AIT Laboratories has zoomed up Inc.’s list of the 5,000 fastest-growing private companies.
The Indianapolis-based forensics, clinical and pharmaceutical testing firm now ranks 598, up from 1,466 a year ago. The list is based on percentage of revenue growth, with AIT reporting at least double-digit growth every year the past five years.
According to Laboratory Economics, AIT posted sales of $34 million last year, an improvement from $16 million in 2007.
AIT also is the only Indiana firm to be ranked in the top 100 in Inc.’s “500/5000” health industry category.
AIT’s founder and CEO, Michael A. Evans, said the company’s revenue has grown 86 percent since the beginning of the year. It has added about 140 jobs and now employs about 320.
In June, Evans announced he was shifting ownership of the company to employees in the form of an employee stock ownership plan. AIT recently opened a pharmaceutical testing division.•