit at a lot decrease income ranges than the Flying 40’s above-$10 million and top-revenue honorees.

Taken collectively, these corporations reported $40 million in mixed income, up from $18.4 million in 2017. Their collective workforce expanded from 158 staff to 245 in the identical interval.

Lively Optical Programs LLC headed the pack, after rising its income by 688%, from simply $433,000 in 2017 to $3.4 million final yr. Its workforce additionally expanded from 3 staff to 18.

The corporate makes “deformable,” or foldable, mirrors and associated {hardware} to manage laser beams. It launched in 2005 as a spin-off agency from MZA Associates, one other long-time Flying 40 firm that does modeling and evaluation on laser methods and imaging for protection businesses.

MZA, nevertheless, focuses on IT and software program to allow beam management for laser weapons to accumulate, observe and have interaction targets from lengthy distances on the velocity of sunshine.

AOS broke away from MZA to concentrate on the wanted {hardware} for management methods, significantly the mirrors used to warp and form gentle into precision beams that may successfully slice by way of atmospheric circumstances to precisely hit meant targets, mentioned firm co-owner and CEO Justin Mansell.

After many years of growth, the navy is now working to deploy laser weapons within the area, creating main alternatives for each AOS and MZA.

“Directed vitality know-how is actually coming of age, and our surge in progress displays that,” Mansell instructed the Journal.

The corporate spent its early years totally creating and perfecting the {hardware}, which features a suite of instruments for laser operators to bend, twist and level the deformable mirrors, plus sensors to measure the environment, detect targets and observe the laser beam, mentioned AOS co-owner and Chief Working Officer Jesse Jameson.

That’s put the corporate in the proper place on the proper time, as directed vitality methods take off.

Like MZA — which ranked fifth this yr on the Flying 40’s above-$10 million record — AOS is climbing the ranks, shifting from thirteenth within the below-$10 million record in 2020 to fourth place final yr, and first place this yr.

And it anticipates one other 26% hike in income this yr as properly, to $4.3 million.

In the meantime, different below-$10 million corporations proceed to develop at a gentle clip. Information analytics agency RS21, for instance, took second place once more this yr after rising its income 356% since 2017, from $1.87 million to $8.5 million. The corporate received second place final yr too after reaching $6.1 million in 2020.