What Do SmileDirectClub, Beyond Meat, and Lyft Have in Common? Growth.
The team at FT Americas has released their second round of annual rankings to offer a better snapshot of companies both before and after the COVID-19 pandemic that has rocked the world. Using data compiled through Statista, one of the highest-trending research companies on the web, the researchers at FT were able to compound and correspondingly rank American entrants by their Compound Annual Growth Rate ranging from 2016 to 2019, calculating revenue only.
The report published by FT Americas would reveal few surprises, with the tech sector once again accounting for nearly 30% of the entire list, followed closely by health and support services at just 5.8%.
Within the fascinating listing, compiled to include more than 300 companies, businesses like Beyond Meat, Lyft, and SmileDirectClub all saw renewed growth and vigor. What do these companies all have in common?
Analyzing the FT America Growing Businesses Report
When the COVID-19 pandemic was officially recognized and ushered in by mass lockdowns and quarantines, economies around the world suffered. As companies did their best to survive in the COVID era, some industries floundered while others managed to prosper.
To capture a snapshot of life pre, during, and post-COVID in today’s corporate climate, the team at FT Americas put together a composite ranking system with varying data points to analyze the resilience and overall health of many businesses over the past year.
One of the largest questions that the FT Americas report sought to answer was how company resilience changed based upon their nation of origin as well as their sector. This information would weigh against and directly become impacted by vaccination programs, economic recovery, and government-funded stimulus.
According to the 2021 publication, FT Americas discovered that US Companies accounted for more than 28% of the entire fastest-growing list, with notable standouts in the tech and telehealth sector like Lyft, Beyond Meat, and SmileDirectClub — three companies that did not even make the list a single year ago.
Beyond Meat, Lyft, and SmileDirectClub Promote Growth
To properly categorize and analyze the growth of these companies, Statista and FT Americas utilized Compound Annual Growth Rate (CAGR) from 2016 to 2019. The compounded annual growth rate refers to the rate at which a company has grown over a specific period.
A company that went from $3 million to $30 million in valuation across a decade’s span would see a CAGR of 25.89%. Using this as our foundational knowledge, let’s dive into the growth exhibited by the innovators behind SmileDirectClub, Lyft, and Beyond Meat.
Embracing Growth with Beyond Meat
Beyond Meat was founded in 2009 to offer plant-based protein sources from innovative, non-GMO ingredients. Priding themselves on offering equal if not greater levels of protein when compared to animal counterparts, Beyond Meat carved out a niche within the Food & Beverage industry throughout COVID, showcasing a #33 ranking on the FT Americas Fastest Growing Companies list, presenting a Compound Annual Growth Rate of 163%.
Lyft Edges Out Uber
Founded in 2012, Lyft has carved out a niche in the Transport industry as a real competitor to companies like Uber. Showing an adjusted CAGR rate of 119.2 in the FT Americas list, Lyft would land at #68 on the Fastest Growing Companies list. Lyft went from a 2016 reported revenue of $343 million to more than $3,615 million in just a three-year timespan.
SmileDirectClub Rockets Up the List
As one of the premier end-to-end solutions for teeth whitening, aligning, and maintenance, SmileDirectClub has flourished since opening its doors in 2014. SmileDirectClub proudly debuted at the #11 spot thanks to a huge push by the company to expand into major markets, focusing on Mexico, Canada, and Europe. Additional work unveiling a new Lifetime Smile Guarantee™ also helped to curate more buzz.
SmileDirectClub was created in 2014 as the first-ever end-to-end solution for the health and vitality of smiles. Armed with clear aligners and retainers that are proudly Made in the USA, SmileDirectClub promises precisely cut, comfortable fitting, BPA-free aligners made in an FDA-registered and ISO-certified U.S. printing facility.
The team at SmileDirectClub promises aligners that cost up to 60% less than similar competitors without the requirement of in-person check-ups or traditional braces. Marketed as a category-disrupting oral care provider, SmileDirectClub has risen to #11 on FT America’s Fastest-Growing Companies list, a remarkable feat considering the preceding year of COVID-19.
SmileDirectClub is an international oral care leader headquartered out of Nashville, TN. Contact a local SmileDirectClub affiliate or dental office location to learn more. Interested parties can take the free 30-second Smile Assessment to see if they would be a good candidate for SmileDirectClub aligners.
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