GrowFL selected $25 million company, WestCMR, as this year's Florida Companies to Watch Honoree, from more than 500 nominees in a statewide competition that identifies 50 companies expected to see significant growth over the next several years.
Since 1997, thousands of hospitals and surgery centers have relied on WestCMR as their ultimate sustainable surgical solution. By purchasing surplus inventory and redistributing it, WestCMR helps hospitals and surgery centers liquidate surgical supply waste, instead of sending them to landfills. WestCMR does this with a domestic and international sales team that helps prevents surgical supply waste throughout the U.S. and over 60 countries.
WestCMR's management team, competitive market position and strong community involvement were among several factors that put the company in contention for the GrowFL award, as managed by economic development group GrowFL, in association with the Edward Lowe Foundation.
"These stand-out companies are all led by entrepreneurs, and have demonstrated their capacity and intent to grow. They also all have critical intellectual property or a niche position that gives them a competitive edge in their markets." Dr. Tom O'Neal, GrowFL Executive Director.
Looking ahead, in the next three to five years, Ware wants to double the business from $25 million to annual revenues of $50 million. WestCMR currently provides jobs for over 60 Florida residents, and he anticipates 80 employees as the company initiates a growth strategy that revolves around the acquisition of smaller companies.
"This list recognizes second-stage Florida companies with passionate leaders who are making a difference in growing and diversifying our economy. Second-stage companies are defined as those with six to 150 full-time employees and between $750,000 and $100 million in annual revenue. There are many programs and incubators promoting start-up businesses; GrowFL is the only Florida program that focuses exclusively on second-stage companies." Jennifer Barrows, Chair of the GrowFL Advisory Board and Business Development Executive with WithumSmith+Brown, PC.
From 2015 through 2018, the companies generated $923 million in revenue and added 935 employees, reflecting a 123.9% increase in revenue and 131% increase in jobs for the four-year period. The companies projected continued growth in 2019, with a 34.8% revenue increase and 36.8% growth in employees compared to 2018. If their projections hold, these companies will have generated $1.38 billion in revenue and added 1,541 employees over the last five years — a 201.9% increase in revenue and 216% increase in jobs since 2015.
