DURHAM, NC - TriVirix, a full-service contract manufacturer of complex electronic medical and life sciences equipment, has been recognized as one of the fastest growing private companies in North Carolina by Triangle Business Journal.
TriVirix revenues jumped approximately 500 percent - from $5 million in 2001 to $25 million in 2002. That strong business growth placed the Durham-based company at No. 5 on the annual "Fast 50" list, which tracks annual revenues of leading companies in the Research Triangle Park region.
It is the second year in a row that TriVirix has earned a spot in Triangle Business Journal's Top 10 ranking of fast growing companies. TriVirix ranked No. 9 on the "Fast 50" list in 2002 with revenue growth of 600 percent.
"We've achieved considerable success in a tough economic environment and look forward to sustaining that momentum. Our steady business growth is a testament to the quality of our services and the dedication of our employees," said Richard West, TriVirix's chief executive officer. "TriVirix focuses exclusively on developing complex electronic medical and life sciences equipment and understands the challenges facing the industry. Our commitment to that market is yielding positive results for medical providers around the world."
TriVirix attributes its strong revenue growth to increased business from existing customers and a growing demand for contract manufacturing partners with expertise in the medical device industry. The company's market knowledge is valued by OEM customers and positions TriVirix to capitalize on continued growth in the market.
Randall Sherman, principal analyst at New Venture Research Corp., predicts the market for medical device contract manufacturing will grow by more than 40 percent to $9.5 billion by 2007. "Assembly of medical equipment by qualified contract manufacturers continues to be one of the bright spots in Contract Electronic Manufacturing Services (CEMS) market," Sherman says.
TriVirix, which currently employs approximately 200 people, expects to achieve profitability in 2004. It has recently expanded its senior management team and invested in Lean Manufacturing and Sigma Six initiatives designed to reduce cycle time, eliminate product defects and dramatically increase customer involvement and satisfaction.
TriVirix is a full service contract manufacturing services company focused exclusively on the development, manufacture, and support of complex electronic and electromechanical medical and other life sciences equipment. TriVirix' customer base includes some of the largest and most respected companies in the industry as well as early-stage and medium size companies. By partnering with TriVirix, OEM's benefit from extensive equipment engineering and regulatory knowledge, allowing them to bring products to market faster and more cost effectively. TriVirix' global medical (device) design and manufacturing facilities are ISO 9001:2000 / 13485:2003 / EN46001 certified, FDA registered and QSR (cGMP) compliant.
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