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The county’s fastest-growing publicly traded companies grew revenue by an average of 58% during a two-year span ending Dec. 31, 2024.
Nineteen of Orange County’s 50 biggest publicly traded companies made the list, with a cutoff at a minimum 15% or more growth.
The lists are broken into three categories: five small companies under $100 million; nine in the midsize category of $100 million to $500 million; and five above $500 million.
As would be expected, the five largest firms grew the most by dollar amount, 57% to $23.8 billion.
As also would be expected, the percentage growth was higher among smaller and midsize firms with two-year increases of 131% and 75%, respectively.
Of the 19 top movers, eight are in OC’s thriving healthcare and biotech sector, where companies are capitalizing on unmet medical needs by pioneering treatments for everything from bladder cancer to crusty eyelids caused by mites.
Irvine was the most popular city for their headquarters, nine, followed by two each in Newport Beach, Anaheim and Aliso Viejo.
Biotech and Healthcare Power the Surge
Tarsus Pharmaceuticals Inc. (Nasdaq: TARS), ranked No. 1 in the midsize category, has become a standout in OC’s biotech sector. The company’s new product Xdemvy, the first Food and Drug Administration-approved treatment for Demodex blepharitis, has caused sales to soar.
Two-year revenue at Tarsus jumped 609% to $183 million in 2024, up from $25.8 million in 2022. That 2022 revenue figure is skewed because it came from royalties and didn’t include its smash hit—Xdemvy, which was introduced in mid-2023 to treat an inflammation of the eyelids caused by mites. The company’s OC headcount grew to 206, up from 93, as of March.
“We’ve been successful because we’ve been able to find the ‘white space’ in healthcare—we identified an area of significant unmet need and worked across channels to prepare and educate the market, understand the patient experience and demonstrate value, and drive awareness and interest in our company and brand,” CEO Bobak “Bobby’’Azamian told the Business Journal in January after he was named Businessperson of the Year in the healthcare sector.
Sales this year are expected to climb 92% to $352 million and another 50% in 2026 to $525 million, according to the average estimate of six analysts.
Another public company growing by leaps and bounds in the healthcare sector is Beta Bionics (Nasdaq: BBNX), which went public this year (see page 34).
CG Oncology Inc. (Nasdaq: CGON), a leader in bladder cancer immunotherapy, saw a 257% increase in sales from 2022 to 2024 when it reported $681,000; however, the company is considered pre-revenue because those sales were licensing agreements. The Irvine-based firm, which went public last year, announced last week positive results from its latest Phase 3 trial, reinforcing the potential of its experimental therapy to treat patients with high-risk, BCG-unresponsive non-muscle invasive bladder cancer.
Ambaw Bellete, president and COO, said CG Oncology is “highly encouraged by the latest” study results. He said in a statement that cretostimogene, an investigational oncolytic immunotherapy, has the “potential to significantly impact the future of bladder cancer care.”
Ranked No. 2, CG Oncology, with 61 employees also came ahead of last year’s No. 1 ranked Virgin Galactic, which was the third fastest growing small public company.
Tustin-based Virgin Galactic logged a 204% increase in sales to $7 million in 2024, up from $2.3 million in 2022. The company, with 150 employees, started the assembly of its first Delta Spaceship this month and is gearing up for a return to “research payload” flights in the summer of 2026, with private astronaut flights scheduled to resume in the autumn of next year.
Analysts have one of the most unusual estimates on Wall Street for Virgin Galactic: Its sales are expected to slow 79% this year to $1.5 million as the company has paused its flights until 2026 to build new spacecraft, according to the consensus of eight analysts. When the flights begin next year, sales may soar 5,365% to $79.6 million, according to the average of nine analysts.
Among midsize companies, Evolus Inc., a seller of Jeuveau, an aesthetics product that competes with Allergan’s Botox, ranked No. 5. It reported revenue of $266.3 million in 2024, up 79% from $148.6 million in 2022.
Evolus told the Business Journal the company added over 2,900 new accounts last year, bringing its total to more than 15,000, representing “half of the toxin market that has used Jeuveau.”
“On the consumer side, Evolus Rewards surpassed 1.1 million users, growing 40% over the prior year,” the company said in an email. “We ended 2024 with the US market share approaching 14%, resulting in revenue above the top end of our original guidance. Our international business also took a significant step forward.”
The Newport Beach firm (Nasdaq: EOLS) has told Wall Street that it intends to almost triple sales to $700 million by 2028. Chief Financial Officer Sandra Beaver last year won a Business Journal CFO of the Year award. It has 109 employees.
Rivian and Alignment Maintain No. 1 and No. 2 Ranking
Despite a slowdown in the rate of growth in electric vehicle sales in 2024, Rivian Automotive Inc. (Nasdaq: RIVN) retained its No. 1 ranking among the fastest growing large public companies (see page 1).
Alignment Healthcare, a Medicare Advantage provider based in Orange, maintained its No. 2 ranking among OC’s largest public companies with 2024 revenue of $2.7 billion, up 89% from $1.4 billion in 2022. It has 487 employees.
CEO John Kao said the company achieved “remarkable” membership growth, which increased 59% year-over-year in 2024.
“We treat every member as we would our own parents, a principle reflected in our operational and clinical excellence,” he told the Business Journal in an email. “Our growth underscores the value we deliver—exceptional care, better health outcomes and lower costs.”
Kao said Alignment intends to keep the momentum going in 2025.
“We see significant growth opportunities within our existing footprint and believe we are well-positioned to exceed $3.7 billion in revenue in 2025,” he told the Business Journal.
Other notable fast-growing companies:
• FivePoint Holdings (NYSE: FPH), a real estate development company, entered the midsize list at No. 2 with a 457% revenue increase to $237.9 million. CEO Dan Hedigan told the Business Journal that the company last year successfully executed its strategy with land sales closings in its two active communities, Great Park Neighborhoods in Irvine and Valencia.
“Our land sales were primarily residential but also included a retail site and other commercial property in Irvine, including the sale of our corporate headquarters building and surrounding land to City of Hope Orange County for its future expansion,” Hedigan said, adding that the Great Park “is a proof of concept for how FivePoint can create value and address the critical shortage of housing in world-class markets.
“With the success of these two communities and our strong financial position, we are now positioning ourselves to grow and will be seeking opportunities to bring our planning and development expertise to other housing-constrained markets,” he said.
Of the company’s 89 total employees, 48 are based in OC.
• San Juan Capistrano-based Ensign Group (Nasdaq: ENSG), which operates a network of skilled nursing facilities and assisted living communities, ranked No. 3 among large companies with two-year revenue growth increasing by 41% to $4.3 billion.
• Newport Beach-based Chipotle Mexican Grill (NYSE: CMG), one of two restaurant chains on the list, ranked No. 4 among large companies with 2024 revenue growing by 31% to $11.3 billion, up from $8.6 billion in 2022.
• Pro-Dex Inc’s (Nasdaq: PDEX) revenue increased by 28% to $53.8 million in 2024, up from $42 million in 2022. Richard Van Kirk, chief executive of the contract manufacturer, told the Business Journal that the firm’s investment in a “second building for manufacturing, as well as in people and equipment,” contributed to its growth. “We have grown our relationships with existing customers as well as developed new products,” he said.
• No. 4 ranked midsize company Indie Semiconductor (Nasdaq: INDI), which focuses on chips for cars, increased revenue 96% to $216.7 million in 2024, up from $110.8 million in 2022. Despite the growth path of the Aliso Viejo-based company, its share price dropped to $2.21 as of March 26 from $6.39 a year ago.
In a look focusing on Indie’s drop, industry website Insider Monkey said: “Wall Street has gotten increasingly bearish on semiconductor stocks over the past few months as concerns about the profitability and sustainability of AI have gained traction.”
The company on March 4 announced a strategic collaboration with GlobalFoundries (Nasdaq: GFS) to develop its portfolio of high-performance radar systems-on-chip. They will target radar applications for advanced driver assistance systems.
• Computer networking products maker Lantronix (Nasdaq: LTRX), kept its No. 9 ranking in the midsize category with 2024 revenue of $160.3 million, up from $131.2 million. It had expanded its partnership with TD SYNNEX (NYSE: SNX), a global distributor and solutions aggregator for the IT ecosystem. The arrangement will help to expand the reach of Irvine-based Lantronix throughout Europe.
• EACO Corp. of Anaheim, which does business as Bisco Industries, dropped to No. 10 in the midsize category. The distributor of electronic components and fasteners reported 21% increase in sales to $370 million in 2024, up from $305 million in 2022. The company has 215 employees in Orange County, while employing a total of 500 across 52 locations, according to its website.
“We offer local service, one-stop-shopping, and ensure fast delivery and availability to our customers. Our global expansion plans include opening a branch in Mexico in the near future and entering the European market soon after…,” according to its website.
—Research Director Desmond Celo contributed to this report.