Hardy Diagnostics, headquartered in Santa Maria, has again earned its way onto the exclusive Inc. 5000 list. The Inc. 500 and Inc. 5000 recognize the fastest-growing private companies in the United States, and Hardy Diagnostics’ inclusion on the 2017 list marks the sixth time the medical device manufacturer has been honored by Inc. magazine. Making the list a sixth time is rare.
“Of the tens of thousands of companies that have applied to the Inc. 5000 over the years, only a fraction have made the list more than once,” said Eric Schurenberg, president and editor-in-chief of Inc. Media. “A mere 4 percent have made the list six times.”
Hardy Diagnostics achieved three-year sales growth of 49 percent from 2013 to 2016, said Darla Prevish, chief financial officer of Hardy Diagnostics. “Companies that made the list, on average, have grown sixfold since 2013,” Schurenberg said. “Over a stretch when the economy grew just 6.7 percent, that’s a result most businesses could only dream of.”
Prevish said much of Hardy’s growth is due to the company’s expansion into the food and pharmaceutical markets. Jay Hardy, president of Hardy Diagnostics, said other factors also contributed to the growth.
“Our Employee Stock Ownership Plan has a lot to do with it,” Hardy said. “Instead of one owner investing blood, sweat and tears into making something great, we have over 300 owners living out the dream of doing wonderful, meaningful work. Harnessing that kind of power and creative energy can’t help but achieve impressive outcomes.” Hardy Diagnostics became 100 percent employee-owned in 2015. Through the Employee Stock Ownership Plan, employees are granted stock in the company at no cost to them.