Fastest-Growing Tech Companies
By Reported By Brian Caulfield, Elizabeth Esfahani, Bridget Finn, Matthew Maier, Jeff Palfini, Chris Raphael, and Ting Shi

(Business 2.0) – METHODOLOGY To find the B2 100, we started with 2,000 publicly traded tech companies and narrowed the list to companies that have been trading for at least three years, bring in at least $50 million in annual revenue, and have positive cash flow over the most recently reported 12 months. Zacks Investment Research of Chicago ranked them using a rigorous combination of four financial criteria: growth in revenue, profit, and operating cash flow during the past three years, and the 12-month stock market return. Cash flow growth, which we view as the most important measure, counts for 40% of a company's ranking. Each of the other criteria counts for 20%.

KEY [1] Biomedicine [2] Business Services [3] Electronics [4] Manufacturing [5] Retail [6] Scientific Instruments [7] Software [8] Telecom [9] Military

Revenues Cash Flow Employees (in millions) Growth Change in Rank Revenue Growth (3-year Headcount Rank '03 (3-year annualized) annualized) Company Earnings Stock Return (in millions) (12 months) Earnings Growth [KEY #'s 1-9] (3-year annualized) [Why It's Growing So Fast]

1 Comtech NEW Telecom $213.5 $18.0 136.3% 274.1% 689 (CMTL) 24.0% 57.5% 10.1% Melville, NY [9][8] [Convoys of troops in Iraq kept in touch with headquarters using a Comtech GPS tracking system that includes text-messaging capabilities.]

2 Genentech $3,300.3 $562.5 60.4% 205.1% 6,226 NEW (DNA) 23.6% 100.7% 18.5% South San Francisco, CA [1] [It hit a home run with Avastin, the first drug to attack colon cancer by cutting off blood to the tumor. Nine other promising compounds are in clinical trials.]

3 Silicon $325.3 $44.7 147.8% 107.9% 486 24 Laboratories 49.4% 29.7% 33.5% (SLAB) Austin, TX [3] [Its chips power some of the most popular gadgets on the market, including PalmOne's Treo 600, Samsung cell phones, and TiVo DVRs.]

4 eBay $2,165.1 $441.8 86.2% 75.2% 5,700 2 (EBAY) 71.5% 108.3% 42.5% San Jose, CA [5] [After establishing beachheads in 28 countries, it has seen overseas revenue grow 582% since 2001. It's on pace to crack $3 billion in total revenue this year.]

5 Electronic $2,821.8 $496.5 91.9% 78.6% 4,600 6 Arts 29.0% 187.7% 21.1% (ERTS) Redwood City, CA [7] [EA's lineup of PC games included 7 of the 10 best-sellers of 2003. This year's earnings should see some magic from the latest Lord of the Rings game.]

6 Ceradyne $101.5 $11.2 365.1% 309.6% 500 NEW (CRDN) 25.3% 6.3% 14.9% Costa Mesa, CA [9][4] [Its body armor, used by U.S. troops in Iraq, can stop a .50-caliber machine-gun round. It's made of a material that's stronger than steel and half the weight.]

7 Electronics $1,601.8 $45.7 485.6% 83.9% 9,500 31 Boutique 26.5% 33.6% 24.0% (ELBO) West Chester, PA [5] [The videogame retailer invested $5 million in a supply-chain management system that tracks which titles are flying off shelves and which are gathering dust.]

8 Websense $81.7 $16.7 48.7% 92.8% 384 NEW (WBSN) 67.5% 261.5% 18.5% San Diego, CA [7] [Want to know what your employees are doing on the Net? Websense sells monitoring software, as well as applications that block file- sharing programs.]

9 Cognizant $368.2 $57.4 57.8% 102.0% 10,500 14 Technology 36.7% 39.6% 70.7% Solutions (CTSH) Teaneck, NJ [2] [As the offshoring trend gained speed, this IT-services consultancy completed an acquisition that helps it ship financial-services jobs out of Europe.]

10 SS&C $65.5 $11.8 74.6% 386.5% 318 NEW Technologies 3.0% 99.4% 3.1% (SSNC) Windsor, CT [7] [More than 5,000 property managers use its software to administer leases. More recently it has expanded a product line for hedge fund administrators.]

11 Open Text $202.9 $27.2 84.5% 111.3% 1,196 NEW (OTEX) 14.3% 23.6% 22.0% Waterloo, Ontario, Canada [7] [This company gets everyone to share. Its collaboration software is being used to encourage cooperation between state and federal intelligence agencies.]

12 Video Display $76.1 $3.1 75.9% 125.3% 455 NEW (VIDE) 4.9% 101.3% -22.1% Tucker, GA [9][3] [Increased military spending has been a boon to this maker of displays for specialized applications such as radar and sonar surveillance systems.]

13 Rofin-Sinar $270.7 $17.1 68.4% 225.4% 1,200 20 Technologies 12.8% 14.1% 9.1% (RSTI) Plymouth, MI [4] [Rofin-Sinar's high-powered lasers can carve metal with astonishing precision and speed. Automakers eager for a productivity boost are snapping them up.]

14 Talx $124.9 $12.7 75.6% 57.8% 1,360 3 (TALX) 51.9% 43.0% 8.4% St. Louis, MO [2] [Its Work Number service, which allows mortgage lenders and employers to obtain job histories and income data, now has 88 million users.]

15 Charles River $167.2 $11.8 95.6% 104.9% 486 15 Associates 25.5% 6.1% 37.7% (CRAI) Boston, MA [2] [The NeuCo subsidiary uses artificial intelligence technology to help energy companies reduce emissions in fossil-fuel-burning power plants.]

16 Enzon NEW Pharmaceuticals $172.2 $53.3 230.2% 35.9% 318 (ENZN) 48.3% 76.2% 150.0% Bridgewater, NJ [1] [CEO Arthur Higgins quadrupled revenue in three years. But success has a price: He's leaving to take the helm at Germany's $10 billion Bayer HealthCare.]

17 Take-Two $998.2 $78.3 71.8% 49.7% 1,149 7 Interactive 40.8% 53.5% 22.4% Software (TTWO) New York, NY [7] [Game developers don't seem distracted by an SEC investigation that cost top execs their jobs--Grand Theft Auto: San Andreas is due out in October.]

18 Symantec $1,703.7 $321.8 34.1% 102.4% 5,307 43 (SYMC) 27.5% 26.3% 26.2% Cupertino, CA [7] [With its Norton software dominating the consumer market, the company's emphasis is now on saving large corporate customers from viruses and worms.]

19 Teva $3,276.4 $691.0 51.5% 72.3% 10,960 13 Pharmaceutical 23.1% 49.7% 14.5% (TEVA) Petach Tikva, Israel [1] [The generic-drug maker's Copaxone, used to slow certain forms of multiple sclerosis, now accounts for roughly 20% of revenue.]

20 Sypris $276.6 $8.1 79.4% 129.9% 1,730 NEW Solutions 8.4% 14.8% 19.0% (SYPR) Louisville, KY [9][3] [Sypris makes electronic guidance systems for missiles and devices that create cryptographic keys used to secure the exchange of data.]

21 Quality Systems $67.2 $9.1 46.9% 77.9% 263 9 (QSII) 18.7% 44.1% 11.0% Irvine, CA [7] [Its NextGen software gives doctors and hospitals a cost-effective way to manage prescriptions and share clinical images such as X-rays and MRIs.]

22 Logitech $1,223.1 $120.3 247.2% 43.7% 5,610 30 (LOGI) 19.7% 36.3% 8.6% Fremont, CA [3] [No. 1 on our list in 2002, this maker of computer keyboards and mice struck gold with the wildly popular EyeToy webcam for the PlayStation 2.]

23 Sanmina-SCI $10,794.8 -$113.9 17.2% 195.1% 45,000 NEW (SANM) 45.8% 34.5% -2.2% San Jose, CA [4] [This contract manufacturer has been buying smaller rivals to handle all the new work it's getting from Cisco, Dell, Hewlett-Packard, and Nokia.]

24 Wilson $216.4 $23.3 59.8% 44.8% 1,431 NEW Greatbatch 31.3% 91.3% 3.8% Technologies (GB) Clarence, NY [3] [Wilson Greatbatch, the man, invented the pacemaker four decades ago; today his company makes 90% of the tiny but powerful batteries used in such devices.]

25 ScanSource $1,045.9 $23.5 26.7% 133.8% 709 NEW (SCSC) 25.0% 14.1% -3.1% Greenville, SC [5] [This wholesaler of business-oriented electronics like bar-code scanners and magnetic-strip readers is riding renewed capital spending to a record year.]

26 Interpore $70.7 $14.9 203.4% 45.5% 213 NEW (BONZ) 16.2% 33.7% 26.0% Irvine, CA [1] [Biomet, a leading manufacturer of artificial joints, is paying $280 million for this maker of bone-graft materials used in spinal surgeries.]

27 Biogen Idec $679.2 -$875.1 19.4% 92.9% 3,727 34[*](BIIB) 57.9% 51.8% 2.7% Cambridge, MA [1] [It's pinning its hopes on the success of Avonex, a multiple sclerosis drug that's the first to treat early-stage patients.]

28 ViaSat $249.1 $8.1 103.1% 137.4% 917 8 (VSAT) 19.9% -13.9% 22.9% Carlsbad, CA [9][8] [Last year this satellite builder won $260 million in new contracts from Boeing, the U.S. military, and others for secure voice and data services.]

29 OSI Systems $191.6 $13.2 1,447.4% 14.9% 1,200 NEW (OSIS) 19.2% 83.5% 9.1% Hawthorne, CA [3] [This company has X-ray vision: It finds diverse uses for its optical sensors, such as in security equipment for airports and monitors for hospital patients.]

30 Qualcomm $4,089.3 $938.4 60.5% 83.5% 7,400 NEW (QCOM) 9.2% 18.2% -8.6% San Diego, CA [8] [Qualcomm technology powered 46 million phones sold in Asia last year and will have Verizon Wireless customers surfing at broadband speeds by 2005.]

31 Nvidia $1,822.9 $74.4 97.6% 76.3% 1,825 4 (NVDA) 44.3% -15.7% 3.2% Santa Clara, CA [3] [The graphics-chip maker inked deals with Motorola, PalmSource, and Symbian to power the next generation of video-ready camera phones.]

32 Gevity HR $425.9 $15.4 131.5% 327.7% 954 NEW (GVHR) -37.4% 48.6% 5.9% Bradenton, FL [2] [By performing a growing number of HR services, this outsourcer got a hefty raise: Gross profit per client employee jumped 40% to $1,318.]

33 Candela $91.0 $7.5 97.3% 182.1% 322 NEW (CLZR) 5.5% -10.8% 4.0% Wayland, MA [4] [This manufacturer of lasers used in cosmetic procedures shut down its money-losing skin-care clinics and now focuses on selling to dermatologists.]

34 UTStarcom $1,964.3 $202.3 12.2% 82.2% 5,500 1 (UTSI) 68.8% 65.7% 67.8% Alameda, CA [8] [Most Chinese don't travel long distances, which makes the country ideal for UTStarcom's short-range cell-phone technology.]

35 PEC Solutions $172.0 $17.2 153.3% -26.4% 1,223 39 (PECS) 43.4% 26.3% -8.7% Fairfax, VA [2] [PEC manages IT for government agencies like the Department of Homeland Security; it's currently busy moving the federal court system to Linux.]

36 Affiliated $4,054.4 $503.2 96.0% 7.7% 43,102 26 Computer 28.2% 35.2% 7.4% Services (ACS) Dallas, TX [2] [A renewed contract to manage student loans for the Department of Education should bring in $2 billion during the next five years.]

37 Zebra $536.4 $91.7 172.5% 70.0% 2,200 NEW Technologies 3.3% 5.4% 10.0% (ZBRA) Vernon Hills, IL [3] [With growth slowing in its core market--bar-code printers and readers--it's shifting more of its product line toward RFID technology.]

38 Docucorp $78.0 $5.2 15.8% 220.8% 403 NEW (DOCC) 11.5% 27.9% -1.0% Dallas, TX [2] [Docucorp has won the data-processing and archiving business of large insurers with a "shouldn't-this-be-obvious" labor-saving idea: Input data once.]

39 Proquest $469.7 $49.8 76.1% 59.7% 2,544 NEW (PQE) -2.8% 94.9% 1.2% Ann Arbor, MI [2] [Recent acquisitions have allowed this online database to move beyond newspaper archiving into online education and electronic auto-parts catalogs.]

40 Total System $1,053.5 $141.0 73.6% 35.3% 5,536 60 Services (TSS) 22.3% 18.6% 3.3% Columbus, GA [2] [Its new TS2 software lets banks create reward programs for credit cards without having to write custom code. Bank One is making the switch.]

41 Micros Systems $441.8 $27.5 23.2% 89.7% 2,807 NEW (MCRS) 7.6% 49.9% 12.3% Columbia, MD [7] [This seller of software for the hospitality industry will go to the ends of the earth: It handles billing for the lodging operation of a South Pole research center.]

42 Macrovision $128.3 $29.7 29.7% 58.3% 349 22 (MVSN) 16.3% 21.9% 18.7% Santa Clara, CA [7] [Its copy protection for software adds a devilish twist: When it detects piracy, it degrades the code. In PC games, guns won't fire and car wheels fall off.]

43 Ansys $113.5 $21.3 28.1% 68.9% 589 81 (ANSS) 14.4% 11.9% 31.8% Canonsburg, PA [7] [Ansys acquired CFX last year to solidify its position in fluid- simulation software, used to model the effect of inhaled drugs on the pulmonary system.]

44 Fisher $3,564.4 $78.4 17.2% 85.4% 10,200 51 Scientific 10.8% 37.5% 12.1% (FSH) Hampton, NH [6] [The lab-equipment supplier has made 36 acquisitions in 13 years. Its latest, a $3.7 billion merger with Apogent Technologies, gets it deeper into biotech.]

45 Pegasystems $99.3 $17.7 15.0% 115.2% 422 NEW (PEGA) 7.1% 73.3% 2.4% Cambridge, MA [7] [Pegasystems writes software that automates functions like claims processing or payment investigations by codifying the rules that guide decisions.]

46 Vishay $2,170.6 $26.8 25.9% 122.9% 25,200 NEW Intertechnology -4.5% 90.8% -0.2% (VSH) Malvern, PA [3] [Its semiconductor division, fueled by a strong rebound in Asian markets, lifted this manufacturer of electronic components back into the black in 2003.]

47 Foundry $399.6 $75.1 88.1% 166.1% 600 NEW Networks 2.4% -18.0% 0% (FDRY) San Jose, CA [3] [The company's dedicated switches shuttle information around data networks more efficiently than earlier generations of software-based routers.]

48 Daktronics $199.3 $17.0 47.0% 45.0% 1,409 27 (DAKT) 11.6% 24.9% 14.3% Brookings, SD [3] [This scoreboard maker put up some points of its own with a contract for two giant LED displays at Churchill Downs, home of the Kentucky Derby.]

49 West $988.3 $87.9 37.3% 74.0% 24,000 NEW (WSTC) 10.0% 2.4% 4.3% Omaha, NE [2] [This customer-service outsourcer closed several U.S. call centers; pricing pressure forced it to expand or open new ones in places like the Philippines.]

50 Qwest $14,288.0 $1,512.0 28.9% 27.9% 47,400 32 Communications 17.5% 77.4% -6.1% Intl. (Q) Denver, CO [8] [The prosecution of former execs for alleged accounting fraud was a distraction, but Qwest is finding growth in DSL and voice-over-Internet equipment.]

51 Amdocs $1,572.3 $189.8 6.3% 112.3% 9,000 5 (DOX) 9.5% 142.0% 9.1% Chesterfield, MO [2] [This vendor of bill-processing software and services offset business lost in the telecom bust by acquiring a leading maker of call-center software.]

52 Epiq Systems $67.9 $8.7 38.4% -8.4% 180 17 (EPIQ) 40.4% 51.9% 5.9% Kansas City, KS [7] [A record number of bankruptcy filings is sweet music to Epiq: It sells software that manages the proceedings. Enron and WorldCom are clients.]

53 Fair Isaac $651.9 $116.1 57.3% 22.4% 2,400 19 (FIC) 27.4% 12.1% 4.4% San Rafael, CA [2] [Known for its credit-scoring service, it also makes fraud-detection software that looks for unauthorized purchases on more than 65% of credit cards.]

54 Mercury $506.5 $41.5 47.7% 49.4% 2,322 57 Interactive 18.2% -0.6% 27.4% (MERQ) Sunnyvale, CA [7] [With a 50% market share in enterprise-software testing, it's now expanding into managing companies' growing portfolios of applications.]

55 Genzyme $1,713.9 -$67.6 31.3% 62.0% 5,625 58 (GENZ) 23.3% -7.8% 0.4% Cambridge, MA [1] [A National Kidney Foundation report boosted sales of Renagel, the first pill to reduce phosphorous and calcium buildup in the arteries of dialysis patients.]

56 CACI $949.7 $52.0 55.7% 30.9% 7,066 NEW (CAI) 21.5% 10.2% 20.8% Arlington, VA [9][2] [It's good to have a customer with a flush budget: More than 90% of this IT systems integrator's revenue comes from the federal government.]

57 Qiagen $351.4 $42.9 5.0% 127.9% 1,553 NEW (QGENF) 21.7% 18.1% -5.9% Venlo, Netherlands [6] [This supplier to biotech labs specializes in tools that separate and purify nucleic acids. It turned out more than 60 new products last year.]

58 Amgen $8,356.0 $2,259.5 55.2% 16.3% 12,900 50 (AMGN) 29.0% 13.6% 27.7% Thousand Oaks, CA [1] [A pair of major acquisitions--Immunex for $17.8 billion and Tularik for $1.3 billion--have brought in new drugs, such as the anti-inflammatory Enbrel.]

59 Infosys $975.9 $246.6 24.3% 36.7% 23,209 NEW Technologies 33.9% 23.5% 37.4% (INFY) Bangalore, India [2] [This Indian company signed on 123 new clients in the past year, mostly from the United States. Targeting financial services propelled revenue to $1 billion.]

60 Ciber $692.0 $20.0 26.8% 75.9% 4,980 NEW (CBR) 1.7% 31.3% 4.8% Greenwood Village, CO [2] [Ciber helps the feds know what information they have. It landed 50 government contracts to handle data warehousing and network integration.]

61 Carreker $128.9 $3.7 4.9% 507.8% 580 NEW (CANI) 9.6% 30.3% -5.2% Dallas, TX [2] [Check-kiters beware: The 20 largest U.S. banks are clients of Carreker, which makes software to process payments and detect fraud.]

62 FactSet $237.3 $56.4 22.7% 44.8% 793 NEW Research 16.9% 24.9% 15.8% Systems (FDS) Greenwich, CT [2] [In fiscal 2003, FactSet added just 58 clients, but they paid an average of $242,000 to access its array of investment databases.]

63 Lexmark Intl. $4,754.7 $439.2 95.5% 31.9% 11,800 64 (LXK) 7.1% 11.4% -2.5% Lexington, KY [3] [The real money comes not from low-cost printers, but from high-margin ink. Lexmark cleverly designs cartridges that are all but impossible to refill.]

64 Cerner $839.6 $42.8 43.9% 34.7% 5,087 NEW (CERN) 30.7% 2.0% 5.8% Kansas City, MO [7] [This medical-records software company has $938 million in backlogged contracts and recently inked a major deal with the U.K.'s national health service.]

65 Tessco $314.4 $1.9 114.2% 60.4% 566 NEW Technologies 6.8% -24.1% 4.0% (TESS) Hunt Valley, MD [8] [It sells accessories and equipment to most of the big cell-phone makers and service providers: Cingular, Motorola, Nokia, and T-Mobile.]

66 MTS Systems $340.3 $22.4 19.2% 139.4% 1,630 NEW (MTSC) -5.4% 41.5% -13.9% Eden Prairie, MN [4] [These guys may be crash testers, but they're no dummies. MTS simulates collisions, explosions, and other disasters for clients like Boeing, Ford, and Volvo.]

67 EMS $256.2 -$37.4 24.8% 104.3% 1,700 69 Technologies 2.5% 8.6% 0% (ELMG) Norcross, GA [8] [As spending by telecoms starts to bounce back, this maker of satellite equipment and wireless base-station antennas stands to reap the rewards.]

68 eFunds $532.1 $28.9 -7.1% 162.7% 5,096 41 (EFD) 10.9% 973.4% 14.6% Scottsdale, AZ [2] [Its electronic payments unit lost $17 million in fees when it was dropped by the Star network. It bounced back by doubling the size of its ATM fleet.]

69 Ametek $1,091.6 $87.8 66.1% 52.5% 7,800 NEW (AME) 1.9% 7.7% 1.3% Paoli, PA [3] [This maker of electronic instruments and electric motors sells more than 200 products to the aerospace, petrochemical, and automotive industries.]

70 Activision $909.8 $63.1 5.6% 111.6% 1,292 NEW (ATVI) 14.7% 15.7% 8.0% Santa Monica, CA [7] [Unlike with movies, sequels to videogames often sell better than the originals. Activision has a lot of them in its lineup: Doom 3, Shrek 2, and Spider-Man 2.]

71 SunGard Data $2,955.3 $370.3 16.5% 47.7% 10,000 29 Systems (SDS) 21.6% 18.5% 13.6% Wayne, PA [2] [SunGard's growth has been fueled by acquisitions: Last year it bought nine firms, most in financial-services software, and it could beat that record in 2004.]

72 Teledyne $840.7 $29.7 79.0% 58.9% 5,300 NEW Technologies 0.7% -3.4% 0% (TDY) Los Angeles, CA [9][3] [When spending dried up in the telecom-equipment market, Teledyne shifted into military avionics, landing contracts with the Air Force and Boeing.]

73 Hyperion $544.2 $33.7 67.9% 38.9% 2,553 NEW Solutions 0.4% 24.8% 15.7% (HYSL) Sunnyvale, CA [7] [With its software for monitoring up-to-the-minute financial forecasts, was Hyperion able to predict its net income would more than double last fiscal year?]

74 Jack Henry $429.8 $54.8 16.5% 62.3% 2,257 NEW & Associates 17.0% 6.8% 7.8% (JKHY) Monett, MO [2] [20% of the nation's largest credit unions use the online banking and ATM management services of this niche player in the transaction-processing business.]

75 Chiron $1,766.4 $227.3 25.7% 33.9% 5,532 NEW (CHIR) 23.0% 9.5% 36.8% Emeryville, CA [1] [Your runny nose makes Chiron healthy: Fluvirin, one of only three flu vaccines available, brought in 12% of the company's revenue in 2003.]

76 Bio-Rad $1,003.4 $76.2 13.3% 44.9% 4,800 12 Laboratories 11.5% 109.9% 4.3% (BIO) Hercules, CA [6] [The mad-cow scare lit a fire under the USDA, which licensed Bio-Rad's test kit in March. The company sold about 7.5 million units by year's end.]

77 Planar $258.1 $15.6 32.4% 1.4% 460 18 Systems 12.5% 51.7% -28.5% (PLNR) Beaverton, OR [9][3] [As flat-panel computer monitors overtake CRTs, Planar is in the sweet spot. Its efficient supply chain and cheap Chinese labor give it margins that rivals envy.]

78 II-VI $133.9 $13.2 28.6% 35.9% 1,167 NEW (IIVI) 12.9% 9.0% 15.4% Saxonburg, PA [9][4] [Its advanced lenses allow U.S. soldiers to see at night and steer bombs. On the home front, they're used to make lasers for cutting and welding.]

79 Kronos $407.3 $35.0 23.3% 27.0% 2,452 35 (KRON) 16.1% 33.2% 13.8% Chelmsford, MA [7] [Manage payrolls and scheduling better and you'll cut labor costs and boost productivity, Kronos says. Its systems make time cards obsolete.]

80 Garmin $573.0 $178.6 16.1% 38.7% 2,003 NEW (GRMN) 23.8% 26.3% 27.2% Olathe, KS [3] [With more new gadgets like the Foretrex--a wearable GPS popular with cyclists--Garmin continues to beat rivals to consumer markets.]

81 Hewlett-Packard $74,698.0 $2,754.0 53.8% 45.7% 142,000 NEW (HPQ) 16.2% -18.7% 0.7% Palo Alto, CA [3] [How did this giant grab a spot on a list dominated by small fry? Compaq turbocharged its cash flow growth, just as CEO Carly Fiorina said it would.]

82 Dionex $232.0 $34.6 26.0% 59.5% 986 NEW (DNEX) 6.7% 1.5% 6.6% Sunnyvale, CA [6] [This lab supplier's hot product line--liquid chromatography gear--teases out proteins and amino acids from a sample, a useful tool in drug discovery.]

83 Visx $143.9 $23.3 105.7% 121.2% 344 NEW (EYE) -16.1% -12.8% 3.9% Santa Clara, CA [4] [After two years of declining sales, Visx sharpened its focus with the new CustomVue laser procedure, which reveals a more accurate image of the eye.]

84 Artisan $74.6 $8.9 14.5% 15.7% 326 NEW Components 50.1% 64.4% 33.1% (ARTI) Sunnyvale, CA [3] [By licensing snippets of microchip design, Artisan helps small, fast-moving startups to create new products and then outsource the manufacturing.]

85 Opnet $52.5 $4.7 -12.0% 111.1% 285 NEW Technologies 23.8% 26.8% 4.9% (OPNT) Bethesda, MD [9][7] [Opnet's simulation software is used to game everything from weather to war. The Department of Defense just signed a $3.5 million contract.]

86 NCR $5,598.0 $58.0 73.8% 130.1% 29,000 NEW (NCR) -2.9% -37.1% -2.4% Dayton, OH [2] [Its data-warehousing and customer-relations tools help companies observe consumer behavior patterns and then set prices to maximize profit.]

87 QLogic $516.1 $130.7 25.8% 18.1% 803 55 (QLGC) 20.0% 11.3% 12.3% Aliso Viejo, CA [3] [By focusing on the low end of the market for storage-network hardware, QLogic avoided direct competition with industry giants Brocade and Cisco.]

88 Intuit $1,758.6 $364.4 57.8% -6.5% 6,969 NEW (INTU) 14.7% 2.1% 0.8% Mountain View, CA [7] [TurboTax has grabbed 71% of the tax-preparation software market. Now, Intuit is pushing brand extensions of its small-business accounting products.]

89 Business $560.8 $22.6 10.4% 76.0% 3,947 99 Objects 16.2% -3.4% 82.7% (BOBJ) Levallois-Perret, France [7] [Mushrooming databases have created a need for its business- intelligence software, which puts numbers into a format execs can scan--and act on--quickly.]

90 Diodes $136.9 $10.1 12.2% 237.5% 1,087 59 (DIOD) 4.9% -10.5% 13.5% Westlake Village, CA [3] [The maker of specialized, ultrahigh-performance microchips continues to capitalize on booming sales of MP3 players and PDAs. Q4 revenue was up 37%.]

91 Sparton $159.5 -$0.5 51.9% 19.4% 1,200 NEW (SPA) -3.6% 73.4% 0% Jackson, MI [4] [Thank Sparton for speeding up bag screening at the airport. It makes the equipment that detects trace amounts of explosives or toxic chemicals.]

92 Varian $864.5 $50.0 37.9% 34.7% 4,300 NEW (VARI) 5.4% 4.3% 0% Palo Alto, CA [6] [One of its scientific instruments helps researchers analyze protein structures; another helps vintners find the right time to turn grapes into wine.]

93 Gartner $858.5 $23.7 344.5% 54.4% 3,729 NEW (IT) -0.6% -37.1% -4.5% Stamford, CT [2] [Gartner's market research hasn't been selling well, but revenue from its conference business, which includes shows like ITxpo, was up 9% in 2003.]

94 Bisys Group $998.7 $91.2 22.7% 12.9% 4,900 95 (BSG) 18.0% 11.9% 2.1% New York, NY [2] [Seven acquisitions in the past 18 months have helped Bisys grow beyond outsourcing for the banking industry into administering insurance plans.]

95 National $480.1 $48.8 35.9% 39.0% 1,700 93 Processing 3.5% 4.1% -5.6% (NAP) Louisville, KY [2] [The No. 2 company in its field--handling credit card transactions for retailers--it recently signed up Borders, Filene's Basement, and Panda Express.]

96 MedImmune $1,054.3 $183.2 19.4% -14.4% 1,650 40 (MEDI) 29.6% 9.2% 9.6% Gaithersburg, MD [1] [The FDA OK'd its FluMist vaccine in time for the next flu season. Sales of Synagis, a treatment for infant respiratory infections, rose 26% in 2003.]

97 First Data $8,400.2 $1,408.7 19.1% 18.5% 29,000 85 (FDC) 13.8% 12.1% 0% Greenwood Village, CO [2] [Cashing in on immigrants sending money home, the owner of Western Union opened 31,000 outlets last year, including 9,000 in China and India.]

98 Boston $103.2 $16.1 62.3% -15.8% 365 NEW Communications -1.3% 26.2% 10.9% Group (BCGI) Woburn, MA [8] [Prepaid wireless plans are growing fast. So are sales of this company's software, which processes such transactions: Revenue grew 50% in 2003.]

99 Thermo Electron $2,097.1 $200.0 9.5% 59.5% 10,518 NEW (TMO) -4.1% 260.6% -6.3% Waltham, MA [6] [Its radiation and explosives detectors have brought lots of attention, but its high-margin gear for life-sciences research actually brought in the profits.]

100 Diebold $2,109.7 $174.8 16.6% 47.0% 13,401 NEW (DBD) 7.7% 5.3% 2.5% North Canton, OH [3] [New accessibility laws have forced banks to upgrade their ATMs, providing Diebold--which holds two-thirds of the market--with a humming cash machine.]

[*] As Idec Pharmaceuticals.

NOTES Data compiled by Zacks Investment Research and Business 2.0 staff from most recent publicly available information. Revenues and GAAP earnings are for calendar year 2003 or the most comparable period. Changes in headcount are 12-month figures. Stock performance is as of Feb. 28.